{"response":{"docs":[{"id":"dlg_ggpd_1409220578-2015-10-21","title":"Moultrie Technical College, Moultrie, Georgia, management report for fiscal year ended 2015 June 30","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":null,"dc_date":["2015-10-21"],"dcterms_description":["Began with fiscal year ended June 30, 2008 or 2009?","Report year covers fiscal year.","For some years, report may be released instead called: Moultrie Technical College, Moultrie, Georgia, independent accountant's report on applying agreed-upon procedures for the fiscal year ended ...; or: Moultrie Technical College, Moultrie, Georgia, report on audit of the financial statements for the fiscal year ended ...","No further issues published after 2015; in July 2015, Moultrie Technical College merged with: Southwest Georgia Technical College (Thomasville, Ga.) to form: Southern Regional Technical College. Effective \u003c2017\u003e, Southern Regional Technical College issues its own management report, called: Southern Regional Technical College, Thomasville, Georgia, management report for fiscal year ended ...","Description based primarily on print version record.","Fiscal year ended June 30, 2015 (Received via FTP 1/14/16 from Georgia Dept. of Audits and Accounts); (Georgia Government Publications database, viewed November 14, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Georgia : Georgia Department of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Moultrie Technical College--Appropriations and expenditures--Periodicals.","Technical education--Georgia--Auditing--Periodicals.","Technical education--Georgia--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["Moultrie Technical College, Moultrie, Georgia, management report for fiscal year ended 2015 June 30"],"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_1409220578-2015-10-21"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1409220578-2015-10-21"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"MOULTRIE TECHNICAL COLLEGE \r\nMOULTRIE, GEORGIA \r\nMANAGEMENT REPORT FOR FISCAL YEAR ENDED JUNE 30, 2015 \r\nA Member College of the Technical College System of Georgia \r\n \r\n MOULTRIE TECHNICAL COLLEGE - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\nFINANCIAL \r\nLETTER OF TRANSMITTAL \r\nSELECTED FINANCIAL INFORMATION \r\nEXHIBITS \r\nA STATEMENT OF NET POSITION - (GAAP BASIS) \r\nB STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION (GAAP BASIS) \r\nC STATEMENT OF CASH FLOWS - (GAAP BASIS) \r\nD SELECTED FINANCIAL NOTES \r\nSUPPLEMENTARY INFORMATION \r\nSCHEDULES \r\n1 BALANCE SHEET - (STATUTORY BASIS) - BUDGET FUND 2 SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT \r\n(STATUTORY BASIS) BUDGET FUND 3 STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES COMPARED TO BUDGET \r\nBY PROGRAM AND FUNDING SOURCE (STATUTORY BASIS) BUDGET FUND \r\n4 STATEMENT OF CHANGES TO FUND BALANCE BY PROGRAM AND FUNDING SOURCE (STATUTORY BASIS) BUDGET FUND \r\n5 RECONCILIATION OF BUDGET TO GAAP 6 RECONCILIATION OF SALARIES AND TRAVEL \r\n \r\nPage \r\n2 3 4 5 \r\n22 23 24 26 28 29 \r\n \r\nSECTION II FINDINGS, QUESTIONED COSTS AND OTHER ITEMS SCHEDULE OF FINDINGS, QUESTIONED COSTS AND OTHER ITEMS \r\n \r\n  SECTION I FINANCIAL \r\n \r\n  Greg S. Griffin \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nOctober 21, 2015 \r\n \r\nHonorable Nathan Deal, Governor Members of the General Assembly of Georgia Members of the State Board of the Technical College System of Georgia Members of the Local Board of Directors \r\nand Mr. Jim Glass, Interim President Moultrie Technical College \r\nLadies and Gentlemen: \r\nAs part of our audit of the basic financial statements of the State of Georgia presented in the State of Georgia Comprehensive Annual Financial Report and the issuance of a State of Georgia Single Audit Report pursuant to the Single Audit Act Amendments, as of and for the year ended June 30, 2015, we have performed certain audit procedures at Moultrie Technical College. Accordingly, the financial statements and compliance activities of Moultrie Technical College were examined to the extent considered necessary in order to express an opinion as to the fair presentation of the financial statements contained in the foregoing documents and to issue reports on compliance and internal control as required by the Single Audit Act Amendments of 1996. \r\nIn addition, we have audited compliance with the types of compliance requirements described in the OMB Circular A-133 Compliance Supplement that could have a direct and material effect on its Federal programs for the year ended June 30, 2015. \r\nThis Management Report contains information pertinent to the financial and compliance activities of Moultrie Technical College as of and for the year ended June 30, 2015. Information contained in this report is a by-product of our audit of the basic financial statements of the State of Georgia and is the representation of management. Accordingly, we do not express an opinion or any other form of assurance on it. The particular information provided which includes a section on findings and other items reported in accordance with Commission on Colleges regulation 2.11.1, is enumerated in the Table of Contents. \r\nThis report is intended solely for the information and use of management of Moultrie Technical College, members of the Local Board of Directors, and the Southern Association of Colleges and Schools Commission on Colleges and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully, \r\n \r\nGSG:as \r\n \r\nGreg S. Griffin State Auditor \r\n \r\n  SELECTED FINANCIAL INFORMATION - 1 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE STATEMENT OF NET POSITION - (GAAP BASIS) \r\nJUNE 30, 2015 \r\nASSETS \r\nCurrent Assets Cash and Cash Equivalents Accounts Receivable, Net Federal Financial Assistance Other Inventories \r\nTotal Current Assets \r\nNoncurrent Assets Capital Assets, Net \r\nTotal Assets \r\nDEFERRED OUTFLOWS OF RESOURCES \r\nDeferred Outflows Related to Defined Benefit Pension Plans \r\nLIABILITIES \r\nCurrent Liabilities Accounts Payable Salaries Payable Advances Funds Held for Others Compensated Absences \r\nTotal Current Liabilities \r\nNoncurrent Liabilities Compensated Absences Net Pension Liability \r\nTotal Noncurrent Liabilities \r\nTotal Liabilities \r\nDEFERRED INFLOWS OF RESOURCES \r\nDeferred Inflows Related to Defined Benefit Pension Plans \r\nNET POSITION \r\nNet Investment in Capital Assets Restricted \r\nExpendable Unrestricted (Deficit) \r\nTotal Net Position \r\n \r\nEXHIBIT \"A\" \r\n$ 2,583,035.91 260,704.05 910,867.46 230,363.42 \r\n3,984,970.84 \r\n38,216,060.87 42,201,031.71 \r\n1,456,343.78 \r\n627,802.46 36,414.00 \r\n453,519.44 134,061.17 371,014.79 1,622,811.86 \r\n272,722.58 8,226,046.00 8,498,768.58 10,121,580.44 \r\n2,981,234.00 \r\n38,216,060.87 3,797.21 \r\n-7,665,297.03 \r\n$ 30,554,561.05 \r\n \r\n- 2 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - (GAAP BASIS) \r\nYEAR ENDED JUNE 30, 2015 \r\n \r\nEXHIBIT \"B\" \r\n \r\nOPERATING REVENUES \r\nStudent Tuition and Fees Less: Scholarship Allowances \r\nGrants and Contracts Federal \r\nSales and Services Other Operating Revenues \r\nTotal Operating Revenues \r\nOPERATING EXPENSES \r\nSalaries Benefits Travel Scholarships and Fellowships Utilities Supplies and Other Services Depreciation \r\nTotal Operating Expenses \r\nOperating Loss \r\nNONOPERATING REVENUES (EXPENSES) \r\nState Appropriations Grants and Contracts \r\nFederal State Gifts Interest and Other Investment Income Other Nonoperating Expenses \r\nNet Nonoperating Revenues \r\nLoss Before Other Revenues, Expenses, Gains, or Losses \r\nCapital Grants and Gifts State Nongovernmental \r\nTotal Other Revenues, Expenses, Gains, or Losses \r\nDecrease in Net Position \r\nNet Position - Beginning of Year, Restated \r\n \r\n$ \r\n \r\n4,556,913.40 \r\n \r\n-1,421,859.91 \r\n \r\n71,909.41 882,342.42 \r\n150.00 \r\n \r\n4,089,455.32 \r\n \r\n8,214,750.32 3,233,242.13 \r\n155,952.06 2,837,602.58 \r\n826,727.42 2,904,145.46 1,598,998.81 \r\n19,771,418.78 \r\n-15,681,963.46 \r\n \r\n8,243,507.00 \r\n6,560,674.42 155,076.49 217,017.98 4,241.24 -217,077.04 \r\n14,963,440.09 \r\n-718,523.37 \r\n476,430.60 6,784.47 \r\n483,215.07 \r\n-235,308.30 \r\n30,789,869.35 \r\n \r\nNet Position - End of Year \r\n \r\n$ 30,554,561.05 \r\n \r\n- 3 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE STATEMENT OF CASH FLOWS - (GAAP BASIS) \r\nYEAR ENDED JUNE 30, 2015 \r\nCASH FLOWS FROM OPERATING ACTIVITIES Tuition and Fees Grants and Contracts Sales and Services of Educational Departments Payments to Suppliers Payments to Employees Payments for Scholarships and Fellowships Other Receipts, Net \r\nNet Cash Used by Operating Activities \r\nCASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES State Appropriations Agency Funds Transactions Gifts and Grants Received for Other than Capital Purposes Other Nonoperating Payments, Net \r\nNet Cash Flows Provided by Noncapital Financing Activities \r\nCASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Capital Grants and Gifts Received Purchases of Capital Assets \r\nNet Cash Used by Capital and Related Financing Activities \r\nCASH FLOWS FROM INVESTING ACTIVITIES Earnings on Investments \r\nNet Increase in Cash \r\nCash and Cash Equivalents - Beginning of Year \r\nCash and Cash Equivalents - End of Year \r\nRECONCILIATION OF OPERATING LOSS TO NET CASH USED BY OPERATING ACTIVITIES: \r\nOperating Loss Adjustments to Reconcile Operating Loss to Net Cash \r\nUsed by Operating Activities Depreciation Expense Change in Assets and Liabilities: Accounts Receivable, Net Inventories Salaries Payable Accounts Payable Unearned Revenue Compensated Absences Change in Deferred Inflows/Outflows of Resources Deferred Inflows of Resources Deferred Outflows of Resources Net Pension Liability \r\nNet Cash Used by Operating Activities \r\nNONCASH ACTIVITY Gift of Capital Assets Reducing Proceeds of Capital Grants and Gifts \r\n- 4 - \r\n \r\nEXHIBIT \"C\" \r\n \r\n$ 3,147,084.66 5,303.25 \r\n789,777.58 -6,991,514.99 -8,237,362.52 -2,837,602.58 \r\n150.00 \r\n-14,124,164.60 \r\n8,243,507.00 -29,047.96 \r\n7,010,676.89 -355,372.11 \r\n14,869,763.82 \r\n95,890.44 -682,666.12 \r\n-586,775.68 \r\n4,241.24 \r\n163,064.78 \r\n2,419,971.13 \r\n$ 2,583,035.91 \r\n \r\n$ -15,681,963.46 \r\n1,598,998.81 \r\n-80,533.67 103,334.83 -66,981.03 507,253.03 -66,606.16 \r\n44,368.83 \r\n2,981,234.00 -599,381.78 \r\n-2,863,888.00 \r\n$ -14,124,164.60 \r\n \r\n$ \r\n \r\n387,324.63 \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2015 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nREPORTING ENTITY \r\nMoultrie Technical College (Technical College) is one of twenty-four (24) State supported member colleges of postsecondary education in Georgia which comprise the Technical College System of Georgia, an organizational unit of the State of Georgia. The accompanying financial statements reflect the operations of Moultrie Technical College as a separate reporting entity. \r\nThe Technical College's Local Board of Directors is composed of 9 (nine) members serving staggered three-year terms who are appointed by the State Board of the Technical College System of Georgia. Appropriation of State funds is made to the Technical College System of Georgia by the General Assembly of Georgia. The System Office of the Technical College System of Georgia determines the amount of State appropriations to be received by Moultrie Technical College. The Technical College does not have authority to retain unexpended State appropriations (surplus) for any given fiscal year. Accordingly, Moultrie Technical College is considered an organizational unit of the Technical College System of Georgia for financial reporting purposes because of the significance of its legal, operational, and financial relationships as defined in Section 2100 of the Governmental Accounting Standards Board (GASB) Codification of Governmental Accounting and Financial Reporting Standards. \r\nLegally separate, tax exempt organizations whose activities primarily support member colleges of postsecondary education in Georgia which comprise the Technical College System of Georgia (an organizational unit of the State of Georgia), are considered potential component units of the State. See Note (13) for additional information. \r\nFINANCIAL STATEMENT PRESENTATION \r\nThe financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) as prescribed by the GASB and are presented as required by these standards to provide a comprehensive, entity-wide perspective of the Technical College's assets, deferred outflow of resources, liabilities, deferred inflows of resources, net position, revenues, expenses, changes in net position and cash flows. \r\nBASIS OF ACCOUNTING \r\nFor financial reporting purposes, the Technical College is considered a special-purpose government engaged only in business-type activities. Accordingly, the Technical College's financial statements have been presented using the economic resources measurement focus and the accrual basis of accounting. Under the accrual basis, revenues are recognized when earned, and expenses are recorded when an obligation has been incurred. All significant intra-college transactions have been eliminated. \r\nNEW ACCOUNTING PRONOUNCEMENTS \r\nIn fiscal year 2015, the Technical College adopted Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions. The provisions of this Statement establish accounting and financial reporting standards for pensions that are provided to the employees of state and local governmental employers through pension plans that are administered through trusts. Implementation of this statement requires a restatement to beginning net position. The adoption of this statement has a significant impact on the Technical College's financial statements. \r\nIn fiscal year 2015, the Technical College adopted Governmental Accounting Standards Board (GASB) Statement No. 69, Government Combinations and Disposals of Government Operations. This statement provides specific accounting and financial reporting guidance for combinations in the governmental environment. This statement also requires that disclosures be made by governments about combination arrangements in which they engage and for disposals of government operations. The adoption of this statement does not have a significant impact on the Technical College's financial statements. \r\n- 5 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2015 \r\n \r\nEXHIBIT \"D\" \r\n \r\nIn fiscal year 2015, the Technical College adopted Governmental Accounting Standards Board (GASB) Statement 71, Pension Transition for Contributions Made Subsequent to the Measurement Date - an amendment of GASB No. 68. The objective of this statement is to improve accounting and financial reporting by addressing an issue in Statement No. 68, Accounting and Financial Reporting for Pensions, concerning transition provisions related to certain pension contributions made to defined benefit pension plans prior to implementation of statement. This statement amends paragraph 137 of Statement No. 68 which limited recognition of pension-related deferred outflows of resources and deferred inflows of resources at the transition to circumstances in which it is practical to determine the amounts of all deferred outflows of resources and deferred inflows of resources related to pensions. Adoption of this statement in conjunction with GASB No. 68 had a significant impact on the Technical College's financial statements. \r\nNET POSITION \r\nThe Technical College's net position is classified as follows: \r\nNet Investment in Capital Assets: This represents the Technical College's total investment in capital assets, net of outstanding debt obligations, deferred outflows of resources and deferred inflows of resources related to those capital assets. To the extent debt has been incurred or deferred inflows of resources have been received but not yet expended for capital assets, such amounts are not included as a component of the net investment in capital assets. \r\nRestricted - Expendable: Restricted expendable net position include resources in which the Technical College is legally or contractually obligated to spend resources in accordance with restrictions imposed by external third parties, except for unexpended grant funds of $3,797.21 due to grantor agencies. \r\nUnrestricted: Unrestricted net position is the net amount of the assets, deferred outflows of resources, liabilities, and deferred inflows of resources that are not included in the determination of Investment in Capital Assets. Included in the net deficit reported is the College's Net Pension liability of $8.2 million which will be funded by appropriating resources each year as payments come due, rather than accumulating resources in advance. \r\nWhen an expense is incurred that can be paid using either restricted or unrestricted resources, the Technical College's policy is to first apply the expense towards unrestricted resources, and then towards restricted resources. \r\nRESTATEMENT OF PRIOR YEAR NET POSITION \r\nThe Technical College made prior period adjustments due to the adoption of GASB Statement No. 68, Accounting and Financial Reporting for Pensions and GASB Statement No. 71 Pension Transition for Contributions Made Subsequent to the Measurement Date, which requires the restatement of the June 30, 2014, net position. The result is a decrease in Net Position at July 1, 2014 of $10,232,972.00, attributable to a Net Pension Liability of $11,089,934.00 less plan contributions of $856,962.00 made during fiscal year 2014. This change is in accordance with generally accepted accounting principles. \r\nNOTE 2: DEPOSITS AND INVESTMENTS \r\nDEPOSITS \r\nThe custodial credit risk for deposits is the risk that in the event of a bank failure, the Technical College's deposits may not be recovered. Funds belonging to the State of Georgia (and thus the Technical College) cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral any one or more of the following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59: \r\n- 6 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2015 \r\n \r\nEXHIBIT \"D\" \r\n \r\n1. Bonds, bills, certificates of indebtedness, notes, or other direct obligations of the United States or of the State of Georgia. \r\n \r\n2. Bonds, bills, certificates of indebtedness, notes, or other obligations of the counties or municipalities of the State of Georgia. \r\n3. Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose. \r\n \r\n4. Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia. \r\n5. 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\n6. Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation. \r\nAt June 30, 2015, the carrying value of deposits was $183,983.52 and the bank balance was $701,987.53. Of the Technical College's deposits, $424,890.40 were uninsured. Of these uninsured deposits, $424,890.40 were collateralized with securities held by the financial institution's trust department or agency, in the Technical College's name. \r\n \r\nINVESTMENTS \r\nAt June 30, 2015, the carrying value of the Moultrie Technical College's investment was $2,397,522.39, which is materially the same as fair value. These investments were comprised entirely of funds invested in the Office of the State Treasurer investment pools as follows: \r\n \r\nOffice of the State Treasurer Georgia Fund 1 \r\n \r\n$ \r\n \r\n2,397,522.39 \r\n \r\nThe Georgia Fund 1 Investment Pool, managed by the Office of the State Treasurer, is not registered with the Securities and Exchange Commission as an investment company, and does not operate in a manner consistent with the SEC's Rule 2a7 of the Investment Company Act of 1940. This investment is valued at the pool's share price, $1.00 per share. The pool is an AAAf rated investment pool by Standard and Poor's. The weighted average maturity for Georgia Fund 1 on June 30, 2014, was 56 days. \r\nThe State Depository Board, which has oversight over the Office of the State Treasurer, may permit any department, board, bureau or other agency to invest funds collected directly by such organization in short-term time deposit agreements, provided that the interest income of those funds is remitted to the Director of the Office of the State Treasurer as revenues of the State of Georgia. As a matter of general practice, however, demand funds of any department, board, bureau or other agency in excess of current operating expenses, are required to be deposited with the Director of the Office of the State Treasurer for the purpose of pooled investment (OCGA 50-17-63). \r\nInterest Rate Risk Interest rate risk is the risk that changes in interest rates of debt investments will adversely affect the fair value of an investment. Due to the nature of the investments, the Technical College is not exposed to interest rate risk. Therefore, the Technical College does not have a formal policy for managing interest rate risk. \r\n \r\n- 7 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2015 \r\n \r\nEXHIBIT \"D\" \r\n \r\nCredit Quality Risk Credit quality risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. Due to the nature of the investments, the Technical College is not exposed to credit quality risk. Therefore, the Technical College does not have a formal policy for managing credit quality risk. \r\n \r\nNOTE 3: ACCOUNTS RECEIVABLE \r\n \r\nAccounts receivable at June 30, 2015, consists of the following: \r\n \r\nStudent Tuition and Fees Federal, State and Private Funds Other \r\n \r\n$ \r\n \r\n36,999.70 \r\n \r\n980,746.58 \r\n \r\n153,825.23 \r\n \r\nNet Accounts Receivable \r\n \r\n$ 1,171,571.51 \r\n \r\nNOTE 4: CAPITAL ASSETS \r\nFollowing are the changes in capital assets for the year ended June 30, 2015: \r\n \r\nBeginning Balance July 1, 2014 \r\n \r\nAdditions \r\n \r\nReductions \r\n \r\nEnding Balance June 30, 2015 \r\n \r\nCapital Assets, Not Being Depreciated: Land and Land Improvements Construction Work-In-Progress \r\n \r\n$ 1,752,073.00 $ 19,240.00 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n$ 19,240.00 \r\n \r\n1,752,073.00 0.00 \r\n \r\nTotal Capital Assets, Not Being Depreciated \r\n \r\n1,771,313.00 \r\n \r\n0.00 19,240.00 \r\n \r\n1,752,073.00 \r\n \r\nCapital Assets, Being Depreciated: Building and Building Improvements Improvements Other Than Buildings Equipment Library Collections \r\n \r\n45,205,597.44 548,610.80 \r\n5,940,730.20 305,764.68 \r\n \r\n244,668.00 843,831.33 \r\n8,126.42 \r\n \r\n0.00 \r\n \r\n45,205,597.44 \r\n \r\n793,278.80 \r\n \r\n6,784,561.53 \r\n \r\n313,891.10 \r\n \r\nTotal Assets Being Depreciated \r\n \r\n52,000,703.12 \r\n \r\n1,096,625.75 \r\n \r\n0.00 \r\n \r\n53,097,328.87 \r\n \r\nLess: Accumulated Depreciation: Building and Building Improvements Improvements Other Than Buildings Equipment Library Collections \r\n \r\n9,640,937.72 488,733.56 \r\n4,712,000.02 192,670.89 \r\n \r\n1,032,745.96 5,443.39 \r\n533,636.68 27,172.78 \r\n \r\n0.00 \r\n \r\n10,673,683.68 494,176.95 \r\n5,245,636.70 219,843.67 \r\n \r\nTotal Accumulated Depreciation \r\n \r\n15,034,342.19 \r\n \r\n1,598,998.81 \r\n \r\n0.00 \r\n \r\n16,633,341.00 \r\n \r\nTotal Capital Assets, Being Depreciated, Net \r\n \r\n36,966,360.93 \r\n \r\n-502,373.06 \r\n \r\n0.00 \r\n \r\n36,463,987.87 \r\n \r\nCapital Assets, Net \r\n \r\n$ 38,737,673.93 $ -502,373.06 $ 19,240.00 $ 38,216,060.87 \r\n \r\n- 8 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2015 \r\n \r\nEXHIBIT \"D\" \r\n \r\nA comparison of depreciation expense for the last three fiscal years is as follows: \r\n \r\nFiscal Year \r\n \r\nDepreciation Expense \r\n \r\n2015 2014 2013 \r\n \r\n$ 1,598,998.81 $ 1,605,882.15 $ 1,290,949.95 \r\n \r\nNOTE 5: ADVANCES \r\nAdvances at June 30, 2015, consist of the following: \r\n \r\nPrepaid Tuition and Fees Federal Grants and Contracts \r\n \r\n$ 389,043.24 64,476.20 \r\n \r\nTotal Advances \r\n \r\n$ 453,519.44 \r\n \r\nNOTE 6: LONG-TERM LIABILITIES \r\nLong-Term liability activity for the year ended June 30, 2015 was as follows: \r\n \r\nOther Liabilities Compensated Absences Net Pension Liability \r\n \r\nBeginning Balance July 1, 2014 (Restated) \r\n \r\nAdditions \r\n \r\nReductions \r\n \r\nEnding Balance June 30, 2015 \r\n \r\n$ \r\n \r\n599,368.54 $ \r\n \r\n11,089,934.00 \r\n \r\n565,004.72 $ \r\n \r\n520,635.89 $ 2,863,888.00 \r\n \r\n643,737.37 $ 8,226,046.00 \r\n \r\nTotal Long-Term Obligations $ 11,689,302.54 $ \r\n \r\n565,004.72 $ 3,384,523.89 $ 8,869,783.37 $ \r\n \r\nCurrent Portion 371,014.79 \r\n371,014.79 \r\n \r\nNOTE 7: NET POSITION \r\nChanges in Net Position activity for the year ended June 30, 2015 was as follows: \r\n \r\nBeginning Balance July 1, 2014 (Restated) \r\n \r\nAdditions \r\n \r\nReductions \r\n \r\nEnding Balance June 30, 2015 \r\n \r\nNet Investment in Capital Assets $ 38,737,673.93 $ \r\n \r\n-502,373.06 $ \r\n \r\n19,240.00 $ 38,216,060.87 \r\n \r\nRestricted Net Position \r\n \r\n0.00 \r\n \r\n6,632,583.83 \r\n \r\n6,628,786.62 \r\n \r\n3,797.21 \r\n \r\nUnrestricted Net Position \r\n \r\n-7,947,804.58 \r\n \r\n13,622,976.75 \r\n \r\n13,340,469.20 \r\n \r\n-7,665,297.03 \r\n \r\nTotal Net Position \r\n \r\n$ 30,789,869.35 $ 19,753,187.52 $ 19,988,495.82 $ 30,554,561.05 \r\n \r\n- 9 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2015 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 8: LEASE OBLIGATIONS \r\nOPERATING LEASES \r\nMoultrie Technical College has entered into a certain agreement to lease a vehicle which is classified as an operating lease (lease on an asset not recorded on the balance sheet). This lease contains a provision that, at the expiration date of the original term of the lease, the Technical College has the option of renewing the lease on a month-to-month basis. Amounts are included only for multi-year leases and for cancelable leases for which an option to renew for the subsequent fiscal year has been exercised. \r\nExpenses for rental of the vehicle under operating leases for the year ended June 30, 2015, totaled $1,043.16. \r\nSUMMARY OF LEASE OBLIGATIONS \r\nFuture commitments for the cancellable operating lease having a remaining term of one year as of June 30, 2015, is as follows: \r\nEquipment Operating \r\nLeases \r\n \r\nYear Ending June 30: 2016 \r\n \r\n$ \r\n \r\n7,014.96 \r\n \r\nNOTE 9: RETIREMENT PLANS \r\nMoultrie Technical College participates in various retirement plans administered by the State of Georgia under two major retirement systems: Employees' Retirement System of Georgia (ERS System) and Teachers' Retirement System of Georgia. These two systems issue separate publicly available financial reports that include the applicable financial statements and required supplementary information. The reports may be obtained from the respective system offices. The significant retirement plans that Moultrie Technical College participates in are described below. More detailed information can be found in the plan agreements and related legislation. Each plan, including benefit and contribution provisions, was established and can be amended by State law. \r\nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \r\nThe ERS System is comprised of individual retirement systems and plans covering substantially all employees of the State of Georgia except for teachers and other employees covered by the Teachers' Retirement System of Georgia. One of the ERS System plans, the Employees' Retirement System of Georgia (ERS), is a cost-sharing multiple-employer defined benefit pension plan that was established by the Georgia General Assembly during the 1949 Legislative Session for the purpose of providing retirement allowances for employees of the State of Georgia and its political subdivisions. ERS is directed by a Board of Trustees and has the powers and privileges of a corporation. ERS acts pursuant to statutory direction and guidelines, which may be amended prospectively for new hires but for existing members and beneficiaries may be amended in some aspects only subject to potential application of certain constitutional restraints against impairment of contract. \r\nOn November 20, 1997, the Board created the Supplemental Retirement Benefit Plan (SRBP-ERS) of ERS. SRBP-ERS was established as a qualified governmental excess benefit plan in accordance with Section 415 of the Internal Revenue Code (IRC) as a portion of ERS. The purpose of the SRBP-ERS is to provide retirement benefits to employees covered by ERS whose benefits are otherwise limited by IRC Section 415. Beginning January 1, 1998, all members and retired former members in ERS are eligible to participate in the SRBP-ERS whenever their benefits under ERS exceed the limitation on benefits imposed by IRC Section 415. \r\n- 10 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2015 \r\n \r\nEXHIBIT \"D\" \r\n \r\nThe benefit structure of ERS is established by the Board of Trustees under statutory guidelines. Unless the employee elects otherwise, an employee who currently maintains membership with ERS based upon State employment that started prior to July 1, 1982, is an \"old plan\" member subject to the plan provisions in effect prior to July 1, 1982. Members hired on or after July 1, 1982 but prior to January 1, 2009 are \"new plan\" members subject to the modified plan provisions. Effective January 1, 2009, newly hired State employees, as well as rehired State employees who did not maintain eligibility for the \"old\" or \"new\" plan, are members of the Georgia State Employees' Pension and Savings Plan (GSEPS). ERS members hired prior to January 1, 2009 also have the option to change their membership to the GSEPS plan \r\nUnder the old plan, new plan, and GSEPS, a member may retire and receive normal retirement benefits after completion of 10 years of creditable service and attainment of age 60 or 30 years of creditable service regardless of age. Additionally, there are some provisions allowing for early retirement after 25 years of creditable service for members under age 60. \r\nRetirement benefits paid to members are based upon a formula adopted by the Board of Trustees for such purpose. The formula considers the monthly average of the member's highest 24 consecutive calendar months of salary, the number of years of creditable service, and the member's age at retirement. Post-retirement cost-of-living adjustments may be made to members' benefits provided the members were hired prior to July 1, 2009. The normal retirement pension is payable monthly for life; however, options are available for distribution of the member's monthly pension, at reduced rates, to a designated beneficiary upon the member's death. Death and disability benefits are also available through ERS. \r\nMember contribution rates are set by law. Member contributions under the old plan are 4% of annual compensation up to $4,200 plus 6% of annual compensation in excess of $4,200. Under the old plan, Moultrie Technical College pays member contributions in excess of 1.25% of annual compensation. Under the old plan, these Moultrie Technical College contributions are included in the members' accounts for refund purposes and are used in the computation of the members' earnable compensation for the purpose of computing retirement benefits. Member contributions under the new plan and GSEPS are 1.25% of annual compensation. Moultrie Technical College is required to contribute at a specified percentage of active member payroll established by the Board of Trustees determined annually in accordance with actuarial valuation and minimum funding standards as provided by law. These Moultrie Technical College contributions are not at any time refundable to the member or his/her beneficiary. \r\nEmployer contributions required for fiscal year 2015 based on actuarial valuation were as follows: \r\n \r\nOld Plan New Plan GSEPS \r\n \r\n21.96% 21.96% 18.87% \r\n \r\nMembers become vested after 10 years of service. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contributions; the member forfeits all rights to retirement benefits. \r\n \r\nTEACHERS' RETIREMENT SYSTEM OF GEORGIA \r\nThe Teachers' Retirement System of Georgia (TRS) is a cost-sharing multiple-employer defined benefit plan created in 1943 by an act of the Georgia General Assembly to provide retirement benefits for qualifying employees in educational service. A Board of Trustees comprised of active and retired members and ex-officio State employees is ultimately responsible for the administration of TRS. \r\n \r\n- 11 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2015 \r\n \r\nEXHIBIT \"D\" \r\n \r\nOn October 25, 1996, the Board created the Supplemental Retirement Benefit Plan of the Georgia Teachers' Retirement System (SRBP-TRS). SRBP-TRS was established as a qualified governmental excess benefit plan in accordance with Section 415 of the Internal Revenue Code (IRC) as a portion of TRS. The purpose of SRBP-TRS is to provide retirement benefits to employees covered by TRS whose benefits are otherwise limited by IRC Section 415. Beginning July 1, 1997, all members and retired former members in TRS are eligible to participate in the SRBP-TRS whenever their benefits under TRS exceed the IRC Section 415 imposed limitation on benefits. \r\nTRS provides service retirement, disability retirement, and survivor's benefits. The benefit structure of TRS is defined and may be amended by State statute. A member is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. A member is eligible for early retirement after 25 years of creditable service. \r\n \r\nNormal retirement (pension) benefits paid to members are equal to 2% of the average of the member's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. Early retirement benefits are reduced by the lesser of one-twelfth of 7% for each month the member is below age 60 or by 7% for each year or fraction thereof by which the member has less than 30 years of service. Retirement benefits are payable monthly for life. A member may elect to receive a partial lump-sum distribution in addition to a reduced monthly retirement benefit. Death, disability and spousal benefits are also available. \r\n \r\nTRS is funded by member and employer contributions as adopted and amended by the Board of Trustees. Members become fully vested after 10 years of service. If a member terminates with less than 10 years of service, no vesting of employer contributions occurs, but the member's contributions may be refunded with interest. Member contributions are limited by State law to not less than 5% or more than 6% of a member's earnable compensation. Member contributions as adopted by the Board of Trustees for the fiscal year ended June 30, 2015 were 6.00% of annual salary. Employer contributions required for fiscal year 2015 were 13.15% of annual salary as required by the June 30, 2015 actuarial valuation. \r\nThe following table summarizes the Moultrie Technical College contributions by defined benefit plan for the years ending June 30, 2015, June 30, 2014, and June 30, 2013 (dollars in thousands): \r\n \r\nFiscal Year \r\n \r\nERS \r\n \r\nRequired \r\n \r\nPercentage \r\n \r\nContribution \r\n \r\nContributed \r\n \r\nTRS \r\n \r\nRequired \r\n \r\nPercentage \r\n \r\nContribution \r\n \r\nContributed \r\n \r\n2015 2014 2013 \r\n \r\n$ 575,348.22 $ 391,884.93 $ 287,089.04 \r\n \r\n100% 100% 100% \r\n \r\n$ 544,565.56 $ 465,077.00 $ 466,184.03 \r\n \r\n100% 100% 100% \r\n \r\nPension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions At June 30, 2015, Moultrie Technical College reported a liability for its proportionate share of the net pension liability for TRS and ERS, totaling $8,226,046.00. The net pension liability was measured as of June 30, 2014. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2013. An expected total pension liability as of June 30, 2014 was determined using standard roll-forward techniques. Moultrie Technical College's proportion of the net pension liability was based on contributions to TRS and ERS during the fiscal year ended June 30, 2014. At June 30 2014, Moultrie Technical College's TRS proportion was 0.037123%, which was a decrease of 0.003403% from its proportion measured as of June 30, 2013. At June 30, 2014, Moultrie Technical College's ERS proportion was 0.094279%, which was an increase of 0.011266% from its proportion measured as of June 30, 2013. \r\n \r\n- 12 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2015 \r\n \r\nEXHIBIT \"D\" \r\n \r\nFor the year ended June 30, 2015, Moultrie Technical College recognized pension expense of $211,665.00 for TRS and $426,213.00 for ERS. At June 30, 2015, Moultrie Technical College reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: \r\n \r\nTRS \r\n \r\nDeferred \r\n \r\nDeferred \r\n \r\nOutflow of \r\n \r\nInflows of \r\n \r\nResources \r\n \r\nResources \r\n \r\nERS \r\n \r\nDeferred \r\n \r\nDeferred \r\n \r\nOutflow of \r\n \r\nInflows of \r\n \r\nResources \r\n \r\nResources \r\n \r\nNet difference between projected and actual earnings on pension plan investments \r\n \r\n$ 1,635,034.00 \r\n \r\n$ \r\n \r\n863,040.00 \r\n \r\nChanges in proportion and differences between Technical College contributions and proportionate share of contributions \r\n \r\n483,160.00 $ \r\n \r\n336,430.00 \r\n \r\nTechnical College contributions subsequent to the measurement date \r\n \r\n$ \r\n \r\n544,565.56 \r\n \r\n575,348.22 \r\n \r\nTotal \r\n \r\n$ \r\n \r\n544,565.56 $ 2,118,194.00 $ \r\n \r\n911,778.22 $ \r\n \r\n863,040.00 \r\n \r\nMoultrie Technical College's contributions subsequent to the measurement date of June 30, 2014 for TRS and ERS are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2016. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: \r\n \r\nYear Ended June 30: \r\n \r\nTRS \r\n \r\nERS \r\n \r\n2016 2017 2018 2019 2020 Thereafter \r\n \r\n$ -518,567.00 $ \r\n \r\n-5,492.00 \r\n \r\n-518,567.00 \r\n \r\n-89,599.00 \r\n \r\n-518,567.00 \r\n \r\n-215,760.00 \r\n \r\n-518,568.00 \r\n \r\n215,759.00 \r\n \r\n-43,925.00 \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\nActuarial assum ptions: The total pension liability as of June 30, 2014 was determined by an actuarial valuation as of June 30, 2013 using the following actuarial assumptions, applied to all periods included in the measurement: \r\nTeachers' Retirement System: \r\n \r\nInflation Salary increases Investment rate of return \r\n \r\n3.00% 3.75% - 7.00% \r\n7.50% \r\n \r\naverage, including inflation net of pension plan investment expense \r\nincluding inflation \r\n \r\nMortality rates were based on the RP-2000 Combined Mortality Table for Males or Females set back two years for males and set back three years for females. \r\n- 13 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2015 \r\n \r\nEXHIBIT \"D\" \r\n \r\nThe actuarial assumptions used in the June 30, 2013 valuation were based on the results of an actuarial experience study for the period July 1, 2004  June 30, 2009. \r\nEmployees' Retirement System: \r\n \r\nInflation Salary increases Investment rate of return \r\n \r\n3.00% 5.45% - 9.25% \r\n7.50% \r\n \r\naverage, including inflation net of pension plan investment expense \r\nincluding inflation \r\n \r\nMortality rates were based on the RP-2000 Combined Mortality Table for the periods after service retirement, for dependent beneficiaries, and for deaths in active service, and the RP-2000 Disabled Mortality Table set back eleven years for males for the period after disability retirement. \r\nThe actuarial assumptions used in the June 30, 2013 valuation were based on the results of an actuarial experience study for the period July 1, 2004  June 30, 2009. \r\nThe long-term expected rate of return on TRS and ERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of pension plan investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: \r\n \r\nAsset Class \r\n \r\nTarget Allocation \r\n \r\nLong-Term Expected Real Rate of Return * \r\n \r\nFixed Income Domestic large equities Domestic mid equities Domestic small equities International developed market equities International emerging market equities \r\n \r\n30.00% 39.70% \r\n3.70% 1.60% 18.90% 6.10% \r\n \r\n3.00% 6.50% 10.00% 13.00% 6.50% 11.00% \r\n \r\n100.00% * Rates shown are net of the 3.00% assumed rate of inflation \r\n \r\nDiscount rate: The discount rate used to measure the total TRS and ERS pension liability was 7.50%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and State of Georgia contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS and ERS pension plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \r\nClick here to enter text.Sensitivity of M oultrie Technical College's proportionate share of the net pension liability to changes in the discount rate: The following presents Moultrie Technical College's proportionate share of the net pension liability calculated using the discount rate of 7.50%, as well as what Moultrie Technical College's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.50%) or 1-percentagepoint higher (8.50%) than the current rate: \r\n- 14 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2015 \r\n \r\nEXHIBIT \"D\" \r\n \r\nTeachers' Retirement System: \r\nTechnical College's proportionate share of the net pension liability \r\n \r\n1% Decrease (6.50%) \r\n \r\nCurrent Discount Rate \r\n(7.50%) \r\n \r\n1% Increase (8.50%) \r\n \r\n$ 8,643,043.00 $ 4,690,001.00 $ 1,434,753.00 \r\n \r\nEmployees' Retirement System: \r\nTechnical College's proportionate share of the net pension liability \r\n \r\n1% Decrease (6.50%) \r\n \r\nCurrent Discount Rate \r\n(7.50%) \r\n \r\n1% Increase (8.50%) \r\n \r\n$ 5,156,255.00 $ 3,536,045.00 $ 2,156,869.00 \r\n \r\nP ension plan fiduciary net position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS and ERS financial reports which are publically available at www.trsga.com/publications and www.ers.ga.gov/formspubs/formspubs, respectively. \r\n \r\nGSEPS 401(K) DEFINED CONTRIBUTION COMPONENT OF ERS \r\n \r\nIn addition to the ERS defined benefit pension described above, GSEPS members may also participate in the Peach State Reserves 401(k) defined contribution plan and receive an employer matching contribution. The 401(k) plan is administered by the System and was established by the Georgia Employee Benefit Plan Council in accordance with State law and Section 401(k) of the IRC. The GSEPS segment of the 401(k) plan was established by State law effective January 1, 2009. Plan provisions and contribution requirements specific to GSEPS can be amended by State law. Other general 401(k) plan provisions can be amended by the ERS Board of Trustees as required by changes in federal tax law or for administrative purposes. The State was not required to make significant contributions to the 401(k) plan prior to GSEPS because most members under other segments of the plan either were not State employees or were not eligible to receive an employer match on their contributions. \r\n \r\nThe GSEPS plan includes automatic enrollment in the 401(k) plan at a contribution rate of 1% of salary, along with a matching contribution from the State. The State will match 100% of the employee's initial 1% contribution. Employees can elect to contribute up to an additional 4% and the State will match 50% of the additional 4% of salary. Therefore, the State will match 3% against the employee's 5% total savings. Contributions greater than 5% do not receive any matching funds. GSEPS employer contributions are subject to a vesting schedule, which determines eligibility to receive all or a portion of the employer contribution balance at the time of any distribution from the account after separation from all State service. Vesting is determined based on the following schedule: \r\n \r\nLess than 1 year \r\n \r\n0% \r\n \r\n1 year \r\n \r\n20% \r\n \r\n2 years \r\n \r\n40% \r\n \r\n3 years \r\n \r\n60% \r\n \r\n4 years \r\n \r\n80% \r\n \r\n5 or more years \r\n \r\n100% \r\n \r\n- 15 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2015 \r\n \r\nEXHIBIT \"D\" \r\n \r\nEmployee contributions and earnings thereon are 100% vested at all times. The 401(k) plan also allows participants to roll over amounts from other qualified plans to their respective account in the 401(k) plan on approval of the 401(k) plan administrator. Such rollovers are 100% vested at the time of transfer. Participant contributions are invested according to the participant's investment election. If the participant does not make an election, investments are automatically defaulted to a Lifecycle fund based on the participant's date of birth. \r\nThe participants may receive the value of their vested accounts upon attaining age 59.5, qualifying financial hardship, or retirement or other termination of service (employer contribution balances are only eligible for distribution upon separation from service). Upon the death of a participant, his or her beneficiary shall be entitled to the vested value of his or her accounts. Distributions are made in installments or in a lump sum. \r\nIn 2015, the Technical College employer and employee GSEPS contributions were $28,839.29 and $45,243.23, respectively. \r\nDEFINED CONTRIBUTION PLAN \r\nMoultrie Technical 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 of providing 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 of age 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board of Trustees. If a member has less than $3,500 credited to his/her account, the Board of Trustees has the option of requiring a lump sum distribution to the member in lieu of making 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\nThe Employees' Retirement System of Georgia issues a financial report each fiscal year which may be obtained through ERS. \r\nContributions Member contributions are seven and one-half percent (7.5%) of gross 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. The Technical College's payroll for the year ended June 30, 2015, for employees covered by GDCP was $664,525.00. The Technical College's total payroll for all employees was $8,214,750.32. \r\nTotal contributions made by employees during fiscal year 2015 amounted to $49,749.76 which represents 7.5% of covered payroll. These contributions met the requirements of the plan. The Georgia Defined Contribution Plan issues a financial report each fiscal year, which may be obtained from the ERS offices. \r\nNOTE 10: POST-EMPLOYMENT BENEFITS \r\nMoultrie Technical College participates in the following State of Georgia post-employment benefit plans: the Georgia State Employees Post-employment Health Benefit Fund (administered by the Department of Community Health) and the State Employees' Assurance Department - OPEB/Active plans (administered by the ERS System). Separate financial reports that include the applicable financial statements and required supplementary information for these plans are publicly available and may be obtained from the respective system offices. \r\n- 16 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2015 \r\n \r\nEXHIBIT \"D\" \r\n \r\nRetiree health benefits were previously funded through the Georgia Retiree Health Benefit Fund (GRHBF). In 2009, the General Assembly revisited the GRHBF and enacted legislation that, effective August 31, 2009, separated the GRHBF into two new funds: the Georgia School Personnel Postemployment Health Benefit Fund and the Georgia State Employees Post-employment Health Benefit Fund. The purpose of this change was to assure employers responsible for planning and funding future retiree health costs that their contributions will be dedicated to their respective retiree populations. Funds in the GRHBF were transferred to the Georgia State Employees Post-employment Health Benefit Fund or the Georgia School Personnel Post-employment Health Benefit Fund as described in the plan financial statements. The statute that created the GRHBF is repealed effective September 1, 2010. \r\nGEORGIA STATE EMPLOYEES POST-EMPLOYMENT HEALTH BENEFIT FUND \r\nThe Georgia State Employees Post-employment Health Benefit Fund (State OPEB Fund) is a costsharing multiple-employer defined benefit post-employment healthcare plan that covers eligible former employees of State organizations (including technical colleges) and other entities authorized by law to contract with the Department of Community Health for inclusion in the plan. The State OPEB Fund provides health insurance benefits to eligible former employees and their qualified beneficiaries through the health insurance plan for State employees. The Official Code of Georgia Annotated (OCGA) assigns the authority to establish and amend the benefit provisions of the group health plans, including benefits for retirees, to the Board of Community Health (Board). \r\nThe plan is currently funded on a pay-as-you go basis. That is, annual costs of providing benefits will be financed in the same year as claims occur, with no significant assets accumulating as would occur in an advance funding strategy. \r\nThe contribution requirements of plan members and participating employers are established by the Board in accordance with the current Appropriations Act and may be amended by the Board. Contributions of plan members or beneficiaries receiving benefits vary based on plan election, dependent coverage, and Medicare eligibility and election. As of January 1, 2012, for members with fewer than five years of service, contributions also vary based on years of service. As of January 1, 2012, on average, members with five years or more of service pay approximately 25% of the cost of the health insurance coverage. In accordance with the Board resolution dated December 8, 2011, for members with fewer than five years of service as of January 1, 2012, the State provides a premium subsidy in retirement that ranges from 0% for fewer than 10 years of service to 75% (but no greater than the subsidy percentage offered to active employees) for 30 or more years of service. The subsidy for eligible dependents ranges from 0% to 55% (but no greater than the subsidy percentage offered to dependents of active employees minus 20%). No subsidy is available to Medicare eligible members not enrolled in a Medicare Advantage Option. The Board sets all member premiums by resolution and in accordance with the law and applicable revenue and expense projections. Any subsidy policy adopted by the Board may be changed at any time by Board resolution and does not constitute a contract or promise of any amount of subsidy. \r\nParticipating employers, including but not limited to State organizations, are statutorily required to contribute in accordance with the employer contribution rates established by the Board. The contribution rates are established to fund all benefits due under the health insurance plans for both active and retired employees based on projected pay-as-you-go financing requirements. Contributions are not based on the actuarially calculated annual required contribution (ARC) which represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed 30 years. \r\n \r\n- 17 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2015 \r\n \r\nEXHIBIT \"D\" \r\n \r\nThe combined required contribution rates established by the Board for the active and retiree plans for the fiscal year ended June 30, 2015, were as follows: \r\n \r\nJune 2014 \r\n \r\n30.781% of covered payroll for July 2014 coverage \r\n \r\nJuly 2014 - June 2015 \r\n \r\n30.454% of covered payroll for August 2014 - July 2015 \r\n \r\nNo additional contribution was required by the Board for fiscal year 2014 nor contributed to the State OPEB Fund to prefund retiree benefits. Such additional contribution amounts are determined annually by the Board in accordance with the State plan for OPEB and are subject to appropriation. \r\nThe following table summarizes Moultrie Technical College combined active and retiree contributions to the health insurance plans for the years ending June 30, 2015, June 30, 2014 and June 30, 2013: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n2015 2014 2013 \r\n \r\n100% \r\n \r\n$ \r\n \r\n100% \r\n \r\n$ \r\n \r\n100% \r\n \r\n$ \r\n \r\n2,140,701.97 1,902,546.41 1,921,996.03 \r\n \r\nSTATE EMPLOYEES' ASSURANCE DEPARTMENT \r\nState Employees' Assurance Department-OPEB (SEAD-OPEB) and State Employees' Assurance Department-Active (SEAD-Active) are cost-sharing multiple-employer defined benefit post-employment plans that were created in fiscal year 2007 by the Georgia General Assembly to provide term life insurance to eligible members of Employees' (ERS), Judicial (JRS), and Legislative (LRS) Retirement Systems. SEAD-OPEB provides benefits for retired and vested inactive members, and SEAD-Active provides benefits for active members. Effective July 1, 2009, no newly hired members of any State public retirement system are eligible for term life insurance under SEAD. Pursuant to Title 47 of the OCGA, benefit provisions of the plan were established and can be amended by State statute. \r\nContributions by plan members are established by the ERS Board of Trustees, up to the maximum allowed by statute (not to exceed 0.5% of earnable compensation). The ERS Board of Trustees establishes employer contribution rates, such rates which, when added to members' contributions, shall not exceed 1% of earnable compensation. Contributions for fiscal year 2015 were based on June 30, 2011, actuarial valuations as follows: \r\n \r\nMember Rates ERS Old Plan Less: Offset Paid by Employer Net ERS Old Plan ERS New Plan, JRS, and LRS \r\n \r\nSEADOPEB \r\n0.45% -0.22% 0.23% 0.23% \r\n \r\nSEADOPEB \r\n0.05% -0.03% 0.02% 0.02% \r\n \r\nTotal SEAD \r\n0.50% -0.25% 0.25% 0.25% \r\n \r\nEmployer Rates \r\n \r\n0.00% \r\n \r\n0.00% \r\n \r\n0.00% \r\n \r\nThe ERS Board of Trustees voted and approved that the SEAD-OPEB contribution would be paid from existing assets of the Survivors Benefit Fund (SBF) instead of requiring payment by the employers. The contributions by SBF made on-behalf of Moultrie Technical College for fiscal year 2013 were estimated to be $3,248.39. There were no required employer contributions for the fiscal years ended June 30, 2014 or June 30, 2015. \r\n- 18 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2015 \r\n \r\nEXHIBIT \"D\" \r\n \r\nAccording to the policy terms covering the lives of members, insurance coverage is provided on a monthly, renewable term basis, and no return premiums or cash value are earned. The net assets represent the excess accumulation of investment income and premiums over benefit payments and expenses and are held as a reserve for payment of death benefits under existing policies. \r\nFor SEAD-Active the amount of insurance coverage is equal to 18 times monthly earnable compensation frozen at age 60. For members with no creditable service prior to April 1, 1964, the amount decreases from age 60 by a half of 1% per month until age 65 at which point the member will be covered for 70% of the age 60 coverage. Life insurance proceeds are paid in lump sum to the beneficiary upon death of the member. \r\nFor SEAD-OPEB the amount of insurance for a retiree with creditable service prior to April 1, 1964, is the full amount of insurance under SEAD-Active in effect on the date of retirement. The amount of insurance for a service retiree with no creditable service prior to April 1, 1964, is 70% of the amount of insurance under SEAD-Active at age 60 or at termination, if earlier. Life insurance proceeds are paid in lump sum to the beneficiary upon death of the retiree. \r\nNOTE 11: CONTINGENCIES \r\nAmounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. This could result in refunds to the grantor agency for any expenses which are disallowed under grant terms. The amount of expenses which may be disallowed by the grantor cannot be determined at this time although Moultrie Technical College expects such amounts, if any, to be immaterial to its overall financial position. \r\nLitigation, claims and assessments filed against Moultrie Technical College (an organizational unit of the Technical College System of Georgia), if any, 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, 2015. \r\nNOTE 12: SUBSEQUENT EVENTS \r\nOn July 1, 2015, Moultrie Technical College and Southwest Georgia Technical College merged to become Southern Regional Technical College. \r\nNOTE 13: AFFILIATED ORGANIZATIONS \r\nThe Moultrie Technical College Foundation, is a legally separate, tax exempt organizations whose activities primarily support Moultrie Technical College. These affiliated organizations are considered potential component units of the State of Georgia in accordance with GASB Statement No. 61, The Financial Reporting Entity: Omnibus - an amendment of GASB Statements No. 14 and No. 34, and GASB Statement No. 39, Determining Whether Certain Organizations are Component Units. Therefore, the financial statements of the affiliated organizations are not included in these financial statements. Copies of the financial statements for the affiliated organizations may be obtained from Moultrie Technical College. \r\n \r\n- 19 - \r\n \r\n (This page left intentionally blank) \r\n \r\n SUPPLEMENTARY INFORMATION - 21 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE BALANCE SHEET (STATUTORY BASIS) \r\nBUDGET FUND JUNE 30, 2015 \r\nASSETS \r\nCash and Cash Equivalents Accounts Receivable \r\nFederal Financial Assistance Other Inventories \r\nTotal Assets \r\nLIABILITIES AND FUND EQUITY \r\nLiabilities Salaries Payable Accounts Payable Encumbrance Payable Advances \r\nTotal Liabilities \r\nFund Balances Reserved Refunds to Grantors Sales and Services Prior Year Local Funds Continuing Education Technology Fees Inventories Bookstore \r\nTotal Fund Balances \r\nTotal Liabilities and Fund Balances \r\n \r\nSCHEDULE \"1\" \r\n \r\n$ 3,215,614.72 496,736.15 142,708.83 230,363.42 \r\n$ 4,085,423.12 \r\n \r\n$ \r\n \r\n36,414.00 \r\n \r\n587,495.05 \r\n \r\n814,993.29 \r\n \r\n381,350.52 \r\n \r\n1,820,252.86 \r\n \r\n3,797.21 367,118.19 137,840.21 232,962.40 696,011.24 230,363.42 597,077.59 \r\n2,265,170.26 \r\n \r\n$ 4,085,423.12 \r\n \r\nStatutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. \r\n- 22 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (STATUTORY BASIS) \r\nBUDGET FUND YEAR ENDED JUNE 30, 2015 \r\n \r\nSCHEDULE \"2\" \r\n \r\nREVENUES \r\nState Appropriation State General Funds \r\nFederal Funds Other Funds \r\nTotal Revenues \r\nCARRY-OVER FROM PRIOR YEAR \r\nTransfer from Reserved Fund Balance \r\nTotal Funds Available \r\nEXPENDITURES \r\nAdult Literacy Economic Development Technical Education \r\nTotal Expenditures \r\nExcess of Funds Available over Expenditures \r\nFUND BALANCE JULY 1 \r\nReserved \r\nADJUSTMENTS \r\nPrior Year Payables/Expenditures Prior Year Receivables/Revenues Refunds to Grantors \r\nFederal Financial Assistance Returned to Technical College System of Georgia Year Ended June 30, 2014 Other Grantors \r\nPrior Year Reserved Fund Balance Included in Funds Available \r\nFUND BALANCE JUNE 30 \r\n \r\nBUDGET \r\n \r\nACTUAL \r\n \r\nVARIANCE FAVORABLE (UNFAVORABLE) \r\n \r\n$ 8,243,507.00 $ 8,243,507.00 $ \r\n \r\n0.00 \r\n \r\n3,706,447.50 \r\n \r\n2,635,955.93 \r\n \r\n-1,070,491.57 \r\n \r\n7,925,644.71 \r\n \r\n6,547,144.55 \r\n \r\n-1,378,500.16 \r\n \r\n19,875,599.21 \r\n \r\n17,426,607.48 \r\n \r\n-2,448,991.73 \r\n \r\n0.00 19,875,599.21 \r\n \r\n2,614,600.25 20,041,207.73 \r\n \r\n2,614,600.25 165,608.52 \r\n \r\n838,950.00 325,586.00 18,711,063.21 \r\n \r\n19,875,599.21 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n821,537.60 197,754.94 16,955,228.90 \r\n \r\n17,412.40 127,831.06 1,755,834.31 \r\n \r\n17,974,521.44 \r\n \r\n1,901,077.77 \r\n \r\n2,066,686.29 $ 2,066,686.29 \r\n \r\n2,852,632.49 \r\n \r\n468.50 -39,548.27 \r\n \r\n-1.00 -467.50 -2,614,600.25 \r\n$ 2,265,170.26 \r\n \r\nSUMMARY OF FUND BALANCE \r\nReserved Refunds to Grantors Sales and Services Prior Year Local Funds Continuing Education Technology Fees Inventories Bookstore \r\nTotal Fund Balance \r\n \r\n$ \r\n \r\n3,797.21 \r\n \r\n367,118.19 \r\n \r\n137,840.21 \r\n \r\n232,962.40 \r\n \r\n696,011.24 \r\n \r\n230,363.42 \r\n \r\n597,077.59 \r\n \r\n$ 2,265,170.26 \r\n \r\nStatutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. \r\n- 23 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES COMPARED TO BUDGET BY PROGRAM AND FUNDING SOURCE \r\n(STATUTORY BASIS) BUDGET FUND YEAR ENDED JUNE 30, 2015 \r\n \r\nAdult Literacy State Appropriation State General Funds Federal Funds Federal Funds Not Specifically Identified Other Funds \r\nTotal Adult Literacy \r\nEconomic Development Other Funds \r\nTechnical Education State Appropriation State General Funds Federal Funds Federal Funds Not Specifically Identified Other Funds \r\nTotal Technical Education \r\nTotals By Program \r\n \r\nOriginal Appropriation \r\n \r\nAmended Appropriation \r\n \r\nFinal Budget \r\n \r\nCurrent Year Revenues \r\n \r\n$ \r\n \r\n350,000.00 $ \r\n \r\n448,000.00 $ \r\n \r\n448,000.00 $ \r\n \r\n448,000.00 \r\n \r\n386,900.00 11,000.00 \r\n \r\n332,000.00 20,000.00 \r\n \r\n370,950.00 20,000.00 \r\n \r\n370,950.00 6,048.00 \r\n \r\n747,900.00 \r\n \r\n800,000.00 \r\n \r\n838,950.00 \r\n \r\n824,998.00 \r\n \r\n198,533.00 \r\n \r\n330,123.00 \r\n \r\n325,586.00 \r\n \r\n233,113.58 \r\n \r\n7,296,900.00 \r\n1,332,000.00 6,100,000.00 \r\n14,728,900.00 \r\n \r\n7,795,507.00 \r\n3,161,642.17 6,626,736.33 \r\n17,583,885.50 \r\n \r\n7,795,507.00 \r\n3,335,497.50 7,580,058.71 \r\n18,711,063.21 \r\n \r\n7,795,507.00 \r\n2,265,005.93 6,307,982.97 \r\n16,368,495.90 \r\n \r\n$ 15,675,333.00 $ 18,714,008.50 $ 19,875,599.21 $ 17,426,607.48 \r\n \r\nStatutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. \r\n- 24 - \r\n \r\n SCHEDULE \"3\" \r\n \r\nFunds Available Compared to Budget \r\n \r\nPrior Year \r\n \r\nAdjustments and \r\n \r\nTotal \r\n \r\nCarry-Over \r\n \r\nProgram Transfers \r\n \r\nFunds Available \r\n \r\nVariance Positive (Negative) \r\n \r\nExpenditures Compared to Budget \r\n \r\nVariance \r\n \r\nActual \r\n \r\nPositive \r\n \r\nExcess of Funds Available \r\nOver Expenditures \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 0.00 \r\n \r\n0.00 \r\n \r\n143,688.51 \r\n \r\n0.00 $ \r\n0.00 0.00 \r\n0.00 \r\n \r\n448,000.00 $ \r\n370,950.00 6,048.00 \r\n824,998.00 \r\n \r\n0.00 \r\n \r\n376,802.09 \r\n \r\n0.00 $ \r\n0.00 -13,952.00 \r\n-13,952.00 \r\n \r\n448,000.00 $ \r\n367,489.60 6,048.00 \r\n821,537.60 \r\n \r\n51,216.09 \r\n \r\n197,754.94 \r\n \r\n0.00 $ 3,460.40 13,952.00 17,412.40 \r\n127,831.06 \r\n \r\n0.00 3,460.40 \r\n0.00 3,460.40 \r\n179,047.15 \r\n \r\n0.00 \r\n0.00 2,470,911.74 \r\n2,470,911.74 \r\n \r\n0.00 \r\n0.00 0.00 \r\n0.00 \r\n \r\n7,795,507.00 \r\n2,265,005.93 8,778,894.71 \r\n18,839,407.64 \r\n \r\n0.00 \r\n-1,070,491.57 1,198,836.00 \r\n128,344.43 \r\n \r\n7,795,507.00 \r\n2,264,669.12 6,895,052.78 \r\n16,955,228.90 \r\n \r\n0.00 \r\n1,070,828.38 685,005.93 \r\n1,755,834.31 \r\n \r\n0.00 \r\n336.81 1,883,841.93 \r\n1,884,178.74 \r\n \r\n$ 2,614,600.25 $ \r\n \r\n0.00 $ 20,041,207.73 $ \r\n \r\n165,608.52 $ 17,974,521.44 $ \r\n \r\n1,901,077.77 $ \r\n \r\n2,066,686.29 \r\n \r\n- 25 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE STATEMENT OF CHANGES TO FUND BALANCE BY PROGRAM AND FUNDING SOURCE \r\n(STATUTORY BASIS) BUDGET FUND YEAR ENDED JUNE 30, 2015 \r\n \r\nAdult Literacy State Appropriation State General Funds Federal Funds Federal Funds Not Specifically Identified Other Funds \r\nTotal Adult Literacy \r\nEconomic Development Other Funds \r\nTechnical Education State Appropriation State General Funds Federal Funds Federal Funds Not Specifically Identified Other Funds \r\nTotal Technical Education \r\nTotal Operating Activity \r\nPrior Year Reserves Not Available for Expenditure Inventories Refunds to Grantors \r\n \r\nBeginning Fund Balance July 1 \r\n \r\nFund Balance Carried Over from \r\nPrior Period as Funds Available \r\n \r\nReturn of Fiscal Year 2014 \r\nSurplus \r\n \r\nPrior Period Adjustments \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 0.00 \r\n \r\n0.00 \r\n \r\n143,688.51 \r\n \r\n0.00 $ 0.00 0.00 0.00 \r\n-143,688.51 \r\n \r\n0.00 $ 0.00 0.00 0.00 \r\n0.00 \r\n \r\n0.00 0.00 0.00 0.00 \r\n0.00 \r\n \r\n0.00 0.00 2,470,911.74 2,470,911.74 2,614,600.25 \r\n \r\n0.00 0.00 -2,470,911.74 -2,470,911.74 -2,614,600.25 \r\n \r\n0.00 0.00 0.00 0.00 0.00 \r\n \r\n0.00 468.50 -39,548.27 -39,079.77 -39,079.77 \r\n \r\n238,032.24 0.00 \r\n \r\n0.00 0.00 \r\n \r\n0.00 0.00 \r\n \r\n0.00 0.00 \r\n \r\nBudget Unit Totals \r\n \r\n$ 2,852,632.49 $ \r\n \r\n-2,614,600.25 $ \r\n \r\n0.00 $ \r\n \r\n-39,079.77 \r\n \r\nStatutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. \r\n- 26 - \r\n \r\n SCHEDULE \"4\" \r\n \r\nOther Adjustments \r\n \r\nEarly Return Fiscal Year 2015 \r\nSurplus \r\n \r\nExcess of Funds Available \r\nOver Expenditures \r\n \r\nEnding Fund Balance June 30 \r\n \r\nAnalysis of Ending Fund Balance \r\n \r\nReserved \r\n \r\nSurplus \r\n \r\nTotal \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n-3,460.40 0.00 \r\n \r\n-3,460.40 \r\n \r\n0.00 \r\n \r\n0.00 $ 0.00 0.00 0.00 \r\n0.00 \r\n \r\n0.00 $ \r\n3,460.40 0.00 \r\n3,460.40 \r\n \r\n0.00 $ \r\n0.00 0.00 \r\n0.00 \r\n \r\n0.00 $ \r\n0.00 0.00 \r\n0.00 \r\n \r\n179,047.15 \r\n \r\n179,047.15 \r\n \r\n179,047.15 \r\n \r\n0.00 $ \r\n0.00 0.00 \r\n0.00 \r\n \r\n0.00 \r\n0.00 0.00 \r\n0.00 \r\n \r\n0.00 \r\n \r\n179,047.15 \r\n \r\n0.00 -805.31 7,668.82 6,863.51 3,403.11 \r\n \r\n0.00 0.00 0.00 0.00 0.00 \r\n \r\n0.00 336.81 1,883,841.93 1,884,178.74 2,066,686.29 \r\n \r\n0.00 0.00 1,851,962.48 1,851,962.48 2,031,009.63 \r\n \r\n0.00 0.00 1,851,962.48 1,851,962.48 2,031,009.63 \r\n \r\n0.00 0.00 0.00 0.00 0.00 \r\n \r\n0.00 0.00 1,851,962.48 1,851,962.48 2,031,009.63 \r\n \r\n-7,668.82 3,797.21 \r\n \r\n0.00 0.00 \r\n \r\n0.00 0.00 \r\n \r\n230,363.42 3,797.21 \r\n \r\n230,363.42 3,797.21 \r\n \r\n0.00 0.00 \r\n \r\n230,363.42 3,797.21 \r\n \r\n$ \r\n \r\n-468.50 $ \r\n \r\n0.00 $ \r\n \r\n2,066,686.29 $ 2,265,170.26 $ 2,265,170.26 $ \r\n \r\n0.00 $ 2,265,170.26 \r\n \r\nSummary of Ending Fund Balance Reserved \r\nRefunds to Grantors Sales and Services Prior Year Local Funds Continuing Education Technology Fees Inventories Bookstore \r\nTotal Ending Fund Balance - June 30 \r\n \r\n$ \r\n \r\n3,797.21 $ \r\n \r\n367,118.19 \r\n \r\n137,840.21 \r\n \r\n232,962.40 \r\n \r\n696,011.24 \r\n \r\n230,363.42 \r\n \r\n597,077.59 \r\n \r\n$ 2,265,170.26 $ \r\n \r\n0.00 $ \r\n \r\n3,797.21 367,118.19 137,840.21 232,962.40 696,011.24 230,363.42 597,077.59 \r\n \r\n0.00 $ 2,265,170.26 \r\n \r\n- 27 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE RECONCILIATION OF BUDGET TO GAAP \r\nYEAR ENDED JUNE 30, 2015 \r\n \r\nSCHEDULE \"5\" \r\n \r\nPresented below is a reconciliation of the fund balance of the Budget Fund, as reported on Schedule 1, to Net Position of business-type activities, as reported on Exhibit A. \r\n \r\nTotal Fund Balances - Budget Fund - Non-GAAP Basis (Schedule \"1\") \r\n \r\n$ 2,265,170.26 \r\n \r\nAmounts reported for Business-Type Activities in the Statement of Net Position are different because: \r\n \r\nCapital Assets used in Business-Type Activities are not reported in the Budget Fund. \r\n \r\n38,216,060.87 \r\n \r\nGeorgia State Financing and Investment Commission (GSFIC) projects are not reported as a component of the Budget Fund. Assets Liabilities Total Net Effect of GSFIC Activity \r\n \r\n$ 513,614.55 -513,614.55 \r\n \r\n0.00 \r\n \r\nAgency Fund activities are not reported as a component of the Budget Fund. Assets Liabilities Total Net Effect of Agency Fund Activity \r\n \r\n$ 143,005.81 -143,005.81 \r\n \r\n0.00 \r\n \r\nThe budgetary basis of accounting implemented by the State of Georgia recognizes expenditures when encumbered. The following adjustments were made to eliminate this activity for reporting on the Statement of Net Position. Payables reported in the Budget Fund that are based on encumbrances are eliminated for GAAP reporting. Reimbursement from grantors reported as revenues in the Budget Fund that are for expenditures based on encumbrances are deferred for GAAP reporting. Total Net Effect of Encumbrance Activity \r\n \r\n$ 814,993.29 -307,934.29 \r\n \r\n507,059.00 \r\n \r\nCertain Liabilities are not due and payable in the current period and therefore are not reported as liabilities in the Budget Fund. Accounts Payable Compensated Absences Payable Total Liabilities \r\n \r\n$ -39,055.49 -643,737.37 \r\n \r\n-682,792.86 \r\n \r\nCertain deferred outflows of resources, liabilities and deferred inflows of resources are not reported in the Budget Fund Defined Benefit Pension Plans \r\n \r\n-9,750,936.22 \r\n \r\nNet Position of Business-Type Activities (Exhibit \"A\") \r\n \r\n$ 30,554,561.05 \r\n \r\nThe supplementary information presented on Schedules 1, 2, 3, and 4 was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. The information was derived from, and relates directly to, the same information used to prepare the financial statements. However, the budgetary statutes and regulations of the State of Georgia require reporting of certain information that is not in accordance with generally accepted accounting principles. Presented on this schedule is a reconciliation of the fund balance of the Budget Fund, as reported on Schedule 1, to Net Position of business-type activities, as reported on Exhibit A. \r\n- 28 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE RECONCILIATION OF SALARIES AND TRAVEL \r\nYEAR ENDED JUNE 30, 2015 \r\n \r\nSCHEDULE \"6\" \r\n \r\nTotals per Annual Supplement \r\nAccruals June 30, 2015 June 30, 2014 \r\nCompensated Absences June 30, 2015 June 30, 2014 \r\nAgency Funds \r\nAdjustments Travel Not Processed Through Accounts Payable Before PeopleSoft Closure \r\n \r\nSALARIES $ 8,251,478.14 $ \r\n \r\nTRAVEL 177,505.41 \r\n \r\n36,414.00 -103,395.03 \r\n \r\n488,034.76 -454,397.55 \r\n-3,384.00 \r\n \r\n-22,663.40 \r\n \r\n1,110.05 \r\n \r\n$ 8,214,750.32 $ \r\n \r\n155,952.06 \r\n \r\n- 29 - \r\n \r\n  SECTION II FINDINGS, QUESTIONED COSTS AND OTHER ITEMS \r\n \r\n  MOULTRIE TECHNICAL COLLEGE SCHEDULE OF FINDINGS, QUESTIONED COSTS AND OTHER ITEMS \r\nYEAR ENDED JUNE 30, 2015 \r\nCOMMUNICATION OF INTERNAL CONTROL DEFICIENCIES \r\nThe auditor is required to communicate to management and those charged with governance control deficiencies identified during the course of the financial statement audit that, in the auditor's judgment, constitute significant deficiencies or material weakness. \r\nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. \r\nInternal control deficiencies identified during the course of this engagement that were considered to be significant deficiencies and/or material weaknesses are presented below: \r\nFINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\nNo matters were reported. \r\nFEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\nNo matters were reported. \r\nOTHER ITEMS (NOTED FOR MANAGEMENT'S CONSIDERATION) \r\nAccounting Controls Overall Observation: Our review of the established internal control structure associated with significant financial applications at the Technical College revealed design deficiencies in logical access controls intended to protect information from unauthorized access, manipulation and corruption. The details related to these deficiencies have been provided to management of the Technical College in accordance with Official Code of Georgia Annotated 50-6-9. \r\nRecommendation: Management should review and enhance their policies and procedures to ensure the integrity and accuracy of the information used within the financial statements and as part of awarding financial assistance to students. Additionally, management should ensure proper separation of duties as it relates to financial and student financial assistance processes. \r\nReturn of Title IV Funds Observation: In testing 25 students who received Federal financial assistance for the Fall 2014 and Spring 2015 semesters and withdrew from the Technical College, auditor noted nine instances in which the Return of Title IV calculations did not include the appropriate institutional charges and therefore, the students were requested to return $1,152.20 less than the required amount to various SFA programs. In addition, auditor noted one instance in which funds were not returned within the days allotted by Federal guidelines. \r\nRecommendation: The Technical College should develop and implement procedures to ensure that student financial aid refunds are properly calculated and that unearned funds are correctly returned to appropriate accounts in a timely manner. \r\n \r\n "},{"id":"dlg_ggpd_1409220578-2015-01-09","title":"Moultrie Technical College, Moultrie, Georgia, management report for fiscal year ended 2014 June 30","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts, issuing body."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":null,"dc_date":["2015-01-09"],"dcterms_description":["Began with fiscal year ended June 30, 2008 or 2009?","Report year covers fiscal year.","For some years, report may be released instead called: Moultrie Technical College, Moultrie, Georgia, independent accountant's report on applying agreed-upon procedures for the fiscal year ended ...; or: Moultrie Technical College, Moultrie, Georgia, report on audit of the financial statements for the fiscal year ended ...","No further issues published after 2015; in July 2015, Moultrie Technical College merged with: Southwest Georgia Technical College (Thomasville, Ga.) to form: Southern Regional Technical College. Effective \u003c2017\u003e, Southern Regional Technical College issues its own management report, called: Southern Regional Technical College, Thomasville, Georgia, management report for fiscal year ended ...","Description based primarily on print version record.","Fiscal year ended June 30, 2015 (Received via FTP 1/14/16 from Georgia Dept. of Audits and Accounts); (Georgia Government Publications database, viewed November 14, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Georgia : Georgia Department of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Moultrie Technical College--Appropriations and expenditures--Periodicals.","Technical education--Georgia--Auditing--Periodicals.","Technical education--Georgia--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["Moultrie Technical College, Moultrie, Georgia, management report for fiscal year ended 2014 June 30"],"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_1409220578-2015-01-09"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1409220578-2015-01-09"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"MOULTRIE TECHNICAL COLLEGE \r\nMOULTRIE, GEORGIA \r\nMANAGEMENT REPORT FOR FISCAL YEAR ENDED JUNE 30, 2014 \r\nA Member College of the Technical College System of Georgia \r\nGeorgia Department of Audits and Accounts Greg S. Griffin State Auditor \r\n \r\n MOULTRIE TECHNICAL COLLEGE - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\nFINANCIAL \r\nLETTER OF TRANSMITTAL \r\nSELECTED FINANCIAL INFORMATION \r\nEXHIBITS \r\nA STATEMENT OF NET POSITION - (GAAP BASIS) \r\nB STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION (GAAP BASIS) \r\nC STATEMENT OF CASH FLOWS - (GAAP BASIS) \r\nD SELECTED FINANCIAL NOTES \r\nSUPPLEMENTARY INFORMATION \r\nSCHEDULES \r\n1 BALANCE SHEET - (STATUTORY BASIS) - BUDGET FUND 2 SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT \r\n(STATUTORY BASIS) BUDGET FUND 3 STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES COMPARED TO BUDGET \r\nBY PROGRAM AND FUNDING SOURCE (STATUTORY BASIS) BUDGET FUND \r\n4 STATEMENT OF CHANGES TO FUND BALANCE BY PROGRAM AND FUNDING SOURCE (STATUTORY BASIS) BUDGET FUND \r\n5 RECONCILIATION OF BUDGET TO GAAP 6 RECONCILIATION OF SALARIES AND TRAVEL \r\n \r\nPage \r\n2 3 5 6 \r\n20 21 22 24 26 27 \r\n \r\nSECTION II FINDINGS, QUESTIONED COSTS AND OTHER ITEMS SCHEDULE OF FINDINGS, QUESTIONED COSTS AND OTHER ITEMS \r\n \r\n SECTION I FINANCIAL \r\n \r\n Greg S. Griffin \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nJanuary 9, 2015 \r\n \r\nHonorable Nathan Deal, Governor Members of the General Assembly of Georgia Members of the State Board of the Technical College System of Georgia Members of the Local Board of Directors \r\nand Honorable Jim Glass, Interim President Moultrie Technical College \r\nLadies and Gentlemen: \r\nAs part of our audit of the basic financial statements of the State of Georgia presented in the State of Georgia Comprehensive Annual Financial Report and the issuance of a State of Georgia Single Audit Report pursuant to the Single Audit Act Amendments, as of and for the year ended June 30, 2014, we have performed certain audit procedures at Moultrie Technical College. Accordingly, the financial statements and compliance activities of Moultrie Technical College were examined to the extent considered necessary in order to express an opinion as to the fair presentation of the financial statements contained in the foregoing documents and to issue reports on compliance and internal control as required by the Single Audit Act Amendments of 1996. \r\nThis Management Report contains information pertinent to the financial and compliance activities of Moultrie Technical College as of and for the year ended June 30, 2014. Information contained in this report is a by-product of our audit of the basic financial statements of the State of Georgia and is the representation of management. Accordingly, we do not express an opinion or any other form of assurance on it. The particular information provided which includes a section on findings and other items reported in accordance with Commission on Colleges regulation 2.11.1, is enumerated in the Table of Contents. \r\nThis report is intended solely for the information and use of management of Moultrie Technical College, members of the Local Board of Directors, and the Southern Association of Colleges and Schools Commission on Colleges and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully, \r\n \r\nGSG:as \r\n \r\nGreg S. Griffin State Auditor \r\n \r\n SELECTED FINANCIAL INFORMATION - 1 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE STATEMENT OF NET POSITION - (GAAP BASIS) \r\nJUNE 30, 2014 \r\nASSETS \r\nCurrent Assets Cash and Cash Equivalents Accounts Receivable, Net Federal Financial Assistance Other Inventories \r\nTotal Current Assets \r\nNoncurrent Assets Capital Assets, Net \r\nTotal Assets \r\nLIABILITIES \r\nCurrent Liabilities Accounts Payable Salaries Payable Unearned Revenue Funds Held for Others Compensated Absences \r\nTotal Current Liabilities \r\nNoncurrent Liabilities Compensated Absences \r\nTotal Liabilities \r\nNET POSITION \r\nInvestment in Capital Assets Unrestricted \r\nTotal Net Position \r\n \r\nEXHIBIT \"A\" \r\n$ 2,419,971.13 145,750.88 820,422.69 333,698.25 \r\n3,719,842.95 \r\n38,737,673.93 42,457,516.88 \r\n113,154.43 103,395.03 455,648.40 163,109.13 345,194.30 1,180,501.29 \r\n254,174.24 1,434,675.53 \r\n38,737,673.93 2,285,167.42 \r\n$ 41,022,841.35 \r\n \r\n- 2 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - (GAAP BASIS) \r\nYEAR ENDED JUNE 30, 2014 \r\n \r\nEXHIBIT \"B\" \r\n \r\nOPERATING REVENUES \r\nStudent Tuition and Fees Less: Scholarship Allowances \r\nGrants and Contracts Federal \r\nSales and Services Other Operating Revenues \r\nTotal Operating Revenues \r\nOPERATING EXPENSES \r\nSalaries Benefits Travel Scholarships and Fellowships Utilities Supplies and Other Services Depreciation \r\nTotal Operating Expenses \r\nOperating Loss \r\nNONOPERATING REVENUES (EXPENSES) \r\nState Appropriations Grants and Contracts \r\nFederal State Local Gifts Interest and Other Investment Income Other Nonoperating Expenses \r\nNet Nonoperating Revenues \r\nLoss Before Other Revenues, Expenses, Gains, or Losses \r\nCapital Grants and Gifts State Local Loss on Disposal of Capital Assets \r\nTotal Other Revenues, Expenses, Gains, or Losses \r\nDecrease in Net Position \r\nNet Position - Beginning of Year \r\nNet Position - End of Year \r\n \r\n$ \r\n \r\n4,477,431.77 \r\n \r\n-1,663,095.68 \r\n \r\n53,544.74 714,064.13 \r\n90.00 \r\n \r\n3,582,034.96 \r\n \r\n7,609,234.17 3,133,540.55 \r\n131,919.95 2,806,084.29 \r\n796,208.67 2,193,211.20 1,605,882.15 \r\n18,276,080.98 \r\n-14,694,046.02 \r\n \r\n7,246,403.00 \r\n5,751,343.44 145,109.38 11,635.88 566,766.42 3,446.04 -578,582.13 \r\n13,146,122.03 \r\n-1,547,923.99 \r\n421,448.03 2,387.63 -240.76 \r\n423,594.90 \r\n-1,124,329.09 \r\n42,147,170.44 \r\n \r\n$ 41,022,841.35 \r\n \r\n- 3 - \r\n \r\n (This page left intentionally blank) \r\n \r\n MOULTRIE TECHNICAL COLLEGE STATEMENT OF CASH FLOWS - (GAAP BASIS) \r\nYEAR ENDED JUNE 30, 2014 \r\nCASH FLOWS FROM OPERATING ACTIVITIES Tuition and Fees Grants and Contracts Sales and Services of Educational Departments Payments to Suppliers Payments to Employees Payments for Scholarships and Fellowships Other Receipts, Net \r\nNet Cash Used by Operating Activities \r\nCASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES State Appropriations Agency Funds Transactions Gifts and Grants Received for Other than Capital Purposes Other Nonoperating Payments, Net \r\nNet Cash Flows Provided by Noncapital Financing Activities \r\nCASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Capital Grants and Gifts Received Purchases of Capital Assets \r\nNet Cash Used by Capital and Related Financing Activities \r\nCASH FLOWS FROM INVESTING ACTIVITIES Earnings on Investments \r\nNet Decrease in Cash \r\nCash and Cash Equivalents - Beginning of Year \r\nCash and Cash Equivalents - End of Year \r\nRECONCILIATION OF OPERATING LOSS TO NET CASH USED BY OPERATING ACTIVITIES: \r\nOperating Loss Adjustments to Reconcile Operating Loss to Net Cash \r\nUsed by Operating Activities Depreciation Expense Change in Assets and Liabilities: Accounts Receivable, Net Inventories Salaries Payable Accounts Payable Unearned Revenue Compensated Absences \r\nNet Cash Used by Operating Activities \r\nNONCASH ACTIVITY Gift of Capital Assets Reducing Proceeds of Capital Grants and Gifts \r\n- 5 - \r\n \r\nEXHIBIT \"C\" \r\n \r\n$ 2,779,868.74 18,672.70 \r\n714,064.13 -6,494,104.91 -7,613,023.61 -2,806,084.29 \r\n90.00 -13,400,517.24 \r\n7,246,403.00 -16,745.09 \r\n6,275,389.29 -328,402.35 \r\n13,176,644.85 \r\n324,296.03 -372,934.71 \r\n-48,638.68 \r\n3,446.04 -269,065.03 2,689,036.16 \r\n$ 2,419,971.13 \r\n \r\n$ -14,694,046.02 \r\n1,605,882.15 -34,467.35 -95,666.01 -22,044.03 \r\n-143,558.53 -34,872.04 18,254.59 \r\n$ -13,400,517.24 \r\n \r\n$ \r\n \r\n99,539.63 \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2014 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nREPORTING ENTITY \r\nMoultrie Technical College (Technical College) is one of twenty-four (24) State supported member colleges of postsecondary education in Georgia which comprise the Technical College System of Georgia, an organizational unit of the State of Georgia. The accompanying financial statements reflect the operations of Moultrie Technical College as a separate reporting entity. \r\nThe Technical College's Local Board of Directors is composed of 9 (nine) members serving staggered three-year terms who are appointed by the State Board of the Technical College System of Georgia. Appropriation of State funds is made to the Technical College System of Georgia by the General Assembly of Georgia. The System Office of the Technical College System of Georgia determines the amount of State appropriations to be received by Moultrie Technical College. The Technical College does not have authority to retain unexpended State appropriations (surplus) for any given fiscal year. Accordingly, Moultrie Technical College is considered an organizational unit of the Technical College System of Georgia for financial reporting purposes because of the significance of its legal, operational, and financial relationships as defined in Section 2100 of the Governmental Accounting Standards Board (GASB) Codification of Governmental Accounting and Financial Reporting Standards. \r\nLegally separate, tax exempt organizations whose activities primarily support member colleges of postsecondary education in Georgia which comprise the Technical College System of Georgia (an organizational unit of the State of Georgia), are considered potential component units of the State. See Note (13) for additional information. \r\nFINANCIAL STATEMENT PRESENTATION \r\nThe financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) as prescribed by the GASB and are presented as required by these standards to provide a comprehensive, entity-wide perspective of the Technical College's assets, deferred outflow of resources, liabilities, deferred inflows of resources, net position, revenues, expenses, changes in net position and cash flows. \r\nBASIS OF ACCOUNTING \r\nFor financial reporting purposes, the Technical College is considered a special-purpose government engaged only in business-type activities. Accordingly, the Technical College's financial statements have been presented using the economic resources measurement focus and the accrual basis of accounting. Under the accrual basis, revenues are recognized when earned, and expenses are recorded when an obligation has been incurred. All significant intra-college transactions have been eliminated. \r\nNEW ACCOUNTING PRONOUNCEMENTS \r\nIn fiscal year 2014, the Technical College adopted the Governmental Accounting Standards Board (GASB) Statement No. 65, Items Previously Reported as Assets and Liabilities. The provisions of this Statement clarify the use of deferred inflows of resources and deferred outflows of resources. Certain items, including those items which were previously reported as assets and liabilities, will now be reported as outflows of resources or inflows of resources. As of June 30, 2014, the Technical College did not have any deferred outflows of resources or deferred inflows of resources. \r\nIn fiscal year 2014, the Technical College adopted Governmental Accounting Standards Board (GASB) Statement No. 66, Technical Corrections - 2012, an amendment to GASB Statements No. 10 and No. 62. The objective of this Statement is to resolve conflicting guidance by amending GASB Statement No. 10, Accounting and Financial Reporting for Risk Financing and Related Insurance Issues and GASB \r\n \r\n- 6 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2014 \r\n \r\nEXHIBIT \"D\" \r\n \r\nStatement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in PreNovember 30, 1989 FASB and AICPA Pronouncements. GASB Statement No. 10 was amended by removing the provision that limited fund based reporting of an entity's risk and financing activities to certain funds. GASB Statement No. 62 was amended by modifying guidance on (1) operating lease payments that vary from a straight-line basis, (2) purchases of a loan or a group of loans, and (3) recognition of servicing fees on mortgage loans that are sold when the stated service fee rate differs from a current (normal) servicing fee rate. The adoption of this statement does not have a significant impact on the Technical College's financial statements. \r\nIn fiscal year 2014, the Technical College adopted Governmental Accounting Standards Board (GASB) Statement No. 70, Accounting and Financial Reporting for Nonexchange Financial Guarantees. This Statement establishes accounting and reporting requirements for state and local governments that extend or receive financial guarantees that are nonexchange transactions. The adoption of this statement does not have a significant impact on the Technical College's financial statements. \r\nFUTURE ACCOUNTING PRONOUNCEMENTS \r\nIn fiscal year 2015, the Technical College will adopt Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions. The provisions of this Statement establish accounting and financial reporting standards for pensions that are provided to the employees of state and local governmental employers through pension plans that are administered through trusts. Implementation of this Statement will require the Technical College to record a liability for its proportionate share of the Net Pension Liability of pension plans in which it participates. Actuarial estimates are currently being made to determine the Technical College's liability, the effects of which are believed to be material. \r\nNET POSITION \r\nThe Technical College's net position is classified as follows: \r\nNet Investment in Capital Assets: This represents the Technical College's total investment in capital assets, net of outstanding debt obligations, deferred outflows of resources and deferred inflows of resources related to those capital assets. To the extent debt has been incurred or deferred inflows of resources have been received but not yet expended for capital assets, such amounts are not included as a component of the net investment in capital assets. \r\nUnrestricted: Unrestricted net position represents available resources derived from student tuition and fees, state appropriations, and sales and services of educational departments. These resources will be used for transactions relating to the educational and general operations of the Technical College, and may be used at the discretion of the governing board to meet subsequent fiscal year expenses for those purposes, except for unexpended state appropriations (surplus). At June 30, 2014, there was no surplus balance to be refunded. \r\nWhen an expense is incurred that can be paid using either restricted or unrestricted resources, the Technical College's policy is to first apply the expense towards unrestricted resources, and then towards restricted resources. \r\nNOTE 2: DEPOSITS AND INVESTMENTS \r\nDEPOSITS \r\nThe custodial credit risk for deposits is the risk that in the event of a bank failure, the Technical College's deposits may not be recovered. Funds belonging to the State of Georgia (and thus the Technical College) cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral any one or more of the following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59: \r\n1. Bonds, bills, certificates of indebtedness, notes, or other direct obligations of the United States or of the State of Georgia. \r\n- 7 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2014 \r\n \r\nEXHIBIT \"D\" \r\n \r\n2. Bonds, bills, certificates of indebtedness, notes, or other obligations of the counties or municipalities of the State of Georgia. \r\n3. Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose. \r\n \r\n4. Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia. \r\n \r\n5. 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 \r\n6. Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation. \r\n \r\nAt June 30, 2014, the carrying value of deposits was $24,725.99 and the bank balance was $616,207.64. Of the Technical College's deposits, $343,442.79 were uninsured. Of these uninsured deposits, $343,442.79 were collateralized with securities held by the financial institution's trust department or agency, in the Technical College's name. \r\n \r\nINVESTMENTS \r\nAt June 30, 2014, the carrying value of the Moultrie Technical College's investment was $2,393,640.14, which is materially the same as fair value. These investments were comprised entirely of funds invested in the Office of the State Treasurer investment pools as follows: \r\n \r\nOffice of the State Treasurer Georgia Fund 1 \r\n \r\n$ 2,393,640.14 \r\n \r\nThe Georgia Fund 1 Investment Pool, managed by the Office of the State Treasurer, is not registered with the Securities and Exchange Commission as an investment company, and does not operate in a manner consistent with the SEC's Rule 2a7 of the Investment Company Act of 1940. This investment is valued at the pool's share price, $1.00 per share. \r\nThe State Depository Board, which has oversight over the Office of the State Treasurer, may permit any department, board, bureau or other agency to invest funds collected directly by such organization in short-term time deposit agreements, provided that the interest income of those funds is remitted to the Director of the Office of the State Treasurer as revenues of the State of Georgia. As a matter of general practice, however, demand funds of any department, board, bureau or other agency in excess of current operating expenses, are required to be deposited with the Director of the Office of the State Treasurer for the purpose of pooled investment (OCGA 50-17-63). \r\nInterest Rate Risk Interest rate risk is the risk that changes in interest rates of debt investments will adversely affect the fair value of an investment. Due to the nature of the investments, the Technical College is not exposed to interest rate risk. Therefore, the Technical College does not have a formal policy for managing interest rate risk. \r\nCredit Quality Risk Credit quality risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. Due to the nature of the investments, the Technical College is not exposed to credit quality risk. Therefore, the Technical College does not have a formal policy for managing credit quality risk. \r\n \r\n- 8 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2014 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 3: ACCOUNTS RECEIVABLE \r\nAccounts receivable at June 30, 2014, consists of the following: \r\n \r\nStudent Tuition and Fees Federal, State and Private Funds Georgia State Financing and Investment Commission Other \r\n \r\n$ \r\n \r\n49,030.87 \r\n \r\n145,750.88 \r\n \r\n282,971.21 \r\n \r\n488,420.61 \r\n \r\nNet Accounts Receivable \r\n \r\n$ 966,173.57 \r\n \r\nNOTE 4: INVENTORIES \r\nInventories at June 30, 2013, consist of the following: \r\n \r\nBookstore \r\n \r\n$ \r\n \r\n333,698.25 \r\n \r\nNOTE 5: CAPITAL ASSETS \r\nFollowing are the changes in capital assets for the year ended June 30, 2014: \r\n \r\nBeginning Balance July 1, 2013 \r\n \r\nSpecial Item Transfer \r\n \r\nAdditions \r\n \r\nReductions \r\n \r\nEnding Balance June 30, 2014 \r\n \r\nCapital Assets, Not Being Depreciated: Land and Land Improvements Construction Work-In-Progress \r\n \r\n$ 1,752,073.00 $ 0.00 \r\n \r\n0.00 $ \r\n \r\n0.00 $ 19,240.00 \r\n \r\n0.00 $ \r\n \r\n1,752,073.00 19,240.00 \r\n \r\nTotal Capital Assets, Not Being Depreciated \r\n \r\n1,752,073.00 \r\n \r\n0.00 \r\n \r\n19,240.00 \r\n \r\n0.00 \r\n \r\n1,771,313.00 \r\n \r\nCapital Assets, Being Depreciated: Building and Building Improvements Improvements Other Than Buildings Equipment Library Collections \r\n \r\n44,998,721.43 548,610.80 \r\n5,730,315.29 302,938.82 \r\n \r\n-30,710.00 \r\n \r\n206,876.01 \r\n241,124.91 5,233.42 \r\n \r\n2,407.56 \r\n \r\n45,205,597.44 548,610.80 \r\n5,940,730.20 305,764.68 \r\n \r\nTotal Assets Being Depreciated \r\n \r\n51,580,586.34 \r\n \r\n-30,710.00 \r\n \r\n453,234.34 \r\n \r\n2,407.56 \r\n \r\n52,000,703.12 \r\n \r\nLess: Accumulated Depreciation: Building and Building Improvements Improvements Other Than Buildings Equipment Library Collections \r\n \r\n8,623,707.49 483,290.17 \r\n4,190,318.71 164,020.47 \r\n \r\n-30,710.00 \r\n \r\n1,017,230.23 5,443.39 \r\n552,391.31 30,817.22 \r\n \r\n2,166.80 \r\n \r\n9,640,937.72 488,733.56 \r\n4,712,000.02 192,670.89 \r\n \r\nTotal Accumulated Depreciation \r\n \r\n13,461,336.84 \r\n \r\n-30,710.00 \r\n \r\n1,605,882.15 \r\n \r\n2,166.80 \r\n \r\n15,034,342.19 \r\n \r\nTotal Capital Assets, Being Depreciated, Net \r\n \r\n38,119,249.50 \r\n \r\n0.00 \r\n \r\n-1,152,647.81 \r\n \r\n240.76 \r\n \r\n36,966,360.93 \r\n \r\nCapital Assets, Net \r\n \r\n$ 39,871,322.50 $ \r\n \r\n0.00 $ -1,133,407.81 $ \r\n \r\n240.76 $ 38,737,673.93 \r\n \r\n- 9 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2014 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 6: UNEARNED REVENUE \r\n \r\nUnearned revenue at June 30, 2014, consists of the following: \r\n \r\nPrepaid Tuition and Fees \r\n \r\n$ 455,648.40 \r\n \r\nNOTE 7: LONG-TERM LIABILITIES \r\nLong-Term liability activity for the year ended June 30, 2014 was as follows: \r\n \r\nOther Liabilities Compensated Absences \r\n \r\nBeginning Balance July 1, 2013 \r\n \r\nAdditions \r\n \r\nReductions \r\n \r\nEnding Balance June 30, 2014 \r\n \r\n$ \r\n \r\n581,113.95 $ \r\n \r\n560,326.05 $ \r\n \r\n542,071.46 $ \r\n \r\n599,368.54 $ \r\n \r\nCurrent Portion \r\n345,194.30 \r\n \r\nNOTE 8: NET POSITION \r\nChanges in Net Position activity for the year ended June 30, 2014 was as follows: \r\n \r\nBeginning Balance July 1, 2013 \r\n \r\nAdditions \r\n \r\nReductions \r\n \r\nEnding Balance June 30, 2014 \r\n \r\nNet Investment in Capital Assets \r\n \r\n$ 39,871,322.50 $ -1,133,407.81 $ \r\n \r\n240.76 $ 38,737,673.93 \r\n \r\nRestricted Net Position \r\n \r\n0.00 \r\n \r\n5,804,888.18 \r\n \r\n5,804,888.18 \r\n \r\n0.00 \r\n \r\nUnrestricted Net Position \r\n \r\n2,275,847.94 \r\n \r\n13,059,094.41 \r\n \r\n13,049,774.93 \r\n \r\n2,285,167.42 \r\n \r\nTotal Net Position \r\n \r\n$ 42,147,170.44 $ 17,730,574.78 $ 18,854,903.87 $ 41,022,841.35 \r\n \r\nNOTE 9: RETIREMENT PLANS \r\nMoultrie Technical College participates in various retirement plans administered by the State of Georgia under two major retirement systems: Employees' Retirement System of Georgia (ERS System) and Teachers Retirement System of Georgia. These two systems issue separate publicly available financial reports that include the applicable financial statements and required supplementary information. The reports may be obtained from the respective system offices. The significant retirement plans that Moultrie Technical College participates in are described below. More detailed information can be found in the plan agreements and related legislation. Each plan, including benefit and contribution provisions, was established and can be amended by State law. \r\nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \r\nThe ERS System is comprised of individual retirement systems and plans covering substantially all employees of the State of Georgia except for teachers and other employees covered by the Teachers Retirement System of Georgia. One of the ERS System plans, the Employees' Retirement System of Georgia (ERS), is a cost-sharing multiple-employer defined benefit pension plan that was established by the Georgia General Assembly during the 1949 Legislative Session for the purpose of providing retirement allowances for employees of the State of Georgia and its political subdivisions. ERS is directed by a Board of Trustees and has the powers and privileges of a corporation. ERS acts pursuant to statutory direction and guidelines, which may be amended prospectively for new hires but for existing members and beneficiaries may be amended in some aspects only subject to potential application of certain constitutional restraints against impairment of contract. \r\n \r\n- 10 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2014 \r\n \r\nEXHIBIT \"D\" \r\n \r\nOn November 20, 1997, the Board created the Supplemental Retirement Benefit Plan (SRBP-ERS) of ERS. SRBP-ERS was established as a qualified governmental excess benefit plan in accordance with Section 415 of the Internal Revenue Code (IRC) as a portion of ERS. The purpose of the SRBP-ERS is to provide retirement benefits to employees covered by ERS whose benefits are otherwise limited by IRC Section 415. Beginning January 1, 1998, all members and retired former members in ERS are eligible to participate in the SRBP-ERS whenever their benefits under ERS exceed the limitation on benefits imposed by IRC Section 415. \r\nThe benefit structure of ERS is established by the Board of Trustees under statutory guidelines. Unless the employee elects otherwise, an employee who currently maintains membership with ERS based upon State employment that started prior to July 1, 1982, is an \"old plan\" member subject to the plan provisions in effect prior to July 1, 1982. Members hired on or after July 1, 1982 but prior to January 1, 2009 are \"new plan\" members subject to the modified plan provisions. Effective January 1, 2009, newly hired State employees, as well as rehired State employees who did not maintain eligibility for the \"old\" or \"new\" plan, are members of the Georgia State Employees' Pension and Savings Plan (GSEPS). ERS members hired prior to January 1, 2009 also have the option to change their membership to the GSEPS plan. \r\n \r\nUnder the old plan, new plan, and GSEPS, a member may retire and receive normal retirement benefits after completion of 10 years of creditable service and attainment of age 60 or 30 years of creditable service regardless of age. Additionally, there are some provisions allowing for early retirement after 25 years of creditable service for members under age 60. \r\n \r\nRetirement benefits paid to members are based upon a formula adopted by the Board of Trustees for such purpose. The formula considers the monthly average of the member's highest 24 consecutive calendar months of salary, the number of years of creditable service, and the member's age at retirement. Post-retirement cost-of-living adjustments may be made to members' benefits provided the members were hired prior to July 1, 2009. The normal retirement pension is payable monthly for life; however, options are available for distribution of the member's monthly pension, at reduced rates, to a designated beneficiary upon the member's death. Death and disability benefits are also available through ERS. \r\n \r\nMember contribution rates are set by law. Member contributions under the old plan are 4% of annual compensation up to $4,200 plus 6% of annual compensation in excess of $4,200. Under the old plan, Moultrie Technical College pays member contributions in excess of 1.25% of annual compensation. Under the old plan, these Moultrie Technical College contributions are included in the members' accounts for refund purposes and are used in the computation of the members' earnable compensation for the purpose of computing retirement benefits. Member contributions under the new plan and GSEPS are 1.25% of annual compensation. Moultrie Technical College is required to contribute at a specified percentage of active member payroll established by the Board of Trustees determined annually in accordance with actuarial valuation and minimum funding standards as provided by law. These Moultrie Technical College contributions are not at any time refundable to the member or his/her beneficiary. \r\n \r\nEmployer contributions required for fiscal year 2014 were based on the June 30, 2011 actuarial valuation as follows: \r\n \r\nOld Plan* New Plan GSEPS \r\n \r\n18.46% 18.46% 15.18% \r\n \r\n* 13.71% exclusive of contributions paid by the employer on behalf of old plan members \r\n \r\n- 11 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2014 \r\n \r\nEXHIBIT \"D\" \r\n \r\nMembers become vested after 10 years of service. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contributions; the member forfeits all rights to retirement benefits. \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA \r\nThe Teachers Retirement System of Georgia (TRS) is a cost-sharing multiple-employer defined benefit plan created in 1943 by an act of the Georgia General Assembly to provide retirement benefits for qualifying employees in educational service. A Board of Trustees comprised of active and retired members and ex-officio State employees is ultimately responsible for the administration of TRS. \r\nOn October 25, 1996, the Board created the Supplemental Retirement Benefit Plan of the Georgia Teachers Retirement System (SRBP-TRS). SRBP-TRS was established as a qualified governmental excess benefit plan in accordance with Section 415 of the Internal Revenue Code (IRC) as a portion of TRS. The purpose of SRBP-TRS is to provide retirement benefits to employees covered by TRS whose benefits are otherwise limited by IRC Section 415. Beginning July 1, 1997, all members and retired former members in TRS are eligible to participate in the SRBP-TRS whenever their benefits under TRS exceed the IRC Section 415 imposed limitation on benefits. \r\nTRS provides service retirement, disability retirement, and survivor's benefits. The benefit structure of TRS is defined and may be amended by State statute. A member is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. A member is eligible for early retirement after 25 years of creditable service. \r\nNormal retirement (pension) benefits paid to members are equal to 2% of the average of the member's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. Early retirement benefits are reduced by the lesser of one-twelfth of 7% for each month the member is below age 60 or by 7% for each year or fraction thereof by which the member has less than 30 years of service. Retirement benefits are payable monthly for life. A member may elect to receive a partial lump-sum distribution in addition to a reduced monthly retirement benefit. Death, disability and spousal benefits are also available. \r\nTRS is funded by member and employer contributions as adopted and amended by the Board of Trustees. Members become fully vested after 10 years of service. If a member terminates with less than 10 years of service, no vesting of employer contributions occurs, but the member's contributions may be refunded with interest. Member contributions are limited by State law to not less than 5% or more than 6% of a member's earnable compensation. Member contributions as adopted by the Board of Trustees for the fiscal year ended June 30, 2014 were 6.00% of annual salary. Employer contributions required for fiscal year 2014 were 12.28% of annual salary as required by the June 30, 2011 actuarial valuation. \r\n \r\nThe following table summarizes the Moultrie Technical College contributions by defined benefit plan for the years ending June 30, 2014, June 30, 2013, and June 30, 2012: \r\n \r\nFiscal Year \r\n \r\nERS \r\n \r\nRequired \r\n \r\nPercentage \r\n \r\nContribution \r\n \r\nContributed \r\n \r\nTRS \r\n \r\nRequired \r\n \r\nPercentage \r\n \r\nContribution \r\n \r\nContributed \r\n \r\n2014 2013 2012 \r\n \r\n$ 391,884.93 $ 287,089.04 $ 211,474.36 \r\n \r\n100% 100% 100% \r\n \r\n$ 465,077.00 $ 466,184.03 $ 436,260.24 \r\n \r\n100% 100% 100% \r\n \r\n- 12 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2014 \r\n \r\nEXHIBIT \"D\" \r\n \r\nGSEPS 401(K) DEFINED CONTRIBUTION COMPONENT OF ERS \r\nIn addition to the ERS defined benefit pension described above, GSEPS members may also participate in the Peach State Reserves 401(k) defined contribution plan and receive an employer matching contribution. The 401(k) plan is administered by the System and was established by the Georgia Employee Benefit Plan Council in accordance with State law and Section 401(k) of the IRC. The GSEPS segment of the 401(k) plan was established by State law effective January 1, 2009. Plan provisions and contribution requirements specific to GSEPS can be amended by State law. Other general 401(k) plan provisions can be amended by the ERS Board of Trustees as required by changes in federal tax law or for administrative purposes. The State was not required to make significant contributions to the 401(k) plan prior to GSEPS because most members under other segments of the plan either were not State employees or were not eligible to receive an employer match on their contributions. \r\nThe GSEPS plan includes automatic enrollment in the 401(k) plan at a contribution rate of 1% of salary, along with a matching contribution from the State. The State will match 100% of the employee's initial 1% contribution. Employees can elect to contribute up to an additional 4% and the State will match 50% of the additional 4% of salary. Therefore, the State will match 3% against the employee's 5% total savings. Contributions greater than 5% do not receive any matching funds. GSEPS employer contributions are subject to a vesting schedule, which determines eligibility to receive all or a portion of the employer contribution balance at the time of any distribution from the account after separation from all State service. Vesting is determined based on the following schedule: \r\nLess than 1 year 0% \r\n1 year 20% \r\n2 years 40% \r\n3 years 60% \r\n4 years 80% \r\n5 or more years 100% \r\nEmployee contributions and earnings thereon are 100% vested at all times. The 401(k) plan also allows participants to roll over amounts from other qualified plans to their respective account in the 401(k) plan on approval of the 401(k) plan administrator. Such rollovers are 100% vested at the time of transfer. Participant contributions are invested according to the participant's investment election. If the participant does not make an election, investments are automatically defaulted to a Lifecycle fund based on the participant's date of birth. \r\nThe participants may receive the value of their vested accounts upon attaining age 59.5, qualifying financial hardship, or retirement or other termination of service (employer contribution balances are only eligible for distribution upon separation from service). Upon the death of a participant, his or her beneficiary shall be entitled to the vested value of his or her accounts. Distributions are made in installments or in a lump sum. \r\nIn 2014, the Technical College employer and employee GSEPS contributions were $16,910.39 and $24,673.36, respectively. \r\nDEFINED CONTRIBUTION PLAN \r\nMoultrie Technical 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 of providing 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\n \r\n- 13 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2014 \r\n \r\nEXHIBIT \"D\" \r\n \r\nBenefits A member may retire and elect to receive periodic payments after attainment of age 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board of Trustees. If a member has less than $3,500 credited to his/her account, the Board of Trustees has the option of requiring a lump sum distribution to the member in lieu of making 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\nThe Employees' Retirement System of Georgia issues a financial report each fiscal year which may be obtained through ERS. \r\nContributions Member contributions are seven and one-half percent (7.5%) of gross 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. The Technical College's payroll for the year ended June 30, 2014, for employees covered by GDCP was $899,996.31. The Technical College's total payroll for all employees was $7,609,234.17. \r\nTotal contributions made by employees during fiscal year 2014 amounted to $67,363.74 which represents 7.5% of covered payroll. These contributions met the requirements of the plan. The Georgia Defined Contribution Plan issues a financial report each fiscal year, which may be obtained from the ERS offices. \r\nNOTE 10: POST-EMPLOYMENT BENEFITS \r\nThe Technical College participates in the following State of Georgia post-employment benefit plans: the Georgia State Employees Post-employment Health Benefit Fund (administered by the Department of Community Health) and the State Employees' Assurance Department  OPEB/Active plans (administered by the ERS System). Separate financial reports that include the applicable financial statements and required supplementary information for these plans are publicly available and may be obtained from the respective system offices. \r\nRetiree health benefits were previously funded through the Georgia Retiree Health Benefit Fund (GRHBF). In 2009, the General Assembly revisited the GRHBF and enacted legislation that, effective August 31, 2009, separated the GRHBF into two new funds: the Georgia School Personnel Postemployment Health Benefit Fund and the Georgia State Employees Post-employment Health Benefit Fund. The purpose of this change was to assure employers responsible for planning and funding future retiree health costs that their contributions will be dedicated to their respective retiree populations. Funds in the GRHBF were transferred to the Georgia State Employees Post-employment Health Benefit Fund or the Georgia School Personnel Post-employment Health Benefit Fund as described in the plan financial statements. The statute that created the GRHBF is repealed effective September 1, 2010. \r\nGEORGIA STATE EMPLOYEES POST-EMPLOYMENT HEALTH BENEFIT FUND \r\nThe Georgia State Employees Post-employment Health Benefit Fund (State OPEB Fund) is a costsharing multiple-employer defined benefit post-employment healthcare plan that covers eligible former employees of State organizations (including technical colleges) and other entities authorized by law to contract with the Department of Community Health for inclusion in the plan. The State OPEB Fund provides health insurance benefits to eligible former employees and their qualified beneficiaries through the health insurance plan for State employees. The Official Code of Georgia Annotated (OCGA) assigns the authority to establish and amend the benefit provisions of the group health plans, including benefits for retirees, to the Board of Community Health (Board). \r\nThe plan is currently funded on a pay-as-you go basis. That is, annual costs of providing benefits will be financed in the same year as claims occur, with no significant assets accumulating as would occur in an advance funding strategy. \r\n- 14 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2014 \r\n \r\nEXHIBIT \"D\" \r\n \r\nThe contribution requirements of plan members and participating employers are established by the Board in accordance with the current Appropriations Act and may be amended by the Board. Contributions of plan members or beneficiaries receiving benefits vary based on plan election, dependent coverage, and Medicare eligibility and election. As of January 1, 2012, for members with fewer than five years of service, contributions also vary based on years of service. As of January 1, 2012, on average, members with five years or more of service pay approximately 25% of the cost of the health insurance coverage. In accordance with the Board resolution dated December 8, 2011, for members with fewer than five years of service as of January 1, 2012, the State provides a premium subsidy in retirement that ranges from 0% for fewer than 10 years of service to 75% (but no greater than the subsidy percentage offered to active employees) for 30 or more years of service. The subsidy for eligible dependents ranges from 0% to 55% (but no greater than the subsidy percentage offered to dependents of active employees minus 20%). No subsidy is available to Medicare eligible members not enrolled in a Medicare Advantage Option. The Board sets all member premiums by resolution and in accordance with the law and applicable revenue and expense projections. Any subsidy policy adopted by the Board may be changed at any time by Board resolution and does not constitute a contract or promise of any amount of subsidy. \r\nParticipating employers, including but not limited to State organizations, are statutorily required to contribute in accordance with the employer contribution rates established by the Board. The contribution rates are established to fund all benefits due under the health insurance plans for both active and retired employees based on projected pay-as-you-go financing requirements. Contributions are not based on the actuarially calculated annual required contribution (ARC) which represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed 30 years. \r\n \r\nThe combined required contribution rates established by the Board for the active and retiree plans for the fiscal year ended June 30, 2014, were as follows: \r\n \r\nJune 2013 \r\n \r\n25.366% of covered payroll for July 2013 coverage \r\n \r\nJuly 2013  June 2014 \r\n \r\n30.781% of covered payroll for August 2013  July 2014 coverage \r\n \r\nNo additional contribution was required by the Board for fiscal year 2014 nor contributed to the State OPEB Fund to prefund retiree benefits. Such additional contribution amounts are determined annually by the Board in accordance with the State plan for OPEB and are subject to appropriation. \r\n \r\nThe following table summarizes Moultrie Technical College combined active and retiree contributions to the health insurance plans for the years ending June 30, 2014, June 30, 2013 and June 30, 2012: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n2014 2013 2012 \r\n \r\n100% \r\n \r\n$ \r\n \r\n100% \r\n \r\n$ \r\n \r\n100% \r\n \r\n$ \r\n \r\n1,902,546.41 1,921,996.03 2,003,732.27 \r\n \r\n- 15 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2014 \r\n \r\nEXHIBIT \"D\" \r\n \r\nSTATE EMPLOYEES' ASSURANCE DEPARTMENT \r\nState Employees' Assurance Department-OPEB (SEAD-OPEB) and State Employees' Assurance DepartmentActive (SEAD-Active) are cost-sharing multiple-employer defined benefit postemployment plans that were created in fiscal year 2007 by the Georgia General Assembly to provide term life insurance to eligible members of Employees' (ERS), Judicial (JRS), and Legislative (LRS) Retirement Systems. SEAD-OPEB provides benefits for retired and vested inactive members, and SEAD-Active provides benefits for active members. Effective July 1, 2009, no newly hired members of any State public retirement system are eligible for term life insurance under SEAD. Pursuant to Title 47 of the OCGA, benefit provisions of the plan were established and can be amended by State statute. \r\nContributions by plan members are established by the ERS Board of Trustees, up to the maximum allowed by statute (not to exceed 0.5% of earnable compensation). The ERS Board of Trustees establishes employer contribution rates, such rates which, when added to members' contributions, shall not exceed 1% of earnable compensation. Contributions for fiscal year 2014 were based on June 30, 2011, actuarial valuations as follows: \r\n \r\nSEADOPEB \r\n \r\nSEADActive \r\n \r\nTotal SEAD \r\n \r\nMember Rates: ERS Old Plan Less: Offset Paid by Employer \r\nNet ERS Old Plan ERS New Plan, JRS, and LRS \r\n \r\n0.45% (0.22%) \r\n0.23% 0.23% \r\n \r\n0.05% (0.03%) \r\n0.02% 0.02% \r\n \r\n0.50% (0.25%) \r\n0.25% 0.25% \r\n \r\nEmployer Rates \r\n \r\n0.00% \r\n \r\n0.00% \r\n \r\n0.00% \r\n \r\nThe ERS Board of Trustees voted and approved that the SEAD-OPEB contribution would be paid from existing assets of the Survivors Benefit Fund (SBF) instead of requiring payment by the employers. The contributions by SBF made on-behalf of Moultrie Technical College for fiscal years 2013 and 2012 were estimated to be $3,248.39 and $7,564.01, respectively. There were no required employer contributions for the fiscal year ended June 30, 2014. \r\nAccording to the policy terms covering the lives of members, insurance coverage is provided on a monthly, renewable term basis, and no return premiums or cash value are earned. The net position represents the excess accumulation of investment income and premiums over benefit payments and expenses and are held as a reserve for payment of death benefits under existing policies. \r\nFor SEAD-Active the amount of insurance coverage is equal to 18 times monthly earnable compensation frozen at age 60. For members with no creditable service prior to April 1, 1964, the amount decreases from age 60 by a half of 1% per month until age 65 at which point the member will be covered for 70% of the age 60 coverage. Life insurance proceeds are paid in lump sum to the beneficiary upon death of the member. \r\nFor SEAD-OPEB the amount of insurance for a retiree with creditable service prior to April 1, 1964, is the full amount of insurance under SEAD-Active in effect on the date of retirement. The amount of insurance for a service retiree with no creditable service prior to April 1, 1964, is 70% of the amount of insurance under SEAD-Active at age 60 or at termination, if earlier. Life insurance proceeds are paid in lump sum to the beneficiary upon death of the retiree. \r\n \r\n- 16 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2014 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 11: CONTINGENCIES \r\nAmounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. This could result in refunds to the grantor agency for any expenses which are disallowed under grant terms. The amount of expenses which may be disallowed by the grantor cannot be determined at this time although Moultrie Technical College expects such amounts, if any, to be immaterial to its overall financial position. \r\nLitigation, claims and assessments filed against Moultrie Technical College (an organizational unit of the Technical College System of Georgia), if any, 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, 2014. \r\nNOTE 12: SPECIAL ITEM \r\nMoultrie Technical College transferred program equipment to Oconee Fall Line Technical College. \r\nNOTE 13: AFFILIATED ORGANIZATIONS \r\nThe Moultrie Technical College Foundation is a legally separate, tax exempt organization whose activities primarily support Moultrie Technical College. This affiliated organization is considered a potential component unit of the State of Georgia in accordance with GASB Statement No. 61, The Financial Reporting Entity: Omnibus - an amendment of GASB Statements No. 14 and No. 34, and GASB Statement No. 39, Determining Whether Certain Organizations are Component Units. Therefore, the financial statements of the affiliated organization are not included in these financial statements. Copies of the financial statements for the affiliated organization may be obtained from Moultrie Technical College. \r\n \r\n- 17 - \r\n \r\n (This page left intentionally blank) \r\n \r\n SUPPLEMENTARY INFORMATION - 19 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE BALANCE SHEET (STATUTORY BASIS) \r\nBUDGET FUND JUNE 30, 2014 \r\nASSETS \r\nCash and Cash Equivalents Accounts Receivable \r\nFederal Financial Assistance Other Inventories \r\nTotal Assets \r\nLIABILITIES AND FUND EQUITY \r\nLiabilities Salaries Payable Accounts Payable Encumbrance Payable Unearned Revenue \r\nTotal Liabilities \r\nFund Balances Reserved Sales and Services Prior Year Local Funds Continuing Education Technology Fees Inventories Bookstore \r\nTotal Fund Balances \r\nTotal Liabilities and Fund Balances \r\n \r\nSCHEDULE \"1\" \r\n$ 2,947,320.36 198,028.89 108,463.23 333,698.25 \r\n$ 3,587,510.73 \r\n$ 103,395.03 108,999.84 77,003.17 445,480.20 734,878.24 \r\n233,875.77 137,631.36 193,165.70 1,020,268.65 238,032.24 1,029,658.77 2,852,632.49 \r\n$ 3,587,510.73 \r\n \r\nStatutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. \r\n- 20 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (STATUTORY BASIS) \r\nBUDGET FUND YEAR ENDED JUNE 30, 2014 \r\n \r\nSCHEDULE \"2\" \r\n \r\nREVENUES \r\nState Appropriation State General Funds \r\nFederal Funds Other Funds \r\nTotal Revenues \r\nCARRY-OVER FROM PRIOR YEAR \r\nTransfer from Reserved Fund Balance \r\nTotal Funds Available \r\nEXPENDITURES \r\nAdult Literacy Economic Development Technical Education \r\nTotal Expenditures \r\nExcess of Funds Available over Expenditures \r\nFUND BALANCE JULY 1 \r\nReserved \r\nADJUSTMENTS \r\nPrior Year Payables/Expenditures Prior Year Receivables/Revenues Prior Year Reserved Fund Balance Included in Funds Available \r\nFUND BALANCE JUNE 30 \r\n \r\nBUDGET \r\n \r\nACTUAL \r\n \r\nVARIANCE FAVORABLE (UNFAVORABLE) \r\n \r\n$ \r\n \r\n7,246,403.00 $ \r\n \r\n3,493,642.17 \r\n \r\n6,976,859.33 \r\n \r\n17,716,904.50 \r\n \r\n7,246,403.00 $ 1,332,844.29 6,196,232.75 \r\n14,775,480.04 \r\n \r\n0.00 -2,160,797.88 \r\n-780,626.58 \r\n-2,941,424.46 \r\n \r\n0.00 17,716,904.50 \r\n \r\n2,527,817.93 17,303,297.97 \r\n \r\n2,527,817.93 -413,606.53 \r\n \r\n696,000.00 330,123.00 16,690,781.50 \r\n \r\n17,716,904.50 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n686,944.00 215,703.95 13,790,100.60 \r\n14,692,748.55 \r\n2,610,549.42 $ \r\n \r\n9,056.00 114,419.05 2,900,680.90 \r\n3,024,155.95 \r\n2,610,549.42 \r\n \r\n2,874,310.05 \r\n \r\n202.49 -104,611.54 -2,527,817.93 \r\n \r\n$ \r\n \r\n2,852,632.49 \r\n \r\nSUMMARY OF FUND BALANCE \r\nReserved Sales and Services Prior Year Local Funds Continuing Education Technology Fees Inventories Bookstore \r\nTotal Fund Balance \r\n \r\n$ \r\n \r\n233,875.77 \r\n \r\n137,631.36 \r\n \r\n193,165.70 \r\n \r\n1,020,268.65 \r\n \r\n238,032.24 \r\n \r\n1,029,658.77 \r\n \r\n$ \r\n \r\n2,852,632.49 \r\n \r\nStatutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. \r\n- 21 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES COMPARED TO BUDGET BY PROGRAM AND FUNDING SOURCE \r\n(STATUTORY BASIS) BUDGET FUND YEAR ENDED JUNE 30, 2014 \r\n \r\nAdult Literacy State Appropriation State General Funds Federal Funds Federal Funds Not Specifically Identified Other Funds \r\nTotal Adult Literacy \r\nEconomic Development Other Funds \r\nTechnical Education State Appropriation State General Funds Federal Funds Federal Funds Not Specifically Identified Other Funds \r\nTotal Technical Education \r\nTotals By Program \r\n \r\nOriginal Appropriation \r\n \r\nAmended Appropriation \r\n \r\nFinal Budget \r\n \r\nCurrent Year Revenues \r\n \r\n$ \r\n \r\n344,000.00 $ \r\n \r\n344,000.00 $ \r\n \r\n344,000.00 $ \r\n \r\n344,000.00 \r\n \r\n419,000.00 11,000.00 \r\n \r\n386,900.00 11,000.00 \r\n \r\n332,000.00 20,000.00 \r\n \r\n332,000.00 10,944.00 \r\n \r\n774,000.00 \r\n \r\n741,900.00 \r\n \r\n696,000.00 \r\n \r\n686,944.00 \r\n \r\n38,000.00 \r\n \r\n198,533.00 \r\n \r\n330,123.00 \r\n \r\n241,696.30 \r\n \r\n6,902,403.00 \r\n1,332,000.00 6,080,000.00 \r\n14,314,403.00 \r\n \r\n6,902,403.00 \r\n1,332,000.00 6,100,000.00 \r\n14,334,403.00 \r\n \r\n6,902,403.00 \r\n3,161,642.17 6,626,736.33 \r\n16,690,781.50 \r\n \r\n6,902,403.00 \r\n1,000,844.29 5,943,592.45 \r\n13,846,839.74 \r\n \r\n$ 15,126,403.00 $ 15,274,836.00 $ 17,716,904.50 $ 14,775,480.04 \r\n \r\nFunds Ava \r\n \r\nStatutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. \r\n- 22 - \r\n \r\n SCHEDULE \"3\" \r\n \r\nFunds Available Compared to Budget \r\n \r\nPrior Year \r\n \r\nAdjustments and \r\n \r\nTotal \r\n \r\nCarry-Over \r\n \r\nProgram Transfers \r\n \r\nFunds Available \r\n \r\nVariance Positive (Negative) \r\n \r\nExpenditures Compared to Budget \r\n \r\nVariance \r\n \r\nActual \r\n \r\nPositive (Negative) \r\n \r\nExcess of Funds Available \r\nOver Expenditures \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 0.00 \r\n \r\n0.00 \r\n \r\n117,696.16 \r\n \r\n0.00 $ \r\n0.00 0.00 \r\n0.00 \r\n \r\n344,000.00 $ \r\n332,000.00 10,944.00 \r\n686,944.00 \r\n \r\n0.00 \r\n \r\n359,392.46 \r\n \r\n0.00 $ \r\n0.00 -9,056.00 \r\n-9,056.00 \r\n \r\n344,000.00 $ \r\n332,000.00 10,944.00 \r\n686,944.00 \r\n \r\n29,269.46 \r\n \r\n215,703.95 \r\n \r\n0.00 $ 0.00 9,056.00 9,056.00 \r\n114,419.05 \r\n \r\n0.00 0.00 0.00 0.00 \r\n143,688.51 \r\n \r\n0.00 \r\n0.00 2,410,121.77 \r\n2,410,121.77 \r\n \r\n0.00 \r\n0.00 0.00 \r\n0.00 \r\n \r\n6,902,403.00 \r\n1,000,844.29 8,353,714.22 \r\n16,256,961.51 \r\n \r\n0.00 \r\n-2,160,797.88 1,726,977.89 \r\n-433,819.99 \r\n \r\n6,902,403.00 \r\n1,000,844.29 5,886,853.31 \r\n13,790,100.60 \r\n \r\n0.00 \r\n2,160,797.88 739,883.02 \r\n2,900,680.90 \r\n \r\n0.00 \r\n0.00 2,466,860.91 \r\n2,466,860.91 \r\n \r\n$ 2,527,817.93 $ \r\n \r\n0.00 $ 17,303,297.97 $ \r\n \r\n-413,606.53 $ 14,692,748.55 $ \r\n \r\n3,024,155.95 $ \r\n \r\n2,610,549.42 \r\n \r\n- 23 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE STATEMENT OF CHANGES TO FUND BALANCE BY PROGRAM AND FUNDING SOURCE \r\n(STATUTORY BASIS) BUDGET FUND YEAR ENDED JUNE 30, 2014 \r\n \r\nAdult Literacy State Appropriation State General Funds Federal Funds Federal Funds Not Specifically Identified Other Funds \r\nTotal Adult Literacy \r\nEconomic Development Other Funds \r\nTechnical Education State Appropriation State General Funds Federal Funds Federal Funds Not Specifically Identified Other Funds \r\nTotal Technical Education \r\nTotal Operating Activity \r\nPrior Year Reserves Not Available for Expenditure Inventories Other Reserves \r\n \r\nBeginning Fund Balance July 1 \r\n \r\nFund Balance Carried Over from \r\nPrior Period as Funds Available \r\n \r\nReturn of Fiscal Year 2013 \r\nSurplus \r\n \r\nPrior Period Adjustments \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 0.00 \r\n \r\n0.00 \r\n \r\n117,696.16 \r\n \r\n0.00 $ 0.00 0.00 0.00 \r\n-117,696.16 \r\n \r\n0.00 $ 0.00 0.00 0.00 \r\n0.00 \r\n \r\n0.00 0.00 0.00 0.00 \r\n0.00 \r\n \r\n0.00 0.00 2,410,121.77 2,410,121.77 2,527,817.93 \r\n \r\n0.00 0.00 -2,410,121.77 -2,410,121.77 -2,527,817.93 \r\n \r\n0.00 0.00 0.00 0.00 0.00 \r\n \r\n0.00 0.00 -104,409.05 -104,409.05 -104,409.05 \r\n \r\n238,032.24 108,459.88 \r\n \r\n0.00 0.00 \r\n \r\n0.00 0.00 \r\n \r\n0.00 0.00 \r\n \r\nBudget Unit Totals \r\n \r\n$ 2,874,310.05 $ \r\n \r\n-2,527,817.93 $ \r\n \r\n0.00 $ -104,409.05 \r\n \r\nStatutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. \r\n- 24 - \r\n \r\n SCHEDULE \"4\" \r\n \r\nOther Adjustments \r\n \r\nEarly Return Fiscal Year 2014 \r\nSurplus \r\n \r\nExcess of Funds Available \r\nOver Expenditures \r\n \r\nEnding Fund Balance June 30 \r\n \r\nAnalysis of Ending Fund Balance \r\n \r\nReserved \r\n \r\nSurplus \r\n \r\nTotal \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 0.00 \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\n0.00 $ 0.00 0.00 0.00 \r\n0.00 \r\n \r\n0.00 $ \r\n0.00 0.00 \r\n0.00 \r\n \r\n0.00 $ \r\n0.00 0.00 \r\n0.00 \r\n \r\n0.00 $ \r\n0.00 0.00 \r\n0.00 \r\n \r\n143,688.51 \r\n \r\n143,688.51 \r\n \r\n143,688.51 \r\n \r\n0.00 $ \r\n0.00 0.00 \r\n0.00 \r\n \r\n0.00 \r\n0.00 0.00 \r\n0.00 \r\n \r\n0.00 \r\n \r\n143,688.51 \r\n \r\n0.00 0.00 108,459.88 108,459.88 108,459.88 \r\n \r\n0.00 0.00 0.00 0.00 0.00 \r\n \r\n0.00 0.00 2,466,860.91 2,466,860.91 2,610,549.42 \r\n \r\n0.00 0.00 2,470,911.74 2,470,911.74 2,614,600.25 \r\n \r\n0.00 0.00 2,470,911.74 2,470,911.74 2,614,600.25 \r\n \r\n0.00 0.00 0.00 0.00 0.00 \r\n \r\n0.00 0.00 2,470,911.74 2,470,911.74 2,614,600.25 \r\n \r\n0.00 -108,459.88 \r\n \r\n0.00 0.00 \r\n \r\n0.00 0.00 \r\n \r\n238,032.24 0.00 \r\n \r\n238,032.24 0.00 \r\n \r\n0.00 0.00 \r\n \r\n238,032.24 0.00 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n2,610,549.42 $ 2,852,632.49 $ 2,852,632.49 $ \r\n \r\n0.00 $ 2,852,632.49 \r\n \r\nSummary of Ending Fund Balance Reserved \r\nSales and Services Prior Year Local Funds Continuing Education Technology Fees Inventories Bookstore \r\nTotal Ending Fund Balance - June 30 \r\n \r\n$ 233,875.77 $ 137,631.36 193,165.70 \r\n1,020,268.65 238,032.24 \r\n1,029,658.77 \r\n$ 2,852,632.49 $ \r\n \r\n0.00 $ \r\n \r\n233,875.77 137,631.36 193,165.70 1,020,268.65 238,032.24 1,029,658.77 \r\n \r\n0.00 $ 2,852,632.49 \r\n \r\n- 25 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE RECONCILIATION OF BUDGET TO GAAP \r\nYEAR ENDED JUNE 30, 2014 \r\n \r\nSCHEDULE \"5\" \r\n \r\nPresented below is a reconciliation of the fund balance of the Budget Fund, as reported on Schedule 1, to Net Position of business-type activities, as reported on Exhibit A. \r\n \r\nTotal Fund Balances - Budget Fund - Non-GAAP Basis (Schedule \"1\") \r\n \r\n$ 2,852,632.49 \r\n \r\nAmounts reported for Business-Type Activities in the Statement of Net Position are different because: \r\n \r\nCapital Assets used in Business-Type Activities are not reported in the Budget Fund. \r\n \r\n38,737,673.93 \r\n \r\nGeorgia State Financing and Investment Commission (GSFIC) projects are not reported as a component of the Budget Fund. Assets Liabilities Total Net Effect of GSFIC Activity \r\n \r\n$ 91,772.41 -91,772.41 \r\n \r\n0.00 \r\n \r\nAgency Fund activities are not reported as a component of the Budget Fund. Assets Liabilities Total Net Effect of Agency Fund Activity \r\n \r\n$ 175,474.96 -175,474.96 \r\n \r\n0.00 \r\n \r\nThe budgetary basis of accounting implemented by the State of Georgia recognizes expenditures when encumbered. The following adjustments were made to eliminate this activity for reporting on the Statement of Net Position. Payables reported in the Budget Fund that are based on encumbrances are eliminated for GAAP reporting. Reimbursement from grantors reported as revenues in the Budget Fund that are for expenditures based on encumbrances are deferred for GAAP reporting. Total Net Effect of Encumbrance Activity \r\n \r\n$ 77,003.17 -45,099.70 \r\n \r\n31,903.47 \r\n \r\nCertain Liabilities are not due and payable in the current period and therefore are not reported as liabilities in the Budget Fund. Compensated Absences Payable \r\n \r\n-599,368.54 \r\n \r\nNet Position of Business-Type Activities (Exhibit \"A\") \r\n \r\n$ 41,022,841.35 \r\n \r\nThe supplementary information presented on Schedules 1, 2, 3 and 4 was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. The information was derived from, and relates directly to, the same information used to prepare the financial statements. However, the budgetary statutes and regulations of the State of Georgia require reporting of certain information that is not in accordance with generally accepted accounting principles. Presented on this schedule is a reconciliation of the fund balance of the Budget Fund, as reported on Schedule 1, to Net Position of business-type activities, as reported on Exhibit A. \r\n- 26 - \r\n \r\n MOULTRIE TECHNICAL COLLEGE RECONCILIATION OF SALARIES AND TRAVEL \r\nYEAR ENDED JUNE 30, 2014 \r\n \r\nSCHEDULE \"6\" \r\n \r\nTotals per Annual Supplement \r\nAccruals June 30, 2014 June 30, 2013 \r\nCompensated Absences June 30, 2014 June 30, 2013 \r\nLag Salaries June 30, 2013 \r\nAgency Funds \r\nAdjustments Shared Services on Jointly Staffed Personnel Wiregrass Georgia Technical College Utley, Matt Shawn \r\n \r\nSALARIES $ 7,525,022.26 $ \r\n \r\nTRAVEL 148,848.40 \r\n \r\n103,395.03 -125,439.06 \r\n \r\n454,397.55 -439,468.77 \r\n \r\n113,783.68 -14,456.52 \r\n \r\n-16,928.45 \r\n \r\n-8,000.00 \r\n \r\n$ 7,609,234.17 $ \r\n \r\n131,919.95 \r\n \r\n- 27 - \r\n \r\n SECTION II FINDINGS, QUESTIONED COSTS AND OTHER ITEMS \r\n \r\n MOULTRIE TECHNICAL COLLEGE SCHEDULE OF FINDINGS, QUESTIONED COSTS AND OTHER ITEMS \r\nYEAR ENDED JUNE 30, 2014 \r\nFINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS No matters were reported. FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. OTHER ITEMS (NOTED FOR MANAGEMENT'S CONSIDERATION) No matters were reported. \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":2,"first_page?":true,"last_page?":true},"facets":[{"name":"type_facet","items":[{"value":"Text","hits":2}],"options":{"sort":"count","limit":16,"offset":0,"prefix":null}},{"name":"subject_facet","items":[{"value":"Georgia Government Documents--Serial","hits":2},{"value":"Moultrie Technical College--Appropriations and expenditures--Periodicals.","hits":2},{"value":"Technical education--Georgia--Auditing--Periodicals.","hits":2},{"value":"Technical education--Georgia--Finance--Statistics--Periodicals.","hits":2}],"options":{"sort":"count","limit":11,"offset":0,"prefix":null}},{"name":"location_facet","items":[{"value":"United States, Georgia, 32.75042, -83.50018","hits":2}],"options":{"sort":"count","limit":11,"offset":0,"prefix":null}},{"name":"year_facet","items":[{"value":"2015","hits":2}],"options":{"sort":"count","limit":100,"offset":0,"prefix":null},"min":"2015","max":"2015","count":2,"missing":0},{"name":"medium_facet","items":[{"value":"state government records","hits":2}],"options":{"sort":"count","limit":11,"offset":0,"prefix":null}},{"name":"fulltext_present_b","items":[{"value":"true","hits":2}],"options":{"sort":"count","limit":100,"offset":0,"prefix":null}},{"name":"rights_facet","items":[{"value":"http://rightsstatements.org/vocab/InC/1.0/","hits":2}],"options":{"sort":"count","limit":11,"offset":0,"prefix":null}},{"name":"collection_titles_sms","items":[{"value":"Georgia Government Publications","hits":2}],"options":{"sort":"count","limit":11,"offset":0,"prefix":null}},{"name":"serial_titles_sms","items":[{"value":"Moultrie Technical College, Moultrie, Georgia, management report for fiscal year ended ...","hits":2}],"options":{"sort":"count","limit":11,"offset":0,"prefix":null}},{"name":"provenance_facet","items":[{"value":"University of Georgia. 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