{"response":{"docs":[{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bf6-b1998-h99","title":"Review report, state of Georgia, Floyd College, Rome, Georgia, year ended June 30, 1999","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Floyd County, Rome, 34.25704, -85.16467"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["1998/1999"],"dcterms_description":["Year ended June 30, 2000-year ended June 30, 2005.","Title from cover.","Title fluctuates: Audits conducted \"in accordance with generally accepted auditing standards\" are issued as: Audit report; reviews that are \"substantially less in scope than an audit in accordance with generally accepted auditing standards\" are issued as: Review or Management report or Independent accountant's report on applying agreed-upon procedures"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Floyd College--Appropriations and expenditures","Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Review report, state of Georgia, Floyd College, Rome, Georgia, year ended June 30, 1999"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-bf6-b1998-h99"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bf6-b1998-h99"],"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":"Y30c \r\ni ~, \r\nf~ \r\n\\qq\u003c6~q~ \r\n \r\nREVIEW REPORT STATE OF GEORGIA \r\nFLOYD COLLEGE ROME, GEORGIA YEAR ENDED JUNE 30, 1999 \r\n \r\nSTATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 WASHINGTON STREET \r\nATLANTA, GEORGIA 30334-8400 \r\n \r\n FLOYD COLLEGE - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \r\n \r\nEXHIBITS \r\n \r\nFINANCIAL STATEMENTS \r\n \r\nA COMBINED BALANCE SHEET \r\n \r\nALL FUND GROUPS \r\n \r\n2 \r\n \r\nB COMBINED STATEMENT OF CHANGES IN FUND BALANCES \r\n \r\nALL FUND GROUPS \r\n \r\n4 \r\n \r\nC STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\n \r\nAND OTHER CHANGES \r\n \r\n6 \r\n \r\nD NOTES TO THE FINANCIAL STATEMENTS \r\n \r\n7 \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\nE COMBINING BALANCE SHEET \r\n \r\nCURRENT FUNDS - UNRESTRICTED \r\n \r\n20 \r\n \r\nF COMBINING STATEMENT OF CHANGES IN FUND BALANCES \r\n \r\nCURRENT FUNDS - UNRESTRICTED \r\n \r\n21 \r\n \r\nG COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\n \r\nAND OTHER CHANGES \r\n \r\nUNRESTRICTED \r\n \r\n22 \r\n \r\nSCHEDULES \r\n \r\n1 SCHEDULE OF REQUIRED SUPPLEMENTARY INFORMATION \r\n \r\n23 \r\n \r\nSCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \r\n \r\n2 \r\n \r\nRESIDENT INSTRUCTION \r\n \r\n24 \r\n \r\n3 \r\n \r\nLOTTERY FOR EDUCATION \r\n \r\n27 \r\n \r\n4 CHANGES IN INVESTMENT IN PLANT \r\n \r\n28 \r\n \r\n5 SCHEDULE OF FUND BALANCES \r\n \r\nCURRENT FUNDS AND PLANT FUNDS \r\n \r\n30 \r\n \r\n6 RECONCILIATION OF SALARIES AND TRAVEL \r\n \r\n32 \r\n \r\n FLOYD COLLEGE - TABLE OF CONTENTS - \r\nSECTIONll AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n SECTION I FINANCIAL \r\n \r\n RUSSELL W. HINTON \r\nSTATE AUDITOR \r\n(404) 6562174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \r\nSeptember 7, 1999 \r\n \r\nHonorable Roy E. Barnes, Governor Members ofthe General Assembly of Georgia Members ofthe Board ofRegents ofthe University System of Georgia \r\nand Honorable H. Lynn Cundiff, President Floyd College \r\nINDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF \r\nFINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \r\nLadies and Gentlemen: \r\nWe have reviewed the accompanying financial statements (Exhibits A through D) ofFloyd College as of and for the year ended June 30, 1999, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. All information included in these financial statements is the representation of the management ofFloyd College. \r\nA review consists principally of inquiries of College personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. \r\nBased on our review, with the exception of the matters described in the fourth and fifth paragraphs, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with generally accepted accounting principles. \r\nAs disclosed in Note 1 to the financial statements, generally accepted accounting 'principles require encumbrances to be recorded as a reservation of fund balance. However, in accordance with Georgia Law and State budgetary policy, management recorded encumbrances as expenditures and liabilities. The effects of this departure from generally accepted accounting principles on the financial statements were not reasonably determinable. \r\n \r\n99ARL-67 \r\n \r\n As disclosed in Note 1 to the fmancial statements, the College did not report the liability and related expenditure for compensated absences in the current funds as required by generally accepted accounting principles. If compensated absences were reported, liabilities would be'increased and fund balance would be decreased by $495,581.02 as of June 30, 1999, and the net change in fund balance for the year ended June 30, 1999, would be decreased by $13,192.48. \r\nOur review was made for the purpose of expressing limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with generally accepted accounting principles. The year 2000 supplementary information on Schedule\"1\" is not a required part of the basic financial statements but is supplementary information required by the Governmental Accounting Standards Board. The accompanying combining statements (Exhibits E through G) and the fmancial schedules (Schedules 2 through 6) are presented for supplementary analysis purposes. Such information has been subjected to the inquiries and analytical procedures applied in the review ofthe financial statements, and except for the effects of the matters discussed in the fourth and fifth paragraphs, we are not aware of any material modifications which should be made thereto. \r\nRespectfully submitted, \r\n\u003c~W.~ Russell W. Hinton State Auditor \r\nRWH:jb 99ARL-67 \r\n \r\n FINANCIAL STATEMENTS - 1- \r\n \r\n FLOYD COLLEGE COMBINED BALANCE SHEET \r\nALL FUND GROUPS JUNE 30,1999 \r\n \r\nASSETS \r\nCash and Cash Equivalents Accounts Receivable Inventories Prepaid Items Due from Other Fund Groups Investment in Plant \r\nTotal Assets \r\nLIABILITIES AND FUND BALANCES \r\nLiabilities Accounts Payable Student Deposits Deferred Revenue Tuition and Fees Deposits Held in Custody for Others Due to Other Fund Groups Capital Lease Obligations \r\nTotal Liabilities \r\nFund Balances Endowment Net Investment in Plant Restricted Unrestricted \r\nTotal Fund Balances \r\nTotal Liabilities and Fund Balances \r\n \r\nCURRENT FUNDS \r\n \r\nUNRESTRICTED \r\n \r\nRESTRICTED \r\n \r\nENDOWMENT FUND \r\n \r\n$ \r\n \r\n458,486.18 \r\n \r\n$ \r\n \r\n215,722.64 $ \r\n \r\n467,263.35 \r\n \r\n149,742.30 \r\n \r\n144,234.97 \r\n \r\n246,256.11 \r\n \r\n25,238.87 \r\n \r\n$ \r\n \r\n1,214,442.20 $ \r\n \r\n467,263.35 $ ====2..5.:5,2=38=.8=7= \r\n \r\n$ \r\n \r\n381,535.95 \r\n \r\n1,756.10 \r\n \r\n610,585.24 \r\n \r\n$ \r\n \r\n246,256.11 \r\n \r\n$ \r\n \r\n993,877.29 $ \r\n \r\n246,256.11 \r\n \r\n$ \r\n \r\n$ \r\n \r\n221,007.24 \r\n \r\n$ \r\n \r\n220,564.91 \r\n \r\n$ \r\n \r\n220,564.91 $ \r\n \r\n221,007.24 $ \r\n \r\n25,238.87 25,238.87 \r\n \r\n$ \r\n \r\n1,214,442.20 $ \r\n \r\n467,263.35 $ ====2..5.:5,2:=38=.8=:7= \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n-2- \r\n \r\n EXHIBIT \"A\" \r\n \r\nUNEXPENDED \r\n \r\nPLANT FUNDS RENEWALS AND REPLACEMENTS \r\n \r\nINVESTMENT IN PLANT \r\n \r\nAGENCY FUNDS \r\n \r\nTOTAL (Memorandum \r\nOnly) \r\n \r\n$ \r\n \r\n209,841.35 $ \r\n \r\n109,964.33 \r\n \r\n$ \r\n \r\n12,360.00 \r\n \r\n_ _ _ _ _ _ $ _--..;;;3\"\"\"1,\"'-50;;.;9\"'-,1;.;;8\"\"2....;.49;;... \r\n \r\n81,708.56 $ \r\n \r\n885,239.29 695,345.99 149,742.30 144,234.97 246,256.11 31,509,182.49 \r\n \r\n$ \r\n \r\n222,201.35 $ \r\n \r\n109,964.33 $ \r\n \r\n31,509,182.49 $ \r\n \r\n81,708.56 $ ====3=3,=63=:0=,0=0.:1.=15= \r\n \r\n$ \r\n \r\n228,540.00 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n$ \r\n \r\n228,540.00 $ \r\n \r\n$ 0.00 $ \r\n \r\n4,413,899.23 4,413,899.23 $ \r\n \r\n$ \r\n \r\n27,095,283.26 \r\n \r\n$ \r\n \r\n-6,338.65 $ \r\n \r\n109,964.33 \r\n \r\n$ \r\n \r\n-6,338.65 $ \r\n \r\n109,964.33 $ \r\n \r\n27,095,283.26 \r\n \r\n$ \r\n \r\n222,201.35 $ \r\n \r\n109,964.33 $ \r\n \r\n31,509,182.49 $ \r\n \r\n26,152.64 $ 55,555.92 81,708.56 $ \r\n \r\n636,228.59 1,756.10 \r\n610,585.24 55,555.92 246,256.11 4,413,899.23 \r\n5,964,281.19 \r\n \r\n$ \r\n \r\n25,238.87 \r\n \r\n27,095,283.26 \r\n \r\n221,007.24 \r\n \r\n324,190.59 \r\n \r\n$ \r\n \r\n27,665,719.96 \r\n \r\n81,708.56 $ ===33=,6==:3::::0=,0=,=01=.==:15== \r\n \r\n-3- \r\n \r\n FLOYD COLLEGE COMBINED STATEMENT OF CHANGES IN FUND BALANCES \r\nALL FUND GROUPS YEAR ENDED JUNE 30.1999 \r\n \r\nREVENUES AND OTHER ADDITIONS \r\nUnrestricted Current Fund Revenues State Appropriations \r\nRegular Federal Grants and Contracts State Grants and Contracts Private Gifts, Grants, and Contracts Investment Income \r\nEndowment Other Net IncreaselDecrease in Fair Value of Investments Adjustments Prior Years' Expenditures/Accounts Payable Funded by the Board of Regents of the University System of Georgia \r\nPrior Year's Unrestricted Fund Balance (Deficit) Expended for Plant Facilities \r\nCurrent Funds Plant Funds \r\nUnexpended Renewals and Replacements Georgia State Financing and Investment Commission \r\nTotal Revenues and Other Additions \r\nEXPENDITURES AND OTHER DEDUCTIONS \r\nEducational and General Expenditures Auxiliary Enterprises Expenditures Indirect Costs Recovered Remittances to the Board of Regents of the \r\nUniversity System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) \r\nAdjustments Prior Years' Revenues/Accounts Receivable \r\nExpended for Plant Facilities Capitalized \r\nDisposalslDeletions/Adjustments \r\nTotal Expenditures and Other Deductions \r\nTRANSFERS BETWEEN FUNDS \r\nNonmandatory Renewals and Replacements \r\nNet Increase/(Decrease) for the Year \r\nFUND BALANCES JULY 1. 1998 \r\n \r\nCURRENT FUNDS \r\n \r\nUNRESTRICTED \r\n \r\nRESTRICTED \r\n \r\nENDOWMENT FUND \r\n \r\n$ \r\n \r\n16,695,070.47 \r\n \r\n$ \r\n \r\n16,404.24 9,460.93 \r\n \r\n1,348,994.73 1,815,839.88 \r\n106,972.28 \r\n2,032.19 \r\n$ \r\n \r\n-49.08 \r\n \r\n$ \r\n \r\n16,720,935.64 $ \r\n \r\n3,273,839.08 $ \r\n \r\n$ \r\n \r\n16,367,424.56 $ \r\n \r\n366,839.84 \r\n \r\n3,131,202.04 7,503.88 \r\n \r\n-49.08 \r\n \r\n54,723.00 \r\n \r\n$ \r\n \r\n16,788,987.40 $ \r\n \r\n3,138,705.92 \r\n \r\n$ \r\n \r\n-52,439.21 \r\n \r\n$ \r\n \r\n120,490.97 $ \r\n \r\n341,055.88 \r\n \r\n135,133.16 $ 85,874.08 \r\n \r\n-49.08 25,287.95 \r\n \r\nFUND BALANCES JUNE 30.1999 \r\n \r\n$ \r\n \r\n220,564.91 $ \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n-4- \r\n \r\n221,007.24 $====25~,2=3=8.=87= \r\n \r\n EXHIBIT\"B\" \r\n \r\nUNEXPENDED \r\n \r\nPLANT FUNDS RENEWALS AND REPLACEMENTS \r\n \r\nINVESTMENT IN PLANT \r\n \r\nTOTAL (Memorandum \r\nOnly) \r\n \r\n$ \r\n \r\n$ \r\n \r\n460,000.00 \r\n \r\n1,333.08 \r\n \r\n$ \r\n \r\n461,333.08 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n16,695,070.47 \r\n \r\n460,000.00 1,348,994.73 1,815,839.88 \r\n106,972.28 \r\n \r\n2,032.19 1,333.08 \r\n-49.08 \r\n \r\n16,404.24 \r\n \r\n$ 0.00 $ \r\n \r\n2,953,150.45 \r\n467,671.73 40,698.46 \r\n2,574,557.85 \r\n6,036,078.49 $ \r\n \r\n9,460.93 \r\n2,953,150.45 \r\n467,671.73 40,698.46 2,574,557.85 \r\n26,492,137.21 \r\n \r\n$ \r\n \r\n19,498,626.60 \r\n \r\n366,839.84 \r\n \r\n7,503.88 \r\n \r\n$ \r\n \r\n8,978.81 \r\n \r\n8,978.81 \r\n \r\n54,723.00 \r\n \r\n467.671.73 $ \r\n \r\n40,698.46 $ \r\n \r\n2,450,346.48 \r\n \r\n508,370.19 2,450,346.48 \r\n \r\n$ \r\n \r\n476,650.54 $ \r\n \r\n40,698.46 $ \r\n \r\n2,450,346.48 $ \r\n \r\n22,895,388.80 \r\n \r\n$ \r\n \r\n52,439.21 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n-15,317.46 $ \r\n \r\n11,740.75 $ \r\n \r\n3,585,732.01 $ \r\n \r\n3,596,748.41 \r\n \r\n8,978.81 \r\n \r\n98,223.58 \r\n \r\n23,509,551.25 \r\n \r\n24,068,971.55 \r\n \r\n$ \r\n \r\n-6,338.65 $ \r\n \r\n109,964.33 $ \r\n \r\n27,095,283.26 $ ====2=7,=66=:5i=,7=1=9.=96= \r\n \r\n-5- \r\n \r\n FLOYD COLLEGE STATEMENT OF CURRENT FUNDS REVENUES. EXPENDITURES. \r\nAND OTHER CHANGES YEAR ENDED JUNE 30,1999 \r\n \r\nEXHIBIT\"C\" \r\n \r\nNet Increase/(Decrease) in Fund Balances \r\n \r\n$ \r\n \r\n-120,490.97 $ \r\n \r\n135,133.16 $ ===1i::::4:l::,64=2:=.1=9... \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 6- \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 3D. 1999 \r\n \r\nEXHlBIT\"D\" \r\n \r\nNOTE 1: SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES \r\nREPORTING ENTITY Floyd College is one of thirty-four (34) State supported member institutions of higher education in Georgia which comprise the University System of Georgia, an organizational unit of the State of Georgia. The accompanying financial statements reflect the operations of Floyd College as a separate reporting entity. \r\nThe Board of Regents has constitutional authority to govern, control and manage the University System of Georgia; This authority includes but is not limited to the power to designate management, the ability to significantly influence operations, the authority to control institutions' budgets, the power to determine allotments of State funds to member institutions and the authority to prescribe accounting systems and administrative policies for member institutions. Floyd College does not have authority to retain unexpended State appropriations (surplus) for any given fiscal year. Accordingly, Floyd College is considered an organizational unit ofthe Board ofRegents ofthe University System of Georgia reporting entity for financial reporting purposes because of the significance of its legal, operational, and financial relationships with the Board ofRegents as defined in Section 2100 ofthe Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reorting Standards. \r\nFUND ACCOUNTING In order to ensure observance of limitations and restrictions placed on the use of the resources available to the College, the accounts ofthe College are maintained in accordance with the principles of fund accounting. This is the procedure by which resources for various purposes are classified for accounting and reporting purposes into funds that are in accordance with activities or objectives specified. Separate accounts are maintained for each fund; however, in the accompanying financial statements, funds that have similar characteristics have been combined into fund groups. Accordingly, all financial transactions have been recorded and reported by fund group. \r\nWithin each fund group, the College's fund balance allocations and designations represent those portions of the fund balances that are reserved, restricted and/or designated for specific future use by legal covenants, State policies, or institutional policies. \r\nFund groups and funds presented in the accompanying financial statements are as follows: \r\nCURRENT FUNDS \r\nUNRESTRICTED - The fund used to account for those economic resources over which the College retains full control to use for purposes ofperforming the primary functions ofthe College, e.g., instruction, public service, etc. \r\nRESTRICTED - The fund used to record externally restricted funds which may only be utilized in accordance with the purposes established by their source. Restricted current funds are recorded as revenues and expenditures when expended for current operating purposes. \r\n \r\n-7- \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 1999 \r\n \r\nEXHIBIT\"D\" \r\n \r\nNOTE 1: SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES \r\nFUND ACCOUNTING \r\nENDOWMENT FUNDS \r\nThe fund used to account for gifts to the Floyd, Polk, Chattooga Medical Society Scholarship Fund. This endowment fund is subject to the restrictions of gift instruments requiring that the principal be invested in perpetuity and income only be utilized. \r\nPLANT FUNDS \r\nUNEXPENDED - The fund used to account for financial resources utilized to acquire or to construct physical properties for institutional purposes. \r\nRENEWALS AND REPLACEMENTS - The fund used to account for resources set aside for the renewal and replacement ofinstitutional properties. \r\nINVESTMENT IN PLANT - The fund which shows the total amounts representing the book value of all physical properties owned by the College. Net Investment in Plant is an equity account showing the total book value ofphysical properties belonging to the College less the amount of any indebtedness to others. \r\nAGENCY FUNDS \r\nThe fund used to account for resources held by the College as custodian or fiscal agent for individual students, faculty, staff members, and organizations. \r\nBASIS OF ACCOUNTING Except as otherwise disclosed in these notes, the financial statements are prepared on the modified accrual basis ofaccounting, which is materially the same as the accrual basis ofaccounting applicable to colleges and universities prescribed in the American Institute ofCertified Public Accountants' audit guide reporting model. The modified accrual basis ofaccounting is defined as that method ofaccounting in which expenditures, other than accrued interest on general long-term debt, are recorded at the time liabilities are incurred and revenues are recorded when available and measurable to finance expenditures of the fiscal period.. \r\nContractual obligations for goods and services which have not been received at the end of the fiscal year are recognized as expenditures and liabilities in the accompanying financial statements. This accounting practice causes expenditure-driven grant revenues to be accrued based, in part, on the unexecuted portion of contracts for goods and services. The recognition of encumbrances as expenditures and liabilitie~ is in conformity with accounting practices prescribed or permitted by statutes and regulations ofthe State of Georgia, but is not consistent with generally accepted accounting principles, which provide for the recording of encumbrances as a reservation of fund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with generally accepted accouriting principles. \r\n-8- \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 1999 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF ACCOUNTING Compensated absences represent obligations of the College relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated annual leave in which payment is probable and can be reasonably estimated. The compensated absences liability of$495,58 1.02 and a related net current year expenditure of$13,192.48 have not been reported in the current funds as required by generally accepted accounting principles. \r\nPrior period adjustments and certain other items are reported as additions to and deductions from fund balances of current funds in the accompanying financial statements. This presentation is in accordance with accounting practices prescribed or pennitted by statutes and regulations ofthe State of Georgia, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. The effect of this departure is deemed to be immaterial to the fair presentation ofthe financial statements. \r\nTo the extent that Current Funds and Plant Funds are used to finance plant assets, the amounts so provided are accounted for as expenditures. The balances shown on the Combined Balance Sheet as Net Investment in Plant reflect the accumulated expenditures made for plant facilities through Current Funds and Plant Funds and also include expenditures made for plant facilities expended by the Georgia State Financing and Investment Commission on behalf ofthe College. Donated fixed assets are recorded at fair market value on the date donated. Disposals are deleted at recorded values. No depreciation has been provided on physical plant and equipment. \r\nThe Statement of Current Funds Revenues, Expenditures, and Other Changes is a statement of financial activities of current funds related to the current reporting period.. It does not purport to present the results of operations or the net income or loss for the period as would a statement ofincome or a statement ofrevenues and expenses. \r\nBUDGET The Board of Regents of the University System of Georgia - Administrative Central Office receives State appropriation allotments for units ofthe University System of Georgia. The appropriated budget is adopted at the Board level and represents appropriations provided by the Amended Appropriations Act of 1998-1999. The appropriated budget covers current funds and plant funds, except for Auxiliary Enterprises and Student Activities which are not subject to appropriation. The allocation of the appropriated budget is made to the College by the Administrative Central Office. In addition, the College receives Federal funds and other funds directly and includes these funds in the budget filed with. the Administrative Central Office. \r\nA comparison of anticipated funds available and budgeted expenditures by budget unit object class indicates that the following object classes were overspent by the amounts identified below: \r\n \r\n-9- \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30,1999 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 1: SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nBUDGET Resident Instruction Personal Services: Education, General and Departmental Services Operating Expenses: Education, General and Departmental Services Sponsored Operations Capital Outlay Year 2000 Project \r\n \r\n$ 2,162.95 \r\n$ 58.553.33 $ 395,619.03 $ 47.370.19 $ 3,856.91 \r\n \r\nThese overexpenditures of budget constitute a violation of Board of Regents policy, but do not constitute statutory violations of budget authority. Statutory violations of budget authority are reported at the Board object class level. \r\n \r\nCASH AND CASH EQUIVALENTS Cash and Cash Equivalents consist of petty cash, demand deposits, certificates of deposit and temporary investments in authorized financial institutions, and cash management pools that have the general characteristics of demand deposit accounts. \r\n \r\nINVESTMENTS Investments are reported at fair value. Funds received by the College as endowments or for restricted purposes are invested according to conditions stipulated by the donor, grantor, or in accordance with the Board ofRegents authorizing resolutions. Gains and losses on investment transactions are accounted for in the funds where such assets are recorded. \r\n \r\nACCOUNTS RECEIVABLE Accounts receivable consist of reimbursements due from Federal, State, local, and private grants and contracts, and other receivables disclosed from information available. No provision has been made for an allowance for doubtful accounts within the accompanying financial statements. \r\n \r\nINVENTORIES Inventories of consumable supplies are recorded on the consumption method and are valued at cost on the Combined Balance Sheet using the first-in, first-out method. \r\n \r\nInventories of goods for resale are valued at cost using the. first-in, first-out method. \r\n \r\nPREPAID ITEMS Prepaid items are payments made to vendors in advance ofthe receipt of goods and services that will benefit \r\nperiods subsequent to the balance sheet date. \r\n \r\n- 10- \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 1999 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 1: SUMMARY OF SIGNlFICANT ACCOUNTING POLICIES \r\nMEMORANDUM ONLY - TOTAL COLUMNS The total columns on the fmancial statements are captioned \"Memorandum Only\" because they do not represent consolidated financial information and are presented only to facilitate financial analysis. The columns do not present information that reflects fmancial position or changes in financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. \r\nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS \r\nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the State of Georgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral anyone or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59: \r\n(1) Bonds, bills, certificates of indebtedness, notes, or other direct obligations of the United States or of the State of Georgia. \r\n(2) Bonds, bills, certificates of indebtedness, notes, or other obligations of the counties or municipalities of the State of Georgia. \r\n(3) Bonds of any public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose. \r\n(4) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia. \r\n(5) Bonds, bills, certificates of indebtedness, notes, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest, or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal :National Mortgage Association. \r\n(6) Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation. \r\nAs authorized in the Official Code of Georgia Annotated Section 50-17-53, the Stat~ Depository Board has adopted policies which allow agencies of the State of Georgia (which includes organizational units of the Board of Regents of the University System of Georgia) the option of exempting demand deposits from the collateral requirements. \r\n \r\n- 11 - \r\n \r\n .FLOYD COLLEGE \r\nNOTESTOTHEFWANC~STATEMENTS \r\nJUNE 30.1999 \r\n \r\nEXHIBIT\"D\" \r\n \r\nNOTE 2: CUSTOD~ CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS \r\n \r\nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES The treasurer of the Board of Regents is responsible for all details relative to furnishing the required depository protection for all units of the University System of Georgia. \r\n \r\nCATEGORIZATION OF DEPOSITS For purposes of analysis of custodial credit risk, cash deposits consist of all bank balances which include demand deposits and/or interest bearing accounts. The bank balances as of June 30, 1999, are categorized below in order to provide infonnation about the extent to which such deposits are exposed to custodial credit risk: \r\n \r\nCategory 1 - Amounts covered by depository insurance or collateralized with securities (at fair value) held by the College or by its agent in the College's name. \r\n \r\nCategory 2 - Amounts collateralized with securities (at fair value) held by the pledging fmancial institution's trust department or agent in the College's name. \r\n \r\nCategory 3 - Amounts collateralized with securities (at fair value) held by the pledging financial institution, or by its trust department or agent but not in the College's name, and amounts uncollateralized. \r\n \r\nCash Deposits \r\n \r\nCarrying Amount \r\n \r\nBank Balances \r\n \r\nRisk Categories \r\n \r\n2 \r\n \r\n3 \r\n \r\n$ 851.235.42$ 1.024,963.69 $ 200,000.00 $===o=:.o=:o $ 824,963.69 \r\n \r\nCATEGORIZATION OF INVESTMENTS At June 30, 1999, the carrying amount of the College's total investments was $25,238.87 in the Board of Regents Balanced Income Fund which is not required to be categorized since the College did not own any specific identifiable securities in the fund. \r\n \r\nNOTE 3: INYESTMENTW PLANT \r\n \r\nThe. following is a summary of Investment in Plant fixed assets as of June 30, 1999: \r\n \r\nLand \r\nBuildings Improvements Other Than Buildings Equipment Library Books and Collections \r\n \r\n$ 569,490.00 16,776,248.29 1,672,671.35 10,740,714.97 1.750,057.88 \r\n \r\nTotal Investment in Plant \r\n \r\n$31.509,182.49 \r\n \r\n- 12- \r\n \r\n FLOYD COLLEGE \r\nNOTESTOTHEFINANC~STATEMENTS \r\nJUNE 30, 1999 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 4: OPERATING LEASES \r\n \r\nFloyd College has entered into certain agreements to lease buildings and equipment which are classified as operating leases (leases on assets not recorded on the balance sheet). These leases generally contain provisions that, at the expiration date ofthe original term ofthe lease, the College has the option ofrenewing the lease on a year-to-year basis. Future minimum lease payments for operating leases as of June 30, 1999, are listed below. Amounts are included only for multi-year leases and for cancellable leases for which an option to renew for the subsequent fiscal year has been exercised. \r\n \r\nFiscal Year Ending June 30 \r\n \r\n2000 \r\n \r\n$ 58,089.80 \r\n \r\nExpenditures for rental ofbuildings and equipment under operating leases for the year ended June 30, 1999, totaled $100,661.80. \r\n \r\nNOTE 5: CAPITAL LEASES \r\n \r\nFloyd College acquires certain equipment through multi-year capital leases with varying terms and options. These agreements contain fiscal funding clauses in accordance with Official Code of Georgia Annotated Section 50-5-64 which prohibits the creation of a debt to the State of Georgia for the payment of any sums under such agreements beyond the fiscal year of execution if appropriated funds are not available. Ifrenewal of such agreements is reasonably assured, however, capital leases requiring appropriation by the General Assembly of Georgia are considered noncancellable for financial reporting purposes. \r\n \r\nAs of June 30, 1999, future minimum lease payments under capital leases are as follows: \r\n \r\nFiscal Year Ending June 30 \r\n \r\n2000 2001 2002 \r\n \r\n$ 1,665,779.64 1,665,779.64 1,502,964.81 \r\n \r\nTotal Future Minimum Lease Payments \r\n \r\n$ 4,834,524.09 \r\n \r\nLess: Amounts Representing Interest \r\n \r\n420,624.86 \r\n \r\nPresent Value ofFuture Minimum Lease Payments \r\n \r\n$ 4.413,899.23 \r\n \r\n- 13- \r\n \r\n FLOYD COLLEGE \r\nNOTESTOTHEFINANC~STATEMENTS \r\nJUNE 30. 1999 \r\n \r\nEXHIBIT\"D\" \r\n \r\nNOTE 6: RISK MANAGEMENT \r\nFloyd College is a participant in the Board ofRegents of the University System of Georgia Health Benefits Plan, which is a self-insurance program of health and dental benefits for employees and retirees of the University System of Georgia. The College and participating employees and retirees pay premiums to the Health Benefits Plan for this health insurance coverage. The Health Benefits Plan is included in the financial statements ofthe Board ofRegents ofthe University System of Georgia - Administrative Central Office. All units ofthe University System of Georgia share the risk of loss for claims of the Health Benefits Plan. The Health Benefits Plan is considered a self-sustaining risk fund that provides health coverage for its members up to a maximum lifetime benefit of$I,OOO,OOO.OO per person and dental coverage up to an annual maximum of$I,OOO.OO per person. The Board of Regents has contracted with Blue Cross Blue Shield of Georgia to process claims in accordance with the Health Benefits Plan as established by the Board of Regents. \r\nThe Department ofAdministrative Services (DOAS) has the responsibility for the State of Georgia ofmaking and carrying out decisions that will minimize the adverse effects of accidental losses that involve State government assets. The State believes it is more economical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS processes claims for risk of loss to which the State is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemnification. Limited amounts of commercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other risks. The College, as an organizational unit of the Board of Regents of the University System of Georgia, is part ofthe State of Georgia reporting entity, and as such, is covered by the State of Georgia risk management program administered by DOAS. Premiums for the risk management program are charged to the various state organizations by DOAS to provide claims servicing and claims payment. \r\nA self-insured program of professional liability for its employees was established by the Board ofRegents of the University System of Georgia under powers authorized by the Official Code of Georgia Annotated Section 45-9-1. The program insures the employees to the extent that they are not immune from liability against personal liability for damages arising out of the performance of their duties or in any way connected therewith. The program is administered by DOAS as a Self-Insurance Fund. \r\nNOTE]: RETrnEMENTPLANS \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA \r\nPlan Description Floyd College participates in the Teachers Retirement System of Georgia (TRS), a cost-sharing multipleemployer defmed benefit pension plan established by the General Assembly of Georgia for the purpose of providing retirement allowances and other benefits for teachers ofthe State ofGeorgia. TRS provides service retirement, disability retirement, and survivor's benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\n \r\n- 14- \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 1999 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 7: RETmEMENJPLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nFunding Policy Employees of the College who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The College makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. For fiscal year 1999, the employer contribution rate was 11.95% for covered employees. In addition, the College contributed 3.46% to the TRS on behalfof employees electing to participate in the Regents Retirement Plan. Employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n1999 1998 1997 \r\n \r\n100% 100% 100% \r\n \r\n$ 819,711.09 $ 770,091.74 $ 694,337.70 \r\n \r\nREGENTS RETIREMENT PLAN \r\n \r\nPlan Description The Regents Retirement Plan, a single-employer defined contribution plan, is an optional retirement plan established and administered by the Board of Regents of the University System of Georgia, under which it may purchase annuity contracts for the pwpose ofproviding retirement and death benefits for eligible faculty and principal administrators. Benefits depend solely on amounts contributed to the plan plus investment earnings. Benefits are payable to participating employees or their beneficiaries in accordance with the terms ofthe annuity contracts. \r\n \r\nFunding Policy Member contribution requirements are established by the Board of Trustees of the Teachers Retirement System. Employer contributions are established by statute and may be amended only by the General Assembly ofthe State of Georgia. The employer contributes 8.34% of the participating employee's earnable compensation. Employees contribute 5% of their earnable compensation. Amounts attributable to all plan contributions are fully vested and non-forfeitable at all times. \r\n \r\nThe College and the covered employees made the required contributions of $147,019.69 (8.34%) and' $88,348.59 (5%), respectively. \r\n \r\nGEORGIA DEFINED CONTRIBUTION PLAN \r\n \r\nPlan Description Floyd 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 \r\n \r\n- 15 - \r\n \r\n FLOYD COLLEGE \r\nNOTES TO THE FINANCIAL STATEMENTS \r\nruNE 30. 1999 \r\n \r\nEXHIBIT\"D\" \r\n \r\nNOTE7: RETmEMENTPLANS \r\nGEORGIA DEFINED CONTRIBUTION PLAN \r\nPlan Description retirement coverage for State employees who are temporary, seasonal, and part-time 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. Ifa member has less than $ 3,500.00 credited to his/her account, the Board ofTrustees has the\"option of requiring a lump sum distribution to the member in lieu ofmaking periodic payments. Upon the death of a member, a lump sum distribution equaling the amount credited to his/her account will be paid to the member's designated beneficiary. Benefit provisions are established by State statute. \r\nContributions and Vesting Member contributions are seven and one-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 ofTrustees. Upon termination of employment, the amount of the member's account is refundable upon request by the member. \r\nTotal contributions made by employees during fiscal year 1999 amounted to $38,200.02 which represents 7.50% of covered payroll. These contributions met the requirements ofthe plan. \r\nNOTE 8: LEAVE POLICIES \r\nEmployees earn annual leave ranging from one and one-quarter days to one and three-quarter days each month depending upon the employees' length of continuous State service with maximum accumulation of forty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1- Basis of Accounting (Compensated Absences) \r\nEmp~oyees earn one day of sick leave each month with no maximum accumulation established. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or termination of employment, except as noted in the subsequent paragraph. \r\nCertain employees who retire with a minimum ofthree months ofunused sick leave are entitled to additional service credit in the Teachers Retirement System of Georgia. \r\n \r\n- 16- \r\n \r\n FLOYD COLLEGE \r\nNOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 1999 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 9: CONTINGENCIES \r\n \r\nAmounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. This could result in refunds to the grantor agency for any expenditures which are disallowed under grant tenns. The amount ofexpenditures which may be disallowed by the grantor cannot be detennined at this time although the College expects such amounts, if any, to be immaterial to its overall financial position. \r\n \r\nLitigation, claims and assessments filed against Floyd College (an organizational unit ofthe Board ofRegents of the University 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, 1999. \r\n \r\nNOTE 10: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS \r\n \r\nPursuant to the general powers conferred by the Official Code of Georgia Annotated Section 20-3-31, the Board of Regents of the University System of Georgia has established group health and life insurance programs for regular employees ofthe University System of Georgia. It is the policy ofthe Board ofRegents to pennit employees ofthe University System of Georgia eligible for retirement or that become pennanently and totally disabled to continue as members ofthe group health and life insurance programs. Employees who are eligible for retirement or disability under the criteria established by the Teachers Retirement System of Georgia and who have at least ten years ofservice with the University System ofGeorgia are eligible for these postemployment health and life insurance benefits. Organizational units of the Board of Regents of the University System of Georgia pay the employer portion for group insurance for affected individuals. \r\n \r\nAs of June 30, 1999, there were 40 employees who had retired or were disabled that were receiving these postemployment health and life insurance benefits. For the year ended June 30, 1999, Floyd College recognized as incurred $75,835.05 ofexpenditures, which was-net of$22,900.56 ofparticipant contributions. \r\n \r\nNOTE 11: ENROLLMENT \r\n \r\nThe equivalent full-time student enrollment of Floyd College was as follows: \r\n \r\nRegular Tenn Fall Semester, 1998 Spring Semester, 1999 \r\n \r\n1,707 1.567 \r\n \r\nAverage \r\n \r\nSummer School, 1998 \r\n \r\n- 17 - \r\n \r\n SUPPLEMENTARY INFORMATION - 19- \r\n \r\n FLOYD COLLEGE COMBINING BALANCE SHEET CURRENT FUNDS - UNRESTRICTED \r\nJUNE 30,1999 \r\n \r\nEXHIBIT\"E\" \r\n \r\nASSETS \r\nCash and Cash Equivalents Accounts Receivable Inventories Prepaid Items Due from Other Fund Groups \r\n \r\nRESIDENT INSTRUCTION \r\n \r\nLOTIERYFOR EDUCATION \r\n \r\nAUXILIARY ENTERPRISES \r\n \r\nSTUDENT ACTIVITIES \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n370,387.97 $ \r\n \r\n190,828.89 \r\n \r\n11,505.94 \r\n \r\n144,234.97 \r\n \r\n343,416.52 \r\n \r\n0.00 $ \r\n \r\n$ 24,376.25 138,236.36 \r\n \r\n88,098.21 $ 517.50 \r\n \r\n458,486.18 215,722.64 149,742.30 144,234.97 343,416.52 \r\n \r\nTotal Assets \r\n \r\n$ 1,060,374.29 $ \r\n \r\n0.00 $ \r\n \r\n162,612.61 $ \r\n \r\n88,615.71 $ 1,311,602.61 \r\n \r\nLIABILITIES AND FUND BALANCES \r\n \r\nLiabilities \r\n \r\nAccounts Payable \r\n \r\n$ \r\n \r\nStudent Deposits \r\n \r\nDeferred Revenue \r\n \r\nTuition and Fees \r\n \r\nDue to Other Fund Groups \r\n \r\nTotal Liabilities \r\n \r\n$ \r\n \r\nFund Balances Unrestricted \r\n \r\n353,324.69 $ 597,390.04 950,714.73 $ 109,659.56 \r\n \r\nTotal Liabilities and Fund Balances \r\n \r\n$ 1,060,374.29 $ \r\n \r\n0.00 $ \r\n \r\n24,344.01 $' 1,756.10 \r\n \r\n0.00 $ \r\n \r\n97,160.41 123,260.52 $ \r\n \r\n3,867.25 $ 13,195.20 17,062.45 $ \r\n \r\n381,535.95 1,756.10 \r\n610,585.24 97,160.41 \r\n1,091,037.70 \r\n \r\n0.00 \r\n \r\n39,352.09 \r\n \r\n71,553.26 \r\n \r\n220,564.91 \r\n \r\n0.00 $ \r\n \r\n162,612.61 $ \r\n \r\n88,615.71 $ 1,311,602.61 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n-20 - \r\n \r\n FLOYD COLLEGE COMBINING STATEMENT OF CHANGES IN FUND BALANCES \r\nCURRENT FUNDS UNRESTRICTED YEAR ENDED JUNE 30 1999 \r\n \r\nEXHIBIT\"P \r\n \r\nSee accompanying notes and Independent Accountanrs Combined Report on Review of Financial Statements and Supplementary Information. \r\n \r\n21 . \r\n \r\n FLOYD COLLEGE COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\nAND OTHER CHANGES UNRESTRICTED \r\nYEAR ENDED JUNE 30, 1999 \r\n \r\nEXHIBITG \r\n \r\nREVENUES \r\nState Appropriations Tuition and Fees Federal Grants and Contracts Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Other Sources \r\nTotal Revenues \r\nEXPENDITURES \r\nEducational and General Instruction Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships \r\nAuxiliary Enterprises Food Services Stores and Shops Other Service Units \r\nTotal Expenditures \r\nOTHER TRANSFERS AND ADDITIONSIIDEDUCTIONSl \r\nTransfers for Renewals and Replacements Prior Period Adjustments (Net) Funded by the Board of Regents \r\nof the University System of Georgia Prior Year's Unrestricted Fund Balance (Deficit) \r\nTotal Other Transfers and Addilions/(Deductions) \r\n \r\nRESIDENT INSTRUCTION \r\n \r\nLOTIERYFOR EDUCATION \r\n \r\nAUXILIARY ENTERPRISES \r\n \r\nSTUDENT ACTIVITIES \r\n \r\nTOTAL \r\n \r\n$ 10,719,689.00 $ 3,652,118.57 7,503.88 341,747.84 \r\n917,865.31 \r\n$ 15,638,924,60 $ \r\n \r\n625,500.00 $ \r\n625,500,00 $ \r\n \r\n$ \r\n310,495,26 29,711,58 \r\n340,206.84 $ \r\n \r\n$ 86,993,35 \r\n3,445,68 \r\n \r\n11,345,189,00 3,739,111,92 \r\n7,503,88 341,747,84 310,495.26 951,022.57 \r\n \r\n90,439.03 $ 16,695,070.47 \r\n \r\n$ 6,578,771.47 $ 1,422,562.57 987,604,48 4,964,746,93 1,580,555,74 84,350,00 \r\n$ 15,618,591,19 $ \r\n \r\n1,956.75 5,500.00 618,043,25 \r\n$ \r\n625,500,00 $ \r\n \r\n$ \r\n98,402.00 156,019.42 112,418.42 366,839.84 $ \r\n \r\n$ 123,333,37 \r\n \r\n6,580,728,22 1,428,062,57 1,110,937,85 5,582,790,18 1,580,555.74 \r\n84,350.00 \r\n \r\n98,402.00 156,019,42 112,418.42 \r\n \r\n123,333,37 $ 16,734,264.40 \r\n \r\n$ \r\n \r\n$ \r\n \r\n-43,981.89 \r\n \r\n0.00 $ \r\n \r\n-52,439,21 5,634,05 $ \r\n \r\n$ 29,08 \r\n \r\n-52,439.21 -38,318.76 \r\n \r\n9,460.93 \r\n \r\n$ \r\n \r\n-34,520.96 $ \r\n \r\n0.00 $ \r\n \r\n-46,805.16 $ \r\n \r\n9,460,93 \r\n \r\n29,08 $ \r\n \r\n-81,297.04 \r\n \r\nNet Increasel(Decrease) in Fund Balances \r\n \r\n$ \r\n \r\n-14,187,55 $ \r\n \r\n0,00 $ \r\n \r\n-73,438.16 $ \r\n \r\n-32,865.26 $ -120,490.97 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information, \r\n \r\n-22- \r\n \r\n FLOYD COLLEGE \r\n \r\nSCHEDULE \"1\" \r\n \r\nSCHEDULE OF REQUIRED SupPLEMENTARY INFORMATION \r\n \r\nYEAR 2000 DISCLOSURES \r\n \r\nYEAR ENDED ruNE 30, 1999 \r\n \r\nThe year 2000 issue is the result of shortcomings in many electronic data processing systems and other electronic equipment that may adversely affect the College's operations beyond calendar year 1999. Floyd College has completed an inventory of computer systems and other electronic equipment that may be effected by the 2000 issue and that are necessary to conducting institutional operations. The following stages have been identified as necessary to implement year 2000 compliant systems. \r\n \r\nAwareness Stage - Encompasses establishing a budget and project plan for dealing with the year 2000 Issue. \r\n \r\nAssessment Stage - The actual process of identifying all systems and individual components ofsystems to check for compliance. \r\n \r\nRemediation Stage - The time when changes are made to systems and equipment. \r\n \r\nValidation/Testing Stage - The process of ensuring that the changes made to systems and equipment will produce a year 2000 compliant system. \r\n \r\nIt will be necessary for the College to progress through all four of these stages for each computer and/or electronic system, not already year 2000 compliant, in order to assure that these systems will not be adversely affected. \r\n \r\nFloyd College has identified the following financial systems requiring year 2000 remediation that are supported by the Board ofRegents, University System of Georgia and have been remediated by the Board. \r\n \r\nThe College and University Fund Accounting System is remediated, validated and tested. \r\n \r\nThe Regents Budget Reporting System is remediated, validated and tested. \r\n \r\nThe Regents Payroll/Personnel System is remediated, validated and tested. \r\n \r\nThe Regents Property Inventory System is remediated, validated and tested. \r\n \r\nThe Banner Student Information System is supported by SCT Banner, Inc. Their year 2000 version has \r\n \r\nbeen released and distributed to the College. \r\n \r\n. \r\n \r\nBecause ofthe unprecedented nature ofthe year 2000 issue, its effects and the success ofrelated remediation efforts will not be fully determinable until year 2000 and thereafter. While management is confident that the College will be year 2000 ready, it cannot assume that its remediation efforts will ge successful in whole or in part, or that parties with whom the College does business will be year 2000 ready.. \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 23- \r\n \r\n FLOYD COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \r\nRESIDENT INSTRUCTION YEAR ENDED JUNE 30. 1999 \r\n \r\nREVENUES \r\nState Appropriations Other Revenues Retained \r\n \r\nCURRENT FUNDS UNRESTRICTED RESTRICTED \r\n \r\nPLANT FUNDS RENEWALS AND \r\nUNEXPENDED REPLACEMENTS \r\n \r\n$ 10,719,689.00 \r\n \r\n$ \r\n \r\n4,919,235.60 $ 3,131,202.04 \r\n \r\n460,000.00 $ \r\n1,333.08 \r\n \r\n0.00 \r\n \r\n$ 15,638,924.60 $ 3,131,202.04 $ 461,333.08 $ \r\n \r\n0_.0_0_ \r\n \r\nEXPENDITURES \r\n \r\nPersonal Services: \r\n \r\nEducation, General and Departmental Services $ 10,555,044.95 \r\n \r\nSponsored Operations \r\n \r\n$ \r\n \r\n588,316.01 \r\n \r\nOperating Expenses: \r\n \r\nEducation, General and Departmental Services \r\n \r\n4,778,429.33 \r\n \r\nSponsored Operations \r\n \r\n2,542,886.03 \r\n \r\ncapital Outlay \r\n \r\n$ \r\n \r\nSpecial Funding Initiative \r\n \r\n184,524.00 \r\n \r\nYear 2000 Project \r\n \r\n100,592.91 \r\n \r\n467,671.73 $ \r\n \r\n40,698.46 \r\n \r\nExcess of Revenues over Expenditures \r\n \r\n------'---- $ 15,618,591.19 $ 3,131,202.04 $ 467,671.73 $ \r\n \r\n40,698.46 \r\n \r\n$ \r\n \r\n20,333.41 $ \r\n \r\n0.00 $ \r\n \r\n-6,338.65 $ ===-4::::=0,=69::8=.4=6= \r\n \r\n(1) To eliminate tuition waivers not bUdgeted and to reclassify prior year fund balances bUdgeted as revenues. \r\n \r\nSee accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information. \r\n-24- \r\n \r\n SCHEDULE \"2\" \r\n \r\nTOTAL \r\n \r\nADJUSTMENTS (1 ) \r\n \r\nTOTAL (Budget Basis) \r\n \r\nBUDGET \r\n \r\nVARIANCEFAVORABLE (UNFAVORABLE) \r\n \r\n$ 11,179,689.00 8,051,770.72 $ \r\n \r\n$ 11,179,689.00 $ 11,179,689.00 $ \r\n \r\n-52,904.54 \r\n \r\n7,998,866.18 \r\n \r\n7,552,752.00 \r\n \r\n0.00 446,114.18 \r\n \r\n$ 19,231,459.72 $ \r\n \r\n-52,904.54 $ 19,178,555.18 $ 18,732,441.00 $ _ _...;.44.;.;6..:,.,1_14_._18;... \r\n \r\n$ 10,555,044.95 588,316.01 \r\n4,778,429.33 $ 2,542,886.03 \r\n508,370.19 184,524.00 100,592.91 \r\n \r\n$ 10,555,044.95 $ 10,552,882.00 $ \r\n \r\n588,316.01 \r\n \r\n663,759.00 \r\n \r\n-93,603.00 \r\n \r\n4,684,826.33 2,542,886.03 \r\n508,370.19 184,524.00 100,592.91 \r\n \r\n4,626,273.00 2,147,267.00 \r\n461,000.00 184,524.00 96,736.00 \r\n \r\n-2,162.95 75,442.99 \r\n-58,553.33 -395,619.03 \r\n-47,370.19 0.00 \r\n-3,856.91 \r\n \r\n$ 19,258,163.42 $ \r\n \r\n-93,603.00 $ 19,164,560.42 $ 18,732,441.00 $ - - ---43'2-,11-9-.42- \r\n \r\n$ \r\n \r\n~26,703.70 $ \r\n \r\n40,698.46 $ =====13=,9=:94=.:=76= \r\n \r\n$ ===1=3=:,9\",,94=.7=6= \r\n \r\n-25- \r\n \r\n FLOYD COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \r\nLOTTERY FOR EDUCATION YEAR ENDED JUNE 30,1999 \r\n \r\nSCHEDULE \"3\" \r\n \r\nREVENUES State Appropriations \r\n \r\nCURRENT FUNDS UNRESTRICTED \r\n \r\nBUDGET \r\n \r\nVARIANCEFAVORABLE (UNFAVORABLE) \r\n \r\n$ \r\n \r\n625,500.00 $ \r\n \r\n625,500.00 $ \r\n \r\n-=.:0...:.;00:_ \r\n \r\nEXPENDITURES \r\nEquipment, Technology and Construction Trust Fund \r\nSpecial Funding Initiatives \r\n \r\n$ \r\n \r\n567,000.00 $ \r\n \r\n567,000.00 $ \r\n \r\n58,500.00 \r\n \r\n58,500.00 \r\n \r\n$ \r\n \r\n625,500.00 $ \r\n \r\n625,500.00 $ \r\n \r\n0.00 0.00 \r\n0.;;.;..0.;;.;0;... \r\n \r\nExcess of Revenues over Expenditures \r\n \r\n$=====0=.00= \r\n \r\n$=====0=.00= \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 27- \r\n \r\n FLOYD COLLEGE CHANGES IN INVESTMENT IN PLANT \r\nYEAR ENDED JUNE 30, 1999 \r\n \r\nLand Buildings Improvements Other Than Buildings Equipment Library Books and Collections \r\nSUMMARY OF INVESTMENT College Capital Leases \r\n \r\nBALANCE JULY 1,1998 \r\n \r\nCURRENT FUNDS UNRESTRICTED RESTRICTED \r\n \r\n$ 569,490.00 \r\n \r\n14,150,701.36 \r\n \r\n1,294,574.71 \r\n \r\n5,832,240.73 $ 2,788,001.70 $ 77,635.32 \r\n \r\n1,662,544.45 \r\n \r\n87,513.43 \r\n \r\n$ 23,509,551.25 $ 2,875,515.13 $ 77,635.32 \r\n \r\n$ 23,509,551.25 $ 2,875,515.13 $ 77,635.32 $ 23,509,551.25 $ 2,875,515.13 $ 77,635.32 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 28- \r\n \r\n SCHEDULE \"4\" \r\n \r\nADDITIONS \r\nPLANT FUNDS RENEWALS AND \r\nUNEXPENDED REPLACEMENTS \r\n \r\nGEORGIA STATE FINANCING AND \r\nINVESTMENT COMMISSION \r\n \r\nCAPITAL LEASES \r\n \r\nDEDUCTIONS DISPOSALS! DELETIONS! ADJUSTMENTS \r\n \r\nBALANCE JUNE 30,1998 \r\n \r\n$ 569,490.00 \r\n \r\n$ \r\n \r\n89,575.09 \r\n \r\n$ \r\n \r\n2,546,628.00 \r\n \r\n$ \r\n \r\n10,656.16 \r\n \r\n16,776,248.29 \r\n \r\n378,096.64 \r\n \r\n1,672,671.35 \r\n \r\n$ \r\n \r\n40,698.46 \r\n \r\n27,929.85 $ 6,287,374.42 \r\n \r\n4,313,165.51 \r\n \r\n10,740,714.97 \r\n \r\n1,750,057.88 \r\n \r\n$ 467,671.73 $ \r\n \r\n40,698.46 $ \r\n \r\n2,574,557.85 $ 6,287,374.42 $ 4,323,821.67 $ 31,509,182.49 \r\n \r\n$ 467,671.73 $ \r\n \r\n40,698.46 $ \r\n \r\n2,574,557.85 \r\n \r\n$ 2,450,346.48 $ 27,095,283.26 \r\n \r\n_ _ _ _ _ _ $ 6,287,374.42 \r\n \r\n1,873,475.19 \r\n \r\n4,413,899.23 \r\n \r\n$ 467,671.73 $ \r\n \r\n40,698.46 $ \r\n \r\n2,574,557.85 $ 6,287,374.42 $ 4,323,821.67 $ 31,509,182.49 \r\n \r\n- 29- \r\n \r\n FLOYD COLLEGE SCHEDULE OF FUND BALANCES CURRENT FUNDS AND PLANT FUNDS \r\nJUNE 30, 1999 \r\n \r\nNET INVESTMENT IN PLANT Investment in Plant Facilities \r\nRESTRICTED Designated for Subsequent Years' Expenditures \r\nUNRESTRICTED Designated For Bus Replacement Reserve For Computer Replacement - Information Technology Project For Inventory Reserve For Renewals and Replacements Reserve For Subsequent Years' Expenditures For Uncollectible Accounts For Year 2000 Readiness Surplus/Deficit Regular Lottery for Education \r\n \r\nRESIDENT INSTRUCTION \r\n \r\nCURRENT FUNDS \r\n \r\nUNRESTRICTED \r\n \r\nLOTIERY FOR \r\n \r\nAUXILIARY \r\n \r\nEDUCATION \r\n \r\nENTERPRISES \r\n \r\n$ 68,800.00 15,381.06 \r\n2,856.14 13,594.23 \r\n9,028.13 _____ $ $ 109,659.56 $ \r\n$ 109,659.56 $ \r\n \r\n$ \r\n \r\n138,236.36 \r\n \r\n~98,884.27 \r\n \r\n0;;..;.;;.;00:;... 0.00 $ - - _.....3..9.;;,.3.:5.;2.,=.0\"\"9\"'- \r\n0.00 $ =====39=,3=:5=2:=.0=9 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 30- \r\n \r\n SCHEDULE \"5\" \r\n \r\nSTUDENT ACTIVITIES \r\n \r\nRESTRICTED \r\n \r\nUNEXPENDED \r\n \r\nPLANT FUNDS RENEWALS AND REPLACEMENTS \r\n \r\nINVESTMENT IN PLANT \r\n \r\nTOTAL \r\n \r\n$ 27,095,283.26 $ 27,095,283.26 \r\n \r\n$ 221,007.24 \r\n \r\n$ _ _22;;;;;;.,,;1.:.;;,O..;.07';\";';;;.24~ \r\n \r\n$ \r\n \r\n71,553.26 \r\n \r\n$ \r\n \r\n22,930.93 \r\n \r\n87,033.40 \r\n \r\n$ \r\n \r\n22,930.93 \r\n \r\n68,800.00 153,617.42 87,033.40 -27,331.01 \r\n2,856.14 13,594.23 \r\n \r\n$ _---:7...;.1.:.;;,5..;.53;;;.;;.;;;;.;26;;... \r\n \r\n$ \r\n \r\n-6,338.65 \r\n \r\n$ \r\n \r\n-6,338.65 $ \r\n \r\n109,964.33 \r\n \r\n2,689.48 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n324,190.59 \r\n \r\n$ \r\n \r\n71,553.26 $ 221,007.24 $ \r\n \r\n-6,338.65 $ \r\n \r\n109,964.33 $ 27,095,283.26 $ 27,640,481.09 \r\n \r\n- 31 - \r\n \r\n FLOYD COLLEGE RECONCILIATION OF SALARIES AND TRAVEL \r\nYEAR ENDED JUNE 30,1999 \r\n \r\nSCHEDULE \"6\" \r\n \r\nTotals per Annual Supplement \r\n \r\nAdjustments \r\n \r\nShared Services on Jointly Staffed Personnel \r\n \r\nKennesaw State University \r\n \r\nMarko, \r\n \r\nDana \r\n \r\n. SALARIES \r\n$ 9,160,290.45 $ \r\n \r\nTRAVEL 123,586.42 \r\n \r\n430.60 \r\n \r\n$ 9,160,721.05 $====12=:3=,5=8=6,=42= \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 32- \r\n \r\n SECTIONll AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n FLOYD COLLEGE AUDITEE'S RESPONSE SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30. 1999 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\nFS-573-97-02 FS-573-97-03 FS-573-97-04 FS-573-98-01 \r\n \r\nPartially Resolved - See Corrective Action/Responses Previously Reported Corrective Action Implemented Partially Resolved - See Corrective Action/Responses Previously Reported Corrective Action Implemented \r\n \r\nCORRECTIVE ACTIONIRESPONSES \r\n \r\nFUND EQUITIES Deficit Restricted Funds Finding Control Number: FS-573-97-02 \r\n \r\nFloyd College continues trying to collect the deficit balance of $15,285.55 owed by a private funding agency. The funding agency is under new management and to date, collection efforts have been unsuccessful \r\n \r\nGENERAL LEDGER Agency Fund Deficits Finding Control Number: FS-573-97-04 \r\n \r\nDeficiencies have been corrected in all Agency Funds with two exceptions. The scholarship account that has a deficit will be invoiced to correct the deficiency. The Floyd College Choir account has had a deficit balance since fiscal year 1997. The choir account has not been active since that time and the account remains deficient. \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bf6-b1996-h97","title":"Review report, state of Georgia, Floyd College, Rome, Georgia, year ended June 30, 1997","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Floyd County, Rome, 34.25704, -85.16467"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["1996/1997"],"dcterms_description":["Year ended June 30, 2000-year ended June 30, 2005.","Title from cover.","Title fluctuates: Audits conducted \"in accordance with generally accepted auditing standards\" are issued as: Audit report; reviews that are \"substantially less in scope than an audit in accordance with generally accepted auditing standards\" are issued as: Review or Management report or Independent accountant's report on applying agreed-upon procedures"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Floyd College--Appropriations and expenditures","Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Review report, state of Georgia, Floyd College, Rome, Georgia, year ended June 30, 1997"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-bf6-b1996-h97"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bf6-b1996-h97"],"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":"tll\\ \r\nA~oO \r\n.Ki f6 Iqqb-q7 \r\n \r\nREVIEW REPORT STATE OF GEORGIA \r\nFLOYD COLLEGE ROME, GEORGIA YEAR ENDED JUNE 30, 1997 \r\n \r\nSTATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 WASHINGTON STREET ATLANTA, GEORGIA 30334-8400 \r\n \r\n FLOYD COLLEGE - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \r\n \r\nEXIDBITS \r\n \r\nFINANCIAL STATEMENTS \r\n \r\nA COMBINED BALANCE SHEET \r\n \r\nALL FUND GROUPS \r\n \r\n2 \r\n \r\nB COMBINED STATEMENT OF CHANGES IN FUND BALANCES \r\n \r\nALL FUND GROUPS \r\n \r\n4 \r\n \r\nC STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\n \r\nAND OTHER CHANGES \r\n \r\n7 \r\n \r\nD NOTES TO THE FINANCIAL STATEMENTS \r\n \r\n8 \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\nE COMBINING BALANCE SHEET \r\n \r\nCURRENT FUNDS - UNRESTRICTED \r\n \r\n22 \r\n \r\nF COMBINING STATEMENT OF CHANGES IN FUND BALANCES \r\n \r\nCURRENT FUNDS - UNRESTRICTED \r\n \r\n23 \r\n \r\nG COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\n \r\nAND OTHER CHANGES \r\n \r\nUNRESTRICTED \r\n \r\n25 \r\n \r\nSCHEDULES \r\n \r\nSCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \r\n \r\n1 \r\n \r\nRESIDENT INSTRUCTION \r\n \r\n26 \r\n \r\n2 \r\n \r\nLOTTERY FOR EDUCATION \r\n \r\n29 \r\n \r\n3 CHANGES IN INVESTMENT IN PLANT \r\n \r\n30 \r\n \r\n4 SCHEDULE OF FUND BALANCES \r\n \r\nCURRENT FUNDS AND PLANT FUNDS \r\n \r\n32 \r\n \r\n5 RECONCILIATION OF SALARIES AND TRAVEL \r\n \r\n34 \r\n \r\nSECTION II AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n FLOYD COLLEGE - TABLE OF CONTENTS - \r\nSECTIONlli CURRENT YEAR FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n SECTION I FINANCIAL \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, Sow., Suite 214 Atlanta, Georgia 30334-8400 \r\nNovember 20, 1997 \r\n \r\nHonorable Zell Miller, Governor Members ofthe General Assembly of Georgia Members of the Board of Regents ofthe University System of Georgia \r\nand Honorable H. Lynn Cundiff, President Floyd College \r\nINDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \r\nLadies and Gentlemen: \r\nWe have reviewed the accompanying fmancial statements (Exhibits A through D) of Floyd College as of and for the year ended June 30, 1997, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. All information included in these financial statements is the representation of the management of Floyd College. \r\nA review consists principally of inquiries of College personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. \r\nBased on our review, with the exception of the matters described in the fourth, fifth, and sixth paragraphs, we are not aware of any material modifications that should be made to the accompanying fmancial statements in order for them to be in conformity with generally accepted accounting principles. \r\nAs disclosed in Note 1 to the financial statements, generally accepted accounting principles require encumbrances to be recorded as a reservation of fund balance. However, in accordance with Georgia Law and State budgetary policy, management recorded encumbrances as expenditures and liabilities. The effects of this departure from generally accepted accounting principles on the financial statements were not reasonably determinable. \r\n \r\n97ARL-68 \r\n \r\n As disclosed in Note 1 to the financial statements, the College did not report the liability and related expenditure for compensated absences in the current funds as required by generally accepted accounting principles. If compensated absences were reported, liabilities would be increased and fund balance would be decreased by $418,898.52 as of June 30, 1997, and the net change in fund balance for the year ended June 30,1997, would be decreased by $31,181.62. \r\nAs described in Note 1 to the fmandal statements, the College recorded assets acquired through capital leases as additions to Investment in Plant as payments were made by the College. The assets and associated liability of$471,110.51 (net present value of the future minimum lease payments) were not recorded in the financial statements as ofJune 30, 1997. To conform to generally accepted accounting principles, assets and the related liability resulting from capital leases should be recorded in Investment in Plant at the inception of the agreement at the net present value ofthe future minimum lease payments, not to exceed the fair value of the leased property. \r\nOur review was made for the purpose of expressing limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with generally accepted accounting principles. The accompanying supplementary information (Exhibits E through G and Schedules 1 through 5) is presented only for supplementary analysis purposes. Such information has been subjected to the inquiries and analytical procedures applied in the review of the financial statements, and except for the effects of the matters discussed in the fourth, fifth, and sixth paragraphs, we are not aware of any material modifications which should be made thereto. \r\nRespectfully submitted, \r\n~ \r\nClaude L. Vickers State Auditor \r\nCLV:cm 97ARL-68 \r\n \r\n FINANCIAL STATEMENTS - 1- \r\n \r\n FLOYD COLLEGE COMBINED BALANCE SHEET \r\nALL FUND GROUPS JUNE 30,1997 \r\n \r\nASSETS \r\nCash and Cash Equivalents Accounts Receivable Inventories Prepaid Items Due from Other Fund Groups Investment in Plant \r\nTotal Assets \r\nLIABILITIES AND FUND BALANCES \r\nLiabilities Accounts Payable Student Deposits Deferred Revenue Tuition and Fees Deposits Held in Custody for Others Due to Other Fund Groups \r\nTotal Liabilities \r\nFund Balances Endowment Net Investment in Plant Restricted Unrestricted \r\nTotal Fund Balances \r\nTotal Liabilities and Fund Balances \r\n \r\nCURRENT FUNDS UNRESTRICTED RESTRICTED \r\n \r\nENDOWMENT FUND \r\n \r\n$ \r\n \r\n288,171.67 \r\n \r\n$ \r\n \r\n20,000.00 \r\n \r\n201,547.93 $ 449,277.65 \r\n \r\n311,548.04 \r\n \r\n18,400.00 \r\n \r\n$ \r\n \r\n819,667.64 $ 449,277.65 $ ====2=0,=00=:0=.0=0 \r\n \r\n$ \r\n \r\n208,460.68 \r\n \r\n2,781.58 \r\n \r\n347,513.48 \r\n \r\n$ 513,580.74 \r\n \r\n$ \r\n \r\n558,755.74 $ 513,580.74 \r\n \r\n$ \r\n \r\n20,000.00 \r\n \r\n$ \r\n \r\n-64,303.09 \r\n \r\n$ \r\n \r\n260,911.90 \r\n \r\n$ \r\n \r\n260,911.90 $ \r\n \r\n-64,303.09 $ \r\n \r\n20,000.00 \r\n \r\n$ \r\n \r\n819,667.64 $ 449,277.65 $ =====2=0,=00==:0=.0..0... \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\nThe notes to the financial statements are an integral part of this statement. \r\n-2- \r\n \r\n EXHIBIT \"A\" \r\n \r\nUNEXPENDED \r\n \r\nPLANT FUNDS RENEWALS AND REPLACEMENTS \r\n \r\nINVESTMENT IN PLANT \r\n \r\nAGENCY FUNDS \r\n \r\nTOTAL (Memorandum \r\nOnly) \r\n \r\n$ \r\n \r\n77,588.08 $ \r\n \r\n195,656.27 \r\n \r\n$ 143,136.19 $ 724,552.21 \r\n \r\n12,360.00 \r\n \r\n295.44 \r\n \r\n663,481.02 \r\n \r\n311,548.04 \r\n \r\n18,400.00 \r\n \r\n513,580.74 \r\n \r\n513,580.74 \r\n \r\n_ _ _ _ _ _ $ 19,547,060.88 \r\n \r\n19,547,060.88 \r\n \r\n$ 603,528.82 $ \r\n \r\n195,656.27 $ 19,547,060.88 $ 143,431.63 $ 21,778,622.89 \r\n \r\n$ 579,834.04 $ \r\n \r\n$ 579,834.04 $ \r\n \r\n$ \r\n \r\n23,694.78 $ \r\n \r\n$ \r\n \r\n23,694.78 $ \r\n \r\n125,750.00 125,750.00 \r\n \r\n$ \r\n \r\n54,825.65 $ 968,870.37 \r\n \r\n2,781.58 \r\n \r\n88,605.98 \r\n \r\n347,513.48 88,605.98 \r\n513,580.74 \r\n \r\n$ 143,431.63 $ 1,921,352.15 \r\n \r\n$ 19,547,060.88 69,906.27 69,906.27 $ 19,547,060.88 \r\n \r\n$ \r\n \r\n20,000.00 \r\n \r\n19,547,060.88 \r\n \r\n-64,303.09 \r\n \r\n354,512.95 \r\n \r\n$ 19.857,270.74 \r\n \r\n$ 603,528.82 $ \r\n \r\n195,656.27 $ 19,547,060.88 $ 143,431.63 $ 21,778,622.89 \r\n \r\n-3- \r\n \r\n FLOYD COLLEGE COMBINED STATEMENT OF CHANGES IN FUND BALANCES \r\nALL FUND GROUPS YEAR ENDED JUNE 30, 1997 \r\n \r\nREVENUES AND OTHER ADDITIONS \r\nUnrestricted Current Fund Revenues State Appropriations \r\nRegular Lottery Proceeds Federal Grants and Contracts State Grants and Contracts Local Grants and Contracts Private Gifts, Grants, and Contracts Investment Income Adjustments Prior Years' Expenditures/Accounts Payable Expended for Plant Facilities Current Funds Plant Funds \r\nUnexpended Renewals and Replacements Georgia State Financing and Investment Commission Other Additions Proceeds from Sale of Plant Assets \r\nTotal Revenues and Other Additions \r\nEXPENDITURES AND OTHER DEDUCTIONS \r\nEducational and General Expenditures Auxiliary Enterprises Expenditures Indirect Costs Recovered Remittances to the Board of Regents of the \r\nUniversity System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) \r\nAdjustments Prior Years' Revenues/Accounts Receivable \r\nExpended for Plant Facilities Capitalized Noncapitalized \r\nDisposals/Deletions/Adjustments \r\nTotal Expenditures and Other Deductions \r\nTRANSFERS BETWEEN FUNDS \r\nNonmandatory Renewals and Replacements \r\nNet Increase/(Decrease) for the Year \r\nFUND BALANCES JULY 1, 1996 \r\n \r\nCURRENT FUNDS UNRESTRICTED RESTRICTED \r\n \r\nENDOWMENT FUND \r\n \r\n$ 12,394,139.04 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n$ 1,435,537.66 856,650.32 9.00 163,883.19 \r\n29,226.98 \r\n \r\n$ 12,423.366.02 $ 2,456,080.17 $ \r\n \r\n0.00 \r\n \r\n$ 12,082,266.32 $ 2,543,549.11 $ \r\n \r\n0.00 \r\n \r\n300,329.68 \r\n \r\n6,578.51 \r\n \r\n5,425.56 50.00 \r\n \r\n$ 12.388,071.56 $ 2,550,127.62 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n-143,535.58 \r\n \r\n$ \r\n \r\n-108.241.12 $ -94,047.45 $ \r\n \r\n0.00 \r\n \r\n369,153.02 \r\n \r\n29,744.36 \r\n \r\n20,000.00 \r\n \r\nFUND BALANCES JUNE 30, 1997 \r\n \r\n$ \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\nThe notes to the financial statements are an integral part of this statement. \r\n-4- \r\n \r\n-64,303.09 $ ===2,;:;0,=00=0=.0=0 \r\n \r\n EXHIBIT\"B\" \r\n \r\nUNEXPENDED \r\n \r\nPLANT FUNDS RENEWALS AND REPLACEMENTS \r\n \r\nINVESTMENT IN PLANT \r\n \r\nTOTAL (Memorandum \r\nOnly) \r\n \r\n$ $ 633,500.00 \r\n131,000.00 \r\n5,715.54 2,065.68 \r\n4,607.50 $ 776,888.72 $ \r\n \r\n0.00 \r\n \r\n$ 12,394,139.04 \r\n \r\n633,500.00 \r\n \r\n131,000.00 \r\n \r\n1,435,537.66 \r\n \r\n856,650.32 \r\n \r\n9.00 \r\n \r\n$ \r\n \r\n20,914.22 \r\n \r\n184,797.41 \r\n \r\n5,715.54 \r\n \r\n31,292.66 \r\n \r\n393,675.14 \r\n \r\n393,675.14 \r\n \r\n721,661.28 125,750.00 208,783.46 \r\n \r\n721,661.28 125,750.00 208,783.46 \r\n \r\n4,607.50 \r\n \r\n0.00 $ 1,470,784.10 $ 17,127,119.01 \r\n \r\n$ \r\n \r\n11,142.46 \r\n \r\n721,661.28 $ 46,264.74 \r\n$ 779,068.48 $ \r\n \r\n$ 14,625,815.43 300,329.68 6,578.51 \r\n \r\n125,750.00 $ \r\n125,750.00 $ \r\n \r\n16,568.02 \r\n \r\n50.00 \r\n \r\n336,356.67 \r\n \r\n847,411.28 46,264.74 336,356.67 \r\n \r\n336,356.67 $ 16,179,374.33 \r\n \r\n$ \r\n \r\n$ \r\n \r\n-2,179.76 $ \r\n \r\n25,874.54 \r\n \r\n143,535.58 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n17,785.58 $ 1,134,427.43 $ 947,744.68 \r\n \r\n52,120.69 18,412,633.45 18,909,526.06 \r\n \r\n$ \r\n \r\n23,694.78 $ \r\n \r\n69,906.27 $ 19,547,060.88 $ 19,857,270.74 \r\n \r\n-5- \r\n \r\n THIS PAGE LEFT BLAHK \r\n \r\n FLOYD COLLEGE STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\nAND OTHER CHANGES YEAR ENDED JUNE 30,1997 \r\n \r\nEXHIBIT\"C\" \r\n \r\nNet Decrease in Fund Balances \r\n \r\n$ \r\n \r\n-108,241.12 $ \r\n \r\n-94,047.45 $ -202,288.57 \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\nThe notes to the financial statements are an integral part of this statement. \r\n-7- \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30,1997 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nREPORTING ENTITY Floyd College is one of thirty-four (34) State supported member institutions of higher education in Georgia which comprise the University System of Georgia, an organizational unit of the State of Georgia. The accompanying fmancial statements reflect the operations of Floyd College as a separate reporting entity. \r\nThe Board of Regents has constitutional authority to govern, control and manage the University System of Georgia. This authority includes but is not limited to the power to designate management, the ability to significantly influence operations, the authority to control institutions' budgets, the power to determine allotments of State funds to member institutions and the authority to prescribe accounting systems and administrative policies for member institutions. Floyd College does not have authority to retain unexpended State appropriations (surplus) for any given fiscal year. Accordingly, Floyd College is considered an organizational unit of the Board of Regents ofthe University System of Georgia reporting entity for financial reporting purposes because of the significance of its legal, operational, and financial relationships with the Board of Regents as defmed in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards. \r\nFUND ACCOUNTING In order to ensure observance of limitations and restrictions placed on the use ofthe resources available to the College, the accounts ofthe College are maintained in accordance with the principles of fund accounting. This is the procedure by which resources for various purposes are classified for accounting and reporting purposes into funds that are in accordance with activities or objectives specified. Separate accounts are maintained for each fund; however, in the accompanying financial statements, funds that have similar characteristics have been combined into fund groups. Accordingly, all fmancial transactions have been recorded and reported by fund group. \r\nWithin each fund group, the College's fund balance allocations and designations represent those portions of the fund balances that are reserved, restricted and/or designated for specific future use by legal covenants, State policies, or institutional policies. \r\nFund groups and funds presented in the accompanying fmancial statements are as follows: \r\nCURRENT FUNDS \r\nUNRESTRICTED - The fund used to account for those economic resources over which the College retains full control to use for purposes ofperforming the primary functions ofthe College, e.g., instruction, public service, etc. \r\nRESTRICTED - The fund used to record externally restricted funds which may only be utilized in accordance with the purposes established by their source. Restricted current funds are recorded as revenues and expenditures when expended for current operating purposes. \r\n \r\n-8- \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1997 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nFUND ACCOUNTING \r\nENDOWMENT FUND \r\nThe fund used to account for gifts to the Floyd, Polk, Chattooga Medical Society Scholarship Fund. This endowment fund is subject to the restrictions of gift instruments requiring that the principal be invested in perpetuity and income only be utilized. \r\nPLANT FUNDS \r\nUNEXPENDED - The fund used to account for fmancial resources utilized to acquire or to construct physical properties for institutional purposes. \r\nRENEWALS AND REPLACEMENTS - The fund used to account for resources set aside for the renewal and replacement of institutional properties. \r\nINVESTMENT IN PLANT - The fund which shows the total amounts representing the book value of all physical properties owned by the College. Net Investment in Plant is an equity account showing the total book value of physical properties belonging to the College less the amount of any indebtedness to others. \r\nAGENCY FUNDS \r\nThe fund used to account for resources held by the College as custodian or fiscal agent for individual students, faculty, staff members, and organizations. \r\nBASIS OF ACCOUNTING Except as otherwise disclosed in these notes, the fmancial statements are prepared on the modified accrual basis of accounting, which is materially the same as the accrual basis of accounting applicable to colleges and universities prescribed in the American Institute ofCertified Public Accountants' audit guide reporting model. The modified accrual basis of accounting is defmed as that method ofaccounting in which expenditures, other than accrued interest on general long-term debt, are recorded at the time liabilities are incurred and revenues are recorded when available and measurable to finance expenditures of the fiscal period. \r\nContractual obligations for goods and services which have not been received at the end of the fiscal year are recognized as expenditures and liabilities in the accompanying financial statements. This accounting practice causes expenditure-driven grant revenues to be accrued based, in part, on the unexecuted portion of contracts for goods and services. The recognition of encumbrances as expenditures and liabilities is in conformity with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but is not consistent with generally accepted accounting principles, which provide for the recording of encumbrances as a reservation of fund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with generally accepted accounting principles. \r\n- 9- \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1997 \r\n \r\nEXHIBIT\"D\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF ACCOUNTING Compensated absences represent obligations of the College relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated annual leave in which payment is probable and can be reasonably estimated. The compensated absences liability of $418,898.52 and the related current year expenditure of $31,181.62 have not been reported in the current funds as required by generally accepted accounting principles. \r\nPrior period adjustments and certain other items are reported as additions to and deductions from fund balances of current funds in the accompanying financial statements. This presentation is in accordance with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. The effect of this departure is deemed to be immaterial to the fair presentation of the fmancial statements. \r\nTo the extent that Current Funds and Plant Funds are used to fmance plant assets, the amounts so provided are accounted for as expenditures. The balances shown on the Combined Balance Sheet as Net Investment in Plant reflect the accumulated expenditures made for plant facilities through Current Funds and Plant Funds and also include expenditures made for plant facilities expended by the Georgia State Financing and Investment Commission on behalf ofthe College. Donated fixed assets are recorded at fair market value on the date donated. Disposals are deleted at recorded values. No depreciation has been provided on physical plant and equipment. \r\nIt is the policy of Floyd College to record assets acquired through capital leases as additions to Investment in Plant as payments are made by the College. The liability for such leases at fiscal year-end is not recorded on the Combined Balance Sheet. This presentation differs from generally accepted accounting principles in .that the assets and the related liability resulting from capital leases should be recorded in Investment in Plant at the inception ofthe agreement at the net present value ofthe future minimum lease payments, not to exceed the fair value ofthe leased property. \r\nThe Statement of Current Funds Revenues, Expenditures, and Other Changes is a statement of financial activities of current funds related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period as would a statement of income or a statement of revenues and expenses. \r\nBUDGET The Board of Regents of the University System of Georgia - Administrative Central Office receives State appropriation allotments for units of the University System of Georgia. The appropriated budget is adopted at the departmental level and represents appropriations provided by the Amended Appropriations Act of 19961997. The appropriated budget covers current funds and plant funds, except for Auxiliary Enterprises and Student Activities which are not subject to appropriation. The budget allocation and disbursement of these \r\n \r\n- 10- \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1997 \r\n \r\nEXHIDIT\"D\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nBUDGET funds is made to the various organizational units by the Administrative Central Office. In addition, the organizational units receive Federal funds and other funds directly and include these funds in the budget filed with the Administrative Central Office. \r\n \r\nA comparison of anticipated funds available and budgeted expenditures by budget unit object class indicates that the following object classes were overspent by the amounts identified below: \r\n \r\nResident Instruction Personal Services: Education, General and Departmental Services Sponsored Operations Operating Expenses: Sponsored Operations Capital Outlay \r\n \r\n$ 104.766.81 $ 44.604.84 \r\n$ 284.201.27 $ 71.152.02 \r\n \r\nThese overexpenditures of budget constitute a violation of Board of Regents policy, but do not constitute statutory violations of budget authority. Statutory violations of budget authority are reported at the departmental level. \r\n \r\nCASH AND CASH EQUIVALENTS Cash and Cash Equivalents consist of petty cash, demand deposits, certificates of deposit and temporary investments in authorized financial institutions, and cash management pools that have the general characteristics of demand deposit accounts. \r\nACCOUNTS RECEIVABLE \r\nAccounts receivable consist of allotments due from the Board of Regents of the University System of Georgia - Administrative Central Office, reimbursements due from Federal, State, local, and private grants and contracts, and other receivables disclosed from information available. No provision has been made for an allowance for doubtful accounts within the accompanying financial statements. \r\n \r\nINVENTORIES Inventories of consumable supplies are recorded on the consumption method and are valued at cost on the Combined Balance Sheet using the first-in, first-out method. \r\n \r\nInventories of goods for resale are valued at cost using the weighted average method. \r\n \r\nPREPAID ITEMS Prepaid items are payments made to vendors in advance of the receipt of goods and services that will benefit periods subsequent to the balance sheet date. \r\n \r\n- 11 - \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1997 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nMEMORANDUM ONLY - TOTAL COLUMNS The total columns on the financial statements are captioned \"Memorandum Only\" because they do not represent consolidated financial information and are presented only to facilitate financial analysis. The columns do not present information that reflects financial position or changes in fmancial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. \r\nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS \r\nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the State of Georgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral anyone or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59: \r\n(1) Bonds, bills, certificates of indebtedness, notes, or other direct obligations of the United States or of the State of Georgia. \r\n(2) Bonds, bills, certificates of indebtedness, notes, or other obligations of the counties or municipalities of the State of Georgia. \r\n(3) Bonds of any public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose. \r\n(4) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia. \r\n(5) Bonds, bills, certificates of indebtedness, notes, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest, or debt obligations issued by the Federal Land Bank., the Federal Home Loan Bank., the Federal Intermediate Credit Bank., the Central Bank. for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\n(6) Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation. \r\nAs authorized in the Official Code of Georgia Annotated Section 50-17-53, the State Depository Board has adopted policies which allow agencies of the State of Georgia (which includes organizational units of the Board of Regents of the University System of Georgia) the option of exempting demand deposits from the collateral requirements. \r\n \r\n- 12- \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1997 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS \r\n \r\nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES The treasurer of the Board of Regents is responsible for all details relative to furnishing the required depository protection for all units of the University System of Georgia. \r\n \r\nCATEGORIZATION OF DEPOSITS For purposes of analysis of custodial credit risk, cash deposits consist of all bank balances which include demand deposits and/or interest bearing accounts. The bank balances as of June 30, 1997, are categorized below in order to provide information about the extent to which such deposits are exposed to custodial credit risk: \r\n \r\nCategory 1 - Amounts covered by depository insurance or collateralized with securities (at market value) held by the College or by its agent in the College's name. \r\n \r\nCategory 2 - Amounts collateralized with securities (at market value) held by the pledging financial institution's trust department or agent in the College's name. \r\n \r\nCategory 3 - Amounts collateralized with securities (at market value) held by the pledging financial institution, or by its trust department or agent but not in the College's name, and amounts uncollateralized. \r\n \r\nCash Deposits \r\n \r\nCarrying Amount \r\n \r\nBank Balances \r\n \r\nRisk Categories \r\n \r\n2 \r\n \r\n3 \r\n \r\n$ 716,01221 $ 1 520021 45 $ 140 654.63 $,==~0~0!,g0 $ 1.37936682 \r\n \r\nNOTE 3: INVESTMENT IN PLANT \r\n \r\nThe following is a summary of Investment in Plant fixed assets as of June 30, 1997: \r\n \r\nLand Buildings Improvements Other Than Buildings Equipment Library Books and Collections \r\n \r\n$ 569,490.00 12,483,401.81 1,184,577.99 3,690,004.77 1,619,586.31 \r\n \r\nTotal Investment in Plant \r\n \r\n$19,547.060.88 \r\n \r\nNOTE 4: OPERATING LEASES \r\n \r\nFloyd College has entered into certain agreements to lease buildings and equipment which are classified as operating leases (leases on assets not recorded on the balance sheet). These leases generally contain provisions that, at the expiration date of the original term of the lease, the College has the option of renewing the lease on a year-to-year basis. Future minimum lease payments for operating leases as of June 30, 1997, \r\n \r\n- 13 - \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30,1997 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 4: OPERATING LEASES \r\n \r\nare listed below. Amounts are included only for multi-year leases and for cancellable leases for which an option to renew for the subsequent fiscal year has been exercised. \r\n \r\nFiscal Year Ending June 30 \r\n \r\n1998 \r\n \r\n$ 50,000.00 \r\n \r\nExpenditures for rental of buildings and equipment under operating leases for the year ended June 30, 1997, totaled $43,502.00. \r\n \r\nNOTE 5: DEFICIT FUND BALANCE \r\n \r\nThe Resident Instruction Fund, a part of the Unrestricted Current Funds, has a deficit fund balance of $20,346.36 which is not readily apparent from the financial statements. \r\n \r\nNOTE 6: RISK MANAGEMENT \r\n \r\nFloyd College is a participant in the Board of Regents of the University System of Georgia Health Benefits Plan, which is a self-insurance program of health and dental benefits for employees and retirees of the University System of Georgia. The College and participating employees and retirees pay premiums to the Health Benefits Plan for this health insurance coverage. The Health Benefits Plan is included in the audit report ofthe Board ofRegents ofthe University System of Georgia - Administrative Central Office, All units ofthe University System of Georgia share the risk of loss for claims of the Health Benefits Plan. The Health Benefits Plan is considered a self-sustaining risk fund that provides health coverage for its members up to a maximum lifetime benefit of $1,000,000,00 per person and dental coverage up to an annual maximum of $1,000,00 per person. The Board of Regents has contracted with Blue Cross Blue Shield of Georgia to process claims in accordance with the Health Benefits Plan as established by the Board of Regents. \r\n \r\nThe Department ofAdministrative Services (DOAS) has the responsibility for the State of Georgia of making and carrying out decisions that will minimize the adverse effects of accidental losses that involve State government assets. The State believes it is more economical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS processes claims for risk of loss to which the State is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemnification. Limited amounts of commercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other risks. The College, as an organizational unit of the Board of Regents of the University System of Georgia, is part of the State of Georgia reporting entity, and as such, is covered by the State of Georgia risk management program administered by DOAS. Premiums for the risk management program are charged to the various state organizations by DOAS to provide claims servicing and claims payment. \r\n \r\n- 14- \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1997 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 6: RISK MANAGEMENT \r\nA self-insured program of professional liability for its employees was established by the Board of Regents of the University System of Georgia under powers authorized by the Official Code of Georgia Annotated Section 45-9-1. The program insures the employees to the extent that they are not immune from liability against personal liability for damages arising out of the performance of their duties or in any way connected therewith. The program is administered by DOAS as a Self-Insurance Fund. \r\nNOTE 7: DEFERRED COMPENSAnON PLAN \r\nThe State of Georgia offers its employees a deferred compensation plan in accordance with Internal Revenue Code Section 457. The plan, available to employees of the State of Georgia and county health departments, permits such employees to defer a portion of their salary until future years. Participation in the plan is optional. Participants choose the option or options in which they wish to participate. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights ofthe State of Georgia subject only to the claims of the State's general creditors. Participants' rights under the plan are equal to those of a general creditor of the State of Georgia in an amount equal to the fair market value of the deferred account for each participant. Financial information relative to the plan will be presented in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1997. \r\nA change in the Internal Revenue Code Section 457, effective August 20, 1996, requires that by January 1, 1999, all existing eligible deferred compensation plans must be held in trust for the exclusive benefit of participants and their beneficiaries. The State of Georgia's plan will be converted effective July 1, 1998. \r\nNOTE 8: RETIREMENT PLANS \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA \r\nPlan Description Floyd College participates in the Teachers Retirement System of Georgia (TRS), a cost-sharing multipleemployer public employee retirement system (PERS) established by the General Assembly of Georgia for the purpose of providing retirement allowances and other benefits for teachers of the State of Georgia. \r\nTRS provides service retirement, disability retirement, and survivor's benefits for its members. A member is eligible for service retirement after the member (1) has attained the age of 60 years and has at least ten years of creditable service, or (2) has at least 25 years of creditable service. For those members with 30 years of service or those age 60 with at least ten years of service, normal retirement benefits are equal to 2% of the average of the member's two consecutive highest paid 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 1/12 of7% for each month the member is below age 60, or by 7% for each year or fraction thereof by which the member has less \r\n- 15 - \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1997 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 8: RETIREMENT PLANS \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA \r\nPlan Description than 30 years of service. The normal retirement pension is payable monthly for life; however, options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death. \r\nRetirement benefits also include death and disability benefits whereby the disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The benefit is based on member's creditable service (minimum of 10 year~. of service) and compensation up to the date of death or up to the time of disability. \r\nMembers become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting of employer contributions occurs, but the member's contributions are refunded with interest. \r\nFunding Policy Employees of the College who are covered by TRS are required to pay 5% of their gross earnings to TRS. The College makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees as advised by their independent actuary. For fiscal year 1997, the employer contribution rate was 11.81% for covered employees. In addition, the College contributed 4.24% to the TRS on behalf of employees electing to participate in the Regents Retirement Plan. The interest rate assumption (rate of return on investments) was 7.50%. The College's payroll for the year ended June 30, 1997, for employees covered by TRS was $5,431,724.06. The College's total payroll for all employees was $7,870,065.67. \r\nTotal contributions to the plan made during fiscal year 1997 amounted to $965,925.13, of which $694,337.70 was made by the College and $271,587.43 was made by employees. These contributions represented 12.78% (College) and 5% (employees) of covered payroll. \r\nTotal contributions from all employers to TRS for the year ended June 30, 1997, were $652,928,555.00. The College's contribution for the year ended June 30, 1997, of $694,337.70 was actuarially determined and represented .1063% of total contributions made by all participating employers. \r\nActuarial and Trend Information Actuarial and historical trend information is presented in the TRS June 30, 1997, financial report which can be obtained through TRS. \r\n \r\n- 16- \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1997 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 8: RETIREMENT PLANS \r\nREGENTS RETIREMENT PLAN \r\nPlan Description The State of Georgia provides optional pension benefits for eligible faculty and principal administrators through a defined contribution plan. In a defined contribution plan, benefits depend solely on amounts contributed to the plan plus investment earnings. \r\nFunding Policy State legislation requires that prior to January 1, 1997, the employer contribute 4% of the participating employee's earnable compensation, and on and after January 1, 1997, an amount equal to the normal cost contribution determined by the TRS Board of Trustees. Since January 1, 1997, the employer contribution rate was 7.42%. Employees contribute 5% of their earnable compensation. Amounts attributable to all plan contributions are fully vested and non-forfeitable at all times. The College's payroll for employees covered by the Regents Retirement Plan for the year ended June 30, 1997, was $1,246,490.61. The College's total payroll for all employees was $7,870,065.67. \r\nThe College and the covered employees made the required contributions of $72,530.15 (5.8%) and $61,862.89 (5%), respectively. \r\nGEORGIA DEFINED CONTRIBUTION PLAN \r\nPlan Description Floyd 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 part-time 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 $ 3,500.00 credited to his/her account, the Board ofTrustees 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\n \r\n- 17 - \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1997 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 8: RETIREMENT PLANS \r\nGEORGIA DEFINED CONTRIBUTION PLAN \r\nContributions and Vesting 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 College's payroll for the year ended June 30, 1997, for employees covered by GDCP was $481,237.92. The College's total payroll for all employees was $7,870,065.67. \r\nTotal contributIons made by employees during fiscal year 1997 amounted to $36,093.4:~ which represents 7.5% of covered payroll. These contributions met the requirements of the plan. \r\nNOTE 9: LEAVE POLICIES \r\nEmployees earn annual leave ranging from one and one-quarter days to one and three-quarter days each month depending upon the employees' length of continuous State service with maximum accumulation of forty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1- Basis of Accounting (Compensated Absences) \r\nEmployees earn one day of sick leave each month with no maximum accumulation established. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or termination of employment. \r\nNOTE 10: CONTINGENCIES \r\nAmounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. This could result in refunds to the grantor agency for any expenditures which are disallowed under grant terms. The amount of expenditures which may be disallowed by the grantor cannot be determined at this time although the College expects such amounts, if any, to be immaterial to its overall fmancial position. \r\nLitigation, claims and assessments filed against Floyd College (an organizational unit ofthe Board ofRegents of the University 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, 1997. \r\n \r\n- 18 - \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1997 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 11: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS \r\n \r\nPursuant to the general powers conferred by the Official Code of Georgia Annotated Section 20-3-31, the Board of Regents of the University System of Georgia has established group health and life insurance programs for regular employees ofthe University System of Georgia. It is the policy ofthe Board of Regents to permit employees of the University System of Georgia eligible for retirement or that become permanently and totally disabled to continue as members ofthe group health and life insurance programs. Employees who are eligible for retirement or disability under the criteria established by the Teachers Retirement System of Georgia and who have at least ten years of service with the University System of Georgia are eligible for these postemployment health and life insurance benefits. Organizational units of the Board of Regents of the University System of Georgia pay the employer portion for group insurance for affected individuals. \r\n \r\nAs of June 30, 1997, there were 31 employees who had retired or were disabled that were receiving these postemployment health and life insurance benefits. For the year ended June 30, 1997, Floyd College recognized as incurred $63,605.00 of expenditures, which was net of$18,883.90 of participant contributions. \r\n \r\nNOTE 12: ENROLLMENT \r\n \r\nThe equivalent full-time student enrollment of Floyd College was as follows: \r\n \r\nRegular Term Fall Quarter, 1996 Winter Quarter, 1997 Spring Quarter, 1997 \r\n \r\n2,400 2,159 1,961 \r\n \r\nAverage \r\n \r\nSummer School, 1996 \r\n \r\n- 19- \r\n \r\n THIS PAGE LEFT BLAHK \r\n \r\n SUPPLEMENTARY INFORMAnON - 21 - \r\n \r\n FLOYD COLLEGE COMBINING BALANCE SHEET CURRENT FUNDS - UNRESTRICTED \r\nJUNE 30,1997 \r\n \r\nEXHIBIT\"E\" \r\n \r\nASSETS \r\nCash and Cash Equivalents Accounts Receivable Inventories Prepaid Items Due from Other Funds \r\n \r\nRESIDENT \r\n \r\nLOTIERYFOR \r\n \r\nAUXILIARY \r\n \r\nSTUDENT \r\n \r\nINSTRUCTION EDUCATION ENTERPRISES ACTIVITIES \r\n \r\nTOTAL \r\n \r\n$ 193,723,27 94,260.43 $ 25,024.89 18,400.00 \r\n1n136.59 \r\n \r\n84,500.00 $ \r\n \r\n$ 22,216.45 286,523.15 \r\n \r\n94,448,40 $ 571.05 \r\n \r\n288,171.67 201,547.93 311,548.04 \r\n18,400,00 173,136.59 \r\n \r\nTotal Assets \r\n \r\n$ 504,545.18 $ \r\n \r\n84,500.00 $ 308,739.60 $ 95,019.45 $ 992,804.23 \r\n \r\nLIABILITIES AND FUND BALANCES \r\n \r\nLiabilities Accounts Payable Student Deposits Deferred Revenue Tuition and Fees Due from Other Funds \r\n \r\n$ 188,381.70 \r\n336,509.84 $ \r\n \r\nTotal Liabilities \r\n \r\n$ 524,891.54 $ \r\n \r\nFund Balances Unrestricted \r\n \r\n-20,346.36 \r\n \r\n$ \r\n84,500.00 84,500,00 $ \r\n \r\n17,780,56 $ 2,781.58 \r\n \r\n2,298.42 $ 208,460,68 2,781.58 \r\n \r\n88,636.59 \r\n \r\n11,003,64 \r\n \r\n347,513.48 173,136.59 \r\n \r\n109,198.73 $ 13,302.06 $ 731,892.33 \r\n \r\n0,00 \r\n \r\n199,540.87 \r\n \r\n81,717.39 \r\n \r\n260,911,90 \r\n \r\nTotal Liabilities and Fund Balances \r\n \r\n$ 504,545,18 $ \r\n \r\n84,500.00 $ 308,739.60 $ 95,019.45 $ 992,804.23 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 22- \r\n \r\n FLOYD COLLEGE COMBINING STATEMENT OF CHANGES IN FUND BALANCES \r\nCURRENT FUNDS - UNRESTRICTED YEAR ENDED JUNE 30, 1997 \r\n \r\nEXHIBIT\"F\" \r\n \r\nFUND BALANCES JUNE 30,1997 \r\n \r\n$ \r\n \r\n-20,346,36 $ \r\n \r\n0.00 $ 199,540.87 $ 81,717.39 $ 260,911.90 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 23- \r\n \r\n THIS PAGE LEFT BLAHK \r\n \r\n FLOYD COLLEGE COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\nAND OTHER CHANGES UNRESTRICTED \r\nYEAR ENDED JUNE 30,1997 \r\n \r\nEXHIBIT\"G\" \r\n \r\nREVENUES \r\nState Appropriations Tuition and Fees Federal Grants and Contracts Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Other Sources \r\nTotal Revenues \r\nEXPENDITURES \r\nEducational and General Instruction Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships \r\nAuxiliary Enterprises Food Services Stores and Shops Other Service Units \r\nTotal Expenditures \r\nOTHER TRANSFERS AND ADDITIONS/ (DEDUCTIONS) \r\nTransfers for Renewals and Replacements Prior Period Adjustments (Net) Remittances to the Board of Regents \r\nof the University System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) \r\nTotal Other Transfers and Additions/(Deductions) \r\n \r\nRESIDENT \r\n \r\nLOTIERYFOR \r\n \r\nAUXILIARY \r\n \r\nINSTRUCTION EDUCATION ENTERPRISES \r\n \r\nSTUDENT ACTIVITIES \r\n \r\nTOTAL \r\n \r\n$ 8,831,633,00 $ 2,644,587.54 6,578.51 179,667.77 \r\n63,320.70 \r\n$ 11 ,725,787.52 $ \r\n \r\n193,000,00 $ \r\n193,000.00 $ \r\n \r\n$ \r\n360,285.08 169.56 \r\n \r\n$ 111,480.85 \r\n3,416.03 \r\n \r\n9,024,633.00 2,756,068.39 \r\n6,578.51 179,667.77 360,285.08 66,906.29 \r\n \r\n360,454.64 $ 114,896.88 $ 12,394,139.04 \r\n \r\n$ 6,025,035.40 928,283.01 $ 813,152.59 \r\n2,302,613.71 1,719,995.25 \r\n6,776.00 \r\n \r\n193,000.00 $ \r\n \r\n$ 11,795,855.96 $ 193,000.00 $ \r\n \r\n$ 6,025,035.40 \r\n \r\n1,121,283.01 \r\n \r\n$ 93,410.36 \r\n \r\n906,562.95 \r\n \r\n2,302,613.71 \r\n \r\n1,719,995.25 \r\n \r\n6,776.00 \r\n \r\n117,722.12 180,666.84 \r\n1,940.72 \r\n \r\n117,722.12 180,666.84 \r\n1,940.72 \r\n \r\n300,329.68 $ 93,410.36 $ 12,382,596.00 \r\n \r\n$ \r\n \r\n21,865.94 \r\n \r\n-5,420.96 $ \r\n \r\n$ \r\n \r\n16,444.98 $ \r\n \r\n$ -143,535.58 7,257.26 $ \r\n \r\n$ -143,535.58 \r\n \r\n53.78 \r\n \r\n29,176.98 \r\n \r\n-4.60 -4.60 $ -136,278.32 $ \r\n \r\n-5,425.56 53.78 $ -119,784.16 \r\n \r\nNet Increase/(Decrease) in Fund Balances \r\n \r\n$ -53,623.46 $ \r\n \r\n-4.60 $ \r\n \r\n-76,153.36 $ 21,540.30 $ -108,241.12 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 25- \r\n \r\n FLOYD COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \r\nRESIDENT INSTRUCTION YEAR ENDED JUNE 30. 1997 \r\n \r\nREVENUES \r\nState Appropriations Other Revenues Retained \r\n \r\nCURRENT FUNDS UNRESTRICTED RESTRICTED \r\n \r\nPLANT FUNDS RENEWALS AND \r\nUNEXPENDED REPLACEMENTS \r\n \r\n$ 8,831,633.00 \r\n \r\n$ 633,500.00 $ \r\n \r\n0.00 \r\n \r\n2,894,154.52 $ 2.543,549.11 \r\n \r\n10.323.04 \r\n \r\n$ 11,725,787.52 $ 2.543,549.11 $ 643,823.04 $ \r\n \r\n--..:..0..;:.,00\"- \r\n \r\nEXPENDITURES \r\nPersonal Services: Education, General and Departmental Services $ Sponsored Operations \r\nOperating Expenses: Education, General and Departmental Services Sponsored Operations \r\nCapital Outlay Special Funding Initiatives \r\n \r\n9,346,220.81 $ \r\n \r\n390,809.84 \r\n \r\n2,354,611.47 95,023.68 \r\n \r\n2,152,739.27 $ \r\n \r\n636,926.02 $ \r\n \r\n125,750.00 \r\n \r\n$ 11.795,855.96 $ 2,543,549.11 $ 636,926.02 $ \r\n \r\n1;...2\"'-'5,....;75;...0;....0..;..0 \r\n \r\nExcess of Revenues over Expenditures \r\n \r\n$ \r\n \r\n-70,068.44 $ \r\n \r\n0.00 $ \r\n \r\n6,897.02 $===-1;,;;2=:,5,,;.;75;;,;;;0,;,;;.0,;;;,,0 \r\n \r\n(1) To eliminate tuition waivers not budgeted and to reclassify current year transfers and prior year fund balances budgeted as revenues. \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 26- \r\n \r\n SCHEDULE \"1\" \r\n \r\nTOTAL \r\n \r\nADJUSTMENTS \r\n \r\nTOTAL \r\n \r\n(1) \r\n \r\n(Budget Basis) \r\n \r\nBUDGET \r\n \r\nVARIANCEFAVORABLE (UNFAVORABLE) \r\n \r\n$ 9,465,133.00 5.448,026.67 $ \r\n \r\n$ 9.465,133.00 $ 9,465,133.00 $ \r\n \r\n118,974.00 \r\n \r\n5,567,000.67 \r\n \r\n5,395,184.00 \r\n \r\n0.00 171,816.67 \r\n \r\n$ 14,913,159.67 $ \r\n \r\n118,974.00 $ 15,032,133.67 $ 14,860,317.00 $ _ _1;.,;.7.,;.:1,.;.,81,;.;6,;.;.6.:-,7 \r\n \r\n$ 9,346,220.81 $ 390,809.84 \r\n2,354,611.47 2,152,739.27 \r\n762,676.02 95,023.68 \r\n \r\n-6,776.00 $ 9,339,444.81 $ 9,234,678.00 $ \r\n \r\n390,809.84 \r\n \r\n346,205.00 \r\n \r\n2,354,611.47 2,152,739.27 \r\n762,676.02 95,023.68 \r\n \r\n2,623,972.00 1,868,538.00 \r\n691,524.00 95.400.00 \r\n \r\n-104,766.81 -44,604.84 \r\n269,360.53 -284,201.27 \r\n-71,152.02 376.32 \r\n \r\n$ 15,102,081.09 $ \r\n \r\n-6,776.00 $ 15,095,305.09 $ 14,860,317.00 $ \r\n \r\n-234,988.09 \r\n \r\n$ -188,921.42 $ \r\n \r\n125,750.00 $ -63,171.42 \r\n \r\n$ ==-6\"\"\"\"\",\"3,=17..1.=.4=2 \r\n \r\n- 27- \r\n \r\n THIS PAGE LEFT BLAHK \r\n \r\n FLOYD COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \r\nLOTIERY FOR EDUCATION YEAR ENDED JUNE 30,1997 \r\n \r\nSCHEDULE \"2\" \r\n \r\nEXPENDITURES \r\n \r\nEquipment, Technology and Construction \r\n \r\nTrust Fund \r\n \r\n$ \r\n \r\nSpecial Funding Initiatives \r\n \r\n169,000,00 24,000.00 $ \r\n \r\n$ 131,000.00 \r\n \r\n169,000,00 $ 169,000,00 $ \r\n \r\n155,000.00 \r\n \r\n155,000.00 \r\n \r\n$ \r\n \r\n193,000,00 $ 131,000,00 $ 324,000,00 $ 324,000.00 $ \r\n \r\nExcess of Revenues over Expenditures \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0,00 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n0.00 0.00 \r\n0.00 \r\n0.00 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information, \r\n- 29- \r\n \r\n FLOYD COLLEGE CHANGES IN INVESTMENT IN PLANT \r\nYEAR ENDED JUNE 30. 1997 \r\n \r\nLand Buildings Improvements Other Than Buildings Equipment Library Books and Collections \r\n \r\nBALANCE JULY1,1996 \r\n \r\nCURRENT FUNDS UNRESTRICTED \r\n \r\nPLANT UNEXPENDED \r\n \r\n$ 569,490.00 \r\n \r\n11,866,842.97 \r\n \r\n$ 407,775.38 \r\n \r\n940,426.37 \r\n \r\n244,151.62 \r\n \r\n3,501,901.38 $ \r\n \r\n308,061.56 \r\n \r\n69,734.28 \r\n \r\n1,533,972.73 \r\n \r\n85,613.58 \r\n \r\n$ 18,412,633.45 $ \r\n \r\n393,675.14 $===7:=21:::!::,6=6=1=.2=8 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 30- \r\n \r\n SCHEDULE \"3\" \r\n \r\nADDITIONS \r\nFUNDS RENEWALS AND REPLACEMENTS \r\n \r\nGEORGIA STATE FINANCING AND \r\nINVESTMENT COMMISSION \r\n \r\nPRIVATE GIFTS \r\n \r\nDEDUCTIONS DISPOSALS/ DELETIONS/ ADJUSTMENTS \r\n \r\nBALANCE JUNE 30,1997 \r\n \r\n$ 569,490.00 \r\n \r\n$ \r\n \r\n208,783.46 \r\n \r\n12,483,401.81 \r\n \r\n1,184,577.99 \r\n \r\n$ \r\n \r\n125,750.00 \r\n \r\n$ \r\n \r\n20,914.22 $ \r\n \r\n336,356.67 \r\n \r\n3,690,004.77 \r\n \r\n1,619,586.31 \r\n \r\n$ \r\n \r\n125,750.00 $ \r\n \r\n208,783.46 $ \r\n \r\n20,914.22 $ \r\n \r\n336,356.67 $ 19,547,060.88 \r\n \r\n- 31 - \r\n \r\n FLOYD COLLEGE SCHEDULE OF FUND BALANCES CURRENT FUNDS AND PLANT FUNDS \r\nJUNE 30, 1997 \r\n \r\nRESIDENT INSTRUCTION \r\n \r\nCURRENT FUNDS UNRESTRICTED LOTTERY FOR AUXILIARY EDUCATION ENTERPRISES \r\n \r\nSTUDENT ACTIVITIES \r\n \r\nNET INVESTMENT IN PLANT \r\n \r\nInvestment in Plant Facilities \r\n \r\nRESTRICTED \r\n \r\nDesignated for Subsequent Years' Expenditures \r\n \r\nUNRESTRICTED \r\n \r\nDesignated \r\n \r\nFor Bus Replacement Reserve \r\n \r\nFor Equipment, Technology and Construction Trust Fund \r\n \r\nFor Inventory Reserve \r\n \r\n$ \r\n \r\n19,000,00 \r\n \r\n$ 199,540,87 \r\n \r\nFor Prior Years' Local Fund \r\n \r\nFor Renewals and Replacements Reserve \r\n \r\nFor Subsequent Years' Expenditures \r\n \r\n$ \r\n \r\n81,717,39 \r\n \r\nFor Uncollectible Accounts \r\n \r\n2,856,14 \r\n \r\nSurplus/Deficit \r\n \r\nRegular \r\n \r\n-42,202.50 \r\n \r\nLottery for Education \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n$ -20,346.36 $ \r\n \r\n0.00 $ 199,540.87 $ \r\n \r\n81,717.39 \r\n \r\n$ -20,346.36 $ \r\n \r\n0.00 $ 199,540.87 $====8.1..,7. =1..7..;.,;;;,3.9... \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information, \r\n- 32- \r\n \r\n SCHEDULE \"410 \r\n \r\nRESTRICTED \r\n \r\nPLANT FUNDS \r\n \r\nUNEXPENDED \r\n \r\nLOTTERY FOR RENEWALS AND \r\n \r\nREGULAR \r\n \r\nEDUCATION REPLACEMENTS \r\n \r\nINVESTMENT IN PLANT \r\n \r\nTOTAL \r\n \r\n$ 19,547,060.88 $ 19,547,060.88 \r\n \r\n$ -64,303.09 \r\n \r\n$ -64,303.09 \r\n \r\n$ \r\n \r\n$ \r\n \r\n6,708.19 \r\n \r\n16,443.98 \r\n \r\n$ \r\n \r\n8,023.89 \r\n \r\n53,462.29 \r\n \r\n$ \r\n \r\n16,443.98 \r\n \r\n6,708.19 218,540.87 \r\n8,023.89 53,462.29 81,717.39 \r\n2,856.14 \r\n \r\n8,962.70 \r\n \r\n$ \r\n \r\n16,986.59 $ \r\n \r\n0.00 6,708.19 $ \r\n \r\n6;:.:9\"\",,9:;.;:0.;::;6.=27\"- \r\n \r\n-33,239.80 0.00 \r\n$ 354,512.95 \r\n \r\n$ -64,303.09 $ \r\n \r\n16,986.59 $ \r\n \r\n6,708.19 $ \r\n \r\n69,906.27 $ 19,547,060.88 $ 19,837,270.74 \r\n \r\n- 33- \r\n \r\n FLOYD COLLEGE RECONCILIATION OF SALARIES AND TRAVEL \r\nYEAR ENDED JUNE 30,1997 \r\n \r\nSCHEDULE \"5\" \r\n \r\nTotals per Annual Supplement \r\n \r\nAdjustments \r\n \r\nShared Services on Jointly Staffed Personnel \r\n \r\nGeorgia State University \r\n \r\nElifson, Joan M. \r\n \r\nOther \r\n \r\nJohnson, \r\n \r\nAlberta \r\n \r\nStarnes, \r\n \r\nJoAnne \r\n \r\nTotals per Repor;! \r\n \r\nSALARIES $ 7,759,347,67 $ \r\n \r\nTRAVEL 150,657.09 \r\n \r\n110,718.00 \r\n \r\n-1,400.00 -1,400.00 \r\n \r\n$ 7,870,065.67 $ 147,857.09 \r\n \r\nDISTRIBUTION BY FUND \r\nCURRENT FUNDS Unrestricted Resident Instruction Regular Special Funding Initiative Auxiliary Enterprises Student Activities Restricted Resident Instruction \r\n \r\n$ 7,335,372.81 $ 28,620.13 173,019.56 16,767.91 \r\n316,285.26 \r\n \r\n138,282.37 173.79 \r\n2,093.56 1,368.30 \r\n5,939.07 \r\n \r\n$ 7,870,065.67 $ 147,857.09 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 34- \r\n \r\n SECTION II AUDlTEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n FLOYD COLLEGE AUDITEE'S RESPONSE SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 1997 \r\n \r\nPRIOR YEAR FEDERAL AWARDS FINDINGS AND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\n573-96-01 573-96-02 \r\n \r\nPartially Resolved - See Corrective Action/Responses Previously Reported Corrective Action Implemented \r\n \r\nCORRECTIVE ACTIONIRESPONSES \r\n \r\nFEDERAL FINANCIAL REPORTS Incorrect Student Payment Summary Report Finding Control Number 573-96-01 \r\n \r\nThe Student Payment Summary for 1995-96 has been reviewed. A list of excess Pell Grant expenditures eligible for payment in the amount of $6,424.00 has been submitted to the U. S. Department of Education. An adjustment to the FY 1996 authorized amount has been requested. The College is presently awaiting a response from the Federal grantor agency regarding the authorization adjustment and the delivery of excess funds. \r\n \r\n SECTION ill CURRENT YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n FLOYD COLLEGE SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 1997 \r\nFINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\nCASH AND CASH EQUIVALENTS Inadequate Accounting Procedures Finding Control Number: FS-573-97-01 \r\nFor the year under review, the accounting procedures of the College were insufficient to provide for adequate control over the bank reconciliation process. The following deficiencies were noted: \r\n1) The monthly bank statements for the Floyd, Polk, Chattooga Medical Society Scholarship Fund bank account were not obtained by the College and thus the monthly interest earned was not recorded on the general ledger. \r\n2) The June 30, 1997 bank statement for the payroll account was not properly reconciled to the general ledger. \r\n3) The interest and the bank service charges disclosed through the bank reconciliation process for the payroll account were carried as reconciling items for extended periods of time. \r\nThese deficiencies were the result of management's failure to implement the proper internal control procedures over the cash and bank reconciliations which are necessary to adequately safeguard and report the cash and cash equivalents ofthe College. The College should establish appropriate internal controls to ensure that bank statements are obtained and reconciled with the accounting records monthly and that required adjustments are recorded in a timely manner. \r\nFUND EQUITIES Deficit Restricted Funds Finding Control Number: FS-573-97-02 \r\nAt June 30, 1997, the College had two Restricted Funds with deficit balances totaling $113,439.49 for which documentation of funds available to cover the deficits was not provided. Funds should not be expended in projects that do not have funds available. \r\nThese deficit balances are a result of management's failure to establish controls to ensure that grants are ,available and that reimbursement requests are made in a timely manner. The College should implement procedures to ensure that all grants are current, that funds are available to cover expenditures and that reimbursement requests are made in a timely manner. The College should review the individual Restricted Funds to determine if all available funding was requested, if the receipts were correctly posted to the funds, and if any other source of funding can be used to fund the deficits. \r\n- 1- \r\n \r\n FLOYD COLLEGE SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 1997 \r\n \r\nFINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nGENERAL LEDGER H.O.P.E. Program Reconciliation Report Not Reconciled to Accounting Records Finding Control Number: FS-573-97-03 \r\n \r\nFor the year under review, the College's H.O.P.E. Scholarship Program reconciliation report, which was provided to the Georgia Student Finance Commission, did not reconcile with the accounting records as indicated below: \r\n \r\nReport Item \r\n \r\nPer H.O.P.E. Reconciliation \r\n \r\nPer Accounting \r\nRecords \r\n \r\nDifference \r\n \r\nCash Disbursed to School \r\n \r\n$ 495.735.70 $ 476.705.05 \r\n \r\n$ 19.030.65 \r\n \r\nAmount Awarded to Students \r\n \r\n$ 560,135.19 $ 540.922.21 \r\n \r\n$ 19,212.98 \r\n \r\nThe differences occurred because management failed to reconcile accounting records to the H.O.P.E. Scholarship Program reconciliation report at year end. The College should establish procedures to ensure that the H.O.P.E. Scholarship Program reconciliation report is reconciled to the College's formal accounting records and that documentation is maintained supporting this reconciliation. The College should contact the Georgia Student Finance Commission to determine if any further action is warranted relative to the unidentified differences. \r\n \r\nGENERAL LEDGER Agency Fund Deficits and Lack of Purpose Statements . Finding Control Number: FS-573-97-04 \r\n \r\nAt June 30, 1997, the College had fifteen agency funds that had deficit balances totaling $7,202.09. In addition, the College failed to provide purpose statements for the individual agency funds. \r\n \r\nThese deficiencies were the result ofthe College's disbursing funds prior to or in excess ofthe receipt offunds and resulted from management's failure to establish agency funds in accordance with Board of Regents policies and procedures. The College should implement procedures to monitor and to establish the individual agency funds in a manner that complies with Board of Regents policies and to ensure that all funds are received prior to the disbursement. The College should seek reimbursement for the deficit balances from the organizations involved. \r\n \r\n-2- \r\n \r\n FLOYD COLLEGE SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 1997 FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS GENERAL LEDGER Balance Sheet Items Not Supported By Detail Listings Finding Control Number: FS-573-97-05 As of June 30, 1997, the College could not provide detail listings of accounts receivable, unearned revenue summer quarter fees, and student deposits. Detailed subsidiary records are necessary to support the amounts recorded on the accounting records and financial statements. This condition occurred because management could not produce the required reports from the new Banner Registration!Accounting System. The College should implement procedures to ensure that subsidiary records supporting accounts receivable, unearned revenue and student deposits are available upon request. \r\n-3- \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bf6-b1995-h96","title":"Review report, state of Georgia, Floyd College, Rome, Georgia, year ended June 30, 1996","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Floyd County, Rome, 34.25704, -85.16467"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["1995/1996"],"dcterms_description":["Year ended June 30, 2000-year ended June 30, 2005.","Title from cover.","Title fluctuates: Audits conducted \"in accordance with generally accepted auditing standards\" are issued as: Audit report; reviews that are \"substantially less in scope than an audit in accordance with generally accepted auditing standards\" are issued as: Review or Management report or Independent accountant's report on applying agreed-upon procedures"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Floyd College--Appropriations and expenditures","Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Review report, state of Georgia, Floyd College, Rome, Georgia, year ended June 30, 1996"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-bf6-b1995-h96"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bf6-b1995-h96"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"GrA \r\nr\\~OO \r\n, K\\ \r\nF\u0026 \r\n~ C\\qS ~C)0 \r\nREVIEW REPORT STATE OF GEORGIA \r\nFLOYD COLLEGE ROME, GEORGIA YEAR ENDED JUNE 30, 1996 \r\n \r\n FLOYD COLLEGE  TABLE OF CONTENTS \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT ACCOUNTANTS COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \r\n \r\nEXHIBITS \r\n \r\nFINANCIAL STATEMENTS \r\n \r\nA COMBINED BALANCE SHEET \r\n \r\nALL FUND GROUPS \r\n \r\n2 \r\n \r\nB COMBINED STATEMENT OF CHANGES IN FUND BALANCES \r\n \r\nALL FUND GROUPS \r\n \r\n4 \r\n \r\nC STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\n \r\nAND OTHER CHANGES \r\n \r\n6 \r\n \r\nD NOTES TO THE FINANCIAL STATEMENTS \r\n \r\n7 \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\nE COMBINING BALANCE SHEET \r\n \r\nCURRENT FUNDS  UNRESTRICTED \r\n \r\n20 \r\n \r\nF COMBINING STATEMENT OF CHANGES IN FUND BALANCES \r\n \r\nCURRENT FUNDS UNRESTRICTED \r\n \r\n21 \r\n \r\nG COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\n \r\nAND OTHER CHANGES \r\n \r\nUNRESTRICTED \r\n \r\n23 \r\n \r\nSCHEDULES \r\n \r\nSCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \r\n \r\n1 \r\n \r\nRESIDENT INSTRUCTION \r\n \r\n24 \r\n \r\n2 \r\n \r\nLOTTERY FOR EDUCATION \r\n \r\n26 \r\n \r\n3 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS \r\n \r\nAGENCY FUNDS \r\n \r\n27 \r\n \r\n4 CASH AND CASH EQUIVALENTS \r\n \r\n28 \r\n \r\n5 ACCOUNTS RECENABLE \r\n \r\n29 \r\n \r\n6 CHANGES IN INVESTMENT IN PLANT \r\n \r\n30 \r\n \r\n7 SCHEDULE OF FUND BALANCES \r\n \r\nCURRENT FUNDS AND PLANT FUNDS \r\n \r\n32 \r\n \r\n8 SCHEDULE OF REVENUES \r\n \r\nCURRENT FUNDS \r\n \r\n34 \r\n \r\nSCHEDULES OF EXPENDITURES BY OBJECT \r\n \r\n9 \r\n \r\nCURRENT FUNDS \r\n \r\n36 \r\n \r\n10 \r\n \r\nPLANT FUNDS \r\n \r\n38 \r\n \r\n FLOYD COLLEGE - TABLE OF CONTENTS - \r\nSECTIONll FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\n \r\n SECTION I FINANCIAL \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS \r\n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \r\nJanuary 17, 1997 \r\n \r\nHonorable Zell Miller, Governor Members ofthe General Assembly of Georgia Members ofthe Board ofRegents ofthe University System of Georgia \r\nand Honorable H. Lynn Cundiff, President Floyd College \r\nINDEPENDENT ACCOUNTANT'S C01\\ffiINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \r\nLadies and Gentlemen: \r\nWe have reviewed the accompanying financial statements (Exhibits A through D) ofFloyd College as of and for the year ended June 30, 1996, in accordance with Statements on Standards for Accounting and Review Setvices issued by the American Institute of Certified Public Accountants. All information included in these financial statements is the representation of the management ofFloyd College. \r\nA review consists principally of inquiries of College personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. \r\nBased on our review, with the exception of the matters described in the fourth and fifth paragraphs, we are not aware ofany material modifications that should be made to the accompanying financial statements in order for them to be in conformity with generally accepted accounting principles. \r\nAs disclosed in Note 1 to the financial statements, generally accepted accounting principles require encumbrances to be recorded as a reservation of fund balance. However, in accordance with Georgia Law and State budgetary policy, management recorded encumbrances as expenditures and liabilities. The effects ofthis departure from generally accepted accounting principles on the financial statements were not reasonably determinable. \r\n \r\n96ARL-67 \r\n \r\n As disclosed in Note 1 to the financial statements, the College did not report the liability and related expenditure for compensated absences in the current funds as required by generally accepted accounting principles. Ifcompensated absences were reported, liabilities would be increased and fund balance would be decreased by $387,716.90 as ofJune 30, 1996, and the net change in fund balance for the year ended June 30, 1996, would be increased by $3,991.25. \r\nOur review was made for the purpose ofexpressing limited assurance that there are no material modifications \r\nthat should be made to the financial statements in order for them to be in conformity with generally accepted accounting principles. The accompanying supplementary information (Exhibits E through G and Schedules 1 through 10) is presented only for supplementary analysis purposes. Such information has been subjected to the inquiries and analytical procedures applied in the review ofthe financial statements, and except for the effects of the matters discussed in the fourth and fifth paragraphs, we are not aw~e of any material modifications which should be made thereto. \r\nRespectfully submitted, \r\n \r\nCLV:cm 96ARL-67 \r\n \r\nClaude L. Vickers State Auditor \r\n \r\n FINANCIAL STATEMENTS - 1- \r\n \r\n FLOYD COLLEGE COMBINED BALANCE SHEET \r\nALL FUND GROUPS \r\nJUNE 30. 1996 \r\n \r\nASSETS \r\nCash and Cash Equivalents Accounts Receivable Inventories Prepaid Items Due from Other Fund Groups Investment in Plant \r\n \r\nCURRENT FUNDS UNRESTRICTED RESTRICTED \r\n \r\nENDOWMENT FUND \r\n \r\n$ \r\n \r\n197,863.51 $ \r\n \r\n29,744.36 $ \r\n \r\n20,000.00 \r\n \r\n45,634.48 \r\n \r\n609,852.19 \r\n \r\n286,681.31 \r\n \r\n3,009.00 \r\n \r\n609,852.19 \r\n \r\nTotal Assets \r\n \r\n$ 1,143,040.49 $ 639,596.55 $ =====2:=:!O,:=OO=0=.0:=0 \r\n \r\nLIABILITIES AND FUND BALANCES \r\nLiabilities Accounts Payable Student Deposits Deferred Revenue Tuition and Fees Deposits Held in Custody for Others Due to Other Fund Groups \r\nTotal Liabilities \r\nFund Balances Endowment Net Investment in Plant Restricted Unrestricted \r\nTotal Fund Balances \r\n \r\n$ \r\n \r\n394,101.99 \r\n \r\n1,687.98 \r\n \r\n378,097.50 \r\n \r\n$ 609,852.19 \r\n \r\n$ \r\n \r\n773,887.47 $ 609,852.19 \r\n \r\n$ \r\n \r\n20,000.00 \r\n \r\n$ \r\n \r\n29,744.36 \r\n \r\n$ \r\n \r\n369,153.02 \r\n \r\n$ \r\n \r\n369,153.02 $ \r\n \r\n29,744.36 $ \r\n \r\n20,000.00 \r\n \r\nTotal Liabilities and Fund Balances \r\n \r\n$ 1,143,040.49 $ 639,596.55 $ ======2:=0,=00=0=.0:=0 \r\n \r\nSee Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information. \r\nThe notes to the financial statements are an integral part of this statement. \r\n-2- \r\n \r\n UNEXPENDED \r\n \r\nPLANT FUNDS RENEWALS AND REPLACEMENTS \r\n \r\nINVESTMENT IN PLANT \r\n \r\nAGENCY FUNDS \r\n \r\nTOTAL (Memorandum \r\nOnly) \r\n \r\n$ 326,927.76 $ \r\n \r\n56,217.69 \r\n \r\n$ 114,444.53 $ 745,197.85 \r\n \r\n62,360.00 \r\n \r\n717,846.67 \r\n \r\n286,681.31 \r\n \r\n3,009.00 \r\n \r\n609,852.19 \r\n \r\n_ _ _ _ _ _ $ 18,412,633.45 \r\n \r\n18,412,633.45 \r\n \r\n$ 389,287.76 $ \r\n \r\n56,217.69 $ 18,412,633.45 $ 114,444.53 $ 20,775,220.47 \r\n \r\n$ 363,413.22 $ \r\n \r\n$ 363,413.22 $ \r\n \r\n$ \r\n \r\n25,874.54 $ \r\n \r\n$ \r\n \r\n25,874.54 $ \r\n \r\n$ 389,287.76 $ \r\n \r\n4,097.00 4,097.00 \r\n \r\n.$ \r\n \r\n42,164.23 $ 803,776.44 \r\n \r\n1,687.98 \r\n \r\n72,280.30 \r\n \r\n378,097.50 72,280.30 \r\n609,852.19 \r\n \r\n$ 114,444.53 $ 1,865,694.41 \r\n \r\n$ 18,412,633.45 52,120.69 52,120.69 $ 18,412,633.45 \r\n \r\n$ \r\n \r\n20,000.00 \r\n \r\n18,412,633.45 \r\n \r\n29,744.36 \r\n \r\n447,148.25 \r\n \r\n$ 18,909,526.06 \r\n \r\n56,217.69 $ 18,412,633.45 $ 114,444.53 $ 20,775,220.47 \r\n \r\n-3- \r\n \r\n FLOYD COLLEGE COMBINED STATEMENT OF CHANGES IN FUND BALANCES \r\nALL FUND GROUpS YEAR ENDED JUNE 30,1996 \r\n \r\nREVENUES AND OTHER ADDIT!ONS \r\nUnrestricted Current Fund Revenues State Appropriatlona \r\nLottery Proceeds Major RepairslBehabilitation Funds Federal Grants and Contracts State Grants and Contracts Local Grants and Contracts Private Gifts, Grants, and Contracts Investment Income Endowment Other Adjustments Prior Years' Expenditures/Accounts Payable Expended for Plant Facilities Current Funds Plant Funds \r\nUnexpended Renewals and Replacements Georgia State Financing and Investment Commission Other Additions \r\nProceeds from sale of Plant Assets \r\nTotal Revenues and Other Additions \r\nEXpEND'TURES AND OTHER DEDUCTIONS \r\nEducational and GeneraJ Expenditures Auxiliary Enterprises Expenditures Indirect Costs Recovered Remittances to the Board of Regents of the \r\nUniversity System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) \r\nAdjustments Prior Years' Revenues/Accounts Receivable \r\nExpended for Plant Facilities Capitalized Noncapitalized \r\nDisposalslDeletionslAdjustments \r\nTotal Expenditures and Other Deductions \r\nTRANSFERS BETWEEN FUNDS \r\nNonmandatory Renewals and Replacements \r\nNet Increasel(Decrease) for the Year \r\nFUND BALANCES JULY \" 1995 \r\n \r\nCURRENT FUNDS \r\n \r\nENDO~ENT \r\n \r\nUNRESTRICTED RESTRICTED \r\n \r\nFUND \r\n \r\n$ 11,648,684.60 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n$ 1,464,849.13 939,696.98 1,835,23 192,590.90 \r\n869.13 \r\n10,232.87 \r\n \r\n$ 11,658,917.47 $ 2,599,841,37 $ \r\n$ 11,383,729.74 $ 2,594,298.57 $ 251,767.14 5,040.60 \r\n45.10 1,052.05 \r\n \r\n. :::O,::'OO=. 0.00 \r\n \r\n$ 11,636,594,03 $ 2,599,339,17 $ \r\n \r\n.:;O:.:;'OO=., \r\n \r\n$ \r\n \r\n-54,356,69' \r\n \r\n$ \r\n \r\n-32,033,25 $ \r\n \r\n502.20 $ \r\n \r\n0.00 \r\n \r\n401,186,27 \r\n \r\n29,242,16 \r\n \r\n20,000,00 \r\n \r\nFUNP BALANCES JUNE 30, 1996 \r\n \r\n$ \r\n \r\nsee Independent Accountanfs Combined Report on Review of Financial Statements \r\nand Supplementary Information, \r\n \r\nThe notes to the financial statements are an integral part of this statement. -4- \r\n \r\n369,153,02 $ 29,744,36 $ 20,000,00 \r\n \r\n EXHIBIT-B- \r\n \r\nUNEXPENDED \r\n \r\nPLANT FUNDS RENEWALS AND REPLACEMENTS \r\n \r\nINVESTMENT IN PLANT \r\n \r\nTOTAL (Memorandum \r\nOnlv) \r\n \r\n$ $ 500,000.00 \r\n404,187.00 \r\n18,308.66 3.70 \r\n574.75 $ 923,074.11 $ \r\n \r\n0.00 \r\n \r\n$ 11,648,684.60 \r\n \r\n500,000.00 404,187.00 1,)4,849.13 939,696.98 \r\n1,835.23 192,590.90 \r\n \r\n869.13 18,308.66 \r\n \r\n10,236.57 \r\n \r\nS 589,510.28 \r\n \r\n589,510.28 \r\n \r\n829,565.28 50,970.70 66,360.00 \r\n \r\n829,565.28 50,970.70 66,360.00 \r\n \r\n574.75 \r\n \r\n0.00 $ 1,536,406.26 S 16,718,239.21 \r\n \r\nS 13,978,028.31 251,767.14 5,040.60 \r\n \r\n$ \r\n \r\n150.82 \r\n \r\n195.92 \r\n \r\n1,052.05 \r\n \r\n829,565.28 $ \r\n \r\n50,970.70 \r\n \r\n99,254.76 \r\n \r\n_ _ _ _ _ S_---.;;-:.2,=:068=.64~ \r\n \r\n880,535.98 99,254.76 -2,068.64 \r\n \r\n$ 928,970.86 $ \r\n \r\n50,970.70 $ \r\n \r\n-2,068.64 $ 15,213,806.12 \r\n \r\n$ \r\n \r\n$ \r\n \r\n-5,896.75 $ \r\n \r\n31,771.29 \r\n \r\n54,356.69 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n3,385.99 $ 1,538,474.90 $ 1,504,433.09 \r\n \r\n48,734.70 16,874,158.55 17,405,092.97 \r\n \r\n$ \r\n \r\n25,874.54 $ \r\n \r\n52,120.69 $ 18,412,633.45 $ 18,909,526.06 \r\n \r\n-5- \r\n \r\n FLOYD COLLEGE STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES. \r\nAND OTHER CHANGES YEAR ENDED JUNE 30. 1996 \r\n \r\nEXHIBIT\"C\" \r\n \r\nREVENUES \r\nState Appropriations Tuition and Fees Federal Grants and Contracts State Grants and Contracts Local Grants and Contracts Private Gifts, Grants, and Contracts Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Other Sources \r\nTotal Revenues \r\nEXPENDITURES \r\nEducational and General Instruction Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships \r\nAuxiliary Enterprises Food Services Stores and Shops Other Service Units \r\nTotal Expenditures \r\nOTHER TRANSFERS AND ADDITIONSICDEDUCTIONSl \r\nExcess of Restricted Receipts over Transfers to Revenues Transfers for Renewals and Replacements Prior Period Adjustments (Net) Remittances to the Board of Regents of the \r\nUniversity System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) \r\nTotal Other Transfers and Additions/(Deductions) \r\n \r\nUNRESTRICTED RESTRICTED \r\n \r\nTOTAL (Memorandum \r\nOnly) \r\n \r\n$ 8,236,731.00 \r\n \r\n$ 8,236,731.00 \r\n \r\n2,869,866.68 \r\n \r\n2,869,866.68 \r\n \r\n5,040.60 $ 1,461,929.61 1,466,970.21 \r\n \r\n929,716.87 \r\n \r\n929,716.87 \r\n \r\n17,169.67 \r\n \r\n17,169.67 \r\n \r\n185,482.42 \r\n \r\n185,482.42 \r\n \r\n28,522.30 \r\n \r\n28,522.30 \r\n \r\n251,611.23 \r\n \r\n251,611.23 \r\n \r\n256,912.79 \r\n \r\n256,912.79 \r\n \r\n$ 11,648,684.60 $ 2,594,298.57 $ 14,242,983.17 \r\n \r\n$ 5,622,108.54 $ 448,459.50 $ 6,070,568.04 \r\n \r\n773,663.67 \r\n \r\n773,663.67 \r\n \r\n1,091,090,20 \r\n \r\n1,091,090.20 \r\n \r\n2,260,634.22 \r\n \r\n94,419.08 2,355,053.30 \r\n \r\n1,572,179.11 \r\n \r\n1,572,179.11 \r\n \r\n64,054.00 2,051,419,99 2,115,473.99 \r\n \r\n68,781.21 170,445.12 \r\n12,540.81 \r\n \r\n68,781.21 170,445,12 12.540.81 \r\n \r\n$ 11,635,496.88 $ 2,594,298,57 $ 14,229,795:45 \r\n \r\n$ \r\n \r\n$ \r\n \r\n-54,356.69 \r\n \r\n9,180.82 \r\n \r\n-45.10 \r\n \r\n$ \r\n \r\n-45,220,97 $ \r\n \r\n502.20 $ \r\n \r\n502.20 -54,356.69 \r\n9,180,82 \r\n \r\n502,20 $ \r\n \r\n-45,10 -44,718.77 \r\n \r\nNet Increasel(Decrease) in Fund Balances \r\n \r\n$ \r\n \r\n-32,033,25 $ \r\n \r\n502.20 $ -31.531.05 \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\nThe notes to the financial statements are an integral part of this statement. \r\n-6- \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1996 \r\n \r\nEXlllBIT \"D\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nREPORTING ENTITY Floyd College is one ofthirty-four (34) State supported member institutions of higher education in Georgia which comprise the University System of Georgia, an organizational unit of the State of Georgia. The accompanying financial statements reflect the operations ofFloyd College as a separate reporting entity. \r\nThe Board ofRegents has constitutional authority to govern, control and manage the University System of Georgia. This authority includes but is not limited to the power to designate management, the ability to sfgnificantly influence operations, the authority to control institutions' budgets, the power to determine allotments of State funds to member institutions and the authority to prescribe accounting systems and administrative policies for member institutions. Floyd College does not have authority to retain unexpended State funds (surplus) for any given fiscal year. Accordingly, Floyd College is considered an organizational unit ofthe Board ofRegents ofthe University System of Georgia reporting entity for financial reporting purposes because ofthe significance ofits legal, operational, and financial relationships with the Board ofRegents as defined in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards. \r\nFUND ACCOUNTING In order to ensure observance oflimitations and restrictions placed on the use of the resources available to the College, the accounts ofthe College are maintained in accordance with the principles offund accounting. This is the procedure by which resources for various purposes are classified for accounting and reporting purposes into funds that are in accordance with activities or objectives specified. Separate accounts are maintained for each fund; however, in the accompanying financial statements, funds that have similar characteristics have been combined into fund groups. Accordingly, all financial transactions have been recorded and reported by fund group. \r\nWithin each fund group, the College's fund balance allocations and designations represent those portions of the fund balances that are reserved, restricted and/or designated for specific future use by legal covenants, State policies, or institutional policies. \r\nFund groups and funds presented in the accompanying financial statements are as follows: \r\nCURRENT FUNDS \r\nUNRESTRICTED - The fund used to account for those economic resources over which the College retains full control to use for purposes ofperfonning the primary functions ofthe College, e.g., instruction, public service, auxiliary enterprises, and student activities. \r\nRESTRICTED - The fund used to record externally restricted funds which may only be utilized in accordance with the purposes established by their source. Restricted current funds are recorded as revenues and expenditures when expended for current operating purposes. \r\n \r\n- 7- \r\n \r\n FLOYD COLLEGE \r\nNOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1996 \r\n \r\nEXHIBIT \"DH \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nFUND ACCOUNTING \r\nENDOWMENT FUND \r\nThe fund used to account for gifts to the Floyd, Polk, Chattooga Medical Society Scholarship Fund. This endowment fund is subject to the restrictions ofgift instruments requiring that the principal be invested in perpetuity and income only be utilized. \r\nPLANT FUNDS \r\nUNEXPENDED - The fund used to account for financial resources utilized to acquire or to construct physical properties for institutional purposes. \r\nRENEWALS AND REPLACEMENTS - The fund used to account for resources set aside for the renewal and replacement ofinstitutional properties. \r\nINVESTMENT IN PLANT - The fund which shows the total amounts representing the book value ofall physical properties owned by the College. Net Investment in Plant is an equity account showing the total book value ofphysical properties belonging to the College less the amount of any indebtedness to others. \r\nAGENCY FUNDS \r\nThe fund used to account for resources held by the College as custodian or fiscal agent for individual students, faculty, staffmembers, and organizations. \r\nBASIS OF ACCOUNTING Except as otherwise disclosed in these notes, the financial statements are prepared on the modified accrual basis ofaccounting, which is materially the same as the accrual basis of accounting applicable to colleges and universities prescribed in the American Institute ofCertified Public Accountants' audit guide reporting model. The modified accrual basis ofaccounting is defined as that method of accounting in which expenditures, other than accrued interest on general long-term debt, are recorded at the time liabilities are incurred and revenues are recorded when available and measurable to finance expenditures ofthe fiscal period. \r\n~ \r\nContractual obligations for goods and services which have not been received at the end ofthe fiscal year are recognized as expenditures and liabilities in the accompanying financial statements. This accounting practice causes expenditure-driven grant revenues to be accrued based, in part, on the unexecuted portion of contracts for goods and services. The recognition of encumbrances as expenditures and liabilities is in conformity with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but is not consistent with generally accepted accounting principles, which provide for the recording of encumbrances as a reservation offund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with generally accepted accounting principles. \r\n- 8- \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 1996 \r\n \r\nEXHIBIT \"0\" \r\n \r\nNOTE 1: SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF ACCOUNTING Compensated absences represent obligations of the College relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated annual leave in which payment is probable and can be reasonably estimated. The compensated absences liability of$387,716.90 and the related current year expenditure of$-3,991.25 have not been reported in the current funds as required by generally accepted accounting principles. \r\nPrior period adjustments and certain other items are reported as additions to and deductions from fund balances ofcurrent funds in the accompanying financial statements. This presentation is in accordance with accounting practices prescribed or permitted by statutes and regulations ofthe State of Georgia, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. The effect of this departure is deemed to be immaterial to the fair presentation of the financial statements. \r\nTo the extent that Current Funds and Plant Funds are used to finance plant assets, the amounts so provided are accounted for as expenditures. The balances shown on the Combined Balance Sheet as Net Investment in Plant reflect the accumulated expenditures made for plant facilities through Current Funds and Plant Funds and also include expenditures made for plant facilities expended by the Georgia State Financing and Investment Commission on behalf of the College. Donated fixed assets are recorded at fair market value on the date donated. Disposals are deleted at recorded values. No depreciation has been provided on physical plant and equipment. \r\nIt is the policy ofFloyd College to record assets acquired through capital leases as additions to Investment in Plant as payments are made by the College. The liability for such leases at fiscal year-end is not recorded on the Combined Balance Sheet. This presentation differs from generally accepted accounting principles in that the assets and the related liability resulting from capital leases should be recorded in Investment in Plant at the inception ofthe agreement at the net present value ofthe future minimum lease payments, not to exceed the fair value of the leased property. The effect of this departure is deemed to be immaterial to the fair presentation of the financial statements. \r\nThe Statement of Current Funds Revenues, Expenditures, and Other Changes is a statement of financial activities of current funds related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period as would a statement of income or a statement of revenues and expenses. \r\nBUDGET The Board of Regents of the University System of Georgia - Administrative Central Office receives State appropriation allotments for units ofthe University System of Georgia. The appropriated budget is adopted at the departmental level and represents appropriations provided by the Amended Appropriations Act of 19951996. The appropriated budget covers current funds and plant funds, except for Auxiliary Enterprises and Student Activities which are not subject to appropriation. The budget allocation and disbursement of these \r\n- 9- \r\n \r\n FLOYD COLLEGE . NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1996 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 1: SUM:MARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nBUDGET funds is made to the various organizational units by the Administrative Central Office. In addition, the organizational units receive Federal funds and other funds directly and include these funds in the budget filed with the Administrative Central Office. \r\n \r\nA comparison ofanticipated funds available and budgeted expenditures by budget unit object class indicates that the following object classes were overspent by the amounts identified below: \r\n \r\nResident Instruction Operating Expenses: Education, General and Departmental Services Sponsored Operations \r\nLottery For Education Equipment, Technology and Construction Trust Fund \r\n \r\n$ 230,609,33 $ 334082,98 \r\n$ 16888.39 \r\n \r\nThese overexpenditures of budget constitute a violation of Board of Regents policy, but do not constitute statutory violations of budget authority. Statutory violations of budget authority are reported at the departmental level. \r\n \r\nCASH AND CASH EQUIVALENTS Cash and Cash Equivalents consist of petty cash, demand deposits, certificates of deposit and temporary investments in authorized financial institutions. \r\n \r\nACCOUNTS RECEIVABLE Accounts receivable consist of allotments due from the Board of Regents of the University System of Georgia - Administrative Central Office, reimbursements due from Federal, State, local, and private grants and contracts, and other receivables disclosed from information available. \r\n \r\nINVENTORIES Inventories of consumable supplies are recorded on the consumption method and are valued at cost on the Combined Balance Sheet using the first-in, first-out method. \r\n \r\nInventories ofgoods for resale are valued at cost using the weighted average method. \r\n \r\nMEMORANDUM ONLY - TOTAL COLUMNS The total columns on the financial statements are captioned \"Memorandum Only\" because they do not represent consolidated financial information and are presented only to facilitate financial analysis. The columns do not present information that reflects financial position or changes in financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation ofthis data. \r\n \r\n- 10 - \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 1996 \r\n \r\nEXHIBIT \"0\" \r\n \r\nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS \r\nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the State ofGeorgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral anyone or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50~17-59: \r\n(1) Bonds, bills, certificates ofindebtedness, notes, or other direct obligations of the United States or ofthe State of Georgia. \r\n(2) Bonds, bills, certificates ofindebtedness, notes, or other obligations ofthe counties or municipalities ofthe State of Georgia. \r\n(3) Bonds ofany public authority created by the laws ofthe State ofGeorgia, providing that the statute that created the authority authorized the use ofthe bonds for this purpose. \r\n(4) Industrial revenue bonds and bonds of development authorities created by the laws ofthe State of Georgia. \r\n(5) Bonds, bills, certificates ofindebtedness, notes, or other obligations ofa subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest, or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\n(6) Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation. \r\nAs authorized in the Official Code of Georgia Annotated Section 50-17-53, the State Depository Board has adopted policies which allow agencies of the State of Georgia (which includes organizational units of the Board ofRegents of the University System of Georgia) the option of exempting demand deposits from the collateral requirements. \r\nThe treasurer ofthe Board ofRegents is responsible for all details relative to furnishing the required depository protection for all units of the University System of Georgia. \r\nCATEGORIZATION OF DEPOSITS For purposes of analysis of custodial credit risk, cash deposits consist of all bank balances which include demand deposits and/or interest bearing accounts. The bank balances as ofJune 30, 1996, are categorized below in order to provide information about the extent to which such deposits are exposed to custodial credit risk: \r\n \r\n- 11 - \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nWNE30.1996 \r\n \r\nEXIDBIT \"0\" \r\n \r\nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS \r\n \r\nCATEGORIZATION OF DEPOSiTS Category 1 - Amounts covered by depository insurance or collateralized with securities (at market value) held by the College or by its agent in the College's name. \r\n \r\nCategory 2 - Amounts collateralized with securities (at market value) held by the pledging financial institution's trust department or agent in the College's name. \r\n \r\nCategory 3 - Amounts collateralized with securities (at market value) held by the pledging financial institution, or by its trust department or agent but not in the College's name, and amounts uncollateralized. \r\n \r\nCash Deposits \r\n \r\nCarrying Amount \r\n \r\nBank Balances \r\n \r\nRisk Categories \r\n \r\n2 \r\n \r\n3 \r\n \r\n$ 73992285 $ 1 14690594 $ 123476.50 $==~OQQ~ $ 1 02342944 \r\n \r\nNOTE 3: INVESTMENT IN PLANT \r\n \r\nThe following is a summary ofInvestment in Plant fixed assets as ofJune 30, 1996: \r\n \r\nLand \r\nBuildings Impfovements Other Than Buildings Egulpment Library Books .and Collections \r\nTotal Investment in Plant \r\n \r\n$ 569,490.00 11,866,842.97 940,426.37 3,501,901.38 1.533,972.73 \r\n$18.412.633.45 \r\n \r\nNOTE 4: OPERATING LEASES \r\n \r\nFloyd College has entered into certain agreements to lease equipment which are classified as operating leases (leases on assets not recorded on the balance sheet). These leases generally contain provisions that, at the expiration date ofthe original term ofthe lease, the College has the option of renewing the lease on a year-toyear basis. Future minimum lease payments for operating leases as of June 30, 1996, are listed below. Amounts are included only for multi-year leases and for cancellable leases for which an option to renew for the subsequent fiscal year has been exercised. \r\n \r\nFiscal Year Ending June 30 \r\n1997 \r\n \r\n$ 37.75000 \r\n \r\nExpenditures for rental of buildings and equipment under operating leases for the year ended June 30, 1996, totaled $32,040.00. \r\n \r\n- 12 - \r\n \r\n FLOYD COLLEGE \r\nNOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 1996 \r\n \r\nEXIllBIT \"D\" \r\n \r\nNOTES: RISKMANAGEMENT \r\nFloyd College is a participant in the Board ofRegents ofthe University System of Georgia Health Benefits Plan, which is a self-insurance program of health and dental benefits for employees and retirees of the University System of Georgia. The College and participating employees and retirees pay premiums to the Health Benefits Plan for this health insurance coverage. The Health Benefits Plan is included in the audit report ofthe Board ofRegents ofthe University System of Georgia - Administrative Central Office. All units ofthe University System of Georgia share the risk ofloss for claims ofthe Health Benefits Plan. The Health Benefits Plan is considered a self-sustaining risk fund that provides health coverage for its members up to a maximum lifetime benefit of $1,000,000.00 per person and dental coverage up to an annual maximum of $1,000.00 per person. The Board of Regents has contracted with Blue Cross Blue Shield of Georgia to process claims in accordance with the Health Benefits Plan as established by the Board ofRegents. \r\nThe Department ofAdministrative Services (DOAS) has the responsibility for the State of Georgia of making and carrying out decisions that will minimize the adverse effects of accidental losses that involve State government assets. The State believes it is more economical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS processes claims for risk of loss to which the State is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemnification. Limited amounts of commercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other risks. The College, as an organizational unit of the Board of Regents of the University System of Georgia, is part of the State of Georgia reporting entity, and as such, is covered by the State of Georgia risk management program administered by DOAS. Premiums for the risk management program are charged to the various state organizations by DOAS to provide claims servicing and claims payment. \r\nA self-insured program of professional liability for its employees was established by the Board ofRegents of the University System ofGeorgia under powers authorized by the Official Code of Georgia Annotated Section 45-9-1. The program insures the employees to the extent that they are not immune from liability against personal liability for damages arising out ofthe perfonnance oftheir duties or in any way connected therewith. The program is administered by DOAS as a Self-Insurance Fund. \r\nNOTE 6: DEFERRED COMPENSATION PLAN \r\nThe State ofGeorgia offers its employees a deferred compensation plan in accordance with Internal Revenue Code Section 457. The plan, available to employees of the State of Georgia and county health departments, permits such employees to defer a portion oftheir salary until future years. Participation in the plan is optional. Participants choose the option or options in which they wish to participate. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights of the State of Georgia subject only to the claims of the State's general creditors. Participants' rights under the plan are equal to those of a general creditor of the State of \r\n \r\n- 13 - \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1996 \r\n \r\nEXHIBIT \"0\" \r\n \r\nNOTE 6: DEFERRED COMPENSATION PLAN \r\nGeorgia in an amount equal to the fair market value ofthe deferred account for each participant. Financial information relative to the plan will be presented in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1996. \r\nNOTE 7: RETIREMENT PLANS \r\n~CHERS RETIREMENT SYSTEM OF GEORGIA \r\nPlan Description Floyd College participates in the Teachers Retirement System of Georgia (TRS), a cost-sharing multipleemployer public employee retirement system (PERS) established by the General Assembly of Georgia for the purpose of providing retirement allowances and other benefits for teachers of the State of Georgia. The College's payroll for the year ended June 30, 1996, for employees covered by TRS was $5,129,878.95. The College's total payroll for all employees was $7,287,065.17. \r\nBenefits TRS provides service retirement, disability retirement, and survivor's benefits for its members. A member is eligible for service retirement after the member (1) has attained the age of 60 years and has at least ten years ofcreditable service, (2) has at least 30 years of creditable service, regardless of age, or (3) has attained the age of55 years and has at least 25 years ofcreditable service. For those members with 30 years of service or those age 60 with at least ten years of service, retirement benefits are equal to 2% of the average of the member's two consecutive highest paid years ofservice multiplied by the number ofyears of creditable service up to 40 years. Any member who has between 25 and 30 years ofcreditable service and is at least 55 years ofage shall receive a benefit which is reduced by the lessor ofl/12 of7% for each month the member is below age 60, or by ?O/c for each year or fraction thereofby which the member has less than 30 years of service. The nonnaI retirement pension is payable monthly for life. Options are available for distribution ofthe member's monthly pension at a reduced rate to a designated beneficiary on the member's death. \r\nRetirement benefits also include death and disability benefits whereby the disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The benefit is based on member's creditable service (minimum of 10 years of service) and compensation up to the date ofdeath or up to the time of disability. \r\nMembers become fully vested after ten years of service. Ifa member terminates with less than ten years of service, no vesting ofemployer contributions occurs, but the member's contributions are refunded with interest. \r\nContributions Required and Contributions Made rEmployees of the College who are covered by TRS are required to pay 5% oftheir gross earnings to TRS. The College makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees as advised by their independent actuary. For fiscal year 1996, the employer contribution rate was 11.81% for \r\n \r\n- 14 - \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1996 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 7: RETIREMENT PLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nContributions Required and Contributions Made covered employees. In addition, the College contributed 5.60% to the TRS on behalf of employees electing to participate in the Regents Retirement Plan. The interest rate assumption (rate of return on investments) was 7.5001'0. \r\n \r\nTotal contributions to the plan made during fiscal year 1996 amounted to $913,702.38, of which $657,207.30 was made by the College and $256,495.08 was made by employees. These contributions represented 12.81% (College) and 5% (employees) of covered payroll. \r\n \r\nFunding Status and Progress Pension Benefit Obligation \r\nThe amount of the total pension benefit obligation is based on a standardized measurement established by Statement No.5 of the Governmental Accounting Standards Board (GASB) that is required to be used for reporting purposes. The standardized measurement is the actuarial present value ofcredited projected benefits. This pension valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date and is adjusted for the effects of projected salary increases and any step-rate benefits. A standardized measure of the pension benefit obligation was adopted by the GASB to enable readers ofthe PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among similar PERS. \r\n \r\nThe total unfunded pension benefit obligation of TRS as ofJune 30, 1995, which was the latest information available, was as follows: \r\n \r\nTotal pension benefit obligation \r\n \r\n$ 17,442,607,000.00 \r\n \r\nNet assets available for benefits, at cost \r\n \r\n15,857,066,000.00 \r\n \r\nUnfunded pension benefit obligation \r\n \r\n$ 1.585,541 000.00 \r\n \r\nThe measurement ofthe total pension benefit obligation is based on an actuarial valuation as ofJune 30, 1995. Net assets available for benefits were valued as ofthe same date. TRS does not make separate measurements ofassets and pension benefit obligation for individual employers. \r\n \r\nRetirement System Contributions Total contributions from all employers to TRS for the year ended June 30, 1996, were $607,274,559.00. The College's contribution for the year ended June 30, 1996, of $657,207.30 was actuarially determined and represented .1082% of total contributions made by all participating employers. \r\n \r\n- 15 - \r\n \r\n FLOYD COLLEGE \r\nNOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 1996 \r\n \r\nEXIflBIT \"D\" \r\n \r\nNOTE 7: RETIREMENT PLANS \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA \r\nTrend Information Historical trend information is presented in the TR.S Iune 30, 1996, financial report. This information gives an indication ofthe progress made in accumulating sufficient assets to pay benefits when due. \r\nREGENTS RETIREMENT PLAN \r\nThe State of Georgia provides optional pension benefits for eligible faculty and principaladrninistrators through a defined contribution plan. In a defined contribution plan, benefits depend solely on amounts contributed to the plan plus investment earnings. \r\nState legislation requires that the employer contribute 4% and the employee contribute 5% ofthe participating employee's earnable compensation. Amounts attributable to all plan contributions are fully vested and nonforfeitable at all times. The College's payroll for employees covered by the Regents Retirement Plan for the year ended Iune 30, 1996, was $1,054,807.74. The College's total payroll for all employees was $7,287,065.17. \r\nThe College and the covered employees made the required contributions ofS42,192.55 (4%) and $52,740.39 (5%), respectively. \r\nGEORGIADE~DCONTmrnUTIONPLAN \r\nPlan Description Floyd 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 part-time and are not members of a public retirement or pension system. GDCP is administered by the Board of Trustees of the Employees' Retirement System ofGeorgia. The College's payroll for the year ended June 30, 1996, for employees covered by GDCP was $500,404.12. The College's total payroll for all employees was $7,287,065.17. \r\nBenefits A member may retire and elect to receive periodic payments after attainment ofage 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board of Trustees. If a member has less than $ 3;500.00 credited to hislher account, the Board ofTrustees has the option of requiring a lump sum distribution to the member in lieu ofmaking periodic payments. Upon the death ofa member, a lump sum distribution equaling the amount credited to hislher account will be paid to the member's designated beneficiary. \r\n \r\n- 16 - \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 1996 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 7: RETIREMENT PLANS \r\n \r\nGEORGIA DEFINED CONTRIBUTION PLAN \r\n \r\nContributions and Vesting \r\n \r\nMember contributions are seven and one-half percent (7.5%) of gross salary. There are no employer \r\n \r\ncontributions. Earnings are credited to each member's account in a manner established by the Board of \r\n \r\nTrustees. Upon termination of employment, the amount ofthe member's account is refundable upon request \r\n \r\nby the member. \r\n \r\n' \r\n \r\nTotal contributions made by employees during fiscal year 1996 amounted to $37,530.54 which represents 7.5% of covered payroll. These contributions met the requirements of the plan. \r\n \r\nNOTE 8: LEAVE POLICIES \r\n \r\nEmployees earn annual leave ranging from one and one-quarter days to one and three-quarter days each month depending upon the employees' length ofcontinuous State service with maximum accumulation offorty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1- Basis of Accounting (Compensated Absences) \r\n \r\nEmployees earn one day of sick leave each month with no maximum accumulation established. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or termination of employment. \r\n \r\nNOTE 9: CONTINGENCIES \r\n \r\nAmounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. This could result in refunds to the grantor agency for any expenditures which are disallowed under grant terms. The amount of expenditures which may be disallowed by the grantor cannot be determined at this time although the College expects such amounts, if any, to be immaterial to its overall financial position. \r\n \r\nLitigation, claims and assessments filed against Floyd College (as an organizational unit of the Board of Regents ofthe University System of Georgia), ifany, are generally considered to be actions against the State ofGeorgia. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State ofGeorgia Comprehensive Annual Financial R~ort for the fiscal year ended June 30, 1996. \r\n \r\nNOTE 10: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS \r\n \r\nPursuant to the general powers conferred by the Official Code of Georgia Annotated Section 20-3-31, the Board ofRegents ofthe University System ofGeorgia has established group health and life insurance programs for employees of the University System of Georgia. It is the policy of the Board of Regents to permit employees ofthe University System ofGeorgia eligible for retirement or that become permanently and totally \r\n \r\n- 17 - \r\n \r\n FLOYD COLLEGE \r\nNOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 1996 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 10: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS \r\n \r\ndisabled to continue as members ofthe group health and.life insurance programs. Employees who are eligible for retirement or disability under the criteria established by the Teachers Retirement System ofGeorgia and who have at least ten years of service with the University System of Georgia are eligible for ihese postemployment health and life insurance benefits. Organizational units of the Board of Regents of the University System of-Georgia pay the employer portion for group insurance for affected individuals. \r\n \r\nAs of June 30, 1996, there were 25 employees who had retired or were disabled that were. receiving these postemployment health and life insurance benefits. For the year ended June 30, 1996, Floyd College recognized as incurred $39,436.25 ofexpenditures, which was net of$12,564.91 of participant contributions. \r\n \r\nNOTE 11: BONDING INFORMATION \r\n \r\nThe President and all employees ofFloyd College are bonded under a Public Employees Blanket Bond written by the Employers Insurance ofWausau, their Bond No. 1450-02-110723, on which the premium was paid to October 1, 1996. Under this agreement, the public employee dishonesty coverage insures Floyd College to a maximum of $1,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. The faithful performance of duty coverage insures the College to a maximum of $1,000,000.00 against loss .. sustained from failure ofits employees to perform faithfully their duties or to account properly for all monies and property received by virtue oftheir position or employment. \r\n \r\nAll employees ofFloyd College are also bonded under Commercial Crime Policies written by the United States Fire Insurance Company, their Policy Nos. 626011675 2 and 626 012294 4, on which the premiums were paid to October 1, 1996. Under these additional public employee dishonesty coverages, the policies insure the . College to a maximum of $9,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees and from failure ofits employees to perform faithfully. \r\n \r\nNOTE 12: ENROLLMENT \r\n \r\nThe equivalent full-time student enrollment ofFloyd College was as follows: \r\n \r\nRegular Term Fall Quarter, 1995 Winter Quarter, 1996 Spring Quarter, 1996 \r\n \r\n2,409 2,354 2,186 \r\n \r\nAverage \r\n \r\nSummer School, 1995 \r\n \r\n- 18 - \r\n \r\n SUPPLEMENTARY INFORMAnON - 19 - \r\n \r\n FLOYD COLLEGE COMBINING BALANCE SHEET CURRENT FUNDS UNRESTRICTED \r\nJUNE 30, 1996 \r\n \r\nEXHIBIT -E\" \r\n \r\nASSETS \r\ncash lind Cah EquiwIIenls Accounts Receivable Inventories \r\nP~1tem8 \r\nDue from other FlRt Groups \r\n \r\nRESIDENT LOTTERY FOR AUXILIARY \r\n \r\nSTUDENT \r\n \r\nINSTRUCTION EDUCATION ENTERPRISES ACTIVITIES \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n78.586.05 $ \r\n \r\n42,825.19 \r\n \r\n25,037.10 \r\n \r\n3,009.00 \r\n \r\n609,852,19 \r\n \r\n526.39 $ \r\n \r\n39,863.79 $ 2,135.14 261.644.21 \r\n \r\n78,887.28 $ 674.15 \r\n \r\n197,863.51 45,634.48 286,681.31 \r\n3,009.00 609,852.19 \r\n \r\nTcUlAs8ets \r\n \r\n$ 759,309.53 $ \r\n \r\n526.39 $ 303,643.14 $ 79,561.43 $ 1,143,040,49 \r\n \r\nLIABILITIES AND FUND BALANCES \r\n \r\nLlabiIItIes \r\n \r\nAccounts Payable \r\n \r\n$ \r\n \r\nStudent 0ep0sIls \r\n \r\nDeferred Revenue \r\n \r\nTuition lind Fees \r\n \r\nTctaI liabilities \r\n \r\n$ \r\n \r\nFund Bal8nces Unrestricted \r\n \r\n366,915.43 $ 359,117.00 726,032,43 $ 33,277.10 \r\n \r\n521.79 $ 521.79 $ \r\n \r\n26,260.93 $ 1,687.98 \r\n \r\n403.84 $ 394,101.99 1,687.98 \r\n \r\n18,980,50 \r\n \r\n378,rS7,5O \r\n \r\n27,948.91 $ 19,384.34 $ 773,887,47 \r\n \r\n4,60 \r\n \r\n275,694,23 \r\n \r\n6O,1n,og \r\n \r\n369,153,02 \r\n \r\nTotal Uabilities and Fund Balances \r\n \r\n$ 759,309,53 $ \r\n \r\n526.39 $ 303,643,14 $ 79,561,43 $ 1,143,040,49 \r\n \r\nsee accompanying notes and Independent Accountanrs Combined Report \r\non Review of Financial Statements and Supplementary Information, \r\n-20- \r\n \r\n FLOVP COLLEGE COMBINING STATEMENT OF CHANGES IN FUND BALANCES \r\nCURRENT FUNDS - UNRESTRICTED YEAR ENDED JUNE 30. 1996 \r\n \r\nEXHIBIT -P \r\n \r\nFUND BALANCES JUNE 30. 1996 \r\n \r\n$ \r\n \r\n33,277.10 $ \r\n \r\n4.60 $ \r\n \r\n369,153.02 \r\n \r\nsee accompanying notes and Independent Accountanrs Combined Report on ~eview of Financial Statements and Supplementary Information. \r\n- 21 - \r\n \r\n ~\\Qv\\\\C \r\n~1 22...- \r\n \r\n FLOYD COLLEGE COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\nAND OTHER CHANGES UNRESTRICTED \r\nYEAR ENDED JUNE 30. 1996 \r\n \r\nEXHIBIT -tr \r\n \r\nsee accompanying notes and Independent Accountant's Combined Report \r\non Review of Financial Statements and Supplementary Information. \r\n-23- \r\n \r\n FLOYD COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \r\nRESIDENT INSTRUCTION YEAR ENDED JUNE 30. 1996 \r\n \r\nREVENUES \r\nState Appropriations Other Revenues Retained \r\n \r\nCURRENT FUNDS UNRESTRICTED RESTRICTED \r\n \r\nPLANT FUNDS RENEWALS AND \r\nUNEXPENDED REPLACEMENTS \r\n \r\n$ 8,113,760.00 \r\n \r\n$ 404,187.00 $ \r\n \r\n0.00 \r\n \r\n3.048,002.34 $ 2.594,298.57 \r\n \r\n18,883.41 \r\n \r\n$ 11,161,762.34 $ 2,594,298.57 $ 423,070.41 $ \r\n \r\n----'0;,;,;.00;,;.. \r\n \r\nEXPENDITURES \r\nPersonal Services: Education, General and Departmental Services $ Sponsored Operations \r\nOperating Expenses: Education, General and Departmental Services Sponsored Operations \r\nCapital Outlay Special Funding Initiatives \r\n \r\n8,655,361.34 $ \r\n \r\n337,634.59 \r\n \r\n2,398,019.33 108,409.00 \r\n \r\n2,256,663.98 $ \r\n \r\n411,931.65 $ \r\n \r\n$ 11,161,789.67 $ 2,594,298.57 $ 411,931.65 $ \r\n \r\nExcess of Revenues over Expenditures \r\n \r\n$ \r\n \r\n-27.33 $ \r\n \r\n0.00 $ \r\n \r\n11,138.76 $ \r\n \r\n50,970.70 ,.;;,50,;;.:,_97_0_,7_0 -.-5.0.,.9-.1.'0..7..0.. \r\n \r\n(1) To eliminate tuition waivers not budgeted and to reclassify prior year fund balances budgeted as revenues. \r\n \r\nSee accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information.- \r\n-24 \r\n \r\n TOTAL \r\n \r\nADJUSTMENTS \r\n \r\nTOTAL \r\n \r\n(1) \r\n \r\n(Budget Basis) \r\n \r\nBUDGET \r\n \r\nVARIANCEFAVORABLE (UNFAVORABLE) \r\n \r\n$ 8,517,947.00 \r\n \r\n$ 8,517,947.00 $ 8,517,947.00 $ \r\n \r\n5,661,184.32 $ _ _-..:.;13:;,L,083=;.;;;.30=.. 5,648,101.02 5,371,128.00 \r\n \r\n0.00 276,973.02 \r\n \r\n$ 14,179,131.32 $ \r\n \r\n-13,083.30 $ 14,166,048.02 $ 13,889,075.00 $ _ _.;;;\"2.1..;6;.:.;,9;.;.73\":';';.;;;02;;. \r\n \r\n$ 8,655,361.34 337,634.59 \r\n2,398,019.33 $ 2,256,663.98 \r\n462,902.35 108,409.00 \r\n \r\n$ 8,655,361.34 $ 8,857,203.00 $ \r\n \r\n337,634.59 \r\n \r\n345,283.00 \r\n \r\n-64,054.00 \r\n \r\n2,333,965.33 2,256,663.98 \r\n462,902.35 108.409.00 \r\n \r\n2,103,356.00 1,922,581.00 \r\n552,243.00 108,409.00 \r\n \r\n201,841.66 7,648.41 \r\n-230,609.33 -334,082.98 \r\n89,340.65 0.00 \r\n \r\n$ 14,218,990.59 $ \r\n \r\n-64,054.00 $ 14,154,936.59 $ 13,889,075.00 $_.......;.265;;.;;....;;.:..:.;86\"\"\"'1.;.;;.59~ \r\n \r\n$ -39,859.27 $ \r\n \r\n50,970.70 $ _ ....1.,.;,01,.11,;,,;1..4.3-. \r\n \r\n$ \r\n \r\n1.1,.11.;,,;1,;,,;.43,. \r\n \r\n-25- \r\n \r\n FLOYD COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \r\nunaERYFOREDUCADON YEAR ENDED JUNE 30. 1996 \r\n \r\nSCHEDULE \"'Z' \r\n \r\nSee accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information. \r\n-26- \r\n \r\n FLQYD COLLEGE \r\nSCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS \r\nAGENCY FUNDS \r\nYEAR ENDED JUNE 30, 1998 \r\n \r\nSCHEDULE \"3\" \r\n \r\n$ \r\nSee IICCClI'npIInying notes and Independent Accountant's Combined Report on Review d Fmancial Statements and Supplementary Information. \r\n \r\n87,555.98 $ 4,724,932.17 $ \r\n \r\n-27 - \r\n \r\n4,698,043.62 $ 114,444.53 \r\n \r\n FLOYD COLLEGE CASH AND CASH EQUIVALENTS \r\nJUNE 30, 1996 \r\n \r\nSCHEDULE -4- \r\n \r\nINTEREST BEARING ACCOUNTS \r\nE'ust Union National Bank, Rome, Georgia \r\nCertificate of Deposit (4,88%) Insured Money Market Account (2,47%) \r\nSunTrust Bank of Northwest Georgia, Rome, Georgia \r\nN,O,W, Accounts (2,1%) \r\nOTHER \r\nCashon Hand PetlyCash \r\n \r\n$ \r\n \r\n20,000,00 \r\n \r\n3,299,70 $ \r\n \r\n23,299.70 \r\n \r\n716,623,15 $ 739,922,85 \r\n \r\n5,275.00 $ 745,197.85 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n-28 - \r\n \r\n FLOYD COLLEGE ACCOUNTS RECEIVABLE \r\n,JUNE 30. 1996 \r\n \r\nSCHEDULE \"5\" \r\n \r\nCURRENT FUNDS \r\n \r\nPLANT FUNDS \r\n \r\nUNRESTRICTED RESTRICTED UNEXPENDED \r\n \r\nState Appropriations Allotment from the Board of Regents of the University System of Georgia \r\n \r\n$ \r\n \r\n50,000.00 $ \r\n \r\nFederal Grants and Contracts Research and Instruction student Aid \r\n \r\n$ \r\n \r\n91,766.26 \r\n \r\n116,394.30 \r\n \r\nState Grants and Contracts Research and Instruction student Aid \r\n \r\n135,594.76 243,562.29 \r\n \r\nLocal Grants and Contracts Student Aid \r\n \r\n1,820.58 \r\n \r\nPrivate Gifts, Grants, and Contracts Research and Instruction student Aid \r\n \r\n2,772.70 17,941.30 \r\n \r\nother \r\n \r\nGeorgia State Financing and Investment \r\n \r\nCommission \r\n \r\nReturned Checks \r\n \r\n$ \r\n \r\nStudent Accounts \r\n \r\nother \r\n \r\n11,063.10 28,861.41 \r\n5,709.97 \r\n \r\n12,360.00 \r\n \r\nTOTAL \r\n50,000.00 \r\n91,766.26 116,394.30 \r\n135,594.76 243,562.29 \r\n1,820.58 \r\n2,772.70 17,941.30 \r\n12,360.00 11,063.10 28,861.41 \r\n5,709.97 \r\n \r\n$ \r\n \r\n45,634.48 $ 609,852.19 $ \r\n \r\n62,360.00 $ 717,846.67 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n-29 - \r\n \r\n FLOXQ COLLEGE \r\nCHANGES IN INVESTMENT IN PLANT \r\nYEAR ENDED JUNE 30. 1996 \r\n \r\nLand \r\n. Improvements Other Than Buildings Equipment Ubrary Books and CoHections \r\n \r\nADDITIONS \r\n \r\nBALANCE \r\n \r\nCURRENT FUNDS \r\n \r\nJULY 1, 1995 UNRESTRICTED RESTRICTED \r\n \r\nPLANT UNEXPENDED \r\n \r\n$ 569,490.00 \r\n \r\n11,386,430.53 \r\n \r\n$ \r\n \r\n414,052.44 \r\n \r\n785,230.82 \r\n \r\n155,195.55 \r\n \r\n2.703,844.05 $ \r\n \r\n481,066.55 $ \r\n \r\n3,634.15 \r\n \r\n260,317.29 \r\n \r\n1,429,163.15 \r\n \r\n104,809.58 \r\n \r\n$ 16,874,158.55 $ \r\n \r\n585,876.13 $ \r\n \r\n3,634.15 $ =====8=29=,56==.0=5..2..=8 \r\n \r\nSee accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 30- \r\n \r\n SCHEDULE \"6\" \r\n \r\nFUNDS RENEWALS AND REPLACEMENTS \r\n \r\nGEORGIA STATE FINANCING AND \r\nINVESTMENT COMMISSION \r\n \r\nDEDUCTIONS DISPOSALSI DELETIONSI ADJUSTMENTS \r\n \r\nBALANCE JUNE 30, 1996 \r\n \r\n$ 569,490.00 \r\n \r\n$ \r\n \r\n66,360.00 \r\n \r\n11,866,842.97 \r\n \r\n940,426.37 \r\n \r\n$ \r\n \r\n50,970.70 \r\n \r\n$ \r\n \r\n-2,068.64 \r\n \r\n3,501,901.38 \r\n \r\n1,533,972.73 \r\n \r\n$ \r\n \r\n50,970.70 $ \r\n \r\n66,360.00 $ \r\n \r\n-2,068.64 $ 18.412,633.45 \r\n \r\n- 31 - \r\n \r\n FLOYD COLLEGE SCHEDULE OF FUND BAlANCES CURRENT FUNDS AND PLANT FUNDS \r\nJUNE 30. 1996 \r\n \r\nNET INVESTMENT IN PLANT Investment in Plant Facilities \r\nRESTRICTED Designated for Subsequent Years' Expenditures \r\nUNRESTRICTED Designated For Bus Replacement Reserve For Equipment, Technology and Construction Trust Fund For Inventory Reserve For Prior Years' Local Fund For Renewals and Replacemerns Reserve For Subsequent Years' Expenditures For Uncollectible Accourns Undesignated Surplus Regular Lottery for Education \r\n \r\nRESIDENT INSTRUCTION \r\n \r\nCURRENT FUNDS UNRESTRICTED LOTTERY FOR AUXILIARY EDUCATION ENTERPRISES \r\n \r\nSTUDENT ACTIVITIES \r\n \r\n$ \r\n \r\n25,000.00 \r\n \r\n$ 261,644.21 \r\n \r\n2,856.14 \r\n \r\n14,050.02 $ \r\n \r\n60,1n.09 \r\n \r\n5,420.96 \r\n \r\n$ \r\n \r\n$ \r\n \r\n33,2n.10 $ \r\n \r\n4.60 4.60 $ \r\n \r\n275,694.23 $ \r\n \r\n60,1n.09 \r\n \r\n$ \r\n \r\n33,2n.10 $ \r\n \r\n4.60 $ 275,694.23 $ _ ..6..io10',,;,;1n..,;,,;,;;.0.9... \r\n \r\nSee accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statemerns and Supplementary Information. \r\n- 32- \r\n \r\n SCHEDULE...,.. \r\n \r\nRESTRICTED \r\n \r\nPLANT FUNDS \r\n \r\nUNEXPENDED \r\n \r\nLOTIERY FOR RENEWALS AND \r\n \r\nREGULAR \r\n \r\nEDUCATION REPLACEMENTS \r\n \r\nINVESTMENT IN PLANT \r\n \r\nTOTAL \r\n \r\n$ 18,412,633.45 $ 18,412,633.45 \r\n \r\n$ \r\n \r\n29,744.36 \r\n \r\n$ _--\",2\"\"\"9,,,-744~.3_6_ \r\n \r\n$ \r\n \r\n$ \r\n \r\n6,708.19 \r\n \r\n9,835.19 \r\n \r\n$ \r\n \r\n8,023.89 \r\n \r\n42,285.50 \r\n \r\n$ \r\n \r\n9,835.19 \r\n \r\n6,708.19 286,644.21 \r\n8,023.89 42,285.50 74,227.11 2,856.14 \r\n \r\n11,142.46 \r\n \r\n$ \r\n \r\n19,166.35 $ \r\n \r\n6,708.19 $ _ _--\"'52\"\"',1.;.:2:.;:;0,;.;;;.6-.9 \r\n \r\n16,563.42 4.60 \r\n$ 447,148.25 \r\n \r\n$ \r\n \r\n29,744.36 $ \r\n \r\n19,166.35 $ \r\n \r\n6,708.19 $ \r\n \r\n52,120.69 $ 18,412,633.45 $ 18,889,526.06 \r\n \r\n- 33- \r\n \r\n FLOYD COLLEGE \r\nSCHEPULE OF REVENUES \r\nCURRENT FUNDS \r\nYEAR ENDED JUNE 30, 1996 \r\n \r\nState Appropriations Allotments from the Board of Regents of the University System of Georgia Regular Special Fundilig Initiatives Lottery Proceeds \r\nOther Revenues Retained Tuition and Fees Matriculation Other \r\nFederal Grants and Contracts Research and Instruction Student Aid Contract Overhead \r\nState Grants and Contracts Research and Instruction Student Aid \r\nLocal Grants and Contracts Research and Instruction Student Aid \r\nPrivate Gifts, Grants, and Contracts Research and Instruction Student Aid \r\nSales and Services of Educational Activities \r\nSales and Services of Auxiliary Enterprises \r\nOther Sources Administrative Cost Allowances Cash Over-Short Extension and Public Service Rents Other \r\n \r\nRESIDENT INSTRUCTION \r\n \r\nLOTTERY FOR EDUCATION \r\n \r\nUNRESTRICTED AUXILIARY \r\nENTERPRISES \r\n \r\nS 8,005,351.00 \r\n108,409.00 \r\nS \r\n$ 8,113,760.00 S \r\n \r\n122,971.00 122,971.00 \r\n \r\n$ 2,744,230.55 23,168.50 \r\n \r\n5,040.60 \r\n \r\n28,522.30 \r\n61.32 0.25 \r\n193,122.47 19,319.50 34,536.85 \r\n$ 3,048,002.34 \r\n \r\n$ \r\n \r\n251,611.23 \r\n \r\n769,33 1,527.56 \r\n \r\n$ \r\n \r\n253,908.12 \r\n \r\n$ 11,161,762.34 $ \r\nSee accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 34- \r\n \r\n122,971.00 $======2=5=3,=90=8=.12= \r\n \r\n SCHEDULE -8- \r\n \r\nSTUDENT ACTIVITIES \r\n \r\nTOTAL \r\n \r\nRESTRICTED RESIDENT \r\nINSTRUCTION \r\n \r\nTOTAL \r\n \r\n$ 8,005,351.00 108,409.00 122,971.00 \r\n$ 8,236.731 .00 \r\n \r\n$ 8,005,351.00 108,409.00 122,971.00 \r\n$ 8,236.731 .00 \r\n \r\n$ 2,744,230.55 \r\n \r\n$ 102,467.63 \r\n \r\n125,636.13 \r\n \r\n$ 2,744,230.55 125,636.13 \r\n \r\n$ 183,511.08 1,278,418.53 \r\n5,040.60 \r\n \r\n183,511.08 1,278,418.53 \r\n5,040.60 \r\n \r\n243,538.15 686,178.72 \r\n \r\n243,538.15 686,178.72 \r\n \r\n8,867.53 8,302.14 \r\n \r\n8,867.53 8,302.14 \r\n \r\n28,522.30 251,611.23 \r\n \r\n106,961.82 78,520.60 \r\n \r\n106,961.82 78,520.60 \r\n28,522.30 \r\n251,611.23 \r\n \r\n7,575.51 \r\n \r\n61.32 0.25 \r\n193,122.47 20,088.83 43,639.92 \r\n \r\n61.32 0.25 \r\n193,122.47 20,088.83 43,639.92 \r\n \r\n$ 110,043.14 $ 3,411,953.60 $ 2,594,298.57 $ 6,006,252.17 \r\n \r\n$ 110,043.14 $ 11,648,684.60 $ 2,594,298.57 $ 14,242,983.17 \r\n \r\n- 35- \r\n \r\n flOYD COI.LEGE \r\nSCHEO!JL.E OF EXPENDIDJRES BY OBJECT \r\nCURRENT FUNDS \r\nYEAR ENDED JUNE 30 1996 \r\n \r\nPERSONAl.. SERVICES \r\nSIIIarieII and Wages E\"\"*,,,,\" ConlribuIionB for: \r\nF.I.C.A. Retilement Group InIUI8IlC8 LiIIbiIily InIUI8IlC8 lJnempIoojment CompenIalion InIUI8IlC8 WorIcIIrI' Compel IIlIIion II'l8UIIII'ICe \r\nOPERATING EXPENSES \r\nTIlIII'8I \r\nMotor Vehicle exper.. \r\nSupplies IIl'ld Mllteriell Repeils and Mainl-.nce Utilities Rents (other lhIm Reel Estate) II1SUI8I'lCll and Bonding Tuition and SChollIrIhips \r\nCollege Work-study Program SChollIrIhips, FelkMships, Prizes, Awards and other \r\nother 0penIting exper.. \r\nPublicalionlllll'ld Printing Equipment \r\nNon-Irwentory Computer Charges Software Real Estate Rentals TeIecommunlcation\u0026 Per Diem, Fees and Contracts \r\nPer Diem and Fees Contracts Equipment Motor Vehicle Purchases InYentory \r\n \r\nRESIDENT INSTRUCTION \r\n \r\nLOTTERY FOR \r\nEDUCATION \r\n \r\nUNRESTRICTED AUXILIARY \r\nENTERPRISES \r\n \r\n$ 6,811,706.61 \r\n+49,998.17 653,119.80 653,230.76 \r\n57,993.00 6,997.00 22,316.00 \r\n$ 8,655,361.34 \r\n \r\n$ \r\n \r\n127,649.02 \r\n \r\n8,802.09 13,757.89 24,291.32 \r\n \r\n$ 174,500.32 \r\n \r\n$ 129,090.13 37,173.73 \r\n354,831.33 174,348.\"5 466,089.96 20,211.70 13,637.05 \r\n10,348.66 64,054.00 139,131.47 72,869.06 \r\n132,771.92 1,502.24 23,328.91 33,252.00 \r\n127,012.67 \r\n66,961.84 51,375.59 \r\n46,770.75 433,257.87 \r\n$ 2,398,019.33 \r\n \r\n$ \r\n \r\n756.44 \r\n \r\n2,002.06 \r\n \r\n17,646.82 \r\n \r\n23,225.95 \r\n \r\n10,752,33 \r\n \r\n41.26 \r\n \r\n173.93 \r\n \r\n13,948,84 711.42 \r\n1,096.51 \r\n2,310.00 \r\n2,221,87 \r\n57.71 2,321,68 \r\n \r\n$ \r\n \r\n77,266.82 \r\n \r\nSPECiAl FUNDING INITIATIVES Personal 5ervices Salaries and Wages Employel's Contributions for: F.I.C.A. Retirement Group Insurance \r\nother Costs TIlMlI Supplies and Materials Repairs and Maintenance Equipment Non-lrwentOl}' Software TeIecornmunications Per Diem, Fees and Contracts Per Diem and Fees Contracts Equipment InYentory \r\n \r\n$ 59,733.00 \r\n \r\n4,543.65 7,523.28 8,232.07 \r\n \r\n$ 80,032.00 \r\n \r\n690.00 2,557.00 $ \r\n \r\n8,211.00 854.50 \r\n \r\n5,289.00 258.00 \r\n1,058.75 \r\n \r\n1,800.00 23,330.00 \r\n \r\n1,447.64 \r\n \r\n105,847.51 \r\n \r\n$ 108,409.00 $ 122,966.40 \r\n \r\n$ 108.409.00 $ 122,966.40 \r\n \r\nsee accompanying note6 and Independent Accountant's Combined Report \r\non Review d Financial statements and Supplementary Information. \r\n \r\n-36  \r\n \r\n$ 11,161,789.67 $ 122,966.40 $_..,;;2.5.1.,7,.6.7.1...4. \r\n \r\n SCHEOUlE\"9\" \r\n \r\nSlUOENT ACTlVmES \r\n \r\nTOTAl \r\n \r\nRESTRICTED RESIDENT \r\nINSTRUCTION \r\n \r\nTOTAl \r\n \r\n$ 13,788.50 $ 6,953,144.13 $ 274,188.04 $ 7,227,332.17 \r\n \r\n25.37 \r\n \r\n458,825.63 666,8n.59 sn,522.08 \r\n57,993.00 6,997.00 22,316.00 \r\n \r\n18,042.98 24,998.87 20,404.70 \r\n \r\n476,868.61 691,876.56 697,926.78 \r\n57,993.00 6,997.00 \r\n22,316.00 \r\n \r\n$ 13,813.87 $ 8,843,675,53 $ 337,634.59 $ 9,181,310.12 \r\n \r\n$ \r\n \r\n710.35 $ 130,556.92 $ \r\n \r\n3,535.98 $ 134,092.90 \r\n \r\n646.04 \r\n \r\n39,821.83 \r\n \r\n6,059.53 \r\n \r\n45,881.36 \r\n \r\n26,462.59 \r\n \r\n398,940.74 \r\n \r\n67,031.74 \r\n \r\n465,972.48 \r\n \r\n1,934.85 \r\n \r\n199,509.25 \r\n \r\n32,649.53 \r\n \r\n232,158,78 \r\n \r\n476,842.29 \r\n \r\n476,842.29 \r\n \r\n3,428.80 \r\n \r\n23,681.76 \r\n \r\n1,219.00 \r\n \r\n24,900.76 \r\n \r\n13,810.98 \r\n \r\n13,810.98 \r\n \r\n5,952.28 18,661.45 10,588.07 \r\n \r\n10,348.66 70,006.28 171,741.76 84,168.55 \r\n \r\n30,469,63 2,051,419.99 \r\n16,489.80 453.80 \r\n \r\n40,818,29 2,121,426.27 \r\n188,231.56 84,622.35 \r\n \r\n2,883.00 \r\n159.00 97.00 \r\n1,089.07 \r\n \r\n136,751.43 1,502.24 \r\n25,797,91 33,349.00 130,323,61 \r\n \r\n5,238.32 \r\n742.00 15,120.00 8,503.89 \r\n \r\n141,969.75 1,502.24 \r\n26,539.91 48,469.00 138,827.50 \r\n \r\n12,547.30 \r\n \r\n79,566.85 53,697.27 \r\n \r\n6,458.96 7,637.66 \r\n \r\n86,025.81 61,334.93 \r\n \r\n46,nO,75 433,257.87 \r\n \r\n3,634.15 \r\n \r\n46,nO.75 436,892.02 \r\n \r\n$ 85,159.80 $ 2,560,445.95 $ 2,256,663.98 $ 4,817,109.93 \r\n \r\n$ 59,733.00 \r\n4,543.65 7,523.28 8,232.07 \r\n$ 80,032,00 \r\n690.00 10,768.00 \r\n854,50 \r\n5,289.00 258.00 \r\n1,058.75 \r\n1,800.00 24,n7.54 \r\n105,847.51 \r\n$ 231,375.40 \r\n$ 231,375.40 \r\n \r\n$ 59,733.00 \r\n4,543.65 7,523.28 8,232.07 \r\n$ 80,032,00 \r\n690.00 10,768.00 \r\n854.50 \r\n5,289.00 258.00 \r\n1,058.75 \r\n1,800.00 24,7n.54 \r\n105,847.51 \r\n$ 231,375.40 \r\n$ 231,375.40 \r\n \r\n$ 98,973.67 $ 11,635,496.88 $ 2,594,298.57 $ 14,229,795.45 \r\n \r\n- 37- \r\n \r\n FLOYD COLLEGE SCHEPULE OF EXPENDITURES BY OBJECT \r\nPLANT FUNDS YEAR ENDED JUNE 30. 1996 \r\n \r\nSCHEDULE \"10\" \r\n \r\nCAPITAL OUTLAY \r\nSupplies and Materials Repairs and Maintenance Other Expenses Software Per Diem, Fees and Contracts \r\nPer Diem and Fees Contracts EqUipment Motor Vehicle Purchases Inventory \r\nOTHER \r\nEQUIPMENT, TECHNOLOGY AND CONSTRUCTION TRUST FUND Other Costs Software Equipment Non-Inventory Per Diem, Fees and Contracts Contracts Equipment Inventory \r\n \r\nUNEXPENDED \r\n \r\nLOTTERY FOR \r\n \r\nREGULAR \r\n \r\nEDUCATION \r\n \r\nRENBNALSAND REPLACEMENTS \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n22,541.59 \r\n \r\n$ 65,390.51 \r\n \r\n11,297.76 \r\n \r\n489.50 \r\n \r\n1,108.56 \r\n \r\n578.96 \r\n \r\n12,672.00 320,549.64 \r\n \r\n11,250.00 153,223.13 \r\n \r\n$ 12,830.00 \r\n \r\n$ 411,931.65 $ 200,000.00 $ \r\n \r\n$ \r\n44,195.00 6,775.70 50,970.70 $ \r\n \r\n22,541.59 76,688.27 \r\n1,598.06 578.96 \r\n23,922.00 473.772.77 \r\n44,195.00 19,605.70 \r\n662,902.35 \r\n \r\n$ \r\n \r\n14,406.04 \r\n \r\n38,106.67 \r\n \r\n16,888.39 \r\n \r\n247,487.29 \r\n \r\n$ 316,888.39 \r\n \r\n$ 14,406.04 38,106.67 16,888.39 \r\n247,487.29 $ 316,888.39 \r\n \r\n$ 411,931.65 $ 516,888.39 $ \r\n \r\n50,970.70 $ 979,790.74 \r\n \r\nSee accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 38- \r\n \r\n SECTIONll FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\n \r\n FLOYD COLLEGE SCHEDULE OF FINDINGS AND IMPROPER OUESTIONED COSTS \r\nYEAR ENDED JUNE 30. 1996 \r\nCURRENT YEAR \r\nFEDERAL FINANCIAL REPORTS Incorrect Student Payment Summary Report Federal Financial Assistance Federal Pell Grant Program (CFDA 84.063) Audit Control Number 573-96-01 \r\nFor the year under review, the Student Payment Summary (SPS) report to the U. S. Department ofEducation indicated that the College incurred $1,173,872.00 in Federal Pell Grant Program expenditures. This amount represented the College's authorized amount ofthe Federal Pell Grant award for fiscal year 1996. However, the College's accounting records reflected $1,183,690.00 in fiscal year 1996 Pell Grant program expenditures or $9,818.00 in excess ofthe authorized amount. In order to be reimbursed for the excess Pell Grant program expenditures, the College, in conformity with Federal Statutes, must certifY the validity ofthese payments to the U. S. Department ofEducation. The Federal agency can then provide appropriate adjustinents ofthe fiscal year 1996 authorized amount in order to make the funds available to the College. \r\nSPECIAL REPORTING Institution Payment Summary Report Not Submitted Federal Financial Assistance Federal Pell Grant Program (CFDA 84.063) Audit Control Number 573-96-02 \r\nThe College failed to submit the Institutional Payment Summary (IPS) report to the U. S. Department of Education for the report period June 16, 1996 through August 15, 1996, as required by regulations set forth in The Blue Book. Management claims that this condition was the result of an oversight by the Financial Aid office. The College should implement procedures to ensure that all IPS reports are submitted in accordance with Federal reporting requirements. \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bf6-b1994-h95","title":"Review report, state of Georgia, Floyd College, Rome, Georgia, year ended June 30, 1995","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Floyd County, Rome, 34.25704, -85.16467"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["1994/1995"],"dcterms_description":["Year ended June 30, 2000-year ended June 30, 2005.","Title from cover.","Title fluctuates: Audits conducted \"in accordance with generally accepted auditing standards\" are issued as: Audit report; reviews that are \"substantially less in scope than an audit in accordance with generally accepted auditing standards\" are issued as: Review or Management report or Independent accountant's report on applying agreed-upon procedures"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Floyd College--Appropriations and expenditures","Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Review report, state of Georgia, Floyd College, Rome, Georgia, year ended June 30, 1995"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-bf6-b1994-h95"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bf6-b1994-h95"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"  FLOYD COLLEGE \r\n- - TABLE OF CONTENTS \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENTACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARYINFORMATION \r\n \r\nEXHIBITS \r\n \r\nFINANCIAL STATEMENTS \r\n \r\nA COMBINED BALANCE SHEET \r\nALL FUND GROUPS B COMBINEDSTATEMENT OF CHANGESIN FUND BALANCES \r\nALL FUND GROUPS C STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\nAND OTHER CHANGES D NOTES TO THE FINANCIAL STATEMENTS \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\nE COMBINING BALANCE SHEET \r\nCURRENT FUNDS -UNRESTRICTED F COMBINING STATEMENT OF CHANGES IN FUND BALANCES \r\nCURRENT FUNDS -UNRESTRICTED G COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\nAND OTHER CHANGES UNRESTRICTED \r\n \r\nSCHEDULES \r\n \r\nSCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \r\n \r\n1 \r\n \r\nRESIDENT INSTRUCTION \r\n \r\n2 \r\n \r\nLOTTERY FOR EDUCATION \r\n \r\n3 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS \r\n \r\nAGENCY FUNDS \r\n \r\n4 CASH AND CASH EQUNALENTS \r\n \r\n5 ACCOUNTS RECENABLE \r\n \r\n6 CHANGES IN INVESTMENT IN PLANT \r\n \r\n7 SCHEDULE OF FUND BALANCES \r\n \r\nCURRENT FUNDS AND PLANT FUNDS \r\n \r\n8 SCHEDULE OF REVENUES \r\n \r\nCURRENTFUNDS \r\n \r\n FLOYD COLLEGE \r\n- TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\nSCHEDULES \r\n \r\nSCHEDULES OF EXPENDITURESBY OBJECT \r\n \r\n9 \r\n \r\nCURRENTFUNDS \r\n \r\n10 \r\n \r\nPLANT FUNDS \r\n \r\n11 RECONCILIATION OF SALARIESAND WAGES, AND TRAVEL \r\n \r\nSECTION n \r\nFINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONEDCOSTS \r\n \r\n                                           "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bf6-b1993-h94","title":"Review report, state of Georgia, Floyd College, Rome, Georgia, year ended June 30, 1994","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Floyd County, Rome, 34.25704, -85.16467"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["1993/1994"],"dcterms_description":["Year ended June 30, 2000-year ended June 30, 2005.","Title from cover.","Title fluctuates: Audits conducted \"in accordance with generally accepted auditing standards\" are issued as: Audit report; reviews that are \"substantially less in scope than an audit in accordance with generally accepted auditing standards\" are issued as: Review or Management report or Independent accountant's report on applying agreed-upon procedures"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Floyd College--Appropriations and expenditures","Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Review report, state of Georgia, Floyd College, Rome, Georgia, year ended June 30, 1994"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-bf6-b1993-h94"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bf6-b1993-h94"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"STATE OF GEORGIA DEPARTMENT OF AUDITS \r\n254 WASHINGTON STREET \r\nATLANTA. GEORGIA 30334 \r\n \r\n REVIEW REPORT STATE OF GEORGIA \r\nFLOYD COLl.EGE ROME, GEORGIA YEAR ENDED JUNE 30, 1994 \r\n \r\n FLOYD COLLEGE - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \r\n \r\nEXHIBITS \r\n \r\nFINANCIAL STATEMENTS \r\n \r\nA COMBINED BALANCE SHEET \r\n \r\nALL FUND GROUPS \r\n \r\n2 \r\n \r\nB COMBINED STATEMENT OF CHANGES IN FUND BALANCES \r\n \r\nALL FUND GROUPS \r\n \r\n4 \r\n \r\nC STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\n \r\nAND OTHER CHANGES \r\n \r\n6 \r\n \r\nD NOTES TO THE FINANCIAL STATEMENTS \r\n \r\n7 \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\nE COMBINING BALANCE SHEET \r\n \r\nCURRENT FUNDS - UNRESTRICTED \r\n \r\n18 \r\n \r\nF COMBINING STATEMENT OF CHANGES IN FUND BALANCES \r\n \r\nCURRENT FUNDS - UNRESTRICTED \r\n \r\n19 \r\n \r\nG COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\n \r\nAND OTHER CHANGES \r\n \r\nUNRESTRICTED \r\n \r\n21 \r\n \r\nSCHEDULES \r\n \r\nSCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \r\n \r\n1 \r\n \r\nRESIDENT INSTRUCTION \r\n \r\n22 \r\n \r\n2 \r\n \r\nLOTTERY FOR EDUCATION \r\n \r\n24 \r\n \r\n3 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS \r\n \r\nAGENCY FUNDS \r\n \r\n25 \r\n \r\n4 CASH AND CASH EQUIVALENTS \r\n \r\n26 \r\n \r\n5 ACCOUNTS RECEIVABLE \r\n \r\n27 \r\n \r\n6 CHANGES IN INVESTMENT IN PLANT \r\n \r\n28 \r\n \r\n7 SCHEDULE OF FUND BALANCES \r\n \r\nCURRENT FUNDS AND PLANT FUNDS \r\n \r\n30 \r\n \r\n FLOYD COLLEGE - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\nSCHEDULES \r\n \r\n8 SCHEDULE OF REVENUES \r\n \r\nCURRENT FUNDS \r\n \r\n32 \r\n \r\nSCHEDULES OF EXPENDITURES BY OBJECT \r\n \r\n9 \r\n \r\nCURRENT FUNDS \r\n \r\n33 \r\n \r\n10 \r\n \r\nPLANT FUNDS \r\n \r\n34 \r\n \r\nSECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\n \r\n SECTION I FINANCIAL \r\n \r\n CLAUDE L VICKERS STATE AUDIIDR (404) 656-2174 \r\nTAX RATIO (404) 656-0494 \r\n \r\n;!0epartment nf J\\units \r\n254 WASHINGIDN STREET. SW \r\nROOM 214 \r\nJ\\ihmta, \u0026Jorgia 30334-8400 \r\nAugust 24, 1994 \r\n \r\nFINANCIAL AUDITS (404) 656-2180 \r\nPROGRAM AUDITS (404) 656-2006 \r\n \r\nHonorable Zell Miller, Governor Members ofthe General Assembly of Georgia Members ofthe Board ofRegents ofthe University System of Georgia \r\nand Honorable H. Lynn Cundiff, President Floyd College \r\nINDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \r\nLadies and Gentlemen: \r\nWe have reviewed the accompanying financial statements (Exhibits A through D) of Floyd College as of and for the year ended June 30, 1994, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. All information included in these financial statements is the representation of the management of Floyd College. \r\nA review consists principally of inquiries of College personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. \r\nBased on our review, with the exception of the matters described in the fourth and fifth paragraphs, we are \r\nnot aware of any material modifications that should be made to the accompanying financial statements in order \r\nfor them to be in conformity with generally accepted accounting principles. \r\nAs described in Note 1 to the financial statements, Georgia Law and State budgetary policy require the College \r\nto prepare its financial statements on a basis which is not consistent with generally accepted accounting principles with respect to the recording of encumbrances as expenditures and liabilities. To conform with generally accepted accounting principles, encumbrances should be recorded as a reservation of fund balance. The effects on the financial statements of this departure from generally accepted accounting principles were not reasonably determinable, but are believed to be material. \r\n94ARL-57 \r\n \r\n As described in Note I to the financial statements, the College did not report the liability and related expenditure for compensated absences in the current funds as required by generally accepted accounting principles. \r\nOur review was made for the purpose ofexpressing limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with generally accepted accounting principles. The accompanying supplementary information (Exhibits E through G and Schedules 1 through 10) is presented only for supplementary analysis purposes. Such information has been subjected to the inquiries and analytical procedures applied in the review of the financial statements, and except for the effects of the matters discussed in the fourth and fifth paragraphs, we are not aware of any material modifications which should be made thereto. \r\nRespectfully submitted, \r\nd:-/~ \r\nClaude L. Vickers State Auditor \r\nCLV:gp 94ARL-57 \r\n \r\n FINANCIAL STATEMENTS - 1- \r\n \r\n FLOYD COLLEGE COMBINED BALANCE SHEET \r\nALL FUND GROUPS JUNE 30, 1994 \r\n \r\nASSETS \r\nCash and Cash Equivalents Accounts Receivable Inventories Investment in Plant \r\n \r\nCURRENT FUNDS UNRESTRICTED RESTRICTED \r\n \r\nENDOWMENT FUND \r\n \r\n$1,062,047.75 18,218.96 $ \r\n267,871.36 \r\n \r\n$ \r\n252,493.04 \r\n \r\n20,000.00 \r\n \r\nTotal Assets \r\n \r\n$1,348,138.07 $ 252,493.04 $ 20,000.00 \r\n \r\nLIABILITIES AND FUND BALANCES \r\nLiabi 1ities Cash Overdraft Accounts Payable Student Deposits Deferred Revenue Tuition and Fees Deposits Held for Others \r\nTotal Liabilities \r\nFund Balances Endowment Net Investment in Plant Restricted Unrestricted \r\nTotal Fund Balances \r\nTotal Liabilities and Fund Balances \r\n \r\n$ 199,745.90 $ 443,635.03 \r\n1,440.68 \r\n343,839.39 \r\n------------- ------------- \r\n$ 788,915.10 $ 199,745.90 \r\n------------- ------------- \r\n$ 20,000.00 \r\n$ 52,747.14 $ 559,222.97 \r\n------------- ------------- ------------- \r\n$ 559,222.97 $ 52,747.14 $ 20,000.00 \r\n------------- ------------- ------------- \r\n$1,348,138.07$ 252,493.04 $ 20,000.00 \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. The notes to the financial statements are an integral part of this statement. \r\n- 2- \r\n \r\n EXHIBIT \"A\" \r\n \r\nUNEXPENDED \r\n \r\nPLANT FUNDS \r\nRENEWALS AND REPLACEMENTS \r\n \r\nINVESTMENT IN PLANT \r\n \r\nAGENCY FUNDS \r\n \r\nTOTAL (Memorandum \r\nOnly) \r\n \r\n$ 34,480.53 $ 252,111.34 \r\n \r\n$ 111,049.73 $1,479,689.35 \r\n \r\n94,043.94 \r\n \r\n364,755.94 \r\n \r\n267,871.36 \r\n \r\n$14,470,651.54 \r\n \r\n14,470,651.54 \r\n \r\n$ 128,524.47 $ 252,111.34 $14,470,651.54 $ 111,049.73 $16,582,968.19 \r\n \r\n$ 122,216.00 $ \r\n \r\n267.87 \r\n \r\n------------- ------------- \r\n \r\n$ 122,216.00 $ \r\n \r\n267.87 \r\n \r\n------------- ------------- \r\n \r\n$ 199,745.90 \r\n \r\n$ 38,892.03 \r\n \r\n605,010.93 \r\n \r\n1,440.68 \r\n \r\n343,839.39 \r\n \r\n72,157.70 \r\n \r\n72,157.70 \r\n \r\n------------- ------------- \r\n \r\n$ 111,049.73 $ 1,222,194.60 \r\n------------- ------------- \r\n \r\n$14,470,651.54 \r\n \r\n$ \r\n \r\n6,308.47 $ 251,843.47 \r\n \r\n------------- ------------- ------------- \r\n \r\n$ \r\n \r\n6,308.47 $ 251,843.47 $14,470,651.54 \r\n \r\n------------- ------------- ------------- \r\n \r\n$ 20,000.00 14,470,651.54 52,747.14 817,374.91 \r\n------------- \r\n$15,360,773.59 \r\n------------- \r\n \r\n$ 128,524.47 $ 252,111.34 $14,470,651.54 $ 111,049.73 $16,582,968.19 \r\ncascscsacc c============ ============= ============= ============= \r\n \r\n- 3- \r\n \r\n FLOYD COLLEGE \r\nCOMBINED STATEMENT OF CHANGES IN FUND BALANCES \r\nALL FUND GROUPS \r\nYEAR ENDED JUNE 30. 1994 \r\n \r\nREVENUES AND OTHER ADDITIONS \r\nUnrestricted Current Fund Revenues State Appropriations - Lottery Proceeds Federal Grants and Contracts State Grants and Contracts Local Grants and Contracts Private Gifts, Grants, and Contracts Investment Income \r\nEndowment Other Adjustments Prior Years' Expenditures/Accounts Payable Expended for Plant Facilities Current Funds Plant Funds \r\nUnexpended Renewals and Replacements Georgia State Financing and Investment Commission Other Additions Proceeds from Sale of Plant Assets \r\nTotal Revenues and Other Additions \r\nEXPENDITURES AND OTHER DEDUCTIONS \r\nEducational and General Expenditures Auxiliary Enterprises Expenditures Indirect Costs Recovered Remittances to the Board of Regents of the \r\nUniversity System of Georgia Prior Year's Unrestricted Fund Balance Surplus \r\nExpended for Plant Facilities Capitalized Non-Capitalized \r\nDisposals/Deletions/Adjustments \r\nTotal Expenditures and Other Deductions \r\nTRANSFERS BETWEEN FUNDS \r\nNonmandatory Renewals and Replacements Capital Projects \r\nTotal Transfers Between Funds \r\nNet Increase/(Decrease) for the Year \r\nFUND BALANCES JULY 1, 1993 \r\nFUND BALANCES JUNE 30, 1994 \r\n \r\nCURRENT FUNDS UNRESTRICTED RESTRICTED \r\n$ 9,306,248.49 $1,522,128.91 410,346.25 13,169.02 425,021.16 794.97 \r\n4,764.37 \r\n \r\n$ 9,311,012.86 $ 2,371,460.31 \r\n$ 8,949,381.00 $ 2,354,059.53 245,713.48 12,907.63 \r\n4,608.26 \r\n \r\n$ 9,199,702.74 $ 2,366,967.16 \r\n \r\n$ -55,608.77 -1,239.00 \r\n$ -56 847.77 \r\n$ 54,462.35 $ \r\n504,760.62 \r\n \r\n4,493.15 48,253.99 \r\n \r\n$ 559.222.97 $ 52 747.14 \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\nThe notes to the financial statements are an integral part of this statement. \r\n- 4- \r\n \r\n EXHIBIT \"B\" \r\n \r\nENDOWMENT \r\nFUND \r\n \r\nUNEXPENDED \r\n \r\nPLANT FUNDS RENEWALS AND REPLACEMENTS \r\n \r\nINVESTMENT IN PLANT \r\n \r\nTOTAL (Memorandum \r\nOnly) \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n$ 9,306,248.49 \r\n \r\n$ 140,807.00 \r\n \r\n140,807.00 \r\n \r\n1,522,128.91 \r\n \r\n410,346.25 \r\n \r\n13,169.02 \r\n \r\n$1,144,500.00 1,569,521.16 \r\n \r\n15.~69.15 \r\n \r\n794.97 15,469.15 \r\n \r\n4,764.37 \r\n \r\n337,038.32 \r\n \r\n337,038.32 \r\n \r\n157,615.87 38,281.87 \r\n103,831.30 \r\n \r\n157,615.87 38,281.87 103,831.30 \r\n \r\n2,065.30 \r\n \r\n2,065.30 \r\n \r\n$ \r\n \r\n0.00 $ 158,341.45 $ \r\n \r\n0.00 $ 1,781,267.36 $13,622,081.98 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n$11,303,440.53 245,713.48 12,907.63 \r\n \r\n$ \r\n \r\n1,605.40 \r\n \r\n6,213.66 \r\n \r\n157,615.87 $ 3,680.00 \r\n \r\n38,281.87 8,071.67 \r\n$ \r\n \r\n71,026.10 \r\n \r\n195,897.74 11,751.67 \r\n71,026.10 \r\n \r\n$ \r\n \r\n0.00 $ 162,901.27 $ 46,353.54 $ 71,026.10 $11,846,950.81 \r\n \r\n$ 55,608.77 \r\n \r\n$ \r\n \r\n1,239.00 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n1,239.00 $ 55,608.77 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n0.00 $ -3,320.82 $ \r\n \r\n9,255.23 $ 1,710,241.26 $ 1,775,131.17 \r\n \r\n20,000.00 \r\n \r\n9,629.29 \r\n \r\n242,588.24 12,760,410.28 13,585,642.42 \r\n \r\n$ 20 000.00 $ \r\n \r\n6 308.47 $ 251 843.47 $14.470.551.54 $15.360,773.59 \r\n \r\n- 5- \r\n \r\n FLOYD COLLEGE STATEMENT OF CURRENT FUNDS REVENUES. EXPENDITURES, \r\nAND OTHER CHANGES \r\nYEAR ENDED JUNE 30. 1994 \r\n \r\nEXHIBIT \"C\" \r\n \r\nUNRESTRICTED RESTRICTED \r\n \r\nTOTAL (Memorandum \r\nOnly) \r\n \r\nREVENUES \r\n \r\nState Appropriations Tuition and Fees Federal Grants and Contracts State Grants and Contracts Local Grants and Contracts Private Gifts, Grants, and Contracts Endowment Income Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Other Sources \r\nTotal Revenues \r\n \r\n$ 6,008,523.00 \r\n \r\n$ 6,008,523.00 \r\n \r\n2,785,460.51 \r\n \r\n2,785,460.51 \r\n \r\n4,862.63 $ 1,515,907.34 1,520,769.97 \r\n \r\n8,045.00 \r\n \r\n407,165.65 \r\n \r\n415,210.65 \r\n \r\n12,589.14 \r\n \r\n12,589.14 \r\n \r\n417,728.40 \r\n \r\n417,728.40 \r\n \r\n669.00 \r\n \r\n669.00 \r\n \r\n20,725.10 \r\n \r\n20,725.10 \r\n \r\n333,171.93 \r\n \r\n333,171.93 \r\n \r\n145,460.32 \r\n \r\n145,460.32 \r\n \r\n------------- ------------- ------------- \r\n \r\n$9,306,248.49$ 2,354,059.53 $11,660,308.02 \r\n \r\nEXPENDITURES \r\n \r\nEducational and General Instruction Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships \r\nAuxiliary Enterprises Food Services Stores and Shops Other Service Units \r\nTotal Expenditures \r\nOTHER TRANSFERS AND ADDITIONS/(DEDUCTIONS) \r\n \r\n$ 4,825,818.98 $ 494,429.08 $ 5,320,248.06 \r\n \r\n686,336.74 \r\n \r\n686,336.74 \r\n \r\n779,825.16 \r\n \r\n24,521.04 \r\n \r\n804,346.20 \r\n \r\n1,482,359.19 \r\n \r\n40,680.13 1,523,039.32 \r\n \r\n1,147,005.93 \r\n \r\n1,147,005.93 \r\n \r\n28,035.00 1,794,429.28 1,822,464.28 \r\n \r\n122,463.92 \r\n \r\n122,463.92 \r\n \r\n122,780.51 \r\n \r\n122,780.51 \r\n \r\n469.05 \r\n \r\n469.05 \r\n \r\n------------- ------------- ------------- \r\n \r\n$ 9,195,094.48 $ 2,354,059.53 $11,549,154.01 \r\n------------- ------------- ------------- \r\n \r\nExcess of Restricted Receipts over Transfers to Revenues \r\nTransfers for Renewals and Replacements Transfers for Capital Projects Prior Period Adjustments (Net) Remittances to the Board of Regents of the \r\nUniversity System of Georgia Prior Year's Unrestricted Fund Balance Surplus \r\nTotal Other Transfers and Additions/(Deductions) \r\n \r\n$ $ -55,608.77 \r\n-1,239.00 4,764.37 \r\n \r\n4,493.15 $ \r\n \r\n4,493.15 -55,608.77 \r\n-1,239.00 4,764.37 \r\n \r\n-4,608.26 \r\n \r\n-4,608.26 \r\n \r\n------------- ------------- ------------- \r\n \r\n$ -56,691.66 $ 4,493.15 $ -52,198.51 \r\n------------- ------------- ------------- \r\n \r\nNet Increase in Fund Balances \r\n \r\n$ 54,462.35 $ \r\n \r\n4,493.15 $ 58,955.50 \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\nThe notes to the financial statements are an integral part of this statement. \r\n- 6- \r\n \r\n FLOYD COLLEGE \r\nNOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1994 \r\n \r\nEXHIBIT \"D\"  \r\n \r\nNOTE I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nREPORTING ENTITY Floyd College is one of thirty-four (34) State supported member institutions of higher education in Georgia which comprise the University System of Georgia, an organizational unit of the State of Georgia. The accompanying financial statements reflect the operations of Floyd College as a separate reporting entity. \r\nThe Board of Regents has constitutional authority to govern, control and manage the University System of Georgia. This authority includes but is not limited to the power to designate management, the ability to significantly influence operations, the authority to control institutions' budgets, the power to determine allotments of State funds to member institutions and the authority to prescribe accounting systems and administrative policies for member institutions. Floyd College does not have authority to retain unexpended \r\nState funds (surplus) for any given fiscal year. Accordingly, Floyd College is considered an organizational unit \r\nofthe Board ofRegents ofthe University System of Georgia reporting entity for financial reporting purposes because of the significance of its legal, operational, and financial relationships with the Board of Regents as defined in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards. \r\nFUND ACCOUNTING In order to ensure observance oflimitations and restrictions placed on the use of the resources available to the College, the accounts ofthe College are maintained in accordance with the principles of fund accounting. This is the procedure by which resources for various purposes are classified for accounting and reporting purposes into funds that are in accordance with activities or objectives specified. Separate accounts are maintained for each fund; however, in the accompanying financial statements, funds that have similar characteristics have been combined into fund groups. Accordingly, all financial transactions have been recorded and reported by fund group. \r\nWithin each fund group, the College's fund balance allocations and designations represent those portions of the fund balances that are reserved, restricted and/or designated for specific future use by legal covenants, State policies, or institutional policies. \r\nFunds presented in the accompanying financial statements are as follows: \r\nCURRENT FUNDS \r\nUNRESTRICTED - the fund used to account for those economic resources over which the College retains full control to use for purposes of performing the primary functions of the College, i.e., instruction, public service, auxiliary enterprises, and student activities. \r\nRESTRICTED - the fund used to record externally restricted funds which may only be utilized in accordance with the purposes established by their source. Restricted current funds are recorded as revenues and expenditures when expended for current operating purposes. \r\n \r\n- 7- \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1994 \r\n \r\nEXIIlBIT \"D\" \r\n \r\nNOTE I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nFUND ACCOUNTING \r\nENDOWMENT FUND \r\nThe fund used to account for gifts to the Floyd, Polk, Chattooga Medical Society Scholarship Fund. This endowment fund is subject to the restrictions of gift instruments requiring that the principal be invested in perpetuity and income only be utilized. \r\nPLANT FUNDS \r\nUNEXPENDED - the fund used to account for financial resources utilized to acquire or to construct physical properties for institutional purposes. \r\nRENEWALS AND REPLACEMENTS - the fund used to account for resources set aside for the renewal and replacement ofinstitutional properties. \r\nINVESTMENT IN PLANT - the fund which shows the total amounts representing the book value of all physical properties owned by the College. Net Investment in Plant is an equity account showing the total book value ofphysical properties belonging to the College less the amount of any indebtedness to others. \r\nAGENCY FUNDS \r\nThe fund used to account for resources held by the College as custodian or fiscal agent for individual students, faculty, staff members and organizations. \r\nBASIS OF ACCOUNTING Except as otherwise disclosed in these notes, the financial statements are prepared on the modified accrual basis ofaccounting, which is materially the same as the accrual basis of accounting applicable to colleges and universities prescribed in the American Institute of Certified Public Accountants Industry Audit Guide, Audits ofColleges and Universities. The modified accrual basis of accounting is defined as that method of accounting in which expenditures, other than accrued interest on general long-term debt, are recorded at the time liabilities are incurred and revenues are recorded when available and measurable to finance expenditures of the fiscal period. \r\nContractual obligations for services which have not been performed and for goods which have not been delivered at the end of the fiscal year are recognized as expenditures and liabilities in the accompanying \r\nfinancial statements. This accounting practice causes expenditure-driven grant revenues to be accrued based \r\nin part on the unexecuted portion of contracts for goods and services. The recognition of encumbrances of this nature as expenditures and liabilities is in conformity with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but is not consistent with generally accepted accounting \r\n \r\n- 8- \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1994 \r\n \r\nEXI-IlBIT \"D\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF ACCOUNTING principles, which provide for the recording of encumbrances as a reservation of fund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with generally accepted accounting principles. \r\nCompensated absences represent obligations of the College relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated leave in which payment is probable and can be reasonably estimated. The compensated absences liability of$300, 147.33, salary-related fringe benefits liabilities of approximately $22,961.27, and the related current year expenditure, which was not reasonably determinable, have not been reported in the current funds as required by generally accepted accounting principles. \r\nPrior period adjustments are reported as additions to and deductions from fund balances of current funds in the accompanying financial statements. This presentation is in accordance with the State budgetary basis of accounting, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. The effect of this departure is deemed to be immaterial to the fair presentation of the financial statements. \r\nTo the extent that Current Funds and Plant Funds are used to finance plant assets, the amounts so provided are accounted for as expenditures. The balances shown on the Combined Balance Sheet as Net Investment in Plant reflect the accumulated expenditures made for plant facilities through Current Funds and Plant Funds and also include expenditures made for plant facilities expended by the Georgia State Financing and Investment Commission on behalf of the College. Fixed assets donated to the College are recorded at fair market value at the date ofthe gift and disposals are deleted at recorded cost. Depreciation on physical plant and equipment is not recorded. \r\nIt is the policy ofFloyd College to record assets acquired through capital leases as additions to Investment in Plant as payments are made by the College. The liability for such leases at fiscal year-end is not recorded on the Combined Balance Sheet. This presentation differs from generally accepted accounting principles in that the assets and the related liability resulting from capital leases should be recorded in Investment in Plant at the inception ofthe agreement at the net present value of the minimum lease payments, not to exceed the fair value ofthe leased property. The effect of this departure is deemed to be immaterial to the fair presentation of the financial statements. \r\nThe Statement of Current Funds Revenues, Expenditures, and Other Changes is a statement of financial activities of current funds related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period as would a statement of income or a statement of revenues and expenses. \r\n \r\n- 9- \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1994 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBUDGET The Board of Regents of the University System of Georgia - Administrative Central Office receives State \r\nappropriated funds for the organizational units ofthe University System of Georgia. The appropriated budget is adopted at the departmental level and represents appropriations provided by the Amended Appropriations \r\nAct of 1993-1994. The appropriated budget covers current funds and plant funds, except for Auxiliary Enterprises and Student Activities which are not subject to appropriation. The budget allocation and disbursement ofthese funds is made to the various organizational units by the Administrative Central Office. In addition, the organizational units receive Federal funds and other funds directly and include these funds in the budget filed with the Administrative Central Office. \r\nCASH AND CASH EQUIVALENTS Cash and Cash Equivalents consist of petty cash, demand deposits, certificates of deposit and temporary investments in authorized financial institutions, and cash management pools that have the general characteristics of demand deposit accounts in that the College may deposit additional cash at any time and also may withdraw cash at any time without prior notice or penalty. \r\nCertain amounts reflected as Investments in the fiscal year 1993 financial statements are reflected as Cash and Cash Equivalents in the accompanying financial statements. These funds are invested in the State Investment Pool. \r\nACCOUNTS RECEIVABLE Accounts receivable consists of reimbursements due from Federal, State, local and private grants and contracts, and other receivables disclosed from information available. \r\nINVENTORIES Inventories ofconsumable supplies are recorded on the consumption method and are valued at cost based on the first-in, first-out method. \r\nInventories ofgoods for resale are valued at cost based on the weighted average method. \r\nMEMORANDUM ONLY -TOTAL COLUMNS The total columns on the financial statements are captioned \"Memorandum Only\" to indicate that these totals are presented only to facilitate financial analysis. Data in these columns do not present financial position or changes in financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of the data. \r\nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS \r\nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the State of Georgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may \r\n- 10 - \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1994 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS \r\nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES pledge as collateral any one or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59: \r\n(1) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia. \r\n(2) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia. \r\n(3) Bonds of any public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use ofthe bonds for this purpose. \r\n(4) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia. \r\n(5) Bonds, bills, certificates of indebtedness, notes, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\n(6) Insurance of accounts provided by the Federal Deposit Insurance Corporation. \r\nAs authorized in the Official Code of Georgia Annotated Section 50-17-53, the State Depository Board has adopted policies which allow agencies of the State of Georgia (which includes the Board of Regents of the University System of Georgia) the option of exempting demand deposits from the collateral requirements. \r\nThe treasurer ofthe Board ofRegents is responsible for all details relative to furnishing the required depository protection for all units of the University System of Georgia. \r\nCOLLATERALIZATION OF DEPOSITS For purposes of analysis of custodial credit risk, the College's bank balances are categorized below to give an indication of the level of risk assumed by the College at year-end: \r\nCategory 1 - Amounts covered by depository insurance or collateralized with securities (at market value) held by the College or by its agent in the College's name. \r\nCategory 2 - Amounts collateralized with securities (at market value) held by the financial institution's trust department or agent in the College's name. \r\n- 11 - \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1994 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS \r\n \r\nCOLLATERALIZATION OF DEPOSITS \r\n \r\nCategory 3 - Amounts collateralized with securities (at market value) held by the financial institution or by its trust department or agent, but not in the College's name, and amounts uncollateralized. \r\n \r\nCash Deposits \r\n \r\nCanying Amount \r\n \r\nBank Balances \r\n \r\nRisk Categories \r\n \r\n2 \r\n \r\n3 \r\n \r\ns 26388662 s 147885315 s 12151516 s==\"\"\"o..,.oo s 135733799 \r\n \r\nCATEGORIZATION OF INVESTMENTS At June 30, 1994, the carrying amount and market value of the College's total investments was $310,482.76 and consisted entirely offunds in the State Investment Pool administered by the Office of Treasury and Fiscal Services which are not required to be categorized since the College did not own any specific identifiable securities in the pool. \r\n \r\nNOTE 3: INVESTMENT IN PLANT \r\n \r\nThe following is a summary of Investment in Plant fixed assets at June 30, 1994: \r\n \r\nLand Buildings Improvements Other Than Buildings Equipment Library Books and Collections \r\n \r\n$ 569,490.00 9,653,582.03 753,044.82 2,153,950.14 1,340,584.55 \r\n \r\nTotal Investment in Plant \r\n \r\n$14 470 651 54 \r\n \r\nNOTE 4: DEFERRED COMPENSATION PLAN \r\n \r\nThe State of Georgia offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to employees of the State of Georgia and county health departments, permits such employees to defer a portion of their salary until future years. Participation in the plan is optional. Participants choose the option or options in which they wish to participate. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights of the State of Georgia subject only to the claims of the State's general creditors. Participants' rights under the plan are equal to those of a general creditor of the State of Georgia in an amount equal to the fair market value of the deferred account for each participant. Financial information relative to the plan is presented in the financial report of the State Personnel Board Merit System of Personnel Administration for the year ended June 30, 1994. \r\n \r\n- 12 - \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEJ\\.1ENTS \r\nJUNE 30, 1994 \r\n \r\nEXIIlBIT \"D\" \r\n \r\nNOTE 5: RETIR.EJ\\.1ENT PLANS \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA TRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by units of the University System of Georgia are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multipleemployer public employee retirement system (PERS). \r\nTRS provides service retirement, disability retirement and survivors benefits for its members. A member is eligible for service retirement after the member (1) has attained the age of 60 years and has at least ten years ofcreditable service, (2) has at least 30 years of creditable service, regardless of age, or (3) has attained the age of 55 years and has at least 25 years of creditable service. For those members with 30 years of service or those age 60 with at least ten years of service, retirement benefits are equal to 2% of the average of the member's two consecutive highest paid years ofservice multiplied by the number of years of creditable service up to 40 years. Any member who has between 25 and 30 years of creditable service and is at least 55 years ofage shall receive a benefit which is reduced by the lessor of 1/12 of 7% for each month the member is below age 60, or by7% for each year or fraction thereof by which the member has less than 30 years of service. The normal retirement pension is payable monthly for life. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death. \r\nRetirement benefits also include death and disability benefits whereby the disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The benefit is based on member's creditable service (minimum of 10 years of service) and compensation up to the date of death or up to the time of disability. \r\nMembers become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting of employer contributions occurs, but the member's contributions are refunded with interest. \r\nThe College's payroll for employees covered by TRS for the year ended June 30, 1994, was $4,636,570.51; total payroll was $6,039,756.30. \r\nTRS CONTRIBUTIONS REQUIRED AND MADE Employees of the College who are covered by TRS are required to pay 6% of their gross earnings to TRS. The College makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees as advised by their independent actuary. For fiscal year 1994, the employer contribution rate was 11.81% for covered employees. In addition, the College contributed 5.60% to the TRS on behalf of employees electing to participate in the Regents Retirement Plan. The interest rate assumption (rate of return on investments) was 7.50%. \r\nTotal contributions made during fiscal year 1994 amounted to $857,624.15, of which $579,429.71 was made by the College and $278,194.44 was made by employees. These contributions represented 12.50% (College) and 6% (employees) of covered payroll. \r\n \r\n- 13 - \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATE:MENTS \r\nJUNE 30, 1994 \r\n \r\nEXlilBIT \"D\" \r\n \r\nNOTE 5: RETIREMENT PLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA TRS FUNDING STATUS AND PROGRESS The amount of the total pension benefit obligation is based on a standardized measurement established by Statement No. 5 ofthe Governmental Accounting Standards Board (GASB) that, with some exceptions, must be used by a PERS. The standardized measurement is the actuarial present value of credited projected benefits. This valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date, and is adjusted for the effects of projected salary increases. A standardized measure ofthe pension benefit obligation was adopted by the GASB to enable readers of PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among other PERS and among other employers. \r\n \r\nTotal unfunded pension benefit obligation of TRS as of June 30, 1993, which was the latest information available, was as follows: \r\n \r\nTotal pension benefit obligation \r\n \r\n$ 13,912,014,000.00 \r\n \r\nNet assets available for benefits, at cost \r\n \r\n12,821,722,000.00 \r\n \r\nUnfunded pension benefit obligation \r\n \r\n$ I 090 292 000 00 \r\n \r\nThe measurement ofthe total pension benefit obligation is based on an actuarial valuation as of June 30, 1993. \r\nNet assets available to pay pension benefits were valued as of the same date. TRS does not make separate measurements of assets and pension benefit obligation for individual employers. \r\n \r\nTotal contributions from all employers to TRS for fiscal year ended June 30, 1994, were $507,582,176.00. The College's contribution for the year ended June 30, 1994, of $579,429.71 was actuarially determined and represented .1142% of total contributions made by all participating employers. \r\n \r\nTen year historical trend information is presented in the 1994 TRS Component Unit Financial Report. This information is useful in assessing TRS's accumulation of sufficient assets to pay pension benefits as they become due. \r\n \r\nTRS RELATED-PARTY INVEST:MENTS During the fiscal year 1994 and as ofJune 30, 1994, the TRS held no securities issued by the College or other related parties. \r\n \r\nREGENTS RETIREMENT PLAN The State of Georgia provides optional pension benefits for eligible faculty and principal administrators through a defined contribution plan. In a defined contribution plan, benefits depend solely on amounts contributed to the plan plus investment earnings. \r\n \r\n- 14 - \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1994 \r\n \r\nEXIIlBIT \"D\" \r\n \r\nNOTE 5: RETIREMENT PLANS \r\nREGENTS RETIREMENT PLAN \r\nState legislation requires that the employee contribute 6% and the employer contribute 4% of the participating employee's eamable compensation. Amounts attributable to all plan contributions are fully vested and nonforfeitable at all times. The College's payroll for employees covered by the Regents Retirement Plan for the year ended June 30, 1994, was $568,773.70; total payroll was $6,039,756.30. The College and the covered employees made the required contributions of $22,989.64 (4%) and $34,376.31 (6%), respectively. \r\nGEORGIA DEFINED CONTRIBUTION PLAN 1be State ofGeorgia provides retirement coverage for temporary, seasonal, and part-time employees who are not eligible for membership in the Teachers Retirement System of Georgia through a single-employer defined contribution plan. The Georgia Defined Contribution Plan was established by the General Assembly of Georgia and is administered by the Board of Trustees of the Employees' Retirement System of Georgia. Covered employees are required to contribute 7.5% of their gross salary, with no matching contribution by the employer. 1be College's payroll for employees covered by the Georgia Defined Benefit Plan for the year ended June 30, 1994, was $394,958.89; total payroll was $6,039,756.30. Total contributions from the covered employees of the College during fiscal year 1994 amounted to $29,622.34 (7.5%). Amounts attributable to the plan are fully vested and a member who terminates employment may apply for a refund of contributions \r\nand interest. Benefits are based solely on the amount contributed by the employee plus investment earnings. Upon discretion ofthe Board ofTrustees, members who leave employment with less than $3,500.00 credited to their account may be required to make a lump-sum withdrawal. Members are eligible to retire at the age of 65 with the option of receiving a periodic payment based on mortality tables and interest accumulation as adopted by the Board ofTrustees of the Employees' Retirement System of Georgia. \r\nInformation relative to the plan description and funding status is presented in the financial report of the Employees' Retirement System of Georgia for the year ended June 30, 1994. \r\nNOTE 6: LEAVE POLICIES \r\nEmployees earn annual leave ranging from one and one-quarter days to one and three-quarter days each month depending upon the employees' length of continuous State service with maximum accumulation of forty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. \r\nSee Note 1- Basis of Accounting (Compensated Absences) \r\nEmployees earn one day of sick leave each month with no maximum accumulation established. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or termination of employment. \r\nNOTE 7: CONTINGENCIES \r\nAmounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. This could result in refunds to the grantor agency for any expenditures which are disallowed under grant terms. \r\n- 15 - \r\n \r\n FLOYD COLLEGE NOTES TO THE FINANCIAL STATE:MENTS \r\nJUNE 30, 1994 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 7: CONTINGENCIES \r\n \r\nThe amount of expenditures which may be disallowed by the granter cannot be determined at this time although the College expects such amounts, if any, to be immaterial to its overall financial position. \r\n \r\nLitigation, claims and assessments filed against Floyd College (as a unit of the Board of Regents of the University System of Georgia), if any, are generally considered to be actions against the State of Georgia. Pursuant to the Official Code of Georgia Annotated, the Department of Administrative Services maintains a program ofpurchased insurance and self-insurance which provides coverage for such litigation, claims and assessments. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1994. \r\n \r\nNOTE 8: BONDING INFORMATION \r\n \r\nThe President and all employees ofFloyd College are bonded under a Public Employees Blanket Bond written by the Employers Insurance ofWausau, their Bond No. 1450-00-110723, on which the premium has been paid to October 1, 1994. Under this agreement, the public employee dishonesty coverage insures Floyd College to a maximum of$1,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. The faithful performance of duty coverage insures the College to a maximum of $100,000.00 against loss sustained from failure ofits employees to perform faithfully their duties or to account properly for all monies and property received by virtue of their position or employment. \r\n \r\nAll employees ofFloyd College are also bonded under a Commercial Crime Policy written by the United States Fire Insurance Company, their Policy No. 626011675 2, on which the premium has been paid to October 1, 1994. Under this additional public employee dishonesty coverage, the policy insures the College to a maximum of $4,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. \r\n \r\nNOTE 9: ENROLL:MENT \r\n \r\nThe equivalent full-time student enrollment of Floyd College was as follows: \r\n \r\nRegular Term Fall Quarter, 1993 Winter Quarter, 1994 Spring Quarter, 1994 \r\n \r\n1,971 1,936 1,801 \r\n \r\nAverage \r\n \r\n.L2Q1 \r\n \r\nSummer School, 1993 \r\n \r\n- 16 - \r\n \r\n SUPPLEMENTARY INFORMATION - 17 - \r\n \r\n FLOYD COLLEGE COMBINING BALANCE SHEET \r\nCURRENT FUNDS - UNRESTRICTED JUNE 30. 1994 \r\n \r\nEXHIBIT \"E\" \r\n \r\nASSETS \r\nCash and Cash Equivalents Accounts Receivable Inventories \r\nTotal Assets \r\n \r\nRESIDENT \r\n \r\nAUXILIARY \r\n \r\nSTUDENT \r\n \r\nINSTRUCTION ENTERPRISES ACTIVITIES \r\n \r\nTOTAL \r\n \r\n------------- ------------- ------------- ------------- \r\n \r\n$ 760,706.05 $ 225,710.98 $ 75,630.72 $ 1,062,047.75 \r\n \r\n16,138.14 \r\n \r\n1,009.56 \r\n \r\n1,071.26 \r\n \r\n18,218.96 \r\n \r\n20,666.45 247,204.91 \r\n \r\n267,871.36 \r\n \r\n------------- ------------- ------------- ------------- \r\n \r\n$ 797,510.64$ 473,925.45$ 76,701.98$ 1,348,138.07 \r\n \r\nLIABILITIES AND FUND BALANCES \r\nLiabilities Accounts Payable Student Deposits Deferred Revenue Tuition and Fees \r\nTotal Liabilities \r\nFund Balances Unrestricted \r\n \r\n$ 437,519.97 $ \r\n \r\n5,933.71 $ l,440.6B \r\n \r\n181.35 $ 443,635.03 1,440.68 \r\n \r\n334,583.39 \r\n \r\n9,256.00 \r\n \r\n343,839.39 \r\n \r\n------------- ------------- ------------- ------------- \r\n \r\n$ 772,103.36 $ 7,374.39 $ 9,437.35 $ 78B,915.10 \r\n \r\n25,407.28 466,551.06 \r\n \r\n67,264.63 \r\n \r\n559,222.97 \r\n \r\n------------- ------------- ------------- ------------- \r\n \r\nTotal Liabilities and Fund Balances$ 797,510.64$ 473,925.45$ 76,701.98$ 1,348,138.07 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 18 - \r\n \r\n FLOYD COLLEGE COMBINING STATEMENT OF CHANGES IN FUND BALANCES \r\nCURRENT FUNDS - UNRESTRICTED \r\nYEAR ENDED JUNE 30. 1994 \r\n \r\nEXHIBIT \"F\" \r\n \r\nRESIDENT INSTRUCTION \r\n \r\nAUXILIARY ENTERPRISES \r\n \r\nSTUDENT ACT I VITI ES \r\n \r\nTOTAL \r\n \r\nREVENUES AND OTHER ADDITIONS \r\n \r\nUnrestricted Current Fund Revenues \r\n \r\n$ 8,856,448.39 $ \r\n \r\nAdjustments \r\n \r\nPrior Years' Expenditures/Accounts Payable \r\n \r\n3,407.57 \r\n \r\n354,816.51 $ 1,353.43 \r\n \r\n94,983.59 $ 9,306,248.49 \r\n \r\n3.37 \r\n \r\n4,764.37 \r\n \r\nTotal Revenues and Other Additions $8,859,855.96$ 356,169.94 $ 94,986.96 $ 9,311,012.86 \r\n \r\nEXPENDITURES AND OTHER DEDUCTIONS \r\n \r\nEducational and General Expenditures Auxiliary Enterprises Expenditures Remittances to the Board of Regents of the \r\nUniversity System of Georgia Prior Year's Unrestricted Fund Balance Surplus \r\n \r\n$ 8,857,304.82 \r\n \r\n$ \r\n \r\n$ 245,713.48 \r\n \r\n92,076.18 $ 8,949,381.00 245,713.48 \r\n \r\n4,608.26 \r\n \r\n4,608.26 \r\n \r\n------------- ------------- ------------- ------------- \r\n \r\nTotal Expenditures and Other Deductions \r\n \r\n$ 8,861,913.08 $ 245,713.48 $ 92,076.18 $ 9,199,702.74 \r\n------------- ------------- ------------- ------------- \r\n \r\nTRANSFERS BETWEEN FUNDS \r\n----------------------- \r\n \r\nNonmandatory Renewals and Replacements Capital Projects \r\n \r\n$ -55,608.77 \r\n \r\n$ -55,608.77 \r\n \r\n$ -1,239.00 \r\n \r\n-1,239.00 \r\n \r\n------------- ------------- ------------- \r\n \r\nTotal Transfers Between Funds \r\n \r\n$ -55,608.77 $ -1,239.00 $ -56,847.77 \r\n------------- ------------- ------------- \r\n \r\nNet Increase/(Decrease) for the Year \r\n \r\n$ -2,057.12 $ 54,847.69 $ \r\n \r\n1,671.78 $ 54,462.35 \r\n \r\nFUND BALANCES JULY 1. 1993 \r\n-------------------------- \r\n \r\n27,464.40 \r\n \r\n411,703.37 \r\n \r\n65,592.85 \r\n \r\n504,760.62 \r\n \r\n------------- ------------- ------------- ------------- \r\n \r\nFUND BALANCES JUNE 30, 1994 \r\n \r\n$ 25,407.28 $ 466,551.06 $ 67,264.63 S 559,222.97 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 19 - \r\n \r\n C)\\aJl f0'?0 \r\n \r\n FLOYO COLLEGE COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\nAND OTHER CHANGES UNRESTRICTED \r\nYEAR ENDED JUNE 30, 1994 \r\n \r\nEXHIBIT \"G\" \r\n \r\nRESIDENT \r\n \r\nAUXILIARY \r\n \r\nSTUDENT \r\n \r\nINSTRUCTION ENTERPRISES ACTIVITIES \r\n \r\nTOTAL \r\n \r\nREVENUES \r\n \r\nState Appropriations \r\n \r\n$ 6,008,523.00 \r\n \r\nTuition and Fees \r\n \r\n2,695,921.51 \r\n \r\nFederal Grants and Contracts \r\n \r\n4,862.63 \r\n \r\nPrivate Gifts, Grants, and Contracts \r\n \r\n8,045.00 \r\n \r\nSales and Services of Educational Activities \r\n \r\n20,725.10 \r\n \r\nSales and Services of Auxiliary Enterprises \r\n \r\n$ \r\n \r\nOther Sources \r\n \r\n118,371.15 \r\n \r\n$ \r\n333,171.93 21,644.58 \r\n \r\n$ 6,008,523.00 \r\n \r\n89,539.00 2,785,460.51 \r\n \r\n4,862.63 \r\n \r\n8,045.00 \r\n \r\n20,725.10 \r\n \r\n333,171.93 \r\n \r\n5,444.59 \r\n \r\n145,460.32 \r\n \r\nTotal Revenues \r\n \r\n$ 8,856,448.39 $ 354,816.51 $ 94,983.59 $ 9,306,248.49 \r\n \r\nEXPENDITURES \r\n \r\nEducational and General \r\nInstruction Academic Support Student Services Institutional Support \r\nOperation and Maintenance of Plant Scholarships and Fellowships \r\nAuxiliary Enterprises \r\nFood Services \r\nStores and Shops Other Service Units \r\n \r\n$ 4,825,818.98 686,336.74 687,748.98 \r\n1,482,359.19 1,147,005.93 \r\n28,035.00 \r\n$ \r\n \r\n$ \r\n122,463.92 122,780.51 \r\n469.05 \r\n \r\n$ 4,825,818.98 686,336.74 \r\n92,076.18 779,825.16 1,482,359.19 1,147,005.93 28,035.00 \r\n122,463.92 122,780.51 \r\n469.05 \r\n \r\nTotal Expenditures \r\n \r\n$ 8,857,304.82 $ 245,713.48$ 92,076.18$ 9,195,094.48 \r\n \r\nOTHER TRANSFERS AND ADDITIONS/(DEDUCTIONS) \r\n \r\nTransfers for Renewals and Replacements \r\n \r\nTransfers for Capital Projects \r\n \r\nPrior Period Adjustments (Net) \r\n \r\n$ \r\n \r\nRemittances to the Board of Regents of the \r\n \r\nUniversity System of Georgia \r\n \r\nPrior Year's Unrestricted Fund Balance \r\n \r\nSurplus \r\n \r\n$ -55,608.77 \r\n \r\n$ \r\n \r\n3,407.57 \r\n \r\n1,353.43 \r\n \r\n-4,608.26 \r\n \r\n$ -55,608.77 \r\n \r\n-1,239.00 \r\n \r\n-1,239.00 \r\n \r\n3.37 \r\n \r\n4,764.37 \r\n \r\n-4,608.26 \r\n \r\nTotal Other Transfers and Additions/(Deductions) \r\n \r\n$ -1,200.69 $ -54,255.34 $ -1,235.63 $ -56,691.66 \r\n \r\nNet lncrease/(Decrease) in Fund Balances \r\n \r\n$ -2,057.12 $ 54,847.69 $ \r\n \r\n1,671.78 $ 54,462.35 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 21 - \r\n \r\n FLOYD COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \r\nRESIDENT INSTRUCTION YEAR ENDED JUNE 30, 1994 \r\n \r\nREVENUES \r\nState Appropriations Other Revenues Retained \r\n \r\nCURRENT FUNDS UNRESTRICTED RESTRICTED \r\n \r\nPLANT FUNDS \r\n \r\nUNEXPENDED \r\n \r\nRENEWALS AND REPLACEMENTS \r\n \r\n$ 6,008,523.00 \r\n \r\n2,847,925.39 $2,354,059.53$ 17,534.45 $ \r\n \r\n0.00 \r\n \r\n$ 8,856,448.39 $2,354,059.53$ 17,534.45 $ \r\n \r\n0.00 \r\n \r\nEXPENDITURES \r\nPersonal Services: Education, General and Departmental Services Sponsored Operations \r\nOperating Expenses: Education, General and Departmental Services Sponsored Operations \r\nCapital Outlay Special Funding Initiative \r\n \r\n$ 7,092,535.97 $ 424,560.92 \r\n \r\n1,724,836.56 39,932.29 \r\n \r\n1,929,498.61 $ \r\n \r\n13,912.70 $ \r\n \r\n46,353.54 \r\n \r\n$ 8,857,304.82 $ 2,354,059.53 $ 13,912.70 $ 46,353.54 \r\n \r\nExcess of Revenues over Expenditures \r\n \r\n$ \r\n \r\n-856.43 $ \r\n \r\n0.00 $ 3,621.75 $ -46,353.54 \r\n \r\n(1) To eliminate tuition waivers not budgeted and to reclassify current year transfers and prior year reserves budgeted as revenues. \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 22 - \r\n \r\n SCHEDULE \"1\" \r\n \r\nTOTAL \r\n \r\nADJUSTMENTS \r\n \r\nTOTAL \r\n \r\n(1) \r\n \r\n(Budget Basis) \r\n \r\nBUDGET \r\n \r\nVARIANCE FAVORABLE (UNFAVORABLE) \r\n \r\n$ 6,008,523.00 5,219,519.37 $ \r\n \r\n$ 6,008,523.00$ 6,008,523.00$ \r\n \r\n0.00 \r\n \r\n19,557.54 5,239,076.91 5,448,069.00 -208,992.09 \r\n \r\n$11,228,042.37 $ 19,557.54 $11,247,599.91 $11,456,592.00$ -208,992.09 \r\n \r\n$ 7,092,535.97 424,560.92 \r\n \r\n$ 7,092,535.97 $ 7,109,561.00$ \r\n \r\n424,560.92 \r\n \r\n434,087.00 \r\n \r\n17,025.03 9,526.08 \r\n \r\n1,724,836.56$ -28,035.00 1,929,498.61 \r\n60,266.24 \r\n39,932.29 \r\n------------- ------------- \r\n \r\n1,696,801.56 1,929,498.61 \r\n60,266.24 \r\n39,932.29 \r\n-------------- \r\n \r\n1,704,590.00 1,791,706.00 \r\n376,648.00 40,000.00 \r\n------------- \r\n \r\n7,788.44 -137,792.61 316,381.76 \r\n67.71 \r\n------------- \r\n \r\n$11,271,630.59 $ -28,035.00 $11,243,595.59 $11,456,592.00$ 212,996.41 \r\n \r\n$ -43,588.22 $ 47,592.54 $ \r\n \r\n4,004.32 \r\n \r\n======== ============ ============== \r\n \r\n$ \r\n \r\n4,004.32 \r\n \r\n- 23 - \r\n \r\n FLOYD COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \r\nLOTTERY FOR EDUCATION YEAR ENDED JUNE 30. 1994 \r\n \r\nSCHEDULE \"2\" \r\n \r\nREVENUES State Appropriations \r\nEXPENDITURES Equipment, Technology and Construction Trust Fund Distant Learning - Satellite Dishes \r\nExcess of Revenues over Expenditures \r\n \r\nPLANT FUNDS ------------UNEXPENDED \r\n \r\nBUDGET \r\n \r\nVARIANCE FAVORABLE (UNFAVORABLE) \r\n \r\n$ 140,807.00$ 140,807.00$ \r\n \r\n0.00 \r\n \r\n------------- ============= ------------- \r\n \r\n$ 140,883.17 $ 134,307.00$ \r\n \r\n6,500.00 \r\n \r\n6,500.00 \r\n \r\n-6,576.17 0.00 \r\n \r\n$ 147,383.17$ 140,807.00$ -6,576.17 \r\n------------- ============= ------------- \r\n \r\n$ -6,576.17 \r\n============= \r\n \r\n$ -6,576.17 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 24 - \r\n \r\n FLOYD COLLEGE SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS \r\nAGENCY FUNDS \r\nYEAR ENDED JUNE 30, 1994 \r\n \r\nSCHEDULE \"3\" \r\n \r\nFUND \r\nPAYROLL DEDUCTIONS \r\nF. I.C.A. Federal Income Tax State Income Tax Retirement Group Insurance United Fund Garnishments Credit Union Floyd College Foundation Misce11 aneous \r\nEMPLOYER'S CONTRIBUTIONS \r\nF. I .C.A. Retirement Group Insurance \r\nOTHER FUNDS \r\nAlumni Association Athletic Events Club Accounts \r\nBaptist Student Union Black Awareness Club Deaf Awareness Club Health, Physical Education and \r\nRecreation Club Mental Health Club Student Nursing Club Course Participation Fees Environmental Awareness GANS-GA Association of Nursing Students Literary Meet Loan and Matching, Floyd College Nursing Class of 1993 Nursing Class of 1994 Police Academy Reserve Officer Training Public Services - Coordinator of Services Retired Employees Group Insurance Scholarships Regents' Scholarship Fund Other Scholarships (List on File) Small Business Development Center Special Funds Student Government Association Visual Impulse Performers \r\n \r\nBALANCE JULY 1, 1993 \r\n \r\nRECEIPTS \r\n \r\nBALANCE DISBURSEMENTS JUNE 30, 1994 \r\n \r\n$ 401,336.45 $ 401,336.45 \r\n \r\n661,207.00 \r\n \r\n661,207.00 \r\n \r\n231,825.11 \r\n \r\n231,825.11 \r\n \r\n$ \r\n \r\n114.25 \r\n \r\n342,193.09 \r\n \r\n342,307.34 \r\n \r\n8,875.81 \r\n \r\n222,344.51 \r\n \r\n216,797.55 $ 14,422.77 \r\n \r\n3,528.50 \r\n \r\n3,528.50 \r\n \r\n3,814.78 \r\n \r\n3,814.78 \r\n \r\n251,564.11 \r\n \r\n251,564.11 \r\n \r\n5,664.50 \r\n \r\n5,664.50 \r\n \r\n93,643.65 \r\n \r\n93,410.10 \r\n \r\n233.55 \r\n \r\n$ 8,990.06 $ 2,217,121.70 $ 2,211,455.44 $ 14,656.32 \r\n \r\n$ 401,336.45 $ 401,336.45 \r\n \r\n$ \r\n \r\n224.88 \r\n \r\n602,592.68 \r\n \r\n602,817.56 \r\n \r\n25,375.72 \r\n \r\n639,333.76 \r\n \r\n640 473.77 $ 24,235.71 \r\n \r\n$ 25,600.60 $ 1,643,262.89 $ 1,644,627.?B s 24,235.71 \r\n \r\n$ \r\n \r\n420.64 \r\n \r\ns \r\n \r\n420.64 \r\n \r\n1,469.67 $ 39,021.31 $ 34,285.90 \r\n \r\n6,205.08 \r\n \r\n19.34 \r\n419.92 -18.51 \r\n \r\n50.00 18.51 \r\n \r\n8.27 252.91 \r\n \r\n61.07 \r\n419.92 -252.91 \r\n \r\n8,040.83 155.22 285.33 357.00 20.75 55.20 306.72 \r\n13,646.65 1,219.27 65.00 \r\n14,228.96 \r\n972.31 \r\n \r\n7,219.22 \r\n1,876.66 14,435.80 \r\n100.00 1,432.30 \r\n818.98 3,687.14 15,225.00 6,121.43 11,667.65 \r\n \r\n8,361.61 \r\n1,935.19 14,792.80 \r\n3.80 100.00 \r\n0. 45 1,905.56 1,357.00 1,285.00 6,644.29 12,070.14 \r\n \r\n6,898.44 155.22 226.80 \r\n20.75 51.40 306.72 15,078.50 132.69 2,395.14 28,168.96 -522.86 569.82 \r\n \r\n1,450.00 7,429.94 \r\n \r\n3,100.00 107,066.29 \r\n \r\n3,950.00 106,228.46 \r\n \r\n600.00 8,267.77 \r\n \r\n1,528.09 14.05 \r\n \r\n1 425.00 \r\n \r\n12.59 \r\n \r\n1,528.09 14.05 \r\n1,41~.41 \r\n \r\n$ 52,086.38 $ 213,265.29 $ 193 193.97 s 72 157.70 \r\n \r\ns 86 677.04 $ 4 1 073 I 649. 88 $ 4 049 277.19 $ 111.049.73 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 25 - \r\n \r\n FLOYD COLLEGE CASH AND CASH EQUIVALENTS \r\nJUNE 30 1 1994 \r\n \r\nSCHEDULE \"4\" \r\n \r\nINTEREST BEARING ACCOUNTS \r\n \r\nHome Federal Savings Bank, \r\n \r\nRome, Georgia \r\n \r\nCertificate of Deposit (3.80%) \r\n \r\n$ \r\n \r\nInsured Honey Market Account (2.79%) \r\n \r\nState of Georgia - Office of Treasury and Fiscal Services State Investment Pool local Government Investment Pool (4.237%) \r\n \r\nTrust Company Bank of Northwest Georgia, Rome, Georgia \r\nN.O.W. Accounts (2.02%) \r\n \r\n20,000.00 1,515.16 $ 21,515.16 \r\n310,482.76 \r\n942,371.53 $1,274,369.45 \r\n \r\nOTHER \r\n \r\nCash on Hand Petty Cash \r\n \r\n5,574.00 \r\n \r\n$ 1,279,943.45 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 26 - \r\n \r\n FLOYD COLLEGE ACCOUNTS RECEIVABLE \r\nJUNE 30. 1994 \r\n \r\nSCHEDULE \"5\" \r\n \r\nFederal Grants and Contracts Research and Instruction Student Aid \r\nState Grants and Contracts Research and Instruction Student Aid \r\nlocal Grants and Contracts Student Aid \r\nPrivate Gifts, Grants, and Contracts Research and Instruction Student Aid \r\nOther Georgia State Financing and Investment Commission Returned Checks Student Accounts Other \r\n \r\nCURRENT FUNDS UNRESTRICTED RESTRICTED \r\n \r\nPLANT FUNDS UNEXPENDED \r\n \r\nTOTAL \r\n \r\n$ 49,675.19 106,441.90 \r\n52,665.27 35,633.37 \r\n3,027.85 \r\n2,114.79 2,934.67 \r\n \r\n$ 49,675.19 106,441.90 \r\n52,665.27 35,633.37 \r\n3,027.85 \r\n2,114.79 2,934.67 \r\n \r\n$ \r\n \r\n6,894.92 \r\n \r\n5,421.04 \r\n \r\n5,903.00 \r\n \r\n$ 94,043.94 \r\n \r\n94,043.94 6,894.92 5,421.04 5,903.00 \r\n \r\n$ 18,218.96 $ 252,493.04 $ 94,043.94 $ 364,755.94 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 27 - \r\n \r\n FLOYD COLLEGE CHANGES IN INVESTMENT IN PLANT \r\nYEAR ENDED JUNE 30, 1994 \r\n \r\nLand Buildings Improvements Other Than Buildings Equipment Library Books and Collections \r\n \r\nBALANCE \r\nJULY 1, 1993 \r\n \r\nCURRENT FUNDS UNRESTRICTED RESTRICTED \r\n \r\n$ 169,490.00 8,783,631.30 709,880.62$ 1,865,629.04 1,231,779.32 \r\n \r\n30,490.50 190,242.27 $ 108,805.23 \r\n \r\n7,500.32 \r\n \r\n$12,760,410.28$ 329,538.00$ 7,500.32 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 28 - \r\n \r\n SCHEDULE \"6\" \r\n \r\nADDITIONS \r\n \r\nPLANT FUNDS \r\n \r\nGEORGIA STATE \r\n \r\n---------------------------- FINANCING AND RENEWALS AND INVESTMENT \r\n \r\nUNEXPENDED REPLACEMENTS COMMISSION \r\n \r\nPRIVATE GIFTS \r\n \r\nDEDUCTIONS \r\n------------- \r\nDISPOSALS/ \r\nDELETIONS/ ADJUSTMENTS \r\n------------- \r\n \r\nBALANCE JUNE 30, 1994 \r\n------------- \r\n \r\n$ 400,000.00 \r\n \r\n$ 569,490.00 \r\n \r\n$ 21,619.43 $ 103,831.30 \r\n \r\n744,500.00 \r\n \r\n9,653,582.03 \r\n \r\n$ 12,673.70 \r\n \r\n753,044.82 \r\n \r\n144,942.17 \r\n \r\n16,662.44 \r\n \r\n$ 71,026.10 2,153,950.14 \r\n \r\n------ \"---- \r\n \r\n1,340,584.55 \r\n------------- \r\n \r\n$ 157,615.87 $ 38,281.87 $ 103,831.30 $1,144,500.00$ 71,026.10 $14,470,651.54 \r\n \r\n- 29 - \r\n \r\n FLOYD COLLEGE SCHEDULE OF FUND BALANCES CURRENT FUNDS AND PLANT FUNDS \r\nJUNE 30, 1994 \r\n \r\nNET INVESTMENT IN PLANT \r\nInvestment in Plant Facilities \r\nRESTRICTED \r\nDesignated for Subsequent Years' Expenditures \r\nUNRESTRICTED \r\nDesignated For Bus Replacement Reserve For Inventory Reserve For Prior Year Local Funds For Renewals and Replacements Reserve For Subsequent Years' Expenditures For Uncollectible Accounts \r\nUndesignated Surplus/Deficit Regular Lottery for Education \r\n \r\nRESIDENT INSTRUCTION \r\n \r\nCURRENT FUNDS \r\n \r\nUNRESTRICTED \r\n \r\nAUXILIARY ENTERPRISES \r\n \r\nSTUDENT ACTIVITIES \r\n \r\n$ 20,000.00 $ 247,204.91 \r\n \r\n2,856.14 \r\n \r\n219,346.15$ 67,264.63 \r\n \r\n2,551.14 $ 25,407.28 $ 466,551.06 $ 67,264.63 \r\n \r\n$ 25,407.28$ 466,551.06 $ 67,264.63 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 30 - \r\n \r\n SCHEDULE \"7\" \r\n \r\nRESTRICTED \r\n \r\nPLANT FUNDS \r\n \r\nUNEXPENDED \r\n \r\nREGULAR \r\n \r\nLOTTERY FOR RENEWALS AND EDUCATION REPLACEMENTS \r\n \r\nINVESTMENT IN PLANT \r\n \r\nTOTAL \r\n \r\n$14,470,651.54 $14,470,651.54 \r\n \r\n$ 52,747.14 \r\n \r\n$ 52,747.14 \r\n \r\n$ \r\n \r\n8,023.89 \r\n \r\n$ \r\n \r\n371.10 \r\n \r\n251,472.37 \r\n \r\n$ \r\n \r\n371.10 \r\n \r\n267,204.91 \r\n \r\n8,023.89 \r\n \r\n251,472.37 \r\n \r\n286,610.78 \r\n \r\n2,856.14 \r\n \r\n4,860.75 \r\n$ \r\n \r\n-6,576.17 \r\n \r\n$ 12,884.64 $ -6,576.17 $ 251,843.47 \r\n \r\n7,411.89 -6,576.17 \r\n$ 817,374.91 \r\n \r\ns 52,747.14 $ 12,884.64 $ -6,576.17 $ 251,843.47 $14,470,651.54 $15,340,773.59 \r\n \r\n- 31 - \r\n \r\n FLOYD COLLEGE SCHEDULE OF REVENU~S \r\nCURRENT FUNDS \r\nYEAR ENDED JUNE 30, 1994 \r\n \r\nSCHEDll.E \"8\" \r\n \r\nState Appropriations Allotments fran the Board of Regents of the University System of Georgia Regular Special Funding Initiative \r\nOther Revenues Retained Tuition and Fees Matriculation Other \r\n \r\nUNRESTRICTED \r\n \r\nRESTRICTED \r\n \r\n------------------------------------------------------ ------------ \r\n \r\nRESIDENT AUXILIARY \r\n \r\nSTUDENT \r\n \r\nRESIDENT \r\n \r\nINSTRUCTION ENTERPRISES ACTIVITIES \r\n \r\nTOTAL \r\n \r\nINSTRUCTION \r\n \r\nTOTAL \r\n \r\n------------ ------------ ------------ ------------ ------------ ------------- \r\n \r\n$5,968,523.00 40,000.00 \r\n------------ \r\n$6,008,523.00 \r\n------------ \r\n$2,689,252.01 6,669.50 \r\n \r\n$5,968,523.00 40,000.00 \r\n------------ \r\n$6,008,523.00 \r\n------------ \r\n$2,689,252.01 $ 89,539.00 96,208.50 \r\n \r\n$ 5,968,523.00 40,000.00 \r\n------------- \r\n$ 6,008,523.00 \r\n------------- \r\n$ 2,689,252.01 96,208.50 \r\n \r\nFederal Grants and Contracts Research and Instruction Student Aid \r\nContract Overhead \r\n \r\n4,862.63 \r\n \r\n$ 214,906.98 214,906.98 \r\n \r\n1,301,000.36 1,301,000.36 \r\n \r\n4,862.63 \r\n \r\n4,862.63 \r\n \r\nState Grants and Contracts Research and Instruction Student Aid \r\nContract Overhead \r\n \r\n8,045.00 \r\n \r\n8,045.00 \r\n \r\n134,516.22 272,649.43 \r\n \r\n134,516.22 272,649.43 \r\n8,045.00 \r\n \r\nLocal Grants and Contracts Research and Instruction \r\nStudent Aid \r\n \r\n4,114.12 8,475.02 \r\n \r\n4,114.12 8,475.02 \r\n \r\nPrivate Gifts, Grants, and Contracts \r\nResearch and Instruction \r\nStudent Aid \r\n \r\n206,092.93 211,635.47 \r\n \r\n206,092.93 211,635.47 \r\n \r\nEndCM111ent Incane Student Aid \r\n \r\n669.00 \r\n \r\n669.00 \r\n \r\nSales and Services of Educational Activities \r\n \r\n20,725.10 \r\n \r\n20,725.10 \r\n \r\n20,725.10 \r\n \r\nSales and Services of Auxiliary Enterprises \r\n \r\n$ 333,171.93 \r\n \r\n333,171.93 \r\n \r\n333,171.93 \r\n \r\nOther Sources \r\nCash Over-Short Cannissions Extension and Public Service \r\nInterest Earned Rents \r\nOther \r\n \r\n24.10 \r\n93,238.72 \r\n3,600.00 21,508.33 \r\n------------ \r\n \r\n12,468.84 \r\n7,395.37 1,780.37 \r\n------------ \r\n \r\n1,858.19 \r\n-----3-,5--8-6-.4--0 \r\n \r\n24.10 12,468.84 93,238.72 \r\n9,253.56 5,380.37 \r\n----2-5-,0--9-4-.7--3 \r\n \r\n------------ \r\n \r\n24.10 12,468.84 93,238.72 \r\n9,253.56 5,380.37 25,094.73 \r\n------------- \r\n \r\n$2,847,925.39 \r\n------------ \r\n \r\n$--3--5-4-,8--1-6-.5-1- \r\n \r\n$ 94,983.59 \r\n------------ \r\n \r\n$3,297,725.49 \r\n------------ \r\n \r\n$2,354,059.53 \r\n------------ \r\n \r\n$ 5,651,785.02 \r\n------------- \r\n \r\n$8,856,448.39 $ 354,816.51 $ 94,983.59 $9,306,248.49 $2,354,059.53 $11,660,308.02 \r\n========== ========= ========= ============ ssz=z=~-=== zc======au::=== \r\n \r\nSee acccmpanying notes and Independent Accountant's Canbined Report on Review of Financial Statements and Supplementary Infonnation. \r\n- 32 - \r\n \r\n FLOYD COLLEGE SCHEDULE OF EXPENDITURES BY OBJECT \r\nCURRENT FUNDS \r\nYEAR ENDED JUNE 30, 1994 \r\n \r\nSCHEDULE \"9\" \r\n \r\nUNRESTRICTED \r\n \r\nRESIDENT AUXILIARY \r\n \r\nSTUDENT \r\n \r\nINSTRUCTION ENTERPRISES ACTIVITIES \r\n \r\nTOTAL \r\n \r\nRESTRICTED RESIDENT \r\nINSTRUCT ION \r\n \r\nTOTAL \r\n \r\nPERSONAL SERVICES \r\n \r\nSalaries and Wages \r\n \r\n$5,496,514.85 $ \r\n \r\nEfr4:)loyer's Contributions for: \r\n \r\nF.I.C.A. \r\n \r\n365,904.34 \r\n \r\nGroup Insurance \r\n \r\n579,892.24 \r\n \r\nRetirenent \r\n \r\n551,613.54 \r\n \r\nLiability Insurance \r\n \r\n28,275.00 \r\n \r\nUn~loyment COIT1)ensation \r\n \r\nInsurance \r\n \r\n4,615.00 \r\n \r\nWorkers' COIT1)ensation Insurance 65,721.00 \r\n \r\n153,070.34 $ \r\n10,347.21 29,877.38 16,202.85 \r\n \r\n11,792.12 $5,661,377.31 $ 348,804.99 $ 6,010,182.30 \r\n \r\n113.53 3,048.09 \r\n149.49 \r\n \r\n376,365.08 612,817.71 567,965.88 28,275.00 \r\n \r\n22,982.00 21,641.07 31,132.86 \r\n \r\n399,347.08 634,458.78 \r\n599,098.74 28,275.00 \r\n \r\n4,615.00 65,721.00 \r\n \r\n4,615.00 65,721.00 \r\n \r\n$7,092,535.97 $ 209,497.78 $ 15,103.23 $7,317,136.98 $ 424,560.92 $ 7,741,697.90 \r\n \r\nOPERATING EXPENSES \r\n \r\nTravel \r\nMotor Vehicle Expenses Supplies and Materials Repairs and Maintenance Utilities Rents (Other than Real Estate) Insurance and Bonding Tuition and Scholarships \r\nCollege Work-Study Program Scholarships, Fellowships, \r\nPrizes, Awards and Other Other Operating Expenses \r\nPublications and Printing Equipment Purchases \r\nNon-Inventory Canputer Charges \r\nSoftware Real Estate Rentals \r\nTelecOOlllJnications Per Diem, Fees and Contracts \r\nPer Diem and Fees Contracts \r\nEquipment Purchases Motor Vehicle Equipment Purchases Inventory \r\n \r\n$ 85,581.91 $ 18,905.75 309,543.66 114,617.00 306,730.08 11,478.03 10,196.90 \r\n13,545.46 \r\n28,035.00 105,532.28 48,045.83 \r\n133,796.04 1,428.40 21,515.78 8,400.00 68,091.49 \r\n66,519.93 74,309.55 \r\n22,822.00 275 741.47 \r\n \r\n2,175.15 $ 199.67 \r\n9,988.91 2,536.15 8,543.95 \r\n63.47 \r\n156.10 \r\n \r\n2,216.28 $ 2,860.91 \r\n27,854.80 678. 70 \r\n1,878.68 \r\n \r\n89,973.34 $ \r\n21,966.33 347,387.37 117,831.85 \r\n317,152.71 11,541.50 10,353.00 \r\n \r\n3,727.34 $ \r\n15,788.33 \r\n22,888.76 3,067.50 2,700.00 4,879.40 \r\n217.50 \r\n \r\n93,700.68 \r\n37,754.66 \r\n370,276.13 120,899.35 319,852.71 16,420.90 10,570.50 \r\n \r\n13,545.46 40,680.13 \r\n \r\n54,225.59 \r\n \r\n5,987.08 34.80 \r\n \r\n16,344.67 9,854.00 \r\n \r\n28,035.00 1,794,429.28 1,822,464.28 \r\n \r\n127,864.03 17,245.59 145,109.62 \r\n \r\n57,934.63 \r\n \r\n97.00 \r\n \r\n58,031.63 \r\n \r\n756.09 160.00 2,138.06 \r\n \r\n1,414.43 400.00 973.06 \r\n \r\n135,966.56 1,428.40 \r\n22,075.78 8,400.00 \r\n71,202.61 \r\n \r\n4,562.23 239.87 \r\n3,491.22 \r\n \r\n140,528.79 1,428.40 \r\n22,315.65 8,400.00 \r\n74,693.83 \r\n \r\n2,482.32 993.95 \r\n \r\n12,013.39 \r\n \r\n81,015.64 75,303.50 \r\n \r\n7,984.14 \r\n \r\n88,999.78 75,303.50 \r\n \r\n484.03 23,306.03 275 741 .47 \r\n \r\n7,500.32 \r\n \r\n23,306.03 283,241.79 \r\n \r\n$1 I 72 4 I 83 6. 56 $ 36,215.70$ 76,972.95 $1,838,025.21 $1,929,498.61 $ 3,767,523.82 \r\n \r\nOTHER \r\n \r\nSPECIAL FUNDING INITIATIVE \r\n \r\nPersonal Services \r\n \r\nSalaries and Wages \r\n \r\n$ \r\n \r\nE\"l'.)loyer's Contributions for: \r\n \r\nF.I.C.A. \r\n \r\nGroup Insurance \r\n \r\nRetirenent \r\n \r\n29,574.00 \r\n1,989.37 4,876.20 3 492.72 \r\n \r\n$ 29,574.00 \r\nl, 989. 37 4,876.20 3 492. 72 \r\n \r\n$ 29,574.00 \r\n1,989.37 4,876.20 3 492.72 \r\n \r\n$ 39,932.29 \r\n \r\n$ 39,932.29 \r\n \r\n$ 39,932.29 \r\n \r\n$8,857,304.82 $ 245 713.48 $ 92 076. 18 $9,195,094.48 $2,354,059.53 $11,549,154.01 \r\n \r\nSee accanpanying notes and Independent Accountant's Canbined Report on Review of Financial Statements and Supplementary Information. \r\n- 33 - \r\n \r\n FLOYD COLLEGE SCHEDULE OF EXPENDITURES BY OBJECT \r\nPLANT FUNDS YEAR ENDED JUNE 30. 1994 \r\n \r\nSCHEDULE \"10\" \r\n \r\nCAPITAL OUTLAY \r\nSoftware Per Diem, Fees and Contracts \r\nContracts Equipment Purchases \r\nMotor Vehicle Equipment Purchases Inventory \r\nOTHER \r\nEQUIPMENT, TECHNOLOGY AND CONSTRUCTION TRUST FUND \r\nOther Costs Equipment Purchases Non-Inventory Equipment Purchases Inventory \r\nDISTANT LEARNING - SATELLITE DISHES Other Costs Equipment Purchases Inventory \r\n \r\nUNEXPENDED \r\n \r\n---------------------------- \r\n \r\nREGULAR \r\n \r\nLOTTERY FOR EDUCATION \r\n \r\nRENEWALS AND \r\nREPLACEMENTS ------------- \r\nAUXILIARY \r\n \r\nTOTAL \r\n \r\n$ 12,673.70 1,239.00 \r\n$ 13,912.70 \r\n \r\n$ \r\n \r\n8,071.67 $ \r\n \r\n8,071.67 \r\n \r\n21,619.43 \r\n \r\n34,293.13 \r\n \r\n13,448.00 \r\n \r\n13,448.00 \r\n \r\n3,214.44 \r\n \r\n4,453.44 \r\n \r\n------------- ------------- \r\n \r\n$ 46,353.54 $ 60,266.24 \r\n------------- ------------- \r\n \r\n$ \r\n \r\n3,680.00 \r\n \r\n137,203.17 \r\n \r\n$ 140,883.17 \r\n \r\n$ \r\n \r\n6,500.00 \r\n \r\n$ 147,383.17 \r\n \r\n$ \r\n \r\n3,680.00 \r\n \r\n137,203.17 \r\n \r\n$ 140,883.17 \r\n \r\n$ \r\n \r\n6,500.00 \r\n \r\n$ 147,383.17 \r\n \r\n$ 13,912.70 $ 147,383.17 $ 46,353.54 $ 207,649.41 \r\n============= s-=-------=-- ============= =-===-------- \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 34 - \r\n \r\n SECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\n \r\n FLOYD COLLEGE SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\nYEAR ENDED JUNE 30. 1994 \r\n \r\nSTATUS OF PRIOR YEAR FINDINGS AND IlvfPROPER OR QUESTIONED COSTS \r\n \r\nThe status ofthe finding disclosed in the review report for the year ended June 30, 1993, is indicated below: \r\n \r\nAudit Control Number \r\n \r\nStatus of Finding \r\n \r\n573-93-01 \r\n \r\nSee Audit Control Number 573-94-01 \r\n \r\nPRIOR YEAR \r\n \r\nAUDIT FOLLOW-UP/RESOLUTION Improper Expenditure Financial Statements Finding Deleted Audit Control Number 573-94-01 \r\n \r\nThe audit report for the year ended June 30, 1990, called attention to an improper expenditure of $175.00 for seven employees to attend a Secretaries' Day luncheon. This improper cost had not been resolved at June 30, 1994. \r\n \r\nReference to this finding will be deleted from review reports in subsequent years. However, Floyd College is not relieved of their responsibility to secure reimbursement for this improper expenditure. \r\n \r\nCURRENTYEAR \r\n \r\nBUDGET PREPARATION/EXECUTION Overexpenditure of Budget - Resident Instruction Financial Statements \r\n \r\nThe total approved budget for Resident Instruction of Floyd College provided for expenditures totaling $11,456,592.00. A comparison of anticipated revenues and budgeted expenditures to actual revenues and expenditures is summarized on Schedule \"I\" ofthis report. This comparison indicates that actual expenditures for Operating Expenses of Sponsored Operations exceeded budgeted expenditures by $137,792.61. \r\n \r\nBUDGET PREPARATION/EXECUTION Overexpenditure of Budget - Lottery for Education Financial Statements \r\n \r\nThe total approved budget for Lottery for Education of Floyd College provided for expenditures totaling $140,807.00. A comparison of anticipated revenues and budgeted expenditures to actual revenues and \r\nexpenditures is summarized on Schedule \"2\" of this report. This comparison indicates that actual expenditures \r\nfor Equipment, Technology and Construction Trust Fund exceeded budgeted expenditures by $6,576.17. \r\n \r\n FLOYD COLLEGE SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 1994 \r\nCURRENT YEAR \r\nGENERAL FIXED ASSETS/PROPERTY MANAGEMENT Inadequate Equipment Inventory Records Financial Statements Audit Control Number 573-94-02 \r\nAn examination ofthe property management records disclosed that the College's equipment inventory records were not reconciled with the general ledger control accounts. As a result of this deficiency, additional work was performed to identify the discrepancies. However, a variance of $14,953.15 between the College!$ subsidiary equipment inventory records and the general ledger could not be identified. \r\nPersonnel at the College should review the matter and necessary adjustments should be made to reconcile the control accounts and subsidiary records. \r\n \r\n "}],"pages":{"current_page":1,"next_page":null,"prev_page":null,"total_pages":1,"limit_value":10,"offset_value":0,"total_count":5,"first_page?":true,"last_page?":true},"facets":[{"name":"type_facet","items":[{"value":"Text","hits":5}],"options":{"sort":"count","limit":16,"offset":0,"prefix":null}},{"name":"creator_facet","items":[{"value":"Georgia. 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