{"response":{"docs":[{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bg438-b1995-h96","title":"Review report, state of Georgia, Georgia College, Milledgeville, Georgia, year ended June 30, 1996","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits."],"dcterms_spatial":["United States, Georgia, Baldwin County, Milledgeville, 33.08014, -83.2321"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["1995/1996"],"dcterms_description":["-Year ended June 30, 1996.","Title fluctuates: Audits conducted \"in accordance with generally accepted auditing standards\" are issued as: Audit report; reviews that are \"substanially less in scope than an audit in accordance with generally accepted auditing standards\" are issued as: Review report.","Year ended June 30, 1994."],"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":["Georgia College--Appropriations and expenditures","Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Review report, state of Georgia, Georgia College, Milledgeville, 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-bg438-b1995-h96"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bg438-b1995-h96"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"GA A'isoo \r\n.R\\ \r\nGLf38 /G'15 - q\u003c:, \r\nSTATE OF GEORGIA DEPARTMENT OF AUDITS \r\n254 WASHINGTON STREET ATLANTA. GEORGIA 30334 \r\n \r\n REVIEWREPORT STATE OF GEORGIA GEORGIA COLLEGE MILLEDGEVILLE, GEORGIA YEAR ENDEDJUNE 30, 1996 \r\n \r\n GEORGIA COLLEGE - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT ACCOUNTANT'S COMBINED REPORT ONREVIEW 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\nALLFUND GROUPS \r\n \r\n2 \r\n \r\nB COMBINED STATEMENT OF CHANGES INFUND BALANCES \r\n \r\nALLFUND 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 THEFINANCIAL 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\n22 \r\n \r\nF COMBINING STATEMENT OF CHANGES INFUND 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 FOREDUCATION \r\n \r\n28 \r\n \r\nSCHEDULES OF OPERATIONS \r\n \r\n3 \r\n \r\nLOAN FUNDS \r\n \r\n30 \r\n \r\n4 \r\n \r\nENDOWMENT FUNDS \r\n \r\n31 \r\n \r\n5 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS \r\n \r\nAGENCY FUNDS \r\n \r\n32 \r\n \r\n6 CASH ANDCASH EQUNALENTS \r\n \r\n34 \r\n \r\n7 ~STMENTS \r\n \r\n35 \r\n \r\n8 ACCOUNTSRECENABLE \r\n \r\n37 \r\n \r\n9 CHANGES IN ~STMENT IN PLANT \r\n \r\n38 \r\n \r\n10 SCHEDULE OF FUND BALANCES \r\n \r\nCURRENT FUNDS AND PLANT FUNDS \r\n \r\n40 \r\n \r\n GEORGIA 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\n11 SCHEDULE OF REVENUES \r\n \r\nCURRENT FUNDS \r\n \r\n42 \r\n \r\nSCHEDULES OF EXPENDITURES BY OBJECT \r\n \r\n12 \r\n \r\nCURRENT FUNDS \r\n \r\n44 \r\n \r\n13 \r\n \r\nPLANT FUNDS \r\n \r\n48 \r\n \r\n14 RECONCILIATION OF SALARIES ANDWAGES, ANDTRAVEL \r\n \r\n49 \r\n \r\nSECTIONll FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS ANDIMPROPER 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\nNovember 13, 1996 \r\n \r\nHonorable Zell Miller, Governor Members of the General Assembly of Georgia Members of the Board ofRegents ofthe University System of Georgia \r\nand Honorable Edwin G. Speir, Jr., President Georgia College \r\nINDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \r\nLadies and Gentlemen: \r\nWe havereviewed the accompanying financial statements (Exhibits A through D) of Georgia College as of and for the year ended June 30, 1996, in accordance with Statementson Standardsfor Accounting and Review \r\nServices issued by the American Institute of Certified Public Accountants. All information included in these \r\nfinancial statements is the representationofthe management of Georgia College. \r\nA review consists principally ofinquiries 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 exceptionof the matters described in the fourth and fifth paragraphs, we are not awareof anymaterial 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 Statebudgetary policy, management recorded encumbrances as expenditures and liabilities. The effects of thisdeparture from generally accepted accounting principles on the financial statementswere 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 $1,354,227.71 as of June 30, 1996, and the net change in fund balance for the year ended June 30, 1996, would be decreased by $115,541.54. \r\nOur review was made for the purpose ofexpressing limited assurance that there are no material modifications \r\nthat should be made to the financial statements in order for them to be in conformity with generally accepted \r\naccounting principles. The accompanying supplementary information (Exhibits E through G and Schedules \r\n1 through 14) is presented only for supplementary analysis purposes. Such information has been subjected to \r\nthe inquiries and analytical procedures applied in the review of the financial statements, and except for the effects of the matters discussed in the fourth and fifth paragraphs, we are not aware of any material modifications which should be made thereto. \r\nCLV:cm 96ARL-67 \r\n \r\n FINANCLALSTATE~TS \r\n- 1- \r\n \r\n GEORGIA COLLEGE COMBINED BALANCE SHEET \r\nALL FUND GROUPS JUNE 30,1996 \r\n \r\nASSETS \r\nCash and Cash Equivalents Investments Accounts Receivable Inventories Prepaid Items Investment in Plant \r\nTotal Assets \r\n \r\nCURRENT FUNDS UNRESTRICTED RESTRICTED \r\n \r\nLOAN FUNDS \r\n \r\n$ 2,836,848.29 $ 701,417,75 $ 655,005,53 \r\n \r\n45,806.17 \r\n \r\n609,020.07 \r\n \r\n1,831,232.25 \r\n \r\n536,422,77 \r\n \r\n22,740.87 \r\n \r\n$ 4,005,032,00 $ 747,223,92 $ 2,486,237,78 \r\n \r\nLIABILITIES AND FUND BALANCES \r\nUabilities Accounts Payable Student Deposits Deferred Revenue Tuition and Fees other Deposits Held in Custody for others \r\nTotal Uabilities \r\nFund Balances U. S, Government Grants Refundable Institutional Loans - Restricted Endowment Net Investment in Plant Restricted Unrestricted \r\nTotal Fund Balances \r\n \r\n$ 1,687,415,58 86,554.40 \r\n996,788,25 197,202.13 \r\n$ 2,967,960.36 \r\n$ 2,028,215.19 458,022.59 \r\n$ 747,223.92 $ 1,037,071.64 $ 1,037,071.64 $ 747,223,92 $ 2,486,237,78 \r\n \r\nTotal Uabilities and Fund Balances \r\n \r\n$ 4,005,032,00 $ 747,223.92 $ 2,486,237,78 \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 EXHIBIT\"A\" \r\n \r\nENDOWMENT FUNDS \r\n \r\nUNEXPENDED \r\n \r\nPLANT FUNDS RENEWALS AND REPLACEMENTS \r\n \r\nINVESTMENT IN PLANT \r\n \r\nAGENCY FUNDS \r\n \r\nTOTAL (Memorandum \r\nOnly) \r\n \r\n$ 883,447.58 $ 1,594,959.80 $ \r\n \r\n461,841.92 \r\n \r\n$ \r\n \r\n1,036,971.41 \r\n \r\n88,343.02 \r\n \r\n8,647.00 \r\n \r\n_ _ _ _ _ _ $ 60,000,400.91 \r\n \r\n327,730.63 $ \r\n \r\n7,461,251.50 1,082,777.58 2,537,242.34 \r\n536,422.77 22,740.87 60,000,400.91 \r\n \r\n$ 1,920,418.99 $ 1,683,302.82 $ \r\n \r\n470,488.92 $ 60,000,400.91 $ 327,730.63 $ 71,640,835.97 \r\n \r\n$ 1,564,129.30 $ \r\n \r\n$ 1,564,129.30 $ \r\n \r\n$ 1,920,418.99 \r\n \r\n$ $ 1,920,418.99 $ \r\n \r\n119,173.52 $ 119,173.52 $ \r\n \r\n131,341.45 131,341.45 \r\n \r\n$ 215,719.48 $ 3,598,605.81 86,554.40 \r\n \r\n112,011.15 \r\n \r\n996,788.25 197,202.13 112,011.15 \r\n \r\n$ 327,730.63 $ 4,991,161.74 \r\n \r\n$ 60,000,400.91 339,147.47 339,147.47 $ 60,000,400.91 \r\n \r\n$ 2,028,215.19 458,022.59 \r\n1,920,418.99 60,000,400.91 \r\n747,223.92 1,495,392.63 \r\n$ 66,649,674.23 \r\n \r\n$ 1,920,418.99 $ 1,683,302.82 $ \r\n \r\n470,488.92 $ 60,000,400.91 $ 327,730.63 $ 71,640,835.97 \r\n \r\n-3- \r\n \r\n GEORGIACOlLEGE \r\nCOMBINED STATEMENTOF CHANGES IN FUND BALANCES \r\nALl FUNDGROUPS YEAR ENDEDJUNE 30 1996 \r\n \r\nREVENUES AND OTHER AOO!TIONS \r\nUnrestrictedCurrent Fund R _ . Stale Appropriations \r\nMajor Repeil1llRehabilitalion Funds LoUery Proceeds Fedenli Gnlnts and Contracts State Grants and Contracts PrIvateGifts, Grants, and Contracts '\"-tment Income Endowment Other RealizedGains on m-trnenls InIerelIt on Loans Receivable AdjU8lments Prior Vears' ExpenditureslAccounts Payable Prior Vears' Checks Voided Expended for Plant Facilities Current Funds Plant Funds \r\nU118JlP8l1ded ~1s and Replacements Georgia State Financingand InvestmentCommission Other Additions Proceeds from Sale d Plant Assets Recoveryd Prior Vean;' CancelledLoans \r\nTotal R _ . - and Other Additions \r\nEXPENpnvRESANDOTHERPEDUCTIONS \r\nEducationaland General Expenditures Auxiliary Enterprises Expenditures Indirect Co8ts Recovered Remillances to the Board d Regentsd the \r\nUniversity System d Georgia Prior Vear's UnnJSlricled Fund Balance(Surplus) \r\nAdjuslmenls Prior Vean;' R_ueslAccounls Receivable \r\nLoan Cancellationsand Write-Olfs Administrativeand CollectionCosts Expended for Plant Facilities \r\nCapitalized Noncapitalized DisposalslDelalionsiAdjuslments \r\nTotal Expenditures and Other Deductions \r\nTRANSFERSBETWEEN FUNDS \r\nNonmanclalory R_1s and Replacements Capital Projects Gains on Irweslmentsfor Object d Trust \r\nTotal Transfers Elet\\wen Funds \r\nNellncreasel(Decrease) for the Vear \r\nFUND BALANCES JULV 1. 1995 \r\nFUND BALANCES JUNE 30, 1996 \r\nSee Independent Accounlanfs CombinedReport on Reviewd FinancialStatements and SupplemenlaryInformation. \r\nThe notes to the financial statementsare an integralpart of this statement. \r\n-4 \r\n \r\nCURRENT FUNDS UNRESTRICTED RESTRICTED \r\n \r\nLOAN FUNDS \r\n \r\n$ 35.072.685.41 \r\n \r\n$ .8,283,959.08 $ 3,096.034.83 587,693.36 143,732.47 \r\n8,584.45 684.63 \r\n \r\n156,250.00 52.084.18 \r\n18,271.58 34,070.23 24,476.93 \r\n \r\n$ 35,081,954.49 $ 12,111,419.74 $ \r\n \r\n18,no.00 303,922.92 \r\n \r\n$ 31,044,432.03 $ 12,239,496.57 3,544,492.65 14,193.19 \r\n \r\n31,461.65 -1,649.81 \r\n \r\ns \r\n \r\n20,735.58 \r\n \r\n17,498.15 \r\n \r\n$ 34,618,736.52 S 12,253,689.76 $_--3=8,=23=3.7:3. \r\n \r\nS \r\n \r\n-327.983.78 \r\n \r\n-208,606,00 \r\n \r\nS \r\n \r\n56,913.35 \r\n \r\nS \r\n \r\n-536,589.78 $ \r\n \r\n56,913.35 \r\n \r\nS \r\n \r\n-73,371.81 $ -85,356.67 S 265,689.19 \r\n \r\n1.110,443.45 \r\n \r\n832,580.59 \r\n \r\n2,220.548.59 \r\n \r\nS 1.037,071.64 $ 747,223.92 S 2.486,237.78 \r\n \r\n EXHIBIT \"8\" \r\n \r\nPLANT FUNDS \r\n \r\nENDOWMENT \r\n \r\nRENEWALS AND \r\n \r\nFUNDS \r\n \r\nUNEXPENDED REPLACEMENTS \r\n \r\nINVESTMENT INPLANT \r\n \r\nTOTAl (Memorandum \r\nOnly) \r\n \r\n$ 1,167,964.00 508,523.00 \r\n \r\n$ \r\n \r\n14,997.53 \r\n \r\n87,400.00 \r\n \r\n109,369.10 \r\n \r\n175,964.68 \r\n \r\n171.50 $ \r\n \r\n4,217.22 $ 124,366.63 $ 1,944,240.40 $ \r\n \r\n$ 35,On,685.41 \r\n \r\n1,167,964.00 \r\n \r\n508,523.00 \r\n \r\n8,440,209.06 \r\n \r\n3,096,034.83 \r\n \r\n$ \r\n \r\n82,626.68 \r\n \r\n824,801.75 \r\n \r\n143,732.47 194,236.26 143,439.33 24,476.93 \r\n \r\n682.60 \r\n \r\n9,438.55 684.63 \r\n \r\n1,997,409.78 1,997,409.78 \r\n \r\n2,114,173.08 398,784.28 \r\n2,688,491.18 \r\n \r\n2,114,173.06 398,784.28 \r\n2,688,491.18 \r\n \r\n4,217.22 18,nO.00 \r\n \r\n682.60 $ 7.281,485.00 $ 56,848,071.78 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n$ 43,283,928.60 3,544,492.65 14,193.19 \r\n \r\n$ \r\n \r\n2,922.52 \r\n \r\n34,384.17 \r\n \r\n-1,649.81 20,735.58 17,498.15 \r\n \r\n2,114,173.08 $ 33,400.15 \r\n \r\n398,784.28 51,505.78 $ \r\n \r\n221,702.13 \r\n \r\n2,512,957.36 84,905.93 \r\n221,702.13 \r\n \r\n$ \r\n \r\n0.00 $ 2,150,495.75 $ \r\n \r\n450,290.06 $ 221.702.13 $ 49,733,147,95 \r\n \r\n$ $ -56,913.35 \r\n \r\n$ -56,913.35 $ \r\n \r\n$ \r\n \r\n67,453.28 $ \r\n \r\n1,852,965.71 \r\n \r\n$ 206,606.00 \r\n206,606.00 $ 2,350.65 $ \r\n116,822.87 \r\n \r\n327,983.78 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\n327,983.78 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n-121,623.68 $ 7,059,782.87 $ 7,114,923.83 \r\n \r\n460,n1.15 52,940,618.04 59,534,750.40 \r\n \r\n$ 1,920,418.99 $ 119,173.52 $ \r\n \r\n339,147.47 $ 60,000,400.91 $ 66,649,674.23 \r\n \r\n-5- \r\n \r\n GEORGIACOLLEGE STATEMENTOF CURRENTFUNDS REVENUES. EXPENDITURES. \r\nAND OTHER CHANGES YEAR ENDEDJUNE 30.1996 \r\n \r\nEXHIBIT\"C \r\n \r\nREVENUES \r\nStateAppropriations Tuitionand Fees Federal Grantsand Contracts StateGrantsand Contracts LocalGrantsand Contracts PrivateGifts, Grants,and Contracts Endowment Income Sales and Servicesof Educational Activities Salesand Servicesof Auxiliary Enterprises Other Sources \r\nTotal Revenues \r\nEXPENDITURES \r\nEducational and General Instruction Research Public Service Academic Support StudentServices Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships \r\nAuxiliary Enterprises StudentHousing Facultyand Staff Housing Food Services Storesand Shops Intercollegiate Athletics Other Service Units \r\nTotal Expenditures \r\nOTHER TRANSFERS AND ADDITIONS/(DEDUCTIONS) \r\nExcessof Restricted Receipts over Transfersto Revenues Transfersfor Renewals and Replacements Transfersfor Capital Projects Transfersof Gains on Investments for Objectof Trust Prior PeriodAdjustments (Net) \r\nRemittances to the Board of Regents of the \r\nUniversitySystemof Georgia PriorYear'sUnrestricted Fund Balance (Surplus) \r\nTotal Other Transfersand Additionsl(Deductions) \r\n \r\nUNRESTRICTED RESTRICTED \r\n \r\nTOTAL (Memorandum \r\nOnly) \r\n \r\n$ 21,063,418.00 \r\n \r\n$ 21,063,418.00 \r\n \r\n9,151,065.50 \r\n \r\n9,151,065.50 \r\n \r\n28,855.61 $ 8,223,760.82 8,252,616.43 \r\n \r\n639.96 3,028,452.61 \r\n \r\n3,029,092.57 \r\n \r\n120,094.09 \r\n \r\n120,094.09 \r\n \r\n590,273.28 \r\n \r\n590,273.28 \r\n \r\n276,915.n \r\n \r\n276,915.n \r\n \r\n66,083.26 \r\n \r\n66,083.26 \r\n \r\n3,559,997.47 \r\n \r\n3,559,997.47 \r\n \r\n1,202,625.61 \r\n \r\n1,202,625.61 \r\n \r\n$ 35,072,685.41 $ 12,239,496.57 $ 47,312,181.98 \r\n \r\n$ 16,225,004.83 $ 985,898.07 $ 17,210,902.90 \r\n \r\n18,015.17 \r\n \r\n9,999.39 \r\n \r\n28,014.56 \r\n \r\n38,110.51 \r\n \r\n38,110.51 \r\n \r\n3,442,705.24 \r\n \r\n157,832.15 3,600,537.39 \r\n \r\n2,282,453.79 \r\n \r\n58,810.01 \r\n \r\n2,341,263.80 \r\n \r\n4,674,894.57 \r\n \r\n272,810.65 4,947,705.22 \r\n \r\n3,882,371.42 \r\n \r\n3,882,371.42 \r\n \r\n480,876.50 10,754,146.30 11,235,022.80 \r\n \r\n1,586,669.12 36,230.95 156,413.95 \r\n461,119.52 874,538.22 429,520.89 \r\n \r\n1,586,669.12 36,230.95 156,413.95 \r\n461,119.52 874,538.22 429,520.89 \r\n \r\n$ 34,588,924.68 $ 12,239,496.57 $ 46,828,421.25 \r\n \r\n$ -142,270.02 $ -142,270.02 \r\n \r\n$ -327,983.78 \r\n \r\n-327,983.78 \r\n \r\n-208,606.00 \r\n \r\n-208,606.00 \r\n \r\n56,913.35 \r\n \r\n56,913.35 \r\n \r\n10,918.89 \r\n \r\n10,918.89 \r\n \r\n-31,461.65 \r\n \r\n-31,461.65 \r\n \r\n$ -557,132.54 $ -85,356.67 $ -642,489.21 \r\n \r\nNet Increasel(Decrease) in Fund Balances \r\n \r\n$ \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n \r\nThe notesto the financialstatements are an integral part of this statement. -6- \r\n \r\n-73,371.81 $ -85,356.67 $ -158?28.48 \r\n \r\n GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 1996 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nREPORTING ENTITY Georgia 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 of Georgia 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 policiesfor member institutions. Georgia College does not have authority to retain unexpended State funds (surplus) for any given fiscal year. Accordingly, Georgia College is considered an organizational unit of the Board of Regents of the 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 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 combinedinto 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 of performing the primary functions of the College, e.g., instruction, research, 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 GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nRJNE 30. 1996 \r\n \r\nEXIllBIT \"0\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nFUND ACCOUNTING \r\n \r\nLOAN FUNDS \r\n \r\nThe fund used to account for resources whichhave been made available for financial loans to students. \r\n \r\nENDOWMENT FUNDS \r\n \r\nThefund used to account for gifts that are subjectto the restrictions ofgift instruments requiring that the principal be invested in perpetuityand incomeonly be utilized. \r\n \r\nPLANT FUNDS \r\n \r\nUNEXPENDED - The fund used to account for financial resources utilized to acquire or to construct \r\n \r\nphysical properties for institutional purposes. \r\n \r\n. \r\n \r\nRENEWALS ANDREPLACEMENTS - Thefund usedto account for resources set aside for the renewal and replacement ofinstitutional properties. \r\n \r\nINVESTMENT IN PLANT - The fund whichshows the total amountsrepresenting the book value ofall physical properties owned by the College. Net Investment in Plant is an equity account showingthe total book value ofphysical properties belonging to the College less the amount of any indebtedness to others. \r\n \r\nAGENCY FUNDS \r\n \r\nThe fund used to account for resources held by the College as custodian or fiscal agent for individual students, faculty, staff members, and organizations. \r\n \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 sameas the accrual basis of accounting applicable to colleges and universities prescribed in the American Institute ofCertified PublicAccountants' audit guide reporting model. The modified accrual basis ofaccounting is defined as that method of accounting in which expenditures, other thanaccrued 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 whichhave 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 \r\n \r\n- 8- \r\n \r\n GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 1996 \r\n \r\nEXIllBIT \"0\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF ACCOUNTING 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\nCompensated absences represent obligations of the College relating to employees' rights to receive compensationfor future absences based upon servicesalready rendered. This obligation relates only to vesting accumulated annual leave in which payment is probable and can be reasonably estimated. The compensated absences liability ofSl,354,227.71 and the related current year expenditure ofS1l5,541.54 have not been reported in the current funds as required by generally accepted accounting principles. \r\nPrior period adjustments and certain other items are reported as additions to and deductions from fund balances of current funds in the accompanying financial statements. This presentation is in accordance with accounting practices prescribed or permitted by statutes and regulations ofthe State 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 expendedby 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 ofGeorgia College to record assets acquired through capital leases as additions to Investment in Plant as payments are made by the College. The liabilityfor 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 ofthe 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 GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 1996 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \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 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 funds is made to the various organizational units by the Administrative Central Office. In addition, the organizationalunits 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\nPersonal Services Sponsored Operations \r\nOperating Expenses Sponsored Operations \r\n \r\ns 13,953.03 s 258.655.54 \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\n \r\nINVESTMENTS Investments are recorded at cost or in the case of gifts at fair market value on the date of the gift. 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 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 weighted average method. \r\n \r\n- 10 - \r\n \r\n GEORGIA 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\nINVENTORIES Inventories ofgoods for resale are valued at cost usingthe first-in, first-out method. \r\nPREPAID ITEMS Prepaid items are payments madeto vendors in advance ofthe receipt ofgoods and services that will benefit periods subsequent to the balance sheet date. \r\nMEMORANDUM ONLY - TOTAL COLUMNS The total columns on the financial statements are captioned \"Memorandum Only\" because they do not represent consolidated financial information andare presented only to facilitate financial analysis. The columns do not present information that reflects financial position or changes in financial positionin 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\nNOTE 2: CUSTODIAL CREDITRISKS OF CASHDEPOSITS AND INVESTMENTS \r\nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the StateofGeorgia cannotbe 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 ofthe State of Georgia. \r\n(2) Bonds, bills, certificates of indebtedness, notes, or otherobligations ofthe counties or municipalities of the State of Georgia. \r\n(3) Bondsofanypublic authority created bythe laws of the State of Georgia, providing that the statute that created the authority authorized the use ofthe bonds for this purpose. \r\n(4) Industrial revenue bonds and bonds ofdevelopment authorities created by the laws of the State of Georgia. \r\n(5) Bonds, bills, certificates of indebtedness, notes, or other obligations of a subsidiary corporationof 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 CreditBank, 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\n- 11 - \r\n \r\n GEORGIA 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 AND INVESTMENTS \r\n \r\nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES As authorized in the Official Code ofGeorgia 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\n \r\nThe treasurer ofthe Board ofRegents is responsible for alldetails relative to furnishing the required depository protection for all units ofthe University SystemofGeorgia. \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 ofJune 30, 1996, are categorized belowin orderto provide information aboutthe 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 Collegeor 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 agentbut not in the College's name, and amounts uncollateralized. \r\n \r\nCash Deposits InvestmentPortfolio Accounts \r\nTotalCash Deposits \r\n \r\nCarrying Amount \r\ns 2,495,545.66 \r\n191.232.83 \r\ns2 686 77849 \r\n \r\nBank Balances \r\ns 3,857,627.61 \r\n191.232.83 \r\n$404886044 \r\n \r\ns 481,517.15 \r\ns 481517 15 \r\n \r\nRisk Categories \r\n \r\n2 \r\n \r\n3 \r\n \r\ns s 2,445,263.73 \r\n \r\n930,846.73 \r\n \r\n191.232.83 \r\n \r\ns s 2 445.263 73 112207956 \r\n \r\nCATEGORIZATION OF INVESTMENTS Investments are summarized and classified as to custodial credit risk within the three categories described below: \r\n \r\nCategory 1 - Insured or registered, or securities held by the College or its agent in the College's name. \r\n \r\nCategory 2 - Uninsured and unregistered, with securities held by the counterparty'strust department or agent in the College's name. \r\n \r\nCategory 3 - Uninsured and unregistered, with securities held by the counterparty, or by its trust department or agent but not in the College's name. \r\n- 12 - \r\n \r\n GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1996 \r\n \r\nEXlllBIT \"0\" \r\n \r\nNOTE 2: CUSTODIAL CREDITRISKS OF CASHDEPOSITS AND INVESTMENTS \r\n \r\nCATEGORIZATION OF INVESTMENTS The carrying amounts ofinvestment balances as of June 30, 1996, are categorized below: \r\n \r\nTypeof Investment \r\nCommonStock StateAuthority Bonds U. S. Government Securities \r\nInvestments Not Subjectto Categorizations: \r\nBoard ofRcgents TotalRetum Fund \r\nStateInvestment Pool \r\nTotalInvestments \r\n \r\nRisk Categories 2 \r\n \r\ns 429,970.95 s \r\n45,806.17 \r\n415,767.63 \r\n \r\n0.00 s \r\n \r\ns 89154475 s \r\n \r\n0.00 s \r\n \r\n3 0.00 \r\n000 \r\n \r\nCarrying Amount \r\ns 429,970.95 \r\n45,806.17 415,767.63 \r\ns 891,544.75 \r\n \r\nMarket Value \r\ns 699,846.67 \r\n50,096.50 430.293.63 \r\ns 1,180,236.80 \r\n \r\n1,267,970.83 1,493,055.50 3,673.470.01 3,673.470.01 \r\ns 5,832 98559 s6346762 31 \r\n \r\nFunds invested in an investment pool managed by another governmental entity are not required to be categorized since the College did not own any specific, identifiable investment securities ofthe pool. \r\n \r\nNOTE 3: INVESTMENT IN PLANT \r\n \r\nThe following is a summary ofInvestment in Plant fixed assets as of June 30, 1996: \r\n \r\nLand Buildings [mprovements Other ThanBuildings Equipment Library Books and Collections \r\nTotal Investment in Plant \r\n \r\n$ 634,079.21 42,950,405.61 2,816,696.55 9,175,345.83 4.423,873.71 \r\n$60,000.40091 \r\n \r\nNOTE 4: RISKMANAGEMENT \r\n \r\nGeorgia College is a participant in the Board of Regents of the University System of GeorgiaHealthBenefits 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 HealthBenefits Plan is included in the audit reportof theBoardof Regents of the University System of Georgia - Administrative Central Office. Allunits of the University System of Georgia sharethe risk of loss for claims of the HealthBenefits 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 HealthBenefits Plan as established by the Board of Regents. \r\n- 13 - \r\n \r\n GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 1996 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 4: RISK MANAGEMENT \r\nTheDepartment ofAdministrative Services (DOAS) has the responsibility for the State ofGeorgia of making and carrying out decisions that will minimize the adverse effects of accidental losses that involve State government assets. The Statebelieves it is moreeconomical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS processes claims for risk ofloss to which theState is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and lawenforcement 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 provideclaims servicing and claims payment. \r\nA self-insured programof professional liability for its employees was established by the Board ofRegents of the University System ofGeorgia underpowers authorized bythe Official Code ofGeorgia 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 performance oftheir duties or in any way connectedtherewith. The program is administered by DOAS as a Self-Insurance Fund. \r\nNOTE 5: DEFERRED COMPENSATION PLAN \r\nThe StateofGeorgia offers its employees a deferred compensation plan in accordance with InternalRevenue Code Section 457. The plan, available to employees of the State of Georgiaand county health departments, permits suchemployees to defer a portion oftheirsalary until future years. Participation in the plan is optional. Participants choose the option or options inwhich they wishto 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 will be presented in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1996. \r\nNOTE 6: RETIREMENT PLANS \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA \r\nPlan Description Georgia 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 Georgiafor the purpose of providing retirement allowances and other benefits for teachers of the State of Georgia. The \r\n- 14 - \r\n \r\n GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 1996 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 6: RETIREMENTPLANS \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA \r\nPlan Description College's payroll for the yearended June30, 1996, for employees covered by TRS was $14,551,507.19. The College's total payrollfor all employees was $20;277,438.64. \r\nBenefits TRS provides serviceretirement, disability retirement, and survivor's benefits for its members. A member is eligible for service retirement after the member(1) has attainedthe age of60 years and has at least ten years ofcreditable service, (2) has at least 30 years of creditable service, regardless ofage, or (3) has attained the age of55 yearsand hasat least 25 years ofcreditable service. For those members with 30 years of serviceor 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 paidyears of service multiplied by the numberofyears ofcreditable service up to 40 years. Any memberwho has between25 and 30 years ofcreditable serviceand is at least 55 years of age 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 by 70.10 for eachyearor fraction thereofbywhich the member has less than 30 years of service. The normal retirement pensionis payable monthly for life. Optionsare available for distribution ofthe member's monthly pension at a reduced rate to a designated beneficiary on the member's death. \r\nRetirement benefits alsoinclude deathanddisability 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 ofdisability. \r\nMembersbecome fully vested after ten years of service. If a 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 Employees of the College who are covered by TRS are required to pay 5% of their gross earnings to TRS. The Collegemakes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees as advised bytheirindependent actuary. For fiscal year 1996, the employer contribution rate was 11.81%for covered employees. In addition, the College contributed 4.87% to the TRS on behalfof employees electing to participate in the Regents Retirement Plan. Theinterest rate assumption (rate of return on investments) was 7.50%. \r\nTotal contributions to the plan made during fiscal year 1996 amounted to $2,637,463.40, of which $1,909,817.96 was made by the College and $727,645.44 was made by employees. These contributions represented 13.12% (College) and 5% (employees) of covered payroll. \r\n \r\n- 15 - \r\n \r\n GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1996 \r\n \r\nEXHIBIT \"0\" \r\n \r\nNOTE 6: RETIREMENT PLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nFunding Status and Progress Pension Benefit Obligation \r\nThe amount of the total pension benefit obligation is based on a standardized measurement established by Statement No.5 ofthe Governmental Accounting Standards Board (GASB)that is required to be used for reporting purposes. The standardized measurement isthe actuarial present value of creditedprojectedbenefits. This pension valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date and is adjusted for the effects of projected salary increases and any step-rate benefits. A standardized measure of the pension benefit obligation was adopted bythe GASB to enable readersofthe PERS financial statements to assessthat PERS funding status on a going-concern basis, assess progress made inaccumulating sufficient assets to pay benefits when due, and make comparisons among similar PERS. \r\n \r\nThetotal unfunded pension benefit obligation ofTRS as ofJune 30, 1995, whichwas the latest information available, was as follows: \r\n \r\nTotal pension benefit obligation \r\n \r\n$ 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\nThemeasurement of the totalpension benefit obligation isbased on an actuarial valuation as ofJune 30, 1995. Net assets available for benefits werevalued as ofthe samedate. TRS does not make separate measurements ofassets and pension benefit obligation for individual employers. \r\n \r\nRetirement System Contributions Total contributions from allemployers to TRSforthe year endedJune 30, 1996, were $607,274,559.00. The College's contribution for the year ended June 30, 1996, of $1,909,817.96 was actuarially determined and represented .3145% oftotal contributions madeby all participating employers. \r\n \r\nTrend Information Historical trend information is presented in the TRS June 30, 1996, financial report. This information gives an indication of the progress made in accumulating sufficient assetsto pay benefits when due. \r\n \r\nREGENTS RETIREMENT PLAN \r\n \r\nThe 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- 16 - \r\n \r\n GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1996 \r\n \r\nEXIllBIT \"0\" \r\n \r\nNOTE 6: RETIREMENT PLANS \r\nREGENTS RETIREMENT PLAN \r\nState legislationrequires 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 June 30, 1996, was $3,924,514.04. The College's total payroll for all employees was $20,277,438.64. \r\nThe College and the covered employees made the required contributions of $156,980.56 (4%) and $196,225.70 (5%), respectively. \r\nGEORG~DE~DCONTmrnUTIONPLAN \r\nPlan Description Georgia College participates in the Georgia Defined Contribution Plan (GDCP) which is a single-employer defined contribution plan established by the General Assembly of Georgia for the purpose 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'spayrollfor the year ended June 30, 1996, for employees covered by GDCP was $560,039.29. The College's total payroll for all employees was $20,277,438.64. \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 hislher account, the Board of Trustees has the option of requiring a lump sum distributionto the member inlieu ofmaking periodic payments. Upon the death of a member, a lump sum distribution equaling the amount credited to hislher account will be paid to the member's designated beneficiary. \r\nContributions and Vesting Member contributions are seven and one-half percent (7.5%) of gross salary. There are no employer contributions. Earnings are credited to each member's account in a manner established by the Board of Trustees. Upon termination of employment, the amount of the member's account is refundable upon request by the member. \r\nTotal contributions made by employees during fiscal year 1996 amounted to $42,004.79 which represents 7.5% of covered payroll. These contributions met the requirements ofthe plan. \r\n \r\n- 17 - \r\n \r\n GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 1996 \r\n \r\nEXlllBIT \"D\" \r\n \r\nNOTE 7: LEAVB POLICIES \r\nEmployees earnannual leave ranging from one and one-quarter days to one and three-quarter days each month depending uponthe employees' length of continuous State servicewith maximum accumulation offorty-five days. Employees are paidfor 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 8: CONTINGENCIES \r\nAmounts received or receivable from grantoragencies are subject to audit and adjustment by grantor agencies. Thiscould result in refunds to the grantoragency for anyexpenditures which are disallowed under grant terms. The amount of expenditures which may be disallowed by the grantor cannot be determined at this time althoughthe Collegeexpects such amounts, if any, to be immaterial to its overall financial position. \r\nLitigation, claims and assessments filed against Georgia College (as an organizational unit of the Board of Regents ofthe University System ofGeorgia), ifany, are generally considered to be actions againstthe State ofGeorgia. Accordingly, significant litigation, claims and assessments pending againstthe State ofGeorgia are disclosed in the State ofGeorgia Comprehensive Annual Financial Reportfor the fiscal year ended June 30, 1996. \r\nNOTE 9: POSTE:MPLOYMENT BENEFITS OTHER THAN PENSIONBENEFITS \r\nPursuant to the general powers conferredby the Official Code of Georgia Annotated Section 20-3-31, the Board ofRegents ofthe University System of Georgia hasestablished grouphealth and lifeinsurance programs for regular employees ofthe University System of Georgia. It is the policy ofthe Board ofRegents to permit employees ofthe University System ofGeorgia eligible for retirement or that become permanently and totally disabled to continue as members ofthe group health and lifeinsurance programs. Employees who are eligible for retirement or disability under the criteria established by the TeachersRetirement 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 Systemof Georgia pay the employer portion for group insurance for affected individuals. \r\nAs of June 30, 1996, there were 154 employees who had retired or were disabled that were receiving these postemployment health and life insurance benefits. For the year ended June 30, 1996, Georgia College recognized as incurred $250,919.93 ofexpenditures, which was net of$81,527.39 of participant contributions. \r\n \r\n- 18 - \r\n \r\n GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1996 \r\n \r\nEXHIBIT \"0\" \r\n \r\nNOTE 10: BONDINGINFORMATION \r\n \r\nThe President and all employees of Georgia College are bonded under a Public Employees Blanket Bond written bytheEmployers Insurance of Wausau, their Bond No. 1450-02-110723, on whichthe premium was paid to October 1, 1996. Under this agreement, the public employee dishonesty coverage insures Georgia 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 of its employees to perform faithfully their duties or to account properly for all monies and property received by virtue oftheir position or employment. \r\n \r\nAll employees of Georgia College are also bondedunder Commercial Crime Policies written by the United States FireInsurance Company, their Policy Nos. 626011675 2 and 626 012294 4, on which the premium was paid to October 1, 1996. Under these additional public employee dishonesty coverages, the policies insure the College to a maximum of $9,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees and from failure ofits employees to perform faithfully. \r\n \r\nNOTE 11: ENROLLMENT \r\n \r\nThe equivalent full-time student enrollment of Georgia College was as follows: \r\n \r\nRegular Term Fall Quarter, 1995 Winter Quarter, 1996 Spring Quarter, 1996 \r\n \r\n4,668 4,593 4,272 \r\n \r\nAverage \r\n \r\nSummer School, 1995 \r\n \r\n- 19 - \r\n \r\n I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I \r\n \r\n SUPPLEMENTARY INFORMATION - 21 - \r\n \r\n GEORGIA COLLEGE COMBINING BALANCE SHEET CURRENT FUNDS - UNRESTRICTEP \r\nJUNE 30, 1996 \r\n \r\nEXHIBIT\"E\" \r\n \r\nASSETS \r\ncash and cash Equivalents Accounts Receivable Inventories Prepaid Items \r\n \r\nRESIDENT LOTTERY FOR AUXILIARY \r\n \r\nSTUDENT \r\n \r\nINSTRUCTION EDUCATION ENTERPRISES ACTIVITIES \r\n \r\nTOTAL \r\n \r\n$ 2,106,282,26 $ 282,764.62 171,331.26 19,889,99 \r\n \r\n209,633,88 $ \r\n \r\n431,610.59 $ 323,092,42 365,091.51 \r\n2,850.88 \r\n \r\n89,321.56 $ 2,836,848.29 \r\n \r\n3,163.03 \r\n \r\n609,020,07 \r\n \r\n536,422.n \r\n \r\n22,740,87 \r\n \r\nTotalAssets \r\n \r\n$ 2,580,268,13 $ 209.633.88 $ 1:122.645.40 $ 92.484.59 $ 4:005,032,00 \r\n \r\nLIABILITIES ANp FUNp BALANCES \r\n \r\nLiabilities AccountsPayable Student Deposits Deferred Revenue Tuitionand Fees Other \r\n \r\n$ 1,384,360,82 $ \r\n938,254,00 104,843,63 \r\n \r\nTotal Liabilities \r\n \r\n$ 2,427,458.45 $ \r\n \r\nFund Balances Unrestricted \r\n \r\n152,809.68 \r\n \r\n209,536,50 $ 209,536.50 $ \r\n \r\n92,562.74 $ 86,554,40 \r\n58,534,25 78,287.00 \r\n315,938.39 $ \r\n \r\n955.52 $ 1,687,415.58 86,554,40 \r\n \r\n14,071.50 \r\n \r\n996,788.25 197,202,13 \r\n \r\n15,027.02 $ 2,967,960,36 \r\n \r\n97.38 \r\n \r\n806.707,01 \r\n \r\nn,457,57 1,037,071.64 \r\n \r\nTotal Liabilities and FundBalances \r\n \r\n$ 2,580.268.13 $ 209.633.88 $ 1.122,645.40 $ 92.484,59 $ 4,005.032.00 \r\n \r\nsee accompanying notesand Independent Accountant's Combined Report \r\non Review of Financial Statements and Supplementary Information. \r\n-22- \r\n \r\n GEORGIA COLLEGE COMBINING STATEMENT OF CHANGES IN FUNDBALANCES \r\nCURRENT FUNDS - UNRESTRICTED YEAR ENDED JUNE 30, 1996 \r\n \r\nEXHIBIT -P' \r\n \r\nRESIDENT LOITERYFOR AUXILIARY \r\n \r\nSTUDENT \r\n \r\nINSTRUCTION EDUCATION ENTERPRISES ACTIVITIES \r\n \r\nTOTAL \r\n \r\nREVENUES AND OTHER ADDITIONS \r\n \r\nUnrestricted CurrentFundRevenues Adjustments \r\nPriorYears'Expenditures/Accounts Payable PriorYears' ChecksVoided \r\n \r\n$ 30,348,232,73 $ \r\n6,014.71 430,69 \r\n \r\n429,483,00 $ 3,887,608,68 $ 407,361,00 $ 35,072,685,41 \r\n \r\n2,469.74 245,14 \r\n \r\n100,00 8,80 \r\n \r\n8,584,45 684,63 \r\n \r\nTotal Revenues and other Additions $ 30,354,678,13 $ 429,483,00 $ 3,890,323,56 $ 407,469,80 $ 35,081,954,49 \r\n \r\nEXPENDITURES AND OTHER DEDUCTIONS \r\n \r\nEducational and General Expenditures Auxiliary Enterprises Expenditures \r\nRemittances tothe Board of Regents of the \r\nUniversity System of Georgia PriorYear'sUnrestricted FundBalance (Surplus) \r\nAdjustments PriorYears' Revenues/Accounts Receivable \r\n \r\n$ 30,162,626,91 $ \r\n31,461.65 -1,649,81 \r\n \r\n430,547,14 \r\n \r\n$ 451,257,98 $ 31,044,432.03 \r\n \r\n$ 3,544,492.65 \r\n \r\n3,544,492.65 \r\n \r\n31,461,65 -1,649,81 \r\n \r\nTotal Expenditures and other Deductions \r\n \r\n$ 30,192,438,75 $ 430,547,14 $ 3,544,492,65 $ 451,257.98 $ 34,618,736,52 \r\n \r\nTRANSFERS BElWEEN FUNDS \r\n \r\nNonmandatory Renewals and Replacements capital Projects \r\n \r\n$ -156,606,00 \r\n \r\n$ -327,983,78 -52,000,00 \r\n \r\n$ -327,983,78 -208,606,00 \r\n \r\nTotalTransfersBetween Funds \r\n \r\n$ -156,606.00 \r\n \r\n$ -379,983,78 \r\n \r\n$ -536,589,78 \r\n \r\nNet Increasel(Decrease) for the Year $ \r\n \r\n5,633,38 $ \r\n \r\n-1,064.14 $ \r\n \r\n-34,152,87 $ -43,788,18 $ \r\n \r\n-73,371,81 \r\n \r\nFUND BALANCES JULY \" 1995 \r\n \r\n147,176.30 \r\n \r\n1,161.52 \r\n \r\n840,859,88 \r\n \r\n121,245,75 \r\n \r\n1,110,443.45 \r\n \r\nFUNDBALANCES JUNE 30,1996 \r\n \r\n$ 152,809,68 $ \r\n \r\n97.38 $ 806?07,01 $ n,457,57 $ 1,037,071,64 \r\n \r\nsee accompanying notesand Independent Accountanfs Combined Report \r\non Review of Financial Statements and Supplementary Information, \r\n-23- \r\n \r\n B[c~V\\ k \r\n'Fj i \r\n \r\nI I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I \r\nI \r\n \r\n GEORGIA COLLEGE COMBINING STATEMENT OF CURRENT FUNDS REVENUES. EXPENDITURES. \r\nAND OTHER CHANGES UNRESTRICTED \r\nYEAR ENDED JUNE 30. 1996 \r\n \r\nEXHIBIT-G- \r\n \r\nREVENUES \r\nStateAppropriatlons Tuitionand Fees Federal Grants 8nd Contracts State Grants and Contracts \r\nsates and 5ervices of Educational Activities \r\nsates and 5ervices of AuxiliaryEnterprises Other Sources \r\nTotal Revenues \r\nEXPENDITURES \r\nEducational and General Instruction Research Public service Academic Support Student 5ervices Institutional Support Operation and Maintenance of Plant SCholarships and Fellowships \r\nAuxiliaryEnterprises Student Housing Facultyand Staff Housing Food 5ervices Storesand Shops Intercollegiate Athletics Other service Units \r\nTotal Expenditures \r\nOTHER TRANSFERS AND ADPITIONSI \u003cPEDUCTIONS) \r\nTransfers for Renewals and Reptacements Transfers for capital Projects Prior PeriodAdjustments(Net) Remittances to the Boardof Regents \r\nof the UniversitySystemof Georgia Prior Year's UnrestrictedFund Balance (Surplus) \r\nTotal Other Transfers and Additions/(Deductions) \r\n \r\nRESIDENT LOITERYFOR AUXILIARY \r\n \r\nSTUDENT \r\n \r\nINSTRUCTION EDUCATION ENTERPRISES ACTIVITIES \r\n \r\nTOTAL \r\n \r\n$ 20,633,935.00 $ 8,811,292.69 28,855.61 639.96 66,083.26 \r\n807,426.21 \r\n$ 30,348,232.73 $ \r\n \r\n429,483.00 $ \r\n \r\n$ \r\n3,559,997.47 327,611.21 \r\n \r\n$ 21,063,418.00 \r\n \r\n339,772.81 \r\n \r\n9,151,065.50 \r\n \r\n28,855.61 \r\n \r\n639.96 \r\n \r\n66,083.26 \r\n \r\n3,559,997.47 \r\n \r\n67,588.19 \r\n \r\n1,202,625.61 \r\n \r\n429,483.00 $ 3,887,608.68 $ 407,361.00 $ 35,072,685.41 \r\n \r\n$ 15,794,457.69 $ 18,015.17 38,110.51 \r\n3,442,705.24 1,831,195.81 4,674,894.57 3,882,371.42 \r\n480,876.50 \r\n$ 30,162,626.91 $ \r\n \r\n430,547.14 \r\n \r\n$ 16,225,004.83 18,015.17 38,110.51 \r\n3,442,705.24 $ 451,257.98 2,282,453.79 \r\n4,674,894.57 3,882,371.42 \r\n480,876.50 \r\n \r\n$ 1,586,669.12 36,230.95 156,413.95 \r\n461,119.52 874,538.22 429,520.89 \r\n \r\n1,586,669.12 36,230.95 \r\n156,413.95 461,119.52 874,538.22 429,520.89 \r\n \r\n430,547.14 $ 3,544,492.65 $ 451,257.98 $ 34,588,924.68 \r\n \r\n$ -156,606.00 8,095.21 \r\n-31,461.65 $ -179,972.44 \r\n \r\n$ -327,983.78 -52,000.00 2,714.88 $ \r\n \r\n$ 108.80 \r\n \r\n-327,983.78 -208,606.00 \r\n10,918.89 \r\n \r\n-31,461.65 \r\n \r\n$ -3n,268.90 $ \r\n \r\n108.80 $ -557,132.54 \r\n \r\nNet Increasel(Decrease) in Fund Balances \r\n \r\n$ \r\n \r\n5,633.38 $ \r\n \r\n-1,064.14 $ \r\n \r\n-34,152.87 $ -43,788.18 $ -73,371.81 \r\n \r\nSee accompanying notes and Independent Accountanfs Combined Report on Reviewof Financial Statements and Supplementary Information. \r\n-25- \r\n \r\n GEORGIA 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$ 20,633,935.00 \r\n \r\n$ 1,167,964.00 \r\n \r\n9,714,297.73 $ 12,239,496.57 \r\n \r\n267,581.90 $ \r\n \r\n--=0=.0=0. \r\n \r\n$ 30,348,232.73 $ 12,239,496.57 $ 1,435,545.90 $ \r\n \r\n--.;0;,;..0;.;0;.. \r\n \r\nEXPENDITURES \r\n \r\nPersonal Services: \r\n \r\nEducation, Generaland Departmental Services $ 23,224,080.07 \r\n \r\nSponsored Operations \r\n \r\n$ 691,542.03 \r\n \r\nOperating Expenses: \r\n \r\nEducation, Generaland Departmental Services \r\n \r\n6,562,107.74 \r\n \r\nSponsored Operations \r\n \r\n11,547,954.54 \r\n \r\nCapital Outlay \r\n \r\n$ 1,639,637.90 $ \r\n \r\nSpecial Funding Initiative \r\n \r\n376,439.10 \r\n \r\n450,290.06 \r\n \r\n---:==;.;.;;.. $ 30,162,626.91 $ 12,239,496.57 $ 1,639,637.90 $ _ _ '450,290.06 \r\n \r\nExcess of Revenuesover Expenditures \r\n \r\n$ \r\n \r\n185,605.82 $ \r\n \r\n.0...0..0.. $ -204,092.00 $ \r\n \r\n-4I5iiii0iil,i.2...9.,0iIi.ii0O6i= \r\n \r\n(1) To eliminatetuition waivers not budgeted and to reclassify current year transfers and prior year fund balances budgeted as revenues. \r\n \r\nSee accompanyingnotes and Independent Accountanfs Combined Report \r\non Reviewof FinancialStatementsand Supplementary Information. \r\n-26- \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$ 21,801,899.00 22,221,376.20 $ \r\n \r\n$ 21,801,899.00 $ 21,801,899.00 $ 21,413.56 22,242,789.76 22,127,278.00 \r\n \r\n0.00 115,511.76 \r\n \r\n$ 44,023,275.20 $ \r\n \r\n21,413.56 $ 44,044,688.76 $ 43,929,1n.00 $ _ _1-1-5-,5'1\"1-.7_6 \r\n \r\n$ 23,224,080.07 691,542.03 \r\n6,562,107.74 $ 11,547,954.54 2,089,927.96 \r\n376,439.10 \r\n \r\n$ 23,224,080.07 $ 23,234,285.00 $ \r\n \r\n691,542.03 \r\n \r\n6n,589.00 \r\n \r\n-480,876.50 \r\n \r\n6,081 ,231.24 11,547,954.54 2,089,927.96 \r\n376,439.10 \r\n \r\n6,206,n8.00 11,289,299.00 2,144,157.00 \r\n3n,069.00 \r\n \r\n10,204.93 -13,953.03 \r\n125,546.76 -258,655.54 \r\n54,229.04 629.90 \r\n \r\n$ 44,492,051.44 $ -480,876.50 $ 44,011,174.94 $ 43,929,1n.00 $ _ _--8-1-,9'9~7\".9'4- \r\n \r\n$ -468,n6.24 $ \r\n \r\n502,290.06 $ \r\n \r\n33,513.82 \r\n \r\n33,513.82 \r\n \r\n-27 - \r\n \r\n GEORGIA COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \r\nLOTTERY FOR EDUCATION YEAR ENDED JUNE 30, 1996 \r\n \r\nREVENUES \r\nState Appropriations Other Revenues Retained \r\n \r\nCURRENT FUNDS PLANT FUNDS UNRESTRICTED UNEXPENDED \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n429,483.00 $ 508,523.00 $ 938,006.00 \r\n \r\n0,00 \r\n \r\n0,00 \r\n \r\n$ \r\n \r\n429,483,00 $ 508,523.00 $ 938,006,00 \r\n \r\nEXPENDITURES \r\nCapital Outlay Capital Outlay-Georgia College Equipment, Technology and Construction \r\nTrust Fund Special Funding Initiatives \r\n \r\n$ 207,935,33 $ 207,935.33 \r\n \r\n300,000.00 \r\n \r\n300,000.00 \r\n \r\n$ \r\n \r\n201,064,14 \r\n \r\n229,483,00 \r\n \r\n201,064,14 229,483.00 \r\n \r\n$ \r\n \r\n430,547.14 $ 507,935.33 $ 938,482,47 \r\n \r\nExcess of Revenues over Expenditures \r\n \r\n$ \r\n \r\n-1,064,14 $ \r\n \r\n587,67 $ =======-=4=7=6=,=4=7= \r\n \r\n(1) To reclassify 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- 28- \r\n \r\n SCHEDULE \"2\" \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$ 938,006.00 $ 938,006.00 $ \r\n \r\n0.00 \r\n \r\n$ _ _\",\"\"\",1'r.;.16=2;,;.;;;.0.;;.0 \r\n \r\n1,162.00 \r\n \r\n1,162.00 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n1,162.00 $ 939,168.00 $ 939,168.00 $ \r\n \r\n~ 0.0~0 \r\n \r\n$ \r\n \r\n0.00 $ 207,935.33 $ 208,523.00 $ \r\n \r\n587.67 \r\n \r\n300,000.00 300,000.00 \r\n \r\n0.00 \r\n \r\n201,064.14 229.483.00 \r\n \r\n201,162.00 229,483.00 \r\n \r\n97.86 0.00 \r\n \r\n$ \r\n \r\n-..-..;.O,;,.;..O~O $ 938,482.47 $ 939,168.00 $_,_ _....6.:8..:5:..:5..:3.:.~ \r\n \r\n$ \r\n \r\n1,162.00 $======6=85=.5=3= \r\n \r\n$=======6=8=5.=53= \r\n \r\n- 29- \r\n \r\n GEORGIA COLLEGE SCHEDULE OF OPERATIONS \r\nLOAN FUNDS YEAR ENDED JUNE 30. 1996 \r\n \r\nSCHEDULE \"3\" \r\n \r\nFUND \r\nU. S. GOVERNMENT GRANTS REFUNDABLE \r\nNursing Student Loan Fund Perkins Loan Fund \r\nINSTITUTIONAL LOANS - RESTRICTED \r\nAdams, Ethel, Emergency Loan Fund Bell, CaUie C., Loan Fund Bennett, Philo, Loan Fund Bridges, Uzzie D. W., Loan Fund Daughtry, Jane Coleman Allen, Loan Fund Hess, EleanoreC., Loan Fund History Club Loan Fund Jenkins, AntoinetteSmith, Loan Fund Moore, Charles D., Loan Fund Morel, L., Loan Fund Mumford, Sylvester, Loan Fund Shinholster, Alice W., Loan Fund No.1 Shinholster, Alice W., Loan Fund No.2 Terrell, Joseph M., Loan Fund Trammel, Fanny M., DAR Loan Fund Watson, Grace Betty, DAR Loan Fund \r\n \r\nFUND BALANCE ADDITIONSI DEDUCTIONSI FUND BALANCE JULY 1,1995 TRANSFERS TRANSFERS JUNE 30, 1996 \r\n \r\n$ \r\n \r\n5,382.54 \r\n \r\n1,795,305.96 $ \r\n \r\n$ 1,800,688.50 $ \r\n \r\n265,760.42 $ 265,760.42 $ \r\n \r\n$ 38,233.73 \r\n38,233.73 $ \r\n \r\n5,382.54 2,022,832.65 \r\n2,028,215.19 \r\n \r\n$ \r\n \r\n13,581.60 $ \r\n \r\n928.06 $ \r\n \r\n1,168.66 \r\n \r\n32.53 \r\n \r\n10,526.51 \r\n \r\n1,279.93 \r\n \r\n923.59 \r\n \r\n25.71 \r\n \r\n3,969.47 \r\n \r\n357.22 \r\n \r\n3,102.05 \r\n \r\n150.84 \r\n \r\n1,292.06 \r\n \r\n35.98 \r\n \r\n21,401.40 \r\n \r\n1,665.84 \r\n \r\n157,624.61 \r\n \r\n20,245.92 \r\n \r\n22,162.55 \r\n \r\n2,744.43 \r\n \r\n33,526.42 \r\n \r\n4,167.64 \r\n \r\n10,112.90 \r\n \r\n1,148.44 \r\n \r\n13,085.05 \r\n \r\n1,597.87 \r\n \r\n77,032.54 \r\n \r\n3,234.50 \r\n \r\n49,489.37 \r\n \r\n523.57 \r\n \r\n861.31 \r\n \r\n24.02 \r\n \r\n$ \r\n \r\n419,860.09 $ \r\n \r\n38,162.50 $ \r\n \r\n0.00 $ 0.00 $ \r\n \r\n14,509.66 1,201.19 \r\n11,806.44 949.30 \r\n4,326.69 3,252.89 1,328.04 23,067.24 177,870.53 24,906.98 37,694.06 11,261.34 14,682.92 80,267.04 50,012.94 \r\n885.33 \r\n458,022.59 \r\n \r\n$ 2,220,548.59 $ 303,922.92 $ \r\n \r\n38,233.73 $ 2,486,237.78 \r\n \r\nRECONCILIATION OF STUDENT NOTES RECEIVABLE \r\nBalanceJuly 1, 1995 Add: \r\nLoans to Students \r\nDeduct: Repaymentof Loans Loan Cancellations and Write-Offs \r\nFor Teaching and Nursing Services \r\nBalanceJune 30, 1996 \r\n \r\n$ 1,677,173.16 \r\n \r\n436,147.33 \r\n \r\n$ 2,113,320.49 \r\n \r\n$ 261,352.66 \r\n \r\n20,735.58 \r\n \r\n282,088.24 \r\n \r\n$ 1,831,232.25 \r\n \r\nSee accompanyingnotes and Independent Account\u0026nfs Combined Report on Reviewof FinancialStatements and Supplementary Information. \r\n-30- \r\n \r\n GEORGIA COLLEGE SCHEDULE OF OPERATIONS \r\nENDOWMENT FUNDS \r\nYEAR ENDED JUNE 30, 1996 \r\n \r\nSCHEDULE \"4\" \r\n \r\nFUND \r\n \r\nFUND BALANCE \r\nJULY 1, 1995 \r\n \r\nADDITIONSI TRANSFERS \r\n \r\nDEDUCTIONSI FUND BALANCE \r\nTRANSFERS JUNE 30,1996 \r\n \r\nBeeson. J, L.. Scholarship Fund \r\n \r\n$ \r\n \r\nBell, Miller R.. Scholarship Fund \r\n \r\nBonner, J, C., Scholarship Fund \r\n \r\nBrown, Corrie Hoyt, Scholarship Fund \r\n \r\nBunting, J. Whitney, Scholarship Fund \r\n \r\nCarter, Opal S., Scholarship Fund \r\n \r\nChappell, J, Harris, Scholarship Fund \r\n \r\nCinardo, Diego, Scholarship Fund \r\n \r\nCommunity Enterprises Scholarship Fund \r\n \r\nElton, Ollie Bessie, Scholarship Fund \r\n \r\nFaculty Scholarship Fund \r\n \r\nGilbert, S. Price, Jr., Trust Fund No, 1 \r\n \r\nGilbert, S. Price, Jr., Trust Fund No, 2 \r\n \r\nGoff, Alberta, Scholarship Fund \r\n \r\nGould, Alberta Telfair, Scholarship Fund \r\n \r\nLowe, Bettie Harris, Scholarship Fund \r\n \r\nLowe Scholarship Fund \r\n \r\nMartin, Agnes Green, Scholarship Fund \r\n \r\nMaynard, Carolyn S., Scholarship Fund \r\n \r\nMay - Rich Scholarship Fund \r\n \r\nMitchell, Thomas E., Trust Fund \r\n \r\nMumford, Sylvester, Scholarship Fund \r\n \r\nNelson, Carol Bragg, Scholarship Fund \r\n \r\nNoah, Max, Music Scholarship Fund \r\n \r\nParks, W. Vaden, Scholarship Fund \r\n \r\nRose, Irene, Scholarship Fund \r\n \r\nSamprone, P. J\" Scholarship Fund \r\n \r\nScott, Elizabeth A, Scholarship Fund \r\n \r\nShelnut. Helen E., Scholarship Fund \r\n \r\nSmall, Anna Brown, Scholarship Fund \r\n \r\nSmith, Hallie Claire, Scholarship Fund \r\n \r\nSnead, Molly, Scholarship Fund \r\n \r\nTait, Blanche C., Scholarship Fund \r\n \r\n1,116,97 5,000,00 1,307.00 50,000,00 $ 12,795.00 4,375.00 1,758.43 4,650.00 7,000.00 150,630.92 5,529.00 \r\n984,515.66 5,000.00 500.00 2,650.00 \r\n25,000.00 1.000,00 \r\n236,123.04 7.500.00 35,300.14 \r\n230,000.00 1,000.00 \r\n15,064.33 49,427.19 \r\n3,500.00 5,850.00 \r\n627.25 500.00 800.00 1,245.78 2,500.00 700.00 \r\n \r\n11,671.15 $ 11,406.19 \r\n1,229.55 1,134.94 \r\n226.71 1.74 \r\n15,199.66 52,455.75 \r\n18,595.67 81.70 \r\n4,587.31 1,734.23 \r\n4,684.74 226.71 524.33 152.83 \r\n226.71 \r\n226,71 \r\n \r\n$ \r\n11,671.15 406.19 \r\n29.55 1,134.94 \r\n226.71 1.74 \r\n15,199,66 \r\n18.595.67 81.70 \r\n4,587.31 1,734.23 2,387.21 \r\n22S.71 24.33 152.83 \r\n226.71 226.71 \r\n \r\n1,116,97 5,000,00 1,307,00 50,000.00 23,795.00 4,375.00 1,758.43 5,850.00 7,000.00 150,630.92 5,529.00 \r\n1,036,971.41 5,000,00 500.00 2,650.00 \r\n25,000,00 1,000,00 \r\n236,123.04 7,500,00 \r\n35,300.14 230,000.00 \r\n1,000.00 17,361.86 49,427.19 4,000.00 5,850.00 \r\n627:25 500.00 800.00 1,245,78 2,500.00 700,00 \r\n \r\n$ 1,852,965.71 $ 124,366.63 $ 56,913.35 $ 1,920,418.99 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 31 - \r\n \r\n GEORGIA COLLEGE SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS \r\nAGENCY FUNDS YEAR ENDED JUNE 30, 1996 \r\n \r\nSCHEDULE \"5\" \r\n \r\n GEORGIA COLLEGE SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS \r\nAGENCY FUNDS YEAR ENDED JUNE 30, 1996 \r\n \r\nSCHEDULE \"5\" \r\n \r\nOTHER FUNDS \r\n \r\nBALANCE JULY 1,1995 \r\n \r\nRECEIPTS \r\n \r\nBALANCE DISBURSEMENTS JUNE 30,1996 \r\n \r\nGeorgia Honors Council \r\n \r\n$ \r\n \r\nGeorgia Sales Tax \r\n \r\nGrits \r\n \r\nHistory of Georgia College-Taxable \r\n \r\nHorology Collection \r\n \r\nMarriott Munch Money \r\n \r\nMaxwell College Union \r\n \r\nMedical Premiums - \r\n \r\nIntemational Students \r\n \r\nNational Institution of \r\n \r\nGovemment Purchasers \r\n \r\nPeachbelt Leadership \r\n \r\nPhi Delta Kappa \r\n \r\nPSC Capstone \r\n \r\nPublic Service Program \r\n \r\nCentennial Center \r\n \r\nContinuing Education \r\n \r\nSBDC - Consortium \r\n \r\nScholarshi~ and Grants \r\n \r\nRegents' Opportunity Grants \r\n \r\nRegents' Scholarship Fund \r\n \r\nOther Scholarships (List on File) \r\n \r\nStudent Leadership \r\n \r\nStudies Abroad - Comparative Law \r\n \r\nSummer Orientation \r\n \r\nVideo Year Book \r\n \r\n3,744.62 $ \r\n3,438,22 1,065,20 3,456.71 9,779.00 \r\n17.80 \r\n516.46 4,042,20 \r\n958.66 \r\n7,536.07 23,458.19 28,817.44 \r\n71.78 \r\n \r\n1,200.00 $ \r\n130,066,52 1,969.09 \r\n330.00 8,981,44 \r\n32,880,00 \r\n658.24 12,370.00 \r\n27,900.00 \r\n337,60 700.00 \r\n22,500.00 5,800.00 \r\n389,551.42 560.00 \r\n39,598.95 29,269.00 \r\n65.17 \r\n \r\n135,38 $ \r\n130,066.52 1,391,09 \r\n295.65 7,099,84 \r\n42,490.00 \r\n658.24 11,935.35 \r\n27,900.00 \r\n346,11 4,379.80 \r\n276.22 \r\n22,473.00 5,800,00 \r\n371,386.42 560.00 \r\n40,315.74 30,831.41 \r\n136.95 \r\n \r\n4,809,24 \r\n578.00 3,438.22 1,065,20 \r\n34,35 5,338,31 \r\n169,00 \r\n434,65 17.80 \r\n170.35 \r\n1,382.44 \r\n27.00 \r\n25,701.07 \r\n22,741.40 27,255.03 \r\n \r\n$ 111,037.45 $ 893,400.61 $ \r\n \r\n892,426.91 $ 112,011.15 \r\n \r\n$ \r\n \r\n559,299.28 $ 13,500,224.43 $ \r\n \r\n13,731,793.08 $ \r\n \r\n327,730.63 \r\n \r\nSee accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 33- \r\n \r\n GEORGIA COLLEGE CASH AND CASH EQUIVALENTS \r\nJUNE 30, 1996 \r\n \r\nSCHEDULE \"6\" \r\n \r\nINTEREST BEARING ACCOUNTS \r\nCentral and Southern Bank of Georgia, MilledgeviUe, Georgia \r\nCertificates of Deposit (5.65% - 6,25%) Insured Money Market Account (3,55%) \r\nCentury Bank and Trust, Milledgeville, Georgia \r\nInsured Money Market Account (3,25%) \r\nExchange Bank, MUledgeville, Georgia \r\nInsured Money Market Accounts (2,55% - 3.25%) \r\nFirst Uberty Bank, Macon, Georgia \r\nN,O,W, Accounts (2.55%) Certificates of Deposit (5,75% - 5.85%) Insured Money Market Account (3.25%) \r\nFirst National Bank of Baldwin County, MHledgeville, Georgia \r\nCertificates of Deposit (5.82%) \r\nState of Georgia - Office of Treasury and Fiscal Services State Investment Pool . Local Government Investment Pool (5.321%) \r\nSunTrust Bank, Atlanta, Georgia \r\nCash Management Pool Board of Regents Total Retum Fund \r\nOTHER \r\nCash on Hand Petty Cash \r\n \r\n$ 375,000,00 95,096.84 $ 470,096,84 \r\n \r\n81,517,15 \r\n \r\n276,540.13 \r\n \r\n$ 535,497,95 \r\n325,000.00 117,893.59 \r\n \r\n978,391.54 \r\n \r\n689,000.00 \r\n \r\n3,673,470.01 \r\n \r\n1,267,970.83 $ 7,436,986.50 \r\n \r\n24,265.00 \r\n$ 7.461,251.50 \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 GEORGIACOLLEGE INVESTMENTS JUNE 30, 1996 \r\nBonds Georgia Education Authority(University) Bonds Bond Nos. 5005-5014 \r\nInvestment Accounts Wachovia Bank of Georgia, Atlanta, Georgia Investment PortfolioAccount (One-Third Share of GilbertTrust Fund) Common Stock MoneyMarket Funds U. S. Government Securities \r\n \r\nSCHEDULE '7\" \r\n \r\n$ \r\n \r\n45,806.17 \r\n \r\n$ 429,970,95 415,767,63 191,232.83 \r\n \r\n1,036,971.41 \r\n \r\n$ 1,082,777,58 \r\n \r\nSee accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 35- \r\n \r\n  GEORGIA COLLEGE ACCOUNTS RECEIVABLE \r\nJUNE 30, 1996 \r\n \r\nSCHEDULE -8\" \r\n \r\nCURRENT FUNDS UNRESTRICTED \r\n \r\nLOAN FUNDS \r\n \r\nPLANT FUNDS RENEWALS AND \r\nUNEXPENDED REPLACEMENTS \r\n \r\nTOTAL \r\n \r\nStateAppropriations \r\n \r\nAllotment from the Boardof Regentsof the \r\n \r\nUniversitySystemof Georgia \r\n \r\n$ \r\n \r\n152,000.00 \r\n \r\n$ 152,000.00 \r\n \r\nOther Georgia StateFinancing and Investment \r\ncommission \r\nReturned Checks Student Accounts StudentNctes \r\nVendorCreditMemos \r\nOther \r\n \r\n23,545,70 131,244.59 \r\n$ 295,107.63 \r\n7,122,15 \r\n \r\n$ 1,831,232.25 \r\n \r\n88,343,02 $ \r\n \r\n8,647,00 \r\n \r\n96,990.02 23,545.70 131,244,59 1,831,232.25 295,107.63 7,122.15 \r\n \r\n$ \r\n \r\nf9,020,07 $ 1,831,232,25 $ 88,343,02 $ \r\n \r\n8,_.6.4.7.,;;;;.00._ $ 2,537,242,34 \r\n \r\nsee accompanying natesand Independent AccountanfsCombined Report \r\non Review of Financial Statements and Supplementary Information. \r\n-37 - \r\n \r\n GEORGIACOLLEGE CHANGESIN INVESTMENT IN PLANT \r\nYEAR ENDED JUNE 30. 1996 \r\n \r\nLand Buildings Improvements OtherThan Buildings Equipment Ubrary Books and Collections \r\n \r\nBALANCE \r\n \r\nCURRENT FUNDS \r\n \r\nJULY 1.1995 UNRESTRICTED RESTRICTED \r\n \r\n$ 634.079.21 \r\n \r\n37.910,146.38 $ \r\n \r\n159,719.16 \r\n \r\n2,658.590.08 \r\n \r\n7.580.554.62 \r\n \r\n1,399,127.43 $ 121.067.58 \r\n \r\n4,157.247.75 \r\n \r\n317,495.61 \r\n \r\n$ 52,940,618.04 $ 1,876,342.20 $ 121.067.58 \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 SCHEDULE \"9\" \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\nPRIVATE GIFTS \r\n \r\nDEDUCTIONS DISPOSALSI DELETIONSI ADJUSTMENTS \r\n \r\nBALANCE JUNE 30, 1996 \r\n \r\n$ 634,079.21 \r\n \r\n$ 1,938,553.00 $ \r\n \r\n253,495.89 $ 2,688,491.18 \r\n \r\n42,950,405.61 \r\n \r\n158,106.47 \r\n \r\n2,816,696.55 \r\n \r\n17,513.61 \r\n \r\n145,288.39 \r\n \r\n$ 82,626.68 $ \r\n \r\n170,832.48 \r\n \r\n9,175,345.83 \r\n \r\n50,869.65 \r\n \r\n4,423,873.71 \r\n \r\n$ 2,114,173.08 $ \r\n \r\n398,784.28 $ \r\n \r\n2,688,491.18 $ \r\n \r\n82,626.68 $ \r\n \r\n221,702.13 $ 60,000,400.91 \r\n \r\n- 39- \r\n \r\n GEORGIA COLLEGE SCHEDULE OF FUND BALANCES CURRENT FUNDS AND PLANT FUNDS \r\nJUNE 30, 1996 \r\n \r\nNET INVESTMENT IN PLANT Invesbnent in Plant Facilities \r\nRESTRICTED Designated for Subsequent Years' Expenditures \r\nUNRESTRICTED Designated \r\nFor ArtComplex Construction Fund \r\nFor Bus Replacement Reserve \r\nForCaproaIPr~eds(Lotte~) \r\nFor Equipment, Technology and Construction Trust Fund \r\nFor Intercollegiate Athletics For Invento~ Reserve For Ubra~ Construction Fund For Renewals and Replacements Reserve For Subsequent Years' Expenditures Undesignated Surplus \r\nRegular Lotte~ for Education \r\n \r\nRESIDENT INSTRUCTION \r\n \r\nCURRENT FUNDS \r\n \r\nUNRESTRICTED \r\n \r\nLOTIERYFOR \r\n \r\nAUXILIARY \r\n \r\nEDUCATION ENTERPRISES \r\n \r\nSTUDENT ACTIVITIES \r\n \r\n$ $ 140,714.65 \r\n \r\n97.38 $ \r\n \r\n136,809.89 365,091.51 \r\n \r\n304,805.61 $ \r\n \r\nn,457.57 \r\n \r\n12,095.03 $ 152,809.68 $ \r\n \r\n0.00 97.38 $ \r\n \r\n806,707.01 $ \r\n \r\nn,457.57 \r\n \r\n$ 152,809.68 $ \r\n \r\n97.38 $ \r\n \r\n806,707.01 $ \r\n \r\nn.,.4..5...7....5...7.. \r\n \r\nSee accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementa~ Information. \r\n-40 - \r\n \r\n SCHEDULE \"10\" \r\n \r\nRESTRICTED \r\n \r\nPLANT FUNDS \r\n \r\nUNEXPENDED \r\n \r\nLOTIERY FOR RENEWALSAND \r\n \r\nREGULAR \r\n \r\nEDUCATION REPLACEMENTS \r\n \r\nINVESTMENT IN PLANT \r\n \r\nTOTAL \r\n \r\n$ 60,000,400.91 $ 60,000,400.91 \r\n \r\n$ 747,223.92 \r\n \r\n$ 747,223.92 \r\n \r\n$ \r\n \r\n53,153.80 \r\n \r\n$ \r\n \r\n$ 587.67 \r\n \r\n38,042.69 \r\n \r\n64,739.74 \r\n \r\n301,104.78 \r\n \r\n$ \r\n \r\n53,153.80 \r\n \r\n38,042.69 \r\n \r\n587.67 \r\n \r\n97.38 136,809.89 505,806.16 64,739.74 301,104.78 382,263.18 \r\n \r\n692.31 $ 118,585.85 $ \r\n \r\n0.00 587.67 $ _ _..3.;3;.;9;.,;1~;4..;7...;.4.;7.;... \r\n \r\n12,787.34 0.00 \r\n$ 1,495,392.63 \r\n \r\n$ 747,223.92 $ 118,585.85 $ \r\n \r\n587.67 $ \r\n \r\n339,147.47 $ 60,000,400.91 $ 62,243,017.46 \r\n \r\n- 41 - \r\n \r\n GEORGIA COLLEGE SCHEDULE OF REVENUES \r\nCURRENT FUNDS YEAR ENDED JUNE 30. 1996 \r\n \r\nS1ate Appropriations Allotmentsfrom the Boardof Regentsof the UniversitySystem of Georgia RegUlar SpecialFunding Initiative Govemor's EmergencyFunds Lottery Proceeds \r\nOther Revenues Retained Tuitionand Fees Matriculation Other \r\nFederal Grants and Contracts Research and Instruction StudentAid Contract Overhead \r\nState Grants and Contracts Researchand Instruction Student Aid Contract Overhead \r\nLocalGrants and Contracts Researchand Instruction \r\nPrivateGifts, Grants, and Contracts Researchand Instruction Student Aid \r\nEndcwmentIncome Student Aid \r\nSalesand services of Educational Activities \r\nSalesand Servicesof AuxiliaryEnterprises \r\nOther Sources Administrative Cost Allowances Cash Over-Short Extension and Public Service Interest Earned Rents Other \r\n \r\n'RESIDENT INSTRUCTION \r\n \r\nLOTTERY FOR EDUCATION \r\n \r\nUNRESTRICTED AUXILIARY \r\nENTERPRISES \r\n \r\n$ 20,253,151.00 3n,069.00 3,715.00 $ \r\n$ 20,633,935.00 $ \r\n \r\n429,483.00 429,483.00 \r\n \r\n$ 8,191,581.12 619,711.57 \r\n \r\n28,855.61 \r\n \r\n639.96 \r\n \r\n66,083.26 \r\n23,447.68 4.85 \r\n759,921.83 2,602.15 \r\n21.449.70 $ 9.714.297.73 \r\n \r\n$ 3,559,997.47 \r\n-55.47 40,732.54 286.934.14 $ 3,887,608.68 \r\n \r\n$ 30,348,232.73 $ 429,483.00 $ \r\n \r\nSee accompanying notes and Independent Accountanfs Combined Report on Reviewof Financial Statementsand Supplementary Information. \r\n-42- \r\n \r\n SCHEDULE -11- \r\n \r\nSTUDENT ACTMTIES \r\n \r\nTOTAL \r\n \r\nRESTRICTED RESIDENT \r\nINSTRUCTION \r\n \r\nTOTAL \r\n \r\n$ 20,253,151.00 3n,069.00 3,715.00 429,483.00 \r\n$ 21,063,418.00 \r\n \r\n$ 20,253,151.00 3n,069.00 3,715.00 429,483.00 \r\n$ 21,063.418.00 \r\n \r\n$ 8,191,581.12 \r\n \r\n$ 339,n2.81 \r\n \r\n959,484.38 \r\n \r\n$ 8,191,581.12 959,484.38 \r\n \r\n$ 241,299.38 7,982,461.44 \r\n28,855.61 \r\n \r\n241,299.38 7,982,461.44 \r\n28,855.61 \r\n \r\n639.96 \r\n \r\n818,856.76 2,209,595.85 \r\n \r\n818,856.76 2,209,595.85 \r\n639.96 \r\n \r\n120,094.09 \r\n \r\n120,094.09 \r\n \r\n188,513.78 401,759.50 \r\n \r\n188,513.78 401,759.50 \r\n \r\n66,083.26 3,559.997.47 \r\n \r\n276,915.n \r\n \r\n276.915.n 66,083.26 3,559,997.47 \r\n \r\n-150.00 1,292.26 66.445.93 \r\n \r\n23,447.68 -200.62 \r\n759,921.83 42,024.80 2,602.15 \r\n374,829.n \r\n \r\n23,447.68 -200.62 \r\n759,921.83 42,024.80 2,602.15 \r\n374.829.n \r\n \r\n$ 407,361.00 $ 14,009.267.41 $ 12,239.496.57 $ 26,248,763.98 \r\n \r\n$ 407,361.00 $ 35,072,685.41 $ .12,239,496.57 $ 47,312,181.98 \r\n \r\n-43- \r\n \r\n GEORGIACOLLEGE SCHEDULE OF EXPENDITURES BY OBJECT \r\nCURRENT FUNDS YEAR ENDEDJUNE 30. 1996 \r\n \r\n SCHEDULE -12\" \r\n \r\nSTUDENT ACTMTIES \r\n \r\nTOTAL \r\n \r\nRESTRICTED RESIDENT \r\nINSTRUCTION \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n83,554.30 $ 19,428,700.34 $ 590,281.63 $ 20,018,981.97 \r\n \r\n4,011.38 5,454.70 6,472.66 \r\n \r\n1,332,291.20 2,005,504.16 2,060,898.85 \r\n162,083.00 5,391.00 \r\n141,265.00 \r\n \r\n32,195.69 38,968.62 30,096.09 \r\n \r\n1,364,486.89 2,044,472.78 2,090,994.94 \r\n162,083.00 5,391.00 \r\n141,265.00 \r\n \r\n$ \r\n \r\n99.493.04 .s 25,136,133.55 $ 691,542.03 $ 25,827,675.58 \r\n \r\n$ \r\n \r\n4,765.54 $ 313,781.71 $ \r\n \r\n38,538.95 $ 352,320.66 \r\n \r\n2,204.94 \r\n \r\n85,326.38 \r\n \r\n6.75 \r\n \r\n85,333.13 \r\n \r\n68,178.39 \r\n \r\n1,386,435.46 \r\n \r\n47,005.06 1,433,440.52 \r\n \r\n3,408.93 \r\n \r\n470,760.67 \r\n \r\n56,664.28 \r\n \r\n527,424.95 \r\n \r\n1,172,150.56 \r\n \r\n1,172,150.56 \r\n \r\n22,313.47 \r\n \r\n99,224.07 \r\n \r\n1,717.00 \r\n \r\n100,941.07 \r\n \r\n93,201.84 \r\n \r\n93,201.84 \r\n \r\n87,507.39 20,209.87 \r\n \r\n74,545.n 732,455.05 586,508.87 73,287.30 \r\n \r\n113,913.06 10,754,146.30 \r\n275,670.98 9,652.53 \r\n \r\n188,458.83 11,486,601.35 \r\n862,179.85 82,939.83 \r\n \r\n10,022.86 1,069.70 6,405.86 \r\n \r\n467,599.43 53,271.73 125,618.75 \r\n515,508.25 544,739.07 \r\n \r\n50,175.97 138.00 \r\n3,472.87 30,131.07 3,467.17 \r\n \r\n517,n5.40 53,409.73 129,091.62 545,639.32 548,206.24 \r\n \r\n44,578.93 63,694.84 \r\n \r\n203,949.92 341,246.17 \r\n \r\n39,186.97 3,000.00 \r\n \r\n243,136.89 344,246.17 \r\n \r\n2,610.08 14,794.14 \r\n \r\n57,695.00 46,635.37 1,201 ,863.52 \r\n \r\n9,891.47 111,176.11 \r\n \r\n57,695.00 56,526.84 1,313,039.63 \r\n \r\n$ 351,764.94 $ 8,645,804.89 $ 11,547,954.54 $ 20,193,759.43 \r\n \r\n$ \r\n \r\n2,261.87 \r\n \r\n2,250.00 \r\n \r\n16,701.68 2,575.20 \r\n \r\n1n,275.39 \r\n \r\n$ 201,064.14 \r\n \r\n$ \r\n \r\n2,261.87 \r\n \r\n2,250.00 \r\n \r\n16,701.68 2,575.20 \r\n \r\n1n,275.39 \r\n \r\n$ 201,064.14 \r\n \r\n-45- \r\n \r\n GEORGIA COLLEGE SCHEDULE OF EXPENDITURES BY OBJECT \r\nCURRENT FUNDS YEAR ENDED JUNE 30.1996 \r\n$ 30,162,626.91 $ 430,547.14 $ 3,544,492.65 \r\nSee accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information. \r\n-46- \r\n \r\n SCHEDULE -12\" \r\n \r\nSTUDENT ACTMTIES \r\n \r\nTOTAL \r\n \r\nRESTRICTED RESIDENT \r\nINSTRUCTION \r\n \r\nTOTAL \r\n \r\n$ 258,456.67 \r\n19,143.75 24,368.82 \r\n4,472.16 \r\n$ 306,441.40 \r\n7,185.72 15.41 \r\n4,047.00 6,080.00 1,291.14 \r\n21,733.n 7,998.38 3,en.00 \r\n4,784.52 9,514.00 \r\n233,153.76 \r\n$ 605,922.10 \r\n$ 806,986.24 \r\n \r\n$ 258,456.67 \r\n19,143.75 24,368.82 4,472.16 \r\n$ 306,441.40 \r\n7,185.72 15.41 \r\n4,047.00 6,080.00 1,291.14 \r\n21,733.n 7,998.38 3,6n.00 \r\n4,784.52 9,514.00 \r\n233,153.76 \r\n$ 605,922.10 \r\n$ 806,986.24 \r\n \r\n$ 451,257.98 $ 34.588.924.68 $ 12.239A96.57 $ 46,828,421.25 \r\n \r\n-47 - \r\n \r\n GEORGIA COLLEGE SCHEDULE OF EXPENDITURES BY OBJECT \r\nPLANT FUNDS YEAR ENDED JUNE 30. 1996 \r\n \r\nSCHEDULE \"13\" \r\n \r\nUNEXPENDED \r\n \r\nLOTIERYFOR \r\n \r\nREGULAR \r\n \r\nEDUCATION \r\n \r\nRENEWALS AND REPLACEMENTS \r\n \r\nTOTAL \r\n \r\nCAPITAL OUTLAY \r\n \r\nMotor Vehicle Expense Supplies and Materials Repairs and Maintenance Other Expenses EqUipment \r\nNon-Inventory Software Per Diem, Fees and Contracts \r\nPer Diem and Fees Contracts Equipment Motor Vehicle Purchases Inventory \r\n \r\n$ \r\n \r\n$ \r\n \r\n9,408.39 $ \r\n \r\n4,463.82 \r\n \r\n214,926.09 \r\n \r\n100,183.16 \r\n \r\n660.00 \r\n \r\n1,075.20 \r\n \r\n17,972.74 \r\n \r\n5,753.46 1,407,814.76 \r\n \r\n67,802.00 ' \r\n \r\n17,513.61 \r\n \r\n94.91 $ 1,733.28 136,605.57 \r\n \r\n94.91 15,605.49 451,714.82 \r\n660.00 \r\n \r\n20,518.95 145.45 \r\n \r\n39,566.89 145.45 \r\n \r\n7,091.05 138,812.46 \r\n \r\n12,844.51 1,614,429.22  \r\n \r\n62,000.00 83,288.39 \r\n \r\n62,000.00 100,802.00 \r\n \r\n$ 1,639,637.90 $ 207,935.33 $ \r\n \r\n450,290.06 $ 2,297,863.29 \r\n \r\nCAPITAL OUTLAY-GEORGIA COLLEGE \r\n \r\nRepairs and Maintenance Other Operating Expenses Per Diem, Fees and Contracts \r\nContracts \r\n \r\n$ \r\n \r\n32,559.50 \r\n \r\n240.00 \r\n \r\n267,200.50 \r\n \r\n$ \r\n \r\n32,559.50 \r\n \r\n240.00 \r\n \r\n267,200.50 \r\n \r\n$ 300,000.00 \r\n \r\n$ 300,000.00 \r\n \r\n$ 1,639,637.90 $ 507,935.33 $ \r\n \r\n450,290.06 $ 2,597,863.29 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 48- \r\n \r\n GEORGIA COLLEGE RECONCILIATION OF SALARIES AND WAGES, AND TRAVEL \r\nYEAR ENDED JUNE 30, 1996 \r\n \r\nSCHEDULE \"14\" \r\n \r\nTotals per Annual Supplement \r\nAdjustments Shared Services on JoinUyStaffed Personnel Fort Valley State University Yasin, Jahad Kennesaw State College Archie,lkuko \r\n \r\nSALARIES AND WAGES \r\n$ 20,275,538,64 $ \r\n \r\nTRAVEL 359,506.38 \r\n \r\n1,600,00 300.00 \r\n \r\nTotals per Report \r\n \r\n$ 20,277,438.64 $ 359,506.38 \r\n \r\nDISTRIBUTION BY FUND \r\nCURRENT FUNDS Unrestricted Resident Instruction Regular Special Funding Initiative Lottery for Education Auxiliary Enterprises Student Activities Restricted Resident Instruction \r\n \r\n$ 17,937,605.09 $ \r\n258,456.67 \r\n1,407,540.95 83,554.30 \r\n590,281.63 \r\n \r\n284,260.21 6,540.97 644.75 \r\n24,755.96 4,765.54 \r\n38,538.95 \r\n \r\n$ 20,277,438.64 $ 359,506.38 \r\n \r\nSee accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 49- \r\n \r\n SECTlONll FINDINGS ANDIMPROPER OR QUESTIONED COSTS \r\n \r\n GEORGIA COLLEGE SCHEDULE OF FINDINGS ANDIMPROPER OR OUESTIONED COSTS \r\nYEARENDED JUNE 30. 1996 \r\nCURRENT YEAR \r\nMATCHING, LEVEL OF EFFORT, AND/OR EARMARKING Untimely Institutional Capital Contribution Deposit Federal Financial Assistance Perkins Loan Funds (84.038) Audit ControlNumber 536-96-01 \r\nFederal regulation (34 CPR674.19) requires colleges to deposittheir institutional capital contributions to the Perkins Loanfund priorto or at the sametime the College deposits anyFederal capital contribution. During the year under review, one ofthe College's institutional capital contribution deposits was made five months after the deposit ofthe Federal capital contribution. \r\nThis noncompliance is a result of an oversight on the College's part. TheCollege should implement procedures to ensurethat funds are deposited as required by Federal regulations. \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bg438-b1994-h95","title":"Review report, state of Georgia, Georgia College, Milledgeville, Georgia, year ended June 30, 1995","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits."],"dcterms_spatial":["United States, Georgia, Baldwin County, Milledgeville, 33.08014, -83.2321"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["1994/1995"],"dcterms_description":["-Year ended June 30, 1996.","Title fluctuates: Audits conducted \"in accordance with generally accepted auditing standards\" are issued as: Audit report; reviews that are \"substanially less in scope than an audit in accordance with generally accepted auditing standards\" are issued as: Review report.","Year ended June 30, 1994."],"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":["Georgia College--Appropriations and expenditures","Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Review report, state of Georgia, Georgia College, Milledgeville, 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-bg438-b1994-h95"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bg438-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":"  GEORGIA COLLEGE \r\n- - TABLE OF CONTENTS \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENTACCOUNTANT'S COMBINEDREPORT 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 COMBINED STATEMENT OF CHANGES IN FUND BALANCES \r\nALL FUND GROUPS C STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\nAND OTHER CHANGES \r\nD NOTES TO THE FINANCIALSTATEMENTS \r\n \r\nSUPPLEMENTARYINFORMATION \r\n \r\n- E COMBINING BALANCE SHEET CURRENT 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 \r\nUNRESTNCTED \r\n \r\nSCHEDULES \r\n \r\nSCHEDULES OF REVENUESAND EXPENDITURES COMPAREDTO BUDGET \r\n \r\n1 \r\n \r\nRESIDENT INSTRUCTION \r\n \r\n2 \r\n \r\nLOTTERY FOR EDUCATION \r\n \r\nSCHEDULES OF OPERATIONS \r\n \r\n3 \r\n \r\nLOAN FUNDS \r\n \r\n4 \r\n \r\nENDOWMENT FUNDS \r\n \r\n5 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS \r\n \r\nAGENCY FUNDS \r\n \r\n6 CASH AND CASH EQUIVALENTS \r\n \r\n7 INVESTMENTS \r\n \r\n8 ACCOUNTS RECEIVABLE \r\n \r\n9 CHANGES IN INVESTMENT IN PLANT \r\n \r\n10 SCHEDULE OF FUND BALANCES \r\n \r\nCURRENT FUNDS AND PLANT FUNDS \r\n \r\n GEORGIA 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\n11 SCHEDULE OF REVJ3RJE.S \r\n \r\nCURRENT FUNDS \r\n \r\nSCHEDULES OF EXPENDITURESBY OBJECT \r\n \r\n12 \r\n \r\nCURRENTFUNDS \r\n \r\n13 \r\n \r\nPLANT FUNDS \r\n \r\n14 RECONCILIATIONOF SALARIESAND WAGES, AND TRAVEL \r\n \r\nSECTION I1 FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULEOF FINDINGS AND IMPROPER OR QUESTIONEDCOSTS \r\n \r\n                                                       "}],"pages":{"current_page":1,"next_page":null,"prev_page":null,"total_pages":1,"limit_value":10,"offset_value":0,"total_count":2,"first_page?":true,"last_page?":true},"facets":[{"name":"type_facet","items":[{"value":"Text","hits":2}],"options":{"sort":"count","limit":16,"offset":0,"prefix":null}},{"name":"creator_facet","items":[{"value":"Georgia. 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