{"response":{"docs":[{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bv6-bm3-b1999-h2000","title":"Management report, Macon Technical Institute, Macon, Georgia, an organizational unit of the state of Georgia, year ended June 30, 2000","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits.","Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Bibb County, Macon, 32.84069, -83.6324"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["1999/2000"],"dcterms_description":["-Year ended June 30, 2000.","\"Title fluctuates: Audits conducted \"in accordance with generally accepted auditing standards\" are issued as: Audit report; reviews that are \"substantially less in scope than an audit in accordance with generally accepted auditing standards\" are issued as: Review or Management report.\"","Report year cover fiscal year.","Issue by the Dept. of Audits, \u003c1994\u003e-1996; Dept. of Audits and Accounts, 1997-2000.","June 30, 1994; title from cover."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 2000-06-30"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Macon Technical Institute--Appropriations and expenditures","Education--Auditing--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Management report, Macon Technical Institute, Macon, Georgia, an organizational unit of the state of Georgia, year ended June 30, 2000"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-bv6-bm3-b1999-h2000"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bv6-bm3-b1999-h2000"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":" MACON TECHNICAL INSTITUTE MANAGEMENT REPORT - TABLE OF CONTENTS - \n \nLETTER OF TRANSMITTAL \n \nSELECTED FINANCIAL INFORMATION \n \nEXHIBITS \n \nA ANALYSIS OF CHANGES IN FUND BALANCE \n \nBUDGET FUND \n \n1 \n \nSCHEDULES OF FUNDS AVAILABLE AND EXPENDITURES \n \nCOMPARED TO BUDGET \n \nBUDGET FUND \n \nB \n \n\"A\" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION \n \n2 \n \nC \n \n\"B\" LOTTERY FOR EDUCATION \n \n3 \n \nD RECONCILIATION OF SALARIES AND TRAVEL \n \n4 \n \n SELL W. HINTON \nSTATE AUDITOR (404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \nOctober 20,2000 \n \nHonorable Roy E. Barnes, Governor Members of the General Assembly of Georgia Members of the State Board of Technical and Adult Education Members of the Local Board of Directors \nand Honorable Melton Palmer, Jr., President Macon Technical Institute \nLadies and Gentlemen: \nAs part ofour audit ofthe statutory basis financial statements ofthe State ofGeorgia presented in the State ofGeorgia Report ofthe State Auditor, the general purpose financial statements ofthe State of Georgia presented in the State ofGeorgia Comprehensive Annual Financial Report, and the issuance of a Statewide Single Audit Report pursuant to the Single Audit Act Amendments, as of and for the year ended June 30,2000, we have performed certain audit procedures at Macon Technical Institute. Accordingly, the financial statements and compliance activities ofMacon Technical Institute were examined to the extent considered necessary in order to express an opinion as to the fair presentation ofthe financial statements contained in the foregoing documents and to issue reports on compliance and internal control as required by the Single Audit Act Amendments of 1996. \nThis Management Report contains information pertinent to the financial and compliance activities of Macon Technical Institute as of and for the year ended June 30, 2000. The particular information provided is enumerated in the Table of Contents. \nThis report is intended solely for the information and use ofmanagement and members ofthe Local Board ofDirectors ofMacon Technical Institute and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully submitted, \nL0.~ \nRu sell W. Hinton State Auditor \nRWH:gp \n \n SELECTED FINANCIAL INFORMATION \n \n MACON TECHNICAL INSTITUTE ANALYSIS OF CHANGES IN FUND BALANCE \nBUDGET FUND YEAR ENDED JUNE 30. 2000 \n \nEXHIBIT \"A\" \n \nFUND BALANCE - JULY 1. 1999 \nReserved Surplus \nADDITIONS Adjustments to Prior Year's Contracts and Accounts Payable Excess of Funds Available over Expenditures Exhibit \"B\" Exhibit \"C\" \nDEDUCTIONS Unreserved Fund Balance (Surplus) Returned to Georgia Department of Technical and Adult Education - Administrative Central Office Year Ended June 30, 1999 Refunds to Grantors Federal Financial Assistance Georgia Department of Technical and Adult Education - Administrative Central Office Reserved Fund Balance Carried Over from Prior Year as Funds Available \nFUND BALANCE - JUNE 30. 2000 \n \n\"A\" DEPARTMENT OF \nTECHNICAL AND ADULT EDUCATION \n \n\"S\" LOTTERY FOR \nEDUCATION \n \n$ \n \n480,594.95 \n \n34,004.52 $ \n \n9.19 \n \n$ \n \n514,599.47 $ \n \n9.19 \n \n$ \n \n27,882.35 \n \n547,142.60 \n$ \n \n$ \n \n575,024.95 $ \n \n240.22 240.22 \n \n$ \n \n34,004.52 $ \n \n9.19 \n \n10,260.45 \n \n479,874.02 \n \n$ \n \n524,138.99 $ \n \n--:::.9:..:,.1:::..9 \n \n$ \n \n565,485.43 $ ====~24~0;;;;.2;;;,2 \n \nSUMMARY OF FUND BALANCE Reserved Federal Financial Assistance For Continuation of Program For Refund to Grantor Agency Georgia Department of Technical and Adult Education - Administrative Central Office Other Live Work Projects Prior Year Local Funds \nSurplus \n- 1- \n \n$ \n \n3,212.37 \n \n21.00 1,012.67 454,479.03 106,760.36 \n \n$ \n \n565,485.43 \n \n0.00 $ \n \n240.22 \n \n$ \n \n565,485.43 $ =======2~4~0~.22~ \n \n MACON TECHNICAL INSTITUTE SCHEDULE OF FUNDS AVAILABLE AND EXPENDITURES \nCOMPARED TO BUDGET BUDGET FUND \n\"A\" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION YEAR ENDED JUNE 30, 2000 \n \nEXHIBIT\"B\" \n \nFUNDS AVAILABLE REVENUES \nState Appropriation Federal Revenues Other Revenues Retained \nCARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance \n \nBUDGET \n \nACTUAL \n \nVARIANCEFAVORABLE (UNFAVORABLE) \n \n$ 9,468,427.00 $ 9,468,427.00 $ \n \n1,949,473.00 \n \n1,660,192.25 \n \n4,661 ,558.00 \n \n4,189,842.13 \n \n$ 16,079,458.00 $ 15,318,461.38 $ \n \n0.00 -289,280.75 -471,715.87 \n-760,996.62 \n \n0.00 \n \n479,874.02 \n \n479,874.02 \n \nEXPENDITURES \nPersonal Services-Institutions Operating Expenses-Institutions Adult Literacy Grants Job Training Partnership Act Capital Outlay \n \n$ 16,079,458.00 $ 15,798,335.40 $ - - - --2-81',1-22-.6-0 \n \n$ 10,717,335.00 $ 10,554,900.37 $ \n \n5,086,127.00 \n \n4,519,295.07 \n \n10,000.00 \n \n5,082.84 \n \n255,996.00 \n \n161,914.52 \n \n10,000.00 \n \n10,000.00 \n \n162,434.63 566,831.93 \n4,917.16 94,081.48 \n0.00 \n \n$ 16,079,458.00 $ 15,251,192.80 $ _ _.......:..:82::..;;8..:.;;,2;;,;;;6-=-5.=2~0 \n \nExcess of Funds Available over Expenditures \n \n$ 547,142.60 $ ===5:..4=7:!:::,1=4=2.=6.0.. \n \n- 2- \n \n MACON TECHNICAL INSTITUTE SCHEDULE OF FUNDS AVAILABLE AND EXPENDITURES \nCOMPARED TO BUDGET BUDGET FUND \n\"B\" LOTTERY FOR EDUCATION YEAR ENDED JUNE 30, 2000 \n \nEXHIBIT\"C\" \n \nFUNDS AVAILABLE REVENUES \nState Appropriation \n \nBUDGET \n \nACTUAL \n \nVARIANCE FAVORABLE (UNFAVORABLE) \n \n$ 748,779.00 $ 748,779,00 $ \n \n-=-0.:..::.0.::..0 \n \nEXPENDITURES Equipment-Technical Institutes \n \n$ 748,779,00 $ 748,538.78 $ \n \n-=2:...:4-=-0.=22=. \n \nExcess of Funds Available over Expenditures \n \n$ \n \n240.22 $ ====2;,;4,;;,,0.=22= \n \n- 3- \n \n MACON TECHNICAL INSTITUTE RECONCILIATION OF SALARIES AND TRAVEL \nYEAR ENDED JUNE 30, 2000 \n \nEXHIBIT\"D\" \n \nTotals per Annual Supplement \nAccruals June 30, 1999 \nAdjustment Prior Year's Accrual Adjustments \n \nSALARIES \n \nTRAVEL \n \n$ \n \n8,362,939.35 $ 103, 152.90 \n \n-762.13 \n \n152.20 \n \n$ \n \n8,362,939.35 $ 102,542.97 \n \n-4- \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bv6-bm3-b1997-h98","title":"Management report, Macon Technical Institute, Macon, Georgia, an organizational unit of the state of Georgia, year ended June 30, 1998","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits.","Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Bibb County, Macon, 32.84069, -83.6324"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["1998/1999"],"dcterms_description":["-Year ended June 30, 2000.","\"Title fluctuates: Audits conducted \"in accordance with generally accepted auditing standards\" are issued as: Audit report; reviews that are \"substantially less in scope than an audit in accordance with generally accepted auditing standards\" are issued as: Review or Management report.\"","Report year cover fiscal year.","Issue by the Dept. of Audits, \u003c1994\u003e-1996; Dept. of Audits and Accounts, 1997-2000.","June 30, 1994; title from cover."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 1998-06-30"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Macon Technical Institute--Appropriations and expenditures","Education--Auditing--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Management report, Macon Technical Institute, Macon, Georgia, an organizational unit of the state of Georgia, year ended June 30, 1998"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-bv6-bm3-b1997-h98"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bv6-bm3-b1997-h98"],"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":"~~rh \nA800 \n.1\\ I Vb rVl3 \n19~1-~g \nMANAGEMENT REPORT MACON TECHNICAL INSTITUTE \nMACON, GEORGIA AN ORGANIZATIONAL UNIT OF THE STATE OF GEORGIA \nYEAR ENDED JUNE 30, 1998 \nSTATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS \n254 WASHINGTON STREET ATLANTA, GEORGIA 30334-8400 \n \n MACON TECHNICAL INSTITUTE MANAGEMENT REPORT - TABLE OF CONTENTS - \n \nLETTER OF TRANSMITTAL \n \nSELECTED FINANCIAL INFORMATION \n \nEXHIBITS \n \nA ANALYSIS OF CHANGES IN FUND BALANCE \n \nBUDGET FUND \n \n1 \n \nSCHEDULES OF FUNDS AVAILABLE AND EXPENDITURES \n \nCOMPARED TO BUDGET \n \nBUDGET FUND \n \nB \n \n\"A\" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION \n \n2 \n \nC \n \n\"B\" LOTTERY FOR EDUCATION \n \n3 \n \n CLAUDE L. VICKERS \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.w., Suite 214 \nAtlanta, Georgia 30334-8400 \nOctober 15, 1998 \n \nHonorable Zell Miller, Governor Members of the General Assembly of Georgia Members of the State Board of Technical and Adult Education Members of the Local Board of Directors \nand Honorable Melton Palmer, Jr., President Macon Technical Institute \nLadies and Gentlemen: \nAs part of our audit of the statutory basis financial statements of the State of Georgia presented in the Report ofthe State Auditor, the general purpose financial statements of the State of Georgia presented in the State of Georgia Comprehensive Annual Financial Report, and the issuance of a Statewide Single Audit Report pursuant to the Single Audit Act Amendments, as of and for the year ended June 30, 1998, we have performed certain audit procedures at Macon Technical Institute. Accordingly, the fmancial statements and compliance activities of Macon Technical Institute were examined to the extent considered necessary in order to express an opinion as to the fair presentation of the financial statements contained in the foregoing documents and to issue reports on compliance and internal control as required by the Single Audit Act Amendments of 1996. \nThis Management Report contains information pertinent to the fmancial and compliance activities of Macon Technical Institute as of and for the year ended June 30, 1998. The particular information provided is enumerated in the Table of Contents. \nThis report is intended solely for the use of management of Macon Technical Institute. However, this report is a matter of public record and its distribution is not limited. \nRe~~ \n \nCLV:ds \n \nClaude L. Vickers State Auditor \n \n SELECTED FINANCIAL INFORMAnON \n'C... \n \n MACON TECHNICAL INSTITUTE ANALYSIS OF CHANGES IN FUND BALANCE \nBUDGET FUND YEAR ENDED JUNE 30,1998 \n \nEXHIBIT \"A\" \n \nFUND BALANCE - JULY 1 \nReserved Surplus \nADDITIONS \nAdjustments to Prior Year's Accounts Payable Excess of Funds Available over Expenditures \nExhibit \"B\" Exhibit \"C\" \nDEDUCTIONS \nUnreserved Fund Balance (Surplus) Returned to Georgia Department of Technical and Adult Education - Administrative Central Office Year Ended June 30,1997 \nAdjustments to Prior Year's Accounts Receivable Refunds to Grantors \nGeorgia Department of Technical and Adult Education - Administrative Central Office Federal Financial Assistance \nReserved Fund Balance Carried Over from Prior Year as Funds Available \n \n\"AU \nDEPARTMENT OF TECHNICAL AND ADULT EDUCATION \n \n\"B\" LOTTERY FOR \nEDUCATION \n \nTOTAL \n \n$ \n \n401,309.76 \n \n20,742.50 $ \n \n$ \n \n422,052.26 $ \n \n$ 733.32 \n733.32 $ \n \n401,309.76 21,475.82 \n422,785.58 \n \n$ \n \n18,408.38 $ \n \n3,293.23 $ \n \n21,701.61 \n \n467,619.43 \n \n0.00 \n \n467,619.43 0.00 \n \n$ \n \n486,027.81 $ \n \n3,293.23 $ 489,321.04 \n \n$ \n \n20,742.50 $ \n \n-2,989.16 \n \n1,470.00 \n \n401,156.46 \n \n$ \n \n420,379.80 $ \n \n733.32 $ \n \n21,475.82 -2,989.16 \n \n733.32 $ \n \n1,470.00 401,156.46 421,113.12 \n \nFUND BALANCE - JUNE 30 \n \n$ \n \n487,700.27 $ \n \n3,293.23 $ 490,993.50 \n \n\u003c- \nSUMMARY OF FUND BALANCE \n \nReserved Federal Financial Assistance For Refund to Georgia Department of Technical and Adult Education - Administrative Central Office Live Work Projects Prior Year Local Funds \nSurplus \n \n$ \n \n1,675.27 \n \n$ \n \n1,675.27 \n \n360,556.43 \n \n360,556.43 \n \n105,978.92 \n \n105,978.92 \n \n19,489.65 $ \n \n3,293.23 \n \n22,782.88 \n \n$ \n \n487,700.27 $ \n \n3,293.23 $ 490,993.50 \n \n- 1- \n \n MACON TECHNICAL INSTITUTE SCHEDULE OF FUNDS AVAILABLE AND EXPENDITURES \nCOMPARED TO BUDGET BUDGET FUND \n\"A\" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION YEAR ENDED JUNE 30, 1998 \n \nEXHIBIT\"B\" \n \nFUNDS AVAILABLE REVENUES \nState Appropriations Federal Revenues Other Revenues Retained \nCARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance \n \nBUDGET \n \nACTUAL \n \nVARIANCE FAVORABLE (UNFAVORABLE) \n \n$ 8,189,504,00 $ 8,189,504.00 $ \n \n1,265,098,00 \n \n1,150,337.77 \n \n4,527,825.00 \n \n3,634,289,68 \n \n$ 13,982,427.00 $ 12,974,131.45 $ \n \n0,00 -114,760,23 -893,535.32 \n-1,008,295.55 \n \n1,000.00 \n \n401,156.46 \n \n400,156.46 \n \n$ 13,983,427.00 $ 13,375,287.91 $ \n \n-.=..6o:..;8;..:...,1~3.=..9.;,.::..09.=.. \n \nEXPENDITURES \nPersonal Services-Institutions Operating Expenses-Institutions Job Training Partnership Act \n \n$ 8,597,844.00 $ 8,350,789.09 $ \n \n5,148,970.00 \n \n4,393,960.84 \n \n236,613.00 \n \n162,918.55 \n \n247,054.91 755,009.16 \n73,694.45 \n \n$ 13,983,427.00 $ 12,907,668.48 $ _ _.:..:1,.=.07:...:5:.:.:,7.:.5.=.8,;,.:.52=- \n \nExcess of Funds Available over Expenditures \n \n$ 467,619.43 $ ===4;,;;;6,,;,,:7,,;,,61,;,;9=.4;;;;,3 \n\u003c:... \n \n-2- \n \n MACON TECHNICAL INSTITUTE SCHEDULE OF FUNDS AVAILABLE AND EXPENDITURES \nCOMPARED TO BUDGET BUDGET FUND \n\"B\" LOTIERY FOR EDUCATION YEAR ENDED JUNE 30, 1998 \n \nEXHIBIT\"C\" \n \nFUNDS AVAILABLE REVENUES \nState Appropriations \n \nBUDGET \n \nACTUAL \n \nVARIANCEFAVORABLE (UNFAVORABLE) \n \n$ 310,000,00 $ 310,000,00 $ \n \n....,;0....,;.0;,.:;..0 \n \nEXPENDITURES Equipment-Technical Institutes \nExcess of Funds Available over Expenditures \n \n$ 310,000.00 $ 310,000,00 $ - - - - -0,0-0 \n$ ======0=.00= $ =======0=.0=0 \n \n\u003c:... \n-3- \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bv6-bm3-b1998-h99","title":"Management report, Macon Technical Institute, Macon, Georgia, an organizational unit of the state of Georgia, year ended June 30, 1999","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits.","Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Bibb County, Macon, 32.84069, -83.6324"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["1998/1999"],"dcterms_description":["-Year ended June 30, 2000.","\"Title fluctuates: Audits conducted \"in accordance with generally accepted auditing standards\" are issued as: Audit report; reviews that are \"substantially less in scope than an audit in accordance with generally accepted auditing standards\" are issued as: Review or Management report.\"","Report year cover fiscal year.","Issue by the Dept. of Audits, \u003c1994\u003e-1996; Dept. of Audits and Accounts, 1997-2000.","June 30, 1994; title from cover."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 1999-06-30"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Macon Technical Institute--Appropriations and expenditures","Education--Auditing--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Management report, Macon Technical Institute, Macon, Georgia, an organizational unit of the state of Georgia, year ended June 30, 1999"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-bv6-bm3-b1998-h99"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bv6-bm3-b1998-h99"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"MANAGEMENT REPORT MACON TECHNICAL INSTITUTE \nMACON, GEORGIA AN ORGANIZATIONAL UNIT OF THE STATE OF GEORGIA \nYEAR ENDED .TUNE 30, 1999 \nSTATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS \n254 WASHINGTON STREET \nATLANTA, GEORGIA 30334-8400 \n \n MACON TECHNICAL INSTmITE MANAGEMENT REPORT - TABLE OF CONTENTS - \n \nLETTER OF 1RANS1\\ITITAL \n \nSELECTED FINANCIAL INFORMATION \n \nEXHIBITS \n \nA ANALYSIS OF CHANGES IN FUND BALANCE \n \nBUDGETFUND \n \n1 \n \nSCHEDULESOFFUNDSAVAILABLEANDEXPENDITURES \n \nCOMPARED TO BUDGET \n \nBUDGET FUND \n \nB \n \n\"A\" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION \n \n2 \n \nC \n \n\"B\" LOTTERY FOR EDUCATION \n \n3 \n \nD RECONCILIATION OF SALARIES AND TRAVEL \n \n4 \n \n w. RUSSELL \n \nHINTON \n \nSTATE AUDITOR \n \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nAugust 24, 1999 \n \nHonorable Roy E. Barnes, Governor Members ofthe General Assembly of Georgia Members of the State Board of Technical and Adult Education Members ofthe Local Board ofDirectors \nand Honorable Melton Palmer, Jr., President Macon Technical Institute \nLadies and Gentlemen: \nAs part ofour audit of the statutory basis financial statements of the State of Georgia presented in the State of Georgia Report of the State Auditor, the general purpose financial statements of the State of Georgia presented in the State ofGeorgia Comprehensive Annual Financial Report, and the issuance of a Statewide Single Audit Report pursuant to the Single Audit Act Amendments, as of and for the year ended June 30, 1999, we have performed certain audit procedures at Macon Technical Institute. Accordingly, the financial statements and compliance activities ofMacon Technical Institute were examined to the extent considered necessary in order to express an opinion as to the fair presentation of the financial statements contained in the foregoing documents and to issue reports on compliance and internal control as required by the Single Audit Act Amendments of 1996. \nThis Management Report contains information pertinent to the financial and compliance activities ofMacon Technical Institute as of and for the year ended June 30, 1999. The particular information provided is enumerated in the Table of Contents. \nThis report is intended solely for the information and use ofmanagement and members of the Local Board ofDirectors ofMacon Technical Institute and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully submitted, \n \nRWH:gp \n \nState Auditor \n \n SELECTED FINANCIAL INFORMATION \n \n MACON TECHNICAL INSTITUTE ANALYSIS OF CHANGES IN FUND BALANCE \nBUDGET FUND YEAR ENDED JUNE 30, 1999 \n \nEXHIBIT\"A\" \n \nFUND BALANCE - JULY 1, 1998 \nReserved Surplus \nADDITIONS \nAdjustments to Prior Year's Accounts Payable Excess of Funds Available over Expenditures \nExhibit\"B\" \nDEDUCTIONS \nUnreserved Fund Balance (Surplus) Returned to Georgia Department of Technical.and Adult Education - Administrative Central Office Year Ended June 30, 1998 \nAdjustments to Prior Year's Accounts Receivable Refunds to Grantors \nGeorgia Department of Technical and Adult Education - Administrative Central Office Federal Financial Assistance \nReserved Fund Balance Carried Over from Prior Year as Funds Available \n \n\"A\" \nDEPARTMENT OF TECHNICAL AND ADULT EDUCATION \n \n\"B\" LOTTERY FOR \nEDUCATION \n \nTOTAL \n \n$ \n \n468,210.62 \n \n$ 468,210.62 \n \n\"19,489.65 $ \n \n3,293.23 \n \n22,782.88 \n \n$ \n \n487,700.27 $ \n \n3,293.23 $ 490,993.50 \n \n$ \n \n27,889.29 $ \n \n486,997.55 \n \n$ \n \n514,886.84 $ \n \n9.19 $ \n \n27,898.48 \n \n486,997.55 \n \n9.19 $  514,896.03 \n \n$ \n \n19,489.65 $ \n \n3,293.23 $ \n \n22,782.88 \n \n-2,535.60 \n \n-2,535.60 \n \n4,498.24 \n \n4,498.24 \n \n466,535.35 \n \n466,535.35 \n \n$ \n \n487,987.64 $ \n \n3,293.23 $ 491,280.87 \n \nFUND BALANCE - JUNE 30, 1999 \n \n$ \n \n514,599.47 $ \n \n9.19 $ \n \nSUMMARY OF FUND BALANCE \nReserved Federal Financial Assistance For Refund to Grantor Agency Live Work Projects Prior Year Local Funds \nSurplus \n \n$ \n \n720.93 \n \n$ \n \n720.93 \n \n 373,113.66 \n \n373,113.66 \n \n106,760.36 \n \n106,760.36 \n \n34,004.52 $ _ _ _ _9.;.;'..;..19;;;... \n \n34,013.71 \n \n$ -1- \n \n514,599.47 $ \n \n9.19 $ \n \n MACON TECHNICAL INSTITUTE SCHEDULE OF FUNDS AVAILABLE AND EXPENDITURES \nCOMPARED TO BUDGET BUDGET FUND \n\"A\" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION YEAR ENDED JUNE 30, 1999 \n \nEXHIBIT\"B\" \n \nFUNDS AVAILABLE REVENUES \nState Appropriations Federal Revenues Other Revenues Retained \nCARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance \n \nBUDGET \n \nACTUAL \n \nVARIANCEFAVORABLE (UNFAVORABLE) \n \n$ 9,025,212.00 $ 9,025,212.00 $ \n \n1,458,717.00 \n \n1,309,188.64 \n \n4,619,895.00 \n \n3,842,633.39 \n \n$ 15,103,824.00 $ 14,177,034.03 $ \n \n0.00 -149,528.36 -777,261.61 \n-926,789.97 \n \n1,000.00 \n \n4661535.35 \n \n465,535.35 \n \n___ __ $ 15,104,824.00 $ 14,643,569.38 $ \n \n-46..1...,.2_ 54.62 \n \nEXPENDITURES \nPersonal Services-Institutions Operating Expenses-Institutions \n \n$ 9,819,852.00 $ 9,512,176.77 $ \n \n5,284,97~.oo \n \n4,644,395.06 \n \n307,675.23 640,576.94 \n \n___ __ $ 15,104,824.00 $ 14,156,571.83 $ \n \n94..8...,._252.17 \n \nExcess of Funds Available over Expenditures \n \n$ 486,997.55 $ ===-4=86=,9=97=.5=5 \n \n-2 - \n \n MACON TECHNICAL INSTITUTE SCHEDULE OF FUNDS AVAILABLE AND EXPENDITURES \nCOMPARED TO BUDGET BUDGET FUND \n\"8\" LOTTERY FOR EDUCATION YEAR ENDED JUNE 30, 1999 \n \nEXHIBIT\"C\" \n \nFUNDS AVAILABLE REVENUES \nState Appropriations \n \nBUDGET \n \nACTUAL \n \nVARIANCEFAVORABLE (UNFAVORABLE) \n \n$ s11,100.oo $ s11,100.oo $ _ _ _ ___,;_o;.;;..o.;_o \n \nEXPENDITURES Equipment-Technical Institutes \nExcess of Funds Available over Expenditures \n \n- - - - - - $ 611,700.00 $ 611,700.00 $ \n \n0.00 \n \n$ \n \no.oo $ ========o=.o=o \n \n-3- \n \n MACON TECHNICAL INSTITUTE RECONCILIATION OF SALARIES AND TRAVEL \nYEAR ENDED JUNE 30, 1999 \n \nEXHIBIT \"D\" \n \nTotals per Annual Supplement \nAccruals June 30, 1999 \n \nSALARIES \n \nTRAVEL \n \n$ 7,667,482.84 $ \n \n77,665.07 \n \n762.13 \n \n$ 7,667,482.84 $ ===7=8,4=27=.2=0 \n \n-4- \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bv6-bm3-b1996-h97","title":"Audit report, state of Georgia, Macon Technical Institute, Macon, Georgia, year ended June 30, 1997","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits.","Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Bibb County, Macon, 32.84069, -83.6324"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["1997/1998"],"dcterms_description":["-Year ended June 30, 2000.","\"Title fluctuates: Audits conducted \"in accordance with generally accepted auditing standards\" are issued as: Audit report; reviews that are \"substantially less in scope than an audit in accordance with generally accepted auditing standards\" are issued as: Review or Management report.\"","Report year cover fiscal year.","Issue by the Dept. of Audits, \u003c1994\u003e-1996; Dept. of Audits and Accounts, 1997-2000.","June 30, 1994; title from cover."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 1997-06-30"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Macon Technical Institute--Appropriations and expenditures","Education--Auditing--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Audit report, state of Georgia, Macon Technical Institute, Macon, Georgia, year ended June 30, 1997"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-bv6-bm3-b1996-h97"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bv6-bm3-b1996-h97"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"G-A \nA~oO \n. R\\ Vb \nM3 \niqqb '-9'1 \n \nAUDIT REPORT STATE OF GEORGIA MACON TECHNICAL INSTITUTE MACON, GEORGIA YEAR ENDED JUNE 30, 1997 \n \nSTATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS \n254 WASHINGTON STREET \nATLANTA, GEORGIA 30334-8400 \n \n MACON TECHNICAL INSTITUTE - TABLE OF CONTENTS - \n \nINDEPENDENT AUDITOR'S COMBINED REPORT ON FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \n \nEXHIBITS \n \nFINANCIAL STATEMENTS \n \nA COMBINED BALANCE SHEET (STATUTORY BASIS) \n \nALL FUND TYPES AND ACCOUNT GROUPS \n \n2 \n \nB STATEMENT OF CHANGES IN FUND BALANCE (STATUTORY BASIS) \n \nGOVERNMENTAL FUND TYPE \n \n4 \n \nC STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \n \nBUDGET FUND \n \n5 \n \nSTATEMENTS OF FUNDS AVAILABLE AND EXPENDITURES \n \nCOMPARED TO BUDGET \n \nBUDGET FUND \n \nD \n \n\"A\" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION \n \n8 \n \nE \n \n\"B\" LOTTERY FOR EDUCATION \n \n9 \n \nF NOTES TO THE FINANCIAL STATEMENTS \n \n10 \n \nSUPPLEMENTARY INFORMATION \n \nG COMBINING BALANCE SHEET (STATUTORY BASIS) \n \nBUDGET FUND \n \n24 \n \nH COMBINING STATEMENT OF CHANGES IN FUND BALANCE \n \n(STATUTORY BASIS) \n \nBUDGET FUND \n \n25 \n \nI COMBINING STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \n \nBUDGET FUND \n \n26 \n \nSCHEDULE \n \nRECONCILIATION OF SALARIES AND TRAVEL \n \n29 \n \n CLAUDE L. VICKERS \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nSeptember 19, 1997 \n \nHonorable Zell Miller, Governor Members of the General Assembly of Georgia Members of the State Board of Technical and Adult Education Members of the Local Board of Directors \nand Honorable Melton Palmer, Jr., President Macon Technical Institute \nINDEPENDENT AUDITOR'S COMBINED REPORT ON FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMAnON \nLadies and Gentlemen: \nWe have audited the accompanying financial statements (Exhibits A through F) of Macon Technical Institute as of and for the year ended June 30, 1997. These fmancial statements are the responsibility of the Institute's management. Our responsibility is to express an opinion on these financial statements based on our audit. \nWe conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fmancial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. \nAs described in Note 1, these financial statements were prepared on a prescribed basis of accounting that demonstrates compliance with the budgetary statutes and regulations of the State of Georgia, which is a comprehensive basis of accounting other than generally accepted accounting principles. \nIn our opinion, the financial statements referred to above present fairly, in all material respects, the financial position (statutory basis) of Macon Technical Institute as of June 30, 1997, and the results of its operations (statutory basis) for the year then ended, on the basis of accounting described in Note 1. \nOur audit was made for the purpose of forming an opinion on the fmancial statements taken as a whole. The accompanying supplementary information (Exhibits G through I and Schedule 1) is presented for purposes of additional analysis and is not a required part ofthe financial statements of Macon Technical Institute. Such \n97ARL-IT \n \n infonnation has been subjected to the auditing procedures applied in the audit ofthe financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole. \nRespectfully submitted, \nL~ \nClaude L. Vickers State Auditor \nCLV:gp 97ARL-IT \n \n FINANCIAL STATEMENTS - 1- \n \n MACON TECHNICAL INSTITUTE COMBINED BALANCE SHEET (STATUTORY BASIS) \nALL FUND TYPES AND ACCOUNT GROUPS JUNE 30, 1997 \n \nASSETS Cash and Cash Equivalents Accounts Receivable \nState Appropriations Federal Financial Assistance Other \nFixed Assets Equipment \nAmounts to be Provided for Payment of Accrued Compensated Absences \nTotal Assets \n \nGOVERNMENTAL FUND TYPE BUDGET \n \nFIDUCIARY FUND TYPE \nAGENCY \n \n814,819.41 $ \n \n52,183.85 \n \n$ \n \n512,401.00 \n \n40,872.44 \n \n148,000.09 $ \n \n26,611.89 \n \n701,273,53 $ \n \n26,611.89 \n \n$ \n \n1,516,092.94 $ \n \n78,795.74 \n \nTotal Liabilities and Fund Equity \nThe notes to the financial statements are an integral part of this statement. \n-2 - \n \n$ \n \n1,516,092.94 $ =====78~,7=9=5.==74= \n \n EXHIBIT \"A\" \n \nACCOUNT GROUPS \n \nGENERAL \n \nGENERAL \n \nFIXED \n \nLONG-TERM \n \nASSETS \n \nDEBT \n \nTOTALS (Memorandum Only) JUNE 30, 1997 JUNE 30, 1996 \n \n$ 867,003.26 $ 802,803.99 \n \n$ 512,401.00 $ \n \n12,734.00 \n \n40,872.44 \n \n149,971.32 \n \n174,611.98 \n \n203,222.89 \n \n$ 727,885.42 $ 365,928.21 \n \n$ 5,999,858.60 \n \n$ 5,999,858.60 $ 5,041 ,456.88 \n \n$ 451,419.84 $ 451,419.84 $ 399,899.17 \n \n$ 5,999,858.60 $ 451,419.84 $ 8,046,167.12 $ 6,610,088.25 \n \n$ 1,087,062.36 $ 749,265.46 \n \n$ 451,419.84 \n \n6,245.00 78,795.74 451,419.84 \n \n0.00 53,479.31 399,899.17 \n \n$ 451;419.84 $ 1,623,522.94 $ 1,202,643.94 \n \n$ 5,999,858.60 \n \n$ 5,999,858.60 $ 5,041,456.88 \n \n0.00 296,390.11 104,766.35 \n153.30 \n \n1.18 251,835.90 103,521.87 \n2.84 \n \n$ 5,999,858.60 \n \n20,742.50 733.32 \n \n9,271.09 1,354.55 \n \n$ 6,422,644.18 $ 5,407,444.31 \n \n$ 5,999,858.60 $ 451,419.84 $ 8,046,167.12 $ 6,610,088.25 \n \n-3- \n \n MACON TECHNICAL INSTITUTE \n \nSTATEMENT OF CHANGES IN FUND BALANCE (STATUTORY BASIS) \n \n. \n \nGOVERNMENTAL FUND TYPE \n \nYEAR ENDED JUNE 3D, 1997 \n \nEXHIBIT\"B\" \n \nThe notes to the financial statements are an integral part of this statement. \n-4- \n \n MACON TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \nBUDGET FUND YEAR ENDED JUNE 30,1997 \n \nEXHIBIT\"C\" \n \nFUNDS AVAILABLE \nREVENUES \nSTATE APPROPRIATIONS Allotment from Georgia Department of Technical and Adult Education - Administrative Central Office \nFEDERAL REVENUES \nOTHER REVENUES RETAINED Contracts Baldwin County Department of Family and Children Services PEACH Project Bibb County Department of Family and Children Services PEACH Project Georgia Department of Public Safety Georgia Peace Officers Standards and Training Council River Edge Behavioral Health Center PEACH Project Donations Fees Application Library Registration/Continuing Education Other Interest Earned Rents Sales and Services (Net) Tuition Vending Other Sources \nTotal Other Revenues Retained \nTotal Revenues \nCARRY-OVER FROM PRIOR YEAR \nTransfer from Reserved Fund Balance Live Work Projects Prior Year Local Funds Private Grants \nTotal Carry-Over from Prior Year \n \nTOTALS YEAR ENDED JUNE 30,1997 JUNE 30,1996 \n \n$ 7,238,n4.00 $ 6,381 ,055.00 $ \\138,302.90 $ 1,140,526,78 \n \n$ \n \n11,883.00 $ \n \n0.00 \n \n24,271.40 \n \n121,411.80 \n \n264,475.20 \n \n242,584.78 \n \n128,000.00 24,807.41 \n \n0.00 76,913.18 \n \n43,790,79 41,708.50 382,673.08 82,170.00 \n1,394.48 30,954.20 155,261.65 1,681,691.47 \n754.70 31,039.75 \n \n37,348.00 34,690.75 340,107.99 \n1,715.00 1,679.30 24,821.00 124,881.46 1,496,051.65 \n249.50 100,679.88 \n \n$ 2,904,875.63 $ 2,603,134.29 \n \n$ 11,281,952.53 $ 10,124,716.07 \n \n$ 251,835,90 $ 223,712.86 \n \n103,521.87 \n \n102,076.64 \n \n0.00 \n \n6.00 \n \n$ 355,357.n $ 325,795.50 \n \nTotal Funds Available The notes to the financial statements are an integral part of this statement. \n-5- \n \n$ 11,637,310.30 $ 10,450,511.57 \n \n MACON TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \nBUDGET FUND YEAR ENDED JUNE 3D. 1997 \n \nEXHIBIT\"C\" \n \nThe notes to the financial statements are an integral part of this statement. \n-6- \n \n MACON TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \nBUDGET FUND YEAR ENDED JUNE 30, 1997 \n \nEXHIBIT\"C\" \n \n$ 11,637,310.30 $ 10,450,511.57 \nThe notes to the financial statements are an integral part of this statement. \n-7- \n \n MACON TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \nCOMPARED TO BUDGET BUDGET FUND \n\"A\" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION YEAR ENDED JUNE 30,1997 \n \nEXHIBIT\"D\" \n \nFUNDS AVAILABLE REVENUES \nState Appropriations Federal Revenues Other Revenues Retained \nCARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance \n \nBUDGET \n \nACTUAL \n \nVARIANCEFAVORABLE (UNFAVORABLE) \n \n$ 6,571,683,00 $ 6,571,548.00 $ \n \n1,228,792.00 \n \n1,138,302.90 \n \n3,146,657.00 \n \n2,904,875.63 \n \n$ 10,947,132.00 $ 10,614,726.53 $ \n \n-135.00 -90,489.10 -241,781.37 \n-332,405.47 \n \n1,000.00 \n \n355,357.n \n \n354,357.n \n \n$ 10,948,132.00 $ 10,970,084.30 $ _ _-.::;2..;.:1,~95;;.;;;2;.;.;.3~0 \n \nEXPENDITURES \nPersonal Services-Institutions Operating Expenses-Institutions Quick Start Program Job Training Partnership Act \n \n$ 7,450,044.00 $ 7,420,122.94 $ \n \n3,415,688.00 \n \n3,108,587.45 \n \n3,975.00 \n \n3,840.00 \n \n78,425.00 \n \n35,886.68 \n \n29,921.06 307,100.55 \n135.00 42,538.32 \n \n$ 10,948,132.00 $ 10,568,437.07 $---.,.._...;;3...;..79,;;..:,,6.:.,,;9;..,,4....;..9..:..,.3 \n \nExcess of Funds Available over Expenditures \n \n$ 401,647.23 $ ===4=0:=1=,64:=7=.:::23= \n \nThe notes to the financial statements are an integral part of this statement. -8- \n \n MACON TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \nCOMPARED TO BUDGET BUDGET FUND \n\"B\" LOTIERY FOR EDUCATION YEAR ENDED JUNE 30. 1997 \n \nEXHIBIT\"E\" \n \nFUNDS AVAILABLE REVENUES \nState Appropriations \n \nBUDGET \n \nACTUAL \n \nVARIANCEFAVORABLE (UNFAVORABLE) \n \n- - - - - - $ 667,226.00 $ 667,226.00 $ \n \n0.00 \n \nEXPENDITURES Equipment-Technical Institutes \n \n- - - - - - $ 667,226.00 $ 666,742.68 $ \n \n483.32 \n \nExcess of Funds Available over Expenditures \n \n$ \n \n483.32 $ ====48=3:=.3:=2 \n \nThe notes to the financial statements are an integral part of this statement. -9- \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 1997 \n \nEXHIBIT\"F\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nREPORTING ENTITY Macon Technical Institute is one ofthirty (30) State supported member institutes of postsecondary education in Georgia which comprise the Georgia Department of Technical and Adult Education, an organizational unit ofthe State of Georgia. The accompanying financial statements reflect the operations of Macon Technical Institute as a separate reporting entity. \nThe Institute's Local Board of Directors is composed of eleven (11) members serving staggered three-year terms who are appointed by the State Board of Technical and Adult Education. Appropriation of State funds is made to the Georgia Department of Technical and Adult Education by the General Assembly of Georgia. The Department's Administrative Central Office determines the amount of State appropriations to be received by Macon Technical Institute. The Institute does not have authority to retain unexpended State appropriations (surplus) for any given fiscal year. Accordingly, Macon Technical Institute is considered an organizational unit ofthe Georgia Department of Technical and Adult Education for fmancial reporting purposes because of the significance of its legal, operational, and fmancial relationships as defined in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards. \nFUND ACCOUNTING Macon Technical Institute uses funds and account groups to report on its fmancial position and the results of its operations determined in conformity with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia. A fund is an independent fiscal and accounting entity with a selfbalancing set of accounts. Fund accounting segregates funds according to their intended purpose and is used to aid management in demonstrating compliance with finance-related legal and contractual provisions. The minimum number of funds are maintained consistent with legal and managerial requirements. Account groups are a reporting device used to account for certain assets and liabilities of the governmental funds not recorded directly in those funds. \nFunds and account groups presented in the accompanying financial statements are as follows: \nGOVERNMENTAL FUND TYPE \nBUDGET FUND - The fund used to account for activities and functions as set forth in the Amended Appropriations Act of 1996-1997. This fund also includes operations from various institutional services provided to students, faculty, and/or staffwhich are funded by fees charged to participants that are directly related to, but not necessarily equal to, the cost of service. The Budget Fund is similar in nature to a General Fund as defined in generally accepted accounting principles in that the Budget Fund is used to account for all activities except those required to be accounted for in some other fund. \nFIDUCIARY FUND TYPE \nAGENCY FUNDS - The funds used to account for assets held for use by other funds, governments, or individuals. \n- 10- \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 1997 \n \nEXHIBIT \"F\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nFUND ACCOUNTING \nACCOUNT GROUPS \nGENERAL FIXED ASSETS - The account group used to account for fixed assets used in governmental fund type operations. Fixed assets purchased are recorded at cost or at estimated historical cost ifhistorical cost is not practically determinable. Donated fixed assets are recorded at fair market value on the date donated. Disposals are deleted at recorded values. No depreciation has been provided on general fixed assets. \nThe costs of normal maintenance and repairs that do not add to the value of assets or materially extend assets' lives are not included in the General Fixed Assets Account Group. Material improvements adding to the value or useful life of assets are included in the General Fixed Assets Account Group. \nGENERAL LONG-TERM DEBT - The account group used to report the noncurrent portions of certain governmental long-term liabilities, such as claims, judgments, and compensated absences, which will be paid from future resources. \nBASIS OF ACCOUNTING MEASUREMENT FOCUS \nThe accounting and [mancial reporting treatment applied to a fund is determined by its measurement focus. Governmental funds should be accounted for using the flow ofcurrent financial resources measurement focus. With this measurement focus, operating statements present increases and decreases in net current assets and unreserved fund balance is a measure of available spendable resources. In accordance with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, the Budget Fund returns its unreserved fund balance (surplus) to the Administrative Central Office ofthe Department ofTechnical and Adult Education for remittance to the Office of Treasury and Fiscal Services in the subsequent fiscal year. \nGOVERNMENTAL FUND TYPE BUDGET FUND \nExcept as disclosed in the following paragraphs, units of government of the State of Georgia record their Budget Fund revenues and expenditures in accordance with the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they are \"measurable and available\"). \"Measurable\" means the amount of the transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to pay liabilities of the current period. Revenues that are accrued include primarily State appropriations, Federal grants and entitlements, and certain amounts earned under operating agreements with other parties. Expenditures are recorded when the related fund liability is incurred, except for unmatured interest on general long-term debt which is recognized when due, and certain compensated absences, claims and judgments which are recognized when the obligations are expected to be liquidated with expendable available financial resources. \n \n- 11 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 1997 \n \nEXHIBIT\"F\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nBASIS OF ACCOUNTING GOVERNMENTAL FUND TYPE BUDGET FUND \nContractual obligations for goods and services which have not been received at the end of the fiscal year are recognized as expenditures and liabilities in the accompanying financial statements. This accounting practice causes expenditure-driven grant revenues to be accrued based, in part, on the unexecuted portion ofcontracts for goods and services. The recognition of encumbrances as expenditures and liabilities is in conformity with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but is not consistent with generally accepted accounting principles, which provide for the recording of encumbrances as a reservation offund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with generally accepted accounting principles. \nPrior period adjustments and certain other items are reported as additions to and deductions from fund balance of the Budget Fund in the accompanying financial statements. This presentation is in accordance with accounting practices prescribed or permitted by statutes and regulations ofthe State of Georgia, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. \nFIDUCIARY FUND TYPE AGENCY FUNDS \nAgency Funds are custodial in nature and do not measure results of operations or have a measurement focus. The modified accrual basis of accounting is utilized for recognizing assets and liabilities. \nBUDGET The Georgia Department of Technical and Adult Education - Administrative Central Office receives State appropriation allotments and certain Federal funds for the various technical institutes throughout the State. The appropriated budget is adopted at the departmental level and represents appropriations provided by the Amended Appropriations Act of 1996-1997. The budget allocation and disbursement of these funds is made to the various technical institutes by the Administrative Central Office. In addition, the technical institutes receive certain Federal funds and other funds directly and include these funds in the budget filed with the Administrative Central Office. \nCASH AND CASH EQUIVALENTS Cash and Cash Equivalents include currency on hand and demand deposits with banks and other authorized financial institutions. \nACCOUNTS RECEIVABLE Accounts receivable consist of allotments due from the Georgia Department of Technical and Adult Education - Administrative Central Office, reimbursements due from Federal, State, local, and private grants and contracts, and other receivables disclosed from information available. \n \n- 12 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 1997 \n \nEXHIBIT \"F\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nACCOUNTS RECEIVABLE Accounts receivable (Other) arising from operations are reported at gross value. Based on management's evaluation that amounts uncollectible are not material, no provision has been made for such amounts. \nINVENTORIES No inventories of supplies are reported in these fmancial statements. Expendable supplies are recorded as expenditures at the time of purchase. \nRESERVED FUND BALANCE Reserves represent those portions of fund equity not appropriable for expenditure or legally segregated for a specific future use. The following is a brief description of the reserves reflected in the accompanying financial statements: \nLIVE WORK PROJECTS In accordance with the Official Code of Georgia Annotated Section 20-4-14(c), the accumulated balance of unexpended funds derived from student live work projects. This amount is restricted to expenditures for live work projects or for the benefit of instructional programs at the technical institute in subsequent fiscal years. \nPRIOR YEAR LOCAL FUNDS Effective July 1, 1989, Macon Technical Institute became a part of the Georgia Department of Technical and Adult Education. The Official Code of Georgia Annotated Section 20-4-23 provides the Institute may retain for future operations\"...any unexpended nonstate funds that have been collected by, appropriated for, or otherwise earmarked for use by said postsecondary technical school operated by a local board of education or an area board...\". These unexpended local funds are available for use in subsequent fiscal years. \nPRIVATE GRANTS EXPIRED GRANTS \nExpired grant balance represents the unexpended balance of a private grant remaining after the expiration of the Private Program/Project. This amount is refundable to the applicable grantor. \nUNRESERVED FUND BALANCE In accordance with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, the Budget Fund's unreserved fund balance is returned to the Georgia Department of Technical and Adult Education - Administrative Central Office for remittance to the Office of Treasury and Fiscal Services in the subsequent fiscal year as surplus, as follows: \nREGULAR - An amount ofunexpended regular appropriations designated for reappropriation by the State in subsequent years. \n \n- 13 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 1997 \n \nEXHIBIT\"F\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nUNRESERVED FUND BALANCE LOTTERY FOR EDUCATION - An amount of unexpended lottery appropriations designated for future reappropriation by the State for Lottery for Education. \nCOMPENSATED ABSENCES Compensated absences represent obligations of the Institute relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated annual and compensatory leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the Budget Fund for the current portion ofthis obligation as this amount will not be liquidated with expendable available fmancial resources. Funds are provided in the allotment of State funds each year to the Institute to cover the cost of annual leave paid to terminated employees. \nThe liability for compensated absences at year-end is reported in the General Long-Term Debt Account Group for governmental funds. \nMEMORANDUM ONLY - TOTAL COLUMNS Total columns on the Combined Balance Sheet (Statutory Basis) are captioned \"Memorandum Only\" because they do not represent consolidated financial information and are presented only to facilitate financial analysis. The columns do not present information that reflects fmancial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. \nCOMPARATIVE DATA Comparative total data for the prior year have been presented in selected sections of the accompanying financial statements in order to provide an understanding of the changes in the Institute's financial position and operations. Comparative totals have not been included on statements where their inclusion would not provide enhanced understanding of the Institute's financial position and operations or would cause the statements to be unduly complex and difficult to understand. Also, certain amounts presented in the prior year data have been reclassified in order to be consistent with the current year's presentation. \nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS \nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the State of Georgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral anyone or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59: \n(1) Bonds, bills, certificates of indebtedness, notes, or other direct obligations of the United States or of the State of Georgia. \n- 14- \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30,1997 \n \nEXHIBIT \"F\" \n \nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS \n \nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES (2) Bonds, bills, certificates of indebtedness, notes, or other obligations of the counties or municipalities ofthe State of Georgia. \n \n(3) Bonds ofany public authority created by the laws ofthe State ofGeorgia, providing that the statute that created the authority authorized the use ofthe bonds for this purpose. \n \n(4) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia. \n \n(5) Bonds, bills, certificates of indebtedness, notes, or other obligations of a subsidiary corporation ofthe United States government, which are fully guaranteed by the United States government both as to principal and interest, or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \n \n(6) Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation. \n \nAs authorized in the Official Code of Georgia Annotated Section 50-17-53, the State Depository Board has adopted policies which allow agencies ofthe State of Georgia (which include technical institutes) the option of exempting demand deposits from the collateral requirements. \n \nCATEGORIZATION OF DEPOSITS For purposes of analysis of custodial credit risk, cash deposits consist of all bank balances which include demand deposits and/or interest bearing accounts. The bank balances as of June 30, 1997, are categorized below in order to provide information about the extent to which such deposits are exposed to custodial credit risk: \n \nCategory 1 - Amounts covered by depository insurance or collateralized with securities (at market value) held by the Institute or by its agent in the Institute's name. \n \nCategory 2 - Amounts collateralized with securities (at market value) held by the pledging financial institution's trust department or agent in the Institute's name. \n \nCategory 3 - Amounts collateralized with securities (at market value) held by the pledging financial institution, or by its trust department or agent but not in the Institute's name, and amounts uncollateralized. \n \nCash Deposits \n \nCarrying Amount \n \nBank Balances \n \nRisk Categories 2 \n \n$ 865978.26 $ 1.482 147.85 $ 20000000 $ 128214785 $ \n \n3 000 \n \n- 15 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 1997 \n \nEXHffiIT\"F\" \n \nNOTE 3: OPERATING LEASES \n \nMacon Technical Institute has entered into certain agreements to lease equipment which are classified as operating leases (leases on assets not recorded on the balance sheet). These leases generally contain provisions that, at the expiration date ofthe original tenn ofthe lease, the Institute has the option of renewing the lease on a year-to-year basis. Future minimum lease payments for operating leases as of June 30, 1997, are listed below. Amounts are included only for multi-year leases and for cancellable leases for which an option to renew for the subsequent fiscal year has been exercised. \n \nFiscal Year Ending June 30 \n \n1998 1999 2000 \n \n$ 34,552.44 25,190.04 14,890.00 \n \nTotal Future Minimum Lease Payments \n \n$ 74,632.48 \n \nExpenditures for rental of equipment under operating leases for the year ended June 30, 1997, totaled $24,81 L76. \n \nNOTE 4: CHANGES IN GENERAL FIXED ASSETS \n \nIn accordance with the statutory definition of moveable personal property as defined in Official Code of Georgia Annotated Section 50-16-161, only those items with an acquisition cost of$I,OOO.OO or greater are reflected in the General Fixed Assets Account Group. \n \nThe following is a summary of changes of equipment for the General Fixed Assets Account Group during the fiscal year: \n \nBalance July 1, 1996 \n \n$ 5,041,456.88 \n \nAdditions Deductions \n \n1,106,992.66 148,590.94 \n \nBalance June 30, 1997 \n \n$ 5,999,858.60 \n \nNOTE 5: GENERAL LONG-TERM DEBT \n \nCHANGES IN GENERAL LONG-TERM DEBT During the year ended June 30, 1997, the following changes occurred in the compensated absences liability reported in the General Long-Tenn Debt Account Group: \n \n- 16 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 1997 \n \nEXHffiIT\"F\" \n \nNOTE 5: GENERAL LONG-TERM DEBT \n \nCHANGES IN GENERAL LONG-TERM DEBT \n \nBalance July 1, 1996 \n \n$ 399,899.17 \n \nAdditions Annual Leave Earned and Utilized (Net) Salaries and Wages Salary-Related Fringe Benefits \n \n49,989.98 1,530.69 \n \nBalance June 30, 1997 \n \n$ 451.419.84 \n \nNOTE 6: RISK MANAGEMENT \n \nPublic Entity Risk Pool The State Personnel Board - Merit System of Personnel Administration administers for the State of Georgia a program ofhealth benefits for the employees of units of government ofthe State of Georgia, units of county governments, and local education agencies located with the State of Georgia. This plan is funded by participants covered in the plan, by employers' contributions paid by the various units of government participating in the plan, and appropriations made by the General Assembly of Georgia. The State Personnel Board - Merit System of Personnel Administration has contracted with Blue Cross Blue Shield of Georgia to process claims in accordance with the State Employees' Health Benefit Plan as established by the State Personnel Board. \n \nOther Risk Management The Department ofAdministrative Services (DOAS) has the responsibility for the State of Georgia ofmaking and carrying out decisions that will minimize the adverse effects of accidental losses that involve State government assets. The State believes it is more economical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS processes claims for risk of loss to which the State is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemnification. Limited amounts of commercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other risks. The Institute, as an organizational unit of the Georgia Department of Technical and Adult Education, is part of the State of Georgia reporting entity, and as such, is covered by the State of Georgia risk management program administered by DOAS. Premiums for the risk management program are charged to the various state organizations by DOAS to provide claims servicing and claims payment. \n \nNOTE 7: DEFERRED COMPENSATION PLAN \n \nThe State of Georgia offers its employees a deferred compensation plan in accordance with Internal Revenue Code Section 457. The plan, available to employees of the State of Georgia and county health departments, permits such employees to defer a portion of their salary until future years. Participation in the plan is optional. Participants choose the option or options in which they wish to participate. The deferred \n \n- 17 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 1997 \n \nEXHIBIT\"F\" \n \nNOTE 7: DEFERRED COMPENSATION PLAN \ncompensation is not available to employees until termination, retirement, death, or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property or rights ofthe State of Georgia subject only to the claims ofthe State's general creditors. Participant's rights under the plan are equal to those of a general creditor of the State of Georgia in an amount equal to the fair market value of the deferred account of each participant. Financial information relative to the plan will be presented in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1997. \nA change in the Internal Revenue Code Section 457, effective August 20, 1996, requires that by January 1, 1999, all existing eligible deferred compensation plans must be held in trust for the exclusive benefit of participants and their beneficiaries. The State of Georgia's plan will be converted effective July I, 1998. \nNOTE 8: RETIREMENT PLANS \nTEACHERS RETIREMENT SYSTEM OF GEORGIA \nPlan Description Macon Technical Institute participates in the Teachers Retirement System of Georgia (TRS), a cost-sharing multiple-employer public employee retirement system (PERS) established by the General Assembly of Georgia for the purpose of providing retirement allowances and other benefits for teachers of the State of Georgia. \nTRS provides service retirement, disability retirement, and survivor's benefits for its members. A member is eligible for service retirement after the member (l) has attained the age of 60 years and has at least ten years of creditable service, or (2) has at least 25 years of creditable service. For those members with 30 years of service or those age 60 with at least ten years of service, normal retirement benefits are equal to 2% of the average of the member's two consecutive highest paid years of service multiplied by the number of years of creditable service up to 40 years. Early retirement benefits are reduced by the lesser of 1/12 of7% for each month the member is below age 60, or by 7% for each year or fraction thereof by which the member has less than 30 years of service. The normal retirement pension is payable monthly for life; however, options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death. \nRetirement benefits also include death and disability benefits whereby the disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The benefit is based on member's creditable service (minimum of 10 years of service) and compensation up to the date of death or up to the time of disability. \nMembers become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting of employer contributions occurs, but the member's contributions are refunded with interest. \n- 18 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 1997 \n \nEXHIBIT \"F\" \n \nNOTE 8: RETffiEMENTPLANS \nTEACHERS RETIREMENT SYSTEM OF GEORGIA \nFunding Policy Employees of the Institute who are covered by TRS are required to pay 5% oftheir gross earnings to TRS. The Institute makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees as advised by their independent actuary. For fiscal year 1997, the employer contribution rate was 11.81% for covered employees. The interest rate assumption (rate ofreturn on investments) was 7.50%. The Institute's payroll for the year ended June 30, 1997, for employees covered by TRS was $3,118,725.87. The Institute's total payroll for all employees was $5,944,299.81. \nTotal contributions to the plan made during fiscal year 1997 amounted to $524,258.20, of which $368,321.52 was made by the Institute and $155,936.68 was made by employees. These contributions represented 11.81% (Institute) and 5% (employees) of covered payroll. \nTotal contributions from all employers to TRS for the year ended June 30,1997, were $652,928,555.00. The Institute's contribution for the year ended June 30, 1997, of $368,321.52 was actuarially determined and represented .0564% of total contributions made by all participating employers. \nActuarial and Trend Information Actuarial and historical trend information is presented in the TRS June 30, 1997, financial report which can be obtained through TRS. \nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \nPlan Description Macon Technical Institute participates in the Employees' Retirement System of Georgia (ERS), a singleemployer defined benefit pension plan established by the General Assembly of Georgia for the purpose of providing retirement allowances for employees of the State of Georgia. \nThe benefit structure of ERS is defined by State statute and was significantly modified on July 1, 1982. Unless elected otherwise, an employee who currently maintains membership with ERS based upon State employment that started prior to July 1, 1982, is an \"old plan\" member subject to the plan provisions in effect prior to July 1, 1982. All other members are \"new plan\" members subject to the modified plan provisions. \nUnder both the old plan and new plan, members become vested after 10 years of creditable service. A member may retire and receive normal retirement benefits after completion of 10 years of creditable service and attainment of age 65. If 10 years of service is completed and age 60 is reached, the member may retire with a reduced benefit. Additionally, there are certain provisions allowing for retirement after 30 years of service regardless of age. \n \n- 19- \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30. 1997 \n \nEXHIBIT\"F\" \n \nNOTE8: RETIREMENT PLANS \nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \nPlan Description Retirement benefits paid to members are based upon a formula which considers the monthly average of the member's highest eight consecutive calendar quarters of salary, the number of years of creditable service, and the member's age at retirement. Postretirement cost-of-living adjustments are also made to member's benefits. The normal retirement pension is payable monthly for life; however, options are available for distribution of the member's monthly pension at reduced rates to a designated beneficiary upon the member's death. Death and disability benefits are also available through ERS. \nFunding Policy As established by State statute, all full-time employees ofthe State of Georgia and its political subdivisions, who are not members of other state retirement systems, are eligible to participate in the ERS. Both employer and employee contributions are established by State statute. The Institute's payroll for the year ended June 30, 1997, for employees covered by ERS was $1,726,997.10. The Institute's total payroll for all employees was $5,944,299.81. \nUnder the old plan, member contributions consist of 4% ofannual compensation up to $4,200.00 and 6% of annual compensation in excess of $4,200.00. Of these member contributions, the employee pays the first 1.25% and the Institute pays the remainder on behalf of the employee. Under the new plan, member contributions consist solely of 1.25% ofannual compensation paid by employee. The Institute also is required to contribute at a specified percentage ofactive member payroll determined annually by actuarial valuation. For the year ended June 30, 1997, the ERS employer contribution rate for the Institute amounted to 15.39% ofcovered payroll and included the amounts contributed on behalfofthe employee under the old plan referred to above. Employer contributions are also made on amounts paid for accumulated leave to retiring employees. \nTotal contributions to the plan made during fiscal year 1997 amounted to $287,373.35, of which $265,784.86 was made by the Institute and $21,588.49 was made by employees. These contributions met the requirements of the plan. \nActuarial and Trend Information Actuarial and historical trend information is presented in the ERS June 30, 1997, financial report which may be obtained through ERS. \nGEORGIA DEFINED CONTRIBUTION PLAN \nPlan Description Macon Technical Institute participates in the Georgia Defined Contribution Plan (GDCP) which is a singleemployer defined contribution plan established by the General Assembly of Georgia for the purpose of providing retirement coverage for State employees who are temporary, seasonal, and part-time and are not \n- 20- \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 1997 \n \nEXHIBIT\"F\" \n \nNOTE 8: RETillEMENTPLANS \nGEORGIA DEFINED CONTRIBUTION PLAN \nPlan Description members of a public retirement or pension system. GDCP is administered by the Board of Trustees of the Employees' Retirement System of Georgia. \nBenefits A member may retire and elect to receive periodic payments after attainment of age 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board of Trustees. If a member has less than $ 3,500.00 credited to his/her account, the Board of Trustees has the option of requiring a lump sum distribution to the member in lieu of making periodic payments. Upon the death of a member, a lump sum distribution equaling the amount credited to his/her account will be paid to the member's designated beneficiary. Benefit provisions are established by State statute. \nThe Employees' Retirement System of Georgia issues a financial report each fiscal year which may be obtained through ERS. \nContributions and Vesting Member contributions are seven and one-half percent (7.5%) of gross salary. There are no employer contributions. Contribution rates are established by State statute. Earnings are credited to each member's account in a manner established by the Board of Trustees. Upon termination of employment, the amount of the member's account is refundable upon request by the member. The Institute's payroll for the year ended June 30, 1997, for employees covered by GDCP was $690,002.36. The Institute's total payroll for all employees was $5,944,299.81. \nTotal contributions made by employees during fiscal year 1997 amounted to $51,750.93 which represents 7.50% of covered payroll. These contributions met the requirements of the plan. \nNOTE 9: LEAVE POLICIES \nEmployees earn annual leave ranging from one and one-quarter days to one and three-quarter days each month depending upon the employees' length ofcontinuous State service with a maximum accumulation of forty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1 - Compensated Absences \nEmployees earn one and one-quarter days of sick leave each month with a maximum accumulation of ninety days. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or termination of employment. \nCertain employees who retire with one hundred and twenty days or more of forfeited annual and sick leave are entitled to additional service credit in the Employees' Retirement System of Georgia. \n- 21 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 1997 \n \nEXHIBIT\"F\" \n \nNOTE 10: NONMONETARY TRANSACTIONS \nThe Georgia Department of Technical and Adult Education - Administrative Central Office used lottery proceeds to purchase $1,687,988.00 of equipment for Macon Technical Institute during the fiscal year ended June 30,1997. Those items with an acquisition cost of$I,OOO.OO or greater will be reflected as received in the General Fixed Assets Account Group in the accompanying financial statements. However, revenues and expenditures for these lottery proceeds are not reflected in these financial statements. \nThe Georgia State Financing and Investment Commission (GSFIC), a unit ofState government, is responsible for the issuance of state debt and for the investment and accounting for proceeds derived from the issuance of state debt. In addition, GSFIC is authorized to acquire and construct projects for the benefit of units of State government or to contract with units of State government for the construction or acquisition of capital outlay projects. During the fiscal year ended June 30, 1997, the Georgia State Financing and Investment Commission paid $5,746,308.58 to various vendors for approved projects for the benefit of Macon Technical Institute. \nNOTE 11: CONTINGENCIES \nAmounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. This could result in refunds to the grantor agency for any expenditures which are disallowed under grant terms. The amount ofexpenditures which may be disallowed by the grantor cannot be determined at this time although the Institute expects such amounts, if any, to be immaterial to its overall fmancial position. \nLitigation, claims and assessments filed against Macon Technical Institute (as an organizational unit of the Department of Technical and Adult Education), if any, are generally considered to be actions against the State of Georgia. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1997. \n \n- 22- \n \n SUPPLEMENTARY INFORMAnON - 23 - \n \n MACON TECHNICAL INSTITUTE COMBINING BALANCE SHEET (STATUTORY BASIS) \nBUDGET FUND JUNE 30,1997 \n \nEXHIBIT\"G\" \n \nASSETS \nCash and Cash Equivalents \nAccounts Receivable State Appropriations Federal Financial Assistance Other \n \nitA\" \nDEPARTMENT OF TECHNICAL AND ADULT EDUCATION \n \n\"B\" LOITERY FOR \nEDUCATION \n \nTOTAL \n \n$ \n \n685,796.57 $ 129,022.84 $ 814,819.41 \n \n$ \n \n10,301.00 $ 502,100.00 $ 512,401.00 \n \n40,872.44 \n \n40,872.44 \n \n148,000.09 \n \n148,000.09 \n \n$ \n \n199,173.53 $ 502,100.00 $ 701,273,53 \n \nTotal Assets \n \n$ \n \n884,970.10 $ 631,122.84 $ 1,516,092.94 \n \nLIABILITIES AND FUND EQUITY \nLiabilities Accounts Payable Deferred Revenue Tuition and Fees \nTotal Liabilities \nFund Equity Fund Balance Reserved Live Work Projects Prior Year Local Funds Private Grants Expired Grant Balance Unreserved Designated Surplus Regular Lottery for Education \nTotal Fund Equity \nTotal Liabilities and Fund Equity \n \n$ \n \n456,672.84 $ 630,389.52 $ 1,087,062.36 \n \n6,245.00 \n \n6,245.00 \n \n$ \n \n462,917.84 $ 630,389.52 $ 1,093,307.36 \n \n$ \n \n296,390.11 \n \n104,766.35 \n \n153.30 \n \n$ 296,390.11 104,766.35 \n153.30 \n \n20,742.50 $ \n \n$ \n \n422,052.26 $ \n \n733.32 733.32 $ \n \n20,742.50 733.32 \n422,785.58 \n \n$ \n \n884,970.10 $ 631,122.84 $ 1,516,092.94 \n \nSee notes to the financial statements. \n \n- 24 - \n \n MACON TECHNICAL INSTITUTE COMBINING STATEMENT OF CHANGES IN FUND BALANCE (STATUTORY BASIS) \nBUDGET FUND YEAR ENDED JUNE 30,1997 \n \nEXHIBIT \"H\" \n \nSee notes to the financial statements. \n \n- 25 - \n \n MACON TECHNICAL INSTITUTE COMBINING STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \nBUDGET FUND YEAR ENDED JUNE 30. 1997 \n \nEXHIBIT \"I\" \n \nTotal Funds Available See notes to the financial statements. \n \n$ 10,970,084.30 $ 667,226.00 $ 11,637,310.30 \n- 26 - \n \n MACON TECHNICAL INSTITUTE COMBINING STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \nBUDGET FUND YEAR ENDED JUNE 30.1997 \n \nEXHIBIT \"I\" \n \nEXPENDITURES \nPERSONAL SERVICES-INSTITUTIONS \nSalaries and Wages Employer's Contributions for: \nF.l.e.A. Retirement Health Insurance Liability Insurance Unemployment Compensation Insurance Workers' Compensation Insurance \nOPERATING EXPENSES-INSTITUTIONS \nOther Costs Motor Vehicle Expenses Supplies and Materials Repairs and Maintenance Utilities Rents (Other than Real Estate) Insurance and Bonding Other Operating Expenses Publications and Printing Equipment Purchases Non-Inventory \nTravel Equipment \nEquipment Purchases Rental of Equipment Real Estate Rentals Telecommunications Per Diem, Fees and Contracts Per Diem and Fees Contracts \nQUICK START PROGRAM \nOther Cost Other Operating Expenses \nJOB TRAINING PARTNERSHIP ACT \nPersonal Services Salaries and Wages Employer's Contributions for: F.I.CA \nSee notes to the financial statements. \n \n\"A\" DEPARTMENT OF \nTECHNICAL AND ADULT EDUCATION \n \n\"B\" LOTIERYFOR EDUCATION \n \nTOTAL \n \n$ \n \n5,923,451.20 \n \n189,042.00 631,881.81 626,176.93 \n30,576.00 3,480.00 \n15,515.00 \n \n$ \n \n7,420,122.94 \n \n$ \n \n9,251.14 \n \n850,520.69 \n \n290,303.49 \n \n321,011.31 \n \n48.00 \n \n19,329.00 \n \n305,490.48 \n \n47,742.01 \n \n212,712.18 38,622.80 \n \n684,286.51 26,748.39 12,000.00 111,895.12 \n \n35,016.83 143,609.50 \n \n$ \n \n3,108,587.45 \n \n$ \n \n3,840.00 \n \n$ \n \n20,848.61 \n \n296.67 \n \n- 27 - \n \n$ 5,923,451.20 \n189,042.00 631,881.81 626,176.93 \n30,576.00 3,480.00 \n15,515.00 \n$ 7,420,122.94 \n \n$ \n \n9,251.14 \n \n850,520.69 \n \n290,303.49 \n \n321,011.31 \n \n48.00 \n \n19,329.00 \n \n305,490.48 \n \n47,742.01 \n \n212,712.18 38,622.80 \n \n684,286.51 26,748.39 12,000.00 111,895.12 \n \n35,016.83 143,609.50 \n \n$ 3,108,587.45 \n \n$ \n \n3,840.00 \n \n$ \n \n20,848.61 \n \n296.67 \n \n MACON TECHNICAL INSTITUTE COMBINING STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \nBUDGET FUND YEAR ENDED JUNE 30,1997 \n \nEXHIBIT \"I\" \n \nEXPENDITURES \nJOB TRAINING PARTNERSHIP ACT \nPersonal Services Employer's Contributions for: Retirement Health Insurance \nOther Cost Other Operating Expenses \nTravel \nEQUIPMENT-TECHNICAL INSTITUTES \nEquipment Equipment Purchases \nTotal Expenditures \nExcess of Funds Available over Expenditures \n \nIIA\" \nDEPARTMENT OF TECHNICAL AND ADULT EDUCATION \n \nliS\" LOTIERYFOR \nEDUCATION \n \nTOTAL \n \n$ \n \n1,854.36 \n \n1,962.71 \n \n10,243.00 681.33 \n \n$ \n \n35,886.68 \n \n$ \n \n1,854.36 \n \n1,962.71 \n \n10,243.00 681.33 \n \n$ \n \n35,886.68 \n \n$ 666,742.68 $ 666,742,68 \n \n$ 10,568,437.07 $ 666,742.68 $ 11,235,179.75 \n \n401,647.23 \n \n483.32 \n \n402,130,55 \n \n$ 10,970,084.30 $ 667,226,00 $ 11,637,310.30 \n \nSee notes to the financial statements. \n \n- 28 - \n \n MACON TECHNICAL INSTITUTE RECONCILIATION OF SALARIES AND TRAVEL \nYEAR ENDED JUNE 30. 1997 \n \nSCHEDULE \"1\" \n \nTotals per Annual Supplement Accruals June 30, 1997 \nTotals per Report \nSUMMARY BY OBJECT CLASS BUDGET FUND Personal Services-Institutions Operating Expenses-Institutions Job Training Partnership Act \n \nSALARIES $ 5,944,299.81 $ \n \nTRAVEL 38,947.01 \n \n357.12 \n \n$ 5,944,299.81 $ ======3::=!9,=304====:.1==3 \n \n$ 5,923,451.20 \n$ 20,848.61 \n \n38,622.80 681.33 \n \n$ 5,944,299.81 $ ======3=9,=30=4=.1=:3 \n \nSee notes to the financial statements. \n \n- 29- \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bv6-bm3-b1995-h96","title":"Audit report, state of Georgia, Macon Technical Institute, Macon, Georgia, year ended June 30, 1996","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits.","Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Bibb County, Macon, 32.84069, -83.6324"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["1995/1996"],"dcterms_description":["-Year ended June 30, 2000.","\"Title fluctuates: Audits conducted \"in accordance with generally accepted auditing standards\" are issued as: Audit report; reviews that are \"substantially less in scope than an audit in accordance with generally accepted auditing standards\" are issued as: Review or Management report.\"","Report year cover fiscal year.","Issue by the Dept. of Audits, \u003c1994\u003e-1996; Dept. of Audits and Accounts, 1997-2000.","June 30, 1994; title from cover."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 1996-06-30"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Macon Technical Institute--Appropriations and expenditures","Education--Auditing--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Audit report, state of Georgia, Macon Technical Institute, Macon, Georgia, year ended June 30, 1996"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-bv6-bm3-b1995-h96"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bv6-bm3-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%OD \n. Rf \nVb \nM3 \ntQQ5-c7(, \nSTATE OF GEORGIA DEPARTMENT OF AUDITS \n254 WASHINGTON STREET ATLANTA. GEORGIA 30334 \n \n AUDIT REPORT STATE OF GEORGIA MACON TECHNICAL INSTITUTE MACON, GEORGIA YEAR ENDED JUNE 30, 1996 \n \n MACON TECHNICAL INSTITUTE -TABLE OF CONTENTS- \n \nSECTION I \n \nFINANCIAL \n \nINDEPENDENT AUDITOR'S COMBINED REPORT ON FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \n \nEXHIBITS \n \nFINANCIAL STATEMENTS \n \nA COMBINED BALANCE SHEET (STATUTORY BASIS) \n \nALL FUND TYPES AND ACCOUNT GROUPS \n \n2 \n \nB STATEMENT OF CHANGES IN FUND BALANCE (STATUTORY BA~IS) \n \nGOVERNMENTAL FUND TYPE \n \n3 \n \nC STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \n \nBUDGET FUND \n \n4 \n \nSTATEMENTS OF FUNDS AVAILABLE AND EXPENDITURES \n \nCOMPARED TO BUDGET \n \nBUDGET FUND \n \nD \n \n\"A\" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION \n \n7 \n \nE \n \n\"B\" LOTTERY FOR EDUCATION \n \n8 \n \nF NOTES TO THE FINANCIAL STATEMENTS \n \n9 \n \nSUPPLEMENTARY INFORMATION \n \nG COMBINING BALANCE SHEET (STATUTORY BASIS) \n \nBUDGET FUND \n \n24 \n \nH COMBINING STATEMENT OF CHANGES IN FUND BALANCE \n \n(STATUTORY BASIS) \n \nBUDGET FUND \n \n25 \n \nI COMBINING STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \n \nBUDGET FUND \n \n26 \n \nJ COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES \n \nFIDUCIARY FUND TYPE - AGENCY FUNDS \n \n29 \n \nSCHEDULES \n \n1 CASH AND CASH EQUIVALENTS \n \n30 \n \n2 SCHEDULE OF FEDERAL REVENUES \n \n31 \n \n MACON TECHNICAL INSTITUTE - TABLE OF CONTENTS - \nSECTIONll FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \n \n SECTION I FINANCIAL \n \n CLAUDE L. VICKERS \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS \n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \nJanuary 6, 1997 \n \nHonorable Zell Miller, Governor Members of the General Assembly of Georgia Members ofthe State Board of Technical and Adult Education Members ofthe Local Board ofDirectors \nand Honorable Melton Palmer, Jr., President Macon Technical Institute \nINDEPENDENT AUDITOR'S COMBINED REPORT ON FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \nLadies and Gentlemen: \nWe have audited the accompanying financial statements (Exhibits A through F) ofMacon Technical Institute as ofand for the year ended June 30, 1996. These financial statements are the responsibility ofthe Institute's management. Our responsibility is to express an opinion on these financial statements based on our audit. \nWe conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. \nAs described in Note 1, these financial statements were prepared on a prescribed basis of accounting that demonstrates compliance with the budgetary statutes and regulations of the State of Georgia, which is a comprehensive basis of accounting other than generally accepted accounting principles. \nIn our opinion, the financial statements referred to above present fairly, in all material respects, the financial position (statutory basis) of Macon Technical Institute as ofJune 30, 1996, and the results ofits operations (statutory basis) for the year then ended, on the basis of accounting described in Note 1. \nOur audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplementary information (Exhibits G through J and Schedules 1 and 2) is presented for purposes of additional analysis and is not a required part of the financial statements of Macon Technical \n96ARL-1T \n \n Institute. Such information has been subjected to the auditing procedures applied in the audit ofthe financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole. \nRespectfully submitted, \nL~ \nClaude L. Vickers State Auditor \nCLV:dt 96ARL-IT \n \n FINANCIAL STATEMENTS \n- 1- \n \n MACON TECHNICAL INSTITUTE COMBINEP BALANCE SHEET (STATUTORY BASIS) \nALL FUNp TYPES ANP ACCOUNT GROUPS JUNE 30. 1996 \n \nEXHIBIT \"A\" \n \n~ Cash and Cash Equivalents \nAccounts Receivable State Funds Feder81 Financial Assistance Other \nFIXed Assets Equipment \nAmount to be Provided for Payment of Ac:crued Compensated Absences \n \nGOVERNMENTAL FIDUCIARY \n \nFUND TYPE FUND TYPE \n \nBUDGET \n \nAGENCY \n \nACCOUNT GROUPS \n \nGENERAL \n \nGENERAL \n \nFIXED \n \nLONG-TERM \n \nASSETS \n \nDEBT \n \nTOTALS (Memorandum Qnly) JUNE 30, 1996 JUNE 30, 1995 \n \n$ \n \n763,264.11 $ 39,539.88 \n \n$ 802,803.99 $ 1,020,690.73 \n \n$ \n \n12,734.00 \n \n149,971.32 \n \n189,283.46 $ 13,939.43 \n \n$ \n \n351,988.78 $ 13,939.43 \n \n$ \n \n12,734.00 $ \n \n5,234.28 \n \n149,971.32 \n \n111,838.17 \n \n203,222.89 \n \n124,504.16 \n \n$ 365,928.21 $ 241,576.61 \n \n$ 5,041,456.88 \n \n$ 5,041,456.88 $ 3,922,655.68 \n \n$ 399,899.17 $ 399,899.17 $ 355,344.99 \n \nTotal Assets \n \n$ 1,115,252.89 $ 53,479.31 $ 5,041 ,456.88 $ 399,899.17 $ 6,610,088.25 $ 5,540,268.01 \n \nLIABILITIES AND FUNPEQUITY \n \nLiabilities Accounts Payable Deferred Revenue Tuition and Fees Funds Held in Custody for Others Compensated Absences \n \n$ \n \n749,265.46 \n \n0.00 $ 53,479.31 \n \n$ $ 399,899.17 \n \n749,265.46 $ \n0.00 53,479.31 399,899.17 \n \n849,804.46 \n4,236.00 70,175.23 355,344.99 \n \nTotal Liabilities \n \n$ \n \n749,265.46 $ 53,479.31 \n \n$ 399,899.17 $ 1,202,643.94 $ 1,279,560.68 \n \nFund Equity \n \nInvestment in General FIXed Assets \n \nFund Balance \n \nReserved \n \nFeder81 Financial Assistance \n \nFor Expired Grant Balances \n \n$ \n \n1.18 \n \nLive Work Projects \n \n251,835.90 \n \nPrior Year Local Funds \n \n103,521.87 \n \nPrivate Grants \n \nExpired Grant Balance \n \n2.84 \n \nUnreserved \n \nDesignated \n \nSurplus \n \nRegular \n \n9,271.09 \n \nLottery for Education \n \n1,354.55 \n \n$ 5,041,456.88 \n \n$ 5,041,456.88 $ 3,922,655.68 \n \n1.18 251,835.90 103,521.87 \n2.84 \n \n1.18 223,712.86 102,076.64 \n6.00 \n \n9,271.09 1,354.55 \n \n12,041.55 213.42 \n \nTotal Fund Equity \n \n$ \n \n365,987.43 \n \n$ 5,041 ,456.88 \n \n$ 5,407,444.31 $ 4,260,707.33 \n \nTotal Liabilities and Fund Equity $ 1,115,252.89 $ 53,479.31 $ 5,041,456.88$ 399,899.17 $ 6,610,088.25 $ 5,540,268.01 \n \nThe notes to the financial statements are an integral part of this statement. \n-2- \n \n MACON TECHNICAL INSTITUTE STATEMENT OF CHANGES IN FUND BALANCE (STATUTORY BASIS) \nGOVERNMENTAL FUND TYPE YEAR ENDED JUNE 30, 1996 \n \nEXHIBIT\"B\" \n \nThe notes to the financial statements are an integral part of this statement. \n-3- \n \n MACON TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \nBUDGET FUND YEAR ENDED JUNE 30, 1996 \n \nEXHIBITC \n \nTOTALS YEAR ENDED JUNE 30,1996 JUNE 30,1995 \n \nThe notes to the financial statements are an integral part of this statement. -4- \n \n MACON TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \nBUDGET FUND YEAR ENDED JUNE 30,1996 \n \nEXHIBITC \n \nEXPENDITURES \nPERSONAL SERVICES-INSTITUTIONS \nEmployer's Contributions for: Liability Insurance Unemployment Compensation Insurance Workers' Compensation Insurance \nOPERATING EXPENSES-INSTITUTIONS \nOther Costs Motor Vehicle Expenses Supplies and Materials Repairs and Maintenance Utilities Rents (Other than Real Estate) Insurance and Bonding Other OperatingExpenses Publications and Printing \nTravel Motor Vehicle Purchases Equipment \nEquipment Purchases Rental of Equipment Computer Charges Software Equipment \nEquipment Purchases Real Estate Rentals Telecommunications Per Diem, Fees and Contracts \nPer Diem and Fees Contracts \nqUICK START PROGRAM \nPersonal Services Salaries and Wages Employer's Contribution for: F.I.CA \nOther Costs Supplies and Materials \nPer Diem, Fees and Contracts Per Diem and Fees \nADULT LITERACY GRANTS \nPersonal Services Salaries and Wages Employer's Contributions for: F.I.CA \n \nTOTALS YEAR ENDED JUNE 30,1996 JUNE 30,1995 \n \n$ \n \n27,935.00 $ \n \n31,623.00 \n \n4,747.00 \n \n4,136.00 \n \n14,632.00 \n \n13,536.00 \n \n$ 6,830,486.89 $ 6,313,607.87 \n \n$ \n \n6,991.93 $ \n \n3,988.75 \n \n831,798.94 \n \n717,154.47 \n \n252,141.97 \n \n208,419.68 \n \n273,678.07 \n \n235,180.50 \n \n276.00 \n \n500.00 \n \n7,157.00 \n \n7,107.00 \n \n292,696.17 \n \n265,364.12 \n \n72,927.57 \n \n39,481.42 \n \n34,413.73 \n \n35,110.80 \n \n16,969.00 \n \n16,692.00 \n \n1,008,218.00 31,705.54 \n \n366,541.41 26,129.56 \n \n0.00 \n \n750.00 \n \n0.00 12,000.00 106,483.40 \n \n450,666.12 12,012.06 95,275.73 \n \n32,123.59 131,764.71 \n \n13,110.00 109,641.98 \n \n$ 3.111,345.62 $ 2,603.125.60 \n \n$ \n \n0.00 $ \n \n660.25 \n \n0.00 \n \n2.06 \n \n0.00 \n \n366.85 \n \n0.00 \n \n1,546.12 \n \n$ \n \n0.00 $ \n \n2,575.28 \n \n$ \n \n47,339.45 $ \n \n50,340.00 \n \n6IT-63 \n \n706.68 \n \nThe notes to the financial statements are an integral part of this statement. -5- \n \n MACON TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \nBUDGET FUND YEAR ENDED JUNE 30,1996 \n \nEXHIBITC \n \nThe notes to the financial statements are an integral part of this statement. -6- \n \n MACON TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \nCOMPARED TO BUDGET BUDGET FUND \n\"A\" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION YEAR ENDED JUNE 30, 1996 \n \nEXHIBIT\"D\" \n \nEXPENDITURES Personal Services-Institutions Operating Expenses-Institutions Adult Literacy Grants Job Training Partnership Act \nExcess of Funds Available over Expenditures \n \n$ 11,068,709.00 $ 10,397,337.57 $ - - - --67-1,'3-71-.4-3 \n \n$ 7,059,021.00 $ 6,830,486.89 $ \n \n3,877,116.00 \n \n3,111,345.62 \n \n67,000.00 \n \n57,870.94 \n \n65,572.00 \n \n45,384.87 \n \n228,534.11 765,770.38 \n9,129.06 20,187.13 \n \n$ 11,068,709.00 $ 10,045,088.32 $ _---...,;1..:..,;,0..;;;,2.;;..:3,..;;,;62;;;,;;0..;;,;.6....;.,.8 \n \n$ 352,249.25 $ ===3=:52:=!,=24=9=.2==5 \n \nThe notes to the financial statements are an integral part of this statement. . \n-7- \n \n MACON TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \nCOMPARED TO BUDGET BUDGET FUND \n\"B\" LOTTERY FOR EDUCATION YEAR ENDED JUNE 30,1996 \n \nEXHIBIT\"E\" \n \nFUNDS AVAILABLE REVENUES \nState Funds \n \nBUDGET \n \nACTUAL \n \nVARIANCEFAVORABLE (UNFAVORABLE) \n \n$ \n \n53,174.00 $ \n \n53,174.00 $ \n \n0_,0_0 \n \nEXPENDITURES Equipment-Technical Institutes \n \n$ \n \n53,174.00 $ \n \n53,174.00 $ \n \n---.;,0..;.;;.,0.;...0 \n \nExcess of Funds Available over Expenditures \n \n$ \n \n0.00 $ =======,,0=.0=0 \n \nThe notes to the financial statements are an integral part of this statement. -8- \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30. 1996 \n \nEXHIBIT \"F\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nREPORTING ENTITY Macon Technical Institute is one of twenty-nine (29) State supported member institutes of postsecondary education in Georgia which comprise the Georgia Department of Technical and Adult Education, an organizational unit ofthe State of Georgia. The accompanying financial statements reflect the operations of Macon Technical Institute as a separate reporting entity. \nThe Institute's Local Board ofDirectors is composed of eleven (11) members serving staggered three-year terms who are appointed by the State Board of Technical and Adult Education. Appropriation of State funds is made to the Georgia Department of Technical and Adult Education by the General Assembly ofGeorgia. The Department's Administrative Central Office determines the amount of State funds to be received by Macon Technical Institute. The Institute does not have authority to retain unexpended State funds (surplus) for any given fiscal year. Accordingly, Macon Technical Institute is considered an organizational unit of the Georgia Department ofTechnical and Adult Education for financial reporting purposes because of the significance of its legal, operational, and financial relationships as defined in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards. \nFUND ACCOUNTING Macon Technical Institute uses funds and account groups to report on its financial position and the results of its operations determined in conformity with accounting practices prescribed or permitted by statutes and regulations ofthe State ofGeorgia. A fund is an independent fiscal and accounting entity with a self-balancing set of accounts. Fund accounting segregates funds according to their intended purpose and is used to aid management in demonstrating compliance with finance-related legal and contractual provisions. The minimum number of funds are maintained consistent with legal and managerial requirements. Account groups are a reporting device used to account for certain assets and liabilities of the governmental funds not recorded directly in those funds. \nFunds and account groups presented in the accompanying financial statements are as follows: \nGOVERNMENTAL FUND TYPE \nBUDGET FUND - The fund used to account for activities and functions as set forth in the Amended Appropriations Act of 1995-1996. This fund also includes operations from various institutional services provided to students, faculty, and/or staffwhich are funded by fees charged to participants that are directly related to, but not necessarily equal to, the cost of service. The Budget Fund is similar in nature to a General Fund as defined in generally accepted accounting principles in that the Budget Fund is used to account for all activities except those required to be accounted for in some other fund. \nFIDUCIARY FUND TYPE \nAGENCY FUNDS - The funds used to account for assets held for use by other funds, governments, or individuals. \n-9- \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATE~NTS \nJUNE 3D. 1996 \n \nEXHIBIT \"F\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nFUND ACCOUNTING \n \nACCOUNT GROUPS \n \nGENERAL FIXED ASSETS - The account group used to account for fixed assets used in governmental fund type operations. Fixed assets purchased are recorded at cost or at estimated historical cost if historical cost is not practically determinable. Donated fixed assets are recorded at fair market value on the date donated. Disposals are deleted at recorded values. No depreciation has been provided on general fixed assets. \n \nThe cost of normal maintenance and repairs that do not add to the value ofthe asset or materially extend assets' lives are not included in the General Fixed Assets Account Group. Material improvements adding to the value or useful life ofthe assets are included in the General Fixed Assets Account Group. \n \nGENERAL LONG-TERM DEBT - The account group used to report the noncurrent portions of certain \n \ngovernmental long-term liabilities, such as claims, judgments, and compensated absences, which will be paid \n \nfrom future resources. \n \n' \n \nBASIS OF ACCOUNTING ~ASURE~NTFOCUS \nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. Governmental funds should be accounted for using the flow ofcurrent financial resources measurement focus. With this measurement focus, operating statements present increases and decreases in net current assets and unreserved fund balance is a measure of available spendable resources. In accordance with accounting practices prescribed or permitted by statutes and regulations ofthe State of Georgia, the Budget Fund returns its unreserved fund balance (surplus) to the Administrative Central Office of the Department of Technical and Adult Education for remittance to the Office ofTreasury and Fiscal Services in the subsequent fiscal year. \n \nGOVERNMENTAL FUND TYPE BUDGET FUND \nExcept as disclosed in the following paragraphs, units of government of the State of Georgia record their Budget Fund revenues and expenditures in accordance with the modified accrual basis of accounting. Under the modified accrual basis ofaccounting, revenues are recognized when susceptible to accrual (Le., when they are \"measurable and available\"). \"Measurable\" means the amount of the transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to pay liabilities of the current period. Revenues that are accrued include primarily State funds, Federal grants and entitlements, and certain amounts earned under operating agreements with other parties. Expenditures are recorded when the related fund liability is incurred, except for unmatured interest on general long-term debt which is recognized when due, and certain compensated absences, claims and judgments which are recognized when the obligations are expected to be liquidated with expendable available financial resources. \n \n- 10- \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 3D. 1996 \n \nEXHIBIT \"F\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nBASIS OF ACCOUNTING GOVERNMENTAL FUND TYPE BUDGETFUND \nContractual obligations for goods and services which have not been received at the end ofthe fiscal year are recognized as expenditures and liabilities in the accompanying financial statements. This accounting practice causes expenditure-driven grant revenues to be accrued based, in part, on the unexecuted portion of contracts for goods and services. The recognition of encumbrances as expenditures and liabilities is in conformity with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but is not consistent with generally accepted accounting principles, which provide for the recording of encumbrances as a reservation offund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with generally accepted accounting principles. \nPrior period adjustments and certain other items are reported as additions to and deductions from fund balance of the Budget Fund in the accompanying financial statements. This presentation is in accordance with accounting practices prescribed or permitted by statutes and regulations ofthe State of Georgia, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. \nFIDUCIARY FUND TYPE AGENCY FUNDS \nAgency Funds are custodial in nature and do not measure results of operations or have a measurement focus. The modified accrual basis of accounting is utilized for recognizing assets and liabilities. \nBUDGET The Georgia Department of Technical and Adult Education - Administrative Central Office receives State appropriation allotments and certain Federal funds for the various technical institutes throughout the State. The appropriated budget is adopted at the departmental level and represents appropriations provided by the Amended Appropriations Act of 1995-1996. The budget allocation and disbursement of these funds is made to the various technical institutes by the Administrative Central Office. In addition, the technical institutes receive certain Federal funds and other funds directly and include these funds in the budget filed with the Administrative Central Office. \nCASH AND CASH EQUIVALENTS Cash and Cash Equivalents include currency on hand and demand deposits with banks and other authorized financial institutions. \nACCOUNTS RECEIVABLE Accounts receivable consist of allotments due from the Georgia Department of Technical and Adult Education - Administrative Central Office, reimbursements due from Federal, State, local, and private grants and contracts, and other receivables disclosed from information available. \n \n- 11 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30. 1996 \n \nEXHIBIT \"F\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nACCOUNTS RECEIVABLE Accounts receivable (Other) arising from operations are reported at gross value. Based on management's evaluation that amounts uncollectible are not material, no provision has been made for such amounts. \nINVENTORIES No inventories of supplies are reported in these financial statements. Expendable supplies are recorded as expenditures at the time of purchase. \nRESERVED FUND BALANCE Reserves represent those portions offund equity not appropriable for expenditure or legally segregated for a specific future use. The following is a brief description of the reserves reflected in the accompanying financial statements: \nFEDERAL FINANCIAL ASSISTANCE EXPIRED GRANT BALANCES \nExpired grant balances represent the unexpended balance ofFederal financial assistance, other than through the Georgia Department ofTechnical and Adult Education - Administrative Central Office, remaining after the expiration ofthe Federal program/project. This amount is refundable to the applicable grantor. \nLIVE WORK PROJECTS In accordance with the Official Code of Georgia Annotated Section 20-4-14(c), the accumulated balance ofunexpended funds derived from student live work projects. This amount is restricted to expenditures for live work projects or for the benefit of instructional programs at the technical institute in subsequent fiscal years. \nPRIOR YEAR LOCAL FUNDS Effective July 1, 1989, Macon Technical Institute became a part of the Georgia Department of Technical and Adult Education. The Official Code ofGeorgia Annotated Section 20-4-23 provides the Institute may retain for future operations \"...any unexpended nonstate funds that have been collected by, appropriated for, or otherwise earmarked for use by said postsecondary technical school operated by a local board of education or an area board...\". These unexpended local funds are available for use in subsequent fiscal years. \nPRIVATE GRANTS EXPIRED GRANTS \nExpired grant balance represents the unexpended balance of a private grant remaining after the expiration of the Private Program/Project. This amount is refundable to the applicable grantor. \nUNRESERVED FUND BALANCE In accordance with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, the Budget Fund's unreserved fund balance is returned to the Georgia Department of Technical and \n- 12- \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30. 1996 \n \nEXlllBIT \"F\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nUNRESERVED FUND BALANCE Adult Education - Administrative Central Office for remittance to the Office of Treasury and Fiscal Services in the subsequent fiscal year as surplus, as follows: \n \nREGULAR - An amount ofunex:pended regular appropriations designated for reappropriation by the State in subsequent years. \n \nLOTTERY FOR EDUCATION - An amount ofunexpended lottery appropriations designated for future reappropriation by the State for Lottery for Education. \n \nCOMPENSATED ABSENCES Compensated absences represent obligations of the Institute relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated annual and compensatory leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the Budget Fund for the current portion of this obligation as this amount will not be liquidated with expendable available financial resources. Funds are provided in the allotment of State funds each year to the Institute to cover the cost of annual leave paid to terminated employees. \n \nThe liability for compensated absences at year-end is reported in the General Long-Term Debt Account Group for governmental funds. \n \nMEMORANDUM ONLY - TOTAL COLUMNS Total columns on the Combined Balance Sheet (Statutory Basis) are captioned \"Memorandum Only\" because they do not represent consolidated financial information and are presented only to facilitate financial analysis. The columns do not present information that reflects financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. \n \nCOMPARATIVE DATA \n \n. \n \nComparative total data for the prior year have been presented in selected sections of the accompanying \n \nfinancial statements in order to provide an understanding ofthe changes in the Institute's financial position and \n \noperations. Comparative totals have not been included on statements where their inclusion would not provide \n \nenhanced understanding of the Institute's financial position and operations or would cause the statements to \n \nbe unduly complex and difficult to understand. \n \nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS \n \nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the State ofGeorgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral anyone or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59: \n \n- 13 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30. 1996 \n \nEXlllBIT \"F\" \n \nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS \nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES (1) Bonds, bills, certificates ofindebtedness, notes, or other direct obligations ofthe United States or ofthe State of Georgia. \n(2) Bonds, bills, certificates ofindebtedness, notes, or other obligations ofthe counties or municipalities ofthe State ofGeorgia. \n(3) Bonds ofany public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose. \n(4) Industrial revenue bonds and bonds ofdevelopment authorities created by the laws ofthe State of Georgia. \n(5) Bonds, bills, certificates ofindebtedness, notes, or other obligations of a subsidiary corporation of the Umted States government, which are fully guaranteed by the United States government both as to principal and interest, or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \n(6) Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation. \nAs authorized in the Official Code of Georgia Annotated Section 50-17-53, the State Depository Board has adopted policies which allow agencies of the State of Georgia (which inclu~e technical institutes) the option of exempting demand deposits from the collateral requirements. \nCATEGORIZATION OF DEPOSITS For purposes of analysis of custodial credit risk, cash deposits consist of all bank balances which include demand deposits and/or interest bearing accounts. The bank balances as of June 30, 1996, are categorized below in order to provide information about the extent to which such deposits are exposed to custodial credit risk: \nCategory 1 - Amounts covered by depository insurance or collateralized with securities (at market value) held by the Institute or by its agent in the Institute's name. \nCategory 2 - Amounts collateralized with securities (at market value) held by the pledging financial institution's trust department or agent in the Institute's name. \nCategory 3 - Amounts collateralized with securities (at market value) held by the pledging financial institution, or by its trust department or agent but not in the lnstitute's name, and amounts uncollateralized. \n- 14 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30. 1996 \n \nEXHIBIT \"F\" \n \nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS \n \nCATEGORIZATION OF DEPOSITS \n \nCarrying Amount \n \nBank Balances \n \nRisk Categories \n \n2 \n \n3 \n \nCash Deposits \n \nS 801 778 99 S 1 413 923 89 S 200 QQQ 00 S 1.213 923 89 S,===O~oo~ \n \nNOTE 3: OPERATING LEASES \n \nMacon Technical Institute has entered into certain agreements to lease equipment which are classified as operating leases (leases on assets not recorded on the balance sheet). These leases generally contain provisions \nthat, at the expiration date of the original term ofthe lease, the Institute has the option of renewing the lease \non a year-to-year basis. Future minimum lease payments for operating leases as of June 30, 1996, are listed below. Amounts are included only for multi-year leases and for cancellable leases for which an option to renew for the subsequent fiscal year has been exercised. \n \nFiscal Year Ending June 30 \n \n1997 1998 1999 \n \n$ 22,469.76 17,320.44 7.958.04 \n \nTotal Future Minimum ~ease Payments \n \n$ 47,748.24 \n \nExpenditures for rental of equipment under operating leases for the year ended June 30, 1996, totaled $29,662.92. \n \nNOTE 4: CHANGES IN GENERAL FIXED ASSETS \n \nIn accordance with the statutory definition of moveable personal property as defined in Official Code of Georgia Annotated Section 50-16-161, only those items with an acquisition cost of$I,OOO.OO or greater are reflected in the General Fixed Assets Account Group. \n \nThe following is a summary of changes ofequipment for the General Fixed Assets Account Group during the fiscal year: \n \nBalance July 1, 1995 \n \n$ 3,922,655.68 \n \nAdditions Deductions \nBalance June 30, 1996 \n \n1,533,385.07 414.583.87 \n$ 5,041.456.88 \n \n- 15 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30. 1996 \n \nEXHIBIT \"F\" \n \nNOTE 5: GENERAL LONG-TERM DEBT \n \nCHANGES IN GENERAL LONG-TERM DEBT During the year ended June 30, 1996, the following changes occurred in the compensated absences liability reported in the General Long-Term Debt Account Group: \n \nBalance July 1, 1995 \nAdditions Annual Leave Earned and Utilized (Net) Salaries and Wages Salary-Related Fringe Benefits \nBalance June 30, 1996 \nNOTE 6: RISK MANAGEMENT \n \n$ 355,344.99 \n41,517.82 3.036.36 \n$ 399.899.17 \n \nPublic Entity Risk Pool \n \n. \n \nThe State Personnel Board - Merit System ofPersonnel Administration administers for the State of Georgia \n \na program ofhealth benefits for the employees ofunits of government of the State of Georgia, units of county \n \ngovernments, and local education agencies located with the State of Georgia. This plan is funded by \n \nparticipants covered in the plan, by employers' contributions paid by the various. units of government \n \nparticipating in the plan, and appropriations made by the General Assembly of Georgia. The State Personnel \n \nBoard - Merit System ofPersonnel Administration has contracted with Blue Cross Blue Shield of Georgia to \n \nprocess claims in accordance with the State Employees' Health Benefit Plan as established by the State \n \nPersonnel Board. \n \nOther Risk Management The Department ofAdministrative Services (DOAS) has the responsibility for the State of Georgia ofmaking and carrying out decisions that will minimize the adverse effects of accidental losses that involve State government assets. The State believes it is more economical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS processes claims for risk of loss to which the State is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemnification. Limited amounts of commercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other risks. The Institute, as an organizational unit of the Georgia Department of Technical and Adult Education, is part of the State of Georgia reporting entity, and as such, is covered by the State of Georgia risk management program administered by DOAS. Premiums for the risk management program are charged to the various state organizations by DOAS to provide claims servicing and claims payment. \n \nNOTE 7: DEFERRED COMPENSATION PLAN \n \nThe State of Georgia offers its employees a deferred compensation plan in accordance with Internal Revenue Code Section 457. The plan, available to employees ofthe State of Georgia and county health departments, permits such employees to defer a portion oftheir salary until future years. Participation in the plan is optional. Participants choose the option or options in which they wish to parti~ipate. The deferred compensation is not \n \n- 16 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30. 1996 \n \nEXHIBIT \"F\" \n \nNOTE 7: DEFERRED COMPENSATION PLAN \navailable to employees until termination, retirement, death, or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property or rights of the State of Georgia subject only to the claims of the State's general creditors. Participant's rights under the plan are equal to those of a general creditor of the State of Georgia in an amount equal to the fair market value of the deferred account of each participant. Financial information relative to the plan will be presented in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1996. \nNOTE 8: RETIREMENT PLANS \nTEACHERS RETIREMENT SYSTEM OF GEORGIA \nPlan Description Macon Technical Institute participates in the Teachers Retirement System of Georgia (TRS), a cost-sharing multiple-employer public employee retirement system (PERS) established by the General Assembly of Georgia for the purpose of providing retirement allowances and other benefits for teachers of the State of Georgia. The Institute's payroll for the year ended June 30, 1996, for employees covered by TRS was $3,010,925.05. The Institute's total payroll for all employees was $5,524,284.23. \nBenefits TRS provides service retirement, disability retirement, and survivor's benefits for its members. A member is eligible for service retirement after the member (1) has attained the age of 60 years and has at least ten years ofcreditable service, (2) has at least 30 years of creditable service, regardless of age, or (3) has attained the age of55 years and has at least 25 years of creditable service. For those members with 30 years of service or those age 60 with at least ten years of service, retirement benefits are equal to 2% of the average of the member's two consecutive highest paid years ofservice multiplied by the number of years of creditable service up to 40 years. Any member who has between 25 and 30 years of creditable service and is at least 55 years ofage shall receive a benefit which is reduced by the lessor of 1/12 of 7% for each month the member is below age 60, or by 7% for each year or fraction thereofby which the member has less than 30 years of service. The normal retirement pension is payable monthly for life. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death. \nRetirement benefits also include death and disability benefits whereby the disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The benefit is based on member's creditable service (minimum of 10 years of service) and compensation up to the date of death or up to the time of disability. \nMembers become 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. \n \n- 17 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 1996 \n \nEXIllBIT \"F\" \n \nNOTE 8: RETIREMENT PLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nContributions Required and Contributions Made Employees of the Institute who are covered by TRS are required to pay 5% oftheir gross earnings to TRS. The Institute makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees as advised by their independent actuary. For fiscal year 1996, the employer contribution rate was 11.81% for covered employees. The interest rate assumption (rate of return on investments) was 7.50%. \n \nTotal contributions to the plan made during fiscal year 1996 amounted to $506,136.96, of which $355,590.25 was made by the Institute and $150,546.71 was made by employees. These contributions represented 11.81% (Institute) and 5% (employees) of covered payroll. \n \nFunding Status and Progress Pension Benefit Obligation \nThe amount of the total pension benefit obligation is based on a standardized measurement established by Statement NO.5 of the Governmental Accounting Standards Board (GASB) that is required to be used for reporting purposes. The standardized measurement is the actuarial present value ofcredited projected benefits. This pension valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date and is adjusted for the effects of projected salary increases and any step-rate benefits. A standardized measure of the pension benefit obligation was adopted by the GASB to enable readers of the PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among similar PERS. \n \nThe total unfunded pension benefit obligation ofTRS as ofJune 30, 1995, which was the latest information available, was as follows: \n \nTotal pension benefit obligation \n \n$ 17,442,607,000.00 \n \nNet assets available for benefits, at cost \n \n15,857,066,000.00 \n \nUnfunded pension benefit obligation \n \n$ 1.585,541.000.00 \n \nThe measurement ofthe total pension benefit obligation is based on an actuarial valuation as ofJune 30, 1995. Net assets available for benefits were valued as of the same date. TRS does not make separate measurements of assets and pension benefit obligation for individual employers. \n \nRetirement System Contributions Total contributions from all employers to TRS for the year ended June 30, 1996, were $607,274,559.00. The Institute's contribution for the year ended June 30, 1996, of $355,590.25 was actuarially determined and represented 0.0585% of total contributions made by all participating employers. \n \n- 18 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30. 1996 \n \nEXHIBIT \"F\" \n \nNOTE 8: RETIREMENT PLANS . \nTEACHERS RETIREMENT SYSTEM OF GEORGIA \nTrend Information \nHistorical trend information is presented in the TRS June 30, 1996, financial report. This information gives \nan indication of the progress made in accumulating sufficient assets to pay benefits when due. \nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \nPlan Description Macon Technical Institute participates in the Employees' Retirement System of Georgia (ERS), a singleemployer defined benefit pension plan established by the General Assembly of Georgia for the purpose of providing retirement allowances for employees of the State of Georgia. The Institute's payroll for the year ended June 30, 1996, for employees covered by ERS was $1,530,925.35. The Institute's total payroll for all employees was $5,524,284.23. \nBenefits The benefit structure of ERS was significantly modified on July 1, 1982. Unless elected otherwise, an employee who currently maintains membership with ERS based upon State employment that started prior to July 1, 1982, is an \"old plan\" member subject to the plan provisions in effect prior to July 1, 1982. All other members are \"new plan\" members subject to the modified plan provisions. \nMembers become vested after 10 years of creditable service. A member may retire and receive normal retirement benefits after completion of 10 years of creditable service and attainment of age 65. If 10 years of service is completed and age 60 is reached, the member may retire with a reduced benefit. Additionally, there are certain provisions allowing for retirement after 30 years of service regardless of age. \nRetirement benefits paid to members are based upon a formula which considers the monthly average ofthe member's highest eight consecutive calendar quarters of salary, the number ofyears of creditable service, and the member's age at retirement. Postretirement cost-of-Iiving adjustments are also made to member's benefits. The normal retirement pension is payable monthly for life; however, options are available for distribution of the member's monthly pension at reduced rates to a designated beneficiary upon the member's death. Death and disability benefits are also available through ERS. \nContributions Required and Contributions Made As established by State statute, all full-time employees of the State of Georgia and its political subdivisions, . who are not members ofother state retirement systems, are eligible to participate in the ERS. Both employer and employee contributions are established by State statute. \nUnder the new plan, member contributions consist solely of 1.25% of compensation paid by employee. The Institute also is required to contribute at a specified percentage of active member payroll determined annually by actuarial valuation. For the year ended June 30, 1996, the ERS employer contribution rate for the Institute \n- 19- \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30. 1996 \n \nEXIllBIT \"F\" \n \nNOTE 8: RETIREMENT PLANS \nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \nContributions Required and Contributions Made amounted to 14.890!cl ofcovered payroll. The employer contributions are projected to liquidate the unfunded actuarial liability within 20 years based upon the actuarial valuation ofJune 30, 1995. Employer contributions are also made on amounts paid for accumulated leave to retiring employees. \nActuarial assumptions used by the ERS to compute actuarially determined contribution requirements are the same as those used to compute the pension benefit obligation. \nTotal contnbutions to the plan made during fiscal year 1996 amounted to $247,015.73, ofwhich $227,954.94 was made by the Institute and $19,060.79 was made by employees. These contributions met the requirements ofthe plan. \nFunding Status and Progress Funding status and progress information is presented in the ERS June 30, 1996, financial report which may be obtained through ERS. \nTrend Information Historical trend information is presented in the ERS June 30, 1996, financial report which may be obtained through ERS. This information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. \nGEORGIA DEFINED CONTRIBUTION PLAN \nPlan Description Macon Technical Institute participates in the Georgia Defined Contribution Plan (GDCP) which is a singleemployer defined contribution plan established by the General Assembly of Georgia for the purpose of providing retirement coverage for State employees who are temporary, seasonal, and part-time and are not members of a public retirement or pension system. GDCP is administered by the Board. of Trustees of the Employees' Retirement System of Georgia. The Institute's payroll for the year ended June 30, 1996, for employees covered by GDCP was $630,773.12. The Institute's total payroll for all employees was $5,524,284.23. \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 ofTrustees. Ifa member has less than $ 3,500.00 credited to hislher account, the Board of Trustees has the option of requiring a lump sum distribution to the member in lieu ofmaking periodic payments. Upon the death ofa member, a lump sum distribution equaling the amount credited to hislher account will be paid to the member's designated beneficiary. \n- 20- \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 1996 \n \nEXHIBIT \"F\" \n \nNOTE 8: RETmEMENTPLANS \nGEORGIA DEFINED CONTRIBUTION PLAN \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 ofemployment, the amount of the member's account is refundable upon request by the member. \nTotal contributions made by employees during fiscal year 1996 amounted to $47,308.71 which represents 7.5% of covered payroll. These contributions met the requirements of the plan. \nNOTE 9: LEAVB POLICIES \nEmployees earn annual leave ranging from one and one-quarter days to one and three-quarter days each month depending upon the employees' length ofcontinuous State service with a maximum accumulation offorty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1- Compensated Absences \nEmployees earn one and one-quarter days of sick leave each month with a maximum accumulation of ninety days. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or termination of employment. \nCertain employees who retire with one hundred and twenty days or more offorfeited annual and sick leave are entitled to additional service credit in the Employees' Retirement System of Georgia. \nNOTE 10: NONMONETARY TRANSACTIONS \nThe Georgia Department of Technical and Adult Education - Administrative Central Office used lottery proceeds to purchase $1,270,000.00 of equipment for Macon Technical Institute during the fiscal year ended June 30, 1996. Those items with an acquisition cost of$l,OOO.OO or greater will be reflected as received in the General Fixed Assets Account Group in the accompanying financial statements. However, revenues and expenditures for these lottery proceeds are not reflected in these financial statements. \nThe Georgia State Financing and Investment Commission (GSFIC), a unit of State government, is responsible for the issuance of state debt and for the investment and accounting for proceeds derived from the issuance of state debt. In addition, GSFIC is authorized to acquire and construct projects for the benefit of units of State government or to contract with units of State government for the construction or acquisition of capital outlay projects. During the fiscal year ended June 30, 1996, the Georgia State Financing and Investment Commission paid $2,405,617.31 to various vendors for approved projects for the benefit ofMacon Technical Institute. \n \n- 21 - \n \n MACON TECHNICAL INSTITUTE \nNOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 1996 \n \nEXlDBIT \"F\" \n \nNOTE 11: CONTINGENCIES \nAmounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. This could result in refunds to the grantor agency for any expenditures which are disallowed under grant terms. The amount of expenditures which may be disallowed by the grantor cannot be determined at this time although the Institute expects such amounts, ifany, to be immaterial to its overall financial position. \nLitigation, claims and assessments filed against Macon Technical Institute (as an organizational unit of the Departnient ofTechnical and Adult Education), ifany, are generally considered to be actions against the State ofGeorgia. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State ofGeorgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1996. \nNOTE 12: BONDING INFORMATION \nThe President and all employees ofMacon Technical Institute are bonded under a Public Employees Blanket Bond written by the Employers Insurance ofWausau, their Bond No. 1450-02-110723, on which the premium was paid to October 1, 1996. Under this agreement, the public employee dishonesty coverage insures Macon Technical Institute to a maximum of$I,OOO,OOO.OO against loss sustained through fraudulent or dishonest acts by its employees. The faithful performance of duty coverage insures the Institute to a maximum of $1,000,000.00 against loss sustained from failure of its employees to perform faithfully their duties or to account properly for all monies and property received by virtue oftheir position or employment. \nAll employees ofMacon Technical Institute are also bonded under Commercial Crime Policies written by the United States Fire Insurance Company, their Policy Nos. 626011675 2 and 626 012294 4, on which the premiums were paid to October 1, 1996. Under these additional public employee dishonesty coverages, the policies insure the Institute to a maximum of $9,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees and from failure ofits employees to perform faithfully. \n \n- 22- \n \n SUPPLEMENTARY INFORMATION - 23 - \n \n MACON TECHNICAL INSTITUTE COMBINING BALANCE SHEET (STATUTORY BASIS) \nBUDGET FUND JUNE 30.1996 \n \nSee notes to the financial statements. \n \n- 24 - \n \n See notes to the financial statements. \n \n- 25 - \n \n MACON TECHNICAL INSTITUTE COMBINING STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \nBUDGET FUND YEAR ENDED JUNE 30, 1996 \n \nEXHIBIT \"I\" \n \nEXPENDITURES PERSONAL SERVICES-INSTITUTIONS \nSalaries and Wages Employer's Contributions for: \nF.I.C.A. \nSee notes to the financial statements. \n \n$ \n \n5,441,478.30 \n \n168,409.18 \n \n- 26 - \n \n$ 5,441,478.30 168,409.18 \n \n MACON TECHNICAL INSTITUTE COMBINING STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \nBUDGET FUND YEAR ENDED JUNE 30, 1996 \n \nEXHIBIT \"I\" \n \nEXPENDITURES \nPERSONAL SERVICES-INSTITUTIONS \nEmployer's Contributions for: Retirement Health Insurance Uability Insurance Unemployment Compensation Insurance Workers' Compensation Insurance \nOPERATING EXPENSES-INSTITUTIONS \nOther Costs Motor Vehicle Expenses Supplies and Materials Repairs and Maintenance Utilities Rents (Other than Real Estate) Insurance and Bonding Other Operating Expenses Publications and Printing \nTravel Motor Vehicle Purchases Equipment \nEquipment Purchases Rental of Equipment Real Estate Rentals Telecommunications Per Diem, Fees and Contracts Per Diem and Fees Contracts \nADULT LITERACY GRANTS \nPersonal Services Salaries and Wages Employer's Contributions for: F.I.C.A. Retirement Health Insurance Uability Insurance \nOther Costs Supplies and Materials Insurance and Bonding \n \n\"A\" DEPARTMENT OF \nTECHNICAL AND ADULT EDUCATION \n \n\"B\" LOTTERY FOR \nEDUCATION \n \nTOTAL \n \n$ \n \n586,565.70 \n \n586,719.71 \n \n27,935.00 \n \n4,747.00 \n \n14,632.00 \n \n$ 6,830,486.89 \n \n$ \n \n6,991.93 \n \n831,798.94 \n \n252,141.97 \n \n273,678.07 \n \n276.00 \n \n7,157.00 \n \n292,696.17 \n \n72,927.57 \n \n34,413.73 \n \n16,969.00 \n \n1,008,218.00 31,705.54 12,000.00 \n106,483.40 \n \n32,123.59 131,764.71 \n \n$ 3,111 ,345.62 \n \n$ \n \n47,339.45 \n \n677.63 4,513.21 4,825.72 \n185.00 \n \n323.93 6.00 \n \n$ \n \n57,870.94 \n \n$ 586,565.70 586,719.71 27,935.00 4,747.00 14,632.00 \n$ 6,830,486.89 \n \n$ \n \n6,991.93 \n \n831,798.94 \n \n252,141.97 \n \n273,678.07 \n \n276.00 \n \n7,157.00 \n \n292,696.17 \n \n72,927.57 \n \n34,413.73 \n \n16,969.00 \n \n1,008,218.00 31,705.54 12,000.00 106,483.40 \n \n32,123.59 131,764.71 \n \n$ 3,111,345.62 \n \n$ \n \n47,339.45 \n \n677.63 4,513.21 4,825.72 \n185.00 \n \n323.93 6.00 \n \n$ \n \n57,870.94 \n \nSee notes to the financial statements. \n \n- 27 - \n \n MACON TECHNICAL INSTITUTE COMBINING STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \nBUDGET FUND YEAR ENDED JUNE 30, 1996 \n \nEXHIBIT \"I\" \n \nEXPENDITURES \nJOB TRAINING PARTNERSHIP ACT \nPersonal Services Salaries and Wages Employer's Contributions for: F.I.CA Retirement Health Insurance 'Uability Insurance \nOther Costs Insurance and Bonding \nTravel \nEQUIPMENT-TECHNICAL INSTITUTES \nEquipment Equipment Purchases \nTotal Expenditures \nExcess of Funds Available over Expenditures \n \n\"A\" DEPARTMENT OF \nTECHNICAL AND ADULT EDUCATION \n \nliB\" \nLOTIERYFOR EDUCATION \n \nTOTAL \n \n$ \n \n35,466.48 \n \n1,398.36 3,783.21 3,672.33 \n185.00 \n \n6.00 873.49 \n \n$ \n \n45,384.87 \n \n$ \n \n35,466.48 \n \n1,398.36 3,783.21 3,672.33 \n185.00 \n \n6.00 873.49 \n \n$ \n \n45,384.87 \n \n$ $ 10,045,088.32 $ \n352,249.25 \n \n53,174.00 $ \n \n53,174.00 \n \n53,174.00 $ 10,098,262.32 \n \n0.00 \n \n352,249.25 \n \n$ 10,397,337.57 $ \n \n53,174.00 $ 10,450,511.57 \n \nSee notes to the financial statements. \n \n- 28 - \n \n MACON TECHNICAL INSTITUTE COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES \nFIDUCIARY FUND TYPE - AGENCY FUNDS YEAR ENDED JUNE 30, 1996 \n \nEXHIBIT-J- \n \nFUND \n \nASSETSI LIABILITIES JULY 1,1995 \n \nADDITIONS \n \nDEDUCTIONS \n \nASSETSI LIABILITIES JUNE 30,1996 \n \nBibb Foundation \n \n$ \n \n4,95 \n \n$ \n \n4.95 \n \nDeKalb Bookstore \n \n8,020.44 $ 471,706.60 $ 478,006.07 \n \n1,720.97 \n \nDTAE Activities Fund \n \n0.00 \n \n1,270.00 \n \n648.41 \n \n621,59 \n \nGeneral Scholarship Fund \n \n213.12 \n \n7,987.00 \n \n4,228,96 \n \n3,971,16 \n \nGeorgia Student Incentive Grant \n \n0.00 \n \n17,448.00 \n \n17,448.00 \n \n0.00 \n \nHepatitis B Vaccine \n \n0.00 \n \n1,264.00 \n \n1,264.00 \n \n0,00 \n \nHOPE Scholarship Program \n \n16,701.81 \n \n1,375,984.00 \n \n1,392,685.81 \n \n0.00 \n \nMalpractice Insurance \n \n0.00 \n \n3,346.00 \n \n3,231,00 \n \n115.00 \n \nNational Honor- Society \n \n305.76 \n \n305.76 \n \nPell Grant Program \n \n825.93 \n \n1,528,458.00 \n \n1,529,283.93 \n \n0,00 \n \nPhi Beta Lambda Club \n \n238.97 \n \n238.97 \n \nStudent Activities Fund \n \n43,924.28 \n \n61,890.55 \n \n60,485.93 \n \n45,328.90 \n \nStudent Insurance \n \n-259.90 \n \n259.90 \n \n0.00 \n \nSupplemental Educational Opportunity Grants \n \n0.00 \n \n99,230.00 \n \n99,230.00 \n \n0.00 \n \nVocational Industrial Clubs of America \n \n199.87 \n \n1,075.25 \n \n103.11 \n \n1,172.01 \n \n$ \n \n70,175.23 $ 3,569,919.30 $ 3,586,615.22 $ ======5=3,=47=9=.3:=1 \n \nSee notes to the financial statements. \n \n- 29- \n \n MACON TECHNICAL INSTITUTE CASH AND CASH EQUIVALENTS \nJUNE 30.1996 \nNONINTEREST BEARING ACCOUNTS \nSunTrust Bank, Macon, Georgia \nINTEREST BEARING ACCOUNTS \nSunTrust Bank, Macon, Georgia \nN.O.W. Account \nOTHER \nCashon Hand Petty Cash \n \nSCHEDULE \"1\" \n$ 698,257.12 103,521.87 1,025.00 \n$ 802,803.99 \n \nSee notes to the financial statements. \n \n- 30- \n \n MACON TECHNICAL INSTITUTE SCHEDULE OF FEDERAL REVENUES \nYEAR ENDED JUNE 30. 1996 \n \nSCHEDULE \"2\" \n \nBUDGET FUND \nEducation, U. S. Department of Adult Education - State Administered Basic Grant Program Through Bibb County Board of Education \nFederal Work-Study Program Direct \nVocational Education - Basic Grants to States Through Georgia Department of Technical and Adult Education - Administrative Central Office \nHealth and Human Services, U. S. Department of Payments to States for Child Care Assistance Through Georgia Child Care Council \nLabor, U. S. Department of Job Training Partnership Act Through Georgia Department of Technical and Adult Education - Administrative Central Office Through Middle Georgia Consortium \n \nCFDA NUMBER \n \nAMOUNT \n \n84.002 \n \n$ \n \n57,870.94 \n \n84.033 \n \n24,130.56 \n \n84.048 \n \n912,652.00 \n \n93.575 \n \n36,366.52 \n \n17.250 17.250 \n \n45,384.87 64,121.89 \n \n$ 1,140,526.78 \n \nSee notes to the financial statements. \n \n- 31 - \n \n SECTIONll FINDINGS AND IMPROPER OR QUESTIONED COSTS \n \n MACON TECHNICAL INSTITUTE SCHEDULE OF FINDINGS AND IMPROPER OR OUESTIONED COSTS \nYEAR ENDED JUNE 30, 1996 \n \nSTATUS OF PRIOR YEAR FINDINGS AND IMPROPER OR OUESTIONED COST \n \nThe status ofthe finding disclosed in the review report for the year ended June 30, 1995, is indicated below: \n \nAudit Control Number \n \nStatus ofFinding \n \n835-95-01 \n \nCorrective Action Implemented \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bv6-bm3-b1994-h95","title":"Review report, state of Georgia, Macon Technical Institute, Macon, Georgia, year ended June 30, 1995","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits.","Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Bibb County, Macon, 32.84069, -83.6324"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["1994/1995"],"dcterms_description":["-Year ended June 30, 2000.","\"Title fluctuates: Audits conducted \"in accordance with generally accepted auditing standards\" are issued as: Audit report; reviews that are \"substantially less in scope than an audit in accordance with generally accepted auditing standards\" are issued as: Review or Management report.\"","Report year cover fiscal year.","Issue by the Dept. of Audits, \u003c1994\u003e-1996; Dept. of Audits and Accounts, 1997-2000.","June 30, 1994; title from cover."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 1995-06-30"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Macon Technical Institute--Appropriations and expenditures","Education--Auditing--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Review report, state of Georgia, Macon Technical Institute, Macon, Georgia, year ended June 30, 1995"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-bv6-bm3-b1994-h95"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bv6-bm3-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":"GI\\. A~oo .R.I \n\\JG, \ntv\\ :\u003e \n1994-95 \nSTATE OF GEORGIA DEPARTMENT OF AUDITS \n254 WASHINGTON STREET ATLANTA, GEORGIA 30334 \n \n REVIEW REPORT STATE OF GEORGIA MACON TECHNICAL INSTITUTE MACON, GEORGIA YEARENDEDJUNE30, 1995 \n \n MACON TECHNICAL INSTITIJTE  TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nINDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \n \nEXHIBITS \n \nFINANCIAL STATEMENTS \n \nA COMBINED BALANCE SHEET (STATIJTORY BASIS) \n \nALL FUND TYPES AND ACCOUNT GROUPS \n \n2 \n \nB STATEMENT OF CHANGES IN FUND BALANCE (STATIJTORY BASIS) \n \nGOVERNMENTAL FUND TYPE \n \n3 \n \nC STATEMENTOFFUNDSAVAILABLEANDEXPENDITURES \n \nBUDGET FUND \n \n4 \n \nSTATEMENTS OF FUNDS AVAILABLE AND EXPENDITURES \n \nCOMPARED TO BUDGET \n \nBUDGET FUND \n \nD \n \n\"A\" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION \n \n7 \n \nE \n \n\"B\" LOTTERY FOR EDUCATION \n \n8 \n \nF NOTES TO THE FINANCIAL STATEMENTS \n \n9 \n \nSUPPLEMENTARY INFORMATION \n \nG COMBINING BALANCE SHEET (STATIJTORYBASIS) \n \nBUDGET FUND \n \n26 \n \nH COMBINING STATEMENT OF CHANGES IN FUND BALANCE \n \n(STATIJTORYBASIS) \n \nBUDGET FUND \n \n27 \n \nCOMBININGSTATEMENTOFFUNDSAVAILABLEANDEXPENDITURES \n \nBUDGET FUND \n \n28 \n \nJ COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES \n \nFIDUCIARY FUND TYPE AGENCY FUNDS \n \n30 \n \nSCHEDULES \n \nI CASH AND CASH EQUIVALENTS \n \n31 \n \n2 SCHEDULE OF FEDERAL REVENUES \n \n32 \n \n3 RECONCILIATION OF SALARIES AND WAGES, AND TRAVEL \n \n33 \n \n4 RECONCILIATION OF PER DIEM AND FEES \n \n34 \n \n MACON TECHNICAL INSTITUTE - TABLE OF CONTENTS - \nSECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \n \n SECTION I FINANCIAL \n \n CLAUDE L. VICKERS \nSTATE AUDITOR ('4) 656-2174 \n \nDEPARTMENT OF AUDITS. \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nNovember 15, 1995 \n \nHonorable Zell Miller, Governor Members ofthe General Assembly ofGeorgia Members of the State Board of Technical and Adult Education Members ofthe Local Board ofDirectors \nand Honorable Melton Palmer, Jr., President Macon Technical Institute \nINDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \nLadies and Gentlemen: \nWe have reviewed the accompanying financial statements (Ex!nbits A through F) of Macon Technical Institute as ofand for the year ended June 30, 1995, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. As described in Note 1, these financial statements were prepared on a prescribed basis of accounting that demonstrates compliance with the budgetary statutes and regulations of the State of Georgia, which is a comprehensive basis of accounting other than generally accepted accounting principles. All information included in these financial statements is the representation of the management ofMacon Technical Institute. \nA review consists principally of inquiries of Institute personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. \nBased on our review, we are not aware ofany material modifications that should be made to the accompanying financial statements in order for them to be in conformity with the basis of accounting described in Note 1. \nOur review was made for the purpose ofexpressing limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with the basis of accounting described in Note 1. The accompanying supplementary information (Exhibits G through J and Schedules 1 through 4) is presented only for supplementary analysis purposes. Such information has been \n \n95ARL-4T \n \n subjected to the inquiries and analytical procedures applied in the review of the financial statements, and we are not aware of any material modifications that should be made thereto. \nRespectfully submitted, \nt:/~~ \nClaude L. Vickers State Auditor \nCLV:cm 95ARL-4T \n \n FINANCIAL STATEMENTS - 1- \n \n MACON TECHNICAi INSTIJl ITf CQMQINEP BALANQE SHEFT fSTATlITQRV RASIS) \nAl I BJNPIXPES ANP .e.g;q 'N'TGR9VPS HINE 30 1995 \n \nEXHIBIT\"A\" \n \n~ Cash and Cash Equivalents \nAccounts Receivable State Funds Federal Financial Assistance other \nP!epaklltems \nF...c!Assets Equipment \nAmounts to be Pn::Mded for Payment of: Accrued Compensated Absences \n \nGOVERNMENTAL FUNDlYPE BUDGET \n \nFIDUCIARY FUND TYPE \nAGENCY \n \nACCOUNT GROUPS \n \nGENERAL \n \nGENERAL \n \nFIXED \n \nLONG-TERM \n \nASSETS \n \nDEBT \n \nTOTALS (Memorandum Only) \nJUNE 30 1995 JUNE 30 1994 \n \n1007829.58 $ 12861.15 \n \n5,234.28 111,838.17 \n67190.08 S \n184 262.53 $ \n0.00 \n \n57 314.08 57 314.08 \n \n3 922 655.69 \n \n$ 1 020 690.73 $ \n \n608125.67 \n \n5,234.28 $ 111,838.17 124 504.16 \n241 576.61 $ \n0.00 S \n \n5,447.69 74,531.53 90 891.48 \n170870.70 \n1 754.95 \n \n3 922 655.68 $ 3 096 397.28 \n \n355 344.99 $ \n \n355344.99 $ \n \n320 093.81 \n \nTotal Assets \n \n1192 092.11 $ 70175.23 $ 3 922 655.68 $ \n \n355 344.99 $ 5 540 268.01 $ 4197 242.41 \n \n=I IARII mfg ANP \nLiabilities AccountsPayal\u003ele Salaries Payable Deferred Revenue Tuition and Fees Funds Held in CUstody for others Compensated Absences \nTotal Liabilities \nFund Equity Investment in General F\"ixed Assets Fund Balance Reserved Federal Financial Assistance \nFor Refund to Georgia Department dTechnical \nand Adutt Education  Administrative Central Office For Expired Grant Balances Uve Work Projects Prior Year L.ocat Funds Private Grants Expired Grant Balance Unre\u0026e!Yed Designated Surplus Regui\u0026r Lottery for Education \nTotal Fund Equity \n \n849,804.46 0.00 \n4,236.00 \n \n70,175.23 \n \n854 040.46 $ 70 175.23 \n \n3,922,655.69 \n \n355 344.99 355 344.99 $ \n \n849,804.46 $ 0.00 \n4,236.00 70,175.23 355 344.99 \n1 279 560.68 $ \n \n417,143.20 280.00 \n2,854.00 38,259.49 320093.81 \nn8sao.so \n \n$ 3,922,655.68 $ 3,096,397.28 \n \n0.00 1.18 223,712.86 102,076.64 \n6.00 \n12,041.55 213.42 \n338 051.65 \n \n$ 3922 655.68 \n \n0.00 1.18 223,712.86 102,076.64 \n6.00 \n \n190.57 0.00 \n194,767.87 107,051.00 \n339.45 \n \n12,041.55 213.42 \n \n14,065.84 5 799.90 \n \n$ 4,260 707.33 $ 3418611.91 \n \nTotal Liabilities and Fund Equity \n \n1192 092.11 $ 70 175.23 $ 3 922 655.68 $ 355 344.99 $ 5 540 268.01 $ 4197 242.41 \n \nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information \nThe notes to the financial statements are an integral part of this statement. \n-2 - \n \n MACON TECHNICAL INSTITUTE STATEMENT OF CHANGES IN FUND BALANCE /STATUTORY BASIS\\ \nGOVERNMENTAL FUND TYPE YEAR ENDED JUNE 30 1995 \n \nEXHIBIT\"B\" \n \nFUND BALANCE - JULY 1 \nReserved Unreserved \nDesignated Surplus \nADDITIONS \nAdjustments to Prior Year's Accounts Payable Excess of Funds Available over Expenditures \nExhibit\"C\" \nDEDUCTIONS \nUnreserved Fund Balance (Surplus) Returned to Georgia Department of Technical and Adult Education - Administrative Central Office Year Ended June 30, 1994 \nAdjustments to Prior Year's Accounts Receivable Refunds to Grantors \nPeace Officers standard and Training Council Reimbursement of Prior Year's Expenditures Reserved Fund Balance Carried Over from \nPrior Year as Funds Available \nFUND BALANCE - JUNE 30 \n(To Exhibit \"A\") \n \nBUDGET FUND \n \nYEAR ENDED \n \nJUNE 30, 1995 \n \nJUNE 30, 1994 \n \n$ \n \n302,348.89 $ \n \n255,735.83 \n \n19,865.74 \n \n0.00 \n \n$ \n \n322,214.63 $ \n \n255,735.83 \n \n$ \n \n14,265.84 $ \n \n987.17 \n \n335,129.81 \n \n321,778.85 \n \n$ \n \n349,395.65 $ \n \n322,766.02 \n \n$ \n \n19,865.74 $ \n \n11,201.12 \n \n0.00 194.00 \n \n333.45 0.00 \n \n0.00 357.39 \n \n302,158.32 \n \n255,735.83 \n \n333,558.63 $ \n \n256,287.22 \n \n$ \n \n338,051.65 $ _ _m3_2_2..,,2_1_4_.e_3 \n \nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \nThe notes to the financial statements are an integral part of this statement. -3- \n \n MACON TECHNICAi,, INSTfTI.JTF STATEMENT OF FUNQS AVAIi ARI F ANP EXPENOITURES \nBUQGETFUNP YEAR ENPEP JUNE 30 1$9$ \n \nEXHISIT\"C\" \n \nFUNQS AVAIi ABLE \n~ \nSTATE FUNDS Allotment from Georgia Department or Technical and Adult Education - Administrative Central Office \nFEDERAL REVENUES (See Schedule) \nOTHER REVENUES RETAINED Contract Georgia Depamnent al Public Safety Georgia Peace Officers standards and Training Council Fees ApplicaUon Library Registration/Continuing Education Testing Other Interest Earned Reimbursements from Various Sources Rents Sales and SaMces (Net) Tuition Other Sources \nTotal Other Revenues Retained \nTotal Revenues \nCARBY-OVER FROM f'BIQB YEAR \nTransfer from Reserved Fund Balance Live Work Projecl\u0026 Prior Year Local Funds Private Grants \nTotal C a ~ r from Prior Year \nTotal Funds Available \nEXPENDITURES \nPl;RSQNAL SERVICES-INSTITUTIONS \nSalaries and Wages Employer's Contributions for: \nF.I.CA Retirement Heabh Insurance Liability Insurance UnemF\u003eknent Compensation Insurance Worker\u0026' Compensation Insurance \n \nTOTALS \n \nYEAR ENDED \n \nJUNE 30, 1995 \n \nJUNE 30 1994 \n \n6,181,509.28 $ 1,207,782.18 $ \n \n5745,1-49.78 1,198,297.41 \n \n230,178.,46 $ \n27/JTT.48 321178.25 320,466.42 \n0.00 0.00 2,011.58 0.00 0.00 146,829.88 1,1TT,625.64 81.274.95 \n2,019,342.66 $ \n9,408,634.12 $ \n \n226,079.45 \n35,168.00 15,851.75 314,129.00 12,408.12 6,643.96 \n1-.30 4,575.00 10,525.00 91,818.00 1,020/J00.23 21,608.85 \n1,761,506.66 \n8,704,953.85 \n \n194,767.87 $ 107,051.00 \n339.45 \n302,158.32 $ \n \n1531J56.67 101,TT9.16 \n0.00 \n255,735.83 \n \n9,710,792.44 $ \n \n8,960,689.68 \n \n5,052,075.97 $ \n150,857.06 528,886.68 532,693.16 31,623.00 \n4,136.00 13,536.00 \n6,313,607.87 $ \n \n4,619,258.32 \n129,293.86 '490,857.46 474,934.98 \n17,272.00 1,021.00 5,570.00 \n5,728,107.62 \n \nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary lnformaOon. The noles to the financial statements are an integral part of this statement. \n. 4. \n \n MACON IfCHNICAL INSTfTUJE STATfUFNT OF fUNOS AYAHABLE AND EXPENDm.JRES \nBUDGET FLJNP VEAR ENOEQ JUNE 30 1995 \n \nEXHIBIT\"C\" \n \nfXPENPtIYBes \nOPERATING exeeNSeS-INSTITUTIONS \nOlhet-Coots MolorVahlcleSupplies and Materials Repairs and Maintenance Ulilllies Rents (Olhet-than Real Emme) Insurance and Bonding Olhet-Operating Publication\u0026 and Printing \nT,-t Motor Vahlcle Purchases Equipment \nEquipment PurchMM Rental of Equipment Computer Cha,_ ScftwaAI Equipment \nEquipment Purchases Real Estate Rentals T8'ecommunk:alions Per Diem, Fees and Contracts \nPer Oiem and Fees Contracts \nQUICK START PROGRAM \nPenloMJSer,riceg Salaries and Wages Employer's Contribution for: F.I.CA. \nOlhet-Coots Supplies and Materials \nPer Diem, Fees and Contracts Per Diem and Fees \nAQUlI l lTERA.CY GRANTS \nPersonal Service\u0026 Salaries and Wages Employer's Contributions for: FJ.CA. Retirement Health tnsurance \nOlhet-Coots Supplies and Materials \nT,-t Equipment \nEquipment Purchases \nJQB TRAINING PARTNERSHIP ACT \nPersonal Services Salaries and Wages Employer's Contribution for: F.I.CA. \nSee Independent Accountant's Combined Report on Review or Financial statements \nand Supplementary Information. \nThe notes to the financial statements are an integral part of this statement. \n-5- \n \nTOTAL YEAR JUNE 30, 1995 \n \n30, 1994 \n \n3,988.75 $ 717,154.47 208,419.68 235,180.50 \n500.00 7,107.00 265,354.12 39,481.42 35,110.80 16,692.00 \n366,541.\u003c11 26,129.56 \n750.00 \n450,666.12 12,012.06 95,275.73 \n13,110.00 109,641.98 \n2,803,125.60 $ \n \n2,935.42 588,464.52 118,911.99 253,994.46 \n10,831.54 7,428.00 \n285,780.33 38,STT.66 29,689.01 2,800.00 \n478,687.83 19,9TT.54 \n16,550.00 \n251,173.06 0.00 \n76,485.32 \n36,488.07 71,719.59 \n2,290,695.74 \n \n660.25 $ 2.06 \n366.85 1,548.12 2,575.28 $ \n \n2,576.48 50.01 \n1,542.35 10,558.52 14,827.36 \n \n50,340.00 $ \n706.68 5,945.16 6,292.56 \n0.00 264.00 \n0.00 \n63,548.40 $ \n \n44,374.00 \n623.45 5,240.62 5,546.75 \n6,096.25 375.30 \n2,474.74 \n64,731.11 \n \n39,197.00 $ 559.68 \n \n37,332.19 532.95 \n \n UAC0N JeCHNICAI INSTITIJTF STATEIENT QF RJNQS AVAILABLe ANP FXPENPIDIBES \nBUQGETFUNP \nYsAB ENQEP JUNE 30 1995 \n \nEXHISIT\"C\" \n \nexeeNPITVBes \n-JOB TRAINING PARTNERSHIP ACT l'enlonalServicea El11flkH's Contributions for: \nHealth Insurance Liability lnourance Olherec.ts Supplies and Material\u0026 Insurance and Bondlng Other Operating~ Traw,1 Telecommunications \nEQUIPMfNTTECHNICAL INSTJTllTeS \nOther Costs Other Operating~ \nEquipment Equipment Purchases \nREPAIR~ ANO RENQYATIONS \nOtherCosts Repairs and Maintenance \nTat.al Expenditures \nExcess of Funds Available ewer Expenditure\u0026 \n \nTOTALS \n \nYEAR ENOEO \n \nJUNE 30, 1995 \n \nJUNE 30 1994 \n \n3,747.12 $ 3-.02 \n211.00 \nIIOol.75 8.00 \n174.00 1,058.91 \n0.00 \n49,824.48 $ \n \n3,086.88 3,267.24 \n127.00 \n0.00 8.00 2,032.73 1,488.91 1 BOO.DO \n49673.90 \n \n122.76 $ 342,108.24 342,231.00 $ \n \n0.00 490875.10 490,875.10 \n \n750.00 $ 9,375,662.63 $ \n335,129.81 \n \n0.00 8,638,910.83 \n321 778.85 \n \n9,710,792.44 $ \n \n8,960,689.68 \n \nSee Independent Accountant's Combined Report on Review of Financial statements and Supplementary Information. The note\u0026 to the financial statements are an integral part of this statement. \n-6 - \n \n MACON TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \nCOMPARED TO BUDGET BUDGET FUND \n\"A\" DEPARTMENT Of TECHNICAL AND ADULT EDUCAT\\ON YEAR ENDED JUNE 30 1995 \n \nEXHIBIT\"D\" \n \nFUNDS AVAILABLE \nfiM!iUES state Funds \nFederal Revenues Other Revenues Retained \nCARRY-Qla;R FROM eRIOR Yl,AR Transfer from Reserved Fund Balance \n \nBUDGET \n \nACTUAL \n \nVARIANCE FAVORABLE (UNFAVORABLE) \n \n$ \n \n5,838,686.00 $ \n \n5,838,528.28 $ \n \n1,292,559.00 \n \n1,207,782.18 \n \n2,467,415.00 \n \n2,019,342.66 \n \n$ \n \n9,598,660.00 $ \n \n9,065,653.12 $ \n \n-157.n -84,776.82 -448on.34 \n-533,006.88 \n \n10,000.00 \n \n302,158.32 \n \n292,158.32 \n \n$ \n \n9 608 660.00 $ \n \n9,367,811.44 $ \n \n-240,848.56 \n \nEXeENDITURES \nPersonal Services-Institutions Operating Expenses-institutions Quick Start Program Adult Literacy Grants Job Training Partnership Act \n \n$ \n \n6,504,245.00 $ \n \n6,313,607.87 $ \n \n2,960,943.00 \n \n2,603,125.60 \n \n2,576.00 \n \n2,575.28 \n \n67,000.00 \n \n63,548.40 \n \n53,896.00 \n \n49,824.48 \n \n190,637.13 377,817.40 \n0.72 3,451.60 4,071.52 \n \n9,608 660.00 $ \n \n9,032,681.63 $ \n \n575,978.37 \n \nExcess of Funds Available over Expenditures \n \n$ \n \n335129.81 $ \n \n335129.81 \n \nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary information. \nThe notes to the financial statements are an integral part of this statement. . 7. \n \n MACON TECHNICAi INSTITlJTf STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \nCOMPARED JO BUDGET BUDGET FUND \n\"B\" LOTTERY FOR EDUCATION \nYEAR ENPEP JUNE 30 1995 \n \nEXHIBIT\"E\" \n \nFUNDS AVAILABLE \n \nBUDGET \n \nACTUAL \n \nVARIANCE- \nFAVORABLE (UNFAVORABLE) \n \nState Funds \n \n812981.00 $ \n \n342,981.00 $ _ _ _-4;;_70::,,000=::;00:.. \n \nEXPENDITURES \nEquipment-Technical Institutes Repairs and Renovations \n \n$ \n \n342,231.00 $ \n \n342,231.00 $ \n \n0.00 \n \n470,750.00 \n \n750.00 \n \n470000.00 \n \n812981.00 $ \n \n342,981.00 s _ _ _4.;.;7.:.o,:::ooo=.oo::.. \n \nExcess of Funds Available over Expendttures \n \n0.00 $ ===...,;0;;;.00;;;, \n \nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary lnfonnation. \nThe notes to the financial statements are an integral part of this statement.  8. \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEl\\IBNTS \nJUNE 30 1995 \n \nEXHIBIT \"F\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nREPORTING ENTITY Macon Technical Institute is one of twenty-nine (29) State supported member institutes of postsecondary education in Georgia which comprise the Georgia Department of Technical and Adult Education, an organizational unit ofthe State of Georgia. The accompanying financial statements reflect the operations of Macon Technical Institute as a separate reporting entity. \nThe Institute's Local Board ofDirectors is composed of eleven (11) members serving staggered three-year \nterms who are appointed by the State Board of Technical and Adult Education. Appropriation of State funds \nis made to the Georgia Department of Technical and Adult Education by the General Assembly of Georgia. The Department's Administrative Central Office determines the amount of State funds to be received by Macon Technical Institute. The Institute does not have authority to retain unexpended State funds (surplus) for any \ngiven fiscal year. Accordingly, Macon Technical Institute is considered an organizational unit ofthe Georgia \nDepartment ofTechnical and Adult Education for financial reporting purposes because of the significance of its legal, operational, and financial relationships as defined in Section 2100 of the Governmental Accounting Standards Board Codification ofGovernmental Accounting and Financial Reporting Standards. \nFUND ACCOUNTING Macon Technical Institute uses funds and account groups to report on its financial position and the results of its operations determined in conformity with accounting practices prescribed or permitted by statutes and regulations ofthe State of Georgia. A fund is an independent fiscal and accounting entity with a self-balancing set of accounts. Fund accounting segregates funds according to their intended purpose and is used to aid management in demonstrating compliance with finance-related legal and contractual provisions. The minimum number of funds are maintained consistent with legal and managerial requirements. Account groups are a reporting device used to account for certain assets and liabilities of the governmental funds not recorded directly in those funds. \nFunds and account groups presented in the accompanying financial statements are as follows: \nGOVERNMENTAL FUND TYPE \nBUDGET FUND - The fund used to account for activities and functions as set forth in the Amended Appropriations Act of 1994-1995. This fund also includes operations from various institutional services provided to students, faculty, and/or staff which are funded by fees charged to participants that are directly related to, but not necessarily equal to, the cost of service. The Budget Fund is similar in nature to a General Fund as identified in generally accepted accounting principles in that the Budget Fund is used to account for all activities except those required to be accounted for in some other fund. \nFIDUCIARY FUND TYPE \nAGENCY FUNDS - The funds used to account for assets held for use by other funds, governments, or individuals. \n-9- \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30 1995 \n \nEXIIlBIT \"F\" \n \nNOTE I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nFUND ACCOUNTING \nACCOUNT GROUPS \nGENERAL FIXED ASSETS - The account group used to account for fixed assets used in governmental fund type operations. Fixed assets purchased are recorded at cost or at estimated historical cost ifhistorical cost is not practically determinable. Donated fixed assets are recorded at fair market value on the date donated. Disposals are deleted at recorded values. No depreciation has been provided on general fixed assets. \nThe cost of normal maintenance and repairs that do not add to the value ofthe asset or materially extend assets' lives are not included in the General Fixed Assets Account Group. Material improvements adding to the value or useful life ofthe assets are included in the General Fixed Assets Account Group. \nGENERAL LONG-TERM DEBT - The account group used to report the noncurrent portions of certain governmental long-term liabilities, such as claims, judgments, and compensated absences, which will be paid from future resources. \nBASIS OF ACCOUNTING MEASUREMENT FOCUS \nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. Governmental funds should be accounted for using the flow of current financial resources measurement focus. Wrth this measurement focus, operating statements present increases and decreases in net current assets and unreserved fund balance is a measure of available spendable resources. In accordance with accounting practices prescribed or permitted by statutes and regulations of the State ofGeorgia, the Budget Fund returns its unreserved fund balance (surplus) to the Administrative Central Office ofthe Department ofTechnical and Adult Education for remittance to the Office ofTreasury and Fiscal Services in the subsequent fiscal year. \nGOVERNMENTAL FUND TYPE BUDGETFUND \nExcept as disclosed in the following paragraphs, units of government of the State of Georgia record their Budget Fund revenues and expenditures in accordance with the modified accrual basis ofaccounting. Under the modified accrual basis ofaccounting, revenues are recognized when susceptible to accrual (i.e., when they are \"measurable and available\"). \"Measurable\" means the amount of the transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to pay liabilities ofthe current period. Revenues that are accrued include primarily State funds, Federal grants and entitlements, and certain amounts earned under operating agreements with other parties. Expenditures are recorded when the related fund liability is incurred, except for unmatured interest on general long-term debt which is recognized when due, and certain compensated absences, claims and judgments which are recognized when the obligations are expected to be liquidated with expendable available financial resources. \n \n- 10- \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE30 1995 \n \nEXHIBIT \"F\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nBASIS OF ACCOUNTING GOVERNMENTAL FUND TYPE BUDGETFUND \nContractual obligations for services which have not been performed and for goods which have not been delivered at the end of the fiscal year are recognized as expenditures and liabilities in the accompanying financial statements. This accounting practice causes expenditure-driven grant revenues to be accrued based, in 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 ofthe State ofGeorgia, but is not consistent with generally accepted accounting principles, which provide for the recording of encumbrances as a reservation of fund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with generally accepted accounting principles. \nPrior period adjustments and certain other items are reported as additions to and deductions from fund balance of the Budget Fund in the accompanying financial statements. This presentation is in accordance with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. \nFIDUCIARY FUND TYPE AGENCY FUNDS \nAgency Funds are custodial in nature and do not measure results of operations or have a measurement focus. The modified accrual basis of accounting is utilized for recognizing assets and liabilities. \nBUDGET The Georgia Department of Technical and Adult Education - Administrative Central Office receives State appropriation allotments and certain Federal funds for the various technical institutes throughout the State. The appropriated budget is adopted at the departmental level and represents appropriations provided by the Amended Appropriations Act of 1994-1995. The budget allocation and disbursement ofthese funds is made to the various technical institutes by the Administrative Central Office. In addition, the technical institutes receive certain Federal funds and other funds directly and include these funds in the budget filed with the Administrative Central Office. \nCASH AND CASH EQUIVALENTS Cash and Cash Equivalents include currency on hand and demand deposits with banks and other authorized financial institutions. \nACCOUNTS RECEIVABLE Accounts receivable consist ofallotments due from the Georgia Department of Technical and Adult Education - Administrative Central Office, reimbursements due from Federal, State, local, and private grants and contracts, and other receivables disclosed from information available. \n- 11 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE30 1995 \n \nEXHIBIT \"F\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nINVENTORIES No inventories ofsupplies are reported in the current financial statements. Expendable supplies are recorded as expenditures at the time of purchase. \nRESERVED FUND BALANCE Reserves represent those portions of fund equity not appropriable for expenditure or legally segregated for a specific future use. The following is a brief description of the reserves reflected in the accompanying financial statements: \nFEDERAL FINANCIAL ASSISTANCE EXPIRED GRANT BALANCES \nExpired grant balances represent the unexpended balance ofFederal financial assistance, other than through the Georgia Department ofTechnical and Adult Education - Administrative Central Office, remaining after the expiration ofthe Federal program/project. This amount is refundable to the applicable grantor. \nLIVE WORK PROJECTS The accumulated balance of unexpended funds derived from student live work projects. This amount is restricted to expenditures for live work projects in subsequent fiscal years. \nPRIOR YEAR LOCAL FUNDS Effective July 1, 1989, Macon Technical Institute became a part ofthe Georgia Department of Technical and Adult Education. The Official Code of Georgia Annotated Section 20-4-23 provides the Institute may retain for future operations \"...any unexpended nonstate funds that have been collected by, appropriated for, or otherwise earmarked for use by said postsecondary technical school operated by a local board of education or an area board... \". These unexpended local funds are available for use in subsequent fiscal years. \nPRIVATE GRANTS EXPIRED GRANTS \nExpired grant balance represents the unexpended balance ofa private grant remaining after the expiration of the Private Program/Project. This amount is refundable to the applicable grantor. \nUNRESERVED FUND BALANCE In accordance with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, the Budget Fund's unreserved fund balance is returned to the Georgia Department of Technical and Adult Education - Administrative Central Office for remittance to the Office of Treasury and Fiscal Services in the subsequent fiscal year as surplus, as follows: \nREGULAR - An amount ofunexpended general appropriations available to the State for reappropriation in subsequent years. \n \n- 12 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30 1995 \n \nEXHIBIT \"F\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nUNRESERVED FUND BALANCE \nLOTI'ERY FOR EDUCATION - An amount ofunexpended lottery appropriations available for future reappropriation for Lottery for Education. \nCOMPENSATED ABSENCES Compensated absences represent obligations of the Institute relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the Budget Fund for the current portion ofthis obligation as this amount will not be liquidated with expendable available financial resources. Funds are provided in the allotment of State funds each year to the Institute to cover the cost ofannual leave paid to terminated employees. \nThe liability for compensated absences at year-end is reported in the General Long-Term Debt Account Group for governmental funds. \nMEMORANDUM ONLY - TOTAL COLUMNS Total columns on the Combined Balance Sheet (Statutory Basis) are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate financial analysis. The columns do not present information that reflects financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. \nCOMPARATIVE DATA Comparative total data for the prior year have been presented in selected sections of the accompanying \nfinancial statements in order to provide an understanding ofthe changes in the Institute's financial position and operations. Comparative totals have not been included on statements where their inclusion would not provide enhanced understanding of the Institute's financial position and operations or would cause the statements to be unduly complex and difficult to understand. Also, certain amounts presented in the prior year data have been reclassified in order to be consistent with the current year's presentation. \nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS \nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the State ofGeorgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral any one or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59: \n(1) Bonds, bills, certificates ofindebtedness, notes, or other direct obligations ofthe United States or ofthe State of Georgia. \n \n- 13 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE30 1995 \n \nEXHIBIT\"F\" \n \nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS \n \nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES (2) Bonds, bills, certificates ofindebtedness, notes, or other obligations ofthe counties or municipalities ofthe State ofGeorgia. \n \n(3) Bonds ofany public authority created by the laws ofthe State ofGeorgia, providing that the statute that created the authority authorized the use ofthe bonds for this purpose. \n \n(4) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia. \n \n(5) Bonds, bills, certificates of indebtedness, notes, or other obligations ofa subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \n \n(6) Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation. \n \nAs authorized in the Official Code of Georgia Annotated Section 50-17-53, the State Depository Board has adopted policies which allow agencies of the State ofGeorgia (which include technical institutes) the option of exempting demand deposits from the collateral requirements. \n \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, 1995, are categorized below in order to provide information about the extent to which such deposits are exposed to custodial credit risk: \n \nCategory 1 - Amounts covered by depository insurance or collateralized with securities (at market value) held by the Institute or by its agent in the Institute's name. \n \nCategory 2 - Amounts collateralized with securities (at market value) held by the pledging financial institution's trust department or agent in the Institute's name. \n \nCategory 3 - Amounts collateralized with securities (at market value) held by the pledging financial institution, or by its trust department or agent but not in the Institute's name, and amounts uncollateralized. \n \nCash Deposits \n \nCanying Amount \n$)0)966573 \n \nBank Balances \n~)24)2826) \n \n$ 20000000 \n \nRisk Categories \n~)04)2826) $,_ _=ol,!lloo \n \n- 14 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30 1995 \n \nEXIIlBIT \"F\" \n \nNOTE 3: OPERATING LEASES \n \nMacon Technical Institute has entered into certain agreements to lease equipment which are classified as operating leases (leases on assets not recorded on the balance sheet). These leases generally contain provisions that, at the expiration date ofthe original term of the lease, the Institute has the option of renewing the lease on a year-to-year basis. Future minimum lease payments for operating leases as of June 30, 1995, are listed below. Amounts are included only for multi-year leases and for cancellable leases for which an option to renew for the subsequent fiscal year has been exercised. \n \nFiscal Year Ending June 30 \n \n1996 1997 1998 \n \n$ 20,768.64 5,617.44 468.12 \n \nTotal Future Minimum Lease Payments \n \n$ 26 854 20 \n \nExpenditures for rental of equipment under operating leases for the year ended June 30, 1995, totaled $23,330.76. \n \nNOTE 4: CHANGES IN GENERAL FIXED ASSETS \n \nIn accordance with the statutory definition of moveable personal property as defined in Official Code of Georgia Annotated Section 50-16-161, only those items with an acquisition cost of$1,000.00 or greater are reflected in the General Fixed Assets Account Group. \n \nThe following is a summary ofchanges ofequipment for the General Fixed Assets Account Group during the fiscal year: \n \nBalance July 1, 1994 \nAdditions Deductions \nBalance June 30, 1995 \n \n$ 3,096,397.28 \n1,128,641.76 302 383.36 \n$ 3 922 655 68 \n \nNOTE 5: GENERAL LONG-TERM DEBT \n \nCHANGES IN GENERAL LONG-TERM DEBT During the year ended June 30, 1995, the following changes occurred in the compensated absences liability reported in the General Long-Term Debt Account Group: \n \n- 15 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nruNE 30 1995 \n \nEXIIlBIT \"F\" \n \nNOTE 5: GENERAL LONG-TERM DEBT \n \nCHANGES IN GENERAL LONG-TERM DEBT \n \nBalance July 1, 1994 \nAdditions Annual Leave Earned and Utilized (Net) Salaries and Wages Salary-Related Fringe Benefits \nBalance June 30, 1995 \nNOTE 6: RISK MANAGEMENT \n \n$ 320,093.81 \n34,228.27 1 022.91 \n$ 355 344 99 \n \nPublic Entity Risk Pool The State Personnel Board - Merit System ofPersonnel Administration internally administers for the State of Georgia a program of health benefits for the employees ofunits ofgovernment of the State of Georgia and units of county governments and local education agencies located with the State of Georgia. This plan is funded by participants covered in the plan, by employers' contnbutions paid by the various units of government participating in the plan, and appropriations made by the General Assembly of Georgia. The State Personnel Board - Merit System ofPersonnel Administration has contracted with Blue Cross Blue Shield of Georgia to process claims in accordance with the State Employees' Health Benefit Plan as established by the State Personnel Board. \n \nOther Risk Management The Department ofAdministrative Services (DOAS) has the responsibility for the State of Georgia of making and carrying out decisions that will minimize the adverse effects of accidental losses that involve State government assets. The State believes it is more economical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS services claims for risk of loss to which the State is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemnification. Limited amounts ofcommercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other risks. The Institute, as an organizational unit of the Georgia Department of Technical and Adult Education, is part of the State of Georgia reporting entity, and as such, is covered by the State of Georgia risk management program administered by DOAS. Premiums for the risk management program are charged to the state agencies by DOAS to provide claims servicing and claims payment. \n \nNOTE 7: DEFERRED COMPENSATION PLAN \n \nThe State ofGeorgia offers its employees a deferred compensation plan in accordance with Internal Revenue Code Section 457. The plan, available to employees of the State of Georgia and county health departments, pennits such employees to defer a portion oftheir salary until future years. Participation in the plan is optional. Participants choose the option or options in which they wish to participate. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. All amounts of \n \n- 16 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30 1995 \n \nEXHIBIT\"F\" \n \nNOTE 7: DEFERRED COMPENSATION PLAN \ncompensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property or rights of the State of Georgia subject only to the claims of the State's general creditors. Participant's rights under the plan are equal to those of a general creditor of the State of Georgia in an amount equal to the fair market value of the deferred account of each participant. Financial information relative to the plan is presented in the financial report ofthe State Personnel Board - Merit System of Personnel Administration for the year ended June 30, 1995. \nNOTES: RETIREMENTPLANS \nTEACHERS RETIREMENT SYSTEM OF GEORGIA \nPlan Description Macon Technical Institute participates in the Teachers Retirement System ofGeorgia (TRS), a cost-sharing multiple-employer public employee retirement system (PERS) established by the General Assembly ofGeorgia for the purpose of providing retirement allowances and other benefits for teachers of the State of Georgia. The Institute's payroll for the year ended June 30, 1995, for employees covered by TRS was $2,885,270.28. The Institute's total payroll for all employees was $5,142,273.22. \nBenefits TRS provides service retirement, disability retirement, and survivor's benefits for its members. A member is eligible for service retirement after the member (1) has attained the age of60 years and has at least ten years ofcreditable service, (2) has at least 30 years ofcreditable service, regardless of age, or (3) has attained the age of55 years and has at least 25 years ofcreditable service. For those members with 30 years of service or those age 60 with at least ten years of service, retirement benefits are equal to 2% of the average of the member's two consecutive highest paid years ofservice multiplied by the number ofyears of creditable service up to 40 years. Any member who has between 25 and 30 years ofcreditable service and is at least 55 years ofage shall receive a benefit which is reduced by the lessor of 1/12 of 7% for each month the member is below age 60, or by 7% for each year or fraction thereofby which the member has less than 30 years of service. The normal retirement pension is payable monthly for life. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death. \nRetirement benefits also include death and disability benefits whereby the disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The benefit is based on member's creditable service (minimum of 10 years ofservice) and compensation up to the date ofdeath or up to the time of disability. \nMembers become 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. \n \n- 17 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30 1995 \n \nEXHIBIT \"F\" \n \nNOTE 8: RETIREMENT PLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nContributions Required and Contributions Made Employees of the Institute who are covered by TRS are required to pay 5% oftheir gross earnings to TRS. The Institute makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees as advised by their independent actwuy. For fiscal year 1995, the employer contribution rate was 11.81% for covered employees. The interest rate assumption (rate of return on investments) was 7.50%. \n \nTotal contnbutions to the plan made during fiscal year 1995 amounted to $484,861.24, of which $336,539.92 was made by the Institute, $4,057.44 was made by the Georgia Department of Education on behalf of the Institute and $144,263.88 was made by employees. These contributions represented 11.81% (Institute) and 5% (employees) of covered payroll. \n \nFunding Status and Progress Pension Benefit Obligation \nThe amount of the total pension benefit obligation is based on a standardized measurement established by Statement No. 5 of the Governmental Accounting Standards Board (GASB) that is required to be used for reporting purposes. The standardized measurement is the actuarial present value of credited projected benefits. This pension valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to-date and is adjusted for the effects of projected salary increases and any step-rate benefits. A standardized measure of the pension benefit obligation was adopted by the GASB to enable readers ofthe PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and \nmake comparisons among similar PERS. \n \nPension Benefit Obligation The total unfunded pension benefit obligation ofTRS as ofJune 30, 1994, which was the latest information available, was as follows: \n \nTotal pension benefit obligation \n \n$15,313,743,000.00 \n \nNet assets available for benefits, at cost \n \n14 254 785 000.00 \n \nUnfunded pension benefit obligation \n \n$ I 058 958 000 00 \n \nThe measurement ofthe total pension benefit obligation is based on an actuarial valuation as of June 30, 1994. Net assets available for benefits were valued as of the same date. TRS does not make separate measurements of assets and pension benefit obligation for individual employers. \n \nRetirement System Contributions Total contributions from all employers to TRS for the year ended June 30, 1995, were $565,117,811.00. The Institute's contribution for the year ended June 30, 1995, of $340,597.36 was actuarially determined and represented 0.0603% oftotal contributions made by all participating employers. \n \n- 18 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30 1995 \n \nEXHIBIT \"F\" \n \nNOTE 8: RETIREMENT PLANS \nTEACHERS RETIREMENT SYSTEM OF GEORGIA \nTrend Information Historical trend infonnation is presented in the financial report ofTRS for the year ended June 30, 1995. This information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. \nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \nPlan Description Macon Technical Institute participates in the Employees' Retirement System of Georgia (ERS), a singleemployer defined benefit pension plan established by the General Assembly of Georgia for the purpose of providing retirement allowances .for employees of the State of Georgia. The Institute's payroll for the year ended June 30, 1995, for employees covered by ERS was $1,291,808.10. The Institute's total payroll for all employees was $5,142,273.22. \nBenefits The benefit structure ofERS was significantly modified on July 1, 1982. Unless elected otherwise, an employee who currently maintains membership with ERS based upon State employment that started prior to July l, 1982, is an \"old plan\" member subject to the plan provisions in effect prior to July 1, 1982. All other members are \"new plan\" members subject to the modified plan provisions. \nMembers become vested after 10 years of creditable service. A member may retire and receive normal retirement benefits after completion of 10 years of creditable service and attainment of age 65. Retirement benefits paid to members are based upon a formula which considers the monthly average of the member's highest eight consecutive calendar quarters of salary, the number of years of creditable service, and the member's age at retirement. Postretirement cost-of-living adjustments are also made to member's benefits. The normal retirement pension is payable monthly for life; however, options are available for distribution of the member's monthly pension at reduced rates to a designated beneficiary upon the member's death. Death and disability benefits are also available through ERS. If 10 years of service is completed and age 60 is reached, the member may retire with a reduced benefit. Additionally, there are certain provisions allowing for retirement after 30 years of service regardless ofage. \nContributions Required and Contributions Made Under the old plan, member contributions consist of employee contributions paid by the employee of 1.25% ofannual compensation and 4. 75% ofannual compensation paid by the Institute on behalf of the employee. Under the new plan, member contributions consist solely of 1.25% of annual compensation paid by employee. The Institute also is required to contribute at a specified percentage of active member payroll determined annually by actuarial valuation. Contributions are also made on amounts paid for accumulated leave of retiring employees. \n \n- 19- \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30 1995 \n \nEXHIBIT\"F\" \n \nNOTE 8: RETIREMENT PLANS \n \nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \n \nContributions Required and Contributions Made Total contnbutions to the plan made during fiscal year 1995 amounted to $208,489.66, of which $192,341.16 was made by the Institute and $16,148.50 was made by employees. These contributions represented 14.89\"/o (Institute) and 1.25% (employees) of covered payroll. \n \nFunding Status and Progress Pension Benefit Obligation \nThe amount shown as the \"pension benefit obligation\" is a standardized disclosure measure of the present value ofpension benefits, adjusted for the effects ofprojected salary increases and step-rate benefits, estimated to be payable in the future as a result of employee service to date. The measure is intended to help users assess the funding status ofERS on the going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among employers. The measure is the actuarial present value ofcredited projected benefits, and is independent of the funding method used to determine contributions to the plan. \n \nThe pension benefit obligation was computed as part of an actuarial valuation performed as of June 30, 1994. Significant actuarial assumptions used in the valuation include the following: \n \n(1) The present value offuture pension benefits paid was computed using a discounted rate of7.5%. This rate is also the same rate assumed to be earned on investments in the plan in future years. \n \n(2) Future pension payments reflect the following assumed salary increases as a result of inflation and merit increases: \n \n~ \n20 25 30 35 40 to 65 \n \nPercentage \n9.5% 8.5% 6.5% 6.0% 5.7% \n \n(3) ERS has the authority to grant cost-of-living adjustments by State statute. As ofJune 30, 1994, cost-of-living adjustments have been included in the pension benefit obligation. \n \nThe total unfunded pension benefit obligation ofERS as of June 30, 1994, which was the latest information available, was as follows: \n \n-20- \n \n MACON TECHNICAL INSTITUTE NOTES TO TI-IE FINANCIAL STATEMENTS \nJUNE30 1995 \n \nEXHIBIT \"F\" \n \nNOTES: RETIREMENTPLANS \n \nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \n \nFunding Status and Progress Pension Benefit Obligation: \n \nRetirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits but not yet receiving benefits \n \n$ 2,227,653,000.00 \n \nCurrent employees: \n \nAccumulated contributions \n \n648,516,000.00 \n \nEmployer financed - vested \n \n1,085,190,000.00 \n \nEmployer financed - nonvested \n \n1 206 805 000.00 \n \nTotal pension benefit obligation \n \n$ 5,168,164,000.00 \n \nNet assets available for benefits, at cost \n \n4 858 015 000.00 \n \nUnfunded pension benefit obligation \n \n$ 310 149 000 00 \n \nThe measurement ofthe total pension benefit obligation is based on an actuarial valuation as of June 30, 1994. Net assets available for benefits were valued as of the same date. ERS does not make separate measurements of assets and pension benefit obligation for individual employers. \n \nFunding Policy The ERS funding policy provides for periodic employer contributions at actuarially determined rates that, expressed as percentages ofannual payroll, are sufficient to accumulate sufficient assets to pay benefits when due. Level percentage of payroll employer contribution rates are determined using the entry age funding method. ERS also uses the level percentage of payroll method to amortize the unfunded liability within approximately 20 years following the valuation date. \n \nTotal contributions from all employers to ERS for the year ended June 30, 1995, were $256,624,679.00. The Institute's contribution for the year ended June 30, 1995, of $192,341.16 was actuarially determined and represented 0.075% of total contributions made by all participating employers. \n \nSignificant actuarial assumptions used to compute contributions are the same as those used to compute the standardized measure of pension obligation. \n \n- 21 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30 1995 \n \nEXHIBIT \"F\" \n \nNOTE 8: RETIREMENT PLANS \nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \nTrend Information Historical trend information is presented in the financial report ofERS for the year ended June 30, 1995. This information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. \nGEORGIA DEFINED CONTRIBUTION PLAN \nPlan Description Macon Technical Institute participates in the Georgia Defined Contribution Plan (GDCP) which is a singleemployer defined contribution plan established by the General Assembly of Georgia in July 1993 for the purpose ofproviding retirement coverage for State employees who are temporary, seasonal, and part-time and are not members of a public retirement or pension system. GDCP is administered by the Board of Trustees ofthe Employees' Retirement System of Georgia. The Institute's payroll for the year ended June 30, 1995, for employees covered by GDCP was $732,842.60. The Institute's total payroll for all employees was $5,142,273.22. \nBenefits A member may retire and elect to receive periodic payments after attainment of age 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board ofTrustees. If a member has Jess than$ 3,500.00 credited to his/her account, the Board of Trustees has the option of requiring a Jump sum distribution to the member in lieu ofmaking periodic payments. Upon the death of a member, a lump sum distribution equaling the amount credited to his/her account will be paid to the member's designated beneficiary. \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 ofemployment, the amount of the member's account is refundable upon request by the member. \nTotal contributions made by employees during fiscal year 1995 amounted to $54,963.90 which represents 7.5% of covered payroll. These contributions met the requirements of the plan. \nNOTE 9: LEAVE POLICIES \nEmployees earn annual leave ranging from one and one-quarter days to one and three-quarter days each month depending upon the employees' length ofcontinuous State service with a maximum accumulation offorty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1 - Compensated Absences \n- 22- \n \n MACON TECHNICAL INSTITUTE NOTES TO TIIE FINANCIAL STATEMENTS \nJUNE30 1995 \n \nEXHIBIT \"F\" \n \nNOTE 9: LEAVE POLICIES \nEmployees earn one and one-quarter days ofsick leave each month with a maximum accumulation of ninety days. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or tennination ofemployment. \nCertain employees who retire with one hundred and twenty days or more of forfeited annual and sick leave are entitled to additional service credit in the Employees' Retirement System of Georgia. \nNOTE 10: NONMONETARY TRANSACTIONS \nThe Georgia State Financing and Investment Commission (GSFIC), a unit of State government, is responsible for the issuance of state debt and for the investment and accounting for proceeds derived from the issuance of state debt. In addition, GSFIC is authorized to acquire and construct projects for the benefit of units of State government or to contract with units of State government for the construction or acquisition of capital outlay projects. During the fiscal year ended June 30, 1995, the Georgia State Financing and Investment Commission paid $3,211,616.72 to various vendors for approved projects related to Macon Technical Institute. \nNOTE 11: CONTINGENCIES \nAmounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. This could result in refunds to the grantor agency for any expenditures which are disallowed under grant terms. The amount of expenditures which may be disallowed by the grantor cannot be determined at this time although the Institute expects such amounts, if any, to be immaterial to its overall financial position. \nLitigation, claims and assessments filed against Macon Technical Institute (as an organizational unit of the Department ofTechnical and Adult Education), ifany, are generally considered to be actions against the State ofGeorgia. Pursuant to the Official Code of Georgia Annotated, the Department of Administrative Services maintains a program ofpurchased insurance and self-insurance which provides coverage for such litigation, claims and assessments. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1995. \nNOTE 12: BONDING INFORMATION \nThe President and all employees of Macon Technical Institute are bonded under a Public Employees Blanket Bond written by the Employers Insurance ofWausau, their Bond No. 1450-00-110723, on which the premium was paid to October 1, 1995. Under this agreement, the public employee dishonesty coverage insures Macon Technical Institute to a maximum of $1,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. The faithful performance of duty coverage insures the Institute to a maximum of $1,000,000.00 against loss sustained from failure of its employees to perform faithfully their duties or to account properly for all monies and property received by virtue of their position or employment. \n- 23 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE30 1995 \n \nEXHIBIT\"F\" \n \nNOTE 12: BONDING INFORMATION \nAll employees ofMacon Technical Institute are also bonded under Commercial Crime Policies written by the United States Fire Insurance Company, their Policy Nos. 626 011675 2 and 626 012294 4, on which the premiums were paid to October 1, 1995. Under these additional public employee dishonesty coverages, the policies insure the Institute to a maximum of $9,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. \n \n-24- \n \n SUPPLEMENTARY INFORMATION - 25 - \n \n MACON TECHNICAL INSTITUTE COMBINING BALANCE SHEET /STATUTORY BASIS} \nBUDGET FUND JUNE30 1995 \n \nEXHIBIT\"G\" \n \ncash and cash Equivalents \nAccounts Receivable state Funds Federal Financial Assistance Other \n \n\"A\" DEPARTMENT OF \nTECHNICAL AND ADULT EDUCATION \n \na \nLOTTERY FOR \nEDUCATION \n \nTOTAL \n \n$ \n \n791,303.40 S \n \n216,526.18 $ \n \n1,007,829.58 \n \n$ \n \n5,234.28 \n \n111,838.17 \n \n67,190.08 \n \n$ \n \n184,262.53 \n \n$ \n \n5,234.28 \n \n111,838.17 \n \n67,190.08 \n \n$ \n \n184,262.53 \n \nTotal Assets \n \n$ \n \n975565.93 $ \n \n216526.18 $ \n \n1192092.11 \n \nLIABILITIES AND FUND EOUITY \nLiabilities Accounts Payable Deferred Revenue Tuition and Fees \nTotal Liablllties \nFund Equity Fund Balance Reserved Federal Financial Assistance For Expired Grant Balances Live Wo11\u003c Projects Prior Year Local Funds Private Grants Expired Grant Balance Unreserved Designated Surplus Regular Lottery for Education \nTotal Fund Equity \nTotal Liabillties and Fund Equity \n \n633,491.70 $ 4,236.00 \n637727.70 $ \n \n216,312.76 $ \n \n849,804.46 \n \n4,236.00 \n \n216,312.76 $ --~854=~040=.46~ \n \n$ \n \n1.18 \n \n223,712.86 \n \n102,076.64 \n \n6.00 \n \n$ \n \n1.18 \n \n223,712.86 \n \n102,076.64 \n \n6.00 \n \n12,041.55 $ \n \n$ \n \n337,838.23 $ \n \n213.42 213.42 $ \n \n12,041.55 213.42 \n338,051.65 \n \n$ \n \n975565.93 $ \n \n216526.18 $ \n \n1192092.11 \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n 26. \n \n MACON TECHNICAL INSTITUTE COMBINING STATEMENT OF CHANGES IN FUND BAI ANCE /STATUTORY BASIS} \nBUDGET FUND YEAR ENDED JUNE 30 1995 \n \nEXHIBIT\"H\" \n \nfliND BALANCE - JI/LY l \nReserved Unreserved \nDesiglated Surplus \nADD!IIQN.S \nAdjuslmenls to Prior Yea(s Accounts Payable Excess of Funds Available over Expenditures \nElchiblt 1 \nDEDUCTIONS \nUnreserved Fund Balance (Surplus) Returned to Georgia Department of Technical and Adult Education - Administrative Central Off,ce Year Ended June 30, 1994 \nAdjustments to Prior Yea(s Accounts Receivable Refunds to Grantors \nPeace OfflCelS Standards and Training Council Reserved Fund Balar,ce Carried OVer from \nPrior Year as Funds Available \nFUND BALANCE - JUNE 30 \n(To Elchiblt \"G\") \n \n\"A\" DEPARTMENT OF \nTECHNICAL AND ADULT EDUCATION \n \n\"B\" LOTTERY FOR \nEDUCATION \n \nTOTAL \n \n302,348.89 \n \n14,065.84 $ \n \n$ \n \n316,414.73 $ \n \n$ \n5,799.90 5,799.90 $ \n \n302,348.89 \n19,865.74 322,214.63 \n \n$ \n \n14,052.42 $ \n \n335,129.81 \n \n$ \n \n349,182.23 $ \n \n213.42 $ 213.42 $ \n \n14,265.84 335,129.81 349,395.65 \n \n14,065.84 $ 11,201.12 \n333.45 \n302,158.32 $ _____3~27~,7~58~~73~$ \n \n5,799.90 $ \n \n19,865.74 11,201.12 \n333.45 \n302,158.32 \n \n5,799.90 $ ---'333=,558=~63~ \n \n337,838.23 $ ====2=13.,.42==$ ===338===05==1.=65= \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n- 27 - \n \n UACQN TfCMNICAI INSTITl ITE COMAIN1NG STATEMENT 9f FUNP$ AVAILABlE ANQ fXPENPffilBfS \n~ \nYEAR ENDER JlJNf3Q 1005 \n \nEXHISITT \n \nBINQS AYAH AAJ E \nSTATE FUNDS A11atrnent from Georgia Det:,artment d T.chnic:al and Adult Education - AdministratNe Cenbal Office \nFEllERAl REVENUES \nOTHER REVENUES RETAINED \n....\"\"\"\"\"\"\"'laDeporbnenldPubUcSafoly Georgia Peace Officers Standards and Training Council \nApplication ui..,y RegistrationlContinuing Education lnllnSl Eamed Sales and SeMces (Net) Tuition Olhe\u003cSou. . . . \nTolal Other Revenues Retained \nTotal Rewmues \nCABRY:9YfR fBOM PBPB YEA~ \nTransfeffrom ReseNed Fund Balance LiWIWoritProjects Prior Year Local Funds PrivateGrants \nTotal Cany-09ffrom Prior Year \nTolal Funds Available- \nfXPFNpm IBfS \nPERSONA! SffMCE$:INST1TtmONs \nSalaries and Wages Employer'sContributionsfor: \nF.1.C.A. Retirement Health Insurance Liability Insurance Unemployment Compensation Insurance Workers' Compensation Insurance \nQPfRAT1NG EXPfNSFS-INSTTTlmoNS \nOthe,~ MotDr Vehicle Expenses Supplies and Materials Repairs and Maintenance Utilities Rents {Other than Real Estate) Insurance and Bonding Other Operating Expenses Publications and Printing \nT,ayel Molor Vehicle Purchases Equipment \nEquipment Purdlnes Rental of Equipment Computer Charges Sollwa,e Equipment \nEquipment Pun::hases \nSee ac:eompanying notes and Independent Accountant's Combined Report on Review of Financial statements and Supplementary Information \n \n 28. \n \n\"A\" DEPARTMENT OF \nTECHNICAL ANO ADULT EDUCATlON \n \n\"B\" LOTTERY FOR EDUCATION \n \nTOTAL \n \n5 838 528.28 $ 12(1'1782.18 \n \n342981.00 S \n \ne 181509.28 \n12(1'1782.18 \n \n230,178.48 \n'XT,ffi.1/J 32,978.25 320,486.42 \n2,011.58 148,829.88 1,177.825.84 \n81 274.95 \n2019342.86 \n9085853.12 $ \n \n342981.00 $ \n \n230,178.48 \n'Z7,ffl.48 32,978.25 320,486.42 2,011.58 148,829.88 1,177,825.84 81274.95 \n2019342.86 \n9408834.12 \n \n194,787.87 107.051.00 \n339.45 \n302158.32 \n \n194,767.87 107,051.00 \n339.45 \n302158.32 \n \n9367811.44 $ \n \n342,981.00 S \n \n9710,792.44 \n \n5,052,075.97 \n150.657.06 528,888.68 532,893.16 31,623.00 \n4.136.00 13536.00 \n6313007.87 \n3,988.75 717,1~.47 208,419.68 235,180.50 \n500.00 7,107.00 265,364.12 39,481.42 35,110.80 16,682.00 \n366,541.41 28,129.56 \n750.00 \n450,866.12 \n \n5,052,075.97 \n150,657.08 528.886.68 532,893.16 31,623.00 \n4,136.00 13536.00 \n6313607.87 \n3,988.75 717,154.47 208,419.68 235,180.50 \n500.00 7,107.00 265,364.12 39,481.42 35,110.80 16,682.00 \n366,541.41 26,129.56 \n750.00 \n450,666.12 \n \n MACON IfCHNtCAL INSTTTUTf \nCOMBINING STATfMENT OF FUNDS AVAIL.ABLE ANQ EXP'NDITIJRfS \nso ~ \nYEAR fNQED JI/NE 1995 \n \nEXHIBITT \n \nfXPfNOOYBES OPERA.JING EXPfNsS-INSTITUTIONS \nReal Estate Rentals Telecommunications Per o.m, Fees and Contracts \nPer Diem nd Fees Conl,ads \n- -QUICKSTARTPBQGRAM Salaries and Wages Emplo)'l9r'sContributionfor. F.1.C.A. \" \" ' \" ' \" - Supplies and Materials Per Diem, Fees and Conlracts Per Diem and Fees \nAQUI T ! ITfRACY QRANT \nPersonal 5eMces Salaries and Wages Emplo)'i9r'sContributionsfor. F.I.C.A. Retirement Health Insurance \nT'\"\"\"' \n19@ TRAINING PARThlfB$HIP ACT \nPersonalSelYices Salaries and Wages Emplo)'l9r'sContributionsfor. F.I.C.A. RetiA!lment Healthtnsurance Liability Insurance \n\"\"'\"'\"Supplies and Materials Insurance and Bonding \nT -\"\"'\"'Ope,atiog- \nEQUIPMfNt-:TfCI-INICAI INS11TUTf;S \nClll\u003ee,Com Olhef\" Operating Expenses \nEquipment Equipment Purchases \nRfPAIR AND RENQVAJlONS \n\"'\"'Com Repairs and Maintenance \nTotal Expenditures \nExcess ot Funds Available ewer Expenditures \n \nSee accompanying notes and Independent Accountant's Combined Report on Review ot Financial Statements and SUpplementary Information. \n \n 29. \n \n... \nDEPARTMENT OF TECHNICAL \nAND ADULT EDUCATION \n \n\"8\" LOTTERY FOR \nEDUCATION \n \nTOTAL \n \n12,012.06 95,275.73 \n13,110.00 109841.98 \n2803125.60 \n \n12,012.06 95,275.73 \n13,110.00 109841.98 \n2803125.60 \n \n660.25 i.06 \n366.85 1546.12 2575.28 \n \noeo.25 2.06 \n366.85 1546.12 2,575.28 \n \n50,340.00 \n708.88 5,945.16 6,292.56 \n264.00 \n63548.40 \n \n50,340.00 \n708.88 5,945.16 6,292.56 \n264.00 \n63548.40 \n \n39,197.00 \n558.88 3,747.12 3,966.02 \n211.00 \nSI04.75 6.00 \n17.C.00 1056.91 \n \n...... 39,197.00 3,747.12 3,966.02 211.00 \n904.75 6.00 \n17.C.OO 1 056.91 \n4'182.C..CS \n \n122.76 $ 342108.24 342231.00 S \n \n122.76 3-42108.24 342231.00 \n \n_ _ _1=so=.oo~ s _ _ _750=.oo~ \n \n9,032,681.63 S \n \n342,981.00 S \n \n9,375,662.63 \n \n335129.81 \n \n0.00 \n \n335129.81 \n \n9367,811.44 S \n \n342981.00 S \n \n9,710792.44 \n \n MACON TECHNICAL INSTITUTE COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES \nFIDUCIARY FUND TYPE AGENCY FUNDS \nYEAR ENDED JUNE 30 1995 \n \nEXHIBIT\"J\" \n \nE\\!NQ Bibb Foundation DeKalbBookstc\u003ce General Scholarship Fund HOPE SCholanlhlp Program Georgia Student Incentive Grant Malpractice Insurance National Honor Society Pell Grant Program Phi Bela Lambda Club Student Activities Fund Student Insurance Vocational lndumlal Clubs of America \n \nASSETS/ LIABILITIES JULY 1, 1994 \n \n$ \n \n-350.00 $ \n \n11,129.85 \n \n5,169.77 \n \n11,637.50 \n \n0.00 \n \n0.00 \n \n305.76 \n \n1,m.96 \n \n0.00 \n \n8,790.55 \n \n-201.90 \n \n0.00 \n \nADDITIONS \n \nDEDUCTIONS \n \nASSETS/ LIABILITIES JUNE 30, 1995 \n \n500.00 $ \n \n145.05 $ \n \n4.95 \n \n37,529.87 \n \n40,639.28 \n \n8,020.44 \n \n1,254.86 \n \n6,211.51 \n \n213.12 \n \n1,056,994.50 \n \n1,051,930.19 \n \n16,701.81 \n \n19,724.00 \n \n19,724.00 \n \n0.00 \n \n4,454.00 \n \n4,454.00 \n \n0.00 \n \n0.00 \n \n0.00 \n \n305.76 \n \n1,116,155.04 \n \n1,117,107.07 \n \n825.93 \n \n1,043.38 \n \n804.41 \n \n238.97 \n \n70,694.64 \n \n35,560.91 \n \n43,924.28 \n \n4,358.50 \n \n4,416.50 \n \n-259.90 \n \n945.95 \n \n746.06 \n \n199.87 \n \n$ \n \n38 259.49 $ \n \n2313654.74 $ \n \n2,281 739.00 $ \n \n70175.23 \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n-30- \n \n NONJNTEREST BEARING ACCOUNTS \nSunTrus1 Bank, Macon, Georgia \nINTEREST BEARJNG ACCOUNTS \nSunTrus1 Bank, Macon, Georgia \nN.O.W. Account \nOTHER \ncash on Hand Petty C8sh \n \nMACON TECHNICAL INSTITUTE CASH AND CASH EQUIVALENTS \nJUNE30 1995 \n \nSCHEDULE 1 \n917,589.09 102,076.64 \n1,025.00 1 020690.73 \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n-31- \n \n MACON TFCHNICAL INSTITUTE SCHfPULE OF FEDERAL REVENUES \nYEAR ENDED JUNE 30 1995 \nBUPGETEUNP \nEducation, U. S. Department of Adult Education - State Administered Basic Grant Program Through Bibb COUnty Board of Education \nVocational Education - Basic Grants to States Through Georgia Department ofTechnical and Adult Education - Administrative Central Office \nVocational Education - Consumer and Homemaking Education Through Georgia Department of Technical and Adult Education - Administrative Central Office \nHealth and Human Services, U. S. Department of Payments to States for Child Care Assistance Through Georgia Child Care Council \nLabor, U. S. Department of Job Training Partnership Act Through Georgia Department of Technical and Adult Education - Administrative Central Office Through Green Thumb, Incorporated Through Middle Georgia Consortium \n \nSCHEDULE\"2\" \n \nCFDA NUMBER \n \nAMOUNT \n \n84.002 \n \n$ \n \n63,548.40 \n \n84.048 \n \n984,637.00 \n \n84.049 \n \n25,000.00 \n \n93.575 \n \n17,246.79 \n \n17.250 17.250 17.250 \n \n50,094.34 4,719.49 \n62,536.16 \n \n$ \n \n1207782.18 \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n 32. \n \n MACON TECHNICAL INSTITUTE RECONCILIATION OF SALARIES AND WAGES AND TRA\\/EL \nYEAR ENDED JUNE 30 1995 \n \nSCHEDULE\"3\" \n \nTotals per Annual Supplement \nAccruals June 30, 1994 \nAdjustments Strane, Jeffrey Edward \nTotals per Report \nSUMMARY BY OBJECT CLASS BUOGETFUND Personal Services--lnst~utions Operating Expenses-Institutions Quick Start Program Adult Ueracy Grants Job Training Partnership Act \n \nSALARIES AND WAGES \n \n$ \n \n5,142,553.22 $ \n \nTRAVEL 36,731.43 \n \n-280.00 \n \n-6.72 \n \n-291.00 \n \n5142273.22 $ ====36==433==.7=1 \n \n$ \n \n5,052,075.97 \n \n$ \n \n660.25 \n \n50,340.00 \n \n39,197.00 \n \n35,110.80 \n264.00 1,058.91 \n \n$ \n \n5142 273.22 $ \n \n36433.71 \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary lnfonnation. \n-33- \n \n MACON IfCHNICAL INSTITUTE RECONCILIATION Of PER DIEM AND FEES \nYEAR ENDED JUNE 30 1995 \n \nSCHEDULE \"4\" \n \nTotals per Annual Supplement Adjustments SCT Strane, Jeffrey Edward \nTotals per Report \n \nTYPE PAYMENT \nConsultant Reimbursable Expenses \n \nSUMMARY BY OBJECT CLASS \nBUDGET FUND Operating Expenses-Institutions Quick Start Program \n \nFEE AMOUNT \n16,828.41 $ \n \nEXPENSE AMOUNT \n686.71 $ \n \nTOTAL 17,515.12 \n \n-3,150.00 \n \n291.00 \n \n-3,150.00 291.00 \n \n13678.41 $ \n \n977.71 $ =====14=656===12= \n \n13,110.00 1,546.12 \n$ ====1='4=656=.1=2 \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n-34- \n \n SECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS \n \n MACON TECHNICAL INSTITUTE \nSCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \nYEAR ENDED JUNE 30 1995 \n \nSTATUS OF PRIOR YEAR FINDINGS AND IMPROPER OR QUESTIONED COSTS \n \nThe status ofthe finding disclosed in the review report for the year ended June 30, 1994, is indicated below: \n \nAudit Control Number \n \nStatus ofFinding \n \n835-94-01 \n \nCorrective Action Implemented \n \nCURRENT YEAR \n \nELIGIBILITY Failure to Sign Statement ofEducational Purpose Federal Financial Assistance Pell Grant Program (CFDA 84.063) Audit Control Number 835-95-01 \n \nFederal regulations (34 CFR 668.32) require that students sign a Statement ofEducational Purpose to be eligible for Title IV program funds. For the year under review, an examination of twenty-five student files disclosed that two files did not contain a signed Statement of Educational Purpose. This noncompliance occurred because of management's failure to adequately monitor the student files. \n \nProcedures should be implemented by the Institute to ensure that student files contain a signed Statement of Educational Purpose as required by Federal regulations. \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bv6-bm3-b1993-h94","title":"Review report, state of Georgia, Macon Technical Institute, Macon, Georgia, year ended June 30, 1994","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits.","Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Bibb County, Macon, 32.84069, -83.6324"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["1993/1994"],"dcterms_description":["-Year ended June 30, 2000.","\"Title fluctuates: Audits conducted \"in accordance with generally accepted auditing standards\" are issued as: Audit report; reviews that are \"substantially less in scope than an audit in accordance with generally accepted auditing standards\" are issued as: Review or Management report.\"","Report year cover fiscal year.","Issue by the Dept. of Audits, \u003c1994\u003e-1996; Dept. of Audits and Accounts, 1997-2000.","June 30, 1994; title from cover."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 1994-06-30"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Macon Technical Institute--Appropriations and expenditures","Education--Auditing--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Review report, state of Georgia, Macon Technical Institute, Macon, Georgia, year ended June 30, 1994"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-bv6-bm3-b1993-h94"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bv6-bm3-b1993-h94"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"GA \nABOO \n.Rl \n\\flo \n0'\\3 \n\\QQ3-CfLf \nSTATE OF GEORGIA DEPARTMENT OF AUDITS \n254 WASHINGTON STREET \nATLANTA. GEORGIA 30334 \n \n REVIEW REPORT STATE OF GEORGIA MACON TECHNICAL INSTITUTE MACON, GEORGIA YEAR ENDED JUNE 30, 1994 \n \n MACON TECHNICAL INSTITUTE - TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nINDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \n \nEXHIBITS \n \nFINANCIAL STATEMENTS \n \nA COMBINED BALANCE SHEET (STATUTORY BASIS) \n \nALL FUND TYPES AND ACCOUNT GROUPS \n \n2 \n \nB STATEMENT OF CHANGES IN FUND BALANCE (STATUTORY BASIS) \n \nGOVERNMENTAL FUND TYPE \n \n3 \n \nC STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \n \nBUDGET FUND \n \n4 \n \nSTATEMENTS OF FUNDS AVAILABLE AND EXPENDITURES \n \nCOMPARED TO BUDGET \n \nBUDGET FUND \n \nD \n \n\"A\" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION \n \n6 \n \nE \n \n\"B\" LOTTERY FOR EDUCATION \n \n7 \n \nF NOTES TO THE FINANCIAL STATEMENTS \n \n8 \n \nSUPPLEMENTARY INFORMATION \n \nG COMBINING BALANCE SHEET (STATUTORY BASIS) \n \nBUDGET FUND \n \n20 \n \nH COMBINING STATEMENT OF CHANGES IN FUND BALANCE \n \n(STATUTORY BASIS) \n \nBUDGET FUND \n \n21 \n \nI COMBINING STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \n \nBUDGET FUND \n \n22 \n \nJ COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES \n \nFIDUCIARY FUND TYPE - AGENCY FUNDS \n \n24 \n \nSCHEDULES \n \n1 CASH AND CASH EQUIVALENTS \n \n25 \n \n2 SCHEDULE OF FEDERAL REVENUES \n \n26 \n \n3 RECONCILIATION OF SALARIES AND WAGES, AND TRAVEL \n \n27 \n \n MACON TECHNICAL INSTITUTE - TABLE OF CONTENTS - \nSECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \n \n SECTION I FINANCIAL \n \n CLAUDE L. VICKERS STATE AUDITOR (404) 656-2174 \nTAX RATIO (404) 656-0494 \n \nf\"G j.,.\" .\u003c#-~~:.\"/~:G. :'$) \n \n\u003c- \n \nGl \n \nI- \n \n- \n \n11\\ \n \n I 76 \n \n~.eparfm.enf of J\\ub-ifs \n254 WASHINGTON STREET. S. W. \nROOM 214 \n~thmta, Qi}~nrgia 30334-8400 \n \nDecember 8, 1994 \n \nFINANCIAL AUDI1S (404) 656-2180 \nPROGRAM AUDI1S (404) 656-2006 \n \nHonorable Zell Miller, Governor Members of the General Assembly of Georgia Members of the State Board of Technical and Adult Education Members of the Local Board ofDirectors \nand Honorable Melton Palmer, Jr., President Macon Technical Institute \nINDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \nLadies and Gentlemen: \nWe have reviewed the accompanying financial statements (Exhibits A through F) ofMacon Technical Institute as of and for the year ended June 30, 1994, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. As described in Note 1, these financial statements were prepared on a prescribed basis of accounting that demonstrates compliance with the budgetary statutes and regulations of the State of Georgia, which is a comprehensive basis of accounting other than generally accepted accounting principles. All information included in these financial statements is the representation of the management of Macon Technical Institute. \nA review consists principally of inquiries of Institute personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. \nBased on our review, we are not aware ofany material modifications that should be made to the accompanying financial statements in order for them to be in conformity with the basis of accounting described in Note 1. \nOur review was made for the purpose of expressing limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with the basis of accounting described in Note 1. The accompanying supplementary information (Exhibits G through J and Schedules 1 through 3) is presented only for supplementary analysis purposes. Such information has been \n \n94ARL-4T \n \n subjected to the inquiries and analytical procedures applied in the review of the financial statements, and we are not aware of any material modifications that should be made thereto. \nRes;f~~ \n \nCLV:bh 94ARL-4T \n \nClaude L. Vickers State Auditor \n \n FINANCIAL STATEMENTS \n- 1- \n \n MACON TECHNICAL INSTITUTE COMBINED BALANCE SHEET (STATUTORY BASIS) \nALL FUND TYPES AND ACCOUNT GROUPS JUNE 30, 1994 \n \nEXHIBIT \"A\" \n \nGOVERNMENTAL FIDUCIARY \n \nFUND TYPE FUND TYPE \n \nBUDGET \n \nAGENCy \n \nACCOUNT GROUPS \n \nGENERAL \n \nGENERAL \n \nFIXED \n \nLONG-TERM \n \nASSETS \n \nDEBT \n \nASSETS \n \nCash and Cash Equivalents (See Schedule) \n \n$ 575,810.28 $ 32,315.39 \n \n$ 608,125.67 $ 342,146.63 \n \nAccounts Receivable State Funds Federal Financial Assistance Other \n \n$ 5,447,69 74,531.53 84,947.38 $ 5,944.10 \n \n$ 5,447.69 $ \n \n0.00 \n \n74,531.53 \n \n56,245.18 \n \n90,891.48 \n \n40.787.16 \n \n$ 164,926.60 $ 5,944.10 \n \n$ 170,870.70 $ 97,032.34 \n \nPrepaid Items \n \n$ 1.754.95 \n \n$ 1.754.95 $ \n \n0.00 \n \nFixed Assets Equipment \n \n$3,096,397.28 \n \n$ 3,096,397.28 $ 2,186,736.88 \n \nAmounts to be Provided for Payment of Accrued Compensated Absences \n \n$ 320,093.81 $ 320,093.81 $ 295,243.43 \n \nTotal Assets \n \n$ 742,491.83 $ 38,259.49 $3,096,397.28 $ 320,093.81 $ 4,197,242.41 $ 2,921,159.28 \n \nLIABILITIES AND FUND EQUITY \n \nLi abil i ti es Accounts Payable Salaries Payable Deferred Revenue Tuition and Fees Funds Held for Others Compensated Absences \n \n$ 417,143.20 280.00 \n2,854.00 $ 38,259.49 \n \n$ $ 320,093.81 \n \n417,143.20 $ 280.00 \n2,854.00 38,259.49 320,093.81 \n \n130,787.76 0.00 \n35,740.69 16,914.69 295,243.43 \n \nTotal Liabilities \n \n$ 420,277.20 $ 38,259.49 \n \n$ 320,093.81 $ 778,630.50 $ 478,686.57 \n \nFund Equity Investment in General Fixed Assets Fund Balance Reserved Federal Financial Assistance For Refund to Georgia Department of Technical and Adult Education Administrative Central Office Live Work Projects Prior Year Local Funds Pri vate Grants Expired Grant Balance Unreserved Designated Surplus Regular Lottery for Education \n \n$ \n \n190.57 \n \n194,767.87 \n \n107,051.00 \n \n339.45 \n \n14,065.84 5.799.90 \n \n$3,096,397.28 \n \n$ 3,096,397.28 $ 2,186,736.88 \n \n190.57 194,767.87 107,051.00 \n339.45 \n \n0.00 153 ,956.67 101,779.16 \n0.00 \n \n14,065.84 \n \n0.00 \n \n5.799.90 \n \n0.00 \n \nTotal Fund Equity \n \n$ 322,214.63 \n \n$3,096,397.28 \n \n$ 3.418,611.91 $ 2,442,472.71 \n \nTotal Liabilities and Fund Equity \n \n$ 742,491.83 $ 38,259.49 $3,096,397.28 $ 320,093.81 $ 4,197,242.41 $ 2,921,159.28 \n \nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. The notes to the financial statements are an integral part of this statement. \n- 2- \n \n MACON TECHNICAL INSTITUTE STATEMENT OF CHANGES IN FUND BALANCE (STATUTORY BASIS) \nGOVERNMENTAL FUND TYPE YEAR ENDED JUNE 30, 1994 \n \nEXHIBIT \"B\" \n \nFUND BALANCE - JULY 1 \n \nBUDGET FUND YEAR ENDED JUNE 30, 1994 JUNE 30, 1993 \n \nReserved Unreserved \nDesignated Surplus \nADDITIONS \n \n$ 255,735.83 $ 211,698.12 \n \n0.00 \n \n46,183.96 \n \n------------- ------------- \n \n$ 255,735.83 $ 257,882.08 \n------------- ------------- \n \nAdjustments to Prior Year's Accounts Payable \nExcess of Funds Available over Expenditures Exhibit \"c\" \nDEDUCTIONS \n \n$ \n \n987.17 $ \n \n753.63 \n \n321,778.85 255,065.46 ------------- ------------- \n \n$ 322,766.02 $ 255,819.09 \n------------- ------------- \n \nUnreserved Fund Balance (Surplus) Returned to Georgia Department of Technical and Adult Education - Administrative Central Office Year Ended June 30, 1992 \nAdjustments to Prior Year's Accounts Receivable \nRefunds to Grantors Georgia Department of Technical and Adult Education - Administrative Central Office Federal Financial Assistance \nReimbursement of Prior Year's Expenditures Reserved Fund Balance Carried Over from \nPrior Year as Funds Available \nFUND BALANCE - JUNE 30 \n \n$ \n \n0.00 $ 46,183.96 \n \n194.00 \n \n83.26 \n \n0.00 357.39 \n \n70.56 0.00 \n \n255,735.83 \n \n211,627.56 \n \n------------- ------------- \n \n$ 256,287.22 $ 257,965.34 ------------- ------------- \n \n(To Exhibit \"A\") \n \n$ 322,214.63 $ 255,735.83 \n \nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. The notes to the financial statements are an integral part of this statement. \n-3- \n \n MACON TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \nBUDGET FUND \nYEAR ENDED JUNE 30, 1994 \n \nEXHIBIT \"C\" Page 1 \n \nFUNDS AVAILABLE REVENUES \nSTATE FUNDS Allotment from Georgia Department of Technical and Adult Education - Administrative Central Office \nFEDERAL REVENUES (See Schedule) OTHER REVENUES RETAINED \nContracts Georgia Department of Public Sarety Georgia Peace Officers Standards and Training Council \nFees Application Llbrary Registration/Continuing Education Testing Other \nInterest Earned Reimbursements \nFrom Various 'Sources Rents Returned Check Charges Sales and Services (Net) Sale of Assets Tuition Other Sources \nTotal Other Revenues Retained Total Revenues CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Live Work Projects Prior Year Local Funds Total Carry-Over from Prior Year \n \nTOTALS \nYEAR ENDED JUNE 30, 1994 JUNE 3D, 1993 \n \n$ 5,745,149.7B $ 4,53B,354.00 $ 1,19B,297.41 $ 1,024,690.87 \n \n$ 226,079,45 $ 220,686,82 \n \n35,168,00 15,651. 75 314,129,00 12,408.12 6,643.96 1.999.30 \n \n32,432,00 0,00 \n309,078.25 9,435.00 23.00 2,485.87 \n \n4,575.00 10,525.00 \n0.00 91.818.00 \n0.00 1,020,900.23 \n21.608,85 \n \n0.00 1,605.00 \n370.00 97,559.51 \n2,120.81 891,131.56 \n12,553.97 \n \n$ 1,761,506.66 $ 1,579,481.79 \n \n$ 8,704,953.85 $ 7,142,526.66 \n \n$ 153,956.67 $ 107,098,12 \n \n101,779.16 \n \n104,529.44 \n \n$ 255,735.83 $ 211,627.56 \n \nTotal Funds Available \n \n$ 8,960,689.68 $ 7,354,154.22 \n \nEXPENDITURES PERSONAL SERVICES-INSTITUTIONS \nSalaries and Wages Employer's Contributions for: \nF.I.C.A. Retirement Hea lth Insurance Liability Insurance Unemployment Compensation Insurance Workers' Compensation Insurance \nOPERATING EXPENSES-INSTITUTIONS Other Costs Motor Vehicle Expenses Supplies and Materials Repairs and Maintenance Utilities Rents (Other than Real Estate) Insurance and Bonding Other Operating Expenses Publications and Printing Travel Motor Vehicle Purchases \n \n$ 4,619,258.32 $ 4,196,510.78 \n \n129,293.86 480,857,46 474,834.98 \n17,272,00 1,021. 00 5,570.00 \n \n108,269.50 431,721.73 431,122.57 12,255.00 \n832.00 3,570.00 \n \n$ 5,728,107.62 $ 5,184,281.58 \n \n$ \n \n2,935.42 $ \n \n6,289.08 \n \n588,464.52 \n \n423,175.97 \n \n118,911.99 \n \n126,027.25 \n \n253,994.46 \n \n187,954.52 \n \n10,831. 64 \n \n10,939.30 \n \n7,428.00 \n \n10,035.50 \n \n285,780.33 \n \n261,446.39 \n \n38,577.66 \n \n13,726.44 \n \n29,689.01 \n \n29,130.01 \n \n2,800.00 \n \n14,524.00 \n \nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. The notes to the financial statements are an integral part of this statement. \n-4- \n \n MACON TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \n.BUDGET FUND YEAR ENDED JUNE 3D. 1994 \n \nEXHIBIT \"C\" Page 2 \n \nEXPENDITURES OPERATING EXPENSES-INSTITUTIONS \nEquipment Equipment Purchases Rental of Equipment \nComputer Charges Software Equipment Equipment Purchases \nTelecommunications Per Diem, Fees and Contracts \nPer Diem and Fees Contracts \n \nQUICK START PROGRAM Personal Services Salaries and Wages Employer's Contributions for: F.LC.A. Health Insurance Other Costs Supplies and Materials Insurance and Bonding Per Diem, Fees and Contracts Per Diem and Fees \n \nADULT LITERACY GRANTS Personal Services Salaries and Wages Employer'S Contributions for: F. I .C,A. Retirement Health Insurance Other Costs Supplies and Materials Other Operating Expenses Travel EqUipment Equipment Purchases \n \nJOB TRAINING PARTNERSHIP ACT \n \nPersonal Services \n \nSalaries and Wages \n \nEmployer's Contributions for: \n \nF.LC.A. \n \nRetirement \n \nHea lth Insurance \n \nLiability Insurance \n \nOther Costs \n \nInsurance and Bonding \n \nOther Operating Expenses \n \nTravel \n \n. \n \nTelecommunications \n \nEQUIPMENT - STATE SCHOOLS Equipment Equipment Purchases Total Expenditures \nExcess of Funds Available over Expenditures \n \nTOTALS YEAR ENDED JUNE 30, 1994 JUNE 30, 1993 \n \n$ 478,887.83 $ 262,462.88 \n \n19,977.84 \n \n9,367.16 \n \n16,550.00 \n \n0.00 \n \n251,173.06 76,485.32 \n \n253,082.39 56,308.64 \n \n36,489.07 71.719.59 \n \n45,104.82 120,215.41 \n \n$ 2.290,695.74 $ 1,829,789.76 \n \n$ \n \n2,576.48 $ \n \n961.20 \n \n50.01 0.00 \n \n405.65 41.31 \n \n1,642.35 0.00 \n \n501.60 462.62 \n \n10,558.52 \n \n24,243.04 \n \n$ 14,827.36 $ 26,615.42 \n \n$ 44,374.00 $ 22,064.83 \n \n623.45 5,240.62 5,546.75 \n \n1,268.35 3,658.05 2,692.82 \n \n6,096.25 0.00 \n375.30 \n \n6,633.06 4,196.15 \n0.00 \n \n2,474.74 \n \n17,888.74 \n \n$ 64,731.11 $ 58,402.00 \n \n$ 37,332,19 $ \n \n0.00 \n \n532.95 \n \n0.00 \n \n3,086.88 \n \n0.00 \n \n3,267.24 \n \n0.00 \n \n127.00 \n \n0.00 \n \n6.00 \n \n0.00 \n \n2,032.73 \n \n0.00 \n \n1,488.91 \n \n0.00 \n \n1,800.00 \n \n0.00 \n \n$ 49,673.90 $ \n \n0.00 \n \n$ 490,875.10 $ \n \n0.00 \n \n$ 8,638,910.83 $ 7,099,088.76 \n \n321.778.85 \n \n255,065.46 \n \n$ 8,960,689.68 $ 7,354,154.22 See Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. The notes to the financial statements are an integral part of this statement. \n- 5- \n \n MACON TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \nCOMPARED TO BUDGET BUDGET FUND \n\"A\" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION YEAR ENDED JUNE 30. 1994 \n \nEXHIBIT \"0\" \n \nFUNDS AVAILABLE REVENUES \nState Funds Federal Revenues Other Revenues Retained \nCARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance \n \nBUDGET \n \nACTUAL \n \nVARIANCEFAVORABLE (UNFAVORABLE) \n \n$ 5,248,303.00 $ 5,248,474.78 $ \n \n171. 78 \n \n1,284,695.00 1,198,297.41 \n \n-86,397.59 \n \n2,174,450.00 1,761,506.66 -412,943.34 \n \n$ 8,707,448.00 $ 8,208,278.85 $ -499,169.15 \n \n70,000.00 \n \n255,735.83 \n \n185,735.83 \n \n$ 8,777,448.00 $ 8,464,014.68 $ -313,433.32 \n \nEXPENDITURES \nPersonal Services-Institutions Operating Expenses-Institutions Quick Start Program Adult Literacy Grants Job Training Partnership Act \n \n$ 5,933,644.00 $ 5,728,107.62 $ 205,536.38 \n \n2,701,735.00 2,290,695.74 411,039.26 \n \n19,862.00 \n \n14,827.36 \n \n5,034.64 \n \n67,000.00 \n \n64,731.11 \n \n2,268.89 \n \n55,207.00 \n \n49,673.90 \n \n5,533.10 \n \n------------- ------------- ------------- \n \n$ 8,777,448.00 $ 8,148,035.73 $ 629,412.27 \n============= ------------- ------------- \n \nExcess of Funds Available over Expenditures \n \n$ 315,978.95 $ 315,978.95 \n============= ============= \n \nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. The notes to the financial statements are an integral part of this statement. \n- 6- \n \n MACON TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \nCOMPARED TO BUDGET BUDGET FUND \n\"B\" LOTTERY FOR EDUCATION YEAR ENDED JUNE 30, 1994 \n \nEXHIBIT \"E\" \n \nFUNDS AVAILABLE REVENUES \nState Funds \nEXPENDITURES Equipment - State Schools \nExcess of Funds Available over Expenditures \n \nBUDGET \n \nACTUAL \n \nVARIANCEFAVORABLE (UNFAVORABLE) \n \n$ 496,675.00 $ 496,675.00 $ \n \n0.00 \n \n============= ------------- ------------- \n \n$ 496,675.00 $ 490,875.10 $ 5,799.90 \n \n$ \n \n5,799.90 $ \n \n5,799.90 \n \n============= ============= \n \nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. The notes to the financial statements are an integral part of this statement. \n- 7- \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30.1994 \n \nEXIllBIT \"F\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nREPORTING ENTITY Macon Technical Institute is one of twenty-eight (28) State supported member institutes of postsecondary education in Georgia which comprise the Georgia Department of Technical and Adult Education, an organizational unit of the State of Georgia. The accompanying financial statements reflect the operations of Macon Technical Institute as a separate reporting entity. \nThe Institute's Local Board of Directors is composed of eleven (11) members serving staggered three-year terms who are appointed by the State Board of Technical and Adult Education. Appropriation of State funds is made to the Georgia Department of Technical and Adult Education by the General Assembly of Georgia. The Department's Administrative Central Office detennines the amount of State funds to be received by Macon Technical Institute. The Institute does not have authority to retain unexpended State funds (surplus) for any given fiscal year. Accordingly, Macon Technical Institute is considered an organizational unit of the Georgia Department ofTechnical and Adult Education for financial reporting purposes because of the significance of its legal, operational, and financial relationships as defined in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards. \nFUND ACCOUNTING Macon Technical Institute uses funds and account groups to report on its financial position and the results of its operations detennined in conformity with the accounting practices prescribed or permitted by statutes and regulations ofthe State ofGeorgia. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group, on the other hand, is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect net expendable available financial resources. \nFunds and account groups presented in the accompanying financial statements are as follows: \nGOVERNMENTAL FUND TYPE \nBUDGET FUND - The fund used to account for activities and functions as set forth in the Amended Appropriations Act of 1993-1994. This fund also includes operations from various institutional services provided to students, faculty, and/or staff which are funded by fees charged to participants that are directly related to, but not necessarily equal to, the cost of service. The Budget Fund is similar in nature to a General Fund as identified in generally accepted accounting principles in that the Budget Fund is used to account for all activities except those required to be accounted for in some other fund. \nFIDUCIARY FUND TYPE \nAGENCY FUNDS - The funds used to account for assets held for use by other funds, governments, or individuals. \n \n- 8- \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30. 1994 \n \nEXHIBIT \"F\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nFUND ACCOUNTING \nACCOUNT GROUPS \nGENERAL FIXED ASSETS - The account group used to account for fixed assets used in governmental fund type operations. Fixed assets purchased are recorded at historical cost. Donated fixed assets are recorded at fair market value on the date donated. Disposals are deleted at recorded values. No depreciation has been provided on general fixed assets. \nGENERAL LONG-TERM DEBT - The account group used to report the noncurrent portions of certain governmental long-tenn liabilities, such as claims, judgments, and compensated absences, which will be paid from future resources. \nBASIS OF ACCOUNTING MEASUREMENT FOCUS \nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. Governmental funds should be accounted for using the current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements ofthese funds present increases (i.e., revenues) and decreases (i.e.,expenditures) in net current assets. \nGOVERNMENTAL FUND TYPE BUDGET FUND \nExcept as disclosed in the following paragraphs, units of government of the State of Georgia record their Budget Fund revenues and expenditures in accordance with the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e.,when they become both measurable and available). \"Measurable\" means the amount of the transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Revenues that are accrued include primarily State funds, Federal grants and entitlements, and certain amounts earned under operating agreements with other parties. Further, the modified accrual basis of accounting calls for expenditures, other than accrued interest of generallong-tenn debt, to be recorded when the related fund liability is incurred. \nContractual obligations for services which have not been perfonned and for goods which have not been delivered at the end of the fiscal year are recognized as expenditures and liabilities in the accompanying financial statements. This accounting practice causes expenditure-driven grant revenues to be accrued based in 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 ofthe State of Georgia, but is not consistent with generally accepted accounting principles, which provide for the recording of encumbrances as a reservation of fund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with generally accepted accounting principles. \n- 9- \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATE:MENTS \nJUNE 30. 1994 \n \nEXHIBIT \"F\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nBASIS OF ACCOUNTING GOVERNMENTAL FUND TYPE BUDGET FUND \nContraetuaI tenus ofcertain Federal grant agreements received by the Institute for vocational training services \nrequire that grant funds earned be recorded as Federal revenues rather than as revenues from tuition and fees. \nAccordingly, it is the Institute's policy to record certain Federal grant funds as Federal revenues and also as other revenues retained with offsetting expenditures for student expenses charged to the other operating expenses expenditure account. This accounting policy results in an overstatement of both revenues and expenditures in the financial statements for such Federal grants. This policy is in conformity with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but is not consistent with generally accepted accounting principles. \nPrior period adjustments are reported as additions to and deductions from fund balance of the Budget Fund in the accompanying financial statements. This presentation is in accordance with accounting practices prescribed or permitted by statutes and regulations ofthe State of Georgia, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. \nFIDUCIARY FUND TYPE AGENCY FUNDS \nAgency Funds are custodial in nature in that assets are equally offset by liabilities to other funds, governmental units, or individuals. The modified accrual basis of accounting is utilized for recognizing assets and liabilities. \nBUDGET The Georgia Department of Technical and Adult Education - Administrative Central Office receives State appropriated funds and certain Federal funds for the various technical institutes throughout the State. The appropriated budget is adopted at the departmental level and represents appropriations provided by the Amended Appropriations Act of 1993-1994. The budget allocation and disbursement of these funds is made to the various technical institutes by the Administrative Central Office. In addition, the technical institutes receive certain Federal funds and other funds directly and include these funds in the budget filed with the Administrative Central Office. \nCASH AND CASH EQUIVALENTS Cash and Cash Equivalents include currency on hand and demand deposits with banks and other authorized financial institutions. \n \n- 10 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30. 1994 \n \nEXIllBIT \"F\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nACCOUNTS RECEIVABLE Accounts receivable consist of allotments due from the Administrative Central Office of the Department of Technical and Adult Education, reimbursements due from Federal, State, local and private grants and contracts, and other receivables disclosed from information available. \nINVENTORIES No inventories ofsupplies are reported in the current financial statements. Expendable supplies are recorded as expenditures at the time of purchase. \nRESERVED FUND BALANCE Reserves represent those portions of fund equity not appropriable for expenditure or legally segregated for a specific future use. The following is a brief description of the reserves reflected in the accompanying financial statements: \nFEDERAL FINANCIAL ASSISTANCE REFUND TO GEORGIA DEPARTMENT OF TECHNICAL AND ADULT EDUCATION ADMINISTRATIVE CENTRAL OFFICE \nMacon Technical Institute receives Federal funds for the Job Training Partnership Act through the Georgia Department of Technical and Adult Education - Administrative Central Office. As provided by the respective budget allocation to the Institute, these funds were required to be expended by June 30, 1994. At June 30, 1994, the Institute had $190.57 in unexpended Federal funds which should be refunded to the Administrative Central Office. \nLIVE WORK PROJECTS The accumulated balance of unexpended funds derived from student live work projects. This amount is restricted to expenditures for live work projects in subsequent fiscal years. \nPRIOR YEAR LOCAL FUNDS Effective July 1, 1989, Macon Technical Institute became a part of the Georgia Department of Technical and Adult Education. The Official Code of Georgia Annotated Section 20-4-23 provides the Institute may retain for future operations\"...any unexpended nonstate funds that have been collected by, appropriated for, or otherwise earmarked for use by said postsecondary technical school operated by a local board of education or an area board... \". These unexpended local funds are available for use in subsequent fiscal years. \nPRIVATE GRANTS EXPIRED GRANT BALANCE \nExpired grant balance represents the unexpended balance of a private grant remaining after the expiration of the Private ProgramlProject. This amount is refundable to the applicable grantor. \n \n- 11 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30. 1994 \n \nEXlllBIT \"F\" \n \nNOTE 1: SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES \nCOMPENSATED ABSENCES Compensated absences represent obligations of the Institute relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated annual leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the Budget Fund for the current portion ofthis obligation as this amount will not be liquidated with expendable available financial resources. Funds are provided in the allotment of State funds each year to the Institute to cover the cost of annual leave paid to terminated employees. \nThe liability for compensated absences at year-end is reported in the General Long-Term Debt Account Group for governmental funds. \nMEMORANDUM ONLY - TOTAL COLUMNS Total columns on the Combined Balance Sheet (Statutory Basis) are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. \nCOMPARATIVE DATA Comparative total data for the prior year have been presented in the accompanying financial statements in order to provide an understanding of changes in the Institute's financial position and operations. However, comparative data have not been presented in all statements because their inclusion would make certain statements unduly complex and difficult to understand. \nCertain reclassifications have been made to the comparative data in order to provide comparability with the current year classifications. \nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS \nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the State ofGeorgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral anyone or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59: \n(1) Bonds, bills, notes, certificates of indebtedness, or other direct obligations of the United States or ofthe State of Georgia. \n(2) Bonds, bills, notes, certificates of indebtedness, or other obligations of the counties or municipalities of the State of Georgia. \n(3) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose. \n- 12 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30. 1994 \n \nEXHIBIT \"F\" \n \nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS \n \nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES (4) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia. \n \n(5) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation ofthe United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \n \n(6) Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation. \n \nAs authorized in the Official Code of Georgia Annotated Section 50-17-53, the State Depository Board has adopted policies which allow agencies of the State of Georgia (which include technical institutes) the option of exempting demand deposits from the collateral requirements. \n \nCOLLATERALIZATION OF DEPOSITS For purposes of analysis of custodial credit risk, cash deposits consists of all bank balances which include demand deposits and/or interest bearing accounts. These bank balances are categorized below in order to provide information about the extent to which such deposits are exposed to custodial credit risk: \n \nCategory 1 - Amounts covered by depository insurance or collateralized with securities (at market value) held by the Institute or by its agent in the Institute's name. \n \nCategory 2 - Amounts collateralized with securities (at market value) held by the financial institution's trust department or agent in the Institute's name. \n \nCategory 3 - Amounts collateralized with securities (at market value) held by the financial institution or by its trust department or agent, but not in the Institute's name, and amounts uncollateralized. \n \nCash Deposits \n \nCarrying Amount \n \nBank \nBalances \n \nRisk Categories \n \n2 \n \n3 \n \n$ 607 100 67 $1 192 664,07 $ 200 ()()() 00 $ 992664 07 $=====O~OO~ \n \n- 13 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30,1994 \n \nEXHIBIT \"F\" \n \nNOTE 3: OPERATING LEASES \n \nMacon Technical Institute has entered into certain agreements to lease equipment which are classified as operating leases (leases on assets not recorded on the balance sheet). These leases generally contain provisions that, at the expiration date of the original term of the lease, the Institute has the option of renewing the lease on a year-to-year basis. Future minimum commitments for operating leases as of June 30, 1994, are listed below. Amounts are included only for multi-year leases and for cancellable leases for which an option to renew for the subsequent fiscal year has been exercised. \n \nFiscal Year Ending June 30 \n \n1995 1996 \n \n$ 18,181.44 15,151.20 \n \nTotal Future Minimum Lease Payments \n \n$ 33.33264 \n \nExpenditures for rental of equipment under operating leases for the year ended June 30, 1994, totaled $19,977.84. \n \nNOTE 4: CHANGES IN GENERAL FIXED ASSETS \n \nIn accordance with the statutory definition ofmoveable personal property (Official Code of Georgia Annotated Section 50-16-161), only those items with an acquisition cost of $1,000.00 or greater are reflected in the General Fixed Assets Account.Group. \n \nThe following is a summary ofchanges of equipment for the General Fixed Assets Account Group during the fiscal year: \n \nBalance July 1, 1993 \nAdditions Deductions \nBalance June 30, 1994 \n \n$ 2,186,736.88 1,001,796.30 92,135.90 \n$ 3.096 397.28 \n \nNOTE 5: GENERAL LONG-TERM DEBT \n \nCHANGES IN GENERAL LONG-TERM DEBT During the year ended June 30, 1994, the following changes occurred in the compensated absences liability reported in the General Long-Term Debt Account Group: \n \n- 14 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30. 1994 \n \nEXlllBIT \"F\" \n \nNOTE 5: GENERAL LONG-TERM DEBT \n \nCHANGES IN GENERAL LONG-TERM DEBT \n \nBalance July 1, 1993 \n \n$ 295,243.43 \n \nAdditions Annual Leave Earned and Utilized (Net) Salaries and Wages Salary-Related Fringe Benefits (*) \nBalance June 30, 1994 \n \n15,607.64 9.242.74 \n$ 320,09381 \n \n(*) Includes salary-related fringe benefits applicable to compensated absences at July 1, 1993. \n \nNOTE 6: DEFERRED COMPENSATION PLAN \n \nThe State of Georgia offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to employees of the State of Georgia and county health departments, permits such employees to defer a portion of their salary until future years. Participation in the plan is optional. Participants choose the option or options in which they wish to participate. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. All amounts ofcompensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property or rights of the State of Georgia subject only to the claims of the State's general creditors. Participant's rights under the plan are equal to those ofa general creditor of \nthe State of Georgia in an amount equal to the fair market value of the deferred account of each participant. \nFinancial information relative to the plan is presented in the financial report of the State Personnel Board Merit System of Personnel Administration for the year ended June 30, 1994. \n \nNOTE 7: RETIREMENT PLANS \n \nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA TEACHERS RETIREMENT SYSTEM OF GEORGIA Substantially all employees are members of the Employees' Retirement System of Georgia or the Teachers Retirement System ofGeorgia. The Employees' Retirement System of Georgia is a single-employer, defined benefit pension plan, while the Teachers Retirement System of Georgia is a cost-sharing multiple-employer public employee retirement system. \n \nThese Retirement Systems were established by the General Assembly of Georgia for the purpose of providing retirement allowances for employees of the State of Georgia. Both Retirement Systems are funded through a combination of employee and employer contributions. Employees are required to contribute a graduated percentage ofannual compensation. Employer contributions are for a specified percentage of active member payroll determined annually by an actuarial valuation. During the year ended June 30, 1994, the Institute contributed $167,904.78 to the Employees' Retirement System of Georgia and $321,279.96 to the Teachers Retirement System of Georgia. Participation in either Retirement System is segregated by employee groups \n \n- 15 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30. 1994 \n \nEXHIBIT \"F\" \n \nNOTE 7: RETIREMENT PLANS \nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA TEACHERS RETIREMENT SYSTEM OF GEORGIA ofindividual governmental units and the Institute has no further liability under either Retirement System other than future employer contributions as established for each fiscal year. Information relative to each plan's description, funding status, and historical trends is presented in the financial reports of the Employees' Retirement System of Georgia and the Teachers Retirement System ofGeorgia for the year ended June 30, 1994. \nGEORGIA DEFINED CONTRIBUTION PLAN The State ofGeorgia provides retirement coverage for temporary, seasonal, and part-time employees who are not eligible for membership in the Retirement Systems referred to above through a single-employer defined contribution plan. The Georgia Defined Contribution Plan was established by the General Assembly of Georgia and is administered by the Board of Trustees of the Employees' Retirement System of Georgia. Covered employees are required to contribute 7.5% of their gross salary, with no matching contribution by the employer. A member who terminates employment may apply for a refund of contributions and interest. Benefits are based solely on the amount contributed by the employee plus investment earnings. Upon discretion ofthe Board ofTrustees, members who leave employment with less than $3,500.00 credited to their account may be required to make a lump-sum withdrawal. Members are eligible to retire at the age of 65 with the option ofreceiving a periodic payment based on mortality tables and interest accumulation as adopted by the Board of Trustees of the Employees' Retirement System of Georgia. Information relative to the plan description and funding status is presented in the financial report of the Employees' Retirement System of Georgia for the year ended June 30, 1994. \nNOTE 8: LEAVE POLICIES \nEmployees earn annual leave ranging from one and one-quarter days to one and three-quarter days each month depending upon the employees' length ofcontinuous State service with a maximum accumulation offorty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1 - Compensated Absences \nEmployees earn one and one-quarter days of sick leave each month with a maximum accumulation of ninety days. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or termination of employment. \nNOTE 9: NONMONETARY TRANSACTIONS \nThe Administrative Central Office of the Georgia Department of Technical and Adult Education used lottery proceeds to purchase $103,096.74 of equipment for Macon Technical Institute during the fiscal year ended June 30, 1994. Those items with an acquisition cost of$l,OOO.OO or greater will be reflected as received in the General Fixed Assets Account Group in the accompanying financial statements. However, revenues and expenditures for these lottery proceeds are not reflected in these financial statements. \n- 16 - \n \n MACON TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30. 1994 \n \nEXHIBIT \"F\" \n \nNOTE 9: NONMONETARY TRANSACTIONS \nThe Georgia State Financing and Investment Commission (GSFIC), a unit of State government, is responsible for the issuance of state debt and for the investment and accounting for proceeds derived from the issuance of state debt. In addition, GSFIC is authorized to acquire and construct projects for the benefit of units of State government or to contract with units of State government for the construction or acquisition of capital outlay projects. During the fiscal year ended June 30, 1994, the Georgia State Financing and Investment Commission paid $1,027,057.32 to various vendors for approved projects related to Macon Technical Institute. \nNOTE 10: CONTINGENCIES \nAmounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. This could result in refunds to the grantor agency for any expenditures which are disallowed under grant terms. The amount of expenditures which may be disallowed by the grantor cannot be determined at this time although the Institute expects such amounts, if any, to be immaterial to its overall financial position. \nLitigation, claims and assessments filed against Macon Technical Institute (as a unit of the Department of Technical and Adult Education), if any, are generally considered to be actions against the State of Georgia. Pursuant to the Official Code of Georgia Annotated, the Department of Administrative Services maintains a program of purchased insurance and self-insurance which provides coverage for such litigation, claims and assessments. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1994. \nNOTE 11: BONDING INFORMATION \nThe President and all employees ofMacon Technical Institute are bonded under a Public Employees Blanket \nBond written by the Employers Insurance ofWausau, their Bond No. 1450-00-1 10723, on which the premium was paid to October 1, 1994. Under this agreement, the public employee dishonesty coverage insures Macon Technical Institute to a maximum of$l,ooO,ooo.oo against loss sustained through fraudulent or dishonest acts by its employees. The faithful performance of duty coverage insures the Institute to a maximum of $100,000.00 against loss sustained from failure ofits employees to perform faithfully their duties or to account properly for all monies and property received by virtue of their position or employment. \nAll employees of Macon Technical Institute are also bonded under a Commercial Crime Policy written by the United States Fire Insurance Company, their Policy No. 6260116752, on which the premium was paid to October 1, 1994. Under this additional public employee dishonesty coverage, the policy insures the Institute to a maximum of$4,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. \n \n- 17 - \n \n I I I I I \nI I I I I \nI I I I I \nI I I I I \nI I I I I \nI I I I I \nI I I I I \nI I I I I \n \n SUPPLEMENTARY INFORMAnON - 19 - \n \n MACON TECHNICAL INSTITUTE COMBINING BALANCE SHEET (STATUTORY BASIS) \nBUDGET FUND \nJUNE 30, 1994 \n \nEXHIBIT \"G\" \n \nASSETS \nCash and Cash Equivalents \nAccounts Receivable State Funds Federal Financial Assistance Other \nPrepaid Items \n \n\"A\" \nDEPARTMENT OF TECHNICAL AND ADULT EDUCATION \n \n\"B\" LOTTERY FOR EDUCATION \n \nTOTAL \n \n$ 496,104.07 $ 79,706.21 $ 575,810.28 \n------------- ------------- ------------- \n \n$ \n \n5,447.69 \n \n74,531.53 \n \n84,947.38 \n \n------------- \n \n$ 164,926.60 ------------- \n \n$ \n \n1,754.95 \n \n------------- \n \n$ \n \n5,447.69 \n \n74,531. 53 \n \n64,947.36 \n \n------------- \n \n$ 164,926.60 ------------- \n \n$ \n \n1,754.95 \n \n------------- \n \nTotal Assets \n \n$ 662,785.62 $ 79,706.21 $ 742,491.83 \n============= ============= ============= \n \nLIABILITIES AND FUND EQUITY \n--------------------------- \nLiabilities Accounts Payable Salaries Payable Deferred Revenue Tuition and Fees \nTotal Liabilities \nFund Equity Fund Balance Reserved Federal Financial Assistance For Refund to Georgia Department of Technical and \nAdult Education - Administrative Central Office \nLive Work Projects Prior Year Local Funds Private Grants \nExpired Grant Balance Unreserved \nDesignated Surplus Regular Lottery for Education \nTotal Fund Equity \n \n$ 343,236.69 $ 280.00 \n \n73,906.31 $ 417,143.20 260.00 \n \n2,854.00 \n \n2,654.00 \n \n------------- ------------- ------------- \n \n$ 346,370.69 $ 73,906.31 $ 420,277 .20 \n------------- ------------- ------------- \n \n$ \n \n190.57 \n \n194,767.67 \n \n107,051.00 \n \n339.45 \n \n$ \n \n190.57 \n \n194,767.87 \n \n107,051.00 \n \n339.45 \n \n14,065.64 \n \n14,065.64 \n \n$ \n \n5,799.90 \n \n5,799.90 \n \n------------- ------------- ------------- \n \n$ 316,414.73 $ \n \n5,799.90 $ 322,214.63 \n \n------------- ------------- ------------- \n \nTotal Liabilities and Fund Equity \n \n$ 662,765.62 $ 79,706.21 $ 742,491.63 \n============= ============= ============= \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n- 20 - \n \n MACON TECHNICAL INSTITUTE COMBINING STATEMENT OF CHANGES IN FUND BALANCE (STATUTORY BASIS) \nBUDGET FUND YEAR ENDED JUNE 30, 1994 \n \nEXHIBIT \"H\" \n \n- FUND BALANCE JULY 1 \n--------------------- \nReserved Unreserved \nDesignated Surplus \nADDITIONS \n--------- \nAdjustments to Prior Year's Accounts Payable \nExcess of Funds Available over Expenditures Exhi bit \"I\" \nDEDUCTIONS \n---------- \nAdjustments to Prior Year's Accounts Receivable \nReimbursement of Prior Year's Expenditures Reserved Fund Balance Carried Over from \nPrior Year as Funds Available \nFUND BALANCE - JUNE 30 \n---------------------(To Exhibit \"G\") \n \n\"A\" \nDEPARTMENT OF TECHNICAL AND ADULT EDUCATION \n------------- \n \n\"B\" LOTTERY FOR \nEDUCATION \n----------- \n \nTOTAL \n \n$ 255,735.83 \n \n$ 255,735.83 \n \n$ \n \n0.00 \n \n0.00 \n \n------------- ------------- ------------- \n \n$ 255,735.83 $ \n \n0.00 $ 255,735. B3 \n \n------------- ------------- ------------- \n \n$ \n \n987.17 \n \n$ \n \n987.17 \n \n315,978.95 $ \n \n5,799.90 \n \n321,778.85 \n \n------------- ------------- ------------- \n \n$ 316,966.12 $ \n \n5,799.90 $ 322,766.02 \n \n------------- ------------- ------------- \n \n$ \n \n194.00 $ \n \n357.39 \n \n0.00 $ \n \n194.00 357.39 \n \n255,735.83 \n \n255,735.83 \n \n------------- ------------- ------------- \n \n$ 256,287.22 $ \n \n0.00 $ 256,287.22 \n \n------------- ------------- ------------- \n \n$ 316,414.73 $ \n \n5,799.90 $ 322,214.63 \n \n============= ============= ============= \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n- 21 - \n \n MACON TECHNICAL INSTITUTE COMBINING STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \nBUDGET FUND YEAR ENDED JUNE 30, 1994 \n \nEXHIBIT \"I\" Page 1 \n \nFUNDS AVAILABLE REVENUES \nSTATE FUNDS Allotment from Georgia Department of Technical and Adult Education - Administrative Central Office \nFEDERAL REVENUES OTHER REVENUES RETAINED \nContract Georgia Department of Public Safety Georgia Peace Officers Standards and Training Council \nFees Application Library Registration/Continuing Education Testing Other \nInterest Earned Reimbursements \nFrom Various Sources Rents Sales and Services (Net) Tuition Other Sources \nTotal Other Revenues Retained Total Revenues CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Live Work Projects Prior Year Local Funds Total Carry-Over from Prior Year \n \n\"A\" OEPARTMENT OF \nTECHNICAL AND ADULT EDUCATION \n \n\"B\" LOTTERY FOR EDUCATION \n \n$ 5,248,474.78 $ 496,675.00 $ 5,745,149.78 \n \n$ 1,198,297.41 \n \n$ 1.198,297.41 \n \n$ 226,079.45 35,168.00 15,651.75 314,129.00 12,408.12 6,643.96 1,999.30 4,575.00 10,525.00 91,818.00 \n1,020,900.23 21.608.85 \n$ 1,761.506.66 $ 8,208,278.85 $ \n \n$ 226,079.45 35,168.00 15,651.75 314,129.00 12,408.12 6,643.96 1,999.30 4,575.00 10,525.00 91,818.00 \n1,020,900.23 21,608.85 \n$ 1,761,506.66 496,675.00 $ 8,704,953.85 \n \n$ 153,956.67 101.779.16 \n$ 255,735.83 \n \n$ 153,956.67 101,779.16 \n$ 255,735.83 \n \nTotal Funds Available \n \n$ 8.464,014.68 $ 496,675.00 $ 8,960,689.68 \n \nEXPENDITURES \n \nPERSONAL SERVICES-INSTITUTIONS \n \nSalaries and Wages Employer's Contributions for: \nF. I .C.A. Retirement Health Insurance Liability Insurance Unemplorment Compensation Insurance Workers Compensation Insurance \n \n$ 4,619,258.32 129,293.86 480,857.46 474,834.98 17,272.00 1,021.00 5,570.00 \n \n$ 5,728,107.62 \n \nOPERATING EXPENSES-INSTITUTIONS \n \nOther Costs Motor Vehicle Expenses Supplies and Materials Re~airs and Maintenance Utll ities Rents (Other than Real Estate) Insurance and Bonding Other Operating Expenses Publications and Printing \nTravel Motor Vehicle Purchases Equipment \nEquipment Purchases Rental of Equipment \n \n$ 2,935.42 588,464.52 118,911.99 253,994.46 10,831.64 7,428.00 285,780.33 3B,577.66 29,689.01 2,800.00 478,887.83 19,977.84 \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n \n- 22 - \n \n$ 4,619,258.32 129,293.86 480,857.46 474,834.98 17,272.00 1,021,00 5,570.00 \n$ 5,728,107.62 \n$ 2,935.42 588,464.52 118,911,99 253,994.46 10,831. 64 7,428.00 285,780.33 38,577.66 29,689.01 2,800.00 478,887.83 19,977 .84 \n \n MACON TECHNICAL INSTITUTE COMBINING STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \nBUDGET FUND YEAR ENDED JUNE 30, 1994 \n \nEXHIBIT \"I\" Page 2 \n \nEXPENDITURES OPERATING EXPENSES-INSTITUTIONS \nComputer Charges Software Equipment Equipment Purchases \nTelecommunications Per Diem, Fees and Contracts \nPer Diem and Fees Contracts \nQUICK START PROGRAM Personal Services Salaries and Wages Employer's Contribution for: F. I.C.A. Other Costs Supplies and Materials Per Diem, Fees and Contracts Per Diem and Fees \nADULT LITERACY GRANTS Personal Services Salaries and Wages Employer's Contributions for: F.I.C.A. Retirement Health Insurance Other Costs Supplies and Materials Travel Equipment Equipment Purchases \nJOB TRAINING PARTNERSHIP ACT Personal Services Salaries and Wages Employer's Contributions for: F.I.C.A. Retirement Hea lth Insurance Liability Insurance Other Costs Insurance and Bonding Other Operating Expenses Travel Telecommunications \nEQUIPMENT - STATE SCHOOLS Equipment Equipment Purchases Total Expenditures \nExcess of Funds Available over Expenditures \n \n\"A\" DEPARTMENT OF \nTECHNICAL AND ADULT EDUCATION \n \n\"B\" LOTTERY FOR \nEDUCATION \n \n$ 16,550.00 251,173.06 76,485.32 36,489.07 71, 719.59 \n$ 2,290,695.74 \n \n$ 16,550.00 251,173.06 76,485.32 36,489.07 71. 719.59 \n$ 2,290,695.74 \n \n$ \n \n2,576.48 \n \n50.01 \n \n1,642.35 \n \n10,558.52 \n \n$_~14~'1.l::8~2~7 .:..::3~6 \n \n$ \n \n2,576.48 \n \n50.01 \n \n1,642.35 \n \n10,558.52 \n \n$_--:;.1...:.,4\"\"\"8,=2.:...7\"\"\"3. =6 \n \n$ 44,374.00 623.45 \n5,240.62 5,546.75 6,096.25 \n375.30 2,474.74 \n$_~64:!..l'l.!.7~3~1.:..o!I..!.1 \n \n$ 44,374.00 623.45 \n5,240.62 5,546.75 6,096.25 \n375.30 2,474.74 $_~6;;:...4 ,~7~3~1w1.;, :.1 \n \n$ 37,332.19 532.95 \n3,086.88 3,267.24 \n127.00 6.00 \n2,032.73 1,488.91 1.800.00 $,_--=4:.:::9...,..~6~73:!..,:.~9~0 \n \n$ 37,332.19 532.95 \n3,086.88 3,267.24 \n127.00 6.00 \n2,032.73 1,488.91 1.800.00 $_-..::.4.::.,9.'..6.:.:.7::::,.3.:.9:. ~0 \n \n$_.....;4~9~0...,.::.::,.87:.;5:!.,.:..:.1.::,0 $ 490,875.10 \n \n$ 8,148,035.73 $ 490,875.10 $ 8,638,910.83 \n \n315,978.95 \n \n5,799.90 \n \n321,778.85 \n \n$ 8,464,014.68 $ 496,675.00 $ 8,960,689.68 \n \nSee accompanying notes and Independent Accountant's Combi~ed Report on Review of Financial Statements and Supplementary Informatlon. \n- 23 - \n \n MACON TECHNICAL INSTITUTE COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES \nFIDUCIARY FUND TYPE - AGENCY FUNDS YEAR ENDED JUNE 30, 1994 \n \nEXHIBIT \"J\" \n \nFUND \nBibb Foundation DeKalb Bookstore Department of Technical and Adult \nEducation Fund Emergency Medical Technician General Scholarship Fund Hepatitis B Vaccination HOPE Program Malpractice Insurance National Honor Society Pell Grant Program Phi Beta Lambda Club Student Activities Fund Student Insurance Vocational Industrial Clubs of America \n \nASSETS/ \nLIABILITIES \nJULY I, 1993 \n------------ \n \nADDITIONS \n--------- \n \nDELETIONS \n--------- \n \nASSETS/ \nLIABILITIES JUNE 30, 1994 \n------------- \n \n$ \n \n512.39 $ \n \n150.00 $ \n \n1,012.39 $ \n \n-350.00 \n \n8,181.69 \n \n34,791.66 \n \n31,843.50 \n \n11,129.85 \n \n0.00 \n \n15,790.00 \n \n15,790.00 \n \n0.00 \n \n0.00 \n \n350.00 \n \n350.00 \n \n0.00 \n \n1,500.00 \n \n4,131.55 \n \n461.78 \n \n5,169.77 \n \n0.00 \n \n204.00 \n \n204.00 \n \n0.00 \n \n0.00 \n \n220,736.50 \n \n209,099.00 \n \n11,637.50 \n \n0.00 \n \n1,713.00 \n \n1,713.00 \n \n0.00 \n \n80.00 \n \n918.55 \n \n692.79 \n \n305.76 \n \n-0.37 1,518,281.00 1,516,502.67 \n \n1,777.96 \n \n464.98 \n \n555.36 \n \n1,020.34 \n \n0.00 \n \n5,552.73 \n \n24,386.31 \n \n21,148.49 \n \n8,790.55 \n \n336.60 \n \n15,537.00 \n \n16,075.50 \n \n-201.90 \n \n286.67 \n \n145.00 \n \n431. 67 \n \n0.00 \n \n------------- ------------- ------------- ------------- \n \n$ 16,914.69 $ 1,837,689.93 $ 1,816,345.13 $ 38,259.49 \n============= ============= ============= ============= \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n- 24 - \n \n MACON TECHNICAL INSTITUTE CASH AND CASH EQUIVALENTS \nJUNE 30, 1994 \nNON INTEREST BEARING ACCOUNTS \nTrust Company Bank of Middle Georgia, Macon, Georgia \nINTEREST BEARING ACCOUNTS \nTrust Company Bank of Middle Georgia, Macon, Georgia \nN.O.W. Account \nOTHER \nPetty Cash \n \nSCHEDULE \"1\" \n$ 500,049.67 107,051.00 1,025.00 \n$ 608,125.67 \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n- 25 - \n \n MACON TECHNICAL INSTITUTE SCHEDULE OF FEDERAL REVENUES \nYEAR ENDED JUNE 30, 1994 \n \nBUDGET FUND \nEducation, U. S. Department of Adult Education - State Administered Basic Grant Program Through Bibb County Board of Education \nVocational Education - Basic Grants to States Through Georgia Department of Technical and Adult Education - Administrative Central Office \nVocational Education - Consumer and Homemaking Education Through Georgia Department of Technical and Adult Education - Administrative Central Office \nEnergy, U. S. Department of State Energy Conservation Stripper Well Oil Violation Funds Through Georgia Department of Technical and Adult Education - Administrative Central Office \nLabor, U. S. Department of Trade Adjustment Assistance - Workers Through Georgia Department of Labor \nJob Training Partnership Act Through Georgia Department of Technical and Adult Education - Administrative Central Office Through Green Thumb, Incorporated Through Middle Georgia Consortium Through Overview, Incorporated \n \nCFDA NUMBER \n84.002 \n84.048 \n84.049 \n81. 041 \n17.245 \n17.250 17.250 17.250 17.250 \n \nSCHEDULE \"2\" \nAMOUNT \n$ 64,731.11 886,696.07 70,514.72 \n18,312.55 243.10 \n49,864.47 4,441.70 60,309.80 43,183.89 \n$ 1,198,297.41 \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n- 26 - \n \n MACON TECHNICAL INSTITUTE RECONCILIATION OF SALARIES AND WAGES, AND TRAVEL \nYEAR ENDED JUNE 3D, 1994 \n \nSCHEDULE \"3\" \n \nTotals per Annual Supplement \n \nAccruals June 30, 1994 \n \nAdjustments Billingslea, Mil es, Reagan, \n \nMargaret Todd A. Cheryl Brown \n \nTotals per Report \n \nSUMMARY BY OBJECT CLASS \nBUDGET FUND Personal Services-Institutions Operating Expenses-Institutions Quick Start Program Adult Literacy Grants Job Training Partnership Act \n \nSALARIES AND WAGES \n--------- \n$ 4,703,260.99 $ \n \nTRAVEL 31,003.12 \n \n280.00 \n \n6.72 \n \n133.88 204.75 \n204.75 \n------------- ------------- \n \n$ 4,703,540.99 $ 31,553.22 \n============= ============= \n \n$ 4,619,258.32 $ \n2,576.48 44,374.00 37,332.19 \n \n29,689.01 \n375.30 1,488.91 \n \n$ 4,703,540.99 $ 31,553.22 \n============= ============= \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n- 27 - \n \n SECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS \n \n MACON TECHNICAL INSTITUTE SCHEDULE OF FINDINGS AND IMPROPER OR OUESTIONED COSTS \nYEAR ENDED JUNE 30. 1994 \nCURRENT YEAR \nSPECIAL TESTS AND PROVISIONS Incorrect Calculation of Program Refunds Federal Financial Assistance Pell Grant Program (CFDA 84.063) Questioned Cost: S183.33 Audit Control Number 835-94-01 \nAn examination ofthe Institute's financial aid refund procedures for students who withdrew from school during a payment period revealed that for eight students the Institute used the wrong percentages to calculate the Pell Grant Program refund. Federal Regulation (34 CFR 668.22) requires the institution to refund to the Pell Grant Program the portion of an award that remains after a student withdraws from the institution based on the Institute's refund policy. In the eight instances cited, the percentages used to calculate the Pell Grant Program refund were not consistent with the Institute's refund policy. \nThe Institute should implement the necessary procedures to ensure that all refunds are correctly calculated and returned to the Pell Grant Program. Reimbursement of the questioned cost ofS183.33 should be returned to the Pell Grant Program. \n \n "}],"pages":{"current_page":1,"next_page":null,"prev_page":null,"total_pages":1,"limit_value":10,"offset_value":0,"total_count":7,"first_page?":true,"last_page?":true},"facets":[{"name":"type_facet","items":[{"value":"Text","hits":7}],"options":{"sort":"count","limit":16,"offset":0,"prefix":null}},{"name":"creator_facet","items":[{"value":"Georgia. 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