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Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-ba85-b2001-h2002"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-ba85-b2001-h2002"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"6A M300 \n.1\u003c.1 \nA'a'S \n;;(0) I-~Cl:l\u003c \n \n\u003e \\'; \n\" \n \n, , ,( \n \n, ,I \n.-' \n \nSTATE OF GEORGIA \n \n, \n \nDEPARTMENT OF AUDITS AND ACCOUNTS ' .' \n \n\\, \n \n, \n \n. '- \n \n,( \n \n,I c, \n \n.. \n \nL \n \n-' ,, \n \nL \n \n\", I \n \n, l \" ,, \n \n\" \n \n, \n \n\" \n \n., \n \nJ,' , \n \nJ. \n \n.,,) \n \nI \n \n,\\ \n \nr ., \n \nr, \n \nI \n \n\" \n \n,J \n \n\" \n \n,\" \n \n\" \n \n, \n \n\u003e AUGUSTA STATE UNIVERSITY , ' \n \nj\\ l \n \n\\ \n \n. AUGUSTA, GEORGIA \n \n1 \n,, ~EPORT ON REVIEW \\1 \n \n,. \n \nOF THE FINANCIAL STATEMENTS \n \n,; \n \n- 'FOR , \n \nTHE, \n \nFISCAL- \n \nYEAR , \n \nENDED JUNE \n \n30,' 2002 ' \n \n' \n \n\\ \n \n, ,, \n. \" ..-, \n, \n \n, \n \n~I \n \n\\' \n \n\u003e \nRussell W. Hinton' \n \nstate Auditor - \n! .... \n \nI \n \nI' \n \n, \n,. \n \n,, , \" \n \n) \" \n \n\\ \n \n., \n \n..\" \n \n\\; \n \n AUGUSTA STATE UNNERSITY -TABLEOFCONTENTS- \n \nSECTION I \n \nFINANCIAL \n \nINDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \n \nREQUIRED SUPPLEMENTARY INFORMATION \n \nMANAGEMENT'S DISCUSSION AND ANALYSIS \n \n2 \n \nBASIC FINANCIAL STATEMENTS \n \nEXHIBITS \n \nA STATEMENT OF NET ASSETS \n \n11 \n \nB STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS \n \n12 \n \nC STATEMENT OF CASH FLOWS \n \n13 \n \nD NOTES TO THE FINANCIAL STATEMENTS \n \n15 \n \nSUPPLEMENTARY INFORMATION \n \nSCHEDULES \n \nSCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO \n \nBUDGET - (NON-GAAP BASIS) \n \n1 \n \nRESIDENT INSTRUCTION \n \n33 \n \n2 \n \nLOTTERY FOR EDUCATION \n \n34 \n \n3 RECONCILIATION OF SALARIES AND TRAVEL \n \n35 \n \n4 RECONCILIATION OF PER DIEM AND FEES \n \n36 \n \nSECTION II AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \n AUGUSTA STATE UNIVERSITY -TABLEOFCONTENTS- \nSECfIONill CURRENT YEAR FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \n \n SECTION I \nFINANCIAL \n \n Rll\"U I \\\\. H','TO .... \nSTATE AUDITOR ,AOAl656 2'74 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n~\"'4 \\\\J,hmglOn ~[rClt \"i \\\\' ~UIIl: ~14 All.JntJ Georgia ':\\IJ33.tX4()() \nNovember 26, 2002 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly of GeorgIa Members of the Board of Regents of the Umverslty System of GeorgIa \nand Honorable WIllIam A Bloodworth, Jr , President Augusta State Umverslty \nINDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \nLadles and Gentlemen \nWe have reVIewed the accompanymg baSIC financial statements (ExlubIts A through D) ofAugusta State Umverslty, an organIzatIonal urnt ofthe State ofGeorgIa, as of and for the year ended June 30, 2002, m accordance With Statements on Standards for AccountIng and ReVIew Services ISSUed by the Amencan InstItute of CertIfied PublIc Accountants All mfonnatIon mcluded m these finanCIal statements IS the representation of the management of Augusta State Umverslty \nA review consIsts pnnclpally of mqumes of Augusta State Umverslty personnel and analytIcal procedures applIed to finanCIal data It IS substantIally less m scope than an audIt m accordance With audItmg standards generally accepted m the Umted States of Amenca, the objectIve ofwhich IS the expressIOn of an 0plmon regardmg the finanCial statements taken as a whole Accordmgly, we do not express such an oplmon \nBased on our reView, WIth the exceptIon of the matter dIscussed m the fourth paragraph, we are not aware ofany matenal mOllIficatIons that should be made to the accompanymg finanCial statements m order for them to be m confonnlty WIth accountmg pnnclples generally accepted m the Umted States of Amenca \nAs descnbed m Note I to the finanCial statements, the UmversIty did not recogmzc June 30, 2001, encumbrances as expenses m the June 3D, 2002, basiC finanCial statements To confonn to generally accepted accountmg pnnclples, encumbrances should be recogmzed as expenses and lIabilItIes m the penod that goods and services are received The effects on the basiC finanCial statements of thIS departure from generally accepted accountmg pnnclples were not reasonably determmable \n02ARL-67 \n \n As descnbed In Note I, Augusta State Umverslty adopted the provIsIOns of Governmcntal Accounting Standards Board (GASB) Statement No 35, BasIc Fmanczal Slalemems - and Management's DIscussIOn and Ana(vsls - for Publlc Colleges and Umversllles, as amended by GASB Statement No 37, BasIc Fmancza/ Slalemenls - and Management's DIscussIOn and Ana(VS1Sfor Stale and Local Governments, and GASB Statement No 38, Certam Fmanczal StalemenH Note Disclosures, as of July I, 2001, to Implement a new financial reporting model \n \nManagement's DIscussIOn and AnalysIs IS not a reqUIred part of the basIc financIal statements but IS supplementary informatIOn reqUIred by the GASB We have applied certaln limited procedures, wluch consisted pnnclpally of Inqumes ofmanagement regardIng the methods of measuremcnt and presentatIon oftlus supplementary informatIon, and we are not aware of any matenal modificatIOns that should be made thereto \n \nOur review was made for the purpose of expressing Imuted assurance that there are no matenal modificatIons that should be made to the financial statements In order for them to be In conformity With accounting pnnclples generally accepted In the Umted States of Amenca The accompanYing supplementary mformatlOn (Schedules 1 through 4) IS presented for additIonal analYSis purposes Such informatIOn has been subjected to the Inqumes and analytIcal procedures applied In the reVIew ofthe financlal.statements, and we are not aware ofany matenal modlficauons that should be made to such data \n \nRespectfully submitted, \n \nr \n \nJ:)j...~1kL ~~ \n~ell W. Hmton \n \nState AudItor \n \nRWH.as 02ARL-67 \n \n REQUIRED SUPPLEMENTARY INFORMATION - 1- \n \n AUGUSTA STATE UNIVERSITY \nManagement's Discussion and Analysis \n \nIntroduction \n \nAugusta State UruVerslty IS one ofthe 34 Insl1tutIons ofthe Umverslty System ofGeorgia Augusta State IS the pnmary instItutIon oflngher leanung In the state's second largest City Wlnle It shares the technolOgical and mnoval1ve resources of the Uruverslty System, Augusta State mamtams ItS Instoncal roots that make the learmng expenence as uruque as the campus Itself The Uruverslty IS well known for ItS dedicatIOns to expanding educatIon opportUnIties for people of all ages and backgrounds, WIth a specIfic emphasiS on semce to Georgians m the Central Savannah Rlver Area The mstItutIon contInues to grow as shown by the companson numbers that follow. \n \nFaculty \n \nStudents \n \nFY2002 FY2001 FY2000 \n \n195 \n \n8,671 \n \n199 \n \n8,074 \n \n197 \n \n8,333 \n \nDurmg fiscal year 2002, the UnIVersity conferred a total of 466 bachelors degrees and 121 masters degrees These figures are down slIghtly from the 485 bachelors degrees and 123 masters degrees In fiscal year 2001. \n \nOverview ofthe Financial Statements and Financial Analysis \n \nAugusta State UruVerslty IS proud to present Its finanCIal statements for fiscal year 2002. The emphasiS ofdISCUSSIOns about these statements WIll be on current year data There are three finanCial statements presented. the Statement of Net Assets; the Statement of Revenues, Expenses and Changes In Net Assets, and, the Statement of Cash Flows TIns diSCUSSIon and analysIS of the Umverslty's finanCial statements proVIdes an OVerview of Its finanCIal actIvItIes for the year. Augusta Stale UnIVersIty has elected to not restate pnor penods for purposes of proVIdmg the comparatIve data for thIS Management's DIscussion and AnalYSiS. However, m future years, when pnor penod mformatIon is avatlable, a comparatIve analYSIS WIll be presented. \n \nStatement ofNet Assets \n \nThe Statement ofNet Assets presents the assets, liabilItIes, and net assets of the Umverslty as of the end of the fiscal year The Statement of Net Assets IS a pomt of tIme finanCial statement The purpose ofthe Statement ofNet Assets IS to present to the readers ofthe finanCIal statements a fiscal snapshot of Augusta State Umverslty The Statement of Net Assets presents end-of-year data concerning Assets (current and non-current), LIabIlItIes (current and non-current), and Net Assets (assets mmus lIabllInes). The difference between current and non-current assets WIll be dIscussed In the notes to the fmanclal statements. \n \n-2- \n \n From the data presented, readers of the Statement of Net Assets are able to determIne the assets \naVaIlable to contInue the operalions of the InslitutlOn They are also able to determIne how much the InstItutIOn owes vendors, Investors and lendIng Inslitulions \n \nFInally, the Statement ofNet Assets provides a picture ofthe net assets (assets mInUS hablhtles) and theIr aVaIlablhty for expendIture by the Inslitulion Net assets are dIvIded Into three major categones The first category, Invested In capItal assets, net ofdebt, provIdes the InstItulion's eqwty In property, plant and eqUIpment owned by the InslitutlOn The next asset category IS restncted net assets, wIuch IS dIVIded Into two categones, nonexpendable and expendable The corpus of nonexpendable restncted resources IS only aVaIlable for mvestment purposes. Expendable restncted net assets are avaIlable for expenditure by the mstltulion but must be spent for purposes as determmed by donors and/or external enlilies that have placed lime or purpose restnclions on the use of the assets The final category IS unrestncted net assets Unrestncted assets are aVaIlable to the Instltulion for any lawful purpose of the Inslitulion. \n \nStatement of Net Assets, Condensed (thousands of dollars) \n \nAssets Current Assets Capital Assets, Net Other Assets \n \n$ 8,446 34,077 1,108 \n \nTotal Assets \n \n$ 43,631 \n \nLiabilities Current LIablhlies Non-Current LIabIlilies \n \n$ 4,018 398 \n \nTotal Liabilities \n \n$ 4.416 \n \nNet Assets Invested In CapItal Assets, Net of Debt Restncted - Nonexpendable Restncted - Expendable Unrestncted \n \n$ 34,077 303 \n1,424 3.411 \n \nTotal Net Assets \n \n$ 39,lli \n \nStatement ofRevenues, Expenses and Changes in Net Assets \n \nChanges In total net assets as presented on the Statement of Net Assets are based on the acliVIty presented In the Statement of Revenues, Expenses and Changes In Net Assets. The purpose of the statement IS to present the revenues received by the InSlitution, both operatIng and nonoperatIng, and the expenses paId by the InstItulion, operatIng and nonoperaling, and any other revenues, expenses, gaIns and losses receIved or spent by the Instltulion Generally speakmg operaling revenues are receIved for proVIdIng goods and SerVIces to the vanous customers and conslituencles of the \n \n-3- \n \n mstltutlOn Operatmg expenses are those expenses paid to acqUIre or produce the goods and servIces provIded m rcturn for the operatmg revenues, and to carry out the miSSIon of thc mstItutlon Nonoperatmg revenues are revenues receIved for whIch goods and servIces are not provIded For examplc state appropnatlons are nonoperatmg because they are provIded by the LegIslature to the mstItutlon WIthout the Legislature directly recelvmg commensurate goods and services for those revenues \n \nStatement of Revenues, Expenses and Changes m Net Assets, Condensed (thousands of dollars) \n \nOperatmg Revenues Operatmg Expenses \n \n$ 18,11 1 -43,120 \n \nOperating Loss \n \n$-25,009 \n \nNonoperatmg Revenues and Expenses \n \n27,295 \n \nIncome (Loss) Before Other Revenues, Expenses, Gams or Losses \n \n$ 2,286 \n \nOther Revenues, Expenses, Gains or Losses \n \n681 \n \nIncrease m Net Assets \n \n$ 2,967 \n \nNet Assets at Beglmung of Year, as Onglnally Reported \n \n$ 97,814 \n \nCumulative Effect of Changes m Accountmg Pnnclple \n \n-61.566 \n \nNet Assets at Beglnnmg of Year Restated \n \n$ 36.248 \n \nNet Assets at End of Year \n \n$ 39.215 \n \nThe Statement of Revenues, Expenses and Changes m Net Assets reflects a positive year WIth an mcrease m net assets at the end ofthe year Some hlghhghts of the mformatlon are presented on the Statement of Revenues, Expenses and Changes m Net Assets are as follows \n \n-4- \n \n Revenue By Source (thousands of dollars) \nFor The Year Ended Junc 30, 2002 \nOperatmg Revenue TUItion and Fees Grants and Contracts Rents and Royalties Sales and Services of Educational Departments AUXIliary Other \nTotal Operatmg Revenue \nNonoperatmg Revenue State AppropnatlOns Grants and Contracts Gifts Investment Income Other \nTotal Nonoperating Revenue \nTotal Revenues \nOperating Expenses (thousands of dollars) For The Year Ended June 30, 2002 \nOperating Expenses Instruction Research Public Service AcademiC Support Student Services InstitutIonal Support Plant OperatIOns and Maintenance Scholarships and Fellowships AUXIliary Enterpnses Unallocated DepreciatIon \nTotal Operatmg Expenses \n \n$ 8,654 5,198 63 552 3,525 I 19 \n$ 18.1 11 \n$ 26,01 I 744 20 204 316 \n$ 27,295 \n$ 45,406 \n$ 17,716 74 \n597 3,928 2,674 5,484 4,383 2,939 3,336 1,989 \n$ 43 120 \n \n-5- \n \n Statement of Cash Flows \n \nThc final statement presented by the Umverslty IS the Statement of Cash Flows The Statement of Cash Flows presents detaIled InfonnatlOn about the cash actIvIty of the InstItutIon dunng the year The statement IS dIVIded Into five parts The first part deals WIth operatIng cash flows and shows thc net cash used by the operatIng acllvltIes of the InstItutIOn The second sectIon reflects cash flows from non-capItal finanCIng actlVltIes ThIS sectIon reflects the cash receIved and spent for nonoperatIng, non-InvestIng, and non-capital finanCIng purposes The tlnrd section reflects the cash flows from InvestIng actiVItIes and shows the purchases, proceeds, and Interest receIved from InvestIng actIVIties Thc fourth sectIOn deals With cash flows from capItal and related finanCIng actIVIties TIns sectIon deals With the cash used for the acquIsitIOn and constructIon of capItal and related Items The fifth sectIon reconCIles the net cash used to the operatmg Income or loss reflected on the Statement of Revenues, Expenses and Changes In Net Assets. \n \nCash Flows for the Year Ended June 30, 2002, Condensed (thousands of dollars) \n \nCash ProVIded (Used) By OperatIng ActIVItIes Non-CapItal FInanCIng ActIVitIes InvestIng ActlVltles CapItal and Related FInancmg ActIVItIes \n \n$ -24,135 26,734 151 -1,198 \n \nNet Change In Cash Cash, Begmrung of Year \n \n$ 1,552 2,005 \n \nCash, End of Year \n \n$ 3557 \n \nCapital Assets \n \nThe Umverslty dId not have any SIgnIficant capital asset addItIons for faCIlItIes In fiscal year 2002 The Uruverslty'S most SIgnIficant capItal assets, as reflected by the net book value, are the new SCIence BuIldIng and the PhysIcal EducatIon and AthletIc Complex (pEAC). Many other campus bUildIngs are fully deprecIated WIth the exceptIon ofproJects for renovatIon or upgrades \n \nConstructIOn ofa new classroom bUIldIng, Allgood Hall, was nearmg completIon at the end offiscal year 2002 The costs of constructIon on tins $18.2 millIon dollar project wIll show on the Umverslty's finanCIal records In fiscal year 2003 Also ground was broken In late fiscal year 2002 for a second new classroom bUildIng ThIs $21.7 rrullIon project IS expected to be completed In late 2004 Both of these bUildIngs are beIng constructed under the auspices of the GeorgIa State FInanCIng and Investment ConlDlIsslOn (GSFIC). \n \nFor addItIOnal InformatIon concerrung CapItal Assets, see Notes I and 6 in the notes to the finanCIal statements \n \n-6- \n \n Economic Outlook The Umverslty IS not aware of any currently known factors, decIsIOns or condItions that would have a slgmficant Impact on the UmversIty's results or financIal pOSitIOn Enrollment rose dunng the past year and effective cost control programs have been put m place Recent budget cuts have Impacted the Umverslty's ability to fully meet Its needs at a lime when expenses are nsmg from the expanded enrollment and from mcreased faclhty ownership costs as the new bUlldmgs come on lme Further state budget reductions would, of course, exacerbate thiS sItuation In summary, the Umverslty expects the commg year to be much hke the year Just ended, requmng tight controls on spendmg and challengmg deciSIOns on deployment of resources to successfully fulfill Its miSSion WIlham A Bloodworth, Jr , PresIdent Augusta State Umverslty \n-7- \n \n BASIC FINANCIAL STATEMENTS -9- \n \n AUGUSTA STATE UNlYERSIJY STATEMENT QF NET ASSETS \nJUNE 30 2002 \nASSETS \nCurrent Assets Cash and Cash EqUivalents Short-Term Investments Accounts ReceIVable, Net Federal Flnaooal AssIstance Other Prepaid Items Inventones \nTotal Current Assets \nNoncurrent Assets Cash and Casll EqUivalents Inves1ments Notes ReoelVabla CapItal Assets, Net (see Note 6) \nTotal Noncurrenl Assets \nTotal Assets \nLIABILITlES \nCurrenl Liabilibes salanes Payable Payroll Wlthholdlngs Accounts Payable Deferred Revenue Funds Held for Others Compensa1ed Absences Other Llab.llbes \nTotal Currenl Liabillbes \nNoncurrent LJablllbes Compensated Absences \nTotall..Jabillbes \nNET ASSETS \nInvested ,n Capital Assets, Net of Related Debt Restnctad for \nNonexpendable Expendable Unrestncted \nTotal Net Assets \nsee Independent Aa:ountanfs Combined Report on RevIeW of IlasJc FinanCIal Sta1emems \nand Supplementary Informabon \nThe notes to the flnandal atatements are en Integral part of thIS statement \n- 11 - \n \nEXHIBIT \"A\" \n \n$ 3,557,20301 2,38834514 \n231,21880 794,890 93 1,020,77072 453,841 81 \n$ 8,446,27041 \n \n$ \n \n31859 \n \n302,60150 \n \n805,33886 \n \n34,076,52553 \n \n$ 35,184,784 48 \n \n$ 43,631,054 89 \n \n$ \n \n86,61336 \n \n77,53300 \n \n324,28817 \n \n2,863,271 23 \n \n174,20283 \n \n68642529 \n \n5,208 25 \n \n$ 4,017,54213 \n \n398,33208 $ 4,415,87421 \n \n$ 34,076,525 53 \n302,92009 1,424,64986 3,411,08520 \n \n$ 39,215,16068 \n \n AUGpSTA STATE UN!\\IERSln STATEMENT OF REVENyes EXPENSES AND CHANGFiS IN NET ASSETS \nyeAR sNDED JUNE 39 2902 \nOpERATING REVENyES \nStudent Tuition end Fees leu Scholarship Allowenee. \nGrants lind ContraetJ FedtlrJ!lll Local \nRenta end Royaltle. \nSlIle. end Servll:e. of EduCilbonal Departments \nAwoI_ry Enterpn... \ne-.tore \nPerkJngIT~n.poIUibon \nIntarcolleg... Alhlabca Other ~n1ZIIUon' Other Opa~tIng Revenun \nTotal Opebng Raven,,\" \nOPERATING EXPENSES \nSala.... Focuhy Sta' \nEmployn Benefits Other Personal ServICe' Travel SCholarshIPS end FeI1OW'Ihlpa Utll/bes S00up..p.f.te..l _lind Other Services \nTotal O....lIng ~ \nOperabng Income (lou) \nNONOPERATINg REVENUES (EXPENSES) \nState Approprtatkln. Granta alld Contractl \nF. . . . . . S1ata Locol Nongovemmentlll GrIta In.rut end Other InveatFnentlncome Oth.r Nonoperating Rwenun \nIncom. Before Other R....-nuea, Expenae. GIIan. or Louea \nCapltal Grants and GIfta \nS.... \nNorIg~mmenlllr \nTctaI Other Revenue. \nInCl'8llae/(OeC:l'eaM) In Net AaMII \nNetAaMII \nNet AuatI - 8egInntng of V. .r e. Ongl'l.ny R.porWcI \nCumuJetlve Elfect of Cheng\" ., Accounting PrIndple \nNet AuetI - Be;tnrung 01 VelIr RMtatad \nNet AuetI - End of VHr \nSee Independent Acco\\lntllnf. Combn-.ed Repart on Revwew of BII.1e Fmel'ldal ~ end Supplem.nIlIry Infonnabon \nT'Iw notes to the fir\\llnclal atatDmGlIti .,. en Integral pert of thl' statement \n- 12- \n \nEXHIBIT ~B \n \nS 10830628'5 -2177 031 fl7 \n519504581 3 38-4 3.01 \n6272762 55200622 \n215970788 154 983 88 \n115995831 50 3G8 04 119730 0.01 \nS '811 ',448 02 \n \nS 12572,40728 1152102917 61(5103933 907;800 242414 34 3895851 57 143363578 54'434987 1 988,59368 \nS \"3.120 , 17 00 \nS -25008,668 98 \n \nS 2601122332 \n105572 as \n80.23781 ,367055 544,881 15 1\"7210\\0 203945 og 31552125 \nS 21 ,2'Q.4,513 43 \nS 2.28590.01 45 \n \nS \n \nGS9 181 93 \n \n, \n \n22421 S4 \n \n881 58377 \n \nS 2987,48822 \n \nS 9781382403 -61,566,13157 \nS 36 247,8;2 415 \n \nS 39 1215180 lI8 \n \n AUGUSJASIATEUNN;RSITY STATEMENT OF CASH FLOWS \nYEAR ENDED JUNE 30 2002 \nCASH FLOWS FROM OPERA\"flNG ACTMTIES Tulbon and Fees Grants and Conbllcb Sales and servICeS of EducabOnal Department!! \nPayment!! to Suppliers \nPayments to Emptoyees Payments tor SCholarshrps and Fellowships, Loans Issued to Student!! and Employees Collecbon of Loans to Students and Employees Auxiliary Enterpnle Cherges \nBookstore Par1rJngITrensportatlon tnterCOlleglite Athletrcs Other OrgamznOnlS Other RecelptS (Payments) \nNot Cuh Provided (Uoed) by Ope_g I\\ctMbOS \nCASH FLOWS FROM NONCAPITAL FINANCING ACTMTIES State AppropnatJons Agency Funds Tranaae:tlons \nGI1ts Ind Grant!! R8C8fVed tor Other than C\u0026p1tII Purposes \nOther Nonoperating Receipts \nNet Cash FIovriI Provided (Used) by Noncapltsl Filancing ActMtIe, \nCASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTMTIES Purchases of C8pltll Nsets \nCASH FLOWS FROM INVES\"flNG ACTMTIES Interest on Investments \nNel tncn!Iasel(Dec:;ruse) lI'l calh \nC8ah and caSh EquNa~ntt - June 30, 2001 Leu ShortTerm Investments \ncash and Cash EqUivalent!!  Beginning of Year \nCash Ind Cash EqurvlJents - End of Year \nRECONCILIATION OF OPERA\"flNG LOSS TO NET CASH PROVIDED (USED) BY OPERATING ACTMTIES \nOperallng Income (Lou) Adjustments to Recond~ Net blcome (Lou) to Net CUh \nProvided Uoed by O_ng ~ Depredation Change If! Aueta 100 Ll8.bllrbes AInc.c.o_unt!! ReCfllvableS Net \nPrepaid ttems \nNotes ReC8fV8b1es Net Account!! Plyable sal..1lP Payable Payroll W\\thhOldmg Deferred Revenue Other LlabJbbeI \neo_led AbsenCeS \nNo' Cosh Provodod (Uoed) by Opomng _ _ \nSee loo-pendent Aceountanfs Combtned Report on RilMeW of BaSIC Flnandat Statements and SuppiemenbUY tn1ormatlon \nThe notes to the fnanclalltatementJ Ir-. an Integral part of tnls statement. \n \nS 8738 018 93 5011801011009 661 741 96 \n15 012 725115 -24 053,045 05 \n-3695 851 57 -401 900 22 286,!572 98 \n2236,43071 156 067 10 \n1,252670 67 50,31604 \n101J6,n5341 \nS 2011[134,786 20 \n \nS 26 011.223 :12 356,0111580 763,88377 315.5210115 \nS 26,73011 212 74 \n \nS 1,198,040 03 \n \nS \n \n151,321 33 \n \nS 1,552.727 \u00264 \n \nS 4,30196328 -2,21i17.161i152 \n \nS 2,004,79376 \n \nS 3557[152180 \n \nS 25 008,668 IiI8 \n1,IiISS.5938S \n-84 289 66 0271805 336 238 75 -11532724 1 G2B,006 71 \n-1,72808 2,00940 714136 48 \n88800 51 206 21 \nS .2411301J78820 \n \n AUGUSTA STATE UNNERSITY NOTES TO THE FINANCiAL STATEMENTS \nJUNE 30. 2002 \n \nEXHIBIT \"D\" \n \nNOTE I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nNATURE OF OPERATIONS Augusta State Uruverslty serves the state, and natIOnal commumtles by proVldmg Its students With academiC mstructlon that advances fundamental knowledge, and by dlssemmatmg knowledge to the people of Georgia and throughout the country \nREPORTING ENTITY Augusta State Umverslty IS one ofthrrty-four (34) State supported member mstltutlons oflugher educatIOn m Georgia which compnse the Uruverslty System ofGeorgia, an orgamzatlonal urnt ofthe State of Georgia The accompanymg financial statements reflect the operatlons of Augusta State Uruverslty as a separate reporting entlty \nThe Board of Regents has constitutlonal authonty to govern, control and manage the Umverslty System of Georgia ThiS authonty mcludes but IS not lumted to the power to designate management, the ability to slgntficantly mfluence operatlons, the authonty to control InstltutlOns' budgets, the power to determme allotments of State funds to member InstltutlOns and the authonty to prescnbe accountmg systems and admlmstratlve poliCies for member mstltutlons Augusta State Uruverslty does not have authonty to retam unexpended State appropnatlons (surplus) for any given fiscal year. Accordmgly, Augusta State Umverslty IS considered an orgaruzatlonal umt ofthe Board ofRegents ofthe Umverslty System ofGeorgia reportIng entlty for fmanclal reportmg purposes because ofthe Significance of Its legal, operatlonal, and fmanclal relatlonships With the Board ofRegents as defined m Sectlon 2100 of the Governmental Accounnng Standards Board (GASB) CodificatIOn of Governmental Accountmg and FinanCial ReportIng Standards \nF1NANCIAL STATEMENT PRESENTATION In June 1999, the GASB ISSUed Statement No. 34, BasIC Fmanclal Statements and Management D,SCUSSIOn and AnalyslSfor State and Local Govemments. Tlus was followed m November 1999 by GASB Statement No. 35, BasIC Fmanclal Statements and Management's D,scuss,on and AnalysIS for Public Colleges and Umversltles The State of Georgia IS reqUired to Implement GASB Statement No. 34 as of and for the year ended June 30, 2002 As an orgaruzatlOnal urnt ofthe State of Georgia, the Umversity IS also reqUIred to adopt GASB Statements No 34 and No 35 as amended by GASB Statements No 37 and No 38. The finanCial statement presentatlon reqUired by GASB Statements No 34 and No. 35 as amended by GASB Statements No 37 and No 38 proVides a comprehenSive, entlty-Wlde perspectlve of the Umverslty's assets, !Iabllitles, net assets, revenues, expenses, changes m net assets, cash flows, and replaces the fund group perspectlve preVIOusly reqUired. \nThe UruVerslty has elected to not restate Its 200 I finanCial statements to conform With the new finanCial statement presentatlon, therefore comparatlve finanCial InformatIOn Will not be presented for fiscal year 2002 Slgntficant accounnng changes made m order to comply With the new reqwrements mclude (I) adoptlon of depreciation on Capital assets, and (2) recognttlon of compensated absences Generally Accepted Accountlng Pnnclples (GAAP) reqUITes that the \n- 15 - \n \n AUGUSTA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30. 2002 \n \nEXHIBIT \"D\" \n \nNOTE I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nFINANCIAL STATEMENT PRESENTATION \nreportIng of summer school revenues and expenses be between fiscal years rather than In one fiscal year. Due to the lack ofmatenahty, InslitutlOns ofthe UnIVersity System ofGeorgm Will contInue to report summer revenues and expenses In the year In wluch the predominate actIVIty takes place \nAt June 30, 200 I, encumbrances (contractual obhgallons for goods and ServICes not received at fiscal year end) were recorded as expendItures by the UnIVersity Instead ofreservallons of fund balance as requIred by generally accepted accounting pnnclples For fiscal year 2002, the UnIVersity changed its method ofrecording encumbrances such that encumbrances at June 30, 2002 were not recorded as expenses This change IS In accordance WIth generally accepted accounting pnnclples \nNo adjustments however, have been made on the finanCial statements to restate the fund balance at July 1,2001 for the June 3D, 2001 encumbrances recorded as expenditures In fiscal year 2001 The net effect of the above accounting treatment resulted In an understatement of expenses on the accompanying finanCial statements for pnor year encumbrances wluch should have been reflected as expenses In the penod when goods and ServIces were received. \nBASIS OF ACCOUNTING \nFor financial reporting purposes, the Umverslty is collSldered a special-purpose government engaged only In bUSiness-type acllV111es Accordingly, the Umverslty's finanCial statements have been presented USing the econormc resources measurement focus and the accrual basiS of accounling, except as noted In the preceding paragraphs. Under the accrual basiS, revenues are recogrnzed when earned, and expenses are recorded when an oblIgatIon has been inCurred All SIgnIficant mtraUnIversity transactions have been eliminated. \nThe UnIVersity has the opllon to apply all FinanCial Accounllng Standards Board (FASB) pronouncements ISSUed after November 30, 1989, unless FASB COnfliCts With GASB The UnIversity has elected to not apply FASB pronouncements ISSUed after the apphcable date \nRESTATEMENT OF NET ASSETS - BEGINNING OF YEAR \nAs a result of the adopllon of GASB Statement No 34, the Umverslty was also reqUIred to make certaIn changes In accounting pnnclples, specifically (l) adopllon of depreciatIOn on capital assets, and (2) recording of compensated absences. GASB Statement No 34 requires certain summer semester revenues be recogrnzed between fiscal years rather than the fiscal year In which the semester was predominantly conducted The UnIVersity System ofGeorgia has chosen to continue to record summer revenue In the year In wluch the semester was predominantly conducted Net assets at July 1, 2001 were reduced by $61,566,131.57 for the cumulallve effect of these changes \n \n- 16 - \n \n AUGUSTA STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2002 \n \nEXHIBIT \"D\" \n \nNOTE I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nCASH AND CASH EQUIVALENTS/SHORT-TERM INVESTMENTS Cash and Cash Equivalents consist of petty cash, demand deposits and time deposits In authonzed financial InstltutlOns, and cash management pools that have the general charactenstlCS of demand deposit accounts \nINVESTMENTS The Umverslty accounts for ItS Investments at fau value In accordance With GASB Statement No 31, Accounting and FinancIal Reponlngfor Cenaln Investments andfor External Investment Pools Changes In unrealized gain (loss) on the carrYing value of Investments are reported as a component of Investment mcome In the statements of revenues, expenses, and changes In net assets. \nACCOUNTS RECEIVABLE Accounts receivable consIsts oftultlon and fee charges to students and aUXIlIary enterpnse services proVided to students, faculty and staff, the ma]onty of each resldmg In the State of GeorgIa Accounts receivable also Include amounts due from the Federal government, state and local governments, or pnvate sources, In connection With reImbursement ofallowable expenditures made pursuant to the Umverslty's grant and contracts Accounts receivable are recorded net ofestlmated uncollectlble amounts \nINVENTORIES Consumable supplIes are recorded on the consumptlon method and are valued at cost usmg the weighted average method \nResale Inventones are valued at cost usmg the weighted average method \nPREPAID ITEMS Prepaid Items are payments made to vendors m advance ofthe receipt ofgoods and ServIces that WIll benefitsubsequentpenods \nNON-CURRENT CASH AND INVESTMENTS Cash and mvestments that are externally restncted and cannot be used to pay current IIabllItles are clasSified as non-current assets m the statements of net assets. \nCAPITAL ASSETS Capital assets are recorded at cost at the date of acqulsltlOn, or fair market value at the date of donation m the case of gifts For eqUipment, the Uruverslty'S capitalizatIOn polIcy mcludes all Items With a urnt cost of $5,000 00 or more, and an estimated useful lIfe of greater than one year RenovatIOns to buildmgs, Infrastructure, and land Improvements that exceed $100,000.00 and slgruficantly mcrease the value or extend the useful lIfe of the structure are capitalIzed Routine \n \n- 17 - \n \n AUGUSTA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2002 \n \nEXHIBIT \"0\" \n \nNOTE I SUMMARY OF SIGNIFlCANT ACCOUNTING POLICIES \nCAPITAL ASSETS reparrs and maintenance are charged to operating expense In the year In which the expense was inCurred. DepreciatIOn IS computed uSing the stralght-lme method over the estImated useful lIves of the assets, generally 40 to 60 years for bUildings, 20 to 25 years for Infrastructure and land Improvements, 10 years for lIbrary books, and 3 to 7 years for eqUipment \nTo obtain the total picture of plant additIons m the Uruverslty System, It IS necessary to look at the actIvItIes ofthe Georgia State Flnancmg and Investment ComnusslOn (GSFIC) - an organizatIOn that IS external to the System GSFIC ISSUes bonds for and on behalf ofthe State of Georgia, pursuant to powers granted to It In the ConstItutIon ofthe State of GeorgJa and the Act creating the GSFIC. The bonds so ISSUed constItute direct and general oblIgatIOns of the State of Georgia, to the payment of which the full faith, credit and taxmg power of the State are pledged \nEffectIve July I, 2001, the GSFIC retains constructIOn In progress on their books throughout the constructIOn penod and transfers the entIre project to Augusta State Uruverslty when complete For the year ended June 30, 2002, GSFIC transferred capital additIOns valued at $624,34704 to Augusta State Umverslty \nDEFERRED REVENUES Deferred revenues Include amounts received for tuitIon and fees and certam auxiliary actIVItIes pnor to the end ofthe fiscal year but related to the subsequent accounting penod Deferred revenues also mclude amounts received from grant and contract sponsors that have not yet been earned. \nCOMPENSATED ABSENCES Employee vacatIon pay IS accrued at year-end for financial statement purposes. The lIabilIty and expense mcurred are recorded at year-end as accrued vacatIon payable m the Statement of Net Assets, and as a component of compensatJon and benefit expense m the Statements of Revenues, Expenses, and Changes In Net Assets Augusta State Umverslty had accrued lIabilIty for compensated absences In the amount of$I,033,551.16 as of July 1,2001. For FIscal Year 2002, $820,94725 was earned In compensated absences and employees were paid $769,741 04, for a net mcrease of $51,206.21. \nNON-CURRENT LIABILmES Non-current lIabilIties include lIabllItJes that Will not be paid Wlthm the next fiscal year \nNET ASSETS The Uruverslty's net assets are clasSified as follows \n \n- 18 - \n \n AUGUSTA STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2002 \n \nEXHIBIT \"D\" \n \nNOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nNET ASSETS Invested In capital assets, net ofrelated debt Tlus represents the Umverslty's total mvestment 10 capital assets, net of outstandmg debt oblIgatIOns related to those capital assets To the extent debt has been mcurred but not yet expended for capital assets, such amounts are not mcluded as a component ofmvested 10 capital assets, net ofrelated debt (The term \"debt oblIgatIOns\" as used In tlus defimtlOn does not mclude debt of the GSFIC as discussed above.) \nRestricted net assets - nonexpendable Nonexpendable restncted net assets COnsist of endowment and similar type funds 10 which donors or other outside sources have stipulated, as a conrntlOn ofthe gift mstrument, that the pnnclpalls to be mamtamed mVlOlate and 10 perpetuity, and mvested for the purpose of producmg present and future mcome, winch may either be expended or added to pnnclpal. The Umverslty may accumulate as much ofthe annual net mcome ofan Institutional fund as IS prudent under the standard establIshed by Code Section 44-15-7 ofAnnotated Code ofGeorgia \nRestricted net assets - expendable Restncted expendable net assets mclude resources 10 wluch the Umverslty IS legally or contractually oblIgated to spend resources 10 accordance With restnctlons unposed by external tlurd parties. \nUnrestricted net assets Umestncted net assets represent resources denved from student tuition and fees, state appropnatlons, and sales and seTVIces of educational departments and aUXIlIary enterpnses. These resources are used for transacllons relatmg to the educatIOnal and general operallons of the Umverslty, and may be used at the discretIOn of the governmg board to meet current expenses for those purposes, except for unexpended state appropnatlons (surplus) of SII ,017 4'7 Unexpended state appropnatlons must be refunded to the Board of Regents of the Umverslty System of Georgia - AdmlDlstralive Central Office for renuttance to the Office of Treasury and Fiscal ServiCes. These resources also mclude aUXIlIary enterpnses, which are substantially self-suppomng actIVities that proVide services for students, faculty and staff \nWhen an expense IS mcurred that can be prod usmg either restncted or unrestncted resources, the Umverslty's polIcy IS to first apply the expense towards unrestncted resources, and then towards restncted resources \nINCOME TAXES Augusta State Umverslty, as a polItIcal subdiVISion ofthe State of Georgia, IS excluded from Federal mcome taxes under SectIon 115(1) of the Internal Revenue Code, as amended \nCLASSIFICATION OF REVENUES The Umverslty has classified Its revenues as either operatmg or non-operatmg revenues 10 the Statement ofRevenues, Expenses, and Changes 10 Net Assets accordmg to the followmg cntena \n \n- 19 - \n \n AUGUSTA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2002 \n \nEXHIBIT \"D\" \n \nNOTE I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nCLASSIF1CATION OF REVENUES Operating revenues Operatmg revenues melude actIVItIes that have the charactenslIcs ofexchange transactIons, such as (I) student tuitIon and fees, net ofscholarshIp allowances, (2) sales and services of auxlhary enterpnses, (3) most Federal, state and local grants and contracts and Federal appropnallons, and (4) mterest on InstItutIOnal student loans. \nNon-operating revenues Non-operatIng revenues melude actIvItIes that have the charactenstIcs of non-exchange transaCtIons, such as gIfts and contnbutlOns, and other revenue sources that are defined as non-operatmg revenues by GASB No 9, Reporting Cash Flows of Proprietary and Nonexpendable Trust Funds and Governmental Entities That Use Proprietary Fund Accounting, and GASB No 34, such as state appropnatIons and mvestrnent IDcome \nSCHOLARSHIP ALLOWANCES Student tUition and fee revenues, and certam other revenues from students, are reported at gross WIth a contra revenue account of scholarshIp allowances m the Statement of Revenues, Expenses and Changes m Net Assets ScholarshIp allowances are the dIfference between the stated charge for goods and SerVIces prOVided by the Umverslty, and the amount that IS pllld by students and/or thIrd parties makmg payments on the students' behalf. Certllln governmental grants, such as Pell grants, and other Federal, state or nongovernmental programs, are recorded as either operatmg or nonoperatIng revenues m the Umverslty's finanCial statements To the extent that revenues from such programs are used to satiSfy tuitIon and fees and other student charges, the Umverslty has recorded contra revenue for scholarshIp allowances. \nNOTE 2 CASH AND CASH EOurlALENTS: OTHER DEPOSITS, AND INVESTMENTS \nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belongIng to the State of GeorgIa (and thus Augusta State Umverslty) carmot be placed m a depOSitory paYIng mterest longer than ten days WIthout the depOSitory provldmg a surety bond to the State. In heu of a surety bond, the depOSitory may pledge as collateral anyone or more of the follOWIng secuntIes as enumerated m the OffiCial Code of GeorgIa Annotated SectIOn 50-17-59 \nI. Bonds, bIll, certIficates ofmdebtedness, notes, or other dIrect obhgauons ofthe Umted States or of the State of GeorgIa. \n2 Bonds, bills, certIficates of mdebtedness, notes, or other obhgatIons of the countIes or mumclpailtIes of the State of Georgia \n3 Bonds of any pubhc authonty created by the laws ofthe State of GeorgIa, provldlDg that the statute that created the authonty authonzed the use of the bonds for thIs purpose \n4 Industnal revenue bonds and bonds of development authontIes created by the laws of the State of Georgia \n- 20- \n \n AUGUSTA STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2002 \n \nEXHIBIT \"0\" \n \nNOTE 2 CASH AND CASH EOUNALENTS, OTHER DEPOSITS, AND INVESTMENTS \n \nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES 5 Bonds, bills, certificates of mdebtedness, notes, or other obhgatlons of a SUbSidiary corporatIOn of the UnIted States government, which are fully guaranteed by the UnIted States government both as to pnnclpal and mterest, 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 \n6 Guarantee or Insurance of accounts prOVided by the Federal DepOSit Insurance Corporation \n \nAs authonzed In the OffiCial Code of GeorgIa Annotated Section 50-17-53, the State DepOSitory Board has adopted polICies wluch allow agencies of the State of GeorgIa (and thus Augusta State UnIVersIty), the option of exemptmg demand depOSits from the collateral reqUIrements \n \nThe Treasurer ofthe Board ofRegents IS responSible for all details relative to furmslung the reqUIred deposItory protection for all UnIts of the UnIversity System of GeorgIa \n \nCATEGORIZATION OF DEPOSITS The UnIVersIty's cash depoSits are categonzed by osk as follows \n \nCategory 1 - Amounts covered by depOSitory Insurance or collateralIzed With secuntles (at fair value) held by the UnIversity or by Its agent m the UnIVersIty's name \n \nCategory 2 - Amounts collateralIZed WIth secunlles (at fair value) held by the pledgIng finanCial Institution's trust department or agent In the UnIVersity'S name \n \nCategory 3 Amounts collateralIzed With secuntles (at fair value) held by the pledgIng finanCial mstltutlOn, or by Its trust department or agent but not m the UnIversIty's name, and amounts uncollateralized \n \nCash DepOSits as of June 30, 2002 are as follows \n \nCash DepoSIts \n \nCarryIng \nAmount \n \nBank \nBalanceS \n \n$ 3546 721 60 S 4 349 622 92 S \n \nRisk CategQoes \n \n2 \n \n3 \n \nI QQ 009 00 S 4 249 622 22 S_ _..I0Iol00lll \n \n- 21 - \n \n AUGUSTA STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2002 \n \nEXHIBIT \"D\" \n \nNOTE 2 CASH AND CASH EOillYALENTS, OTHER DEPOSITS, AND INVESTMENTS \n \nCATEGORIZATION OF INVESTMENTS At June 30, 2002, the Umverslty's Investments consisted of the follOWing \n \nType of Investments \n \nInvestments Not Subject to CategonzatlOnS: \n \nBoard ofRegents \n \nShort-Tenn Fund \n \nTotal Return Fund \n \n\" \n \nState Investment Pool \n \n$ 2,32 I ,392.38 288,601.50 80,95276 \n \nTotal Investments \n \n$ 2.690,946.64 \n \nFunds mvested m an Investment pool managed by another governmental entIty are not required to be categonzed since the Umverslty did not own any specific, IdentIfiable mvestment secuntIes of the pool. \n \nNOTE 3. ACCOUNTS RECEIVABLE \n \nAccounts receivable COnsiSted of the followmg at June 30, 2002: \n \nStudent TwtIon and Fees AUXIlIary Enterpnses and Other OperatIng ActIVItIes Federal, State, and Pnvate Funets Other \n \n$ 158,252.51 94,26526 \n328,50560 459.51687 \n \n$ 1,040,540.24 \n \nLess Allowance for Doubtful Accounts \n \n14,43051 \n \nNet Accounts Receivable \n \n$ 1,026,109,73 \n \nNOTE 4 INVENTORIES \n \nInventones consisted of the followmg at June 30, 2002: \n \nBookstore PhYSical Plant Other \nTotal \n \n$ 425,756,80 17,256.08 10,82893 \n$ 4S3841,81 \n \n- 22- \n \n AUGUSTA STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2002 \n \nEXHIBIT \"0\" \n \nNOTE 5 NOTES/LOANS RECEIVABLE \nNoteslLoans receIvable, at June 30, 2002 pnmanly COnsIst ofstudent loans made through the Federal Perkms Loan Program (the Program) The Program proVIdes for cancellatIOn of a loan at rates of 10% to 30% per year up to a maxmlUm of 100% If the participant comphes With certain provIsions The Federal government reimburses the UruVerslty for amounts cancelled under these proVIsIons. At; the UruversIty determmes that loans are uncollectible mtemally and not ehglble for reimbursement by the Federal government, the loans are placed With an outSIde collectIOn agency The loan IS left WIth the collection agency for one year and If they are unsuccessful In collection or estabhslung a repayment plan, the loan IS returned to the Umverslty The Umverslty attempts to contact the borrower and make payment arrangements If the UruversIty IS unsuccessful, the account IS once again sent to a second outside collection agency. The loan IS sent out to a total of three collection agenCIes for collectIons If the collectIOns attempts are not successful, the account IS sent out for htlgatlOn With a law firm There IS not a time hrmt that the law firm can hold these loans In their office We keep all the records for students who have defaulted loans on hold lfthe borrower needs a transcnpt or wants to take classes, they must repay therr loan m full. Perkins borrowers have the opportumty to rehablhtate theIr loan, wluch mcludes haVIng all negative informatIOn removed from theIr credit bureau accounts once a repayment plan has been estabhshed and ten consecutIve payments made \nNOTE 6 CAPITAL ASSETS \nThe balance at July I, 2001 was adjusted for accountmg changes reqUIred In Implementmg GASB Statements 34 and 35 as dIsclosed In Note I, Followmg are the changes m capital assets for the year ended June 30, 2002: \n \n- 23- \n \n AUGUSTA STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2002 \n \nEXHIBIT \"D\" \n \nNOTE 6 CAPITAL ASSETS \n \nAdjusted Balance July I. 2001 \n \nAdditIOns \n \nReductions \n \nBalance June 30, 2002 \n \nCapItal Asscts, Not Bemg Depreciated \n \nLand and Land Improvements \n \nS 2, I52,770 49 \n \n5 215277049 \n \nCapItal Assets, Bemg DeprecIated BUlldmg and BUlldmg Improvements Facllmcs and Other Improvements EquIpment LIbrary CollecllOns Capltahzed Collections \n \nS 39,126,898 00 S \\,657,75\\ 00 5,094,55495 6,636,059 00 75 005,00 \n \n1,324,800 67 \n188,260 SO 366,56263 S \n \n540,451,69867 \\,657,75\\ 00 5,282,815 45 \n15,43700 6,987,18463 75,005 OQ \n \nS 52.590 267 95 S 1.879,623 80 S \n \n154~700 5 5445445475 \n \nLess Accumulated Depreciation BUlldmg and BUlldmg Improvements Facilities and Other Improvements EquIpment Library Collections \n \nS 11,460,709 79 S 941,306 OS \n3,010,192 19 5,14533500 \n \n1,049,74579 155,16363 450,66126 333,02300 S \n \n$ 12.510.455 58 1,096,46968 3.460,853 45 \nJ5 437,00 5.462,92 I 00 \n \nS 20 557,543 03 S I 988 593 68 S 15.43700 $ 2253069971 \n \nTotal CapItal Assets, Bemg DeprCClated, \n \nNet \n \n5 32,032,72492 S \n \nCapItal Assets, Net \n \nS 3418549541 S \n \n-10896988 $, \n \n-\"0\"'00'\" $ 3192375504 \n \n_JOS 269 88 S'_ _.....I0IlolOOAl S l4 076 525 53 \n \nNOTE 7: DEFERRED REVENUE \n \nDeferred revenue consisted ofthe followmg at June 30, 2002 \n \nPrepllld TUitIon and Fees Other Deferred Revenue \n \n$ 2, I 09,230.59 554,04064 \n \nTotals \n \n$ 2.663 271,23 \n \nNOTE 8' LONG-TERM LIABILITIES \n \nLong-tenn hablhty actIVIty for the year ended June 30, 2002, was as follows \n \nOther Liabilities \nCompensilted Absences \n \nBalance July I 200! \n \nAdditions \n \nReductions \n \nBalance June 30, 2992 \n \nCurrent \nportion \n \nS 103355116 S 82094725 S 76974104 S I 08475737 S 68642529 \n \n- 24- \n \n AUGUSTA STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2002 \n \nEXHIBIT \"D\" \n \nNOTE 9 RETIREMENT PLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nPlan Description Augusta State UniVersIty partiCipates m the Teachers RetIrement System of Georgia (TRS), a costsharIng multIple-employer defined benefit pensIOn plan estabhshed by the General Assembly of GeorgIa for the purpose of provldmg retIrement allowances and other benefits for teachers of the State of GeorgIa TRS proVIdes ServIce retIrement, dIsabilIty retIrement, and survivor's benefits for Its members m accordance WIth State statute The Teachers RetIrement System of GeorgIa Issues a separate stand alone finanCIal audIt report and a copy can be obtamed from the GeorgIa DepartInent of AudIts and Accounts \n \nFunding Policy \nEmployees of Augusta State Uruverslty who are covered by IRS are requIred by State statute to \ncontrIbute 5% of their gross earnmgs to IRS Augusta State UruVerslty makes monthly employer contrIbutIOns to TRS at rates adopted by the IRS Board ofTrustees m accordance wIth State statute and as adVIsed by theIr mdependent aclIIary For fiscal year 2002, the employer contrIbutIon rate was 9 24% for covered employees. Employer contrIbutIons for the current fiscal year and the precedmg two fiscal years are as follows \n \nFiscal Year \n \nPercentage ContrIbuted \n \nReqUIred ContrIbutIon \n \n2002 2001 2000 \n \n100% 100% 100% \n \n$1,276,177 72 5) 1,670,61833 $ 1,687,795.00 \n \nREGENTS RETIREMENT PLAN \n \nPlan Description The Regents Retirement Plan, a smgle-employer defined contrIbutIon plan, IS an optional retirement plan establIshed and admmlstered by the Board of Regents of the UniversIty System of Georgia, under which It may purchase annUIty contracts for the purpose of provldmg retIrement and death benefits for elIgible faculty and pnnclpal adrmnIstrators. Benefits depend solely on amounts contrIbuted to the plan plus mvestment earmngs Benefits are payable to partIclpatmg employees or their benefiCIarIes m accordance With the terms of the annUIty contracts \n \nFunding Polley Member contrIbution requirements are estabhshed by the Board of Trustees of the Teachers RetIrement System Employer contrIbutIons are establIshed by stalIIte and may be amended onlyby the General Assembly ofthe State ofGeorgia The employer contributes 9 62% ofthe partlclpatmg empioyee's earnable compensation Employees contrIbute 5% of their earnable compensation Amounts attnbutable to all plan contrIbutions are fully vested and non-forfeitable at all tImes \n \n- 25- \n \n AUGUSTA STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2002 \n \nEXHffilT\"D\" \n \nNOTE 9 RETIREMENT PLANS \nREGENTS RETIREMENT PLAN \nFunding Policy Augusta State Umverslty and the covered employees made the reqwred contributIOns of$834,138 92 (962%) and $465,116.15 (5%), respectively \nGEORGIA DEFINED CONTRIBUTION PLAN \nPlan Description Augusta State Umverslty partIcIpates In the GeorgIa Defined Contribution Plan (GDCP) whIch IS a smgle-employer defined contribution plan establIshed by the General Assembly of GeorgIa for the purpose ofprovldmg retrrement coverage for State employees who are temporary, seasonal, and parttIme and are not members of a publIc retirement or pensIon system. GDCP IS admmlstered by the Board of Trustees of the Employees' Retrrement System of Georgia \nBenefits A member may retire and elect to receIve penodIc payments after attamment ofage 65 The payment Will be based upon mortalIty tables and mterest assumptions to be adopted by the Board ofTrustees If a member has less than $ 3,500 00 credIted to hlslher account, the Board ofTrustees has the option ofreqwrmg a lump sum dIstrIbution to the member in lIeu ofmaking penodiC payments Upon the death of a member, a lump sum dIstrIbution equaling the amount credited to hlslher account WIll be paId to the member's deSIgnated benefiCiary Benefit proVISIOns are establIshed by State statute \nContributions and Vesting Member contrIbutions are seven and one-halfpercent (7.5%) of gross salary There are no employer contrIbutions ContrIbution rates are establIshed by State statute Eammgs 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 \nTotal contrIbUtions made by employees dunng fiscal year 2002 amounted to $48,350 00 winch represents 7.5% of covered payroll These contrIbutions met the reqUirements of the plan \nNOTE 10' RISK MANAGEMENT \nAugusta State Umverslty IS a participant In the Board of Regents of the Umverslty System of GeorgIa Health Benefits Plan, winch is a self-Insurance program of health and dental benefits for employees and retIrees of the Umverslty System of GeorgIa Augusta State Umverslty and particIpating employees and retirees pay prenuums to the Health Benefits Plan for t1us health Insurance coverage. The Health Benefits Plan IS mcluded m the finanCial statements ofthe Board of Regents of the Umverslty System of GeorgIa - Adrmmstratlve Central Office All umts of the Umverslty System of GeorgIa share the nsk of loss for claImS of the Health Benefits Plan The \n- 26- \n \n AUGUSTA STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2002 \n \nEXHIBIT \"D\" \n \nNOTE I 0 RISK MANAGEMENT \nHealth Benefits Plan IS consIdered a self-sustamlng nsk fund that provides health coverage for ItS members up to a maximum lIfetime benefit of$2,000,000 00 per person and dental coverage up to an annual maximum of $1,000 00 per person The Board of Regents has contracted With Blue Cross Blue Shield ofGeorgia to process chums m accordance With the Health Benefits Plan as established by the Board of Regents \nThe Department of Admmlstratlve Services (DOAS) has the responsibilIty for the State of Georgia ofmaking and carrying out decISIons that wIll mmmuze the adverse effects of aCCidental losses that mvolve State government assets. The State belIeves It IS more economical to manage Its nsks mternally and set aside assets for claim settlement. Accordmgly, DOAS processes claims for nsk of loss to which the State IS exposed, mcludmg general lIabilIty, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' mdemmficatlon LInuted amounts of commercial Insurance are purchased applIcable to property, employee and automobile lIabilIty, fidehty and certain other nsks Augusta State Uruverslty, as an orgaruzatlonal urnt of the Board of Regents of the Umverslty System of Georgia, IS part of the State of Georgia reportmg entity, and as such, IS covered by the State of Georgia nsk management program adnumstered by DOAS. PreIDIums for the nsk management program are charged to the vanous state organizations by DOAS to proVide claims servlcmg and claims payment \nA self-msured program of professIOnal lIabilIty for Its employees was establIshed by the Board of Regents of the Umverslty System of Georgia under powers authonzed by the OffiCial Code of Georgia Annotated Section 45-9-1. The program Insures the employees to the extent that they are not Immune from lIabilIty agamst personal lIabilIty for damages ansmg out of the performance of their duties or 10 any way connected thereWith The program IS admlrustered by DOAS as a SelfInsurance Fund \nNOTE 11' CONTINGENCIES \nAmounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies Tlus could result m refunds to the grantor agency for any expenditures which are disallowed under grant terms The amount ofexpenditures wluch may be disallowed by the grantor cannot be deterIDIned at thiS time although Augusta State Umverslty expects such amounts, Ifany, to be Immatenal to Its overall finanCial pOSItion. \nLItigation, claims and assessments filed against Augusta State Umverslty (an orgaruzatlOnai urnt of the Board of Regents of the Umverslty System of Georgia), If any, are generally conSidered to be actions against the State of Georgia Accordmgly, slgmficant lItigatIOn, claims and assessments pendmg against the State of Georgia are disclosed In the State of Georgia ComprehenSive Annual Fmanclal Report for the fiscal year ended June 30, 2002. \n \n- 27- \n \n AUGUSTA STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2002 \n \nEXHIBIT \"D\" \n \nNOTE 12 POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS \nPursuant to the general powers conferred by the Official Code ofGeorgIa Annotated SectIon 20-331, the Board of Regents ofthe Umverslty System ofGeorgia has established group health and life Insurance programs for regular employees ofthe Umverslty System ofGeorgIa It IS the pohcyofthe Board ofRegents to perrmt employees ofthe Umverslty System ofGeorgia ehgible for retIrement or that become permanently and totally dIsabled to contInue as members of the group health and hfe Insurance programs Employees who are ehgIble for retIrement or dlsablhty under the cntena estabhshed by the Teachers RetIrement System ofGeorgIa and who have at least ten years ofservIce WIth the Umverslty System of GeorgIa are eligIble for these post-employment health and life Insurance benefits. OrganIzatIonal unitS of the Board of Regents of the Umverslty System of GeorgIa pay the employer portion for group Insurance for affected indiVIduals. \nAs ofJune 30, 2002, there were 138 employees who had retIred or were dIsabled that wererecelvmg these post-employment health and hfe Insurance benefits. For the year ended June 30, 2002, Augusta State Umverslty recogruzed as Incurred $386,850.80 of expendItures, which was net of $151,705.30 of partICIpant contnbutlons \n \n- 28- \n \n AUGUSTA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2002 \n \nEXHIBIT \"D\" \n \nNOTE 13 NATURAL CLASSIFICATIONS WITH FUNCTIONAL CLASSIFICATIONS \n \nThe Umverslty's operatmg expenses by functIOnal classIficatIon are shown below \n \nStatement of Opcranng Expenses - Natural vs Funcuonal CWslficabons For the J.lscal Year Ended June 30, 2002 \n \nFunc1.lOna) ClasslflcatlOll \n \nHam! Classification \nSoIanes Faculty Staff \nEmp~ Benefits Other Personal Scrvtces Tl'1lvcl ScholarshIps and \nFellowshlp5 UUhbes Supplies and Other \nServJccs 1JepTcctabOfl \nTotal Opcratms Expenses \n \ninstr1JCtJon \n \nBCY\"Th \n \nPubliC \n5emce \n \nAcademic \nSupport \n \nStudent $eryJrn \n \nInsbtutlonal Support \n \nS 12,506,877 64 S \n1,24I,S2377 2.973,942.25 \n80,83590 \n25.82457 109.164 05 \n777,404 2\\ \n \n17,34064 S 18,73949 2,666 84 \n27,62123 \n \n48,18900 141.033 88 35,33778 \n37516 \n \nS 2,572,89731 599,64594 \n36.13049 \n \nS \\ ,702,48330 418,43506 \n26,31325 \n \nS 3,Q94,25255 1,342,91232 89,950 00 45,19845 \n \n1,089 47 16633 \n \n3,43997 \n \n3,03133 61,272 53 \n \n48.061 80 39,108 10 \n \n255,591 98 57,34722 \n \n6,231 25 \n \n369,05740 \n \n655,55513 \n \n439,254 00 \n \n599,11909 \n \n:in S 17 715 872 19 S 73 85' 25 S 597 43319 S J 228 73 S 2673 655 51 S 'iRA 37 161 \n \nHaw! ClassJljgbon \nSalancs Faculty Staff \nEmployee Benefits Other Peraonal ServJccs Tl1Ivel Scholarshlp5 and \nFellowships Unhbes Supphes and Other \nScrvtces \nDepreclauon \nTOblI OpcrabnS Expenses \n \nPlabl Operobons and \nMlmtmang; \n \nFW]ctumaJ CIas$lfiCAum \n \nScholanh1p5 and Felkmlnm \n \nAtlXlhuy EntgpnK' \n \nUnallocated \nDepreclabC!J \n \nTobI' Opcrabb8 Exnen:fe5 \n \n5 2.033,13624 5 \n54\\,407 45 \n1,677 06 \n \n2,00800 5 714,654 63 \n246,69169 84600 \n24,26280 \n \nS 12,572.407 28 11.521.02917 6.16\\.03933 90,7%00 242,41434 \n \n1.136,93314 \n \n2,937,23535 \n \n425,01707 26,204 42 \n \n3,695,85\\ 57 1,433,635 76 \n \n669,40001 S 4 J82 553 00 \n \nS 2 9J2 24311 \n \n1,898,328 78 S J 336005 JQ \n \n5 19M,S9368 \nS ! 98 593 M \n \n5,414,349 87 \\,9\u0026\u0026.59368 \n54] 129 11799 \n \n- 29- \n \n SUPPLEMENTMY INFORMAnON - 31 - \n \n AUGUSTA STATE UNIVERSITY SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO \nBUDGET - (NON-GAAP BASIS) RESIDENT INSTRUCTION \nYEAR ENDED JUNE 30 2002 \n \nSCHEDULE \"1\" \n \nREVENUES \nState Appropnatlons Other Revenues Retained \n \nBUDGET \n \nACTUAL (1) \n \nVARIANCE FAVORABLE (UNFAVORABLE) \n \n$ 25,733,89500 $ 25,733,89500 $ \n \n18,758,12700 \n \n17,323,10305 \n \n000 -1.435,02395 \n \n$ 44.492,022 00 $ 43,056,998 05 $ _ _\"\"-1.::,4:.::3\",5,=02,,,3:..:95::::. \n \nEXPENPITURES \nPersonal services Education, General and Departmental Services Sponsored Opera1Jons \nOpera1Jng Expenses Educ:abon, General and Departmental services Sponsored Operations \nCapital Outlay SpeClel Funding Inrbabve Office of Mmonty BUSiness Enterpnse \n \n$ 29,359,31300 $ 28,835,675 36 $ \n \n389,55900 \n \n316,93268 \n \n7,114,260 00 6,727,304 00 \n601,31200 105,27400 195,000 00 \n \n7,357,255 10 5,665,077 43 \n619,43971 97,464 91 \n195,000 00 \n \n523,63764 72,626 32 \n-242,995 10 1,062,226 57 \n-18,12771 7,80909 000 \n \n$ 44.492 ,022 00 $ 43,086,845 19 $ \n \n1~.4::05=,1~7~6=8.:..1 \n \nExcess of Revenues over Expendrtures \n \n$ \n \n-29,847 14 $ \n \n~-2;;:9:'::184~7.:.14;:. \n \n(1) Actuel emounlS were prepared on a Pl99Q'1bed basis of eccounbng that demonstrates compliance WIth budgetary statutes and ragulabons of the State of Gao'llla, which IS a comprehensIVe baSIS of accounbng \nother than generally accepted accounbng pnndples \n \nSee accompanYJng notes end Independent Accountanfs Combined Report \non RllVlew of BeSlc Financoel StatemenlS and Supplementary Informabon \n- 33- \n \n AUGUSTASTATEUNNERSny SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO \nBUDGET - (NON-GMP BASIS) LOTTERY FOR EDUCATION YEAR ENPED JUNE 30 2002 \n \nSCHEDULE \"2- \n \nREVENUES State Appropnabons \n \nBUDGET \n \nACTUAL (1) \n \nVARIANCE FAVORABLE (UNFAVORABLE) \n \n$ \n \n317 640 00 $ \n \n~Oc::0::::.O \n \nEXPENDITURES Equipment Technology and Construc:bon \nTrust Fund Speaal Funding InrtJa1Jves \nExcess of Revenues over Expendilures \n \n$ 218.608 00 $ 21860800 S \n \n99.03200 \n \n99.03200 \n \n$ \n \n317.64000 $ \n \n$ \n \no00 $ \n \n000 000 \n~O\"'OO::::. \n.::O.::OO~ \n \n(1) Adual amounts were prepared on a prescnbed baSIS of accounbng that demonslrates compliance WIth budgelar1statutes and regulabons of the Sta1ll of Georg,.. which IS a comprehenslV8 b....s of accounbng other then generelly eccep1ed eccounbng pnnaples \n \nSee accompanying noles and Independent Acoountanfs Combined Report \non RevIeW of BaSIC Flne\",,\"1 Sta1llmenls end Supplementary Infonnabon \n- 34- \n \n AUGUSTA STATE UNrvERSIIY RECONCILIATION OF SALARIES AND TRAVEL \nYEAR ENDED JUNE 30 2002 \n \nSCHEDULE \"3\" \n \nTotals per Annual Supptement \n \nAccruals \nJune 30. 2002 June 30 2001 \n \nAgency Funds Morns. Sandarg. Speannan, VanMeter, \n \nManlynn Janel I Kalil L Chnstma C \n \nCompensated Absences June 30. 2002 June 30. 2001 \n \nPrepaid salanes June 30, 2002 \nJune 30. 2001 \n \nAdjustments AkIns. Bamebet. Bloodworth. Bond, Bryant. Chou. Cooks, Cool... EnglISh. \nEvans. Hammond. Hobbs. \nHoward. Kramer. Matson, Neely. PaweD. Price. Ru:hardson. RJley. Rage\",. Stewart. Thornton. TUley Topolokl. \nWIvte. Widner, \nWilliams, Wliaon. Yokeda. Zimmerman. \n \nMaureen J Fred \nW~h.mA \nTimothy A GIlnl \nFrank H \nJasper A Rolfe E WiMlsm M WatterE sarah Stephen H Donald P Kimberly Wemerlll M,chelle L A1anaW \nCha~oIte \nDeborah R Lasley D Rebecca L Jacquelyn E Holly J Leslie L RIChanl L David L Sabina C VICIue A GragoryT Tomoe GuyS \n \nsee accompanying notes and Indope_nl Accountant's Combtned Report on Ravtew of BaaIC FinanCIal Statements and 5uppIemantary Information \n- 35- \n \nSALARIES \n$ 24.065181 91 $ \n \nTRAVEL \n230273 05 \n \n8661336 -88.341 44 \n \n-15000 -506200 \n-150 00 -15000 \n \n1,007,67057 -96010326 \n \n-813,44334 801.37065 \n \n8600 7100 28250 20400 2500 50550 85200 36000 60320 26700 8500 34619 1.18800 14000 60320 47040 60320 196 00 140 00 6000 14000 49795 311 50 8500 14000 53376 140 00 14000 1.963 17 57672 54500 \n \n$ 24,093,436 45 $ _...:i2.:42~,.:4.1.4~34:.. \n \n AUGUSTA STATE UNiVERSITY RECONCILIATION OF PER DIEM AND FEES \nYEAR ENPED JUNE 3Q 2002 \n \nSCHEDULE \"4\" \n \nTotals per Annual Supplement \n \nAdJustments \n \nAnderson, \n \nSandra \n \nE9 1ey, \n \nLance \n \nNicholes, Dickenson ETAL \n \nTYPE PAYMENT \n \nFEE AMOUNT \n \nEXPENSE AMOUNT \n \n$ 481,78126 $ 14,03288 $ \n \nTOTAL 495,814 14 \n \nExpense Expense Fee \n \n-18864 \n \n82340 631 50 \n \n82340 63150 -188 64 \n \nSee eccompanyln9 notes end Independent Accoun1enfs Combined Report on ReVlllW of BasiC Flnancla' Sta1ements and Supplemen1ery Infotmabon \n- 36- \n \n SECTIONIl AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \n AUGUSTA STATE UNIVERSITY AUDlTEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND OUESTIONED COSTS YEAR ENDED JUNE 30, 2002 \n \nPRIOR YEAR FEDERAL AWARD FINDINGS AND OUESTIONED COSTS \n \nFINDING CONTROL NUMBER AND STATUS \n \nFA-527-99-0I FA-527-01-01 \n \nPrevIOusly Reported CorrectIve ActIOn Implemented PrevIOusly Reported CorrectIve ActIOn Implemented \n \n SECTION ill CURREN[ YEAR FINDINGS AND QUESTIONED COSTS \n \n AUGUSTA STATE UNIVERSITY SCHEDULE OF FINDINGS AND OUESTIONED COSTS \nYEAR ENDED JUNE 30, 2002 \nFINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \nGENERAL LEDGER inadequaCIes In Control Over SubSidiary Ledgers FIndIng Control Number FS-527-02-0l \nOur exannnatlon Included a reVIew of the procedures utilIzed by Augusta State Uruverslty In \nrecordIng transactions to the vanous modules compnsIng the GeorgIaFIRSTaccounung system Our \ntestmg revealed that, at June 30, 2002, the Uruverslty'S general ledger module wd not balance with the SUbSidIary modules. TIus condItion was pnmanly due to errors In postIng SUbSidIary records dunng the conversIon from the old College Uruverslty FInancial Accounting (CUFA) legacy \naccountIng system to the new GeorgIaFIRST accounting system and due to transactlons beIng posted \nto the general ledger module rather than the appropnate SUbSidiary modules. The Uruverslty did not proVide a reconCIlIatIOn of the general ledger balances to the SUbSidiary records, whIch resulted In extensIve work by the auwtors to Identlfy reconcIlIng Items at June 30, 2002 \nManagement's failure to ensure that subslwary records are reconcIled with the general ledger CaJlSes internal reports to management, generated from the SUbSIdIary modules, to be Inaccurate and rnislead1ng. TIus conwtlon can lead to erroneous deciSIOns by the Umverslty's management and result In Inaccurate reportIng of finanCIal InformatIon \nTo ensure accurate and tlmely repomng of finanCial Information from subSidiary records, the Umverslty should post transactlons correctly to the subslwary ledgers rather than asJournal entnes In the generaJ ledger The UruVerslty should develop internal accountlng controls and procedures to ensure that reconclhallons of subSidiary ledgers and the generaJ ledger are performed on a regular basis \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-ba85-b2000-h2001","title":"Augusta State University, Augusta, Georgia, report on the review of the financial statements for the fiscal year ended June 30, 2001","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Richmond County, Augusta, 33.47097, -81.97484"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["2000/2001"],"dcterms_description":["Fiscal year ended June 30, 2000-","Ceased with year ended June 30, 2005.","Title from cover.","Title fluctuates: Audits conducted \"in accordance with generally accepted auditing standards\" are issued as: Audit report; reviews that are \"substantially less in scope than an audit in accordance with generally accepted auditing standards\" are issued as: Review or Management report or Independent accountant's report on applying agreed-upon procedures","Year ended June 30, 2005 (online surrogate) (Georgia Government Publications database)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 2001"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Augusta State University (Augusta, Ga.)--Appropriations and expenditures","Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Augusta State University, Augusta, Georgia, report on the review of the financial statements for the fiscal year ended June 30, 2001"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-ba85-b2000-h2001"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-ba85-b2000-h2001"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"L;;it..I \n., \n.'.- ! \n1.1 GAA\u003c6oo .f RI ; ASS ., ,;2(:~co - .;)00 I \n \nSTATE OF GEORGIA \n \n00 00000 0 0 \n1776 \n \nAUGUSTA STATE UNIVERSITY \nAUGUSTA, GEORGIA REPORT ON REVIEW OF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2001 \nRussell W. Hinton state Auditor \n \n  \nAUGUSTA STATE UNIVERSITY \n-TABLEOFCONTENTS- \n \nPage \n \nSECTION I \n \nFINANCIAL \n \nINDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \n \nEXHffiITS \n \nFINANCIAL STATEMENTS \n \nA COMBINED BALANCE SHEET \n \nALL FUND GROUPS \n \n2 \n \nB COMBINED STATEMENT OF CHANGES IN FUND BALANCES \n \nALL FUND GROUPS \n \n4 \n \nC STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \n \nAND OTHER CHANGES \n \n6 \n \nD NOTES TO THE FINANCIAL STATEMENTS \n \n7 \n \nSUPPLEMENTARY INFORMATION \n \nE COMB~GBALANCESHEET \n \nCURRENT FUNDS - UNRESTRICTED \n \n20 \n \nF COMB~G STATEMENT OF CHANGES IN FUND BALANCES \n \nCURRENT FUNDS - UNRESTRICTED \n \n22 \n \nG COMB~G STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \n \nAND OTHER CHANGES \n \nUNRESTRICTED \n \n24 \n \nSCHEDULES \n \nSCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \n \n1 \n \nRESIDENT INSTRUCTION \n \n26 \n \n2 \n \nLOTTERY FOR EDUCATION \n \n29 \n \n3 CHANGES IN INVESTMENT IN PLANT \n \n30 \n \n4 SCHEDULE OF FUND BALANCES \n \nCURRENT FUNDS AND PLANT FUNDS \n \n32 \n \n5 RECONCILIATION OF SALARIES AND TRAVEL \n \n34 \n \n AUGUSTA STATE UNIVERSITY - TABLE OF CONTENTS - \n \nSECTION II \n \nAUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \nS \n \nY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \nSECTION ill CURRENT YEAR FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \n \n , \nSECTION I FINANCIAL \n \n \n RUSSELl. W. HINTON \nSTATE AUDITOR (404) 656-2174 \n \n,-.\" q f L 'C'0\" \n \n. . . , ~ ~ A,..,. ,. \n \n.p \" ',\u003e '  \"; \n \n- .'-.. .. 1-....: . ~'- \"''i '.'.\\ ~L.~ -.l .\"-. \n \n\"\",~) H~ . .:-..};\u003e : \n \n..n .... . ..;~-- -,c'\" -----=..'.\" . \n \n\" - -~.... \n \n-,\" \n \n1776 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washingtoll Street. S.W., Suite 214 Atlanta. Georgia 3m34-X400 \n \nOctober 16,2001 \n \nHonorable Roy E. Barnes, Governor Members of the General Assembly of Georgia Members of the Board of Regents of the University System of Georgia \nand Honorable William A. Bloodworth, Jr., President Augusta State University \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 D) ofAugusta State University as of and for the year ended June 30, 2001, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. All information included in these financial statements is the representation of the management of Augusta State University. \nA review consists principally ofinquiries ofUniversity personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with auditing standards generally accepted in the United States of America, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an \n \nOpInIOn. \nBased on our review, with the exception ofthe matters described in the fourth and fifth paragraphs, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with accounting principles generally accepted in the United States ofAmerica. \nAs disclosed in Note 1 to the financial statements, accounting principles generally accepted in the United States of America require encumbrances to be recorded as a reservation of fund balance. However, in accordance with Georgia Law and State budgetary policy, management recorded encumbrances as expenditures and liabilities. The effects of this departure from accounting . principles generally accepted in the United States ofAmerica on the financial statements were not reasonably determinable. \n01ARL-67 \n \n  \nAs disclosed in Note 1 to the financial statements, the University did not report the liability and related expenditure for compensated absences in the current funds as required by accounting principles generally accepted in the United States of America. If compensated absences were reported, liabilities would be increased and fund balance would be decreased by $1 ,033,551.16 as of June 30, 2001, and the net change in fund balance for the year ended June 30, 2001, would be decreased by $98,953.05. \nOur review was made for the purpose of expressing limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with accounting principles generally accepted in the United States ofAmerica. The accompanying combining statements (Exhibits E through G) and the financial schedules (Schedules 1 through 5) are presented for supplementary analysis.purposes. Such information has been subjected to the inquiries and analytical procedures applied in the review ofthe financial statements, and except for the effects of the matters discussed in the fourth and fifth paragraphs, we are not aware of any material modifications which should be made thereto. \nRespectfully submitted, \n \nw .\"\"'-'-:::::: \nRu sell W. Hinton State Auditor \nRWH:gp \n01ARL-67 \n \n FINANCIAL STATEMENTS - 1- \n \n AUGUSTA STATE UNIVERSITY COMBINED BALANCE SHEET \nALL FUND GROUPS \nJUNE 30, 2001 \n \nASSETS \nCash and Cash Equivalents Investments Accounts Receivable Inventories Prepaid Items Due from Other Fund Groups Investment in Plant \nTotal Assets \nLIABILITIES AND FUND BALANCES \nLiabilities Accounts Payable Salaries Payable Deferred Revenue Tuition and Fees Deposits Held in Custody for Others Due to Other Fund Groups \nTotal Liabilities \nFund Balances U. S. Govemment Grants Refundable Institutional Loans - Restricted Endowment Net Investment in Plant Restricted Unrestricted \nTotal Fund Balances \nTotal Liabilities and Fund Balances \n \nCURRENT FUNDS UNRESTRICTED RESTRICTED \n \nLOAN FUNDS \n \n$ \n \n1.369,232.02 $ 141.296.58 $ 313,945.24 \n \n311.890.53 361.123.76 1,357.009.47 \n \n228,950.14 \n \n690.011.62 \n \n$ 3,399,255.78 $ 370.246.72 $ 1,003.956.86 \n \n$ \n \n898,148.96 \n \n88.341.44 \n \n1.949.134.75 \n \n$ ---==2=.9=3:5.:,.6.2:.5.;.:1;5... \n \n$ 787.024.69 216.932.17 \n \n$ $ _ _....:.4.:.:63::z.:,6~3.:.:.0:,:63=- \n \n$ \n \n463,630.63 $ \n \n370,246.72 370,246.72 $ 1.003.956.86 \n \n$ _....;;;3,399.255.78 $ _ _37~0.246.72 $ 1,003,956.86 \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 , \nEXHIBIT \"A\" \n \nENDOWMENT FUNDS \n \nUNEXPENDED \n \nPLANT FUNDS RENEWALS AND REPLACEMENTS \n \nINVESTMENT IN PLANT \n \nAGENCY FUNDS \n \nTOTAL (Memorandum \nOnly.t-)_ _ \n \n$ \n \n14,318.59 $ 2,009,980.01 $ \n \n30,626.07 \n \n$ 422,564.77 $ 4,301,963.28 \n \n341,153.36 \n \n341,153.36 \n \n1,230,852.29 \n \n361,123.76 \n \n1,357,009.47 \n \n734,662.60 \n \n734,662.60 \n \n_ _ _ _ _ _ $ 94,924,996.69 \n \n94,924,996.69 \n \n$ 355,471.95 $ 2,009,980.01 $ \n \n765,288.67 $ 94,924,996.69 $ 422,564.77 $ 103,251,761.45 \n \n$ 1,270,084.90 $ \n \n75,000.00 \n \n734,662.60 $ 2,004,747.50 $ _ _---'-'75\"\",0;;.;:0;.;:;,0;.;:;,.00\"- \n \n$ 165,824.39 $ 256,740.38 \n$ 422,564.77 $ \n \n2,409,058.25 88,341.44 \n1,949,134.75 256,740.38 734,662.60 \n5,437,937.42 \n \n$ 355,471.95 \n-----$ \n$ 355,471.95 $ \n \n$ 94,924,996.69 \n \n5,232.51 $ _ _..;:;6.;:;.,:90oz:,2:,;:;8.;:;.,:.8.;:;.,:67_ \n \n5,232.51 $ \n \n690,288.67 $ 94,924,996.69 \n \n$ \n \n787,024.69 \n \n216,932.17 \n \n355,471.95 \n \n94,924,996.69 \n \n370,246.72 \n \n1,159,151.81 \n \n$ 97,813,824.03 \n \n$ 355,471.95 $ 2,009,980.01 $ \n \n7.-6-.5,288.67 $ 94,924,996.69 $ 422,564.77 $ 103,251,761.45 \n \n \n \n-3- \n \n  \n \nAUGUSTA STATE UNIVERSITY \n \nCOMBINED STATEMENT OF CHANGES IN FUND BALANCES \n \nALL FUND GROUPS \n \nYEAR ENDED JUNE 30, 2001 \n \nREVENUES AND OTHER ADDITIONS \n \nUnrestricted Current Fund Revenues \n \nState Appropriations \n \nRegular \n \nFederal Grants and Contracts \n \nState Grants and Contracts \n \nLocal Grants and Contracts \n \nPrivate Gifts, Grants, and Contracts \n \nInvestment Income \n \n \n \nEndowment \n \nOther \n \nNet Increase in Fair Value of Investments \n \nInterest on Loans Receivable \n \nAdjustments \n \nPrior Years' Expenditures/Accounts Payable \n \nExpended for Plant Facilities \n \nCurrent Funds \n \nPlant Funds \n \nUnexpended \n \nRenewals and Replacements \n \nGeorgia State Financing and Investment Commission \n \nTotal Revenues and Other Additions \n \nEXPENDITURES AND OTHER DEDUCTIONS \n \nEducational and General Expenditures Auxiliary Enterprises Expenditures Indirect Costs Recovered Remittances to the Board of Regents of the \nUniversity System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) \nAdjustments Prior Years' Revenues/Accounts Receivable \nLoan Cancellations and Write-Ofts Administrative and Collection Costs Expended for Plant Facilities \nCapitalized Noncapitalized Disposals/Deletions/Adjustments \n \nTotal Expenditures and Other Deductions \n \nTRANSFERS BETWEEN FUNDS \n \nNonmandatory Renewals and Replacements \n \nNet Increasel(Decrease) for the Year \n \nFUND BALANCES JULY 1, 2000 \n \nCURRENT FUNDS UNRESTRICTED RESTRICTED \n \nLOAN FUNDS \n \n$ 39,139,773.26 \n \n$ 4,489,204.69 $ 3,081,446.78 48,431.54 631,574.08 \n8,940.93 \n \n39,566.00 12,050.37 \n \n84,679.48 \n \n13,734.58 \n \n \n \n$ 39,224,452.74 $ 8,259,598.02 $_--=6c.::;5,c=;3=.,:50:.:.;.9::.::5:.... \n \n$ 37,059,975.80 $ 8,202,387.33 2,022,639.54 57,361.95 \n \n31,212.00 61,090.84 \n \n$ \n \n15,208.16 \n \n2,461.25 \n \n$ 39,174,918.18 $ 8,259,749.28 $_----:1..;..7l.:,6c.::;69::.,:.4..;..1.:.,.. \n \n \n$ _ _.....;-9::.::0\"\"',04:..=..:3.c.::;56\"- \n \n$ \n \n-40,509.00 $ \n \n504,139.63 \n \n-151.26 $ 370,397.98 \n \n47,6~1.54 \n956,275.32 \n \nFUND BALANCES JUNE 30, 2001 \n \n$ \n \n463,630.63 $ _.-37;,;;;0,246.72 $ 1,003,956.86 \n \nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n \nThe notes to the financial statements are an integral part of this statement. -4- \n \n EXHIBIT \"B\" \n \nENDOWMENT FUNDS \n \nUNEXPENDED \n \nPLANT FUNDS RENEWALS AND REPLACEMENTS \n \nINVESTMENT IN PLANT \n \nTOTAL (Memorandum \nOnly.L.)_ _ \n \n$ 1,545,807.10 \n40,000.00 224,939.00 \n \n$ \n \n9,955.91 \n \n425,807.94 $ \n \n6,533.65 \n \n$ \n \n9,955.91 $ 2,243,087.69 $ \n \n$ 39,139,773.26 \n \n$ \n \n197,868.45 \n \n1,545,807.10 4,528,770.69 3,121,446.78 \n48,431.54 1,066,431.90 \n \n278.91 \n \n8,940.93 426,086.85 \n9,955.91 13,734.58 \n \n31,003.36 \n \n122,216.49 \n \n1,690,247.81 \n \n1,690,247.81 \n \n2,141,864.04 9,930.00 \n9,673,968.19 \n \n2,141,864.04 9,930.00 \n9,673,968.19 \n \n31,282.27 $ 13,713,878.49 $ 63,547,606.07 \n \n$ \n \n0.00 \n \n$ 45,262,363.13 \n2,022,639.54 57,361.95 \n \n$ \n \n2,802.66 \n \n34,014.66 \n \n395.51 \n \n61,486.35 15,208.16 2,461.25 \n \n2,141,864.04 $ \n \n9,930.00 \n \n94,690.00 \n \n4,970.38 \n \n______ $ \n \n1,333,337.74 \n \n2,151,794.04 99,660.38 \n1,333,337.74 \n \n$ \n \n......:::.:O.~OO~ $ 2,239,752.21 $ \n \n14,900.38 $ 1,333,337.74 $ 51,040,327.20 \n \n$ \n \n9,955.91 $ \n \n345,516.04 \n \n$ _ _--:9:.::0J.::,04;.:,;3::.:.:,:56::- \n \n$ \n \n0;;;.,;.,;;.;00'- \n \n3,335.48 $ \n \n106,425.45 $ 12,380,540.75 $ 12,507,278.87 \n \n1,897.03 \n \n583,863.22 \n \n82,544,455.94 \n \n85,306,545.16 \n \n$ 355,471.95 $ _ _.._5,232.51 $ \n \n6_9.0.,288.67 $ 94,924,996.69 $ 97,813,824.03 \n \n-5- \n \n AUGUSTA STATE UNIVERSITY STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \nAND OTHER CHANGES YEAR ENDED JUNE 30, 2001 \n \nEXH IBIT \"Cn \n \nUNRESTRICTED RESTRICTED \n \nTOTAL (Memorandum \nOnly)e...-_ \n \nREVENUES \n \nState Appropriations Tuition and Fees Federal Grants and Contracts State Grants and Contracts Local Grants and Contracts Private Gifts, Grants, and Contracts Endowment Income Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Other Sources \n \n$ 23,841,190.90 \n \n$ 23,841,190.90 \n \n12,481,369.27 \n \n12,481,369.27 \n \n63,977.45 $ 4,410,407.02 \n \n4,474,384.47 \n \n3,088,603.87 \n \n3,088,603.87 \n \n48,431.54 \n \n48,431.54 \n \n646,994.13 \n \n646,994.13 \n \n7,950.77 \n \n7,950.77 \n \n74,767.07 \n \n74,767.07 \n \n2,042,029.87 . \n \n2,042,029.87 \n \n636,438.70 \n \n636,438.70 \n \nTotal Revenues \n \n$ 39,139,773.26 $ 8,202,387.33 $ 47,342,160.59 \n \nEXPENDITURES \n \nEducational and General Instruction Research Public Service Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships \nAuxiliary Enterprises Food Services Stores and Shops Intercollegiate Athletics Other Service Units \n \n$ 17,242,092.05 $ 511,008.19 $ 17,753,100.24 \n \n66,094.71 \n \n66,094.71 \n \n360,438.46 \n \n1,644.97 \n \n362,083.43 \n \n4,803,677.06 \n \n15,400.37 \n \n4,819,077.43 \n \n2,795,933.07 \n \n33,771.57 \n \n2,829,704.64 \n \n4,634,592.27 \n \n480,648.23 \n \n5,115,240.50 \n \n4,471,785.18 \n \n4,471,785.18 \n \n2,685,363.00 \n \n7,159,914.00 \n \n9,845,277.00 \n \n135,739.17 334,474.56 1,459,393.63 \n93,032.18 \n \n135,739.17 334,474.56 1,459,393.63 \n93,032.18 \n \nTotal Expenditures \n \n$ 39,082,615.34 $ 8,202,387.33 $ 47,285,002.67 \n \nOTHER TRANSFERS AND ADDITIONS/(DEDUCTIQNSl \n \nExcess of Restricted Receipts over \n \nTransfers to Revenues \n \nTransfers for Renewals and Replacements \n \n$ \n \nPrior Period Adjustments (Net) \n \nRemittances to the Board of Regents \n \nof the University System of Georgia \n \nPrior Year's Unrestricted Fund \n \nBalance (SurplUS) \n \nTotal Other Transfers and Additions/(Deductions) $ \n \n$ \n-90,043.56 23,588.64 \n-31 ,212.00 \n-97,666.92 $ \n \n-151.26 $ \n \n-151.26 -90,043.56 23,588.64 \n \n-31,212.00 \n-151.26 $ _ _-~97'-L:,8::..:1.::::8.~18~ \n \nNet Increasel(Decrease) in Fund Balances \n \n$ \n \n-4._0,509.00 $ \n \n-151.26 $ _ _-4_0.,6~6~0.;=:26:;;. \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. -6- \n \n AUGUSTA STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2001 \n \nEXHIBIT \"D\" \n \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nREPORTING ENTITY \nAugusta State University is one of thirty-four (34) State supported member institutions of higher education in Georgia which comprise the University System ofGeorgia, an organizational unit ofthe State of Georgia. The accompanying financial statements reflect the operations of Augusta State University as a separate reporting entity. \nThe Board of Regents has constitutional authority to govern, control and manage the University System ofGeorgia. This authority includes but is not limited to the power to designate management, the ability to significantly influence operations, the authority to control institutions' budgets, the power to determine allotments of State funds to member institutions and the authority to prescribe accounting systems and administrative policies for member institutions. Augusta State University does not have authority to retain unexpended State appropriations (surplus) for any given fiscal year. Accordingly, Augusta State University is considered an organizational unit ofthe Board ofRegents ofthe University System ofGeorgia reporting entity for financial reporting purposes because ofthe significance ofits legal, operational, and financial relationships with the Board ofRegents as defined in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards. \nFUND ACCOUNTING \nIn order to ensure observance of limitations and restrictions placed on the use of the resources available to the University, the accounts of the University are maintained in accordance with the principles of fund accounting. This is the procedure by which resources for various purposes are classified for accounting and reporting purposes into funds that are in accordance with activities or objectives specified. Separate accounts are maintained for each fund; however, in the accompanying financial statements, funds that have similar characteristics have been combined into fund groups. Accordingly, all financial transactions have been recorded and reported by fund group. \nWithin each fund group, the University's fund balance allocations and designations represent those portions ofthe fund balances that are reserved, restricted and/or designated for specific future use by legal covenants, State policies, or institutional policies. \nFund groups and funds presented in the accompanying financial statements are as follows: \nCURRENT FUNDS \nUNRESTRICTED - The fund used to account for those economic resources over which the University retains full control to use for purposes of performing the primary functions of the University, e.g., instruction, research, public service, etc. \nRESTRICTED - The fund used to record externally restricted funds which may only be utilized in \naccordance with the purposes established by their source. Restricted current funds are recorded as revenues and expenditures when expended for current operating purposes. \n-7- \n \n AUGUSTA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2001 \n \nEXHIBIT \"D\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nFUND ACCOUNTING \nLOAN FUNDS \nThe fund used to account for resources which have been made available for financial loans to students. \n \nENDOWMENT FUNDS \nThe fund used to account for gifts that are subject to restrictions by the donors requiring that the principal be invested in perpetuity and income only be utilized. \nPLANT FUNDS \nUNEXPENDED - The fund used to account for financial resources utilized to acquire or to construct physical properties for institutional purposes. \nRENEWALS AND REPLACEMENTS - The fund used to account for resources set aside for the renewal and replacement of institutional properties. \nINVESTMENT IN PLANT - The fund which shows the total amounts representing the book value of all physical properties owned by the University. Net Investment in Plant is an equity account showing the total book value ofphysical properties belonging to the University less the amount of any indebtedness to others. \nAGENCY FUNDS \nThe fund used to account for resources held by the University as custodian or fiscal agent for individual students, faculty, staff members, and organizations. \nBASIS OF ACCOUNTING Except as otherwise disclosed in these notes, the financial statements are prepared on the modified accrual basis of accounting, which is materially the same as the accrual basis of accounting applicable to colleges and universities prescribed in the American Institute of Certified Public Accountants' audit guide reporting model. The modified accrual basis ofaccounting is defined as that method ofaccounting in which expenditures, other than accrued interest on general long-term debt, are recorded at the time liabilities are incurred and revenues are recorded when available and measurable to finance expenditures of the fiscal period. \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 \n-8- \n \n AUGUSTA STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2001 \n \nEXHIBIT \"D\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nBASIS OF ACCOUNTING unexecuted portion of contracts for goods and services. The recognition of encumbrances as expenditures and liabilities is in conformity with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but is not consistent with accounting principles generally accepted in the United States ofAmerica, which provide for the recording ofencumbrances as a reservation of fund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with accounting principles generally accepted in the United States of America. \nCompensated absences represent obligations ofthe University relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated annual leave in which payment is probable and can be reasonably estimated. The compensated absences liability of$1,033,55l.16 and a related net current year expenditure of $98,953.05 have not been reported in the current funds as required by accounting principles generally accepted in the United States of America. \nPrior period adjustments and certain other items are reported as additions to and deductions from fund balances of current funds in the accompanying financial statements. This presentation is in accordance with accounting practices prescribed or permitted by statutes and regulations ofthe State ofGeorgia, but differs from accounting principles generally accepted in the United States ofAmerica in that immaterial adjustments should be reported as current period revenues and expenditures. The effect ofthis departure is deemed to be immaterial to the fair presentation ofthe financial statements. \nTo the extent that Current Funds and Plant Funds are used to finance plant assets, the amounts so provided are accounted for as expenditures. The balances shown on the Combined Balance Sheet as Net Investment in Plant reflect the accumulated expenditures made for plant facilities through Current Funds and Plant Funds and also include expenditures made for plant facilities expended by the Georgia State Financing and Investment Commission on behalfofthe University. Donated fixed assets are recorded at fair market value on the date donated. Disposals are deleted at recorded values. No depreciation has been provided on physical plant and equipment. \nThe Statement of Current FWlds Revenues, Expenditures, and Other Changes is a statement of financial activities of current funds related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period as would a statement of income or a statement of revenues and expenses. \nBUDGET The Board ofRegents ofthe University System ofGeorgia - Administrative Central Office receives State appropriation allotments for units of the University System of Georgia. The appropriated budget is adopted at the Board level and represents appropriations provided by the Amended Appropriations Act of2000-200l. The appropriated budget covers current funds and plant funds, except for Auxiliary Enterprises and Student Activities which are not subject to appropriation. The \n-9- \n \n AUGUSTA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2001 \n \nEXHIBIT \"D\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nBUDGET \nallocation ofthe appropriated budget is made to the University by the Administrative Central Office. In addition, the University receives Federal funds and other funds directly and includes these funds in the budget filed with the Administrative Central Office. \n \nA comparison of anticipated funds available and budgeted expenditures by budget unit object class indicates that the following object classes were overspent by the amounts identified below: \n \nResident Instruction Personal Services: Education, General and Departmental Services Sponsored Operations Capital Outlay \n \n$ 47,6B6.66 \n$ 9,88B.Rf \n$ 60d~9~.42 \n \nThese overexpenditures of budget constitute a violation of Board of Regents policy, but do not constitute statutory violations of budget authority. Statutory violations of budget authority are reported at the Board object class level. \n \nCASH AND CASH EQUIVALENTS \nCash and Cash Equivalents consist ofpetty cash, demand deposits and cash management pools that have the general characteristics of demand deposit accounts. \n \nINVESTMENTS \nInvestments are reported at fair value. Funds received by the University as endowments or for restricted purposes are invested according to conditions stipulated by the donor, grantor, or in accordance with the Board of Regents authorizing resolutions. Gains and losses on investment transactions are accounted for in the funds where such assets are recorded. \n \nACCOUNTS RECEIVABLE \nAccounts receivable consist ofreimbursements due from Federal, State, local, and private grants and contracts, and other receivables disclosed from information available. No provision has been made for an allowance for doubtful accounts within the accompanying financial statements. \n \nINVENTORIES \nInventories ofconsumable supplies are recorded on the consumption method and are valued at cost on the Combined Balance Sheet using the weighted average met,hod. \n \nInventories of goods for resale are valued at cost using the weighted average method. \n \nPREPAID ITEMS \nPrepaid items are payments made to vendors in advance ofthe receipt ofgoods and services that will \nbenefit periods subsequent to the balance sheet date. \n \n- 10- \n \n AUGUSTA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2001 \n \nEXHIBIT \"D\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nMEMORANDUM ONLY - TOTAL COLUMNS \n \nThe total columns on the financial statements are captioned \"Memorandum Only\" because they do \n \nnot represent consolidated financial information and are presented only to facilitate financial \n \nanalysis. The columns do not present information that reflects financial position or changes in \n \nfinancial position in conformity with generally accepted accounting principles. Neither are such data \n \ncomparable to a consolidation. Interfund eliminations have not been made in the aggregation ofthis \n \ndata. \n \n. \n \nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS \n \nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES \nFunds belonging to the State ofGeorgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral anyone or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59: \n \n(1) Bonds, bills, certificates of indebtedness, notes, or other direct obligations ofthe United States or of the State of Georgia. \n \n(2) Bonds, bills, certificates of indebtedness, notes, or other obligations of the counties or municipalities of the State of Georgia. \n \n(3) Bonds of any public authority created by the laws ofthe State ofGeorgia, providing that the statute that created the authority authorized the use of the bonds for this purpose. \n \n. (4) Industrial revenue bonds and bonds ofdevelopment authorities created by the laws ofthe State of Georgia. \n \n(5) Bonds, bills, certificates of indebtedness, notes, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest, or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \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 includes organizational units of the Board of Regents of the University System of Georgia) the option of exempting demand deposits from the collateral requirements. \n \n- 11 - \n \n AUGUSTA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2001 \n \nEXHIBIT \"D\" \n \nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS \n \nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES \nThe treasurer ofthe Board ofRegents is responsible for all details relative to furnishing the required depository protection for all units of the University System of Georgia. \n \nCATEGORIZATION OF DEPOSITS \nFor purposes of analysis of custodial credit risk, cash deposits consist of all bank balances which include demand deposits and/or interest bearing accounts. The bank balances as of June 30,2001, 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 fair value) held by the University or by its agent in the University's name. \n \nCategory 2 - Amounts collateralized with securities (at fair value) held by the pledging financial institution's trust department or agent in the University's name. \n \nCategory 3 - Amounts collateralized with securities (at fair value) held by the pledging financial institution, or by its trust department or agent but not in the University's name, and amounts uncollateralized. \n \nCash Deposits Investment Portfolio \nAccounts \nTotal Cash Deposits \n \nCarrying Amount \n \nBank Balances \n \nRisk Categories \n \nI \n \n2 \n \n3 \n \n$ 1,993,593.76 $ 3,720,129.61 $ \n \n0.00 $ 3,720,129.61 $ \n \n0.00 \n \n123.974.91 123,974.91 \n \n100.000.00 \n \n23.974.91 \n \n$ 2,l,!756.M1 $ 3,~.52 $ lQQ,009.90 $ 3,J4U(M.52 $===o~.o~o \n \nCATEGORIZATION OF INVESTMENTS \nInvestments are summarized and classified as to custodial credit risk within the three categories described below: \n \nCategory 1 - Insured or registered, or securities held by the University or its agent in the University's name. \n \nCategory 2 - Uninsured and unregistered, with securities held by the counterparty's trust department or agent in the University's name. \n \nCategory 3 - Uninsured and unregistered, with securities held by the counterparty, or by its trust department or agent but not in the University's name. \n \n- 12- \n \n AUGUSTA STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2001 \n \nEXHIBIT \"D\" \n \nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS \n \nCATEGORIZATION OF INVESTMENTS \nThe carrying amounts of investment balances as of June 30, 2001, are categorized below: \n \nType of Investment \n \nRisk Categories \n \n1 \n \n2 \n \n3 \n \nCarrying Amount \n \nCommon Stock \n \n$ \n \nU. S. Government Securities \n \n0.00 $ 128,935.50 $ \n88,242.95 \n \n0.00 $ 128,935.50 \n88,242.95 \n \n$====lO~.O!=l!f,O $ 417.l78.4~ $,=.. ====:l0~.0~0 $ 217,178.45 \n \nInvestments Not Subject to Categorizations: \n \nBoard of Regents Pooled Investment Fund \nState Investment Pool \n \n2,218,148.10 79,021.42 \n \nTotal Investments \n \n$ ~,51A.34Z!97 \n \nFunds invested in an investment pool managed by another governmental entity are not required to be categorized since the University did not own any specific, identifiable investment securities ofthe pool. \n \nNOTE 3: INVESTMENT IN PLANT \n \nThe following is a summary of Investment in Plant fixed assets as of June 30, 2001: \n \nLand Buildings Improvements Other Than Buildings Equipment Library Books and Collections \n \n$ 2,152,770.49 \n69,054,704.27 4,464,359.27 11,644,909.28 7,608,253.38 \n \nTotal Investment in Plant \n \nNOTE 4: RISK MANAGEMENT \n \nAugusta State University is a participant in the Board of Regents of the University System of Georgia Health Benefits Plan,which is a self-insurance program of health and dental benefits for employees and retirees of the University System of Georgia. The University and participating employees and retirees pay premiums to the Health Benefits Plan for this health insurance coverage. The Health Benefits Plan is included in the financial statements of the Board of Regents of the University System ofGeorgia - Administrative Central Office. All units ofthe University System of Georgia share the risk of loss for claims of the Health Benefits Plan. The Health Benefits Plan is \n \n- 13- \n \n AUGUSTA STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2001 \n \nEXHIBIT \"D\" \n \nNOTE 4: RISK MANAGEMENT \nconsidered a self-sustaining risk fund that provides health coverage for its members up to a maximum lifetime benefit of $2,000,000.00 per person and dental coverage up to an annual maximum of$l ,000.00 per person. Blue Cross Blue Shield ofGeorgia processes medical and dental claims in accordance with the Health Benefits Plan as established by the Board of Regents. As of January 1, 2001, Express Scripts, Incorporated was contracted with to process pharmacy drug claims in accordance with the Pharmacy Benefit Program portion of the Health Benefits Plan. \nThe Department of Administrative Services (DOAS) has the responsibility for the State of Georgia . ofmaking and carrying out decisions that will minimize the adverse effects ofaccidental losses that involve State government assets. The State believes it is more economical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS processes claims for risk of loss to which the State is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemnification. Limited amounts of commercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other risks. The University, as an organizational unit ofthe Board of Regents of the University System of Georgia, is part of the State of Georgia reporting entity, and as such, is covered by the State of Georgia risk management program administered by DOAS. Premiums for the risk management program are charged to the various state organizations by DOAS to provide claims servicing and claims payment. \nA self-insured program of professional liability for its employees was established by the Board of Regents of the University System of Georgia under powers authorized by the Official Code of Georgia Annotated Section 45-9-1. The program insures the employees to the extent that they are not immune from liability against personal liability for damages arising out of the performance of their duties or in any way connected therewith. The program is administered by DOAS as a SelfInsurance Fund. \nNOTE 5: RETIREMENT PLANS \nTEACHERS RETIREMENT SYSTEM OF GEORGIA \nPlan Description Augusta State University participates in the Teachers Retirement System ofGeorgia (TRS), a costsharing multiple-employer defined benefit pension plan established by the General Assembly of Georgia for the purpose of providing retirement allowances and other benefits for teachers of the State ofGeorgia. TRS provides service retirement, disability retirement, and survivor's benefits for its members in accordance with State statute. The Teachers Retirement System ofGeorgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \n \n- 14- \n \n AUGUSTA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2001 \n \nEXHIBIT \"D\" \n \nNOTE 5: RETffiBMENTPLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nFunding Policy Employees ofthe University who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The University makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. For fiscal year,200l, the employer contribution rate was 11.29% for covered employees. In addition, the University contributed 2.33% to the TRS on behalf of employees electing to participate in the Regents Retirement Plan. Employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \nFiscal Year \n \nPercentage Contributed \n \nRequired Contribution \n \n2001 2000 1999 \n \n100% 100% 100% \n \n$ 1,670,618.33 $ 1,687,795.00 $ 1,829,348.56 \n \nREGENTS RETIREMENT PLAN \n \nPlan Description The Regents Retirement Plan, a single-employer defined contribution plan, isan optional retirement plan established and administered by the Board of Regents of the University System of Georgia, under which it may purchase annuity contracts for the purpose of providing retirement and death benefits for eligible faculty and principal administrators. Benefits depend solely on amounts contributed to the plan plus investment earnings. Benefits are payable to participating employees or their beneficiaries in accordance with the terms ofthe annuity contracts. \n \nFunding Policy Member contribution requirements are established by the Board of Trustees of the Teachers Retirement System. Employer contributions are established by statute and may be amended onlyby the General Assembly ofthe State ofGeorgia. The employer contributes 8.81 % ofthe participating employee's earnable compensation. Employees contribute 5% of their earnable compensation. Amounts attributable to all plan contributions are fully vested and non-forfeitable at all times. \n \nThe University and the covered employees made the required contributions of$662,214.38 (8.81 %) and $392,362.95 (5%), respectively. \n \n- 15 - \n \n  \n \nAUGUSTA STATE UNNERSITY \n \nNOTES TO THE FINANCIAL STATEMENTS \n \nJUNE 30, 2001 \n \nEXHIBIT \"D\" \n \nNOTE 5: RETIREMENTPLANS \nGEORGIA DEFINED CONTRIBUTION PLAN \nPlan Description \nAugusta State University participates in the Georgia Defined Contribution Plan (GDCP) which is a single-employer defined contribution plan established by the General Assembly of Georgia for the purpose ofproviding retirement coverage for State employees who are temporary, seasonal, and parttime and are not members of a public retirement or pension system. GDCP is administered by the Board of Trustees of the Employees' Retirement System of Georgia. \nBenefits \nA member may retire and elect to receive periodic payments after attainment ofage 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board ofTrustees. If a member has less than $ 3,500.00 credited to his/her account, the Board ofTrustees has the option 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 his/her account will be paid to the member's designated beneficiary. Benefit provisions are established by State statute. \nContributions and Vesting \nMember contributions are seven and one-halfpercent (7.5%) ofgross salary. There are no employer contributions. Contribution rates are established by State statute. Earnings are credited to each member's account in a manner established by the Board of Trustees. Upon termination of employment, the amount of the member's account is refundable upon request by the member. \nTotal contributions made by employees during fiscal year 2001 amounted to $42,410.73 which represents 7.5% of covered payroll. These contributions met the requirements of the plan. \nNOTE 6: LEAVEPOUCffiS \nEmployees earn annual leave ranging from one and one-quarter days to one and three-quarter days each month depending upon the employees' length of continuous State service with maximum accumulation of forty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1 - Basis of Accounting (Compensated Absences) \nEmployees earn one day of sick leave each month with no maximum accumulation established. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or termination of employment, except as noted in the subsequent paragraph. \nCertain employees who retire with a minimum ofthree months ofunused sick leave are entitled to additional service credit in the Teachers Retirement System of Georgia. \n \n- 16- \n \n AUGUSTA STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2001 \n \nEXHIBIT \"D\" \n \nNOTE 7: CONTINGENCIES \n \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 University expects such amounts, if any, to be immaterial to its overall financial position. \n \nLitigation, claims and assessments filed against Augusta State University (an organizational unit of the Board of Regents of the University System of Georgia), if any, are generally considered to be actions against the State of Georgia. 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, 2001. \n \nNOTE 8: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS \n \nPursuant to the general powers conferred by the Official Code ofGeorgia Annotated Section 20-331, the Board ofRegents ofthe University System ofGeorgia has established group health and life insurance programs for regular employees ofthe University System ofGeorgia. It is the policy ofthe Board ofRegents to permit employees ofthe University System ofGeorgia eligible for retirement or that become permanently and totally disabled to continue as members ofthe group health and life insurance programs. Employees who are eligible for retirement or disability under the criteria established by the Teachers Retirement System ofGeorgia and who have at leastten years ofservice with the University System of Georgia are eligible for these postemployment health and life insurance benefits. Organizational units of the Board of Regents of the University System of Georgia pay the employer portion for group insurance for affected individuals. \n \nAs ofJune 30, 2001, there were 143 employees who had retired or were disabled that were receiving these postemployment health and life insurance benefits. For the year ended June 30, 2001, Augusta State University recognized as incurred $316,045.58 ofexpenditures, which was net of$139,889.69 of participant contributions. \n \nNOTE 9: ENROLLMENT \n \nThe equivalent full-time student enrollment of Augusta State University was as follows: \n \nRegular Term Fall Semester, 2000 Spring Semester, 2001 \n \n3,545 3.408 \n \nAverage Summer School, 2000 \n \nMTI \nlJ2,1 \n \n- 17 - \n \n ., ' \nSUPPLEMENTARY INFORMATION \n- 19- \n \n , \nAUGUSTA STATE UNIVERSITY COMBINING BALANCE SHEET CURRENT FUNDS - UNRESTRICTED \nJUNE 30, 2001 \n \nASSETS \n \nCash and Cash Equivalents \n \nAccounts Receivable \n \nInventories \n \nPrepaid Items \n \nDue from Other Fund Groups \n \n, \n \nTotal Assets \n \nRESIDENT INSTRUCTION \n \nLOTTERY FOR EDUCATION \n \n$ \n \n695,932.92 $ \n \n137,151.91 \n \n59,335.29 \n \n1,353,679.95 \n \n227,129.13 \n \n222,028.44 \n \n$ 2,473,229.20 $ ====22;;;;;2;0,;;,0:=28=..4..4. = \n \nLIABILITIES AND FUND BALANCES \nLiabilities Accounts Payable Salaries Payable Deferred Revenue Tuition and Fees Due to Other Fund Groups \nTotal Liabilities \nFund Balances Unrestricted \nTotal Liabilities and Fund Balances \n \n$ \n \n593,056.11 $ \n \n83,521.86 \n \n1,694,463.14 \n \n220,933.65 \n \n$ 2,371,041.11 $ \n \n220,933.65 \n \n102,188.09 \n \n1,094.79 \n \n$ 2,473,229.20 $=...2..2..2..,.00=2.8....4...4.... \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n- 20- \n \n \n  \n \nEXH IBIT \"E\" \n \nAUXILIARY ENTERPRISES \n \nSTUDENT ACTIVITIES \n \nTOTAL \n \n$ \n \n2,800.00 $ 448,470.66 $ 1,369,232.02 \n \n174,422.62 \n \n316.00 \n \n311,890.53 \n \n301,788.47 \n \n361,123.76 \n \n3,329.52 \n \n1,357,009.47 \n \n227,129.13 \n \n$ \n \n482,340.61 $ 448,786.66 $ 3,626,384.91 \n \n$ \n \n52,877.80 $ 31,281.40 $ 898,148.96 \n \n3,971.26 \n \n848.32 \n \n88,341.44 \n \n181,250.77 227,129.13 \n \n73,420.84 \n \n1,949,134.75 227,129.13 \n \n$ \n \n465,228.96 $ 105,550.56 $ 3,162,754.28 \n \n17,111.65 \n \n343,236.10 \n \n463,630.63 \n \n$ \n \n482,340.61 $ 448?86.66 $ 3,626,384.91 \n \n- 21 - \n \n AUGUSTA STATE UNIVERSITY COMBINING STATEMENT OF CHANGES IN FUND BALANCES \nCURRENT FUNDS - UNRESTRICTED \nYEAR ENDED JUNE 30, 2001 \n \nREVENUES AND OTHER ADDITIONS \nUnrestricted Current Fund Revenues Adjustments \nPrior Years' Expenditures/Accounts Payable \nTotal Revenues and Other Additions \nEXPENDITURES AND OTHER DEDUCTIONS \nEducational and General Expenditures Auxiliary Enterprises Expenditures Remittances to the Board of Regents of the \nUniversity System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) \nAdjustments Prior Years' Revenues/Accounts Receivable \nTotal Expenditures and Other Deductions \nTRANSFERS BETWEEN FUNDS \nNonmandatory Renewals and Replacements \nNet Increase/(Decrease) for the Year \nFUND BALANCES JULY 1, 2000 \nFUND BALANCES JUNE 30, 2001 \n \nRESIDENT INSTRUCTION \n \nLOTIERYFOR EDUCATION \n \n$ 36,214,678.26 $ \n \n362,898.00 \n \n70,606.30 \n \n$ 36,285,284.56 $ _ _3::.:6:.:2CL8:~'98::.:..::.:00::.. \n \n$ 36,206,932.74 $ \n \n361,803.21 \n \n31,204.00 \n \n8.00 \n \n44,367.44 \n \n$ 36,282,504.18 $ _ _3:::.::6:..:.1..:.=,8;.:..1.:..:1.2=-1~ \n \n$ \n \n2,780.38 $ \n \n99,407.71 \n \n1,086.79 8.00 \n \n$ \n \n102,188.09 $=............1...,0.9..4.....7..9.... \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n- 22- \n \n . \nEXHIBIT \"F\" \n \nAUXILIARY ENTERPRISES \n \nSTUDENT ACTIVITIES \n \nTOTAL \n \n$ 2,042,029.87 $ 520,167.13 $ 39,139,773.26 \n \n12,481.47 \n \n1,591.71 \n \n84,679.48 \n \n$ 2,054,511.34 $ 521,758.84 $ , 39,224,452.74 \n \n$ 491,239.85 $ 37,059,975.80 \n \n$ 2,022,639.54 \n \n2,022,639.54 \n \n16,503.38 \n \n220.02 \n \n31,212.00 61,090.84 \n \n$ 2,039,142.92 $ 491,459.87 $ 39,174,918.18 \n \n$ \n \n-90,043.56 \n \n$ _ _-.=9.:.;0,r.::,04.:.,:3::.:;.5::.;:6;.. \n \n$ \n \n-74,675.14 $ 30,298.97 $ \n \n-40,509.00 \n \n91,786.79 \n \n312,937.13 \n \n504,139.63 \n \n$ ==-=..1...7..!111.65 $ 343,236.10 $ _ _4..6.3.\"\"16-.30;,.;.-63;;;.. \n \n- 23- \n \n  \n \nAUGUSTA STATE UNIVERSITY \n \nCOMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \n \nAND OTHER CHANGES \n \nUNRESTRICTED \n \nYEAR ENDED JUNE 30, 2001 \n \nREVENUES \nState Appropriations Tuition and Fees Federal Grants and Contracts Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Other Sources \nTotal Revenues \nEXPENDITURES \nEducational and General Instruction Research Public Service Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships \nAuxiliary Enterprises Food Services Stores and Shops Intercollegiate Athletics Other Service Units \nTotal Expenditures \nOTHER TRANSFERS AND ADDITIONS/(DEDUCTIONS) \nTransfers for Renewals and Replacements Prior Period Adjustments (Net) Remittances to the Board of Regents \nof the University System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) \nTotal Other Transfers and Additions/(Deductions) \n \nRESIDENT INSTRUCTION \n \nLOTIERYFOR EDUCATION \n \n$ 23,478,292.90 $ 11,995,386.42 63,977.45 74,767.07 \n \n362,898.00 \n \n602,254.42 \n \n$ 36,214,678.26 $ _----=3::.::6=2.t.=,8.::.;98~.0=.,:0::- \n \n$ 17,139,514.46 $ 66,094.71 \n360,438.46 4,612,947.73 2,280,484.43 4,590,304.77 4,471,785.18 2,685,363.00 \n \n102,577.59 \n190,729.33 24,208.79 44,287.50 \n \n$ 36,206,932.74 $ _--,3;;.;;6;..;.1=,8..;;;.03=.=21~ \n \n$ \n \n26,238.86 \n \n-31,204.00 $ \n \n$ \n \n-4,965.14 $ \n \n--'-8=.0=0;.... \n----=-8~.0=.,:0::- \n \nNet Increase/(Decrease) in \n \nFund Balances \n \n$ \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n- 24- \n \n2,780.38 $ ...................1...,.0.8.6...7.9= \n \n EXHIBIT \"G\" \n \nAUXILIARY ENTERPRISES \n \nSTUDENT ACTIVITIES \n \nTOTAL \n \n$ 23,841,190.90 \n \n$ 485,982.85 \n \n12,481,369.27 \n \n63,977.45 \n \n74,767.07 \n \n$ 2,042,029.87 \n \n2,042,029.87 \n \n34,184.28 \n \n636,438.70 \n \n$ 2,042,029.87 $ 520,167.13 $ 39,139,773.26 \n \n$ 17,242,092.05 \n \n66,094.71 \n \n360,438.46 \n \n4,803,677.06 \n \n$ 491,239.85 \n \n2,795,933.07 \n \n4,634,592.27 \n \n4,471,785.18 \n \n2,685,363.00 \n \n$ \n \n135,739.17 \n \n334,474.56 \n \n1,459,393.63 \n \n93,032.18 \n \n135,739.17 334,474.56 1,459,393.63 \n93,032.18 \n \n$ 2,022,639.54 $ 491,239.85 $ 39,082,615.34 \n \n$ \n \n-90,043.56 \n \n.$ \n \n-90,043.56 \n \n-4,021.91 $ \n \n1,371.69 \n \n23,588.64 \n \n-31 ,212.00 \n \n$ \n \n-94,065.47 $ \n \n1,371 .69 $ _ _-=-9;.:.7\u0026:::,6.::.;66::.:,.9:;.:2:.. \n \n \n$==_..:-7..4...,675.14 $ _ _3.0.,298.97 $ _ _..;;-4~O,509.00 \n \n-25 - \n \n AUGUSTA STATE UNIVERSITY SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \nRESIDENT INSTRUCTION \nYEAR ENDED JUNE 30, 2001 \n \nREVENUES \nState Appropriations Other Revenues Retained \n \nCURRENT FUNDS UNRESTRICTED RESTRICTED \n \nPLANT FUNDS RENEWALS AND \nUNEXPENDED REPLACEMENTS \n \n$ 23,478,292.90 \n \n$ 1,545,807.10 \n \n12,736,385.36 $ 8,202.387.33 \n \n690.746.94 $ \n \n~2~7~8..:!..91l... \n \n$ 36.214,678.26 $ 8.202.387.33 $ 2.236.554.04 $ \n \n~2:..:..7~8..::.91l... \n \nEXPENDITURES \n \nPersonal Services: \nEducation. General and Departmental Services $ \nSponsored Operations Operating Expenses: \nEducation. General and Departmental Services Sponsored Operations Capital Outlay Special Funding Initiative Office of Minority Business Enterprise \n \n27.270.440.66 $ \n \n378.781.62 \n \n8,493,346.34 \n243.145.74 200,000.00 \n \n7.823,605.71 $ \n \n2.236,554.04 $ \n \n14.900.38 \n \n$ 36.206,932.74 $ 8.202.387.33 $ 2.236.554.04 $ \n \n1:. . :4.!.:.9;,:,00;:,.:.:,;38::-, \n \nExcess of Revenues over Expenditures \n \n$ _ _....:.7.745.52 $ \n \n0.00 $ \n \n0.00 $ _ _..;.-1:.;:4~16:,:;2.:.o1.~47:.. \n \n(1) To eliminate tuition waivers not budgeted and to reclassify prior year fund balances budgeted as revenues. \n \n \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n- 26- \n \n SCHEDULE \"1\" \n \nTOTAL \n \nADJUSTMENTS \n \nTOTAL \n \n_ _\u003c11,-_ _ _(Budget BasisL \n \nBUDGET \n \nVARIANCEFAVORABLE jUNFAVORABLEl \n \n$ 25.024.100.00 21,629.798.54 $ \n \n$ 25.024.100.00 $ 25.024.100.00 $ \n \n-2,670,741.53 \n \n18,959,057.01 \n \n19,465,720.00 \n \n0.00 -506.662.99 \n \n$ 46,653.898.54 $ 2.670,741.53 $ 43.983,157.01 $ 44,489,820.00 $ _ _..:;5.::.;06::.:;.6:.,:6.;:;;2.;.::.99;;.. \n \n \n$ 27.270,440.66 378,781.62 \n8,493.346.34 $ 7,823.605.71 2,251.454.42 \n243,145.74 200,000.00 \n \n$ 27.270,440.66 $ 27.222.754.00 $ \n \n378,781.62 \n \n368.893.00 \n \n-2.685.363.00 \n \n5.807.983.34 7.823.605.71 2.251,454.42 \n243.145.74 200,000.00 \n \n5,890.263.00 8.372.058.00 2,191.162.00 \n244.690.00 200.000.00 \n \n-47.686.66 -9.888.62 \n82,279.66 548.452.29 -60.292.42 \n1.544.26 0.00 \n \n$ 46.660,774.49 $ -2,685.363.00 $ 43.975.411.49 $ 44,489,820.00 $ _ _..:;5..;.14;.:.,4.;.;;0.;:;;8.;.::.5.;..1 \n \n$ \n \n-,;;;6,875.95 $ \n \n1;.;,41621.47 $ _ _..:.7,745.52 \n \n$ _ _....7.,745.52 \n \n-27 \n \n AUGUSTA STATE UNIVERSITY SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \nLOTIERY FOR EDUCATION \nYEAR ENDED JUNE 30, 2001 \n \nSCHEDULE \"2\" \n \nREVENUES State Appropriations \nEXPENDITURES Equipment, Technology and Construction \nTrust Fund Special Funding Initiative \nExcess of Revenues over Expenditures \n \nCURRENT FUNDS UNRESTRICTED \n \nBUDGET \n \nVARIANCE FAVORABLE (UNFAVORABLE) \n \n$ \n \n362.898.00 .$ 362,898.00 $ \n \n.: . ;O..;;;.,OO~ \n \n$ \n \n241.803.21 $ 242.898.00 $ \n \n1.094.79 \n \n120.000.00 \n \n120.000.00 \n \n0.00 \n \n$ \n \n361,803.21 $ 362.898.00 $ _ _--.-,;.1,:.;;.0.;;;.,94.;.;,.7,;..;9;,.- \n \n$ ======\"=11,=0.9..4.;,;;..7.9.... \n \n$ ======1*\",,0.9..4. =.7=9~ \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n- 29- \n \n AUGUSTA STATE UNIVERSITY CHANGES IN INVESTMENT IN PLANT \nYEAR ENDED JUNE 30, 2001 \n \nLand Buildings Improvements Other Than Buildings Equipment Library Books and Collections \n \nBALANCE JULY 1,2000 \n \nCURRENT FUNDS UNRESTRICTED RESTRICTED \n \n$ 2,152,770.49 \n \n58,296,964.91 \n \n4,049,866.53 \n \n10,804,701.67 $ \n \n1,205,432.05 $ 156,190.17 \n \n7,240,152.34 \n \n328,625.59 \n \n$ 82,544,455.94 $ \n \n1,534,057.64 $ .........1~5=6.,.1.=90;,;,.1,;,;7= \n \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n- 30- \n \n , \n \nSCHEDULE \"3\" \n \nADDITIONS \nPLANT FUNDS RENEWALS AND \nUNEXPENDED REPLACEMENTS \n \nGEORGIA STATE FINANCING AND \niNVESTMENT COMMISSION \n \nPRIVATE GIFTS \n \nDEDUCTIONS DISPOSALS/ DELETIONS/ ADJUSTMENTS \n \nBALANCE JUNE 30, 2001 \n \n$ 2,152,770.49 \n \n$ 1,841,324.70 \n \n$ \n \n8,977,230.90 \n \n$ \n \n60,816.24 \n \n69,054,704.27 \n \n300,539.34 \n$ \n \n9,930.00  \n \n13,125.40 $ 100,828.00 \n \n683,611.89 \n \n57,565.00 \n \n39,475.45 \n \n1,272,521.50 \n \n4,464,359.27 11,644,909.28 \n7,608,253.38 \n \n$ 2,141,864.04 $ \n \n9,930.00 $ \n \n9,673,968.19 $ 197,868.45 $ _ _1,333,337.74 $ 94,924,996.69 \n \n- 31 - \n \n AUGUSTA STATE UNIVERSITY SCHEDULE OF FUND BALANCES CURRENT FUNDS AND PLANT FUNDS \nJUNE 30, 2001 \n \nNET INVESTMENT IN PLANT Investment in Plant Facilities \nRESTRICTED \n \nDesignated for Subsequent Years' Expenditures UNRESTRICTED \nDesignated For Inventory Reserve For Renewals and Replacements Reserve For Subsequent Years' Expenditures For Uncollectible Accounts Surplus Regular Lottery for Education \n \nRESIDENT INSTRUCTION \n \nCURRENT FUNDS \n \nUNRESTRICTED \n \nLOTIERY FOR \n \nAUXILIARY \n \nEDUCATION \n \nENTERPRISES \n \n$ \n \n54,200.00 \n \n$ \n \n174.000.00 \n \n14.003.71 \n \n-156.999.15 110.80 \n \n33.984.38 \n \n_ _ _ _ _ $ _ _-.,;1:....::.0~9..:..:.4:..:79::... \n \n$ 102.188.09 $ \n \n1.094.79 $ _ _..:1.:.71.:,.1.:.11.:.:.6::.:5:.. \n \n$_.....,;,;10.2..,188.09 $ \n \n1.094.79 $ \n \n1.7....1_1.1..-.65_ \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n32 - \n \n SCHEDULE \"4\" \n \nSTUDENT ACTIVITIES \n \nRESTRICTED \n \nUNEXPENDED REGULAR \n \nPLANT FUNDS RENEWALS AND REPLACEMENTS \n \nINVESTMENT IN PLANT \n \nTOTAL \n \n$ 94,924,996.69 $ 94,924,996.69 \n \n$ 370,246.72 \n \n$ _~37~0~,2:::4~6.~72=- \n \n$ 342,920.10 \n316.00 \n \n$ \n \n690,288.67 \n \n$ \n \n228,200.00 \n \n690,288.67 \n \n185,920.95 \n \n14,430.51 \n \n$ 343,236.10 \n \n$ \n \n5,232.51 \n \n$ \n \n5,232.51 $ _ _....;6~9~0~,2::::8~8.~67~ \n \n39,216.89 1,094.79 \n$ 1,159,151.81 \n \n$ 343,236.10 $ 370,246.72 $ \n \n5,232.51 $ . 690,288.67 $ 94,924,996.69 $ 96,454,395.22 \n \n- 33- \n \n AUGUSTA STATE UNIVERSITY RECONCILIATION OF SALARIES AND TRAVEL \nYEAR ENDED JUNE 30, 2001 \n \nSCHEDULE \"5\" \n \nTotals per Annual Supplement \n \nAccruals \nJune 30, 2001 June 30, 2000 \n \nPrepaid Salaries \nJune 30, 2001 June 30, 2000 \n \nAdjustments \n \nShared Services on Jointly Staffed Personnel \n \nMedical College of Georgia \n \nDouglas, \n \nSteven C. \n \nPitt, \n \nAllan L. \n \nSALARIES \n$ 23,268,283.97 $ \n \nTRAVEL \n261,041.57 \n \n88,341.44 -97,583.02 \n \n-801,370.65 724,250.08 \n \n65.70 80.35 \n$ 23,182,067.87 $ =0=.....,;;;2_6.1,041.57 \n \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n- 34- \n \n  \n \nSECTIONll AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \n  \n \nAUGUSTA STATE UNIVERSITY \n \nAUDITEE'S RESPONSE \n \nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \nYEAR ENDED JUNE 30, 2001 \n \nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \n \nFINDING CONTROL NUMBER AND STATUS \n \nFA-527-99-0l \n \nPartially Resolved - See Corrective Action/Responses \n \nCORRECTIVE ACTION/RESPONSES \n \nREPORTING Incorrect Student Payment Summary Report Student Financial Aid Cluster Program Finding Control Number: FA-527-99-0l \n \nAward adjustments have been made. However, a recent notification from the U. S. Department of Education indicates a potential out-of-balance situation. As such, a new student payment summary has been ordered for reconciliation purposes. Upon arrival, the potential difference will be investigated. \n \n  \n \nSECTIONlli CURRENT YEAR FINDINGS AND QUESTIONED COSTS \n \n , \nAUGUSTA STATE UNIVERSITY SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2001 \nFEDERAL AWARD FINDINGS AND QUESTIONED COSTS MATCHING, LEVEL OF EFFORT AND/OR EARMARKING Failure to Provide Institution Capital Contribution Student Financial Aid Cluster Program Federal Perkins Loan Program (CFDA 84.038) Finding Control Number: FA-527-01-01 For the year under review, the Univ.ersity failed to provide the required matching funds for the Institution Capital Contribution for the Federal Perkins Loan Program as required by Federal Regulations (34 CFR 674.19). The University under-matched the program by $798.00. This condition occurred because management failed to adequately monitor controls to ensure that matching requirements were met. Management should establish appropriate procedures to strengthen internal controls and to ensure that matching requirements are met. \n \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-ba85-b1999-h2000","title":"Augusta State University, Augusta, Georgia, report on the review of the financial statements for the fiscal year ended June 30, 2000","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Richmond County, Augusta, 33.47097, -81.97484"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["1999/2000"],"dcterms_description":["Fiscal year ended June 30, 2000-","Ceased with year ended June 30, 2005.","Title from cover.","Title fluctuates: Audits conducted \"in accordance with generally accepted auditing standards\" are issued as: Audit report; reviews that are \"substantially less in scope than an audit in accordance with generally accepted auditing standards\" are issued as: Review or Management report or Independent accountant's report on applying agreed-upon procedures","Year ended June 30, 2005 (online surrogate) (Georgia Government Publications database)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 2000"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Augusta State University (Augusta, Ga.)--Appropriations and expenditures","Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Augusta State University, Augusta, Georgia, report on the review of the financial statements for the fiscal year ended June 30, 2000"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-ba85-b1999-h2000"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-ba85-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":" AUGUSTA STATE UNIVERSITY - TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nINDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \n \nEXHffiITS \n \nFINANCIAL STATEMENTS \n \nA COMBINED BALANCE SHEET \n \nALL FUND GROUPS \n \n2 \n \nB COMBINED STATEMENT OF CHANGES IN FUND BALANCES \n \nALL FUND GROUPS \n \n4 \n \nC STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \n \nAND OTHER CHANGES \n \n6 \n \nD NOTES TO THE FINANCIAL STATEMENTS \n \n7 \n \nSUPPLEMENTARY INFORMATION \n \nE COMBINING BALANCE SHEET \n \nCURRENT FUNDS - UNRESTRICTED \n \n20 \n \nF COMBINING STATEMENT OF CHANGES IN FUND BALANCES \n \nCURRENT FUNDS - UNRESTRICTED \n \n22 \n \nG COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \n \nAND OTHER CHANGES \n \nUNRESTRICTED \n \n24 \n \nSCHEDULES \n \nSCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \n \n1 \n \nRESIDENT INSTRUCTION \n \n26 \n \n2 \n \nLOTTERY FOR EDUCATION \n \n29 \n \n3 CHANGES IN INVESTMENT IN PLANT \n \n30 \n \n4 SCHEDULE OF FUND BALANCES \n \nCURRENT FUNDS AND PLANT FUNDS \n \n32 \n \n5 RECONCILIATION OF SALARIES AND TRAVEL \n \n34 \n \n AUGUSTA STATE UNNERSITY -TABLEOFCONTENTS- \nSECTIONll AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \n SECTION I FINANCIAL \n \n RUSSELL W. HINTON \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \nSeptember 26, 2000 \n \nHonorable Roy E. Barnes, Governor Members of the General Assembly of Georgia Members of the Board of Regents of the University System of Georgia \nand Honorable William A. Bloodworth, Jr., President Augusta State University \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 D) ofAugusta State University as of and for the year ended June 30, 2000, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. All information included in these financial statements is the representation of the management of Augusta State University. \nA review consists principally ofinquiries ofUniversity 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, with the exception ofthe matters described in the fourth and fifth paragraphs, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with generally accepted accounting principles. \nAs disclosed in Note 1 to the financial statements, generally accepted accounting principles require encumbrances to be recorded as a reservation offund balance. However, in accordance with Georgia Law and State budgetary policy, management recorded encumbrances as expenditures and liabilities. The effects of this departure from generally accepted accounting principles on the financial statements were not reasonably determinable. \n \n00ARL-67 \n \n As disclosed in Note 1 to the financial statements, the University did not report the liability and related expenditure for compensated absences in the current funds as required by generally accepted accounting principles. If compensated absences were reported, liabilities would be increased and fund balance would be decreased by $934,598.11 as of June 30, 2000, and the net change in fund balance for the year ended June 30, 2000, would be increased by $34,948.12. \nOur review was made for the purpose of expressing limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with generally accepted accounting principles. The accompanying combining statements (Exhibits E through G) and the financial schedules (Schedules 1 through 5) are presented for supplementary analysis purposes. Such information has been subjected to the inquiries and analytical procedures applied in the review ofthe financial statements, and except for the effects ofthe matters discussed in the fourth and fifth paragraphs, we are not aware of any material modifications which should be made thereto. \nRespectfully submitted, \n \nRWH:jb OOARL-67 \n \nRu sell W. Hinton State Auditor \n \n FINANCIAL STATEMENTS - 1- \n \n AUGUSTA STATE UNIVERSITY COMBINED BALANCE SHEET \nALL FUND GROUPS JUNE 30, 2000 \n \nASSETS \nCash and Cash Equivalents Investments Accounts Receivable Inventories Prepaid Items Investment in Plant \nTotal Assets \nLIABILITIES AND FUND BALANCES \nLiabilities Accounts Payable Salaries Payable Deferred Revenue Tuition and Fees Deposits Held in Custody for Others \nTotal Liabilities \nFund Balances U. S. Government Grants Refundable Institutional Loans - Restricted Endowment Net Investment in Plant Restricted Unrestricted \nTotal Fund Balances \nTotal Liabilities and Fund Balances \n \nCURRENT FUNDS UNRESTRICTED RESTRICTED \n \nLOAN FUNDS \n \n$ \n \n1,059,357.44 $ \n \n172,657.56 $ \n \n325,190.44 \n \n388,858.54 502,511.77 1,230,336.05 \n \n197,740.42 \n \n631,084.88 \n \n$ \n \n3,181,063.80 $ \n \n370,397,98 $ \"\",====95=6=,2=75;0,;;.;0,;;3.2.. \n \n$ \n \n847,817,97 \n \n97,583,02 \n \n1,731,523.18 \n \n$ \n \n2,676,924,17 \n \n$ \n \n744,315,50 \n \n211,959.82 \n \n$ \n \n370,397.98 \n \n$ \n \n504,139,63 \n \n$ \n \n504,139.63 $ \n \n370,397.98 $ \n \n956,275.32 \n \n$ \n \n3,181,063.80 $ \n \n370,397.98 $ ====95=6=,2=75;0,;;.3=2... \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. -2- \n \n EXHIBIT \"A\" \n \nENDOWMENT FUNDS \n \nUNEXPENDED \n \nPLANT FUNDS RENEWALS AND REPLACEMENTS \n \nINVESTMENT IN PLANT \n \nAGENCY FUNDS \n \nTOTAL (Memorandum \nOnly) \n \n$ \n \n14,318.59 $ 934,916.94 $ \n \n689,866.58 \n \n$ 475,582.64 $ 3,671,890.19 \n \n331,197.45 \n \n331,197.45 \n \n1,217,683.84 \n \n502,511.77 \n \n_ _ _ _ _ _ $ 82,544,455.94 \n \n1,230,336.05 82,544,455.94 \n \n$ \n \n345,516.04 $ \n \n934,916.94 $ \n \n689,866.58 $ 82,544,455.94 $ 475,582.64 $ 89,498,075.24 \n \n$ 933,019.91 $ \n \n$ 933,019.91 $ \n \n$ 345,516.04 \n$ $ 345,516.04 $ \n \n1,897.03 $ 1,897.03 $ \n \n106,003.36 106,003.36 \n \n$ 156,599.05 $ 2,043,440.29 97,583.02 \n \n318,983.59 \n \n1,731,523.18 318,983.59 \n \n$ 475,582.64 $ 4,191,530.08 \n \n$ 82,544,455.94 583,863.22 583,863.22 $ 82,544,455.94 \n \n$ 744,315.50 211,959.82 345,516.04 \n82,544,455.94 370,397.98 \n1,089,899.88 \n$ 85,306,545.16 \n \n$ \n \n345,516.04 $ \n \n934,916.94 $ \n \n689,866.58 $ 82,544,455.94 $ 475,582.64 $ 89,498,075.24 \n \n-3- \n \n AUGUSTA STATE UNIVERSITY COMBINED STATEMENT OF CHANGES IN FUND BALANCES \nALL FUND GROUPS YEAR ENDED JUNE 30. 2000 \n \nREVENUES AND OTHER ADDITIONS \nUnrestricted Current Fund Revenues State Appropriations \nRegular Federal Grants and Contracts State Grants and Contracts Local Grants and Contracts Private Gifts, Grants, and Contracts Investment Income \nEndowment Other Net Increase/Decrease in Fair Value of Investments Interest on Loans Receivable Adjustments Prior Years' Expenditures/Accounts Payable Prior Years' Checks Voided Expended for Plant Facilities Current Funds Plant Funds \nUnexpended Renewals and Replacements Georgia State Financing and Investment Commission \nTotal Revenues and Other Additions \nEXPENDITURES AND OTHER DEDUCTIONS \nEducational and General Expenditures Auxiliary Enterprises Expenditures Indirect Costs Recovered Refunded to Grantors Remittances to the Board of Regents of the \nUniversity System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) \nAdjustments Prior Years' Revenues/Accounts Receivable \nLoan Cancellations and Write-Offs Administrative and Collection Costs Expended for Plant Facilities \nCapitalized Noncapitalized Disposals/Deletions/Adjustments \nTotal Expenditures and Other Deductions \nTRANSFERS BETWEEN FUNDS \nNonmandatory Renewals and Replacements \nNet Increase/(Decrease) for the Year \nFUND BALANCES JULY 1, 1999 \n \nCURRENT FUNDS \n \nUNRESTRICTED \n \nRESTRICTED \n \nLOAN FUNDS \n \n$ 38,415,120.13 \n$ 4,128,574.85 $ 2,302,637.46 31,884.88 572,154.78 7,681.35 \n130.15 \n37,005.52 3,632.28 \n \n29,402.00 52,873.00 \n-8.39 9,866.74 \n \n$ 38,455,757.93 $ 7,043,063.47 $ \n \n92,133.35 \n \n$ 36,350,734.29 $ 7,177,324.76 2,005,509.17 44,347.25 $ \n41,601.76 \n31,350.13 \n \n35,525.00 \n14,740.23 6,913.29 \n \n$ 38,429,195.35 $ 7,221,672.01 $ \n \n57,178.52 \n \n$ \n \n-96,892.79 \n \n$ \n \n-70,330.21 $ \n \n-178,608.54 $ \n \n34,954.83 \n \n574,469.84 \n \n549,006.52 \n \n921,320.49 \n \nFUND BALANCES JUNE 30. 2000 \n \n$ \n \n504,139.63 $ \n \n370,397.98 $ \n \n956,275.32 \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 EXHIBIT \"BOO \n \nENDOWMENT FUNDS \n \nUNEXPENDED \n \nPLANT FUNDS RENEWALS AND REPLACEMENTS \n \nINVESTMENT IN PLANT \n \nTOTAL (Memorandum \nOnly) \n \n$ \n \n1,465,000.00 \n \n$ \n \n-25,457.92 \n \n184,597.26 $ -1,257.14 \n2,802.66 \n \n$ \n \n-25,457.92 $ \n \n1,651,142.78 $ \n \n$ 38,415,120.13 \n \n$ 105,349.45 \n \n1,465,000.00 4,157,976.85 2,302,637.46 \n31,884.88 730,377.23 \n \n217.72 -1.23 \n \n7,681.35 184,814.98 -26,594.53 \n9,866.74 \n \n39,808.18 3,632.28 \n \n1,284,777.90 \n \n1,284,777.90 \n \n1,624,597.26 7,161.00 \n10,560,616.48 \n \n1,624,597.26 7,161.00 \n10,560,616.48 \n \n216.49 $ 13,582,502.09 $ 60,799,358.19 \n \n$ \n \n0.00 \n \n$ 43,528,059.05 2,005,509.17 44,347.25 35,525.00 \n \n$ \n \n12,352.07 \n \n53,953.83 \n \n31,350.13 14,740.23 6,913.29 \n \n1,624,597.26 $ 25,000.00 \n \n7,161.00 $ \n \n787,370.85 \n \n1,631,758.26 25,000.00 \n787,370.85 \n \n$ \n \n0.00 $ \n \n1,661,949.33 $ \n \n7,161.00 $ 787,370.85 $ 48,164,527.06 \n \n$ \n \n-25,457.92 $ \n \n370,973.96 \n \n$ \n \n345,516.04 $ \n \n$ -10,806.55 $ 12,703.58 \n1,897.03 $ \n \n9::::.:6::.t.:,8~9:=2.~79:::.... \n \n$ \n \n~O':'::'OO:::.... \n \n89,948.28 $ 12,795,131.24 $ 12,634,831.13 \n \n493,914.94 69,749,324.70 72,671,714.03 \n \n583,863.22 $ 82.544,455.94 $ 85,306,545.16 \n \n-5- \n \n AUGUSTA STATE UNIVERSITY STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \nAND OTHER CHANGES YEAR ENDED JUNE 30, 2000 \n \nEXHIBIT C \n \nUNRESTRICTED \n \nRESTRICTED \n \nTOTAL (Memorandum \nOnly) \n \nREVENUES \n \nState Appropriations Tuition and Fees Federal Grants and Contracts State Grants and Contracts Local Grants and Contracts Private Gifts, Grants, and Contracts Endowment Income Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Other Sources \n \n$ 23,876,882.00 \n \n$ 23,876,882.00 \n \n11,647,978.95 \n \n11,647,978,95 \n \n49,480.79 $ 4,035,282.42 \n \n4,084,763.21 \n \n2,384,411.88 \n \n2,384,411,88 \n \n31,884.88 \n \n31,884.88 \n \n718,412.58 \n \n718,412.58 \n \n7,333.00 \n \n7,333.00 \n \n101,218,95 \n \n101,218.95 \n \n2,020,730,87 \n \n2,020,730.87 \n \n718,828.57 \n \n718,828.57 \n \nTotal Revenues \n \n$ 38,415,120,13 $ 7,177,324.76 $ 45,592,444.89 \n \nEXPENDITURES \n \nEducational and General Instruction Research Public Service Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships \nAuxiliary Enterprises Food Services Stores and Shops Intercollegiate Athletics Other Service Units \n \n$ 16,885,635.12 $ 513,060.88 $ 17,398,696.00 \n \n74,522.74 \n \n74,522.74 \n \n364,311.12 \n \n11,170.56 \n \n375,481.68 \n \n4,390,254.15 \n \n108,814.03 \n \n4,499,068.18 \n \n2,737,521.66 \n \n9,635.67 \n \n2,747,157.33 \n \n5,615,117.04 \n \n378,554.19 \n \n5,993,671.23 \n \n4,021,899.46 \n \n4,021,899.46 \n \n2,261,473.00 \n \n6,156,089.43 \n \n8,417,562.43 \n \n112,048.58 322,516.31 1,466,628.11 104,316,17 \n \n112,048.58 322,516.31 1,466,628.11 104,316.17 \n \nTotal Expenditures \n \n$ 38,356,243.46 $ 7,177,324.76 $ 45,533,568.22 \n \nOTHER TRANSFERS AND ADDITIONS/(DEDUCTIONSl \n \nExcess of Restricted Receipts over Transfers to Revenues \nTransfers for Renewals and Replacements Prior Period Adjustments (Net) Remittances to the Board of Regents \nof the University System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) \nNet Increase/Decrease in Fair Value of Investments \n \n$ -178,738.69 $ -178,738.69 \n \n$ \n \n-96,892.79 \n \n-96,892.79 \n \n9,287.67 \n \n9,287.67 \n \n-41,601,76 \n \n130.15 \n \n-41,601.76 130.15 \n \nTotal Other Transfers and Additions/(Deductions) $ \n \n-129,206.88 $ -178,608.54 $ -307,815.42 \n \nNet Increase/(Decrease) in Fund Balances \n \n$ \n \n-70,330.21 $ -178,608.54 $ =~-2~4;;;;;8g;,9,;;;;38;;;,'7;,,;5~ \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 -6- \n \n AUGUSTA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2000 \n \nEXHIBIT \"D\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nREPORTING ENTITY Augusta State University is one of thirty-four (34) State supported member institutions of higher education in Georgia which comprise the University System ofGeorgia, an organizational unit ofthe State of Georgia. The accompanying financial statements reflect the operations of Augusta State University as a separate reporting entity. \nThe Board of Regents has constitutional authority to govern, control and manage the University System of Georgia. This authority includes but is not limited to the power to designate management, the ability to significantly influence operations, the authority to control institutions' budgets, the power to detenn-ine allotments of State funds to member institutions and the authority to prescribe accounting systems and administrative policies for member institutions. Augusta State University does not have authority to retain unexpended State appropriations (surplus) for any given fiscal year. Accordingly, Augusta State University is considered an organizational unit ofthe Board ofRegents ofthe University System ofGeorgia reporting entity for financial reporting purposes because ofthe significance ofits legal, operational, and financial relationships with the Board ofRegents as defined in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards. \nFUND ACCOUNTING In order to ensure observance of limitations and restrictions placed on the use of the resources available to the University, the accounts of the University are maintained in accordance with the principles of fund accounting. This is the procedure by which resources for various purposes are classified for accounting and reporting purposes into funds that are in accordance with activities or objectives specified. Separate accounts are maintained for each fund; however, in the accompanying financial statements, funds that have similar characteristics have been combined into fund groups. Accordingly, all financial transactions have been recorded and reported by fund group. \nWithin each fund group, the University's fund balance allocations and designations represent those portions ofthe fund balances that are reserved, restricted and/or designated for specific future use by legal covenants, State policies, or institutional policies. \nFund groups and funds presented in the accompanying financial statements are as follows: \nCURRENT FUNDS \nUNRESTRICTED - The fund used to account for those economic resources over which the University retains full control to use for purposes of performing the primary functions of the University, e.g., instruction, research, public service, etc. \nRESTRICTED - The fund used to record externally restricted funds which may only be utilized in accordance with the purposes established by their source. Restricted current funds are recorded as revenues and expenditures when expended for current operating purposes. \n-7- \n \n AUGUSTA STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2000 \n \nEXHIBIT\"D\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nFUND ACCOUNTING \nLOAN FUNDS \nThe fund used to account for resources which have been made available for financial loans to students. \nENDOWMENT FUNDS \nThe fund used to account for gifts that are subject to restrictions by the donors requiring that the principal be invested in perpetuity and income only be utilized. \nPLANT FUNDS \nUNEXPENDED - The fund used to account for fmancial resources utilized to acquire or to construct physical properties for institutional purposes. \nRENEWALS AND REPLACEMENTS - The fund used to account for resources set aside for the renewal and replacement of institutional properties. \nINVESTMENT IN PLANT - The fund which shows the total amounts representing the book value of all physical properties owned by the University. Net Investment in Plant is an equity account showing the total book value ofphysical properties belonging to the University less the amount of any indebtedness to others. \nAGENCY FUNDS \nThe fund used to account for resources held by the University as custodian or fiscal agent for individual students, faculty, staffmembers, and organizations. \nBASIS OF ACCOUNTING Except as otherwise disclosed in these notes, the financial statements are prepared 011 the modified accrual basis of accounting, which is materially the same as the accrual basis of accounting applicable to colleges and universities prescribed in the American Institute of Certified Public Accountants' audit guide reporting model. The modified accrual basis ofaccounting is defined as that method ofaccounting in which expenditures, other than accrued interest on general long-term debt, are recorded at the time liabilities are incurred and revenues are recorded when available and measurable to finance expenditures of the fiscal period. \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 \naccounting practice causes expenditure-driven grant revenues to be accrued based, in part, on the \n-8- \n \n AUGUSTA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2000 \n \nEXHIBIT \"D\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nBASIS OF ACCOUNTING unexecuted portion of contracts for goods and services. The recognition of encumbrances as expenditures and liabilities is in conformity with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but is not consistent with 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. \nCompensated absences represent obligations ofthe University relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated annual leave in which payment is probable and can be reasonably estimated. The compensated absences liability of $934,598.11 and a related net reduction of current year expenditures of $34,948.12 have not been reported in the current funds as required by generally accepted accounting principles. \nPrior period adjustments and certain other items are reported as additions to and deductions from fund balances of current funds in the accompanying financial statements. This presentation is in accordance with accounting practices prescribed or permitted by statutes and regulations ofthe State ofGeorgia, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. The effect of this departure is deemed to be immaterial to the fair presentation of the financial statements. \nTo the extent that Current Funds and Plant Funds are used to finance plant assets, the amounts so provided are accounted for as expenditures. The balances shown on the Combined Balance Sheet as Net Investment in Plant reflect the accumulated expenditures made for plant facilities through Current Funds and Plant Funds and also include expenditures made for plant facilities expended by the Georgia State Financing and Investment Commission on behalfofthe University. Donated fixed assets are recorded at fair market value on the date donated. Disposals are deleted at recorded values. No depreciation has been provided on physical plant and equipment. \nThe Statement of Current Funds Revenues, Expenditures, and Other Changes is a statement of financial activities of current funds related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period as would a statement of income or a statement of revenues and expenses. \nBUDGET The Board ofRegents ofthe University System ofGeorgia - Administrative Central Office receives State appropriation allotments for units of the University System of Georgia. The appropriated budget is adopted at the Board level and represents appropriations provided by the Amended Appropriations Act of 1999-2000. The appropriated budget covers current funds and plant funds, except for Auxiliary Enterprises and Student Activities which are not subject to appropriation. The \n- 9- \n \n AUGUSTA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2000 \n \nEXHIBIT \"D\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nBUDGET allocation ofthe appropriated budget is made to the University by the Administrative Central Office. In addition, the University receives Federal funds and other funds directly and includes these funds in the budget filed with the Administrative Central Office. \n \nA comparison of anticipated funds available and budgeted expenditures by budget unit obj ect class indicates that the following object classes were overspent by the amounts identified below: \n \nResident Instruction Personal Services: Education, General and Departmental Services Operating Expenses: Sponsored Operations Capital Outlay \n \n$ 597.329.66 \n$1.096.751.62 $ 191.758.26 \n \nThese overexpenditures of budget constitute a violation of Board of Regents policy, but do not constitute statutory violations of budget authority. Statutory violations of budget authority are reported at the Board object class level. \n \nCASH AND CASH EQUIVALENTS Cash and Cash Equivalents consist of petty cash, demand deposits, certificates of deposit and temporary investments in authorized financial institutions, and cash management pools that have the general characteristics of demand deposit accounts. \n \nINVESTMENTS Investments are reported at fair value. Funds received by the University as endowments or for restricted purposes are invested according to conditions stipulated by the donor, grantor, or in accordance with the Board of Regents authorizing resolutions. Gains and losses on investment transactions are accounted for in the funds where such assets are recorded. \n \nACCOUNTS RECEIVABLE Accounts receivable consist ofreimbursements due from Federal, State, local, and private grants and contracts, and other receivables disclosed from information available. No provision has been made for an allowance for doubtful accounts within the accompanying financial statements. \n \nINVENTORIES Inventories of consumable supplies are recorded on the consumption method and are valued at cost on the Combined Balance Sheet using the weighted average method. \n \nInventories of goods for resale are valued at cost using the weighted average method. \n \n- 10- \n \n AUGUSTA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2000 \n \nEXHIBIT \"D\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nPREPAID ITEMS Prepaid items are payments made to vendors in advance ofthe receipt ofgoods and services that will benefit periods subsequent to the balance sheet date. \nMEMORANDUM ONLY - TOTAL COLUMNS The total columns on the financial statements are captioned \"Memorandum Only\" because they do not represent consolidated financial information and are presented only to facilitate financial analysis. The columns do not present information that reflects financial position or changes in financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation ofthi\u0026 data. \nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS \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, certificates ofindebtedness, notes, or other direct obligations ofthe United States or ofthe State of Georgia. \n(2) Bonds, bills, certificates of indebtedness, notes, or other obligations of the counties or municipalities of the State of Georgia. \n(3) Bonds of any public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose. \n(4) Industrial revenue bonds and bonds ofdevelopment authorities created by the laws ofthe State of Georgia. \n(5) Bonds, bills, certificates of indebtedness, notes, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest, or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \n(6) Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation. \n- 11 - \n \n AUGUSTA STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2000 \n \nEXHIDIT\"D\" \n \nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS \n \nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES As authorized in the Official Code of Georgia Annotated Section 50-17-53, the State Depository Board has adopted policies which allow agencies of the State of Georgia (which includes organizational units of the Board of Regents of the University System of Georgia) the option of exempting demand deposits from the collateral requirements. \n \nThe treasurer ofthe Board ofRegents is responsible for all details relative to furnishing the required depository protection for all units of the University System of Georgia. \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, 2000, 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 fair value) held by the University or by its agent in the University's name. \n \nCategory 2 - Amounts collateralized with securities (at fair value) held by the pledging financial institution's trust department or agent in the University's name. \n \nCategory 3 - Amounts collateralized with securities (at fair value) held by the pledging financial institution, or by its trust department or agent but not in the University's name, and amounts uncollateralized. \n \nCash Deposits Investment Portfolio \nAccounts \nTotal Cash Deposits \n \nCarrying Amount \n \nBank Balances \n \nRisk Categories 2 \n \n$ 2,993,582.85 $ 4,132,534.03 $ \n \n0.00 $ 4,132,534.03 $ \n \n46.548.05 \n \n46.548.05 \n \n46.548.05 \n \n$ 3,040,130.90 $ 4 179,082.08 $ 46548.05 $ 4 132 534.03 $ \n \n3 0.00 \n0.00 \n \nCATEGORIZATION OF INVESTMENTS Investments are summarized and classified as to custodial credit risk within the three categories described below: \n \nCategory 1 - Insured or registered, or securities held by the University or its agent in the University's name. \n \nCategory 2 - Uninsured and unregistered, with securities held by the counterparty's trust department or agent in the University's name. \n \n- 12- \n \n AUGUSTA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2000 \n \nEXHIBIT \"D\" \n \nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS \n \nCATEGORIZATION OF INVESTMENTS Category 3 - Uninsured and unregistered, with securities held by the counterparty, or by its trust department or agent but not in the University's name. \n \nThe carrying amounts of investment balances as of June 30, 2000, are categorized below: \n \nType of Investment \n \nRisk Categories 2 \n \nCommon Stock \n \n$ \n \nCorporate Bonds \n \nPreferred Stock \n \nU. S. Government Securities \n \n0.00 $ 171,644.55 $ 113,004.85 \n \nInvestments Not Subject to Categorizations: \n \n$==~0.~ 00 $ 284.649.40 $ \n \nBoard of Regents Pooled Investment Fund \nState Investment Pool \n \nTotal Investments \n \nCanying \n \n3 \n \nAmount \n \n0.00 $ 171,644.55 \n \n113,004.85 0.00 $ 284,649.40 \n \n589,072.48 74,534.86 \n$ 948.256.74 \n \nFunds invested in an investment pool managed by another governmental entity are not required to be categorized since the University did not own any specific, identifiable investment securities of the pool. \n \nNOTE 3: INVESTMENT IN PLANT \n \nThe following is a summary of Investment in Plant fixed assets as of June 30, 2000: \n \nLand Buildings hnprovements Other Than Buildings Equipment Library Books and Collections \n \n$ 2,152,770.49 58,296,964.91 4,049,866.53 10,804,701.67 7,240,152.34 \n \nTotal Investment in Plant \n \n$82,544.455.94 \n \n- 13- \n \n AUGUSTA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2000 \n \nEXHIBIT \"D\" \n \nNOTE 4: RISK MANAGEMENT \nAugusta State University is a participant in the Board of Regents of the University System of Georgia Health Benefits Plan, which is a self-insurance program of health and dental benefits for employees and retirees of the University System of Georgia. The University and participating employees and retirees pay premiums to the Health Benefits Plan for this health insurance coverage. The Health Benefits Plan is included in the financial statements of the Board of Regents of the University System ofGeorgia - Administrative Central Office. All units ofthe University System of Georgia share the risk of loss for claims of the Health Benefits Plan. The Health Benefits Plan is considered a self-sustaining risk fund that provides health coverage for its members up to a maximum lifetime benefit of $1,000,000.00 per person and dental coverage up to an annual maximum of $1,000.00 per person. The Board of Regents has contracted with Blue Cross Blue Shield ofGeorgia to process claims in accordance with the Health Benefits Plan as established by the Board of Regents. \nThe Department ofAdministrative Services (DOAS) has the responsibility for the State ofGeorgia ofmaking and carrying out decisions that will minimize the adverse effects ofaccidental losses that involve State government assets. The State believes it is more economical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS processes claims for risk of loss to which the State is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemnification. Limited amounts of commercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other risks. The University, as an organizational unit ofthe Board of Regents of the University System of Georgia, is part of the State of Georgia reporting entity, and as such, is covered by the State of Georgia risk management program administered by DOAS. Premiums for the risk management program are charged to the various state organizations by DOAS to provide claims servicing and claims payment. \nA self-insured program of professional liability for its employees was established by the Board of Regents of the University System of Georgia under powers authorized by the Official Code of Georgia Annotated Section 45-9-1. The program insures the employees to the extent that they are not immune from liability against personal liability for damages arising out of the performance of their duties or in any way connected therewith. The program is administered by DOAS as a SelfInsurance Fund. \nNOTE 5: RETIREMENT PLANS \nTEACHERS RETIREMENT SYSTEM OF GEORGIA \nPlan Description Augusta State University participates in the Teachers Retirement System ofGeorgia (TRS), a costsharing multiple-employer defined benefit pension plan established by the General Assembly of Georgia for the purpose of providing retirement allowances and other benefits for teachers of the State ofGeorgia. TRS provides service retirement, disability retirement, and survivor's benefits for \n- 14- \n \n AUGUSTA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2000 \n \nEXHIBIT \"D\" \n \nNOTE 5: RETffiEMENTPLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA \n \nPlan Description its members in accordance with State statute. The Teachers Retirement System ofGeorgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \n \nFunding Policy Employees ofthe University who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The University makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. For fiscal year 2000, the employer contribution rate was 11.29% for covered employees. In addition, the University contributed 2.35% to the TRS on behalf of employees electing to participate in the Regents Retirement Plan. Employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \nFiscal Year \n \nPercentage Contributed \n \nRequired Contribution \n \n2000 1999 1998 \n \n100% 100% 100% \n \n$ 1,687,795.00 $ 1,829,348.56 $ 1,706,610.59 \n \nREGENTS RETIREMENT PLAN \n \nPlan Description The Regents Retirement Plan, a single-employer defined contribution plan, is an optional retirement plan established and administered by the Board of Regents of the University System of Georgia, under which it may purchase annuity contracts for the purpose of providing retirement and death benefits for eligible faculty and principal administrators. Benefits depend solely on amounts contributed to the plan plus investment earnings. Benefits are payable to participating employees or their beneficiaries in accordance with the terms of the annuity contracts. \n \nFunding Policy Member contribution requirements are established by the Board of Trustees of the Teachers Retirement System. Employer contributions are established by statute and may be amended only by the General Assembly ofthe State ofGeorgia. The employer contributes 8.79% ofthe participating employee's earnable compensation. Employees contribute 5% of their earnable compensation. Amounts attributable to all plan contributions are fully vested and non-forfeitable at all times. \n \nThe University and the covered employees made the required contributions of$651,048.59 (8.79%) and $385,529.45 (5%), respectively. \n \n- 15 - \n \n AUGUSTA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2000 \n \nEXHIBIT\"D\" \n \nNOTE 5: RETIREMENT PLANS \nGEORGIA DEFINED CONTRIBUTION PLAN \nPlan Description Augusta State University participates in the Georgia Defined Contribution Plan (GDCP) which is a single-employer defined contribution plan established by the General Assembly of Georgia for the purpose ofproviding retirement coverage for State employees who are temporary, seasonal, and parttime and are not members of a public retirement or pension system. GDCP is administered by the Board of Trustees of the Employees' Retirement System of Georgia. \nBendits A member may retire and elect to receive periodic payments after attainment ofage 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board ofTrustees. Ifa member has less than $ 3,500.00 credited to his/her account, the Board ofTrustees has the option ofrequiring a lump sum distribution to the member in lieu ofmaking periodic payments. Upon the death of a member, a lump sum distribution equaling the amount credited to his/her account will be paid to the member's designated beneficiary. Benefit provisions are established by State statute. \nContributions and Vesting Member contributions are seven and one-halfpercent (7.5%) ofgross salary. There are no employer contributions. Contribution rates are established by State statute. Earnings are credited to each member's account in a manner established by the Board of Trustees. Upon termination of employment, the amount ofthe member's account is refundable upon request by the member. \nTotal contributions made by employees during fiscal year 2000 amounted to $48,663.46 which represents 7.5% of covered payroll. These contributions met the requirements of the plan. \nNOTE 6: LEAVEPOUCrnS \nEmployees earn annual leave ranging from one and one-quarter days to one and three-quarter days each month depending upon the employees' length of continuous State service with maximum accumulation of forty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1 - Basis of Accounting (Compensated Absences) \nEmployees earn one day of sick leave each month with no maximum accumulation established. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or termination of employment, except as noted in the subsequent paragraph. \nCertain employees who retire with a minimum ofthree months ofunused sick leave are entitled to additional service credit in the Teachers Retirement System of Georgia. \n \n- 16- \n \n AUGUSTA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS \nJUNE 30, 2000 \n \nEXHIBIT \"D\" \n \nNOTE 7: CONTINGENCIES \n \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 University expects such amounts, if any, to be immaterial to its overall financial position. \n \nLitigation, claims and assessments filed against Augusta State University (an organizational unit of the Board of Regents of the University System of Georgia), if any, are generally considered to be actions against the State of Georgia. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 2000. \n \nNOTE 8: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS \n \nPursuant to the general powers conferred by the Official Code ofGeorgia Annotated Section 20-331, the Board ofRegents ofthe University System ofGeorgia has established group health and life insurance programs for regular employees ofthe University System ofGeorgia. It is the policy ofthe Board ofRegents to permit employees ofthe University System ofGeorgia eligible for retirement or that become permanently and totally disabled to continue as members of the group health and life insurance programs. Employees who are eligible for retirement or disability under the criteria established by the Teachers Retirement System ofGeorgia and who have at least ten years ofservice with the University System of Georgia are eligible for these postemployment health and life insurance benefits. Organizational units of the Board of Regents of the University System of Georgia pay the employer portion for group insurance. for affected individuals. \n \nAs ofJune 30, 2000, there were 240 employees who had retired or were disabled that were receiving these postemployment health and life insurance benefits. For the year ended June 30, 2000, Augusta State University recognized as incurred $262,472.35 ofexpenditures, which was net of$116,341.78 ofparticipant contributions. \n \nNOTE 9: ENROLLMENT \n \nThe equivalent full-time student enrollment of Augusta State University was as follows: \n \nRegular Term Fall Semester, 1999 Spring Semester, 2000 \n \n3,763 3,442 \n \nAverage \n \nSummer School, 1999 \n \n- 17 - \n \n SUPPLEMENTARY INFORMATION - 19- \n \n AUGUSTA STATE UNIVERSITY COMBINING BALANCE SHEET CURRENT FUNDS - UNRESTRICTED \nJUNE 30, 2000 \n \nASSETS \nCash and Cash Equivalents Accounts Receivable Inventories Prepaid Items Due from Other Fund Groups \nTotal Assets \nLIABILITIES AND FUND BALANCES Liabilities \nAccounts Payable Salaries Payable Deferred Revenue \nTuition and Fees Due to Other Fund Groups \nTotal Liabilities Fund Balances \nUnrestricted \nTotal Liabilities and Fund Balances \n \nRESIDENT INSTRUCTION \n \nLOTIERYFOR EDUCATION \n \n$ 610,102.31 $ 90.637.64 59.559,30 \n1.225,097.71 435,411.64 \n \n36.586.90 \n \n$ 2,420,808.60 $='==3=6=,5=8==6.=:90,= \n \n$ 732,460.72 $ 92.994.59 \n1,495,945.58 \n$ 2.321,400.89 $ \n99,407.71 \n \n36,578.90 \n36,578.90 8.00 \n \n$ 2,420,808.60 $===3:=6=:,5:::86;;,;;.=90= \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n- 20- \n \n EXHIBIT\"E\" \n \nAUXILIARY ENTERPRISES \n \nSTUDENT ACTIVITIES \n \nTOTAL \n \n$ \n \n2,800.00 $ 409,868.23 $ 1,059,357.44 \n \n297,904.90 \n \n316.00 \n \n388,858.54 \n \n442,952.47 \n \n502,511.77 \n \n5,238.34 \n \n1,230,336.05 \n \n435,411.64 \n \n$ \n \n748,895.71 $ 410,184.23 $ 3,616,475.44 \n \n$ \n \n53,449.30 $ 25,329.05 $ 847,817.97 \n \n3,471.28 \n \n1,117.15 \n \n97,583.02 \n \n164,776.70 435,411.64 \n \n70,800.90 \n \n1,731,523.18 435,411.64 \n \n$ \n \n657,108.92 $ 97,247.10 $ 3,112,335.81 \n \n91,786.79 \n \n312,937.13 \n \n504,139.63 \n \n$ \n \n748,895.71 $ 410,184.23 $ 3,616,475.44 \n \n- 21 -' \n \n AUGUSTA STATE UNIVERSITY COMBINING STATEMENT OF CHANGES IN FUND BALANCES \nCURRENT FUNDS - UNRESTRICTED YEAR ENDED JUNE 30. 2000 \n \nREVENUES AND OTHER ADDITIONS \nUnrestricted Current Fund Revenues Adjustments \nPrior Years' Expenditures/Accounts Payable Prior Years' Checks Voided \nTotal Revenues and Other Additions \nEXPENDITURES AND OTHER DEDUCTIONS \nEducational and General Expenditures Auxiliary Enterprises Expenditures Remittances to the Board of Regents of the \nUniversity System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) \nAdjustments Prior Years' Revenues/Accounts Receivable \nTotal Expenditures and Other Deductions \nTRANSFERS BETWEEN FUNDS \nNonmandatory Renewals and Replacements \nNet Increase/(Decrease) for the Year \nFUND BALANCES JULY 1. 1999 \nFUND BALANCES JUNE 30.2000 \n \nRESIDENT INSTRUCTION \n \nLOTTERY FOR EDUCATION \n \n$ 35,269,586.47 $ \n36,877.39 \n \n580,786.00 \n \n$ 35,306,463.86 $ \n \n580,786.00 \n \n$ 35,265,687.94 $ \n \n580,778.00 \n \n41,582.14 16,931.02 \n \n19.62 \n \n$ 35,324,201.10 $ \n \n580,797.62 \n \n$ \n \n-17,737.24 $ \n \n117,144.95 \n \n-11.62 19.62 \n \n$ \n \n99,407.71 $ =======8.:=00= \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n- 22- \n \n EXHIBIT \"F\" \n \nAUXILIARY ENTERPRISES \n \nSTUDENT ACTIVITIES \n \nTOTAL \n \n$ 2,024,248.38 $ 540,499.28 $ 38,415,120.13 \n \n3,494.90 \n \n128.13 137.38 \n \n37,005.52 3,632.28 \n \n$ 2,027,743.28 $ 540,764.79 $ 38,455,757.93 \n \n$ 504,268.35 $ 36,350,734.29 \n \n$ 2,005,509.17 \n \n2,005,509.17 \n \n14,308.98 \n \n110.13 \n \n41,601.76 31,350.13 \n \n$ 2,019,818.15 $ 504,378.48 $ 38,429,195.35 \n \n$ \n \n-96,892.79 \n \n$ \n \n-96,892.79 \n \n$ \n \n-88,967.66 $ 36,386.31 $ \n \n-70,330.21 \n \n180,754.45 \n \n276,550.82 \n \n574,469.84 \n \n$ \n \n91,786.79 $ 312,937.13 $ =~5;,;,04:.l:,=13;,;,9=.6==3 \n \n- 23- \n \n AUGUSTA STATE UNIVERSITY COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \nAND OTHER CHANGES UNRESTRICTED \nYEAR ENDED JUNE 30, 2000 \n \nREVENUES \nState Appropriations Tuition and Fees Federal Grants and Contracts Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Other Sources \nTotal Revenues \nEXPENDITURES \nEducational and General Instruction Research Public Service Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships \nAuxiliary Enterprises Food Services Stores and Shops Intercollegiate Athletics Other Service Units \nTotal Expenditures \nOTHER TRANSFERS AND ADDITIONSI(DEDUCTIONS) \nTransfers for Renewals and Replacements Prior Period Adjustments (Net) Remittances to the Board of Regents \nof the University System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) \nTotal Other Transfers and Additions/(Deductions) \n \nRESIDENT INSTRUCTION \n \nLOTTERY FOR EDUCATION \n \n$ 23,296,096.00 $ \n11,189,041,15 49,480.79 101,218.95 \n633,749.58 \n$ 35,269,586.47 $ \n \n580,786.00 580,786.00 \n \n$ 16,635,026,52 $ \n74,522,74 354,291.54 4,223,277.27 2,179,826.33 5,515,371.08 4,021,899.46 2,261,473.00 \n \n250,608.60 \n10,019.58 166,976.88 \n53,426.98 99,745.96 \n \n$ 35,265,687.94 $ \n \n580,778.00 \n \n$ \n \n19,946.37 \n \n-41,582.14 $ \n \n$ \n \n-21,635.77 $ \n \n-19.62 -19.62 \n \nNet Increase/(Decrease) in \n \nFund Balances \n \n$ \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n- 24- \n \n-17,737.24 $ = = = -..1..=1.=62= \n \n EXHIBIT\"G\" \n \nAUXILIARY ENTERPRISES \n \nSTUDENT ACTIVITIES \n \nTOTAL \n \n$ 23,876,882.00 \n \n$ 458,937.80 \n \n11,647,978.95 \n \n49,480.79 \n \n101,218.95 \n \n$ 2,020,730.87 \n \n2,020,730.87 \n \n3,517.51 \n \n81 ,561.48 \n \n718,828.57 \n \n$ 2,024,248.38 $ 540,499.28 $ 38,415,120.13 \n \n$ 16,885,635.12 \n \n74,522.74 \n \n364,311.12 \n \n4,390,254.15 \n \n$ 504,268.35 \n \n2,737,521.66 \n \n5,615,117.04 \n \n4,021,899.46 \n \n2,261,473.00 \n \n$ \n \n112,048.58 \n \n322,516.31 \n \n1,466,628.11 \n \n104,316.17 \n \n112,048.58 322,516.31 1,466,628.11 104,316.17 \n \n$ 2,005,509.17 $ 504,268.35 $ 38,356,243.46 \n \n$ \n \n-96,892.79 \n \n-10,814.08 $ \n \n$ 155.38 \n \n-96,892.79 9,287.67 \n \n$ \n \n-107,706.87 $ \n \n-41,601.76 155.38 $ _ _-1.:.=2:.::;.9,-=,2\",-06;;.;..8;;;.;8~ \n \n$ \n \n-88,967.66 $ 36,386.31 $ ===-7=0;,:;,3,;;,30=.2=1= \n \n- 25- \n \n AUGUSTA STATE UNIVERSITY SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \nRESIDENT INSTRUCTION YEAR ENDED JUNE 30. 2000 \n \nREVENUES \nState Appropriations Other Revenues Retained \n \nCURRENT FUNDS \n \nUNRESTRICTED \n \nRESTRICTED \n \nPLANT UNEXPENDED \n \n$ 23.296,096.00 \n \n$ \n \n11 .973,490.47 $ _---:.7.J.,;1,c:.7.:..J7.\"\"32=-4\",,7.,-=6:.... \n \n1,465.000.00 184.597.26 \n \n$ 35.269,586.47 $ \n \n7,177.324.76 $ _ _1;,.:..6:..4-'-9.:.,;;.5.;;.97..;;.2;;;.;6_ \n \nEXPENDITURES \nPersonal Services: Education. Genera,1 and Departmental Services Sponsored Operations \nOperating Expenses: Education, General and Departmental Services Sponsored Operations \nCapital Outlay Special Funding Initiative Office of Minority Business Enterprise \n \n$ 27.554.171.66 $ \n7.221.726.95 \n289,789.33 200,000.00 \n \n371,103.14 \n6,806.221.62 $ \n \n1.649.597.26 \n \n$ 35,265,687.94 $ 7.177.324.76 $ \n \n1,649,597.26 \n \nExcess of Revenues over Expenditures \n \n$ \n \n(1) To eliminate tuition waivers not budgeted and to redassify prior year fund balances budgeted as revenues. \n \n3.898.53 $ \n \n0.00 $ =====0=.0;;;;0= \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n-26 - \n \n SCHEDULE \"1\" \n \nFUNDS RENEWALS AND REPLACEMENTS \n \nTOTAL \n \nADJUSTMENTS (1 ) \n \nTOTAL (Budget Basis) \n \nBUDGET \n \nVARIANCEFAVORABLE (UNFAVORABLE) \n \n$ 24,761,096.00 \n \n$ 24,761,096.00 $ 24,761,096.00 $ \n \n0.00 \n \n$ \n \n217.72 \n \n19,335,630.21 $ -2,254,529.72 \n \n17,081,100.49 \n \n15,649,492.00 \n \n1,431 ,608.49 \n \n$ \n \n217.72 $ 44,096,726.21 $ -2,254,529.72 $ 41,842,196.49 $ 40,410,588.00 $ \n \n1,431,608.49 \n \n$ 27,554,171.66 371,103.14 \n \n$ 27,554,171.66 $ 26,956,842.00 $ \n \n371,103.14 \n \n386,676.00 \n \n-597,329.66 15,572.86 \n \n7,221,726.95 $ -2,261,473.00 \n \n4,960,253.95 \n \n5,395,934.00 \n \n435,680.05 \n \n6,806,221.62 \n \n6,806,221.62 \n \n5,709,470.00 \n \n-1,096,751.62 \n \n$ \n \n7,161.00 \n \n1,656,758.26 \n \n1,656,758.26 \n \n1,465,000.00 \n \n-191,758.26 \n \n289,789.33 \n \n289,789.33 \n \n296,666.00 \n \n6,876.67 \n \n200,000.00 \n \n200,000.00 \n \n200,000.00 \n \n0.00 \n \n$ \n \n7,161.00 $ 44,099,770.96 $ -2,261,473.00 $ 41,838,297.96 $ 40,410,588.00 $ \n \n-1,427,709.96 \n \n$ \n \n-6,943.28 $ \n \n-3,044.75 $ \n \n6,943.28 $ ==~3,~89;;,;8~.5:;;;3;\", \n \n$ ====3~,8;,;;;,98;;,;.;;;;53;\"\" \n \n- 27- \n \n AUGUSTA STATE UNIVERSITY \n \nSCHEDULE \"2\" \n \nSCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \n \nLOTTERY FOR EDUCATION \n \nYEAR ENDED JUNE 30, 2000 \n \nREVENUES State Appropriations \n \nCURRENT FUNDS UNRESTRICTED \n \nBUDGET \n \nVARIANCE FAVORABLE (UNFAVORABLE) \n \n$ \n \n580,786.00 $ \n \n580,786.00 $ \n \no;;.:..~OO:.... \n \nEXPENDITURES \n \nEquipment, Technology and Construction \n \nTru~Fu~ \n \n$ \n \n470,778.00 $ 470,786.00 $ \n \n8.00 \n \nSpecial Funding Initiative \n \n110,000.00 \n \n110,000.00 \n \nO.OU \n \n$ \n \n580,778.00 $ \n \n580,786.00 $ \n \n~8.00 \n \nExcess of Revenues over Expenditures \n \n$======8.=00= \n \n$====..,;8:;,;;.0~0;\", \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n- 29- \n \n AUGUSTA STATE UNIVERSITY CHANGES IN INVESTMENT IN PLANT \nYEAR ENDED JUNE 30, 2000 \n \nLand Buildings Improvements Other Than Buildings Equipment 'Jbrary Books and Collections \n \nBALANCE JULY 1,1999 \n \nCURRENT FUNDS UNRESTRICTED \n \nPLANT UNEXPENDED \n \n$ 2,136,697,28 \n \n$ \n \n16,073,21 \n \n47,292,428,46 \n \n943,883.55 \n \n3,390,769,03 \n \n659,097,50 \n \n10,019,748.31 $ \n \n954,307,18 \n \n5,543,00 \n \n6,909,681.62 \n \n330,470.72 \n \n$ 69,749,324.70 $ \n \n1,284,777.90 $ 1,624,597.26 \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n- 30- \n \n SCHEDULE \"3\" \n \nADDITIONS \nFUNDS RENEWALS AND REPLACEMENTS \n \nGEORGIA STATE FINANCING AND \nINVESTMENT COMMISSION \n \n$ \n \n10,076,100.90 \n \n$ \n \n7,161.00 \n \n484,515.58 $ \n \nPRIVATE GIFTS \n \nDEDUCTIONS DISPOSALS! DELETIONS! ADJUSTMENTS \n \nBALANCE JUNE 30, 2000 \n \n$ \n \n2,152,770.49 \n \n$ \n \n15,448.00 \n \n58,296,964.91 \n \n4,049,866.53 \n \n105,349.45 \n \n771,922.85 \n \n10,804,701.67 \n \n7,240,152.34 \n \n$ \n \n7,161.00 $ \n \n10,560,616.48 $ \n \n105,349.45 $ \n \n787,370.85 $ \n \n82,544,455.94 \n \n- 31 - \n \n AUGUSTA STATE UNIVERSITY SCHEDULE OF FUND BALANCES CURRENT FUNDS AND PLANT FUNDS \nJUNE 30, 2000 \n \nNET INVESTMENT IN PLANT Investment in Plant Facilities \nRESTRICTED Designated for Subsequent Years' Expenditures \nUNRESTRICTED Designated For Unrealized Gain/Loss For Inventory Reserve For Renewals and Replacements Reserve For Subsequent Years' Expenditures For Uncollectible Accounts Surplus Regular Lottery for Education \n \nRESIDENT INSTRUCTION \n \nCURRENT FUNDS \n \nUNRESTRICTED \n \nLOTTERY FOR \n \nAUXILIARY \n \nEDUCATION \n \nENTERPRISES \n \n$ \n \n54,200,00 \n \n14,003.71 \n \n31,204,00 ______ $ \n \n$ \n \n99,407,71 $ \n \n$ \n \n99,407,71 $ \n \n$ \n \n174,000,00 \n \n-82,324.01 110,80 \n \n--'8::.:.,O~0::..... \n8.00 $ _ _..;9;.,.;.1\"'\"'-,7.,;:;.86;:;..:.;..,;79:... \n8,00 $ ==..;;9~1;,;,!7,;;;,;86;;,;,.7;,;;9;,., \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information, \n- 32- \n \n SCHEDULE \"4\" \n \nSTUDENT ACTIVITIES \n \nRESTRICTED \n \nUNEXPENDED REGULAR \n \nPLANT FUNDS RENEWALS AND REPLACEMENTS \n \nINVESTMENT IN PLANT \n \nTOTAL \n \n$ 82.544,455.94 $ 82.544,455.94 \n \n$ _---=::.37:....::0:\".:.3:.:::9.:..;7.~98::.... \n \n$ _ _3,-,7.;:.0.\u003c.::.3.::.97,-.,..::.98~ \n \n$ \n \n312.621.13 \n \n316.00 \n \n$ \n \n-905.63 \n \n$ \n \n583.863.22 \n \n$ \n \n-905.63 \n \n228.200.00 \n \n583.863.22 \n \n230.297.12 \n \n14,430.51 \n \n$ _ _~31.:..:2:.!.::.9:.:::3.:...:c7.:;13::.... \n \n2.802.66 \n \n$ \n \n1.897.03 $ \n \n583.863.22 \n \n34.006.66 8.00 \n$ 1.089.899.88 \n \n$ \n \n312,937.13 $ \n \n370.397.98 $ \n \n1,897.03 $ \n \n583.863.22 $ 82.544,455.94 $ 84.004.753.80 \n \n- 33- \n \n AUGUSTA STATE UNIVERSITY RECONCILIATION OF SALARIES AND TRAVEL \nYEAR ENDED JUNE 30, 2000 \n \nSCHEDULE \"5\" \n \nTotals per Annual Supplement \n \nAccruals June 30, 2000 \n \nPrepaid Salaries June 30, 2000 June 30,1999 \n \nAdjustments \n \nShared Services on Jointly Staffed Personnel \n \nEast Georgia College \n \nDallas, \n \nWilliam \n \nGeorgia Southern University \n \nAlbertson, \n \nCathy \n \nBurkhalter, Becky \n \nDallas, \n \nPhyllis \n \nHendrix, \n \nEllen \n \nKeithley, \n \nRichard \n \nMcLaughlin, Margaret \n \nMorton, \n \nMelinda \n \nPate, \n \nMildred \n \nRicker, \n \nCurtis \n \nVan Bergen, Linda \n \nWhelan, \n \nTim \n \nKennesaw State University \n \nFedeli, \n \nLynn \n \nUnidentified Variance \n \nSALARIES $ 22,558,868.51 $ \n \nTRAVEL 274,489.22 \n \n97,583.02 \n \n-724,250.08 720,651.99 \n \n125.00 \n125.00 125.00 125.00 125.00 363.00 125.00 125.00 125.00 125.00 125.00 125.00 \n4,000.00 177.21 \n$ 22,658,768.65 $====2=74;,;\",4=:;8:.=9.:=22== \n \nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \n- 34- \n \n SECTION II AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \n AUGUSTA STATE UNIVERSITY AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2000 \n \nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \n \nFINDING CONTROL NUMBER AND STATUS \n \nFA-527-99-01 \n \nPartially Resolved - See Corrective Action/Responses \n \nCORRECTIVE ACTIONIRESPONSES \n \nREPORTING Incorrect Student Payment Summary Report Student Financial Aid Cluster Program Finding Control Number: FA-527-99-01 \n \nBoth the Business Office and the Financial Aid Office have compared the Department of Education's report with our records. The records have been reconciled and now the Financial Aid Office will make the necessary submission ofawards for both increases and decreases. The Financial Aid Office will also investigate rejected awards. \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-ba85-b1994-h95","title":"Audit report, state of Georgia, Augusta College, Augusta, Georgia, year ended June 30, 1995","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Richmond County, Augusta, 33.47097, -81.97484"],"dcterms_creator":["Georgia. 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