{"response":{"docs":[{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bw212-b2011-h2012-belec-p-btext","title":"Waycross College, Waycross, Georgia, management report for fiscal year ended June 30, 2012","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Ware County, Waycross, 31.21368, -82.3557"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["2011/2012"],"dcterms_description":["Fiscal year ended June 30, 2000-","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","Fiscal year ended June 30, 2006."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 2012"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Waycross College--Appropriations and expenditures","Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Waycross College, Waycross, Georgia, management report for fiscal year ended June 30, 2012"],"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-bw212-b2011-h2012-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bw212-b2011-h2012-belec-p-btext"],"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":"WAYCROSS COLLEGE \nWAYCROSS, GEORGIA \nMANAGEMENT REPORT FOR FISCAL YEAR ENDED JUNE 30, 2012 \nA Member Institution of the University System of Georgia \nGeorgia Department of Audits and Accounts Greg S. Griffin State Auditor \n \n WAYCROSS COLLEGE - TABLE OF CONTENTS - \n \nSECTION I \nFINANCIAL \nLETTER OF TRANSMITTAL \nSELECTED FINANCIAL INFORMATION \nEXHIBITS \nA STATEMENT OF NET ASSETS - (GAAP BASIS) \nB STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS (GAAP BASIS) \nC STATEMENT OF CASH FLOWS - (GAAP BASIS) \nD SELECTED FINANCIAL NOTES \nSUPPLEMENTARY INFORMATION \nSCHEDULES \n1 BALANCE SHEET - (STATUTORY BASIS) BUDGET FUND 2 SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT \n(STATUTORY BASIS) BUDGET FUND 3 STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES COMPARED TO BUDGET \nBY PROGRAM AND FUNDING SOURCE (STATUTORY BASIS) BUDGET FUND \n4 STATEMENT OF CHANGES TO FUND BALANCE BY PROGRAM AND FUNDING SOURCE (STATUTORY BASIS) BUDGET FUND \n5 RECONCILIATION OF SALARIES AND TRAVEL \n \nPage \n2 3 4 5 \n20 21 22 24 27 \n \nSECTION II FINDINGS, QUESTIONED COSTS AND OTHER ITEMS SCHEDULE OF FINDINGS, QUESTIONED COSTS AND OTHER ITEMS \n \n  SECTION I FINANCIAL \n \n  Greg S. Griffin \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \nOctober 2, 2012 \n \nHonorable Nathan Deal, Governor Members of the General Assembly of Georgia Members of the State Board of Regents of the University System of Georgia \nand Honorable Mary Ellen Wilson, President Waycross College \nLadies and Gentlemen: \nAs part of our audits of the basic financial statements of the University System of Georgia presented in the Annual Financial Report for the University System of Georgia, the basic financial statements of the State of Georgia presented in the State of Georgia Comprehensive Annual Financial Report and the issuance of a State of Georgia Single Audit Report pursuant to the Single Audit Act Amendments, as of and for the year ended June 30, 2012, we have performed certain audit procedures at Waycross College. Accordingly, the financial statements and compliance activities of Waycross College were examined to the extent considered necessary in order to express an opinion as to the fair presentation of the financial statements contained in the foregoing documents and to issue reports on compliance and internal control as required by the Single Audit Act Amendments of 1996. \nThis Management Report contains information pertinent to the financial and compliance activities of Waycross College as of and for the year ended June 30, 2012. Information contained in this report is a by-product of our audits of the basic financial statements of the University System of Georgia and the basic financial statements of the State of Georgia and is the representation of management. Accordingly, we do not express an opinion or any other form of assurance on it. The particular information provided which includes a section on findings and other items reported in accordance with Commission on Colleges regulation 2.11.1 is enumerated in the Table of Contents. \nThis report is intended solely for the information and use of the management of Waycross College, members of the Board of Regents of the University System of Georgia and the Southern Association of Colleges and Schools - Commission on Colleges and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully, \n \nGSG:as \n \nGreg S. Griffin State Auditor \n \n  SELECTED FINANCIAL INFORMATION - 1 - \n \n WAYCROSS COLLEGE STATEMENT OF NET ASSETS - (GAAP BASIS) \nJUNE 30, 2012 \nASSETS \nCurrent Assets Cash and Cash Equivalents Accounts Receivable, Net (Note 3) Federal Financial Assistance Other Due from Affiliated Organizations Inventories Prepaid Items \nTotal Current Assets \nNoncurrent Assets Investments Capital Assets, Net (Note 4) \nTotal Noncurrent Assets \nTotal Assets \nLIABILITIES \nCurrent Liabilities Accounts Payable Salaries Payable Deferred Revenue (Note 5) Other Liabilities Deposits Held for Other Organizations Compensated Absences \nTotal Current Liabilities \nNoncurrent Liabilities Compensated Absences \nTotal Liabilities \nNET ASSETS \nInvested in Capital Assets, Net of Related Debt Restricted for: \nNonexpendable Expendable Unrestricted \nTotal Net Assets \n \nEXHIBIT \"A\" \n \n$ \n \n1,128,128 \n \n205,600 368,173 \n1,677 208,496 \n8,555 \n \n$ \n \n1,920,629 \n \n$ \n \n281,742 \n \n9,214,316 \n \n$ \n \n9,496,058 \n \n$ \n \n11,416,687 \n \n$ \n \n82,062 \n \n83,365 \n \n147,648 \n \n4,075 \n \n17,608 \n \n94,664 \n \n$ \n \n429,422 \n \n80,134 \n \n$ \n \n509,556 \n \n$ \n \n9,214,316 \n \n136,240 95,711 \n1,460,864 \n \n$ \n \n10,907,131 \n \n- 2 - \n \n WAYCROSS COLLEGE STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - (GAAP BASIS) \nYEAR ENDED JUNE 30, 2012 \n \nEXHIBIT \"B\" \n \nOPERATING REVENUES \nStudent Tuition and Fees Less: Scholarship Allowances \nGrants and Contracts Federal \nRents and Royalties Auxiliary Enterprises \nBookstore Food Services Parking/Transportation Intercollegiate Athletics Other Organizations Other Operating Revenues \nTotal Operating Revenues \nOPERATING EXPENSES \nSalaries Faculty Staff \nEmployee Benefits Other Personal Services Travel Scholarships and Fellowships Utilities Supplies and Other Services Depreciation \nTotal Operating Expenses \nOperating Income (Loss) \nNONOPERATING REVENUES (EXPENSES) \nState Appropriations Grants and Contracts \nFederal Other Gifts Investment Income \nNet Nonoperating Revenues \nIncome (Loss) Before Other Revenues, Expenses, Gains, or Losses \nCapital Grants and Gifts State \nIncrease in Net Assets \nNet Assets - Beginning of Year (Restated) \nNet Assets - End of Year \n \n$ \n \n2,620,453 \n \n-1,270,072 \n \n3,190 825 \n \n434,203 14,142 26,324 \n135,188 10,377 14,891 \n \n$ \n \n1,989,521 \n \n$ \n \n1,486,146 \n \n2,014,702 \n \n1,164,504 \n \n40,733 \n \n22,751 \n \n1,106,040 \n \n236,973 \n \n1,276,234 \n \n411,567 \n \n$ \n \n7,759,650 \n \n$ \n \n-5,770,129 \n \n$ \n \n3,350,101 \n \n2,223,154 40,529 11,291 7,744 \n \n$ \n \n5,632,819 \n \n$ \n \n-137,310 \n \n216,904 \n \n$ \n \n79,594 \n \n10,827,537 \n \n$ \n \n10,907,131 \n \n- 3 - \n \n WAYCROSS COLLEGE STATEMENT OF CASH FLOW - (GAAP BASIS) \nYEAR ENDED JUNE 30, 2012 \nCASH FLOWS FROM OPERATING ACTIVITIES Tuition and Fees Grants and Contracts Payments to Suppliers Payments to Employees Payments for Scholarships and Fellowships Auxiliary Enterprise Charges: Bookstore Food Services Parking/Transportation Intercollegiate Athletics Other Organizations Other Receipts (Payments) \nNet Cash Provided (Used) by Operating Activities \nCASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES State Appropriations Agency Funds Transactions Gifts and Grants Received for Other than Capital Purposes \nNet Cash Flows Provided (Used) by Noncapital Financing Activities \nCASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Capital Grants and Gifts Received Purchases of Capital Assets \nNet Cash Provided (Used) by Capital and Related Financing Activities \nCASH FLOWS FROM INVESTING ACTIVITIES Interest on Investments \nNet Increase (Decrease) in Cash \nCash and Cash Equivalents - Beginning of Year \nCash and Cash Equivalents - End of Year \nRECONCILIATION OF OPERATING LOSS TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES: \nOperating Income (Loss) Adjustments to Reconcile Operating Income (loss) to Net Cash \nProvided (Used) by Operating Activities Depreciation Change in Assets and Liabilities: Receivables, Net Inventories Prepaid Items Accounts Payable Deferred Revenue Other Liabilities Compensated Absences \nNet Cash Provided (Used) by Operating Activities \nNONCASH ACTIVITY Change in Fair Value of Investments Recognized as a Component of Interest Income \n- 4 - \n \nEXHIBIT \"C\" \n \n$ \n \n1,268,114 \n \n149,061 \n \n-2,707,993 \n \n-3,621,171 \n \n-1,106,040 \n \n375,050 17,314 26,324 \n131,924 11,907 13,972 \n \n$ \n \n-5,441,538 \n \n$ \n \n3,350,101 \n \n6 \n \n2,274,973 \n \n$ \n \n5,625,080 \n \n$ \n \n216,904 \n \n-234,160 \n \n$ \n \n-17,256 \n \n$ \n \n8,200 \n \n$ \n \n174,486 \n \n953,642 \n \n$ \n \n1,128,128 \n \n$ \n \n-5,770,129 \n \n411,567 \n100,364 -46,874 \n-7,155 9,164 -32,887 -42,730 -62,858 \n \n$ \n \n-5,441,538 \n \n$ \n \n-456 \n \n WAYCROSS COLLEGE SELECTED FINANCIAL NOTES \nJUNE 30, 2012 \n \nEXHIBIT \"D\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nREPORTING ENTITY \nWaycross College is one of thirty-five (35) State supported member institutions of higher education in Georgia which comprise the University System of Georgia, an organizational unit of the State of Georgia. The accompanying financial statements reflect the operations of Waycross College 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 determine allotments of State funds to member institutions and the authority to prescribe accounting systems and administrative policies for member institutions. Waycross College does not have authority to retain unexpended State appropriations (surplus) for any given fiscal year. Accordingly, Waycross College is considered an organizational unit of the Board of Regents of the University System of Georgia reporting entity for financial reporting purposes because of the significance of its legal, operational, and financial relationships with the Board of Regents as defined in Section 2100 of the Governmental Accounting Standards Board (GASB) Codification of Governmental Accounting and Financial Reporting Standards. \nOn January 10, 2012, based on the Chancellor's recommendation, the Board of Regents voted to consolidate certain institutions of the University System of Georgia to enhance and improve educational offerings and student success. All final determinations regarding consolidations will be made by the Board, in consultation with the Chancellor. On January 1, 2013, Waycross College will merge with South Georgia College to form South Georgia State College. \nFINANCIAL STATEMENT PREPARATION \nThe financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) as prescribed by the GASB and are presented as required by these standards to provide a comprehensive, entity-wide perspective of the College's assets, liabilities, net assets, revenues, expenses, changes in net assets and cash flows. \nBASIS OF ACCOUNTING \nFor financial reporting purposes, the College is considered a special-purpose government engaged only in business-type activities. Accordingly, the College's financial statements have been presented using the economic resources measurement focus and the accrual basis of accounting, except as noted in the preceding paragraph. Under the accrual basis, revenues, are recognized when earned, and expenses are recorded when an obligation has been incurred. All significant intra-College transactions have been eliminated. \nThe College has the option to apply all Financial Accounting Standards Board (FASB) pronouncements issued after November 30, 1989, unless FASB conflicts with GASB. The College has elected to not apply FASB pronouncements issued after the applicable date. \n \n- 5 - \n \n WAYCROSS COLLEGE SELECTED FINANCIAL NOTES \nJUNE 30, 2012 \n \nEXHIBIT \"D\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nNET ASSETS \nThe College's net assets are classified as follows: \nInvested in capital assets, net of related debt: This represents the College's total investment in capital assets, net of outstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of invested in capital assets, net of related debt. \nRestricted net assets - nonexpendable: Nonexpendable restricted net assets consist of endowment and similar type funds in which donors or other outside sources have stipulated, as a condition of the gift instrument, that the principal is to be maintained inviolate and in perpetuity, and invested for the purpose of producing present and future income, which may either be expended or added to principal. The College may accumulate as much of the annual net income of an institutional fund as is prudent under the standard established by Code Section 44-15-7 of Annotated Code of Georgia. \nRestricted net assets - expendable: Restricted expendable net assets include resources in which the College is legally or contractually obligated to spend resources in accordance with restrictions imposed by external third parties. \nUnrestricted net assets: Unrestricted net assets represent resources derived from student tuition and fees, state appropriations, and sales and services of educational departments and auxiliary enterprises. These resources are used for transactions relating to the educational and general operations of the College and may be used at the discretion of the governing board to meet current expenses for those purposes, except for unexpended state appropriations (surplus) of $3,529.64. Unexpended state appropriations must be refunded to the Board of Regents of the University System of Georgia, University System Office for remittance to the Office of State Treasurer. These resources also include auxiliary enterprises, which are substantially self-supporting activities that provide services for students, faculty and staff. \nCHANGE IN APPLICATION OF ACCOUNTING PRINCIPLE \nDuring fiscal year 2012, Waycross College changed its method of accounting for summer school revenues and expenses to more accurately reflect periodic results of operations between fiscal years. The effects of the change resulted in a net increase of revenues under expenses of $107,536 for prior year activity. Prior period net assets have been restated to properly reflect the effect of this change on beginning balances. \nNOTE 2: DEPOSITS AND INVESTMENTS \nDEPOSITS \nThe custodial credit risk for deposits is the risk that in the event of a bank failure, the College's deposits may not be recovered. Funds belonging to the State of Georgia (and thus the College) cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral any one or more of the following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59: \n \n- 6 - \n \n WAYCROSS COLLEGE SELECTED FINANCIAL NOTES \nJUNE 30, 2012 \n \nEXHIBIT \"D\" \n \nNOTE 2: DEPOSITS AND INVESTMENTS \n \nDEPOSITS \n \n1. Bonds, bills, notes, certificates of indebtedness, or other direct obligations of the United States or of the State of Georgia. \n \n2. Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia. \n \n3. Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose. \n \n4. Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia. \n \n5. Bonds, bills, certificates of indebtedness, notes or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association and the Federal National Mortgage Association. \n \n6. Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation. \n \nThe Treasurer of the Board of Regents is responsible for all details relative to furnishing the required depository protection for all units of the University System of Georgia. \n \nAt June 30, 2012, the carrying value of deposits was $1,085,713 and the bank balance was $1,364,971. Of the College's deposits, $1,364,971 were uninsured. Of these uninsured deposits, $1,364,971 were collateralized with securities held by the financial institution, by its trust department or agency, but not in the College's name. \n \nINVESTMENTS \n \nAt June 30, 2012, the carrying value of the College's investment was $322,887 which is materially \n \nthe same as fair value. These investments were comprised entirely of funds invested in the Board of \n \nRegents investment pools as follows: \n \nFair \n \nInvestment Type \n \nValue \n \nInvestment Pools Board of Regents Short-Term Fund Legal Fund Diversified Fund \n \n$ \n \n41,145 \n \n89,508 \n \n192,234 \n \nTotal Investments \n \n$ \n \n322,887 \n \n- 7 - \n \n WAYCROSS COLLEGE SELECTED FINANCIAL NOTES \nJUNE 30, 2012 \n \nEXHIBIT \"D\" \n \nNOTE 2: DEPOSITS AND INVESTMENTS \n \nINVESTMENTS \n \nThe Board of Regents Investment Pool is not registered with the Securities and Exchange Commission as an investment company. The fair value of investments is determined daily. The pool does not issue shares. Each participant is allocated a pro rata share of each investment at fair value along with a pro rata share of the interest that it earns. Participation in the Board of Regents Investment Pool is voluntary. The Board of Regents Short-Term Fund is reported as Cash and Cash Equivalents on Exhibit \"A\" of this report. \n \nNOTE 3: ACCOUNTS RECEIVABLE \n \nAccounts receivable consisted of the following at June 30, 2012: \n \nStudent Tuition and Fees \n \n$ \n \nAuxiliary Enterprises and Other Operating Activities \n \nFederal Financial Assistance \n \nDue from Affiliated Organizations \n \nOther \n \n210,489 8,118 \n205,600 1,677 \n150,229 \n \nLess Allowance for Doubtful Accounts \n \n$ \n \n576,113 \n \n663 \n \nNet Accounts Receivable \n \n$ \n \n575,450 \n \n- 8 - \n \n WAYCROSS COLLEGE SELECTED FINANCIAL NOTES \nJUNE 30, 2012 \n \nEXHIBIT \"D\" \n \nNOTE 4: CAPITAL ASSETS \n \nFollowing are the changes in the College's capital assets for the year ended June 30, 2012: \n \nBeginning \n \nEnding \n \nBalance \n \nBalance \n \nJuly 1, 2011 \n \nAdditions \n \nReductions \n \nJune 30, 2012 \n \nCapital Assets, Not Being Depreciated: Land Construction Work-In-Progress \n \n$ \n \n358,790 \n \n2,036,246 $ \n \n11,970 $ \n \n$ 2,036,246 \n \n358,790 11,970 \n \nTotal Capital Assets, Not Being Depreciated $ \n \n2,395,036 $ \n \n11,970 $ 2,036,246 $ \n \n370,760 \n \nCapital Assets, Being Depreciated: Infrastructure Building and Building Improvements Facilities and Other Improvements Equipment Library Collections \n \n$ \n \n1,343,722 \n \n11,822,775 $ \n \n1,193,893 \n \n1,312,832 \n \n1,174,951 \n \n1,867,759 \n347,411 7,669 $ \n \n$ 3,839 \n \n1,343,722 13,690,534 \n1,193,893 1,660,243 1,178,781 \n \nTotal Assets Being Depreciated \n \n$ 16,848,173 $ 2,222,839 $ \n \n3,839 $ 19,067,173 \n \nLess: Accumulated Depreciation: Infrastructure Building and Building Improvements Facilities and Other Improvements Equipment Library Collections \n \n$ \n \n959,437 $ \n \n5,935,702 \n \n888,168 \n \n939,151 \n \n1,093,431 \n \n21,539 293,425 \n18,761 59,139 18,703 $ \n \n$ 3,839 \n \n980,976 6,229,127 \n906,929 998,290 1,108,295 \n \nTotal Accumulated Depreciation \n \n$ \n \n9,815,889 $ \n \n411,567 $ \n \n3,839 $ 10,223,617 \n \nTotal Capital Assets, Being Depreciated, Net $ \n \n7,032,284 $ \n \n1,811,272 $ \n \n0 $ 8,843,556 \n \nCapital Assets, Net \n \n$ \n \n9,427,320 $ \n \n1,823,242 $ \n \n2,036,246 $ \n \n9,214,316 \n \nNOTE 5: DEFERRED REVENUE \n \nDeferred revenue consisted of the following at June 30, 2012. \n \nPrepaid Tuition and Fees \nNOTE 6: LONG-TERM LIABILITIES \n \n$ \n \n147,648 \n \nThe College's Long-Term liability activity for the year ended June 30, 2012 was as follows: \n \nBeginning Balance July 1, 2011 \n \nAdditions \n \nReductions \n \nEnding Balance June 30, 2012 \n \nCurrent Portion \n \nOther Liabilities Compensated Absences \n \n$ \n \n237,656 $ \n \n119,764 $ \n \n182,622 $ \n \n174,798 $ \n \n94,664 \n \n- 9 - \n \n WAYCROSS COLLEGE SELECTED FINANCIAL NOTES \nJUNE 30, 2012 \n \nEXHIBIT \"D\" \n \nNOTE 7: NET ASSETS \n \nChanges in Net Asset activity for the year ended June 30, 2012 are as follows: \n \nBeginning Balance July 1, 2011 (Restated) \n \nAdditions \n \nReductions \n \nEnding Balance June 30, 2012 \n \nInvested in Capital Assets Net of Related Debt \n \n$ \n \n9,427,320 $ \n \n198,563 $ \n \n411,567 $ \n \n9,214,316 \n \nRestricted Net Assets \n \n234,865 \n \n1,099,277 \n \n1,102,191 \n \n231,951 \n \nUnrestricted Net Assets \n \n1,165,352 \n \n6,541,404 \n \n6,245,892 \n \n1,460,864 \n \nTotal Net Assets \n \n$ \n \nNOTE 8: RETIREMENT PLANS \n \n10,827,537 $ \n \n7,839,244 $ \n \n7,759,650 $ \n \n10,907,131 \n \nWaycross College participates in various retirement plans administered by the State of Georgia under two major retirement systems: Employees' Retirement System of Georgia (ERS System) and Teachers Retirement System of Georgia. These two systems issue separate publicly available financial reports that include the applicable financial statements and required supplementary information. The reports may be obtained from the respective system offices. The significant retirement plans that Waycross College participates in are described below. More detailed information can be found in the plan agreements and related legislation. Each plan, including benefit and contribution provisions, was established and can be amended by State law. \n \nEmployees' Retirement System of Georgia \n \nThe ERS System is comprised of individual retirement systems and plans covering substantially all employees of the State of Georgia except for teachers and other employees covered by the Teachers Retirement System of Georgia. One of the ERS System plans, the Employees' Retirement System of \n \nGeorgia (ERS), is a cost-sharing multiple-employer defined benefit pension plan that was established by the Georgia General Assembly during the 1949 Legislative Session for the purpose of providing retirement allowances for employees of the State of Georgia and its political subdivisions. ERS is directed by a Board of Trustees and has the powers and privileges of a corporation. ERS acts pursuant to statutory direction and guidelines, which may be amended prospectively for new hires but for existing members and beneficiaries may be amended in some aspects only subject to potential application of certain constitutional restraints against impairment of contract. \n \nOn November 20, 1997, the Board created the Supplemental Retirement Benefit Plan (SRBP-ERS) of ERS. SRBP-ERS was established as a qualified governmental excess benefit plan in accordance with Section 415 of the Internal Revenue Code (IRC) as a portion of ERS. The purpose of the SRBP-ERS is to provide retirement benefits to employees covered by ERS whose benefits are otherwise limited by IRC Section 415. Beginning January 1, 1998, all members and retired former members in ERS are eligible to participate in the SRBP-ERS whenever their benefits under ERS exceed the limitation on benefits imposed by IRC Section 415. \n \n- 10 - \n \n WAYCROSS COLLEGE SELECTED FINANCIAL NOTES \nJUNE 30, 2012 \n \nEXHIBIT \"D\" \n \nNOTE 8: RETIREMENT PLANS \n \nEmployees' Retirement System of Georgia \n \nThe benefit structure of ERS is established by the Board of Trustees under statutory guidelines. Unless the employee elects otherwise, an employee who currently maintains membership with ERS based upon State employment that started prior to July 1, 1982, is an \"old plan\" member subject to the plan provisions in effect prior to July 1, 1982. Members hired on or after July 1, 1982 but prior to January 1, 2009 are \"new plan\" members subject to the modified plan provisions. Effective January 1, 2009, newly hired State employees, as well as rehired State employees who did not maintain eligibility for the \"old\" or \"new\" plan, are members of the Georgia State Employees' Pension and Savings Plan (GSEPS). ERS members hired prior to January 1, 2009, also have the option to irrevocably change their membership to the GSEPS plan. \n \nUnder the old plan, new plan, and GSEPS, a member may retire and receive normal retirement benefits after completion of 10 years of creditable service and attainment of age 60 or 30 years of creditable service regardless of age. Additionally, there are some provisions allowing for early retirement after 25 years of creditable service for members under age 60. \n \nRetirement benefits paid to members are based upon a formula adopted by the Board of Trustees for such purpose. The formula considers the monthly average of the member's highest 24 consecutive calendar months of salary, the number of years of creditable service, and the member's age at retirement. Post-retirement cost-of-living adjustments may be made to members' benefits provided the members were hired prior to July 1, 2009. The normal retirement pension is payable monthly for life; however, options are available for distribution of the member's monthly pension, at reduced rates, to a designated beneficiary upon the member's death. Death and disability benefits are also available through ERS. \n \nMember contribution rates are set by law. Member contributions under the old plan are 4% of annual compensation up to $4,200 plus 6% of annual compensation in excess of $4,200. Under the old plan, Waycross College pays member contributions in excess of 1.25% of annual compensation. Under the old plan, these Waycross College contributions are included in the members' accounts for refund purposes and are used in the computation of the members' earnable compensation for the purpose of computing retirement benefits. Member contributions under the new plan and GSEPS are 1.25% of annual compensation. Waycross College is required to contribute at a specified percentage of active member payroll established by the Board of Trustees determined annually in accordance with actuarial valuation and minimum funding standards as provided by law. These Waycross College contributions are not at any time refundable to the member or his/her beneficiary. \n \nEmployer contributions required for fiscal year 2012 were based on the June 30, 2009 actuarial valuation as follows: \n \nOld Plan* New Plan GSEPS \n \n11.63% 11.63% \n7.42% \n \n* 6.88% exclusive of contributions paid by the employer on behalf of old plan members \nMembers become vested after 10 years of service. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contributions; the member forfeits all rights to retirement benefits. \n \n- 11 - \n \n WAYCROSS COLLEGE SELECTED FINANCIAL NOTES \nJUNE 30, 2012 \n \nEXHIBIT \"D\" \n \nNOTE 8: RETIREMENT PLANS \n \nTeachers Retirement System of Georgia \n \nThe Teachers Retirement System of Georgia (TRS) is a cost-sharing multiple-employer defined benefit plan created in 1943 by an act of the Georgia General Assembly to provide retirement benefits for qualifying employees in educational service. A Board of Trustees comprised of active and retired members and ex-officio State employees is ultimately responsible for the administration of TRS. \n \nOn October 25, 1996, the Board created the Supplemental Retirement Benefit Plan of the Georgia Teachers Retirement System (SRBP-TRS). SRBP-TRS was established as a qualified governmental excess benefit plan in accordance with Section 415 of the Internal Revenue Code (IRC) as a portion of TRS. The purpose of SRBP-TRS is to provide retirement benefits to employees covered by TRS whose benefits are otherwise limited by IRC Section 415. Beginning July 1, 1997, all members and retired former members in TRS are eligible to participate in the SRBP-TRS whenever their benefits under TRS exceed the IRC Section 415 imposed limitation on benefits. \n \nTRS provides service retirement, disability retirement, and survivor's benefits. The benefit structure of TRS is defined and may be amended by State statute. A member is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. A member is eligible for early retirement after 25 years of creditable service. \n \nNormal retirement (pension) benefits paid to members are equal to 2% of the average of the member's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. Early retirement benefits are reduced by the lesser of one-twelfth of 7% for each month the member is below age 60 or by 7% for each year or fraction thereof by which the member has less than 30 years of service. It is also assumed that certain cost-of-living adjustments, based on the Consumer Price Index, will be made in future years. Retirement benefits are payable monthly for life. A member may elect to receive a partial lump-sum distribution in addition to a reduced monthly retirement benefit. Death, disability and spousal benefits are also available. \n \nTRS is funded by member and employer contributions as adopted and amended by the Board of Trustees. Members become fully vested after 10 years of service. If a member terminates with less than 10 years of service, no vesting of employer contributions occurs, but the member's contributions may be refunded with interest. Member contributions are limited by State law to not less than 5% or more than 6% of a member's earnable compensation. Member contributions as adopted by the Board of Trustees for the fiscal year ended June 30, 2012, were 5.53% of annual salary. Employer contributions required for fiscal year 2012 were 10.28% of annual salary as required by the June 30, 2009, actuarial valuation. \n \nThe following table summarizes the Waycross College contributions by defined benefit plan for the years ending June 30, 2012, June 30, 2011, and June 30, 2010 (dollars in thousands): \n \nFiscal Year \n \nERS \n \nRequired \n \nPercentage \n \nContribution Contributed \n \nTRS \n \nRequired \n \nPercentage \n \nContribution Contributed \n \n2012 2011 2010 \n \n$ \n \n9,595 \n \n100% $ 215,520 \n \n100% \n \n$ \n \n7,666 \n \n100% $ 206,900 \n \n100% \n \n$ \n \n0 \n \n100% $ 195,171 \n \n100% \n \n- 12 - \n \n WAYCROSS COLLEGE SELECTED FINANCIAL NOTES \nJUNE 30, 2012 \n \nEXHIBIT \"D\" \n \nNOTE 8: RETIREMENT PLANS \nRegents Retirement Plan \nPlan Description The Regents Retirement Plan, a single-employer defined contribution plan, is an optional retirement plan that was created/established by the Georgia General Assembly in O.C.G.A. 47-21-1 et.seq. and administered by the Board of Regents of the University System of Georgia. O.C.G.A. 47-3-68(a) defines who may participate in the Regents Retirement Plan. An \"eligible university system employee\" is a faculty member or a principal administrator, as designated by the regulations of the Board of Regents. Under the Regents Retirement Plan, a plan participant may purchase annuity contracts from four approved vendors (AIG-VALIC, American Century, Fidelity, and TIAA-CREF) for the purpose of receiving retirement and death benefits. 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. \nFunding Policy Waycross College makes monthly employer contributions for the Regents Retirement Plan at rates adopted by the Teachers Retirement System of Georgia Board of Trustees in accordance with State statute and as advised by their independent actuary. For fiscal year 2012, the employer contribution was 9.24% for the participating employee's earnable compensation. Employees contribute 5% of their earnable compensation. Amounts attributable to all plan contributions are fully vested and nonforfeitable at all times. \nWaycross College and the covered employees made the required contributions of $88,342 (9.24%) and $47,805 (5%), respectively. \nAIG-VALIC, American Century, Fidelity, and TIAA-CREF have separately issued financial reports which may be obtained through their respective corporate offices. \nGeorgia Defined Contribution Plan \nPlan Description Waycross College participates in the Georgia Defined Contribution Plan (GDCP) which is a singleemployer defined contribution plan established by the General Assembly of Georgia for the purpose of providing retirement coverage for State employees who are temporary, seasonal, and part-time and are not members of a public retirement or pension system. GDCP is administered by the Board of Trustees of the Employees' Retirement System of Georgia. \nBenefits A member may retire and elect to receive periodic payments after attainment of age 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board of Trustees. If a member has less than $3,500 credited to his/her account, the Board of Trustees has the option of requiring a lump sum distribution to the member in lieu of making periodic payments. Upon the death of a member, a lump sum distribution equaling the amount credited to his/her account will be paid to the member's designated beneficiary. Benefit provisions are established by State statute. \n \n- 13 - \n \n WAYCROSS COLLEGE SELECTED FINANCIAL NOTES \nJUNE 30, 2012 \n \nEXHIBIT \"D\" \n \nNOTE 8: RETIREMENT PLANS \nGeorgia Defined Contribution Plan \nContributions Member contributions are seven and one-half percent (7.5%) of gross salary. There are no employer contributions. Contribution rates are established by State statute. Earnings are credited to each member's account in a manner established by the Board of Trustees. Upon termination of employment, the amount of the member's account is refundable upon request by the member. \nTotal contributions made by employees during fiscal year 2012 amounted to $4,157 which represents 7.5% of covered payroll. These contributions met the requirements of the plan. \nThe Georgia Defined Contribution Plan issues a financial report each fiscal year, which may be obtained from the ERS offices. \nNOTE 9: RISK MANAGEMENT \nThe University System of Georgia offers its employees and retirees access to three different selfinsured healthcare plan options. Effective January 1, 2012, The Blue Cross Blue Shield of Georgia PPO and HDHP plan names were changed to BCBS Open Access PPO and HAS/HDHP Open Access POS, respectively; both plans use the Blue Cross Blue Shield Open Access POS network. Also effective January 1, 2012, the Consumer Choice Option was eliminated and the Blue Cross Blue Shield of Georgia HMO and the Kaiser Permanente HMO were frozen for new enrollment for active employees only; the Senior Advantage Plan 65+ remained open for new enrollment. \nWaycross College and participating employees and retirees pay premiums to either of the selfinsured healthcare plan options to access benefits coverage. The respective self-insured healthcare plan options are included in the financial statements of the Board of Regents of the University System of Georgia - University System Office. All units of the University System of Georgia share the risk of loss for claims associated with these plans. The reserves for these plans are considered to be a self-sustaining risk fund. The Board of Regents has contracted with Blue Cross Blue Shield of Georgia, a wholly owned subsidiary of WellPoint, to serve as the claims administrator for the selfinsured healthcare plan products. In addition to the self-insured healthcare plan options offered to the employees of the University System of Georgia, a fully insured HMO healthcare plan option is also offered to System employees through Kaiser. \nThe Department of Administrative Services (DOAS) has the responsibility for the State of Georgia of making and carrying out decisions that will minimize the adverse effects of accidental loses 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. Waycross College, as an organizational unit of the Board of Regents of the University System of Georgia, is part of the State of Georgia reporting entity, and as such, is covered by the State of Georgia risk management program administered by DOAS. Premiums for the risk management program are charged to the various state organizations by DOAS to provide claims servicing and claims payment. \n \n- 14 - \n \n WAYCROSS COLLEGE SELECTED FINANCIAL NOTES \nJUNE 30, 2012 \n \nEXHIBIT \"D\" \n \nNOTE 9: RISK MANAGEMENT \nA self-insured program of professional liability for its employees was established by the Board of Regents of the University System of Georgia under powers authorized by the Official Code of Georgia Annotated Section 45-9-1. The program insures the employees to the extent that they are not immune from liability against personal liability for damages arising out of the performance of their duties or in any way connected therewith. The program is administered by DOAS as a Self-Insurance Fund. \nNOTE 10: CONTINGENCIES \nAmounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. This could result in refunds to the grantor agency for any expenditure disallowed under grant terms. The amount of expenditures which may be disallowed by the grantor cannot be determined at this time although Waycross College expects such amounts, if any, to be immaterial to its overall financial positions. \nLitigation, claims and assessments filed against Waycross College (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, 2012. \nNOTE 11: POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS \nPursuant to the general powers conferred by the Official Code of Georgia Annotated Section 20-3-31, the Board of Regents of the University System of Georgia has established group health and life insurance programs for regular employees of the University System of Georgia. It is the policy of the Board of Regents to permit employees of the University System of Georgia eligible for retirement or that become permanently and totally disabled to continue as members of the group health and life insurance programs. The policies of the Board of Regents of the University System of Georgia define and delineate who is eligible for these post-employment 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. With regard to life insurance, the employer covers the total cost for $25,000 of basic life insurance. If an individual elects to have supplemental, and/or, dependent life insurance coverage, such costs are borne entirely by the employee. \nThe Board of Regents Retiree Health Benefit Plan is a single employer defined benefit plan. Financial statements and required supplementary information for the Plan are included in the publicly available Consolidated Annual Financial Report of the University System of Georgia. The College pays the employer portion of health insurance for its eligible retirees based on rates that are established annually by the Board of Regents for the upcoming plan year. For the 2011 and 2012 plan years, the employer rate was between 70-75% of the total health insurance cost for eligible retirees and the retiree rate was between 25-30%. \nAs of June 30, 2012, there were 27 employees who had retired or were disabled that were receiving these post-employment health and life insurance benefits. For the year ended June 30, 2012, Waycross College recognized as incurred $112,531 of expenditures, which was net of $48,168 of participant contributions. \n \n- 15 - \n \n WAYCROSS COLLEGE SELECTED FINANCIAL NOTES \nJUNE 30, 2012 \n \nEXHIBIT \"D\" \n \nNOTE 12: AFFILIATED ORGANIZATIONS \nThe Waycross College Foundation, Inc. is a legally separate, tax exempt organization whose activities primarily support Waycross College. This affiliated organization is considered a potential component unit of the State of Georgia in accordance with GASB Statement No. 39, Determining Whether Certain Organizations are Component Units. Therefore, the financial statements of this affiliated organization are not included in these financial statements. Copies of the financial statements for the affiliated organization may be obtained from Waycross College. \nNOTE 13: SUPPLEMENTARY INFORMATION \nThe supplementary information presented on Schedules 1, 2, 3 and 4 was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a comprehensive basis of accounting other than generally accepted accounting principles. The information was derived from, and relates directly to, the same information used to prepare the financial statements. However, the budgetary statutes and regulations of the State of Georgia require reporting of certain information that is not in accordance with generally accepted accounting principles. \n \n- 16 - \n \n WAYCROSS COLLEGE SELECTED FINANCIAL NOTES \nJUNE 30, 2012 \n \nEXHIBIT \"D\" \n \nNOTE 13: SUPPLEMENTARY INFORMATION \nPresented below is a reconciliation of the fund balance of the Budget Fund, as reported on Schedule 1, to Net Assets of business-type activities, as reported on Exhibit A. \n \nTotal Fund Balances - Budget Fund - Non-GAAP Basis (Schedule \"1\") \n \n$ 298,845 \n \nAmounts reported for Business-Type Activities in the Statement of Net Assets are different because: \n \nCapital Assets used in Business-Type Activities are not reported in the Budget Fund. \n \n9,214,316 \n \nUncollectible accounts receivable are reported as an asset and reserved fund balance in the Budget Fund and as a contra-asset account on the Statement of Net Assets. \n \n-377 \n \nChanges in the Fair Market Value of Investments are recognized on the Statement of Net Assets, but are not reported in the Budget Fund. \n \n-456 \n \nAgency Fund activities are not reported as a component of the Budget Fund. Assets Liabilities Total Net Effect of Agency Fund Activity \n \n$ \n \n0 \n \n-150,230 \n \n-150,230 \n \nAuxiliary Enterprises Fund activities are not reported as a component of the Budget Fund. Assets Liabilities Total Net Effect of Auxiliary Enterprise Fund Activity \n \n$ \n \n928,883 \n \n-16,366 \n \n912,517 \n \nEndowment Fund activities are not reported as a component of the Budget Fund. Assets \n \n286,470 \n \nStudent Activity Fund activities are not reported as a component of the Budget Fund. Assets Liabilities Total Net Effect of Student Activity Fund Activity \n \n$ \n \n89,633 \n \n-7,254 \n \n82,379 \n \nThe budgetary basis of accounting implemented by the State of Georgia recognizes expenditures when encumbered. The following adjustments were made to eliminate this activity for reporting on the Statement of Net Assets. Payables reported in the Budget Fund that are based on encumbrances are eliminated for GAAP reporting. \n \n438,465 \n \nCertain Liabilities are not due and payable in the current period and therefore are not reported as liabilities in the Budget Fund. Compensated Absences Payable \n \n-174,798 \n \nNet Assets of Business-Type Activities (Exhibit \"A\") \n \n$ 10,907,131 \n \n- 17 - \n \n (This page left intentionally blank) \n \n SUPPLEMENTARY INFORMATION - 19 - \n \n WAYCROSS COLLEGE BALANCE SHEET (STATUTORY BASIS) \nBUDGET FUND JUNE 30, 2012 \nASSETS \nCash and Cash Equivalents Investments Accounts Receivable \nFederal Financial Assistance Other Prepaid Expenditures Inventories Other Assets \nTotal Assets \nLIABILITIES AND FUND EQUITY \nLiabilities Salaries Payable Encumbrance Payable Accounts Payable Deferred Revenue Other Liabilities \nTotal Liabilities \nFund Balances Reserved Department Sales and Services Indirect Cost Recoveries Inventories Technology Fees Restricted/Sponsored Funds Uncollectible Accounts Receivable Tuition Carry-Over Unreserved Surplus \nTotal Fund Balances \nTotal Liabilities and Fund Balances \n \nSCHEDULE \"1\" \n \n$ \n \n520,198.83 \n \n46,645.58 \n \n205,600.34 212,570.17 \n8,554.75 20,013.13 \n1,677.02 \n \n$ \n \n1,015,259.82 \n \n$ \n \n82,895.57 \n \n438,465.41 \n \n60,742.24 \n \n130,236.46 \n \n4,074.75 \n \n$ \n \n716,414.43 \n \n$ \n \n21,837.75 \n \n5,085.11 \n \n11,745.98 \n \n109,432.63 \n \n86,155.64 \n \n377.42 \n \n60,681.22 \n \n3,529.64 \n \n$ \n \n298,845.39 \n \n$ \n \n1,015,259.82 \n \nStatutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a comprehensive basis of accounting other than generally accepted accounting principles. \n- 20 - \n \n WAYCROSS COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (STATUTORY BASIS) \nBUDGET FUND YEAR ENDED JUNE 30, 2012 \n \nSCHEDULE \"2\" \n \nREVENUES \nState Appropriation State General Funds \nOther Funds \nTotal Revenues \nCARRY-OVER FROM PRIOR YEARS \nTransfers from Reserved Fund Balance \nTotal Funds Available \nEXPENDITURES \nTeaching \nExcess of Funds Available over Expenditures \nFUND BALANCE JULY 1 \nReserved Unreserved \nADJUSTMENTS \nPrior Year Payables/Expenditures Prior Year Receivables/Revenues Unreserved Fund Balance (Surplus) Returned \nto Board of Regents - University System Office Year Ended June 30, 2011 \nPrior Year Reserved Fund Balance Included in Funds Available \nFUND BALANCE JUNE 30 \n \nBUDGET \n \nACTUAL \n \nVARIANCE FAVORABLE (UNFAVORABLE) \n \n$ 3,350,895.00 $ 3,350,895.00 $ \n \n5,446,074.00 \n \n4,913,452.38 \n \n$ 8,796,969.00 $ 8,264,347.38 $ \n \n0.00 -532,621.62 \n-532,621.62 \n \n0.00 $ 8,796,969.00 $ \n \n257,651.12 8,521,998.50 $ \n \n257,651.12 -274,970.50 \n \n$ 8,796,969.00 $ \n \n$ \n \n0.00 $ \n \n8,240,124.08 $ 281,874.42 $ \n \n556,844.92 281,874.42 \n \n271,765.56 793.64 \n \n2,472.95 383.58 \n \n-793.64 -257,651.12 \n \n$ \n \n298,845.39 \n \nSUMMARY OF FUND BALANCE \nReserved Department Sales and Services Indirect Cost Recoveries Inventories Technology Fees Restricted/Sponsored Funds Uncollectible Accounts Receivable Tuition Carry-Over \nTotal Reserved \nUnreserved Surplus \n \n$ \n \n21,837.75 \n \n5,085.11 \n \n11,745.98 \n \n109,432.63 \n \n86,155.64 \n \n377.42 \n \n60,681.22 \n \n$ \n \n295,315.75 \n \n3,529.64 \n \nTotal Fund Balance \nStatutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a comprehensive basis of accounting other than generally accepted accounting principles. \n- 21 - \n \n$ \n \n298,845.39 \n \n WAYCROSS COLLEGE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES COMPARED TO BUDGET BY PROGRAM AND FUNDING SOURCE \n(STATUTORY BASIS) BUDGET FUND YEAR ENDED JUNE 30, 2012 \n \nTeaching State Appropriation State General Funds Other Funds \nTotal Teaching \n \nOriginal Appropriation \n \nAmended Appropriation \n \nFinal Budget \n \nCurrent Year Revenues \n \n$ \n \n3,342,087.00 $ \n \n3,342,087.00 $ 3,350,895.00 $ 3,350,895.00 \n \n5,467,239.00 \n \n5,467,239.00 \n \n5,446,074.00 \n \n4,913,452.38 \n \n$ \n \n8,809,326.00 $ \n \n8,809,326.00 $ 8,796,969.00 $ 8,264,347.38 \n \nStatutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a comprehensive basis of accounting other than generally accepted accounting principles. \n- 22 - \n \n SCHEDULE \"3\" \n \nFunds Available Compared to Budget \n \nPrior Year \n \nAdjustments and \n \nTotal \n \nCarry-Over \n \nProgram Transfers Funds Available \n \nVariance Positive (Negative) \n \nExpenditures Compared to Budget \n \nVariance \n \nActual \n \nPositive (Negative) \n \nExcess (Deficiency) of Funds Available \nOver/(Under) Expenditures \n \n$ \n \n0.00 $ \n \n257,651.12 \n \n0.00 $ 0.00 \n \n3,350,895.00 $ 5,171,103.50 \n \n0.00 $ -274,970.50 \n \n3,350,895.00 $ 4,889,229.08 \n \n0.00 $ 556,844.92 \n \n0.00 281,874.42 \n \n$ 257,651.12 $ \n \n0.00 $ 8,521,998.50 $ \n \n-274,970.50 $ 8,240,124.08 $ \n \n556,844.92 $ \n \n281,874.42 \n \n- 23 - \n \n WAYCROSS COLLEGE STATEMENT OF CHANGES TO FUND BALANCE BY PROGRAM AND FUNDING SOURCE \n(STATUTORY BASIS) BUDGET FUND YEAR ENDED JUNE 30, 2012 \n \nTeaching State Appropriation State General Funds Other Funds \nTotal Teaching \nPrior Year Reserves Not Available for Expenditure Inventories Uncollectible Accounts Receivable \n \nBeginning Fund Balance/(Deficit) \nJuly 1 \n \nFund Balance Carried Over from \nPrior Period as Funds Available \n \nReturn of Fiscal Year 2011 \nSurplus \n \nPrior Period Adjustments \n \n$ \n \n480.16 $ \n \n257,964.60 \n \n$ \n \n258,444.76 $ \n \n0.00 $ -257,651.12 \n-257,651.12 $ \n \n-480.16 $ -313.48 \n-793.64 $ \n \n0.00 2,856.53 \n2,856.53 \n \n11,745.98 2,368.46 \n \n0.00 0.00 \n \n0.00 0.00 \n \n0.00 0.00 \n \nBudget Unit Totals \n \n$ \n \n272,559.20 $ \n \n-257,651.12 $ \n \n-793.64 $ \n \n2,856.53 \n \nStatutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a comprehensive basis of accounting other than generally accepted accounting principles. \n- 24 - \n \n SCHEDULE \"4\" \n \nOther Adjustments \n \nEarly Return Fiscal Year 2012 \nSurplus \n \nExcess (Deficiency) of Funds Available \nOver/(Under) Expenditures \n \nEnding Fund Balance/(Deficit) \nJune 30 \n \nAnalysis of Ending Fund Balance \n \nReserved \n \nSurplus/(Deficit) \n \nTotal \n \n$ \n \n0.00 $ \n \n1,991.04 \n \n$ \n \n1,991.04 $ \n \n0.00 $ 0.00 \n0.00 $ \n \n0.00 $ 281,874.42 \n281,874.42 $ \n \n0.00 $ 286,721.99 \n286,721.99 $ \n \n0.00 $ 283,192.35 \n283,192.35 $ \n \n0.00 $ 3,529.64 \n3,529.64 $ \n \n0.00 286,721.99 \n286,721.99 \n \n0.00 -1,991.04 \n \n0.00 0.00 \n \n0.00 0.00 \n \n11,745.98 377.42 \n \n11,745.98 377.42 \n \n0.00 0.00 \n \n11,745.98 377.42 \n \n$ \n \n0.00 $ \n \n0.00 $ \n \n281,874.42 $ \n \n298,845.39 $ \n \n295,315.75 $ \n \n3,529.64 $ \n \n298,845.39 \n \nSummary of Ending Fund Balance Reserved \nDepartment Sales and Services Indirect Cost Recoveries Inventories Technology Fees Restricted/Sponsored Funds Uncollectible Accounts Receivable Tuition Carry-Over Unreserved Surplus \nTotal Ending Fund Balance - June 30 \n \n$ \n \n21,837.75 \n \n5,085.11 \n \n11,745.98 \n \n109,432.63 \n \n86,155.64 \n \n377.42 \n \n60,681.22 \n \n$ \n \n$ \n \n295,315.75 $ \n \n$ \n3,529.64 3,529.64 $ \n \n21,837.75 5,085.11 \n11,745.98 109,432.63 \n86,155.64 377.42 \n60,681.22 \n3,529.64 \n298,845.39 \n \n- 25 - \n \n (This page left intentionally blank) \n \n WAYCROSS COLLEGE RECONCILIATION OF SALARIES AND TRAVEL \nYEAR ENDED JUNE 30, 2012 \n \nSCHEDULE \"5\" \n \nTotals per Annual Supplement \nAccruals June 30, 2012 June 30, 2011 \nCompensated Absences June 30, 2012 June 30, 2011 \nAdjustments Shared Services on Jointly Staffed Personnel Middle Georgia College Wilson, Mary Ellen South Georgia College Latham, Marcus \nUnidentified Variance \n \nSALARIES \n \n$ \n \n3,339,485 $ \n \nTRAVEL 22,751 \n \n83,365 -35,107 \n \n162,376 -220,767 \n \n172,500 1,500 -2,504 \n \n$ \n \n3,500,848 $ \n \n22,751 \n \n- 27 - \n \n  SECTION II FINDINGS, QUESTIONED COSTS AND OTHER ITEMS \n \n  WAYCROSS COLLEGE SCHEDULE OF FINDINGS, QUESTIONED COSTS AND OTHER ITEMS \nYEAR ENDED JUNE 30, 2012 \nFINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \nNo matters were reported. \nFEDERAL AWARD FINDINGS AND QUESTIONED COSTS \nNo matters were reported. \nOTHER ITEMS (NOTED FOR MANAGEMENT'S CONSIDERATION) \nThe College failed to reconcile the detailed listing of salaries submitted to the Georgia Department of Audits and Accounts to the amounts reported on the general ledger. The Official Code of Georgia Annotated (O.C.G.A.) 50-6-27 states in part: \"Each...university or college in the University System of Georgia is required and directed to submit to the state auditor, in a format prescribed by the state auditor, a listing of all personnel of such...university showing name, title or functional area, salary and travel expense for each individual\". Salaries and Travel reported to the Department of Audits and Accounts were not reconciled with amounts recorded in the financial statements. A variance of $2,504 in Salaries was noted. The College should ensure that all salaries reported to the Georgia Department of Audits and Accounts are reconciled to the amounts reported on the general ledger. \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bw212-b2010-h2011","title":"Waycross College, Waycross, Georgia, management report for fiscal year ended June 30, 2011","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Ware County, Waycross, 31.21368, -82.3557"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["2010/2011"],"dcterms_description":["Fiscal year ended June 30, 2000-","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","Fiscal year ended June 30, 2006."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 2011"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Waycross College--Appropriations and expenditures","Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Waycross College, Waycross, Georgia, management report for fiscal year ended June 30, 2011"],"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-bw212-b2010-h2011"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bw212-b2010-h2011"],"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":"WAYCROSS COLLEGE \nWAYCROSS, GEORGLA \nMANAGEMENT REPORT \nFOR FISCAL YEAR ENDED \nJUNE 30,2011 \nA Member Institution of the \nUniversity System of Georgia \n- \nGeorgia Department of Audits aad Accoamts \nRussell W.Hinton \nState Auditor \n \n WAYCROSS COLLEGE -TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nLETTER OF TRANSMllTAL \n \nSELECTED FINANCIAL INFORMATION \n \nEXHl BITS \n \nA STATEMENT OF NET ASSETS - (GAAP BASIS) \n \nB STATEMENT OF REVENUES, EXPENSESAND CHANGES IN NET ASSETS (GAAP BASIS) \n \nC STATEMENT OF CASH FLOWS - (GAAP BASIS) \n \nD SELECTED FINANCIAL NOTES \n \nSUPPLEMENTARY INFORMATION \n \nSCHEDULES \n \n1 BALANCE SHEET - (STATUTORY BASIS) BUDGET FUND \n \n18 \n \n2 SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT \n \n(STATUTORY BASIS) BUDGET FUND \n \n19 \n \n3 STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES COMPARED TO BUDGET \n \nBY PROGRAM AND FUNDING SOURCE \n \n(STATUTORY BASIS) BUDGET FUND \n \n20 \n \n4 STATEMENT OF CHANGES TO FUND BALANCE \n \nBY PROGRAM AND FUNDING SOURCE \n \n(STATUTORY BASIS) BUDGET FUND \n \n2 2 \n \n5 RECONCILIATION OF SALARIES AND TRAVEL \n \n2 5 \n \nSECTION II FINDINGS, QUESTIONED COSTS AND OTHER ITEMS SCHEDULE OF FINDINGS, QUESTIONED COSTS AND OTHER ITEMS \n \n SECTION I FINANCIAL \n \n Russell W. Hinton \nSTATE AUDITOR \n(404)6563174 \n \nDEPARTMENOTF AUDITSAND ACCOUNTS \n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \nOctober 19,2011 \n \nHonorable Nathan Deal, Governor Members of the General Assembly of Georgia Members of the State Board of Regents of the University System of Georgia \nand Honorable Mary Ellen Wilson, Interim President Waycross College \nLadies and Gentlemen: \nAs part of our audits of the basic financial statements of the University System of Georgia presented in the Annual Financial Reportfor the University System of Georgia, the basic financial statements of the State of Georgia presented in the State of Georgia ComprehensiveAnnual Financial Reportand the issuance of a State of Georgia Single Audit Reportpursuant to the Single Audit Act Amendments, as of and for the year ended June 30, 2011, we have performed certain audit procedures at Waycross College. Accordingly, the financial statements and compliance activities of Waycross College were examined to the extent considered necessary in order to express an opinion as to the fair presentation of the financial statements contained in the foregoing documents and to issue reports on compliance and internal control as required by the Single Audit Act Amendments of 1996. \nThis Management Report contains information pertinent to the financial and compliance activities of Waycross College as of and for the year ended June 30, 2011. Information contained in this report is a by-product of our audits of the basic financial statements of the University System of Georgia and the basic financial statements of the State of Georgia and is the representation of management. Accordingly, we do not express an opinion or any other form of assurance on it. The particular information provided which includes a section on findings and other items reported in accordance with Commission on Colleges regulation 2.11.1 is enumerated in the Table of Contents. \nThis report is intended solely for the information and use of the management of Waycross College, members of the Board of Regents of the University System of Georgia and the Southern Association of Colleges and Schools - Commission on Colleges and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully submitted, \n \n~ u k s e lWl . Hinton, CPA, CGFM State Auditor \n \n SELECTED FINANCIAL INFORMATION \n \n WAYCROSS COLLEGE \nSTATEMENT OF NET ASSETS - (GAAP BASIS) \nJUNE 3 0 , 2 0 1 1 \nASSETS \nCurrent Assets Cash and Cash Equivalents Accounts Receivable, Net (Note 3) Federal Financial Assistance Other Due from Affiliated Organizations Inventories Prepaid Items \nTotal Current Assets \nNoncurrent Assets Investments Capital Assets, Net (Note 4) \nTotal Noncurrent Assets \nTotal Assets \nLIABILITIES \nCurrent Liabilities Accounts Payable Salaries Payable Contracts Payable Deferred Revenue (Note 5) Other Liabilities Deposits Held for Other Organizations Compensated Absences \nTotal Current Liabilities \nNoncurrent Liabilities Compensated Absences \nTotal Liabilities \nNET ASSETS \nInvested in Capital Assets, Net of Related Debt Restricted for: \nNonexpendable Expendable Unrestricted \nTotal Net Assets \n \nEXHIBIT \"A\" \n \n WAYCROSS COLLEGE \nSTATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - (GAAP BASIS) \nYEAR ENDED JUNE 30,2011 \n9PERATING REVENUES \nStudent Tuition and Fees Less: Scholarship Allowances \nGrants and Contracts Federal \nRents and Royalties Auxiliary Enterprises \nBookstore Food Services ParkingITransportation Intercollegiate Athletics Other Organizations Other Operating Revenues \nTotal Operating Revenues \nOPERATING EXPENSES \nSalaries Faculty Staff \nEmployee Benefits Other Personal Services Travel Scholarships and Fellowships Utilities Supplies and Other Services De~rec~ation \nTotal Operating Expenses \nOperating Income (Loss) \nNONOPERATING REVENUES (EXPENSES) \nState Appropriations Grants and Contracts \nFederal Other GI* Investment Income \nNet NonoperatlngRevenues \nIncome (Loss) Before Other Revenues, Expenses, Galns, or Losses \nCapital Grants and Gifts State \nIncrease (Decrease) In Net Assets \nNet Assets - Beglnnlng of Year \nNet Assets - End of Year \n \nEXHIBIT \"8\" \n \n (This page left intentionally blank) \n \n WAYCROSS COLLEGE \nSTATEMENT OF CASH FLOWS - (GAAP BASIS) \nYEAR ENDED JUNE 30,2011 \nCASH FLOWS FROM OPERATING ACTIVITIES Tuition and Fees Grants and Contracts Paymentsto Suppliers Payments to Employees Paymentsfor Scholarships and Fellowships Auxiliary Enterprise Charges: Bookstore Food Services Parking/Transportation Intercollegiate Athletics Other Organizations Other Receipts (Payments) \nNet Cash Provided (Used) by OperatingActivities \nCASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES State Appropriations Agency Funds Transact~ons Gifts and Grants Receivedfor Other than Capital Purposes \nNet Cash Flows Provided(Used) by Noncap~taFl inanc~ngActivities \nCASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Capital Grants and Gifts Received Purchasesof Capital Assets \nNet Cash Provided(Used) by Capital and RelatedFinancingActivities \nCASH FLOWS FROM INVESTING ACTIVITIES interest on Investments \nNet Increase (Decrease) in Cash \nCash and Cash Equivalents - Beginningof Year \nCash and Cash Equivalents - End of Year \nRECONCILIATIONOF OPERATING LOSS TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES: \nOperating Income (Loss) Adjustments to ReconcileOperating Income (Loss)to Net Cash \nProvided(Used) by OperatingActivities Depreciation Change in Assets and Liabilities: Accounts Receivable. Net Inventories Prepaid Items Accounts Payable Deferred Revenue Other Liab~l~ties Compensated Absences \nNet Cash Provided (Used) by OperatingActiv~tles \nNONCASH ACTlVlN Change in Fair Value of lnvestrnents Recognizedas a Component of Interest Income \n \nEXHIBIT \"C\" \n \n WAYCROSS COLLEGE SELECTED FINANCIAL NOTES \nJUNE 30,2011 \n \nEXHIBIT \"D\" \n \nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nREPORTING ENTITY \nWaycross College is one of thirty-five (35)State supported member institutions of higher education in Georgia which comprise the University System of Georgia, an organizational unit of the State of Georgia. The accompanying financial statements reflect the operations of Waycross College 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 determine allotments of State funds to member institutions and the authority to prescribe accounting systems and administrative policies for member institutions. Waycross College does not have authority to retain unexpended State appropriations (surplus) for any given fiscal year. Accordingly, Waycross College is considered an organizational unit of the Board of Regents of the University System of Georgia reporting entity for financial reporting purposes because of the significance of its legal, operational, and financial relationships with the Board of Regents as defined in Section 2100 of the Governmental Accounting Standards Board (GASB) Codification of Governmental Accounting and Financial Reporting Standards. \nNET ASSETS \nThe College's net assets are classified as follows: \nInvestedin capitalasseb, net of related debt: This represents the College's total investment in capital assets, net of outstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of invested in capital assets, net of related debt. \nRestridd net assets nonexpendable: Nonexpendable restricted net assets consist of endowment and similar type funds in which donors or other outside sources have stipulated, as a condition of the gift instrument, that the principal is to be maintained inviolate and in perpetuity, and invested for the purpose of producing present and future income, which may either be expended or added to principal. The College may accumulate as much of the annual net income of an institutional fund as is prudent under the standard established by Code Section 44-15-7 of Annotated Code of Georgia. \nRestricted net assets - expendable: Restricted expendable net assets include resources in which the \nCollege is legally or contractually obligated to spend resources in accordance with restrictions imposed by external third parties. \nUnrestricted net asseb: Unrestricted net assets represent resources derived from student tuition and fees, state appropriations, and sales and services of educational departments and auxiliary enterprises. These resources are used for transactions relating to the educational and general operations of the College and may be used at the discretion of the governing board to meet current expenses for those purposes, except for unexpended state appropriations (surplus) of $793.64. Unexpended state appropriations must be refunded to the Board of Regents of the University System of Georgia, University System Office for remittance to the Office of the State Treasurer. These resources also include auxiliary enterprises, which are substantially self-supporting activities that provide services for students, faculty and staff. \n \n WAYCROSS COLLEGE SELECTED FINANCIAL NOTES \nJUNE 30, 2011 \n \nEXHIBIT \"D\" \n \nNOTE 2: DEPOSITS AND INVESTMENTS \n \nDEPOSITS \n \nThe custodial credit risk for deposits is the risk that in the event of a bank failure, the College's deposits may not be recovered. Funds belonging to the State of Georgia (and thus the college) cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral any one or more of the following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59: \n \n1. Bonds, bills, notes, certificates of indebtedness, or other direct obligations of the United States or of the State of Georgia. \n \n2. \n \nBonds, bills, notes, certificates of indebtedness or other obligations of the counties or \n \nmunicipalities of the State of Georgia. \n \n3. Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose. \n \n4. Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia. \n \n5. \n \nBonds, bills, certificates of indebtedness, notes or other obligations of a subsidiary \n \ncorporation of the United States government, which are fully guaranteed by the United States \n \ngovernment both as to principal and interest and debt obligations issued by the Federal Land \n \nBank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank \n \nfor Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association and \n \nthe Federal National Mortgage Association. \n \n6. Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation. \n \nThe Treasurer of the Board of Regents is responsible for all details relative to furnishing the required depository protection for all units of the University System of Georgia. \n \nAt June 30, 2011, the carrying value of deposits was $910,796 and the bank balance was $1,120,618. Of the College's deposits, $1,120,618 were uninsured. Of these uninsured deposits, $1,120,618 were collateralized with securities held by the financial institution, by its trust department or agency, but not in the College's name. \n \nINVESTMENTS \n \nAt June 30, 2011, the carrying value of the College's investment was $323,367, which is materially the same as fair value. These investments were comprised entirely of funds invested in the Board of Regents investment pools as follows: \n \n WAYCROSS COLLEGE SELECTED FINANCIAL NOTES \nJUNE 30, 2011 \n \nEXHIBIT \"D\" \n \nNOTE 2: DEPOSITS AND INVESTMENTS \nINVESTMENTS \nBoard of Regents lnvestment Pool \nShort-Term Fund Legal Fund Diversified Fund \nTotal Investments \n \nThe Board of Regents lnvestment Pool is not registered with the Securities and Exchange Commission as an investment company. The fair value of investments is determined daily. The pool does not issue shares. Each participant is allocated a pro rata share of each investment a t fair value along with a pro rata share of the interest that it earns. Participation in the Board of Regents lnvestment Pool is voluntary. The Board of Regents Short-Term Fund is reported as Cash and Cash Equivalents on Exhibit \"A\" of this report. \n \nNOTE 3: ACCOUNTS RECEIVABLE \n \nAccounts receivable consisted of the following at June 30, 2011. \n \nStudent Tuition and Fees Auxiliary Enterprises and Other OperatingActivities Federal Financial Assistance Due from Affiliated Organizations Other \n \n$ 156,947 21,105 \n351,471 \n9,715 139,084 \n \nLess Allowance for Doubtful Accounts Net Accounts Receivable \n \n WAYCROSS COLLEGE SELECTED FINANCIAL NOTES \nJUNE 30, 2011 \n \nEXHIBIT \"DM \n \nNOTE 4: CAPITAL ASSETS Following are the changes in the College's capital assets for the year ended June 30,2011: \n \nBeginning Balance July 1,2010 \n \nAdd~tions \n \nReductions \n \nEnding Balance June 30, 2011 \n \nCapltal Assets. Not Being Depreciated: Land Construction Work-In-Progress \n \n$ \n \n358,790 \n \n$ \n \n1,341,137 $ \n \n695,109 \n \n0 $ \n \n358,790 \n \n2,036,246 \n \nTotal Cap~taAl ssets, Not Being Depreciated $ \n \n1,699,927 $ \n \n695,109 $ \n \n0 $ \n \n2,395,036 \n \nCapital Assets, Being Depreciated: Infrastructure Buildingand Building Improvements Fac~lit~eansd Other Improvements Equipment Library Collections \n \n$ \n \n1,343,722 \n \n11,822,775 \n \n1,193,893 \n \n1,182,859 $ \n \n1,177,193 \n \n129,973 5,768 $ \n \n$ 8,010 \n \n1,343,722 11,822.775 \n1,193,893 1,312,832 1,174,951 \n \nTotal Assets Being Depreciated \n \n$ \n \n16,720,442 $ \n \n335,741 $ \n \n8.010 $ \n \n16,848,173 \n \nLess: Accumulated Depreciation: Infrastructure Buildingand Building Improvements Facilities and Other Improvements Equipment Library Collections \n \n$ \n \n936,888 $ \n \n5,642.043 \n \n866,187 \n \n885,534 \n \n22,549 293,659 \n21,981 53.617 \n \nTotal Accumulated Depreciation \n \n$ \n \n9,408,848 $ \n \n415,051 $ \n \n8,010 $ \n \n9,815,889 \n \nTotal Capital Assets, Belng Depreciated, Net $ \n \n7,311.594 $ \n \n-279,310 $ \n \n0 $ \n \n7,032,284 \n \nCapital Assets, Net \n \nNOTE 5: DEFERRED REVENUE Deferred revenue consisted of the following at June 30, 2011: Prepaid Tuition and Fees \n \n WAYCROSS COLLEGE SELECTED FINANCIAL NOTES \nJUNE 30, 2011 \n \nEXHIBIT \"Dm \n \nNOTE 6: LONG-TERM LIABILITIES The College's Long-Term liability activity for the year ended June 30, 2 0 1 1 was as follows: \n \nBeginning Balance July 1,2010 \n \nAdditions \n \nReductions \n \nEndl ng Balance June 30,2011 \n \nCurrent Portion \n \nOther L~abilities Compensated Absences $ \n \n230,199 $ \n \n155,507 $ \n \n148,050 $ \n \n237.656 $ \n \n131.586 \n \nNOTE 7: NET ASSETS Changes in Net Asset activity for the year ended June 30, 2 0 1 1 are as follows: \n \nBeginn~ng Balance July 1,2010 \n \nAdd~t~ons \n \nReductions \n \nInvested in Capital Assets Net of Related Debt \n \nRestricted Net Assets \n \n207,048 \n \n1484,014 $ \n \n1,456,197 \n \nUnrestricted Net Assets \n \n1,439.519 \n \n6,559,351 \n \n6,941054 \n \nTotal Net Assets \n \nEnding Balance June 30,2011 \n234.865 1057,816 \n \nNOTE 8: RETIREMENT PLANS \nWaycross College participates in various retirement plans administered by the State of Georgia under two major retirement systems: Employees' Retirement System of Georgia (ERS System) and Teachers Retirement System of Georgia. These two systems issue separate publicly available financial reports that include the applicable financial statements and required supplementary information. The reports may be obtained from the respective system offices. The significant retirement plans that Waycross College participates in are described below. More detailed information can be found in the plan agreements and related legislation. Each plan, including benefit and contribution provisions, was established and can be amended by State law. \nEmployees' Retirement System of Georgia \nThe ERS System is comprised of individual retirement systems and plans covering substantially all employees of the State of Georgia except for teachers and other employees covered by the Teachers Retirement System of Georgia. One of the ERS System plans, the Employees' Retirement System of Georgia (ERS), is a cost-sharing multiple-employer defined benefit pension plan that was established by the Georgia General Assembly during the 1949 Legislative Session for the purpose of providing retirement allowances for employees of the State of Georgia and its political subdivisions. ERS is \n \n WAYCROSS COLLEGE SELECTED FINANCIAL NOTES \nJUNE 30, 2011 \n \nEXHIBIT \"D\" \n \nNOTE 8: RETIREMENT PLANS \nEmployees' Retirement System of Georgia \ndirected by a Board of Trustees and has the powers and privileges of a corporation. ERS acts pursuant to statutory direction and guidelines, which may be amended prospectively for new hires but for existing members and beneficiaries may be amended in some aspects only subject to potential application of certain constitutional restraints against impairment of contract. \nOn November 20, 1997, the Board created the Supplemental Retirement Benefit Plan (SRBP-ERS)of ERS. SRBP-ERS was established as a qualified governmental excess benefit plan in accordance with Section 415 of the Internal Revenue Code (IRC)as a portion of ERS. The purpose of the SRBP-ERS is to provide retirement benefits to employees covered by ERS whose benefits are otherwise limited by IRC Section 415. Beginning January 1,1998, all members and retired former members in ERS are eligible to participate in the SRBP-ERS whenever their benefits under ERS exceed the limitation on benefits imposed by IRC Section 415. \nThe benefit structure of ERS is established by the Board of Trustees under statutory guidelines. Unless the employee elects otherwise, an employee who currently maintains membership with ERS based upon State employment that started prior to July 1, 1982, is an \"old plan\" member subject to the plan provisions in effect prior to July 1,1982. Members hired on or after July 1,1982 but prior to January 1,2009 are \"new plan\" members subject to the modified plan provisions. Effective January 1,2009, newly hired State employees, as well as rehired State employees who did not maintain eligibility for the \"old\" or \"new\" plan, are members of the Georgia State Employees' Pension and Savings Plan (GSEPS). ERS members hired prior to January 1,2009 also have the option to change their membership to the GSEPS plan. \nUnder the old plan, new plan, and GSEPS, a member may retire and receive normal retirement benefits after completion of 10 years of creditable service and attainment of age 6 0 or 3 0 years of creditable service regardless of age. Additionally, there are some provisions allowing for early retirement after 2 5 years of creditable service for members under age 60. \nRetirement benefits paid to members are based upon a formula adopted by the Board of Trustees for such purpose. The formula considers the monthly average of the member's highest 2 4 consecutive calendar months of salary, the number of years of creditable service, and the member's age at retirement. Post-retirement cost-of-living adjustments may be made to members' benefits provided the members were hired prior to July 1,2009. The normal retirement pension is payable monthly for life; however, options are available for distribution of the member's monthly pension, at reduced rates, to a designated beneficiary upon the member's death. Death and disability benefits are also available through ERS. \nMember contribution rates are set by law. Member contributions under the old plan are 4% of annual compensation up to $4,200 plus 6% of annual compensation in excess of $4,200. Under the old plan, Waycross College pays member contributions in excess of 1.25% of annual compensation. Under the old plan, these Waycross College contributions are included in the members' accounts for refund purposes and are used in the computation of the members' earnable compensation for the purpose of computing retirement benefits. Member contributions under the new plan and GSEPS are 1.25% of annual compensation. Waycross College is required to contribute at a specified percentage of active member payroll established by the Board of Trustees determined annually in accordance with actuarial valuation and minimum funding standards as provided by law. These Waycross College contributions are not at any time refundable to the member or his/her beneficiary. \n \n WAYCROSS COLLEGE SELECTED FINANCIAL NOTES \nJUNE 30, 2011 \n \nEXHIBIT \"D\" \n \nNOTE 8: RETIREMENT PLANS \n \nEmployees' Retirement System of Georgia \n \nEmployer contributions required for fiscal year 2 0 1 1 were based on the June 30, 2008 actuarial valuation for the old and new plans and were set by the Board of Trustees on September 18, 2008 for GSEPS as follows: \n \nOld Plan* New Plan GSEPS \n \n10.41% 10.41% 6.54% \n \n* 5.66% exclusive of contributions paid by the employer on behalf of old plan members \n \nMembers become vested after 1 0 years of service. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contributions; the member forfeits all rights to retirement benefits. \n \nTeachers Retirement System of Georgia \n \nThe Teachers Retirement System of Georgia (TRS) is a cost-sharing multiple-employer defined benefit plan created in 1943 by an act of the Georgia General Assembly to provide retirement benefits for qualifying employees in educational service. A Board of Trustees comprised of active and retired members and ex-officio State employees is ultimately responsible for the administration of TRS. \n \nOn October 25, 1996, the Board created the Supplemental Retirement Benefit Plan of the Georgia Teachers Retirement System (SRBP-TRS). SRBP-TRS was established as a qualified governmental excess benefit plan in accordance with Section 415 of the Internal Revenue Code (IRC) as a portion of TRS. The purpose of SRBP-TRS is to provide retirement benefits to employees covered by TRS whose benefits are otherwise limited by IRC Section 415. Beginning July 1,1997, all members and retired former members in TRS are eligible to participate in the SRBP-TRS whenever their benefits under TRS exceed the IRC Section 415 imposed limitation on benefits. \n \nTRS provides service retirement, disability retirement, and survivor's benefits. The benefit structure of TRS is defined and may be amended by State statute. A member is eligible for normal service retirement after 3 0 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. A member is eligible for early retirement after 25 years of creditable service. \n \nNormal retirement (pension) benefits paid to members are equal to 2% of the average of the member's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 4 0 years. Early retirement benefits are reduced by the lesser of one-twelfth of 7% for each month the member is below age 6 0 or by 7% for each year or fraction thereof by which the member has less than 3 0 years of service. It is also assumed that certain cost-of-living adjustments, based on the Consumer Price Index, will be made in future years. Retirement benefits are payable monthly for life. A member may elect to receive a partial lump-sum distribution in addition to a reduced monthly retirement benefit. Death, disability and spousal benefits are also available. \n \n WAYCROSS COLLEGE SELECTED FINANCIAL NOTES \nJUNE 30,2011 \n \nEXHIBIT \"D\" \n \nNOTE 8: RETIREMENT PLANS \n \nTeachers Retirement System of Georgia \n \nTRS is funded by member and employer contributions as adopted and amended by the Board of Trustees. Members become fully vested after 1 0 years of service. If a member terminates with less than 1 0 years of service, no vesting of employer contributions occurs, but the member's contributions may be refunded with interest. Member contributions are limited by State law to not less than 5% or more than 6% of a member's earnable compensation. Member contributions as adopted by the Board of Trustees for the fiscal year ended June 30, 2 0 1 1 were 5.53% of annual salary. Employer contributions required for fiscal year 2 0 1 1 were 10.28% of annual salary as required by the June 30, 2009 actuarial valuation. \nThe following table summarizes the Waycross College contributions by defined benefit plan for the years ending June 30,2011, June 2010, and June 2009 (dollars in thousands): \n \nFiscal Year \n \nERS \n \nRequired \n \nPercentage \n \nContribution \n \nContributed \n \nTRS \n \nRequired \n \nPercentage \n \nContribution Contributed \n \nRegents Retirement Plan \nPlan Description The Regents Retirement Plan, a single-employer defined contribution plan, is an optional retirement plan that was created/established by the Georgia General Assembly in O.C.G.A. 47-21-1 et-seq. and administered by the Board of Regents of the University System of Georgia. O.C.G.A. 47-3-68(a) defines who may participate in the Regents Retirement Plan. An \"eligible university system employee\" is a faculty member or a principal administrator, as designated by the regulations of the Board of Regents. Under the Regents Retirement Plan, a plan participant may purchase annuity contracts from four approved vendors (AIG-VALIC, American Century, Fidelity, and TIAA-CREF) for the purpose of receiving retirement and death benefits. 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. \nFunding Policy Waycross College makes monthly employer contributions for the Regents Retirement Plan at rates adopted by the Teachers Retirement System of Georgia Board of Trustees in accordance with State statute and as advised by their independent actuary. For fiscal year 2011, the employer contribution was 9.24% for the participating employee's earnable compensation. Employees contribute 5% of their earnable compensation. Amounts attributable t o all plan contributions are fully vested and nonforfeitable at all times. \nWaycross College and the covered employees made the required contributions of $117,619 (9.24%) and $63,647 (5%),respectively. \nAIG-VALIC, American Century, Fidelity, and TIAA-CREF have separately issued financial reports which may be obtained through their respective corporate offices. \n \n WAYCROSS COLLEGE SELECTED FINANCIAL NOTES \nJUNE 30,2011 \n \nEXHIBIT \"D\" \n \nNOTE 8: RETIREMENT PLANS \nGeorgia Defined Contribution Plan \nPlan Description Waycross College participates in the Georgia Defined Contribution Plan (GDCP) which is a singleemployer defined contribution plan established by the General Assembly of Georgia for the purpose of providing retirement coverage for State employees who are temporary, seasonal, and part-time and are not members of a public retirement or pension system. GDCP is administered by the Board of Trustees of the Employees' Retirement System of Georgia. \nBenefits A member may retire and elect to receive periodic payments after attainment of age 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board of Trustees. If a member has less than $3,500 credited to his/her account, the Board of Trustees has the option of requiring a lump sum distribution to the member in lieu of making periodic payments. Upon the death of a member, a lump sum distribution equaling the amount credited to his/her account will be paid to the member's designated beneficiary. Benefit provisions are established by State statute. \nContributions Member contributions are seven and one-half percent (7.5%)of gross salary. There are no employer contributions. Contribution rates are established by State statute. Earnings are credited to each member's account in a manner established by the Board of Trustees. Upon termination of employment, the amount of the member's account is refundable upon request by the member. \nTotal contributions made by employees during fiscal year 2 0 1 1 amounted to $5,876 which represents 7.5% of covered payroll. These contributions met the requirements of the plan. \nThe Georgia Defined Contribution Plan issues a financial report each fiscal year, which may be obtained from the ERS offices. \nNOTE 9: POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS \nPursuant to the general powers conferred by the Official Code of Georgia Annotated Section 20-3-31, the Board of Regents of the University System of Georgia has established group health and life insurance programs for regular employees of the University System of Georgia. It is the policy of the Board of Regents to permit employees of the University System of Georgia eligible for retirement or that become permanently and totally disabled to continue as members of the group health and life insurance programs. The policies of the Board of Regents of the University System of Georgia define and delineate who is eligible for these post-employment 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. With regard to life insurance, the employer covers the total cost for $25,000 of basic life insurance. If an individual elects to have supplemental, and/or, dependent life insurance coverage, such costs are borne entirely by the employee. \n \n WAYCROSS COLLEGE SELECTED FINANCIAL NOTES \nJUNE 30,2011 \n \nEXHIBIT \"D\" \n \nNOTE 9: POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS \nThe Board of Regents Retiree Health Benefit Plan is a single employer defined benefit plan. Financial statements and required supplementary information for the Plan are included in the publicly available Consolidated Annual Financial Report of the University System of Georgia. The College pays the employer portion of health insurance for its eligible retirees based on rates that are established annually by the Board of Regents for the upcoming plan year. For the 2009, 2010 and 2 0 1 1 plan years, the employer rate was between 70-75% of the total health insurance cost for eligible retirees and the retiree rate was between 25-30%. \nAs of June 30, 2011, there were 24 employees who had retired or were disabled that were receiving \nthese post-employment health and life insurance benefits. For the year ended June 30, 2011, Waycross College recognized as incurred $111,239 of expenditures, which was net of $28,333 of participant contributions. \nNOTE 10: AFFILIATED ORGANIZATIONS \nThe Waycross College Foundation, Inc. is a legally separate, tax exempt organization whose activities primarily support Waycross College. This affiliated organization is considered a potential component unit of the State of Georgia in accordance with GASB Statement No. 39, Determining Whether Certain Organizations are Component Units Therefore, the financial statements of this affiliated organization are not included in these financial statements. Copies of the financial statements for the affiliated organization may be obtained from Waycross College. \n \n (This page left intentionally blank) \n \n SUPPLEMENTARY INFORMATION \n \n WAYCROSS COLLEGE BALANCE SHEET (STATUTORY BASIS) \nBUDGET FUND JUNE 30.2011 \nASSETS \nCash and Cash Equivalents ~nvestments Accounts Receivable \nFederal Financial Assistance Other Prepaid Expenditures Inventories \nTotal Assets \nLIABILITIES AND FUND EOUITY \nLiabilities Salaries Payable Encumbrance Payable Accounts Payable Deferred Revenue Other Liabilities \nTotal Liabilities \nFund Balances Reserved Department Sales and Services Indirect Cost Recoveries Inventories Technology Fees Restricted/Sponsored Funds Uncollectible Accounts Receivable Tuition Carry-Over Unreserved Surplus \nTotal Fund Balances \nTotal Liabilities and Fund Balances \n \nSCHEDULE \"1\" \n \nStatutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a comprehensive basis of accounting other than generally accepted accounting principles. \n-18- \n \n WAYCROSS COLLEGE SUMMARY BUDGEl COMPARISON AND SURPLUS ANALYSIS REPORT (STATUTORY BASIS) \nBUDGET FUND YEAR ENDEDJUNE 30.2011 \n \nState Appropriation State General Funds \nOther Funds \nTotal Revenues \nCARRY-OVER FROM PRIOR YEARS \nTransfers from Reserved Fund Balance \nTotal Funds Available \nTeaching Excess of Funds Available over Expenditures \nFUND BALANCE JULY 1 \nResewed Unreserved \nADJUSTMENTS \nPrior Year Payables/Expenditures Unreserved Fund Balance (Surplus) Returned \nto Board of Regents - UniversitySystem Office \nYear Ended June 30,2010 Early Return of Surplus in FiscalYear 2011 Prior Year Reserved Fund Balance Included In Funds Available \nFUND BALANCE JUNE 3Q \nSUMMARY OF FUND BALANCE \nResewed Department Sales and Services Indirect Cost Recoveries Inventories Technology Fees Restricted/Sponsored Funds UncollectibleAccounts Receivable Tuition Carry-Over \nTotal Reserved \nUnrese~ed Surplus \nTotal Fund Balance \n \nBUDGET \n \nACTUAL \n \nSCHEDULE \"2\" \nVARIANCE FAVORABLE (UNFAVORABLE) \n \nStatutory Basisfinanclal Information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulationsof the State of Georgia. which is a comprehensivebasis of accounting other than generally accepted accounting principles. \n \n WAYCROSS COLLEGE STATEMENT OF FUNDS AVAllABLE AND EXPENDITURES COMPARED TO BUDGET BY PROGRAM AND FUNDING SOURCE \n(STATUTORY BASIS) BUDGET FUND YEAR ENDEDJUNE 30.2011 \n \nTeaching State Appropriation State General Funds Federal Funds American Recovery and Reinvestment Act Federal Stabilization Funds Other Funds \nTotal Teaching \nTotal Operating Activity \n \nOriginal AD~ro~riation \n \nAmended A~oro~riation \n \nFinal Budaet \n \nCurrent Year Revenues \n \nStatutoly Basisfinanclal informationwas prepared on a prescribedbasis of accountingthat demonstratescompliance with budgetary statutes and regulationsof the State of Georgia, which is a comprehensivebasis of accountingother than generally accepted accounting principles. \n \n SCHEDULE \"3\" \n \nFunds Available Compared to Budget \n \nPrior Year \n \nTotal \n \nCarry-Over \n \nFunds Available \n \nVariance Pos~tive(Negat~ve) \n \nExpenditures Compared to Budget \n \nVariance \n \nActual \n \nPositive (Negat~ve) \n \nExcess (Deficiency) of Funds Available \nOver/(Under) Expenditures \n \n WAYCROSSCOLLEGE STATEMENT OF CHANGES TO FUND BALANCE BY PROGRAM AND FUNDING SOURCE \n(STATUTORY BASIS) BUDGET FUND YEAR ENDED JUNE 30.2011 \n \nTeaching State Appropriation State General Funds Federal Funds American Recoveryand Reinvestment Act Federal Stabilization Funds Other Funds \nTotal Teaching \nTotal Operating Activity \nPr~oYr ear R ~ s ~ N ~ s Not Available for Expenditure Inventories Uncoliectible Accounts Receivable \n \nBeginning Fund Balance/(Defic~t) \nJuly 1 \n \nFund Balance Carried Over from \nPrior Period as Funds Available \n \nReturn of Fiscal Year 2010 \nSurplus \n \nPrior Period Adjustments \n \nBudget Unit Totals \n \nStatutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georg~a, which is a comprehensive basis of accounting other than generally accepted accounting principles. \n \n SCHEDULE \"4\" \n \nOther Adjustments \n \nEarly Return Fiscal Year 2011 \nSurplus \n \nExcess (Deficiency) of Funds Available \nOver/(Under) Expenditures \n \nEnding Fund Balance/(Deficit) \nJune 3 0 \n \nAnalysis of Ending Fund Balance \n \nResewed \n \nSurplus/(Defic~t) \n \nTotal \n \nSummary of Ending Fund Balance Reserved \nDepartment Sales and Services Indirect Cost Recover~es Inventories Technology Fees Restrlcted/Sponsored Funds Uncollectible Accounts Receivabie Tuition Carry-Over UnreSe~ed Surdus \nTotal Ending Fund Balance - June 30 \n \n5 \n \n271,765.56 $ \n \n793.64 5 272,559.20 \n \n (This page left intentionally blank) \n \n Totals per Annual Supplement \nAccruals June 3 0 , 2 0 1 1 June 3 0 , 2 0 1 0 \nCompensated Absences June 3 0 , 2 0 1 1 June 3 0 , 2 0 1 0 \nUnidentified Variance \n \nWAYCROSS COLLEGE RECONCILIATION OF SALARIES AND TRAVEL \nYEAR ENDED JUNE 3 0 , 2 0 1 1 \n \nSCHEDULE \"5\" \n \nSALARIES \n \n$ \n \n3,655,217 $ \n \nTRAVEL 34,146 \n \n SECTION II FINDINGS, QUESTIONED COSTS AND OTHER ITEMS \n \n WAYCROSS COLLEGE SCHEDULE OF FINDINGS, QUESTIONED COSTS AND OTHER ITEMS \nYEAR ENDED JUNE 30,2011 \nFINANCIAL STATEMENT FINDINGS AND OUESTIONED COSTS No matters were reported. FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. OTHER ITEMS (NOTED FOR MANAGEMENT'S CONSIDERATION) No matters were reported. \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bw212-b2009-h2010","title":"Waycross College, Waycross, Georgia, independent accountant's report on applying agreed-upon procedures for the fiscal year ended June 30, 2010","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Ware County, Waycross, 31.21368, -82.3557"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["2009/2010"],"dcterms_description":["Fiscal year ended June 30, 2000-","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","Fiscal year ended June 30, 2006."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 2010"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Waycross College--Appropriations and expenditures","Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Waycross College, Waycross, Georgia, independent accountant's report on applying agreed-upon procedures for the fiscal year ended June 30, 2010"],"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-bw212-b2009-h2010"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bw212-b2009-h2010"],"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":"WAYCROSS COLLEGE \nWAYCROSS, GEORGIA \nINDEPENDENT ACCOUNTANT'S \nREPORT ON APPLYDJG AGREED- \nUPON PROCEDURES FOR FISCAL YEAR ENDED \nJUNE 30,2010 \n- \nGeorgia Deparbnent of Auclits and ~ c c o m t s \nRussell W.Hinton \nst, a. : te,II1A.p. \u0026: +*I )p: \n \n WAYCROSS COLLEGE - TABLE OF CONTENTS - \nINDEPENDENT ACCOUNTANT'S REPORT ON APPLYING AGREED-UPON PROCEDURES EXHIBITS \nA SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT B STATEMENT OF PROGRAM REVENUESAND EXPENDITURES BY FUNDING \nSOURCE COMPARED TO BUDGET \n \n RUSSELLW. HINTON \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMEONFTAUDITASND ACCOUNTS \n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \nNovember 12,2010 \n \nMembers of the State Board of Regents of the University System of Georgia Honorable David Palmer, President Waycross College \nlndelsendent Accountant's Report on Apolving Agreed-Upon Procedures \nLadies and Gentlemen: \nWe have performed the procedures enumerated below, which were agreed to by the College and the University System Office (Oversight Unit) of the Board of Regents of the University System of Georgia, solely to assist you in assessing the accuracy of the financial information reported to the University System Office in the College's 2010 Annual Financial Report for inclusion in the UniversitySystem of Georgia's Annual Financial Report, the State of Georgia's ComprehensiveAnnual Financial Report (CAFR) and S/igle Audit Report; and to assist you in assessing the accuracy of the budget basis information provided in the Summary Budget Comparison and Surplus Analy.sis Report and Statement of Program Revenues and ependifures by Funding Source Compared to Budget which are attached as Exhibits A and B, respectively. Waycross College's management is responsible for the financial information reported to the University System Office in the College's Annual Financial Report. This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of the parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose. \nThe procedures and the associated findings are as follows: \n1. Review selected balance sheet items reported on the Annual Financial Report (cash, accounts receivable, accounts payable, deferred revenues, net assets). Confirm that these items have adequate supporting documentation and are properly reconciled to the College's general ledger. \nWe did not note any exceptions as a result of our procedures. \n2. Obtain the College's GAAP basis Statement of Net Assets and Statement of Revenues, Expenses and Changes in Net Assets (SRECNA) submitted for inclusion in the State's CAFR and Single Audit. Utilizing test scripts, confirm that financial information presented in these statements properly supports activity reported in the College's accounting records. \nWe did not note any exceptions as a result of our procedures. \n \n 3. Obtain the College's Statement of Cash Flows submitted for inclusion in the State's CAFR and Single Audit. Utilizing cash flow worksheets, confirm information reported on Statement of Cash Flows. \nWe did not note any exceptions as a result of our procedures. \n4. Obtain the College's Notes to the Financial Statements submitted for inclusion in the State's CAFR and Single Audit. Utilizing notes worksheets and other supporting documentation confirm that note disclosures related to Cash, Investments, Accounts Receivable, Capital Assets, LongTerm Debt, Lease Obligations and Retirement Plans have been properly reported. \nWe did not note any exceptions as a result of our procedures. \n5. Review the College's year end GAAP basis journal entries. Obtain documentation for GAAP journal entries and confirm that the entries were posted to the College's Annual Financial Report. \nWe did not note any exceptions as a result of our procedures. \n6. Confirm that State Appropriation revenues, receivables and remittances of prior year surplus balances have been properly recorded in the College's financial records. Prior year surplus balances should be netted against State Appropriation revenues in the GAAP basis financial statements; however, prior year surplus balances should be reflected as fund balance adjustments on the Budget basis financial statements. \nWe did not note any exceptions as a result of our procedures. \n7. Obtain listing of write-off requests for accounts receivable less than $3,000.00 for fiscal year 2010. Confirm that these write-off requests have been approved by the State Accounting Officer and have been posted to the College's financial statements. \nWe did not note any exceptions as a result of our procedures. \n8. Verify that the listing of salaries, travel, and professional services reported to the Department of Audits is in accordance with O.C.G.A. 50-6-27 and reconciles to amounts recorded in the College's financial statements. \nWe did not note any exceptions as a result of our procedures. \n9. Review year end Budgetary Statements including the Summary Budget Comparison and Surplus Analysis Report (Exhibit A) and Statement of Program Revenues and Expenditures by Funding Source Compared to Budget (Exhibit B). Confirm that budget information presented in these statements supports activity reported in the College's accounting records and determine if any budget over-expendituresexist. \nWe did not note any exceptions as a result of our procedures. \n10. Obtain documentation for Budget basis reserves reported by Waycross College on the Summaw Budget Comparison andsurplus Analysis Report(Exhibit A). Confirm that the reserves are properly documented, valid and appropriate. \nWe did not note any exceptions as a result of our procedures. \n \n 11.Review the H.O.P.E. Scholarship Program reconciliation between the College and the Georgia Student Finance Commission. Confirm that information reported to the Georgia Student Finance Commission has been reconciled with H.O.P.E. Scholarship activity reported on the College's financial records. \n \nWe did not note any exceptions as a result of our procedures. \n \n12. Review the Schedule of Expendituresof Federal Awards information submitted by the College for inclusion in the Statewide Single Audit. Confirm that the information is properly presented and supported by the College's accounting records. \n \nWe did not note any exceptions as a result of our procedures. \n \n13. Review capital asset records to ensure that (1) subsidiary ledgers are appropriately reconciled to the ledgers, (2) capitalization thresholds are being properly followed, and (3) a complete annual physical equipment inventory is being conducted and that issues noted during the physical inventory are being properly addressed by management. \n \nWe did not note any exceptions as a result of our procedures. \n \n14. Review bank reconciliations during the year under review to ensure that management is preparing them timely and that reconciling items are being addressed by management timely and in an appropriate manner. \n \nWe did not note any exceptions as a result of our procedures. \n \n15. Review documentation to ensure that all subsidiary modules including BANNER are reconciled t o the general ledger at least quarterly in accordance with the Business Procedures Manual Section 10.6.2. and ensure that reconciling items are adequately explained and resolved in a timely manner. \n \nWe did not note any exceptions as a result of our procedures. \n \nThese agreed-upon procedures do not constitute an audit of the financial statements or any part thereof, the objective of which is to express an opinion on the financial statements or a part thereof. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. \n \nThis report is intended solely for the information and use of the specified users listed above and is \n \nnot intended to be and should not be used by anyone other than these specified parties. \n \nRespectfully submitted, \n \n. \n \n~ u \u0026 s eWl l . Hinton, CPA, CGFM State Auditor \n \n EXHIBITS \n \n WAYCROSS COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT \nYEAR ENDED JUNE 3 0 . 2 0 1 0 \n \nREVENUES \nState Appropriation State General Funds \nFederal Funds Other Funds \nTotal Revenues \nCARRY-OVER FROM PRIOR YEAR \nTransfer from Resewed Fund Balance \nTotal Funds Available \nEXPENDITURES \nExcess of Funds Available over Ex~endltures \nFUND BALANCE JULY 1 \nReserved Unreserved \nADJUSTMENTS \nPrlor Year Payables/Expend~tures UnreSewed Fund Balance (Surplus) Returned \nto Board of Regents - Unlverslty System Office \nYear Ended June 30.2009 Prlor Year Reserved Fund Balance Included In Funds Ava~lable \nFUND BALANCE JUNE 3Q \nSUMMARY OF FUND BALANCE \nReserved Department Sales and Services lndlrect Cost Recoveries Technology Fees Restr~cted/Sponsored Funds Uncollectible Accounts Rece~vable Tuition Carry-Over Inventories \nTotal Reserved \nUnreserved Surplus \nTotal Fund Balance \n \nBUDGET \n \nACTUAL \n \nVARIANCE - \nFAVORABLE (UNFAVORABLE) \n \n WAYCROSS COLLEGE STATEMENT OF PROGRAM REVENUESAND EXPENDITURES BY FUNDINGSOURCE COMPAREDTO BUOCET \nYEAR ENDEDIUNEJO. 2 0 1 0 \n \ns p e ~ l nFl u n d ~ n glnauauve State Approprlatlon state General Funds \nTesch~ng State Approprlatron State General Funds Federal Funds h e r c a n Recovery and Reonvestment Act of 2009 Federal Stablllratlan Funds Other Funds \nTotal Teachlng \n \nOnanal Appropnat~on \n \nFlnal Budget \n \nCurrent Ysar Revenues \n \nFunds Avallabls Campared to Budget \n \nPrior Year Carry-Over \n \nTotal Funds Available \n \nVarlance Posltlve (Negative) \n \n Expenditures Compared to Budget Variance Pos~bva \n- Actual - (Negabve) \n \nActual FundsAva~lable \nOuei/(Under) Expendlures \n \nPrlar Period Adjusunents \n \nother Ad)ustrnents \n \nmrly Remlmnce of Surplus \n \nprogram Fund \nBalances \n \nTransfers \n \nProgram Fund Balances \n \nReserve \n \nSurplus \n \nTO~I Fund Balance \n \nUnexuendable Reselves Uncollectible Accounts Receivable Inventories \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bw212-b2008-h2009","title":"Waycross College, Waycross, Georgia, independent accountant's report on applying agreed-upon procedures for the fiscal year ended June 30, 2009","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Ware County, Waycross, 31.21368, -82.3557"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["2008/2009"],"dcterms_description":["Fiscal year ended June 30, 2000-","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","Fiscal year ended June 30, 2006."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 2009"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Waycross College--Appropriations and expenditures","Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Waycross College, Waycross, Georgia, independent accountant's report on applying agreed-upon procedures for the fiscal year ended June 30, 2009"],"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-bw212-b2008-h2009"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bw212-b2008-h2009"],"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":"WAYCROSS COLLEGE \nWAYCROSS, GEORGIA \nINDEPENDENT ACCOUNTANT'S REPORT ON APPLYING AGREEDUPON PROCEDURES FOR FISCAL YEAR ENDED JUNE 30, 2009 \nGe orgia Department of Audits and Accounts Russell W. Hinton State Auditor \n \n WAYCROSS COLLEGE - TABLE OF CONTENTS - \n \nINDEPENDENT ACCOUNTANT'S REPORT ON APPLYING AGREED-UPON PROCEDURES \n \nEXHIBITS \n \nA SUMMARY BUDGET COMPARJSON AND SURPLUS ANALYSIS REPORT \n \nI \n \nB STATEMENT OF PROGRAM REVENUES AND EXPENDITURES BY FUNDING \n \nSOURCE COMPARED TO BUDGET \n \n2 \n \n RUSSELL W. HINTON \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \nNovember 20, 2009 \n \nMembers of the State Board of Regents of the University System of Georgia Honorable David Palmer, President Waycross College \nIndependent Accountant's Report on Applying Agreed-Upon Procedures \nLadies and Gentlemen: \nWe have performed the procedures enumerated below, which were agreed to by the College and the University System Office (Oversight Unit) of the Board of Regents of the University System of Georgia, solely to assist you in assessing the accuracy of the financial information reported to the University System Office in the College's 2009 Annual Financial Report for inclusion in the State of Georgia's Comprehensive Annual Financial Report (CAFR) and Single Audit Report; and to assist you in assessing the accuracy of the budget basis information provided in the Summary Budget Comparison and Surplus Analysis Report and Statement ofProgram Revenues and Expenditures by Funding Source Compared to Budget which are attached as Exhibits A and B, respectively. Waycross College's management is responsible for the financial information reported to the University System Office in the College's Annual Financial Report. This agreedupon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of the parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose. \nThe procedures and the associated findings are as follows: \n1. Review selected balance sheet items reported on the Annual Financial Report (cash, accounts receivable, accounts payable, deferred revenues, net assets). Confirm that these items have adequate supporting documentation and are properly reconciled to the College's general ledger. \nWe did not note any exceptions as a result of our procedures. \n \n 2. Obtain the College's GAAP basis Statement of Net Assets and Statement of Revenues Expenses and Changes in Net Assets (SRECNA) submitted for inclusion in the State's CAFR and Single Audit. Utilizing test scripts, confirm that financial information presented in these statements properly supports activity reported in the College's accounting records. \nWe did not note any exceptions as a result of our procedures. \n3. Obtain the College's Statement of Cash Flows submitted for inclusion in the State's CAFR and Single Audit. Utilizing cash flow worksheets, confirm information reported on Statement of Cash Flows. \nWe did not note any exceptions as a result of our procedures. \n4. Obtain the College's Notes to the Financial Statements submitted for inclusion in the State's CAFR and Single Audit. Utilizing notes worksheets and other supporting documentation confirm that note disclosures related to Cash, Investments, Accounts Receivable, Capital Assets, Long-Term Debt, Lease Obligations and Retirement Plans have been properly reported. \nWe did not note any exceptions as a result of our procedures. \n5. Review the College's year end GAAP basis journal entries. Obtain documentation for GAAP journal entries and confirm that the entries were posted to the College's Annual Financial Report. \nWe did not note any exceptions as a result of our procedures. \n6. Confirm that State Appropriation revenues, receivables and remittances of prior year surplus balances have been properly recorded in the College's financial records. Prior year surplus balances should be netted against State Appropriation revenues in the GAAP basis financial statements; however, prior year surplus balances should be reflected as fund balance adjustments on the Budget basis financial statements. \nWe did not note any exceptions as a result of our procedures. \n7. Obtain listing of write-off requests for accounts receivable less than $3,000.00 for fiscal year 2009. Confirm that these write-off requests have been approved by the State Accounting Officer and have been posted to the College's financial statements. \nWe did not note any exceptions as a result of our procedures. \n8. Verify that the listing of salaries, travel, and professional services reported to the Department of Audits is in accordance with O.C.G.A. 50-6-27 and reconciles to amounts recorded in the College's financial statements. \nWe did not note any exceptions as a result of our procedures. \n \n 9. Review year end Budgetary Statements including the Summary Budget Comparison and Surplus Analysis Report (Exhibit A) and Statement of Program Revenues and Expenditures by Funding Source Compared to Budget (Exhibit B). Confirm that budget information presented in these statements supports activity reported in the College's accounting records and determine if any budget overexpenditures exist. \nWe did not note any exceptions as a result of our procedures. \n10. Obtain documentation for Budget basis reserves reported by College on the Summary Budget Comparison and Surplus Analysis Report (Exhibit A). Confirm that the reserves are properly documented, valid and appropriate. \nWe did not note any exceptions as a result of our procedures. \n11. Review the H.O.P.E. Scholarship Program reconciliation between the College and the Georgia Student Finance Commission. Confirm that information reported to the Georgia Student Finance Commission has been reconciled with H.O.P.E. Scholarship activity reported on the College's financial records. \nWe did not note any exceptions as a result of our procedures. \n12. Review the Schedule of Expenditures of Federal Awards information submitted by the College for inclusion in the Statewide Single Audit. Confirm that the information is properly presented and supported by the College's accounting records. \nWe did not note any exceptions as a result of our procedures. \n13. Review capital asset records to ensure that ( 1) subsidiary ledgers are appropriately reconciled to the ledgers, (2) capitalization thresholds are being properly followed, and (3) a complete annual physical equipment inventory is being conducted and that issues noted during the physical inventory are being properly addressed by management. \nWe did not note any exceptions as a result of our procedures. \n14. Review bank reconciliations during the year under review to ensure that management is preparing them timely and that reconciling items are being addressed by management timely and in an appropriate manner. \nWe did not note any exceptions as a result of our procedures. \n15. Review documentation to ensure that all subsidiary modules including BANNER are reconciled to the general ledger at least quarterly in accordance with BPM 10.6.2. and ensure that reconciling items are adequately explained and resolved in a timely manner. \nWe did not note any exceptions as a result of our procedures. \n \n These agreed-upon procedures do not constitute an audit of the financial statements or any part thereof, the objective of which is to express an opinion on the financial statements or a part thereof. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. \nThis report is intended solely for the information and use of the specified users listed above and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully submitted, \n~,;~-~to~ ~~ State Auditor \nRWH:as \n \n EXHIBITS \n \n WAYCROSS COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT \nYEAR ENDED JUNE 30, 2009 \n \nEXHIBIT\"A\" \n \nBUDGET \n \nREVENUES \n \nState Appropriation State General Funds \nFederal Funds Other Funds \nTotal Revenues \n \n$ \n \n4,064,865.00 $ \n \n41,640.00 \n \n518961926.00 \n \n$ \n \n10,003,431.00 $ \n \nCARRY-OVER FROM PRIOR YEAR \n \nTransfer from Reserved Fund Balance \n \n0.00 \n \nTotal Funds Available \n \n$ \n \n1010031431.00 $ \n \nEXPENDITURES \nSpecial Funding Initiative Teaching \nTotal Expenditures Excess of Funds Available over Expenditures \n \n$ \n \n5,202.00 $ \n \n91998,229.00 \n \n$ \n \n10,0031431.00 $ \n \n$ \n \n0.00 $ \n \nFUND BALANCE JULY 1 \n \nReserved Unreserved \n \nADJUSTMENTS \n \nPrior Year Payables/Expenditures Prior Year Receivables/Revenues Unreserved Fund Balance (Surplus) Returned \nto Board of Regents - University System Office Year Ended June 30, 2008 \nPrior Year Unreserved Fund Balance Included in Funds Available \n \nFUND BALANCE JUNE 30 \n \n$ \n \nACTUAL \n \nVARIANCE FAVORABLE (UNFAVORABLE} \n \n4,064,865.00 $ \n41,640.00 4?491550.30 \n8,856,055.30 $ \n \n0.00 0.00 -1 147 375.70 \n-1, 147,375.70 \n \n174,965.36 \n9,0311020.66 $ \n \n174 965.36 -972 410.34 \n \n5,202.00 $ \n818911249.89 \n818961451.89 $ \n134,568.77 \n \n0.00 111061979.11 \n1 106 979.11 \n \n189,249.38 427.70 \n \n59.85 -1,494.00 \n-427.70 -1741965.36 147 418.64 \n \nSUMMARY OF FUND BALANCE \nReserved Departmental Sales and Services Indirect Cost Recoveries Technology Fees Restricted/Sponsored Funds Uncollectible Accounts Receivable Tuition Carry-Over Inventories \nTotal Reserved \nUnreserved Surplus \n \n$ \n \n20,879.71 \n \n2,688.08 \n \n34,604.35 \n \n69,469.59 \n \n1,958.47 \n \n4,402.04 \n \n121960.38 \n \n$ \n \n146,962.62 \n \n456.02 \n \nTotal Fund Balance \n- 1- \n \n WAYCROSS COLLEGE STATEMENT OF PROGRAM REVENUES AND EXPENDITURES BY FUNDING SOURCE COMPARED TO BUDGET \nYEAR ENDED JUNE 30, 2009 \n \nSpecial Funding Initiative State Appropriation State General Funds \n \nOriginal Aperopriation \n \nFinal Budget \n \nCurrent Year Revenues \n \nFunds Available Comeared to Budget \n \nPrior Year Carry-Over \n \nTotal Funds Available \n \nVariance Positive (Negative) \n \n7 554.00 $ \n \n5 202.00 $ \n \n5 202.00 $ \n \n0.00 $ \n \n5 202.00 $ \n \n0.00 \n \nTeaching State Appropriation State General Funds Federal Funds American Recovery and Reinvestment Act of 2009 Federal Stabilizetion Funds Other Funds \nTotal Teaching \n \n4,629,025.00 $ 4,059,663.00 $ 4,059,663.00 $ \n \n0.00 $ \n \n4,059,663.00 $ \n \n0.00 \n \n0.00 2 980 921.00 \n7 609 946.00 \n \n41,640.00 5,896,926.00 \n \n41,640.00 4 749 550.30 \n \n0.00 174,965.36 \n \n9 998 229.00 $ 8 850 853.30 $ 174 965.36 \n \n41,640.00 4 924 515.66 \n9 025 818.66 $ \n \n0.00 -972 410.34 \n-972,410.34 \n \nGrand Totals All Programs \n \n7 617 500.00 $ 10 003 431.00 $ 8 856 055.30 $ 174 965.36 $ \n \n9 031 020.66 $ \n \n-972 410.34 \n \n-2- \n \n EXHIBIT\"B\" \n \nExpenditures Compared to Budget \n \nVariance \n \nPositive \n \nActual \n \n(Negative) \n \nActual Funds Available \nover/(Under) Expenditures \n \nPrior Period Adjustments \n \nOther Adjustments \n \nProgram Fund \nBalances \n \nTransfers \n \nProgram Fund Balances \n \nReserve \n \nSurplus \n \nTotal Fund Balance \n \n5 202.00 $ \n \n0.00 $ \n \n0.00 $ \n \n000 $ \n \n0.00 $ \n \n0.00 $ \n \n0.00 $ \n \n0.00 $ \n \n0.00 $ \n \n0.00 \n \n$ 4,059,253.44 $ \n \n409.56 $ \n \n409.56 $ \n \n59.85 $ \n \n170,36 $ \n \n299,05 $ \n \n0.00 $ \n \n0.00 $ \n \n299.05 $ \n \n299.05 \n \n41,640.00 4 790 356.45 \n8 891 249.89 \n \n0.00 1 106 569.55 \n1106 979.11 \n \n0.00 134,159.21 \n134 568.77 \n \n0.00 -1 494.00 \n.1 434.15 \n \n0.00 -464.47 \n-634.83 \n \n0.00 132,200.74 \n132 499.79 \n \n0.00 \n \n000 \n \n0.00 132 043.77 \n \n0.00 132 043.77 \n \n0.00 156.97 \n456.02 \n \n0.00 132 200.74 \n132 499.79 \n \n8,896,451.89 $ \n \n1106 979.11 $ 134.568.77 $ \n \n-1 434.15 $ \n \n-634.83 $ 132 499.79 $ \n \n0.00 $ 132 043.77 $ \n \nUnexpendable Reserves Uncollectible Accounts Receivable Inventories \n \n456.02 $ 132,499.79 \n1,958.47 12 960.38 147 418.64 \n \n- 3. \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bw212-b2007-h2008","title":"Waycross College, Waycross, Georgia, independent accountant's report on applying agreed-upon procedures for the fiscal year ended June 30, 2008","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Ware County, Waycross, 31.21368, -82.3557"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["2007/2008"],"dcterms_description":["Fiscal year ended June 30, 2000-","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","Fiscal year ended June 30, 2006."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 2008"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Waycross College--Appropriations and expenditures","Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Waycross College, Waycross, Georgia, independent accountant's report on applying agreed-upon procedures for the fiscal year ended June 30, 2008"],"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-bw212-b2007-h2008"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bw212-b2007-h2008"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"STATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS \nWAYCROSS COLLEGE WAYCROSS, GEORGIA \nINDEPENDENT ACCOUNTANT'S REPORT ON APPLYING AGREED-UPON PROCEDURES \nFOR THE FISCAL YEAR ENDED JUNE 30, 2008 \nRussell W. Hinton State Auditor \n \n WAYCROSS COLLEGE - TABLE OF CONTENTS - \n \nINDEPENDENT ACCOUNTANT'S REPORT ON APPLYING AGREED-UPON PROCEDURES \n \nEXHIBITS \n \nA SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT \n \n1 \n \nB STATEMENT OF PROGRAM REVENUES AND EXPENDITURES BY FUNDING \n \nSOURCE COMPARED TO BUDGET \n \n2 \n \n RUSSELL W. HINTON \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \nDecember 1, 2008 \n \nMembers of the State Board ofRegents ofthe University System of Georgia Honorable David Palmer, President Waycross College \nIndependent Accountant's Report on Applying Agreed-Upon Procedures \nLadies and Gentlemen: \nWe have performed the procedures enumerated below, which were agreed to by the College and the University System Office (Oversight Unit) of the Board of Regents of the University System of Georgia, solely to assist you in assessing the accuracy of the financial information reported to the University System Office in the College's 2008 Annual Financial Report for inclusion in the State of Georgia's Comprehensive Annual Financial Report (CAFR) and Single Audit Report; and to assist you in assessing the accuracy of the budget basis information provided in the Summary Budget Comparison andSurplus Analysis Report and Statement ofProgram Revenues andExpenditures by Funding Source Compared to Budget which are attached as Exhibits A and B, respectively. Waycross College's management is responsible for the financial information reported to the University System Office in the College's Annual Financial Report. This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of the parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose. \nThe procedures and the associated findings are as follows: \n1. Review selected balance sheet items reported on the Annual Financial Report (cash, accounts receivable, accounts payable, deferred revenues, net assets). Confirm that these items have adequate supporting documentation and are properly reconciled to the College's general ledger. \nWe did not note any exceptions as a result of our procedures. \n \n 2. Obtain the College's GAAP basis Statement ofNet Assets and Statement ofRevenues, Expenses and Changes in Net Assets (SRECNA) submitted for inclusion in the State's CAFR and Single Audit. Utilizing test scripts, confirm that financial information presented in these statements properly supports activity reported in the College's accounting records. \nWe did not note any exceptions as a result of our procedures. \n3. Obtain the College's Statement of Cash Flows submitted for inclusion in the State's CAFR and Single Audit. Utilizing cash flow worksheets, confirm information reported on Statement of Cash Flows. \nWe did not note any exceptions as a result of our procedures. \n4. Obtain the College's Notes to the Financial Statements submitted for inclusion in the State's CAFR and Single Audit. Utilizing notes worksheets and other supporting documentation confirm that note disclosures related to Cash, Investments, Accounts Receivable, Capital Assets, Long-Term Debt, Lease Obligations and Retirement Plans have been properly reported. \nWe did not note any exceptions as a result of our procedures. \n5. Review the College's year end GAAP basis journal entries. Obtain documentation for GAAP journal entries and confirm that the entries were posted to the College's Annual Financial Report. \nWe did not note any exceptions as a result of our procedures. \n6. Confirm that State Appropriation revenues, receivables and remittances of prior year surplus balances have been properly recorded in the College's financial records. Prior year surplus balances should be netted against State Appropriation revenues in the GAAP basis financial statements; however, prior year surplus balances should be reflected as fund balance adjustments on the Budget basis financial statements. \nWe did not note any exceptions as a result of our procedures. \n7. Obtain listing of write-off requests for accounts receivable less than $3,000.00 for fiscal year 2008. Confirm that these write-offrequests have been approved by the State Accounting Officer and have been posted to the College's financial statements. \nWe did not note any exceptions as a result of our procedures. \n8. Verify that the listing ofsalaries, travel, and professional services reported to the Department of Audits is in accordance with O.C.G.A. 50-6-27 and reconciles to amounts recorded in the College's financial statements. \nWe did not note any exceptions as a result of our procedures. \n \n 9. Review year end Budgetary Statements including the Summary Budget Comparison andSurplus Analysis Report (Exhibit A) and Statement ofProgram Revenues and Expenditures by Funding Source Compared to Budget (Exhibit B). Confirm that budget information presented in these statements supports activity reported in the College's accounting records and determine if any budget overexpenditures exist. \nWe did not note any exceptions as a result of our procedures. \n10. Obtain documentation for Budget basis reserves reported by College on the Summary Budget Comparison and Surplus Analysis Report (Exhibit A). Confirm that the reserves are properly documented, valid and appropriate. \nWe did not note any exceptions as a result of our procedures. \n11. Review the H.O.P.E. Scholarship Program reconciliation between the College and the Georgia Student Finance Commission. Confirm that information reported to the Georgia Student Finance Commission has been reconciled with H.O.P.E. Scholarship activity reported on the College's financial records. \nWe did not note any exceptions as a result of our procedures. \n12. Review the Schedule ofExpenditures ofFederal Awards information submitted by the College for inclusion in the Statewide Single Audit. Confirm that the information is properly presented and supported by the College's accounting records. \nWe did not note any exceptions as a result of our procedures. \n13. Review capital asset records to ensure that (1) subsidiary ledgers are appropriately reconciled to the ledgers, (2) capitalization thresholds are being properly followed, and (3) a complete annual physical equipment inventory is being conducted and that issues noted during the physical inventory are being properly addressed by management. \nWe did not note any exceptions as a result of our procedures. \n14. Review bank reconciliations during the year under review to ensure that management is preparing them timely and that reconciling items are being addressed by management timely and in an appropriate manner. \nWe did not note any exceptions as a result of our procedures. \nThese agreed-upon procedures do not constitute an audit of the financial statements or any part thereof, the objective ofwhich is to express an opinion on the financial statements or a part thereof. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. \n \n This report is intended solely for the information and use ofthe specified users listed above and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully submitted, \n~U).~ \nRussell W. Hinton, CPA, CGFM State Auditor \nRWH:gp \n \n EXHIBITS \n \n WAYCROSS COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT \nYEAR ENDED JUNE 30, 2008 \n \nEXHIBIT\"A\" \n \nREVENUES \n \nState Appropriation \n \nState General Funds \n \n$ \n \nFederal Funds \n \nOther Funds \n \nTotal Revenues \n \n$ \n \nCARRY-OVER FROM PRIOR YEAR \n \nTransfer from Reserved Fund Balance \n \nTotal Funds Available \n \n$ \n \nEXPENDITURES \n \nSpecial Funding Initiative \n \n$ \n \nTeaching \n \nTotal Expenditures \n \n$ \n \nExcess of Funds Available over Expenditures \n \n$ \n \nFUND BALANCE JULY 1 \n \nReserved Unreserved \n \nADJUSTMENTS \n \nPrior Year Payables/Expenditures Increase in Inventories Unreserved Fund Balance (Surplus) Returned \nto Board of Regents- University System Office Year Ended June 30, 2007 \nPrior Year Unreserved Fund Balance Included in Funds Available \n \nFUND BALANCE JUNE 30 \n \nBUDGET \n4,083,611.00 $ \n1 ,299,695.00 1,753,707.00 \n7,137,013.00 $ \n0.00 \n7,137,013.00 $ 7,388.00 $ \n7,129,625.00 \n7,137,013.00 $ 0.00 $ \n$ \n \nACTUAL \n \nVARIANCEFAVORABLE (UNFAVORABLE) \n \n4,083,611.00 $ \n1,179,541.29 1,773,429.86 \n7,036,582.15 $ \n \n0.00 -120,153.71 \n19,722.86 \n-100,430.85 \n \n140 742.97 \n7,177,325.12 $ \n \n140 742.97 40312.12 \n \n7,388.00 $ \n6,993,130.97 \n7,000,518.97 $ \n176,806.15 $ \n \n0.00 136494.03 \n136 494.03 \n176,806.15 \n \n152,631.18 360.84 \n \n80.91 901.81 \n-360.84 -140 742.97 189,677.08 \n \nSUMMARY OF FUND BALANCE \nReserved Departmental Sales and Services Indirect Cost Recoveries Technology Fees Restricted/Sponsored Funds Uncollectible Accounts Receivable Tuition Carry-Over Inventories \nTotal Reserved \nUnreserved Surplus \nTotal Fund Balance \n \n$ \n \n33,831.93 \n \n4,395.14 \n \n119.43 \n \n105,942.32 \n \n1,494.00 \n \n30,676.54 \n \n12,790.02 \n \n$ \n \n189,249.38 \n \n427.70 \n \n$ \n \n189,677.08 \n \n-1- \n \n WAYCROSS COLLEGE STATEMENT OF PROGRAM REVENUES AND EXPENDITURES BY FUNDING SOURCE COMPARED TO BUDGET \nYEAR ENDED JUNE 30, 2008 \n \nSpecial Funding Initiative \nState Appropriation State General Funds \n \nOriginal Appropriation \n \nFinal Budget \n \nFunds Available Com~ared to Budget \n \nCurrent Year Revenues \n \nPrior Year Carry-Over \n \nTotal Funds Available \n \nVariance Positive (Negative) \n \n7,388.00 $ \n \n7,388.00 $ \n \n7,388.00 $ \n \n0.00 $ \n \n7,388.00 $ \n \n0.00 \n \nTeaching State Appropriation State General Funds Federal Funds Other Funds \nTotal Teaching \nGrand Totals- All Programs \n \n$ 4,067,416.00 $ 4,076,223.00 $ 4,076,223.00 $ \n \n0.00 $ \n \n1,200,000.00 \n \n1,299,695.00 \n \n1,179,541.29 \n \n0.00 \n \n1,567, 722.00 \n \n1,753,707.00 \n \n1 '773,429.86 \n \n140 742.97 \n \n$ 6,835,138.00 $ 7,129,625.00 $ 7,029,194.15 $ 140 742.97 $ \n \n4,076,223.00 $ 1 '179,541.29 1,914,172.83 \n \n0.00 -120,153.71 160.465.83 \n \n7,169,937.12 $ 40,312.12 \n \n6,842,526.00 $ 7,137,013.00 $ 7,036,582.15 $ 140,742.97 $ \n \n7,177,325.12 $ 40,312.12 \n \n-2- \n \n EXHIBIT\"B\" \n \nEx~enditures Com~ared to Budget \n \nVariance \n \nPositive \n \nActual \n \n(Negative) \n \nActual Funds Available \nOver/( Under) Expenditures \n \nPrior Period Adjustments \n \nOther Adjustments \n \nProgram Fund \nBalances \n \nTransfers \n \nPr29:ram Fund Balances \n \nReserve \n \n~ \n \nTotal Fund Balance \n \n$ \n \n7,388.00 $ \n \n0.00 $ \n \n0.00 $ \n \n0.00 $ \n \n0.00 $ \n \n0.00 $ \n \n0.00 $ \n \n0.00 $ ~$ \n \n0.00 \n \n4,075,876.21 $ 1,179,541.29 1 737 713.47 \n$ 6,993,130.97 $ \n \n346.79 120,153.71 \n15 993.53 \n136 494.03 $ \n \n346.79 $ 0.00 \n176 459.36 \n176 806.15 \n \n80.91 $ 0.00 0.00 \n80.91 $ \n \n0.00 $ \n \n427.70 $ \n \n0.00 \n \n0.00 \n \n-1 494.00 174,965.36 \n \n-1 494.00 $ 175,393.06 $ \n \n0.00 $ \n \n0.00 $ 427.70 $ \n \n0.00 \n \n0.00 \n \n0.00 \n \n0.00 174,965.36 ____MQ_ \n \n427.70 0.00 \n174,965.36 \n \n0.00 $ 174,965.36 $~$ 175 393.06 \n \n$ 7,000,518.97 $ \n \n136,494.03 $ \n \n176,806.15 $ \n \n80.91 $ -1,494.00 $ 175,393.06 $ \n \n0.00 $ 174,965.36 $ 427.70 $ 175,393.06 \n \nUnexpendable Reserves Inventories Uncollectible Accounts Receivable \n \n12,790.02 1494.00 \n$ 189 677.08 \n \n-3- \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bw212-b2006-h2007","title":"Waycross College, Waycross, Georgia, independent accountant's report on applying agreed-upon procedures for the fiscal year ended June 30, 2007","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Ware County, Waycross, 31.21368, -82.3557"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["2006/2007"],"dcterms_description":["Fiscal year ended June 30, 2000-","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","Fiscal year ended June 30, 2006."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Waycross College--Appropriations and expenditures","Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Waycross College, Waycross, Georgia, independent accountant's report on applying agreed-upon procedures for the fiscal year ended June 30, 2007"],"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-bw212-b2006-h2007"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bw212-b2006-h2007"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"STATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS \nWAYCROSS COLLEGE WAYCROSS, GEORGIA \nINDEPENDENT ACCOUNTANTS REPORT ON APPLYING AGREED-UPON PROCEDURES \nFOR THE FISCAL YEAR ENDED JUNE 30, 2007 \nRussell W. Hinton State Auditor \n \n WAYCROSS COLLEGE - TABLE OF CONTENTS - \nINDEPENDENT ACCOUNTANT'S REPORT ON APPLYING AGREED-UPON PROCEDURES EXHIBIT \nA BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT \n \n RUSSELL W. HINTON \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \nOctober 22, 2007 \n \nMembers ofthe Board of Regents of the University System of Georgia Honorable David Palmer, President Waycross College \nIndependent Accountant's Report on Applying Agreed-Upon Procedures \nLadies and Gentlemen: \nWe have performed the procedures enumerated below, which were agreed to by the College and the University System Office (Oversight Unit) of the Board of Regents of the University System of Georgia, solely to assist you in assessing the accuracy of the financial information reported to the University System Office in the College's 2007 Annual Financial Report for inclusion in the State of Georgia's Comprehensive Annual Financial Report (CAFR) and Single Audit Report; and to assist you in assessing the accuracy of the budget basis information provided in the Budget Comparison and Surplus Analysis Report, which is attached as Exhibit A. This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of the parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose. \n1. Review selected balance sheet items reported on the Annual Financial Report (cash, accounts receivable, accounts payable, deferred revenues, net assets). Confirm that these items have adequate supporting documentation and are properly reconciled to the College's general ledger. \nWe did not note any exceptions as a result of our procedures. \n2. Obtain the College's GAAP basis Statement of Net Assets and Statement of Revenues, Expenses and Changes in Net Assets (SRECNA) submitted for inclusion in the State's CAFR and Single Audit. Utilizing test scripts, confirm that financial information presented in these statements properly supports activity reported in the College's accounting records. \nWe did not note any exceptions as a result of our procedures. \n \n 3. Obtain the College's Statement of Cash Flows submitted for inclusion in the State's CAFR and Single Audit. Utilizing cash flow worksheets, confirm information reported on Statement of Cash Flows. \nWe did not note any exceptions as a result of our procedures. \n4. Obtain the College's Notes to the Financial Statements submitted for inclusion in the State's CAFR and Single Audit. Utilizing notes worksheets and other supporting documentation confirm that note disclosures related to Cash, Investments, Accounts Receivable, Capital Assets, Long-Term Debt, Lease Obligations and Retirement Plans have been properly reported. \nWe did not note any exceptions as a result of our procedures. \n5. Review the College's year end GAAP basis journal entries. Obtain documentation for GAAP journal entries and confirm that the entries were posted to the College's Annual Financial Report. \nWe did not note any exceptions as a result of our procedures. \n6. Confirm that State Appropriation revenues, receivables and remittances ofprior year surplus balances have been properly recorded in the College's financial records. Prior year surplus balances should be netted against State Appropriation revenues in the GAAP basis financial statements; however, prior year surplus balances should be reflected as fund balance adjustments on the Budget basis financial statements. \nWe did not note any exceptions as a result of our procedures. \n7. Obtain listing ofwrite-offrequests for accounts receivable less than $3,000.00 for fiscal year 2007. Confirm that these write-off requests have been approved by the State Accounting Officer and have been posted to the College's financial statements. \nWe did not note any exceptions as a result of our procedures. \n8. Verify that the listing ofsalaries, travel, and per diem and fees reported to the Department of Audits is in accordance with O.C.G.A. 50-6-27 reconciles to amounts recorded in the College's financial statements. \nWe did not note any exceptions as a result of our procedures. \n9. Review year end Budgetary Statements including the Budget Comparison and Surplus Analysis Report (Exhibit A). Confirm that budget information presented in these statements supports activity reported in the College's accounting records and determine if any budget overexpenditures exist. \nWe did not note any exceptions as a result of our procedures. \n \n 10. Obtain documentation for Budget basis reserves reported by College on the Budget Comparison and Surplus Analysis Report (Exhibit A). Confirm that the reserves are properly documented, valid and appropriate. \nWe did not note any exceptions as a result of our procedures. \n11. Review the H.O.P.E. Scholarship Program reconciliation between the College and the Georgia Student Finance Commission. Confirm that information reported to the Georgia Student Finance Commission has been reconciled with H.O.P.E. Scholarship activity reported on the College's financial records. \nWe did not note any exceptions as a result of our procedures. \n12. Review the Schedule of Expenditures of Federal Awards information submitted by the College for inclusion in the Statewide Single Audit. Confirm that the information is properly presented and supported by the College's accounting records. \nThe Schedule of Expenditures of Federal Awards (SEFA) information submitted by Waycross College did not contain non-monetary activity in the amount of$519,372.07 for the Federal Family Education Loan Program (CFDA No. 84.032). \nThese agreed-upon procedures do not constitute an audit of the financial statements or any part thereof, the objective ofwhich is to express an opinion on the financial statements or a part thereof. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. \nThis report is intended solely for the information and use of the specified users listed above and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully submitted, \n~~~ \nRussell W. Hinton, CPA, CGFM State Auditor \nRWH:gp \n \n EXHIBIT \n \n WAYCROSS COLLEGE BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT \nYEAR ENDED JUNE 30, 2007 \n \nEXHIBIT \"A\" \n \nREVENUES \nState Appropriation State General Funds \nFederal Funds Other Funds \nTotal Revenues \nEXPENDITURES \nSpecial Funding Initiative Teaching \nTotal Expenditures \nExcess of Funds Available over Expenditures \nFUND BALANCE JULY 1 \nReserved Unreserved \nADJUSTMENTS \nPrior Year Payables/Expenditures Unreserved Fund Balance (Surplus) Returned \nto Board of Regents - University System Office Year Ended June 30, 2006 \nFUND BALANCE JUNE 30 \nSUMMARY OF FUND BALANCE \nReserved Department Sales and Services Indirect Cost Recovery Technology Fees Restricted/Sponsored Funds Inventories \nTotal Reserved \nUnreserved Surplus \nTotal Fund Balance \n \nBUDGET \n \nACTUAL \n \nVARIANCEFAVORABLE (UNFAVORABLE} \n \n$ 3,447,545.00 $ 3,447,545.00 $ \n \n1,240,153.00 \n \n1,199,983.31 \n \n1,978,063.00 \n \n1,769,426.43 \n \n$ 6,665,761.00 $ 6,416,954.74 $ \n \n0.00 -40,169.69 -208,636.57 \n-248,806.26 \n \n$ \n \n7,182.00 $ \n \n7,182.00 $ \n \n6,658,579.00 \n \n6,427,167.82 \n \n$ 6,665,761.00 $ 6,434,349.82 $ \n \n$ \n \n0.00 $ \n \n-17,395.08 $ \n \n0.00 231411.18 \n231411.18 \n-17,395.08 \n \n169,593.62 342.05 \n \n793.48 \n \n-342.05 \n \n$ \n \n152,992.02 \n \n$ \n \n27,614.47 \n \n5,571.60 \n \n2,582.83 \n \n104,974.07 \n \n11 888.21 \n \n$ \n \n152,631.18 \n \n360.84 \n \n$ ==1=5=2:,9=92==02= \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bw212-b2005-h2006","title":"Waycross College, Waycross, Georgia, independent accountant's report on applying agreed-upon procedures for the fiscal year ended June 30, 2006","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Ware County, Waycross, 31.21368, -82.3557"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["2005/2006"],"dcterms_description":["Fiscal year ended June 30, 2000-","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","Fiscal year ended June 30, 2006."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 2006"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Waycross College--Appropriations and expenditures","Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Waycross College, Waycross, Georgia, independent accountant's report on applying agreed-upon procedures for the fiscal year ended June 30, 2006"],"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-bw212-b2005-h2006"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bw212-b2005-h2006"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"STATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS \nWAYCROSS COLLEGE WAYCROSS, GEORGIA \nINDEPENDENT ACCOUNTANT'S REPORT ON APPLYING AGREED-UPON PROCEDURES \nFOR THE FISCAL YEAR ENDED JUNE 30, 2006 \nRussell W. Hinton State Auditor \n \n WAYCROSS COLLEGE - TABLE OF CONTENTS - \nINDEPENDENT ACCOUNTANT'S REPORT ON APPLYING AGREED-UPON PROCEDURES EXHIBIT \nA BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT \n \n RUSSELL W. HINTON \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \nOctober 9, 2006 \n \nMembers of the State Board of Regents of the University System of Georgia Honorable David Palmer, President Waycross College \nIndependent Accountant's Report on Applying Agreed-Upon Procedures \nLadies and Gentlemen: \nWe have performed the procedures enumerated below, which were agreed to by the College and the University System Office (Oversight Unit) of the Board of Regents of the University System of Georgia, solely to assist you in assessing the accuracy of the financial information reported to the University System Office in the College's 2006 Annual Financial Report and Budget Comparison and Surplus Analysis Report. The Budget Comparison and Surplus Analysis Report is attached as Exhibit A. This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute ofCertified Public Accountants. The sufficiency of these procedures is solely the responsibility ofthe parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose. \n1. Review selected balance sheet items reported on the Annual Financial Report (cash, accounts receivable, accounts payable, deferred revenues, net assets). Confirm that these items have adequate supporting documentation and are properly reconciled to the College's general ledger. \nWe did not note any exceptions as a result of our procedures. \n2. Obtain the College's GAAP basis Statement of Net Assets and Statement of Revenues Expenses and Changes in Net Assets (SRECNA) submitted for inclusion in the State's CAFR and Single Audit. Utilizing test scripts, confirm that financial information presented in these statements properly supports activity reported in the College's accounting records. \nWe did not note any exceptions as a result of our procedures. \n \n 3. Obtain the College's Statement of Cash Flows submitted for inclusion in the State's CAFR and Single Audit. Utilizing cash flow worksheets, confirm information reported on Statement of Cash Flows. \nWe did not note any exceptions as a result of our procedures. \n4. Obtain the College's Notes to the Financial Statements submitted for inclusion in the State's CAFR and Single Audit. Utilizing notes worksheets and other supporting documentation confirm that note disclosures related to Cash, Investments, Accounts Receivable, Capital Assets, Long-Term Debt, Lease Obligations and Retirement Plans have been properly reported. \nWe did not note any exceptions as a result of our procedures. \n5. Review the College's year end GAAP basis journal entries. Obtain documentation for GAAP journal entries and confirm that the entries were posted to the College's Annual Financial Report. \nWe did not note any exceptions as a result of our procedures. \n6. Confirm that State Appropriation revenues, receivables and remittances ofprior year surplus balances have been properly recorded in the College's financial records. Prior year surplus balances should be netted against State Appropriation revenues in the GAAP basis financial statements; however, prior year surplus balances should be reflected as fund balance adjustments on the Budget basis financial statements. \nWe did not note any exceptions as a result of our procedures. \n7. Obtain listing ofwrite-offrequests for accounts receivable less than $3,000.00 for fiscal year 2006. Confirm that these write-off requests have been approved by the State Accounting Officer and have been posted to the College's financial statements. \nWe did not note any exceptions as a result of our procedures. \n8. Verify that the listing of salaries, travel, and per diem and fees reported to the Department of Audits is in accordance with O.C.G.A. 50-6-27 reconciles to amounts recorded in the College's financial statements. \nWe did not note any exceptions as a result of our procedures. \n9. Review year end Budget Comparison and Surplus Analysis Report (Exhibit A). Confirm that budget information presented in this report supports activity reported in the College's accounting records and determine if any budget overexpenditures exist. \nWe did not note any exceptions as a result of our procedures. \n \n 10. Obtain documentation for Budget basis reserves reported by College on the Budget Comparison and Surplus Analysis Report (Exhibit A). Confirm that the reserves are properly documented, valid and appropriate. \nWe did not note any exceptions as a result of our procedures. \n11. Review the H.O.P.E. Scholarship Program reconciliation between the College and the Georgia Student Finance Commission. Confirm that information reported to the Georgia Student Finance Commission has been reconciled with H.O.P.E. Scholarship activity reported on the College's financial records. \nWe did not note any exceptions as a result of our procedures. \nThese agreed-upon procedures do not constitute an audit of the financial statements or any part thereof, the objective ofwhich is to express an opinion on the financial statements or a part thereof. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. \nThis report is intended solely for the information and use of the specified users listed above and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully submitted, \n~~-~ \nRussell W. Hinton, CPA, CGFM State Auditor \nRWH:gp \n \n EXHIBIT \n \n WAYCROSS COLLEGE BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT \nYEAR ENDED JUNE 30, 2006 \n \nEXHIBIT\"A\" \n \nREVENUES \nState Appropriation State General Funds \nFederal Funds Other Funds \nTotal Revenues \nEXPENDITURES \nPublic Service/Special Funding Initiatives Teaching \nTotal Expenditures \nExcess of Funds Available over Expenditures \nFUND BALANCE JULY 1 \nReserved Unreserved \nADJUSTMENTS \nPrior Year Payables/Expenditures Increase (Decrease) in Inventories Unreserved Fund Balance (Surplus) Returned \nto Board of Regents - University System Office Year Ended June 30, 2005 \nFUND BALANCE JUNE 30 \nSUMMARY OF FUND BALANCE \nReserved Departmental Sales and Services Indirect Cost Recoveries Technology Fees Restricted Funds Uncollectible Accounts Receivable Inventories \nTotal Reserved \nUnreserved Surplus \nTotal Fund Balance \n \nBUDGET \n \nACTUAL \n \nVARIANCEFAVORABLE (UNFAVORABLE) \n \n$ 3,432,407.00 $ 3,432,407.00 $ \n \n1,091,966.00 \n \n1,134,500.18 \n \n1,530,640.00 \n \n1,508,246.27 \n \n$ 6,055,013.00 $ 6,075,153.45 $ \n \n0.00 42,534.18 -22,393.73 \n20 140.45 \n \n$ \n \n6,987.00 $ \n \n6,987.00 $ \n \n6,048,026.00 \n \n6,032,117.58 \n \n$ 6,055,013.00 $ 6,039,104.58 $ \n \n$ \n \n0.00 $ \n \n36,048.87 $ \n \n0.00 15,908.42 \n15,908.42 \n36,048.87 \n \n133,872.27 2,034.04 \n \n-567.28 581.81 \n \n-2 034.04 \n \n$ \n \n169,935.67 \n \n$ \n \n13,723.50 \n \n6,415.67 \n \n16,886.07 \n \n121,243.13 \n \n18.17 \n \n11,307.08 \n \n$ \n \n169,593.62 \n \n342.05 \n \n$ ==1;,,;;6;;;,91=,9=35=.=67= \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bw21-b2004-h2005","title":"Management report, Waycross College, Waycross, Georgia, an organizational unit of the state of Georgia, year ended June 30, 2005","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Ware County, Waycross, 31.21368, -82.3557"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["2004/2005"],"dcterms_description":["Fiscal year ended June 30, 2000-","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","Fiscal year ended June 30, 2006."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 2005"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Waycross College--Appropriations and expenditures","Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Management report, Waycross College, Waycross, Georgia, an organizational unit of the state of Georgia, year ended June 30, 2005"],"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-bw21-b2004-h2005"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bw21-b2004-h2005"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"STATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS \nMANAGEMENT REPORT WAYCROSS COLLEGE WAYCROSS, GEORGIA \nAN ORGANIZATIONAL UNIT OF THE STATE OF GEORGIA YEAR ENDED JUNE 30, 2005 \nRussell W. Hinton State Auditor \n \n WAYCROSS COLLEGE - TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nLETTER OF TRANSMITTAL \n \nSELECTED FINANCIAL INFORMATION \n \nEXHIBITS \n \nA BALANCE SHEET-(STATUTORY BASIS) \n \n\"A\" RESIDENT INSTRUCTION \n \n3 \n \nB ANALYSIS OF CHANGES IN FUND BALANCE-(STATUTORY BASIS) \n \n\"A\" RESIDENT INSTRUCTION \n \n4 \n \nC STATEMENT OF REVENUES AND EXPENDITURES COMPARED TO \n \nBUDGET - (STATUTORY BASIS) \n \n\"A\" RESIDENT INSTRUCTION \n \n5 \n \nD RECONCILIATION OF SALARIES AND TRAVEL \n \n7 \n \nSECTION II FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \n \n SECTION I FINANCIAL \n \n Russell W. Hinton \nSTATE AUDITOR (404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \nSeptember 14, 2005 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly of Georgia Members of the State Board of Regents of the University System of Georgia \nand Honorable Barbara Losty, President Waycross College \nLadies and Gentlemen: \nAs part ofour audit ofthe statutory basis financial statements ofthe State ofGeorgia presented in the State ofGeorgia Report ofthe State Auditor, the basic financial statements of the State of Georgia presented in the State ofGeorgia Comprehensive Annual Financial Report, and the issuance of a State ofGeorgia Single Audit Report pursuant to the Single Audit Act Amendments, as ofand for the year ended June 30, 2005, we have performed certain audit procedures at Waycross College. Accordingly, the financial statements and compliance activities ofWaycross College were examined to the extent considered necessary in order to express an opinion as to the fair presentation of the financial statements contained in the foregoing documents and to issue reports on compliance and internal control as required by the Single Audit Act Amendments of 1996. \nThis Management Report contains information pertinent to the financial and compliance activities of Waycross College as ofand for the year ended June 30, 2005. Information contained in this report is a by-product ofour engagement that is the representation ofmanagement, and accordingly, we do not express an opinion or any other form of assurance on it. The particular information provided is enumerated in the Table of Contents. \nThis report is intended solely for the information and use of the management of Waycross College, and members ofthe Board ofRegents ofthe University System ofGeorgia and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully submitted, \n \nRWH:as \n \nState Auditor \n \n SELECTED FINANCIAL INFORMATION - 1- \n \n WAYCROSS COLLEGE BALANCE SHEET (STATUTORY BASIS} \n\"A\" RESIDENT INSTRUCTION JUNE 30. 2005 \nASSETS \nCash and Cash Equivalents Investments Accounts Receivable \nFederal Financial Assistance Other Prepaid Expenditures Inventories \nTotal Assets \nLIABILITIES AND FUND EQUITY \nLiabilities Accounts Payable Deferred Revenue \nTotal Liabilities \nFund Balances Reserved Inventories Continuing Education Indirect Cost Recoveries Technology Fees Restricted Funds Uncollectible Accounts Receivable Unreserved Undesignated Surplus Regular \nTotal Fund Balances \nTotal Liabilities and Fund Balances \n \nEXHIBIT\"A\" \n \n$ \n \n216,910.30 \n \n57,560.19 \n \n90,106.93 64,998.95 \n270.00 11163.12 \n \n$ ==4=4=1=0=09==49= \n \n$ \n \n169,367.00 \n \n135,736.18 \n \n$ \n \n305,103.18 \n \n$ \n \n10,725.27 \n \n11,047.63 \n \n5,626.25 \n \n1,023.31 \n \n105,431.64 \n \n18.17 \n \n2 034.04 \n \n$ \n \n135,906.31 \n \n$ ==4=41=0=0=9=.4=9 \n \nStatutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a comprehensive basis of accounting other than generally accepted accounting principles. \n-3- \n \n WAYCROSS COLLEGE ANALYSIS OF CHANGES IN FUND BALANCE - (STATUTORY BASIS) \n\"A\" RESIDENT INSTRUCTION YEAR ENDED JUNE 30. 2005 \n \nEXHIBIT\"B\" \n \nFUND BALANCE - JULY 1. 2004 Reserved Surplus \nADDITIONS Adjustments to Prior Year\"s Expenditures/Payables Excess of Funds Available over Expenditures Exhibit \"C\" \nDEDUCTIONS Unreserved Fund Balance (Surplus) Returned to Board of Regents - Administrative Central Office Year Ended June 30, 2004 \nFUND BALANCE - JUNE 30. 2005 \n \n$ \n \n126.164.08 \n \n450.14 \n \n$ \n \n126,614.22 \n \n$ \n \n1,081.77 \n \n8,660.46 \n \n$ \n \n9 742.23 \n \n$ \n \n450.14 \n \n$ ===1=3=5=,9=06==31= \n \nStatutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a comprehensive basis of accounting other than generally accepted accounting principles. \n-4 - \n \n WAYCROSS COLLEGE STATEMENT OF REVENUES AND EXPENDITURES COMPARED TO \nBUDGET- (STATUTORY BASIS) \"A\" RESIDENT INSTRUCTION YEAR ENDED JUNE 30. 2005 \n \nEXHIBIT\"C\" \n \nREVENUES State Appropriations Other Revenues Retained \nEXPENDITURES Personal Services: \nEducation, General and Departmental Services Sponsored Operations Operating Expenses: Education, General and Departmental Services Sponsored Operations Capital Outlay Special Funding Initiative \nExcess of Revenues over Expenditures \n \nBUDGET \n \nACTUAL \n \nVARIANCEFAVORABLE (UNFAVORABLE) \n \n$ 3,220.102.00 $ 3,220,102.00 $ \n \n2,721,065.00 \n \n2,430,319.03 \n \n0.00 -290 745.97 \n \n$ 5,941,167.00 $ 5,650,421.03 $ _ _ _-2_9_0~,7_4_5._97_ \n \n$ 3,453,066.00 $ 3,447,578.30 $ \n \n49,272.00 \n \n42,310.33 \n \n882,447.00 1,188,172.00 \n360,313.00 7 897.00 \n \n862,061.40 1,078,974.11 \n202,939.43 7 897.00 \n \n5,487.70 6,961.67 \n20,385.60 109,197.89 157,373.57 \n0.00 \n \n$ 5,941,167.00 $ 5,641,760.57 $ _ _ _2_9_9~,4_0_6._4_3 \n \n$ \n \n8,660.46 $===8=6=6=0=.4=6 \n \nStatutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a comprehensive basis of accounting other than generally accepted accounting principles. \n-5- \n \n WAYCROSS COLLEGE RECONCILIATION OF SALARIES AND TRAVEL \nYEAR ENDED JUNE 30. 2005 \n \nEXHIBIT\" \" \n \nTotals per Annual Supplement \nCompensated Absences June 30, 2005 June 30, 2004 \nSalary Legal Settlement \nAdjustments Shared Services on Jointly Staffed Personnel Valdosta State University Strickland, Tonya Wozny, Christopher \nTotals per GAAP Basis as Reported in the Consolidated Annual Financial Report \n \nSALARIES \n \nTRAVEL \n \n$ 2,841,339.96 $ \n \n39,942.47 \n \n173,488.92 -171,589.52 \n-2,383.34 \n \n-1,700.00 -1 700.00 \n \n$ 2,837,456.02 $==3=9=,9=42==47= \n \n-7- \n \n SECTION II FINDINGS AND QUESTIONED COSTS \n \n WAYCROSS COLLEGE SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2005 \nFINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS No matters were reported. 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