The annual financial report includes three basic statements: (1) Balance Sheet, (2) Statement of Changes in Fund Balance, and (3) Statement of Current Fund Revenues, Expenditures, and Other Changes. The Notes to Financial Statements are considered to be an integral part of the Statements. Additional schedules, statements, etc. are included in the report as supplemental information to assist the reader/user of the report. The College has elected to use the columnar report format for the basic statements.

For financial reporting puRposes, funds with similar characteristics are combined into fund groups. The College has summarized funds for reporting purposes as:

Current Funds

1. Unrestricted
   1. OpeRations Fund
   2. Auxiliary Enterprise Bookstore
      
   3. Auxiliary Enterprise Parking Acquisition/Maintenance
      
      
2. Restricted
   1. Sponsored Programs Federal
      
   2. Sponsored Programs State
      
   3. Sponsored Programs Local
      
   4. Sponsored Programs Apprentice
      
   5. Private Grants & Contracts
      
   6. Student Aid Federal
      
   7. Student Aid State
      
   8. Student Aid Other
      
      
3. Student Loan Fund
   
   
4. Endowment and Similar Funds
   
   
5. Plant Funds
   1. Plant Fund Unexpended
      
   2. Plant Fund Renewal and Replacement
      
   3. Plant Fund Retirement of Indebtedness
      
   4. Plant Fund Investment-In-Plant
      
      
6. Agency Funds
   1. Agency Fund Payroll
      
   2. Agency Fund Student Activity

The Balance Sheet is a statement of financial position at the end of the College fiscal year-June 30. Account balances for Assets, Liabilities, and Fund Balance are combined for each fund group as needed for fair presentation. Comparative data is presented for Prior Year.

The Statement of Changes in Fund Balance reports the change in the financial position for the reporting period for each fund group. All fund groups containing a fund balance are reported.

The Statement of Current Fund Revenues, Expenditures and Other Changes reports revenue detail by source, and expenditure detail by function for each fund group. Total Revenue and Total Expenditure data should concur with data reported in Statement of Changes in Fund Balance.

The Notes to Financial Statements should be considered to be an integral part of the financial statements. A disclosure summary of significant accounting policies is contained. The summary briefly describes the fund groups, together with a short narrative concerning activity within each fund group. Additional notes are contained as required for fair presentation. This may include, but is not limited to, investment valuation, valuation of Investment-in-Plant, basis of accrual accounting, significant change in accounting procedure(s), significant changes in fixed assets and/or long-term liabilities, as well as other material financial consideration. Correction of an error and/or adjustment of a material amount in previously issued financial statements may be disclosed in the financial statements or in the notes to the statements.

Supplemental schedules may include Statement of Allocated Fund Balance. The Statement provides detail of allocated fund balance(s) by fund group. The allocated totals by fund group should concur with reported allocated funds on the Balance Sheet.

Supplemental schedules on Auxiliary Enterprise Fund Bookstore are currently included. The purpose is to provide greater detail on an area of concern to management. Greater detail on one fund in a fund group may be included to provide additional focus on an activity currently receiving additional management analysis. In addition, graphs and/or charts may be included to provide alternative presentation of financial data.

Supporting schedules are included on debt service and lease purchase. The schedules may be detailed by project/location and summarized to report College commitment.

end of Section A

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