Fiscal Year 2005
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ANNUAL FINANCIAL REPORT Board of Regents of the University System of Georgia For the Year Ended June 30, 2005 “Creating a More Educated Georgia” Board of Regents of The University System of Georgia Annual Financial Report June 30, 2005 Table of Contents Members of the Board of Regents .................................................................................... 1 Letter of Transmittal ....................................................................................................... 2 Map of Institutions ........................................................................................................... 3 Institutions of the University System of Georgia ........................................................... 4 State Resources ............................................................................................................... 5 Management’s Discussion and Analysis ...................................................................... 6 Financial Statements Statement of Net Assets.................................................................................................... 13 Statement of Revenues, Expenses and Changes in Net Assets ........................................ 32 Statement of Cash Flows .................................................................................................. 51 Notes to the Financial Statements Note 1 – Summary of Significant Accounting Policies.................................................. 52 Note 2 – Deposits and Investments................................................................................. 59 Note 3 – Accounts Receivable........................................................................................ 67 Note 4 – Inventories........................................................................................................ 67 Note 5 – Notes/Loans Receivable................................................................................... 67 Note 6 – Capital Assets................................................................................................... 68 Note 7 – Deferred Revenue............................................................................................. 69 Note 8 – Long Term Liabilities ...................................................................................... 69 Note 9 – Significant Commitments…............................................................................. 69 Note 10 – Lease Obligations............................................................................................. 69 Note 11 – Retirement Plans .............................................................................................. 75 Note 12 – Risk Management............................................................................................. 78 Note 13 – Contingencies................................................................................................... 79 Note 14 – Post Employment Benefits Other Than Pension Benefits................................ 79 Note 15 – Natural Classifications with Functional Classifications .................................. 80 Note 16 – Component Units ............................................................................................. 81 BOARD OF REGENTS UNIVERSITY SYSTEM OF GEORGIA June 30, 2005 Hugh A. Carter, Jr. …………….….….Atlanta Elridge W. McMillan ……….….…Atlanta State-At-Large Fifth District Term Expires January 1, 2009 Term Expires January 1, 2010 William H. Cleveland ……………..…Atlanta Michael J. Coles ………..………Kennesaw State-At-Large Sixth District Term Expires January 1, 2009 Term Expires January 1, 2008 Donald M. Leebern, Jr.………… ……..Atlanta Richard L. Tucker……….….Lawrenceville State-At-Large Seventh District Term Expires January 1, 2012 Term Expires January 1, 2012 Doreen Stiles Poitevint .…..…..…...Bainbridge Connie Cater …………….…...……Macon State-At-Large Eighth District Term Expires January 1, 2011 Term Expires January 1, 2006 Joel O. Wooten, Jr. ……………….Columbus Patrick W. Pittard ……….…………Atlanta State-At-Large Ninth District Term Expires January 1, 2006 Term Expires January 1, 2008 W. Mansfield Jennings, Jr.…...….Hawkinsville James R. Jolly………..…….…….…Dalton First District Tenth District Term Expires January 1, 2010 Term Expires January 1, 2008 Julie Ewing Hunt ………….……….…Tifton Joe Frank Harris ………….…..Cartersville Second District Eleventh District Term Expires January 1, 2011 Term Expires January 1, 2006 Martin W. NeSmith. …………………Claxton Timothy J. Shelnut ……….……...Augusta Third District Twelfth District Term Expires January 1, 2006 Term Expires January 1, 2007 Wanda Yancey Rodwell…..…Stone Mountain Allan Vigil …………….………….Morrow Fourth District Thirteenth District Term Expires January 1, 2012 Term Expires January 1, 2010 OFFICERS OF THE BOARD OF REGENTS Joel O. Wooten, Jr..……………..….Chairman William R. Bowes ……….………..Treasurer Timothy J. Shelnut .………… Vice Chairman Gail S. Weber ……...Secretary to the Board Thomas C. Meredith ………..…….Chancellor Annual Financial Report FY2005 1 BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA 270 Washington Street, S.W. Atlanta, Georgia 30334 Office of Fiscal Affairs 404-656-2232 Office of Internal Audit 404-656-2237 January 13, 2006 Interim Chancellor Corlis P. Cummings Board of Regents University System of Georgia Dear Interim Chancellor Cummings: In keeping with the by-laws of the Board of Regents, we submit to you the Annual Financial Report of the University System of Georgia for the fiscal year ended June 30, 2005. The officers of the various institutions represented in this report have assured us that every effort has been made to reflect accurately the information considered important to all concerned parties. In the event that this report is not sufficient in detail or if there is additional information desired, this office will be glad to supply such information. Sincerely, ____________________________ __________________________ William R. Bowes Ronald B. Stark Vice Chancellor for Fiscal Affairs Associate Vice Chancellor for and Treasurer of the Board Internal Audit Annual Financial Report FY2005 2 UNIVERSITY SYSTEM OF GEORGIA Annual Financial Report FY2005 3 Institutions of the University System of Georgia RESEARCH UNIVERSITIES Georgia Institute of Technology ........................................................................................................ Atlanta Georgia State University.................................................................................................................... Atlanta Medical College of Georgia..............................................................................................................Augusta University of Georgia .........................................................................................................................Athens REGIONAL UNIVERSITIES Georgia Southern University ........................................................................................................ Statesboro Valdosta State University ................................................................................................................Valdosta STATE UNIVERSITIES Albany State University..................................................................................................................... Albany Armstrong Atlantic State University.............................................................................................. Savannah Augusta State University ..................................................................................................................Augusta Clayton State University...................................................................................................................Morrow Columbus State University ............................................................................................................Columbus Fort Valley State University ........................................................................................................Fort Valley Georgia College & State University ........................................................................................ Milledgeville Georgia Southwestern State University ......................................................................................... Americus Kennesaw State University........................................................................................................... Kennesaw North Georgia College & State University ..................................................................................Dahlonega Savannah State University ............................................................................................................. Savannah Southern Polytechnic State University ............................................................................................ Marietta University of West Georgia ...........................................................................................................Carrollton STATE COLLEGES Dalton State College ........................................................................................................................... Dalton Macon State College...........................................................................................................................Macon TWO-YEAR COLLEGES Abraham Baldwin Agricultural College ..............................................................................................Tifton Atlanta Metropolitan College ...........................................................................................................