Comprehensive Annual Financial Report a Component Unit of the State of South Carolina
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Comprehensive Annual Financial Report A component unit of the state of South Carolina For the year ended June 30, 2016 Prepared by the Office of Financial Services COASTAL CAROLINA UNIVERSITY FINANCIAL STATEMENTS For the Year Ended June 30, 2016 TABLE OF CONTENTS Page INTRODUCTORY SECTION President’s Letter............................................................................................................................... 3 Letter of Transmittal.......................................................................................................................... 9 GFOA Certificate of Achievement .................................................................................................... 17 Board of Trustees .............................................................................................................................. 18 Administrative Officers ..................................................................................................................... 19 Finance and Administration .............................................................................................................. 20 Organizational Chart ......................................................................................................................... 22 FINANCIAL SECTION Independent Auditor’s Report on the Financial Statements ...............................................................27 Management’s Discussion and Analysis ............................................................................................31 Basic Financial Statements Statement of Net Position ............................................................................................................41 Statement of Revenues, Expenses and Changes in Net Position .................................................42 Statement of Cash Flows ..............................................................................................................43 *Nongovernmental Component Unit – Coastal Educational Foundation Statement of Financial Position .............................................................................................44 Statement of Activities ............................................................................................................45 *Nongovernmental Component Unit – CCU Student Housing Foundation Consolidated Statement of Financial Position ........................................................................46 Consolidated Statement of Activities......................................................................................47 *Nongovernmental Component Unit – Chanticleer Athletic Foundation Statement of Financial Position ..............................................................................................48 Statement of Activities ............................................................................................................49 Notes to Financial Statements ......................................................................................................50 Required Supplementary Information ................................................................................................87 Other Financial Information Required by the Office of the South Carolina Comptroller General Schedule of Information on Business-Type Activities Required for the Government-wide Statement of Activities in the State Comprehensive Annual Financial Report (CAFR) .......93 Schedule Reconciling State Appropriations per the Financial Statements to State Appropriations Recorded in State Accounting Records ........................................................94 Schedule of Tuition Fees for the Year Ended June 30, 2016 ........................................................95 STATISTICAL SECTION Financial Trends ..........................................................................................................................99 Schedule 1-Net Position by Component ....................................................................................101 Schedule 2-Major Revenue Sources ..........................................................................................101 Schedule 3-Expenses by Function .............................................................................................102 Schedule 4-Expenses by Use .....................................................................................................103 Schedule 5-Other Changes in Position ......................................................................................104 i COASTAL CAROLINA UNIVERSITY FINANCIAL STATEMENTS For the Year Ended June 30, 2016 TABLE OF CONTENTS Page Revenue Capacity ........................................................................................................................105 Schedule 6-Applications, Enrollment and Degrees Awarded....................................................106 Schedule 7-Undergraduate Annual Required Tuition and Fees at South Carolina Public Four-Year Institutions ..................................................................................107 Debt Capacity ...............................................................................................................................109 Schedule 8-Ratios of Outstanding Debt ....................................................................................110 Schedule 9-Debt Service Coverage on Revenue Bonds ............................................................111 Schedule 10-Debt Service Coverage on General Obligation Bonds .........................................112 Demographic and Economic Information .................................................................................113 Schedule 11-South Carolina Employment by Industry .............................................................114 Schedule 12-Top 10 Employers, Horry County, South Carolina ..............................................115 Schedule 13-State and Regional Population, Income and Unemployment History ..................116 Operating Information ................................................................................................................117 Schedule 14-SAT Scores, New Freshmen .................................................................................118 Schedule 15-Average Faculty Salaries by Rank ........................................................................119 Schedule 16-Faculty, Staff and Administrative Statistics .........................................................120 Schedule 17-Capital Asset Information .....................................................................................121 SINGLE AUDIT SECTION Independent Auditors’ Report on Compliance for each Major Program and on Internal Control over Compliance Required by The Uniform Guidance ..............................125 Independent Auditors’ Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards ........................................127 Summary Schedule of Prior Audit Findings .............................................................................129 Schedule of Findings and Questioned Costs .............................................................................130 Schedule of Federal Financial Assistance for the Year Ended June 30, 2016 ..........................132 Notes to Schedule of Expenditures of Federal Awards for the Year Ended June 30, 2016 ........................................................................................................................137 *Financial Statements included in this report for nongovernmental entities will include the words “Net Assets” as opposed to “Net Position.” Nongovernmental entities are not required to implement GASB statements. ii COASTAL CAROLINA UNIVERSITY COMPREHENSIVE ANNUAL FINANCIAL REPORT INTRODUCTORY SECTION Springs Brooks Stadium at Coastal Carolina University 1 2 Office of the President December 1, 2016 Dear Coastal Carolina University Community: Coastal Carolina University has experienced more than three decades of sustained growth. This trend continues, as the Fall 2016 semester reported a total enrollment surpassing 10,400 students. I am proud of the University and enthusiastic about the plans we have for the future. It is my sincere belief that Coastal Carolina University, with the enduring support of the campus community, Horry County and the State of South Carolina, will continue to prosper and thrive. Coastal Carolina University continues to focus on differentiating itself from the other comprehensive higher education choices in South Carolina and to continue to strengthen our reputation for providing excellent value and outstanding quality in educational programming. Reflective of the growing breadth of the academic program, Coastal Carolina University offers seventy-two (72) baccalaureate areas of study, eighteen (18) master’s degree programs, two (2) educational specialist degrees, and one (1) Ph.D. program. Additionally, CCU offers six (6) undergraduate certificates and five (5) graduate certificates. This past fall, CCU enrolled its most academically prepared, most diverse freshman class. A total of 2,368 freshman were enrolled, a 43 percent growth since 2008. Minority enrollment for freshman increased to 29 percent. CCU’s Honors program also saw a 15.7 percent increase in enrollment from the previous year, with 428 students enrolled in the