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, 2017 Prepared by the Office of Financial Services COASTAL CAROLINA UNIVERSITY FINANCIAL STATEMENTS For the Year Ended June 30, 2017 TABLE OF CONTENTS Page INTRODUCTORY SECTION President’s Letter............................................................................................................................... 3 Letter of Transmittal.......................................................................................................................... 7 GFOA Certificate of Achievement .................................................................................................... 13 Board of Trustees .............................................................................................................................. 14 Administrative Officers ..................................................................................................................... 15 Finance and Administration .............................................................................................................. 16 Organizational Chart ......................................................................................................................... 18 FINANCIAL SECTION Independent Auditor’s Report on the Financial Statements ...............................................................23 Management’s Discussion and Analysis ............................................................................................27 Basic Financial Statements Statement of Net Position ............................................................................................................37 Statement of Revenues, Expenses and Changes in Net Position .................................................38 Statement of Cash Flows ..............................................................................................................39 *Nongovernmental Component Unit – Coastal Educational Foundation Statement of Financial Position .............................................................................................40 Statement of Activities ............................................................................................................41 *Nongovernmental Component Unit – CCU Student Housing Foundation Consolidated Statement of Financial Position ........................................................................42 Consolidated Statement of Activities......................................................................................43 *Nongovernmental Component Unit – Chanticleer Athletic Foundation Statement of Financial Position ..............................................................................................44 Statement of Activities ............................................................................................................45 Notes to Financial Statements ......................................................................................................46 Required Supplementary Information ................................................................................................85 Other Financial Information Required by the Office of the South Carolina Comptroller General Schedule Reconciling State Appropriations per the Financial Statements to State Appropriations Recorded in State Accounting Records ........................................................91 Schedule of Tuition Fees for the Year Ended June 30, 2016 ........................................................92 STATISTICAL SECTION Financial Trends ..........................................................................................................................95 Schedule 1-Net Position by Component ....................................................................................96 Schedule 2-Major Revenue Sources ..........................................................................................97 Schedule 3-Expenses by Function .............................................................................................98 Schedule 4-Expenses by Use .....................................................................................................99 Schedule 5-Other Changes in Net Position................................................................................100 i COASTAL CAROLINA UNIVERSITY FINANCIAL STATEMENTS For the Year Ended June 30, 2017 TABLE OF CONTENTS Page Revenue Capacity ........................................................................................................................101 Schedule 6-Applications, Enrollment and Degrees Awarded....................................................102 Schedule 7-Undergraduate Annual Required Tuition and Fees at South Carolina Public Four-Year Institutions ..................................................................................103 Schedule 8-Schedule of Residence Hall Data ............................................................................104 Schedule 9-Total Financial Aid Received by University Students ............................................105 Schedule 10-Annual Appropriations per In-state Student by Geographic Origin S.C. Comprehensive Teaching Institutions ..........................................................................106 Debt Capacity ...............................................................................................................................107 Schedule 11-Ratios of Outstanding Debt ..................................................................................108 Schedule 12-Debt Service Coverage on Revenue Bonds ..........................................................109 Schedule 13-Debt Service Coverage on General Obligation Bonds .........................................110 Demographic and Economic Information .................................................................................111 Schedule 14-South Carolina Employment by Industry .............................................................112 Schedule 15-Top 10 Employers, Horry County, South Carolina ..............................................113 Schedule 16-State and Regional Population, Income and Unemployment History ..................114 Operating Information ................................................................................................................115 Schedule 17-SAT Scores, New Freshmen .................................................................................116 Schedule 18-Average Faculty Salaries by Rank ........................................................................117 Schedule 19-Faculty, Staff and Administrative Statistics .........................................................118 Schedule 20-Capital Asset Information .....................................................................................119 SINGLE AUDIT SECTION Independent Auditors’ Report on Compliance for each Major Program and on Internal Control over Compliance Required by The Uniform Guidance ..............................123 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 ........................................125 Summary Schedule of Prior Audit Findings .............................................................................127 Schedule of Findings and Questioned Costs .............................................................................128 Schedule of Federal Financial Assistance for the Year Ended June 30, 2016 ..........................130 Notes to Schedule of Expenditures of Federal Awards for the Year Ended June 30, 2016 ........................................................................................................................133 *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 The Atheneum at Coastal Carolina University 1 2 Office of the President December 1, 2017 Dear Coastal Carolina University Community: 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-three (73) baccalaureate areas of study, seventeen (17) 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. Coastal Carolina’s trend of sustained growth continues, as the Fall 2017 semester reported a total enrollment of 10,535. In 2016, we proudly honored Coastal Carolina University’s largest class of fall semester candidates. We continue to be committed to financial viability and managed growth, with continued successful efforts to manage spending, increase efficiencies and generate additional revenues. I am extremely proud of Coastal Carolina University and enthusiastic about the plans we have for the future. It is my sincere belief that Coastal Carolina University, with the enduring