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Financial Report2011 COLLIN COUNTY COMMUNITY COLLEGE DISTRICT Allen Frisco McKinney Plano Rockwall Texas COMPREHENSIVE ANNUAL Financial Report 2011 Fiscal Year Ending August 31, 2011 Collin County Community College District Allen Frisco McKinney Plano Rockwall Texas Comprehensive Annual Financial Report For the Fiscal Year Ended August 31, 2011 Prepared by: Administrative Services Blank page COLLIN COUNTY COMMUNITY COLLEGE DISTRICT Comprehensive Annual Financial Report Fiscal Year Ended August 31, 2011 TABLE OF CONTENTS INTRODUCTORY SECTION Exhibit No. Page No. Schedule No. Table No. Letter of Transmittal .......................................................................................................................... 1 GFOA Certificate of Achievement ................................................................................................... 13 Board of Trustees ........................................................................................................................... 14 Officials and Staff ............................................................................................................................ 15 Organizational Chart ....................................................................................................................... 16 FINANCIAL SECTION Independent Auditors’ Report ......................................................................................................... 17 Management‘s Discussion and Analysis ........................................................................................ 19 Basic Financial Statements: Statements of Net Assets As of August 31, 2011 and 2010 ........................................ Exhibit 1 ............................... 30 Statements of Revenues, Expenses and Changes in Net Assets For the years ended August 31, 2011 and 2010 ................ Exhibit 2 ............................... 31 Statements of Cash Flows For the years ended August 31, 2011 and 2010 ................ Exhibit 3 ............................... 32 Notes to Basic Financial Statements ................................................................................ 34 Texas Higher Education Coordinating Board (THECB) Supplemental Schedules: Schedule of Operating Revenues For the year ended August 31, 2011 .................................. Schedule A .......................... 58 Schedule of Operating Expenses by Object For the year ended August 31, 2011……… ………………..Schedule B .......................... 60 Schedule of Non-Operating Revenues and Expenses For the year ended August 31, 2011 .................................. Schedule C .......................... 61 Schedule of Net Assets by Source and Availability As of August 31, 2011 ........................................................ Schedule D .......................... 62 i SINGLE AUDIT SECTION Report of Independent Certified Public Accountants on Internal Control Over Financial Reporting and on Compliance and Other Matters ......……………….….………………………………………........……..63 Report of Independent Certified Public Accountants on Compliance Related to Major Programs (OMB Circular A-133 and State of Texas Single Audit Circular) and on Internal Control Over Compliance.……………………………………………………………….65 Schedule of Expenditures of Federal Awards ................................... Schedule E .......................... 67 Notes to Schedule of Expenditures of Federal Awards .................................................................. 68 Schedule of Expenditures of State Awards ....................................... Schedule F .......................... 70 Notes to Schedule of Expenditures of State Awards ...................................................................... 71 Schedule of Findings and Questioned Costs…………………………………………………………….72 STATISTICAL SECTION (Unaudited) Statistical Section Categories…………………………………………………………………………….. 83 Net Assets by Component…… ........................................... Statistical Supplement 1 .................... 85 Revenues by Source........................................................... Statistical Supplement 2 .................... 86 Program Expenses by Function .......................................... Statistical Supplement 3 .................... 88 Tuition and Fees ................................................................. Statistical Supplement 4 .................... 90 Assessed Value and Taxable Assessed Value of Property ................................................................ Statistical Supplement 5 .................... 91 State Appropriation per FTSE and Contact Hour ................ Statistical Supplement 6 .................... 93 Principal Taxpayers ............................................................ Statistical Supplement 7 .................... 94 Property Tax Levies and Collections .................................. Statistical Supplement 8 .................... 97 Ratios of Outstanding Debt ................................................. Statistical Supplement 9 .................... 98 Legal Debt Margin Information............................................ Statistical Supplement 10 ................ 100 Pledged Revenue Coverage ............................................... Statistical Supplement 11 ................ 102 Demographic and Economic Statistics .............................. Statistical Supplement 12 ................ 104 Principal Employers ............................................................ Statistical Supplement 13 ................ 105 Faculty, Staff and Administrators Statistics ........................ Statistical Supplement 14 ................ 106 Enrollment Details ............................................................... Statistical Supplement 15 ................ 108 Student Profile .................................................................... Statistical Supplement 16 ................ 109 Transfers to Senior Institutions ........................................... Statistical Supplement 17 ................ 110 Capital Asset Information .................................................... Statistical Supplement 18 ................ 112 ii SUPPLEMENTARY FINANCIAL INFORMATION (Unaudited) Schedule of Fund Assets and Liabilities – Unaudited As of August 31, 2011…………………………………..Financial Supplement 1………………. …...114 Schedule of Changes in Fund Balances - Unaudited For the year ended August 31, 2011………………….Financial Supplement 2.…………….….......116 Schedule of Changes in Fund Balance – Unrestricted Current Funds – Auxiliary Enterprises - Unaudited For the year ended August 31, 2011………………….Financial Supplement 3………….………….118 iii This page intentionally left blank. iv Introductory Section December 5, 2011 Honorable Madam Chair, Board of Trustees, and President Collin County Community College District McKinney, TX Dear Board Members and President: The following comprehensive annual financial report of the Collin County Community College District (the District) for the fiscal year ended August 31, 2011, is hereby submitted. Responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the District. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to fairly present the financial position and results of operations of the District. All disclosures necessary to enable the reader to gain an understanding of the District's financial activities have been included. The District is reporting as a special purpose government engaged solely in business type activity (BTA). Adhering to Governmental Accounting Standards Board (GASB) Statements 34 and 35, this presentation of financial reporting combines all fund groups into a single column and resembles the format of the corporate presentation, thus facilitating comparison. There are no significant component units of the District to report under GASB Statement 39. State statutes require an annual audit by independent certified public accountants. The District’s Board of Trustees selected the accounting firm of Grant Thornton LLP. In addition to meeting the requirements set forth in state statutes, the audit also was designed to meet the U.S. Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments, and Non- Profit Organizations and the State of Texas Single Audit Circular. Information related to this single audit is included in the single audit section of this report. As a recipient of federal, state, and local financial awards, the District is responsible for providing an adequate internal control structure to ensure compliance with applicable laws and regulations related to those programs. This internal control structure is subject to periodic review or evaluation by management, internal audit, and the independent auditors of the District. As a part of the District’s single audit, tests are made to determine the effectiveness of the internal control structure, including that portion related to major federal and state financial award programs. It is also used to determine that the District has complied with significant applicable laws and regulations. The results of the District’s single audit for the fiscal year ended August 31, 2011, provided no instances of material weakness in the internal control structure or significant violations of applicable laws and regulations. The Administrative Services division is responsible for establishing and maintaining an internal control structure
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