Comprehensive Annual Financial Report (CAFR)

Comprehensive Annual Financial Report (CAFR)

2019-SJC-CAFR-ADA-Draft 21-After submission to CORDOVA.docx i San Juan College San Juan County, Farmington, New Mexico Comprehensive Annual Financial Report For Fiscal Year Ended June 30, 2019 Prepared by: San Juan College Business Office Table of Contents Introductory Section (Unaudited) .................................................................................................................................... 1 Letter of Transmittal ...................................................................................................................................................... 2 San Juan College Organizational Chart ....................................................................................................................... 9 List of Elected Officials, Executive Officers and Staff .......................................................................................... 10 Certificate of Achievement for Excellence in Financial Reporting ...................................................................... 12 Financial Section ............................................................................................................................................................... 13 Independent Auditors’ Report ................................................................................................................................... 14 Management’s Discussion and Analysis ................................................................................................................... 17 Introduction .................................................................................................................................................................................. 17 Financial Highlights ..................................................................................................................................................................... 17 Overview of the Financial Statements ...................................................................................................................................... 18 Economic Outlook ...................................................................................................................................................................... 26 Basic Financial Statements .......................................................................................................................................... 31 Statement of Net Position .......................................................................................................................................................... 32 Statement of Revenues, Expenses, and Changes in Net Position ....................................................................................... 34 Statement of Cash Flows ............................................................................................................................................................ 36 SJC Retiree Health Trust Statement of Fiduciary Net Position........................................................................................... 38 SJC Retiree Health Trust Statement of Changes in Fiduciary Net Position ...................................................................... 38 Discretely Presented Component Units Combining Statement of Net Position: ............................................................ 39 Discretely Presented Component Units Combining Statement of Activities ................................................................... 40 Notes to Financial Statements ................................................................................................................................................... 41 Required Supplementary Information ...................................................................................................................... 72 Schedule of Proportionate Share of Net Pension Liability – ERB ..................................................................................... 73 Schedule of San Juan College’s Contributions – ERB .......................................................................................................... 73 Schedule of Changes in OPEB Liability and Related Ratios................................................................................................ 74 Schedule of Employer Contributions – OPEB ...................................................................................................................... 75 Notes to Required Supplementary Information ..................................................................................................................... 76 Other Supplemental Information .............................................................................................................................. 77 Schedule of Revenues, Expenditures and Changes in Net Position - Budget and Actual – Unrestricted and Restricted – All Operations ........................................................................................................................................................ 78 Schedule of Revenues, Expenditures and Changes in Net Position - Budget and Actual – Unrestricted – Instruction and General .............................................................................................................................................................. 79 Schedule of Revenues, Expenditures and Changes in Net Position – Budget and Actual – Restricted – Instruction and General ................................................................................................................................................................................... 80 Schedule of Collateral Pledged by Depository ........................................................................................................................ 81 Schedule of Deposits ................................................................................................................................................................... 82 Statistical Section ............................................................................................................................................................... 83 Narrative to the Statistical Section ............................................................................................................................................ 85 2019 Comprehensive Annual Financial Report iii Financial Trends ........................................................................................................................................................................... 86 Revenue Capacity ......................................................................................................................................................................... 92 Academic Year Tuition and Required Fees ............................................................................................................................. 96 Debt Capacity ............................................................................................................................................................................... 97 Demographic and Economic Information and Statistics ..................................................................................................... 99 Principal Employers................................................................................................................................................................... 100 Operating Information .............................................................................................................................................................. 101 Report on Internal Control ........................................................................................................................................... 105 Single Audit Section........................................................................................................................................................ 109 Schedule of Expenditures of Federal Awards (SEFA) ......................................................................................... 110 Notes to the Schedule of Expenditures of Federal Awards ................................................................................ 113 Report on Compliance ................................................................................................................................................... 116 Schedule of Findings and Questioned Costs .............................................................................................................. 120 Corrective Action Plan ................................................................................................................................................... 125 Other Required Disclosures .......................................................................................................................................... 127 List of Figures Figure 1: Condensed Comparative Statement of Net Position - June 30, 2019 and 2018 ........................................................ 21 Figure 2: Condensed Comparative Statement of Revenues, Expenses, and Changes in Net Position For the Years Ending June 30, 2019 and 2018 ................................................................................................................................................ 23 Figure 3: Revenue and Expenses by Functional Classification – June

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