DELAWARE COUNTY COMMUNITY COLLEGE Media, Pennsylvania. FINANCIAL STATEMENTS June 30, 2005

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1 Media, Pennsylvania FINANCIAL STATEMENTS

2 TABLE OF CONTENTS PAGE INDEPENDENT AUDITOR S REPORT...1 REQUIRED SUPPLEMENTAL INFORMATION Management s Discussion and Analysis...3 PRIMARY INSTITUTION FINANCIAL STATEMENTS Statement of Net Assets...10 Statement of Revenue, Expenses and Changes in Net Assets...11 Statement of Cash Flows...12 COMPONENT UNIT FINANCIAL STATEMENTS...13 Statement of Net Assets...14 Statement of Revenue, Expenses and Changes in Net Assets...15 Summary of Significant Accounting Policies...16 Notes to Financial Statements...22 SUPPLEMENTAL INFORMATION...30 Schedule of Net Assets...31 Schedule of Revenues, Expenses and Changes in Net Assets...32

3 a1 Independent Auditor s Report Board of Trustees Delaware County Community College Media, Pennsylvania We have audited the accompanying basic financial statements and the discretely presented component unit financial statements of Delaware County Community College (the College), as of and for the year ended, which collectively comprise the College s basic financial statements as listed in the accompanying table of contents. These basic financial statements are the responsibility of the College s management. Our responsibility is to express an opinion on these statements based on our audits. The financial statements of Delaware County Community College as of June 30, 2004, were audited by other auditors whose report dated September 23, 2004, expressed an unqualified opinion on those statements. Those financial statements are not included in the current year presentation. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall basic financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the basic financial statements referred to above present fairly, in all material respects, the financial position of the business-type activities and the discretely presented component unit of Delaware County Community College as of and the results of its operations and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued our report dated October 6, 2005 on our consideration of Delaware County Community College s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. h Offices in 14 states and Washington, DC 1

4 The Management s Discussion and Analysis, as listed in the table of contents, is not a required part of the basic financial statements, but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures which consisted principally of inquiries of management regarding the methods of measurements and presentation of the supplementary data. However, we did not audit the information and express no opinion on it. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements. This information has been subjected to the auditing procedures applied in our audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. a1 Baltimore, Maryland October 6,

5 Management s Discussion and Analysis During 2004/2005, the academic divisions at Delaware County Community College have continued to update and expand their programs, offerings and activities. An overall academic strategic plan was developed with widespread input and participation from all of the academic divisions. This plan takes into account course and program assessments, enrollment trends and budgetary considerations. Facility, equipment and technology improvements have enhanced a number of the academic programs at the College. A major renovation of a drama space was undertaken to create the Cuskey Studio Theater, which provided a state-of-the-art facility to teach and perform theater at the College. A new journalism lab allowed students in journalism classes, as well as those working on the College s newspaper and literary magazine, to do the technical work on campus. This year the College accomplished a long-term goal of having all classrooms at the College equipped as smart classrooms which provided instructors with a variety of ways of using technology in the classroom. In addition, the College has expanded its online, hybrid, and accelerated course offerings to better meet the needs of adult learners. The College has added, updated or changed a number of academic programs. Some of the changes are listed below: The redesign of the Information Technology program provided students with a broader core of computer courses and seven different specialty options. The change in this program was designed to provide students with the variety of skills necessary to be successful in computer jobs in small and medium-size companies. The Medical Coding program was revised to better meet the changing needs of both physicians offices and hospitals. A new Health Studies option was developed to better serve the large number of allied health students who are enrolled at the College. A contract with the Crozer Keystone Health System provided an additional section for nursing majors. The partnership with The Chester County Hospital was expanded to include an additional nursing section for evening/weekend students who live in Chester County. The Industrial Systems Technology program, with specialty areas in manufacturing and industrial processing, was developed to complement the other manufacturing programs offered at the College. Additional professional education courses were developed to enrich the course offerings available to the approximately 800 students who are Education majors at the College. A new certificate for childcare providers was developed to improve and enhance the skills of workers in daycare centers in Delaware County. 3

6 Management s Discussion and Analysis The College s credit for prior learning area was more closely linked to the academic area of the College facilitating an increase in the involvement of faculty in the assessment process. The College expanded its concept beyond the Applied Engineering programs. Efforts have begun to expand it to College transfer programs and other career programs offered. The College has forged new partnerships and made new agreements with other colleges and universities as well as revisions to existing agreements. Some of the new or revised agreements are core-to-core and dual admission agreements with Rosement College and Chesnut Hill College, Business Administration program-to-program agreements with Villanova University and Penn State Delaware County Campus, and an Elementary Education program-to-program agreement with Eastern University. Providing high quality instruction continues to be a high priority. The College s Center to Promote Excellence in Teaching and Learning focuses on faculty-directed, professional development initiatives to put teaching and learning first. The Center s professional institutes provide professional development for a number of faculty. The Center awards mini-grants to creative and innovative professional development projects and in addition provides more attention to the professional development of the College s adjunct faculty. In-service training has been improved, a newsletter has been developed, and teaching circles have been implemented to more effectively help adjunct faculty meet the needs of students. By holding the part-time faculty in-service before the start of the semester and encouraging full-time attendance, the Deans have sought to improve the communication around curricular and teaching issues. Collaboration and student-centered instruction are at the heart of the academic mission of the College. Financially, the College has experienced a productive year. Increases in tuition and fee revenues offset by only a modest growth in operating cost, provided the College with the ability to increase its Net Assets. This year the College experienced an increase in Net Assets that exceeded $3,500,000. However, the uncertainty of the Commonwealth of Pennsylvania s capital funding for community colleges in the current and two preceding fiscal years, has resulted in the following: The suspension of non-mandated capital contributions to community colleges across the State. This is the fourth consecutive year in which community colleges have received almost no capital funding. Contributions for existing debt service and existing lease obligations were frozen effective July 1, This reduction in capital funding has shifted the burden of the renewal and replacement of assets directly to the students. 4

7 Management s Discussion and Analysis FISCAL YEAR 2005 FINANCIAL HIGHLIGHTS The College s net assets increased $3,591,895 as a result of this year s operations. This amount includes depreciation expense of $2,072,238. During Fiscal 2005, the College realized revenue increases from its three principal funding sources as follows: The College raised credit tuition to $75 from $69 per credit hour and increased the instructional support fees $5 per credit hour. These increases along with increased enrollment produced an increase in tuition and fee revenue of 10.68%. The number of credits taught increased 3.5% from the prior year. Appropriations increased 9.5% from the prior year. The appropriation reflects adjustments for prior year audit findings and a reversal of a contingency that was set up to provide for a funding formula that failed to comply with the State s statutory requirements to adequately fund community colleges. These adjustments increased current appropriations by $370,000. Total operating expenses increased 1.9%. Significant items were: Salaries and wages increased by 3.38%. This increase resulted from normal salary increases coupled with increased staffing to accommodate increased enrollment. Benefits (health, medical and employment related) increased by 11.24%. This increase can be directly traced to the increase passed on to the College from its health care insurance provider. The Pennsylvania State Education Association represents the College faculty. Fiscal year 2004/2005 was the fourth year of an original four-year contract. The contract was extended two years during 2002/2003 to 2006/2007. The contracted increase for faculty for this year was 4.35%. Costs associated with the operation and maintenance of the College decreased by 1.16% from the prior year. Utilities increased by 6.1% from the prior year. Other operating costs relating to supplies and services decreased by 2.92%. Cost reductions occurred in instructional materials and supplies, snow removal, postage, telecommunications, travel expenditures and legal fees. The College experienced an increase of $182,454 in interest earned during the year, principally a result of higher market interest rates and additional cash available for investment. 5

8 Management s Discussion and Analysis The College formed an Alliance with the Chester County Intermediate Unit in 2002, at which time the College agreed to administer certain non-credit courses offered at the Intermediate Unit s Chester County facilities. This is the fourth year in which the College collected all tuition and fees, employed all staff, and incurred other operating expenses. In return for use of the facilities, the College will pay $75,000 in rent to the Intermediate Unit. Due to the lack of state-wide capital associated with the Community College system, the Commonwealth could not provide capital equipment funds in fiscal year 2004/2005. The College used funds appropriated from sponsoring school districts, federally funded grants, funds set aside for renewal and replacement of assets, and significant increases in student fees to purchase only the highest priority capital equipment items. The absence of a reliable source of funding for acquisition of capital equipment is a continuing challenge for the College. Significant year-end capital assets consist of the following: (Restated) Land and land improvements $ 3,769,142 $ 3,657,828 Building and building improvements 45,040,183 44,765,674 Furniture and equipments 15,302,498 14,681,672 Library equipment 946, ,870 Total 65,058,217 63,982,044 Less accumulated depreciation 31,865,423 30,116,890 Total $ 33,192,794 $ 33,865,154 In March 2005, the College borrowed $11,800,000 for the defeasance of the Authority s 2000 Revenue Bonds. Financing was arranged through a bond offering with the Commonwealth of Pennsylvania s State Public School Building Authority. During fiscal year 2004/2005, the College received $8,530,000 for various grants and contracts. Approximately 70% of this money was in the form of financial aid funds. The remaining funds were made up of various grants, including: Congressional Appropriation to help update campus technology $ 430,394 OET Training & Support Services 485,239 PDE Adult Education GED 308,270 Voc Ed Community College Allocation 273,506 ACT 101 State Grant 131,205 Pa Dept of Community and Economic Development 343,097 6

9 Management s Discussion and Analysis The College presents its financial statements in accordance with the requirements of GASB 35. The following is a description of the statements: The Statement of Net Assets includes all assets and liabilities. It is prepared under the accrual basis of accounting, whereby revenues and assets are recognized when the service is provided, and expenses and liabilities are recognized when others provide the service, regardless of when cash is exchanged. The Statement of Revenues, Expenses and Changes in Net Assets presents the revenues earned and the expenses incurred during the year. Activities are reported as either operating or non-operating. The financial reporting model classifies Commonwealth and sponsoring school distributions, appropriations, and gifts as non-operating revenues. Public colleges dependency on this type of revenue results in an operating deficit. The utilization of longlived assets, referred to as Capital Assets, is reflected in the financial statements as depreciation, which amortizes the cost of an asset over its expected useful life. The Statement of Cash Flows presents the information related to cash inflows and outflows summarized by operating, capital and non-capital financing, and investing activities. The following pages highlight condensed financial information: Condensed Statements of Net Assets and (Restated) 2005 ASSETS Current assets $ 16,615,445 $ 14,925,824 Noncurrent assets: Other 1,969,947 1,011,105 Capital assets, net of depreciation 33,192,794 33,865,154 TOTAL ASSETS $ 51,778,186 $ 49,802,083 LIABILITIES Current liabilities $ 8,040,136 $ 8,258,184 Noncurrent liabilities 19,994,602 21,392,346 Total liabilities 28,034,738 29,650,530 NET ASSETS Invested in capital assets, net of related debt 14,599,541 13,635,349 Restricted expendable 233, ,963 Unrestricted 8,910,791 6,226,241 Total net assets 23,743,448 20,151,553 TOTAL LIABILITIES AND NET ASSETS $ 51,778,186 $ 49,802,083 7

10 Management s Discussion and Analysis Condensed Statements of Revenues, Expenses and Changes in Net Assets Years Ending and (Restated) OPERATING REVENUES Tuition and fees $ 24,487,954 $ 22,125,659 Auxiliary enterprises 4,425,471 4,346,362 Other operating revenues 837, ,187 Total operating revenues 29,750,800 26,913,208 Operating expenses 59,253,991 57,905,176 Operating loss (29,503,191) (30,991,968) NONOPERATING REVENUES Appropriations 22,814,028 20,839,569 Other nonoperating income 7,882,273 6,941,402 Net nonoperating revenues 30,696,301 27,780,971 Gain (loss) before other revenues 1,193,110 (3,210,997) OTHER REVENUES Capital appropriations 1,890,028 1,899,084 Capital gifts and grants 508, ,656 Total other revenues 2,398,785 2,572,740 INCREASE (DECREASE) IN NET ASSETS $ 3,591,895 $ (638,257) 8

11 Management s Discussion and Analysis Operating Expenses by Function Instruction $ 29,415,092 $ 28,997,173 Academic support 1,721,695 2,101,913 Student services 5,993,483 5,883,405 Institutional services 8,494,633 6,989,523 Operation and maintenance of plant 5,152,727 5,212,996 Financial aid 2,399,918 2,492,614 Depreciation 2,072,238 2,375,748 Auxiliary 4,004,205 4,113,838 Total operating expenses by functional classification $ 59,253,991 $ 58,167,210 Operating Expenses by Object Salaries and wages $ 30,934,865 $ 29,921,313 Benefits 10,813,875 9,721,714 Scholarships and fellowships 2,399,918 2,814,487 Utilities 1,036, ,252 Other supplies and services 11,996,322 12,356,696 Depreciation 2,072,238 2,375,748 Total operating expenses by natural classification $ 59,253,991 $ 58,167,210 This financial report is designed to provide a general overview of the College s financial position. Although fiscal year 2004/2005 ended positively the College remains cautious. The lack of Commonwealth funding for capital expenditures is very concerning. The successes from this fiscal year will not only begin to replenish our fully depleted Unrestricted Funds, but going forward gives the College the ability to make several much needed infrastructure improvements to its Marple and Downingtown Campuses. The management of Delaware County Community College is committed to remaining both academically and financially strong. Management continues to be steadfast in its commitment to provide affordable high-quality educational access to our students in Delaware and Chester counties. John A. Glavin Jr. Vice President for Administration and Treasurer

12 STATEMENT OF NET ASSETS PRIMARY INSTITUTION CURRENT ASSETS Cash and cash equivalents $ 13,869,639 Receivables: Commonwealth of Pennsylvania 160,263 Federal and state agencies 104,231 Student and other, net 1,642,744 Prepaid expenses 52,051 Bookstore inventory 786,517 Total current assets 16,615,445 NONCURRENT ASSETS Bond issuance costs, net 1,969,947 Capital assets, net 33,192,794 Total non-current assets 35,162,741 TOTAL ASSETS $ 51,778,186 CURRENT LIABILITIES Accounts payable $ 1,243,792 Accrued compensation and benefits 3,284,130 Accrued interest payable 225,110 Tuition received in advance 1,990,863 Other current liabilities 305,392 Lease obligations, current 163,511 Notes payable, current 67,338 Bonds payable, current 760,000 Total current liabilities 8,040,136 NONCURRENT LIABILITIES Accrued settlements 963,818 Lease obligations 139,927 Notes payable 165,857 Bonds payable 18,725,000 Total non-current liabilities 19,994,602 TOTAL LIABILITIES 28,034,738 NET ASSETS Invested in capital assets, net of related debt 14,599,541 Restricted expendable 233,116 Unrestricted 8,910,791 Total net assets 23,743,448 TOTAL LIABILITIES AND NET ASSETS $ 51,778,186 These financial statements should be read only in connection with the accompanying summary of significant accounting policies and notes to financial statements. 10

13 STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS PRIMARY INSTITUTION Year Ended REVENUES Operating revenues: Student tuition and fees (net of scholarship allowance of $3,723,909) $ 24,487,954 Auxiliary enterprises 4,425,471 Other operating revenues 837,375 Total operating revenues 29,750,800 EXPENSES Operating expenses: Educational and general: Instruction 29,415,092 Academic support 1,721,695 Student services 5,993,483 Institutional support 8,494,633 Operation and maintenance of plant 5,152,727 Financial aid 2,399,918 Depreciation 2,072,238 Auxiliary services 4,004,205 Total operating expenses 59,253,991 Operating loss (29,503,191) NONOPERATING REVENUES (EXPENSES) Appropriations: Commonwealth of Pennsylvania 16,965,237 Sponsoring school districts 5,848,791 Federal grants and contracts 6,543,386 Commonwealth grants and contracts 1,324,626 Other gifts, grants and contracts 662,422 Investment income 313,572 Other non-operating revenues 27,420 Interest on indebtedness (888,292) Amortization of bond issuance costs (100,861) Net non-operating revenues 30,696,301 Income before other revenues 1,193,110 OTHER REVENUES Capital appropriations 1,890,028 Capital gifts and grants 508,757 Total other revenues 2,398,785 INCREASE IN NET ASSETS 3,591,895 NET ASSETS, JULY 1, 2004 AS PREVIOUSLY STATED 19,889,525 PRIOR PERIOD ADJUSTMENT 262,028 NET ASSETS, JULY 1, 2004 RESTATED 20,151,553 NET ASSETS, JUNE 30, 2005 $ 23,743,448 These financial statements should be read only in connection with the accompanying summary of significant accounting policies and notes to financial statements. 11

14 STATEMENT OF CASH FLOWS PRIMARY INSTITUTION Year Ended CASH FLOWS FROM OPERATING ACTIVITIES Student tuition and fees $ 24,394,714 Non-sponsoring plant fees 259,429 Payments to suppliers (11,619,062) Payments to utilities (1,041,644) Payments to employees (31,406,694) Payments for benefits (10,025,131) Payments for financial aid (2,399,918) Auxiliary enterprises 4,425,471 Other receipts 837,375 Net cash used in operating activities (26,575,460) CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES State appropriations - regular 15,209,786 State appropriations - benefits 1,110,679 Local appropriations 5,848,789 Grants, gifts, and contracts for other than capital purposes 7,955,406 Other gifts, grants and contracts 662,422 Net cash provided by non-capital financing activities 30,787,082 CASH FLOWS FROM CAPITAL FINANCING ACTIVITIES State capital appropriations 1,238,948 Local capital appropriations 651,079 Capital grants 508,757 Purchases of capital assets (1,321,300) Cash paid during advance refunding (1,059,703) Principal paid on capital debt and leases (1,221,589) Interest paid on capital debt and leases (900,673) Net cash used in capital financing activities (2,104,481) CASH FLOWS FROM INVESTING ACTIVITIES Interest on investments 313,572 NET INCREASE IN CASH AND CASH EQUIVALENTS 2,420,713 CASH AND CASH EQUIVALENTS, BEGINNING 11,448,926 CASH AND CASH EQUIVALENTS, ENDING $ 13,869,639 RECONCILIATION OF OPERATING LOSS TO NET CASH USED IN OPERATING ACTIVITIES Operating loss $ (29,503,191) Adjustments to reconcile operating loss to net cash used in operating activities: Depreciation 2,072,238 Effects of changes in operating assets and liabilities: Receivables 66,302 Prepaid expenses 4,423 Bookstore inventory 421,443 Accounts payable (274,512) Accrued payable 274,752 Tuition receivable in advance 431,792 Other liabilities (68,707) NET CASH USED IN OPERATING ACTIVITIES $ (26,575,460) ADDITIONAL SUPPLEMENTAL INFORMATION Fixed assets acquired through capital lease $ 95,898 Bonds issued in defeasance of debt $ 11,800,000 These financial statements should be read only in connection with the accompanying summary of significant accounting policies and notes to financial statements. 12

15 COMPONENT UNIT FINANCIAL STATEMENTS 13

16 EDUCATIONAL FOUNDATION STATEMENT OF NET ASSETS - COMPONENT UNIT CURRENT ASSETS Cash and cash equivalents $ 334,775 Contributions receivable 327,137 Total current assets 661,912 Contributions receivable (non-current), net 78,463 Investments 4,053,560 TOTAL ASSETS $ 4,793,935 CURRENT LIABILITIES Accounts payable $ 8,070 Payable to Delaware County Community College 19,700 Total current liabilities 27,770 NET ASSETS Unrestricted 262,186 Temporarily restricted, for specified purposes 3,486,374 Permanently restricted, assets held in perpetuity 1,017,605 Total net assets 4,766,165 TOTAL LIABILITIES AND NET ASSETS $ 4,793,935 These financial statements should be read only in connection with the accompanying summary of significant accounting policies and notes to financial statements. 14

17 EDUCATIONAL FOUNDATION STATEMENT OF REVENUE, EXPENSES AND CHANGES IN NET ASSETS COMPONENT UNIT Year Ended CHANGE IN UNRESTRICTED NET ASSETS Revenue, gains and other support: Private gifts and contributions $ 68,491 Investment income 4,422 Realized gains on investments 103,220 Unrealized losses on investments (6,030) Net assets released from restrictions, satisfaction of program restrictions 276,003 Total revenue, gains and other support 446,106 Expenses: Program services: Institutional support 166,585 Scholarships and awards 101,760 Total program services 268,345 Management and other expenses 41,647 Total expenses 309,992 Increase in unrestricted net assets 136,114 CHANGE IN TEMPORARILY RESTRICTED NET ASSETS Private gifts and contributions 612,775 Investment income 127,426 Net assets released from restrictions, satisfaction of program restrictions (276,003) Increase in temporarily restricted net assets 464,198 CHANGE IN PERMANENTLY RESTRICTED NET ASSETS Private gifts and contributions 226,313 INCREASE IN NET ASSETS 826,625 NET ASSETS, BEGINNING OF YEAR 3,939,540 NET ASSETS, END OF YEAR $ 4,766,165 These financial statements should be read only in connection with the accompanying summary of significant accounting policies and notes to financial statements. 15

18 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Delaware County Community College (the College) is a public comprehensive two-year coeducational institution with its main campus located in Media, Pennsylvania. The College is funded through a diversified financial support system from eleven sponsoring school districts, the Commonwealth of Pennsylvania and the students. The College was organized on March 1, 1967 by certain sponsoring school districts of Delaware County and was approved under provisions of the Community College Act of REPORTING ENTITY In accordance with Government Accounting Standards Board (GASB) Statement No. 39, Determining Whether Certain Organizations are Component Units, an amendment of GASB 14, the College has determined that Delaware County Community College Educational Foundation (the Foundation) should be included in the College s financial statements as a discretely presented component unit. A component unit is a legally separate organization for which the primary institution is financially accountable or closely related. The Foundation is a legally separate, tax-exempt entity, which acts primarily as a fundraising organization to supplement the resources that are available to the College in support of its programs. Although the College does not control the timing or amount of receipts from the Foundation, the majority of the Foundation s resources are restricted for the use or for the benefit of, the College. The Foundation s financial statements are discretely presented in the College s financial statements. The financial activity of the Foundation is presented as of. Complete financial statements for the Foundation may be obtained at the College s office. The Foundation is a private nonprofit organization that reports under FASB standards, including FASB Statement No.117, Financial Reporting for Non-for-Profit Organizations. As such, certain revenue recognition criteria and presentation features are different from GASB revenue recognition criteria and presentation features. No modifications have been made to the Foundation s financial information in the College s financial reporting entity for these differences. BASIS OF PRESENTAION, MEASUREMENT FOCUS AND BASIS OF ACCOUNTING The College functions as a business-type activity, as defined by GASB. Its reporting follows GASB standards applicable to proprietary (enterprise) funds. The financial statements have been prepared using the economic resources measurement focus and the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America, as prescribed by GASB. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements have been met. The College applies only the Financial Accounting Standards Board pronouncements issued before November 30, 1989, except for those that conflict with GASB pronouncements. 16

19 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES OPERATING REVENUES Operating revenues of the College consist of tuition and fees, grants and contracts, sales and services of educational activities and auxiliary enterprise revenues. In addition, governmental and private grants and contracts in which the grantor receives equal value for the funds given to the College are recorded as operating revenue. Transactions related to capital and financing activities, non-capital financing activities, investing activities and state and school district appropriations are components of non-operating income. Private grants and contracts in which the grantor does not receive equal value for the funds given to the College are reported as non-operating revenue. SCHOLARSHIP DISCOUNTS AND ALLOWANCES Student tuition and fee revenues, and certain other revenues from students, are reported net of scholarship discounts and allowances in the Statement of Revenues, Expenses and Changes in Net Assets. Scholarship discounts and allowances are the difference between the stated charge for goods and services provided by the College and the amount that is paid by students and/or third parties making payments on students behalf. Certain governmental grants are recorded as either operating or non-operating revenues in the College s financial statements. To the extent that revenues from such programs are used to satisfy tuition and fees and other student charges, the College has recorded a scholarship discount and allowance. CASH AND CASH EQUIVALENTS Short-term investments with a maturity of three months or less at the time of purchase are classified as cash equivalents. ACCOUNTS RECEIVABLE Accounts receivable, students and other, are reported at net realizable value. Accounts are written off when they are determined to be uncollectible based upon management s assessment of individual accounts. The allowance for doubtful accounts is estimated based on the College s historical losses and periodic review of individual accounts. INVENTORY Inventory from the College bookstore is recorded at the lower of cost or market. Cost is determined on the first-in, first-out (FIFO) method. BOND ISSUANCE COSTS Bond issuance costs are amortized on a straight-line basis over the term of the bonds (15 years). Amortization expense was $100,861 in

20 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CAPITAL ASSETS Capital assets are stated at cost on the date of purchase or fair value on the date of donation in the case of gifts, net of accumulated depreciation. Depreciation is computed on the straight-line method over the estimated lives of the assets, which range from 5 to 30 years. COMPENSATED ABSENCES Liability for compensated absences (vacation) is accounted for in accordance with the provisions of Statement No. 16 of the Governmental Accounting Standards Board, Accounting for Compensated Absences, and, accordingly, the liability for employees rights to receive compensation for future absences is recorded as a liability in the statement of net assets. TUITION RECEIVED IN ADVANCE Tuition received in advance includes amounts received for tuition and fees, grants, corporate sponsorship payments and certain auxiliary activities prior to the end of the fiscal year, but related to the subsequent accounting period. TUITION REVENUE Tuition revenue is recognized when instruction is provided. A receivable is recognized when a student application is processed and an invoice submitted, with revenue recognition deferred until the instruction starts. INCOME TAXES No provision for federal income taxes has been included in the financial statements because the College qualifies as a tax-exempt organization as its activities are considered an activity of the Commonwealth of Pennsylvania ( the Commonwealth ). USE OF ESTIMATES IN PREPARING FINANCIAL STATEMENTS The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. 18

21 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES RISK MANAGEMENT The College is exposed to various risk of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to and illnesses of employees; and natural disasters. The College purchases commercial insurance coverage for general liability, property and casualty, workers compensation, environmental and antitrust liabilities, and certain employee health benefits. NET ASSETS The College maintains the following net assets classifications: Invested in capital assets, net of related debt Capital assets, net of accumulated depreciation and outstanding principal balances of debt attributable to the acquisition, construction, repair or improvement of those assets. Restricted - expendable Net assets whose use is subject to externally imposed conditions that can be fulfilled by the actions of the College or by the passage of time. Unrestricted Unrestricted net assets may be designated for specific purposes by the College s Board of Trustees. When both restricted and unrestricted assets are available for expenditure, the decision as to which assets are used first is left to the discretion of the College. COMPONENT UNIT FOUNDATION Delaware County Community College Educational Foundation (the Foundation) is a Pennsylvania nonprofit corporation associated with Delaware County Community College (the College) located in Delaware County, Pennsylvania. The purpose of the Foundation is to maintain, develop, increase and extend the facilities of the College through solicitation of gifts and grants, contributions to the College, and awards to students. Significant accounting policies followed by the Foundation are presented below. Cash and Cash Equivalents The Foundation considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. 19

22 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES COMPONENT UNIT FOUNDATION (CONTINUED) Investments Equity securities and debt securities are valued at fair value based on quoted market prices. Adjustments to reflect increases or decreases in fair value are reported in the Statements of Activities as unrealized gains and losses. All realized gains and losses arising from the sale of investments and ordinary income from investments are reported as changes in unrestricted net assets unless their use is temporarily or permanently restricted by explicit donor-imposed stipulations. Contributions Receivable Contributions receivable represent unconditional promises to give from various contributors including individual, local business and state and local governments. Contributions receivable in excess of one year have been discounted and all contributions receivable are recorded at fair value. Management believes that the balance of contributions receivable is fully collectible. Permanently restricted contributions Contributions subject to donor-imposed stipulations that must be maintained in perpetuity by the Foundation are included in permanently restricted net assets. Generally, the donors of these assets permit the Foundation to use all or part of the income earned and capital gains, if any, on related investments for general or specific purposes. Temporarily restricted contributions Contributions subject to donor-imposed stipulations that may or will be met by actions of the Foundation and/or the passage of time are included in temporarily restricted net assets. Unrestricted contributions Contributions not subject to donor-imposed stipulations, or whose restrictions have been satisfied, are recorded as unrestricted net assets. Donor-Restricted Gifts All contributions are considered to be available for unrestricted use unless specifically restricted by the donor. Amounts received that are designated for future periods or restricted by the donor for specific purposes are reported as temporarily or permanently restricted support that increases those net asset classes. When a donor restriction expires, temporarily restricted net assets are reclassified as unrestricted net assets and reported in the Statement of Activities as net assets released from restrictions. However, if a restriction is fulfilled in the same time period in which the contribution is received, the Foundation reports the support as unrestricted. 20

23 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES COMPONENT UNIT FOUNDATION (CONTINUED) Promises to Give Unconditional promises to give that are expected to be collected in future years are recorded at the present value of estimated future cash flows. The discounts on those amounts are computed using a risk-free interest rate applicable to the year in which the promise is received. Amortization of the discount is included in contribution revenue. Income Taxes The Foundation is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code; accordingly, no provision for income taxes is required in the accompanying financial statements. Reclassifications Certain reclassifications have been made to the prior year balances in order to conform to the current year presentation. This information should be read only in connection with the accompanying accountant s report. 21

24 NOTES TO FINANCIAL STATEMENTS NOTE 1 PRIMARY FUNDING SOURCES Operating costs, as defined by the State Board of Education, are funded as follows: General state legislation establishing community colleges provides for the reimbursement of certain college expenses from Commonwealth funds appropriated for this purpose. The Commonwealth reimburses the College for certain operating costs based on full-time equivalent enrollments in credit and noncredit courses at the rates of $1,500 and $1,050, respectively. Capital expenditures, including debt services and net rental costs, are reimbursed at the rate of 50% to the extent appropriated. In addition, the Commonwealth provided approximately $ 2,120,000 in 2005 for approved occupational programs. Any excesses or deficiencies between provisional payments and the final annual reimbursement calculation in annual Commonwealth funding are reflected as a payable to or receivable from the Commonwealth. Operating costs were funded by the tuition charges to students attending the College for the year ended, depending upon whether the student is a resident of a sponsoring school district or lives outside a sponsoring school district. The balance of operating costs were funded by the sponsoring school districts and other resources for the year ended. Capital expenditures, including rental costs, are furnished (after adjustment for other sources of funds) as follows: One-half by the Commonwealth, to the extent appropriated. The balance by the sponsoring school districts and other sources. NOTE 2 CASH AND CASH EQUIVALENTS A. Cash on Hand At year-end, petty cash on hand and change funds totaled $7,080. B. Deposits At year-end, the carrying amount of the College s deposits was $12,134,451 and the bank balance was $12,988,926. The operating account is federally insured up to $100,000 by the Federal Deposit Insurance Corporation and any amounts in excess of $100,000 are fully collateralized by a pool of assets consisting of FNMA, GNMA and FHLMC securities at. The securities are held by the bank s agent in the College s name. 22

25 NOTES TO FINANCIAL STATEMENTS NOTE 2 CASH AND CASH EQUIVALENTS (CONTINUED) C. Investments The College s allowable investments are determined by Act 72 of the Annotated Code of the Public General Laws of Pennsylvania and the College s investment policy. The College may invest in certificates of deposit with commercial banks in the State of Pennsylvania; direct U.S. obligations; U.S. government agency obligations; repurchase agreements; banker s acceptances from approved banks with acceptable credit ratings; commercial paper from entities with an acceptable credit rating, money market funds and the Pennsylvania Local Government Investment Trust (PLGIT). At, the College s investment balances consisted of $1,728,108 in the PLGIT. The investment is considered a cash equivalent for financial statement purposes. Cash on hand $ 7,080 Carrying amount of deposits 12,134,451 Carrying amount of PLGIT money market 1,728,108 Total cash and investments per Statement of Net Assets $ 13,869,639 Investment Rate Risk Fair value fluctuates with interest rates, and increasing interest rates could cause fair value to decline below original cost. To limit the College s exposure to fair value losses arising from increasing interest rates, the College s investment policy limits the term of investment maturities. At June 30, 2005 the College s investments were limited to the PLGIT. College management believes the liquidity in the portfolio is adequate to meet cash flow requirements and to preclude the College from having to sell investments below original cost for that purpose. The investments at, met the College s investment policy as of that date. Credit Risk The College invests in the Pennsylvania Local Government Investment Trust (PLGIT) which is under the administration of the Trust s members. The PLGIT was established in 1981 and is owned and operated by its members. The PLGIT portfolios are rated AAAm by Standards & Poors, their highest rating for money market mutual funds. The PLGIT seeks to maintain a constant value of $1.00 per unit. Unit value is computed using the amortized cost method. In addition, the net asset value of the pool, market to market, is calculated and maintained on a weekly basis to ensure a $1.00 per unit constant value. 23

26 NOTES TO FINANCIAL STATEMENTS NOTE 2 CASH AND CASH EQUIVALENTS (CONTINUED) Custodial Credit Risk For an investment, custodial credit risk is the risk that, in the event of failure of the counterparty, the College will not be able to recover all or a portion of the value of its investments or collateral securities that are in the possession of an outside party. The College s investments were all invested in the PLGIT and are not considered to be exposed to custodial credit risk. NOTE 3 INVESTMENTS COMPONENT UNIT Investments are recorded at fair value and consist of the following at : Mutual funds $ 2,503,585 Government agency bonds and notes 112,095 Corporate bonds 510,889 Common stocks 751,863 Other Investments 175,128 Net $ 4,053,560 Investments are exposed to various risks, such as interest rate, market and credit risk. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported. NOTE 4 STUDENTS AND OTHER RECEIVABLES, NET Student and other accounts receivable represent amounts due for tuition and fees from currently enrolled and former students and other entities. The College extends unsecured credit to students and other entities in connection with their studies and other educational services provided. Student and other accounts receivable consist of the following at : Accounts receivable, student and other $ 2,088,226 Less allowance for doubtful accounts (445,482) Net $ 1,642,744 24

27 NOTES TO FINANCIAL STATEMENTS NOTE 5 CAPITAL ASSETS, NET At, capital assets consisted of the following: Balance June 30, 2004 (Restated) Additions Deletions/ Transfers Balance Land and improvements $ 3,657,828 $ 111,314 $ - $ 3,769,142 Building and building improvements 44,765, ,109 (7,600) 45,040,183 Furniture and equipment 14,681, ,251 (333,425) 15,302,498 Library equipment 876,870 69, ,394 63,982,044 1,417,198 (341,025) 65,058,217 Less accumulated depreciation (30,116,890) (2,072,238) (323,705) (31,865,423) Net $33,865,154 $ (655,040) $ (17,320) $33,192,794 NOTE 6 LONG-TERM LIABILITIES Long-term liability activity for the year ended was as follows: Balance June 30, 2004 Additions Payments/ Settlements Balance Current Portion Accrued settlements $ 1,647,851 $ 100,000 $ 1,071,758 $ 676,093 $ - Lease obligations 402,813 96, , , ,511 Notes payable 299,309-66, ,195 67,338 Bonds payable 20,445,000 11,800,000 12,760,000 19,485, ,000 Total $ 22,794,973 $ 11,996,100 $ 14,093,347 $ 20,697,726 $ 990,849 Accrued Settlements Grant funds and state appropriations are subject to audit and retroactive adjustment. Estimated allowances are made annually for future audit settlements. A liability of $672,092 has been established for future audit settlements. These estimates are reviewed annually and any revisions are reflected in current operations. Lease Obligations The College leases computer and telephone equipment under the terms of capital leases. Monthly rental payments amount to approximately $18,838. The leases contain a purchase option clause that allows the College to purchase the leased items at a discounted amount. The College has recorded these leases at the present value of the future minimum lease payments. A portion of each rental payment is interest with the balance being a payment on the lease obligation. 25

28 NOTES TO FINANCIAL STATEMENTS NOTE 6 LONG-TERM LIABILITIES (CONTINUED) Minimum lease payments for the capital leases are as follows for the year ended June 30: 2006 $ 181, , ,848 Total minimum lease payments 328,994 Less amount representing interest 25,556 Present value of net minimum lease payments $ 303,438 The College has non-cancelable operating leases that generally have terms of one year or less. The rental expense for these leases was approximately $1,971,173. Note Payable Under a revolving loan agreement, dated December 1, 2003, with the State Public School Building Authority, the College borrowed $340,000 to purchase furniture and equipment for the College s Southeast Center. The loan is scheduled to be repaid over a five-year period through December 1, 2008 at a fixed annual interest rate of 2%. The following sets forth principal maturities and interest payments of the note as of : Year Ended June 30, Principal Interest Total Bonds Payable 2006 $ 67,338 $ 4,461 $ 71, ,691 3,108 71, ,068 1,731 71, , ,435 Total $ 233,195 $ 9,637 $ 242,832 At, bonds payable consisted of the following: Commonwealth of Pennsylvania State Public School Building Authority (a): Serial bonds at 4.00% to 5.00% $ 7,685,000 Commonwealth of Pennsylvania State Public School Building Authority (b): Serial bonds at 2.300% to 4.128% 11,800,000 Total $ 19,485,000 26

29 NOTES TO FINANCIAL STATEMENTS NOTE 6 LONG-TERM LIABILITIES (CONTINUED) Bonds Payable (Continued) (a) Prior-year Defeasance In December 2002, the College defeased certain bonds by placing the proceeds of new bonds in an irrevocable trust to provide for all future debt service payments on the old bonds. Accordingly, the trust account assets and the liability for the defeased bonds are not included in the College s financial statements. On, $7,685,000 of these bonds outstanding are considered defeased. (b) Current-year Defeasance In March 2005, the College borrowed $11,800,000 to advance refund the outstanding principal amounts of its bond offering with the Commonwealth of Pennsylvania State Public School Building Authority 2000 series for the Downingtown Campus and Workforce Development Center. On the date of issuance, the College deposited a portion of the 2005 proceeds in an irrevocable trust with an escrow agent to purchase US government securities to affect the advance refunding of the 2000 bonds. As a result of the above transaction, the 2000 bonds are considered to be defeased in the amount of $11,590,000 and the liability for that debt has been removed from the Statement of Net Assets. The College incurred a loss on the advance refunding. Unamortized 2000 issuance costs were approximately $253,000 at the date of the refunding. These amounts are deferred and amortized as a component of interest expense over the remaining life of the 2005 bonds and are reported as a component of bond issuance costs on the Statement of Net Assets. (c) The bonds are secured by a pledge of the College s revenue, are due serially over 15 years and mature March 1, Debt issuance costs were deferred and are being amortized over the term of the bonds. 27

30 NOTES TO FINANCIAL STATEMENTS NOTE 6 LONG-TERM LIABILITIES (CONTINUED) Bonds Payable (Continued) The following sets forth principal maturities and interest payments of all bonds payable as of June 30: Year Ended June 30, Principal Interest Total 2006 $ 760,000 $ 742,962 $ 1,502, , ,745 1,497, ,445, ,131 2,091, ,490, ,144 2,088, ,105,000 1,871,497 7,976, ,740,000 1,077,522 5,817, ,130, ,366 4,464,366 Total $ 19,485,000 $ 5,953,367 $ 25,438,367 NOTE 7 EMPLOYEE BENEFITS Substantially all of the employees of the College are covered by one of three multi-employer contributory pension plans: the Teachers Insurance and Annuity Association College Retirement and Equity Fund (TIAA-CREF), The Public School Employees Retirement System (PSERS), or the Commonwealth of Pennsylvania State Employees Retirement System (SERS). TIAA-CREF is a cost-sharing multiple-employer defined contribution plan and as such, benefits depend solely on amounts contributed to the plan plus investment earnings. Full-time faculty, administrative, and clerical employees are eligible to participate from the date of employment. The College s contributions for each employee (and interest allocated to the employee s account) are fully vested. Death benefits in the amount of the full current value of accumulation are provided to the beneficiary of participants who die prior to retirement. A variety of payment options are available. The PSERS and SERS are governmental cost-sharing multiple-employer defined benefit plans and are administered by the Commonwealth as established under legislative authority. Contributions are made by employees, the College and the Commonwealth according to the schedule below. Death benefits are available to employee beneficiaries accounting to various options at time of death. The financial statements for PSERS and SERS can be obtained from the Commonwealth of Pennsylvania, Public School Employees Retirement System, P.O. Box 125, Harrisburg, Pennsylvania and Commonwealth of Pennsylvania, State Employees Retirement System, P.O. Box 1147, Harrisburg, Pennsylvania

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