REPORT NO JANUARY 2015 COLLEGE OF CENTRAL FLORIDA. Financial Audit. For the Fiscal Year Ended June 30, 2014

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1 77 REPORT NO JANUARY 2015 Financial Audit For the Fiscal Year Ended June 30, 2014

2 BOARD OF TRUSTEES AND PRESIDENT Members of the Board of Trustees and President who served during the fiscal year are listed below: County Sandra Balfour, Chair Don Taylor, Vice Chair Joyce Brancato (1) Robert Durrance Ronald Ewers Priya Ghumman Cory Pool (1) Citrus Citrus Levy Levy Marion Marion Marion Dr. James D. Henningsen, President Note: (1) Board member served beyond the end of term, May 31, The Auditor General conducts audits of governmental entities to provide the Legislature, Florida s citizens, public entity management, and other stakeholders unbiased, timely, and relevant information for use in promoting government accountability and stewardship and improving government operations. The audit team leader was Courtney J. Carlsen, CPA, and the audit was supervised by Philip B Ciano, CPA. Please address inquiries regarding this report to James R. Stultz, CPA, Audit Manager, by at or by telephone at (850) This report and other reports prepared by the Auditor General can be obtained on our Web site at by telephone at (850) ; or by mail at G74 Claude Pepper Building, 111 West Madison Street, Tallahassee, Florida

3 TABLE OF CONTENTS EXECUTIVE SUMMARY... PAGE NO. INDEPENDENT AUDITOR S REPORT... 1 Report on the Financial Statements... 1 Other Reporting Required by Government Auditing Standards... 2 MANAGEMENT S DISCUSSION AND ANALYSIS... 3 BASIC FINANCIAL STATEMENTS Statement of Net Position Statement of Revenues, Expenses, and Changes in Net Position Statement of Cash Flows Notes to Financial Statements OTHER REQUIRED SUPPLEMENTARY INFORMATION Schedule of Funding Progress Other Postemployment Benefits Plan Notes to Required Supplementary Information INDEPENDENT AUDITOR S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Report on the Financial Statements Internal Control Over Financial Reporting Compliance and Other Matters Purpose of this Report i

4 EXECUTIVE SUMMARY Summary of Report on Financial Statements Our audit disclosed that the College s basic financial statements were presented fairly, in all material respects, in accordance with prescribed financial reporting standards. Summary of Report on Internal Control and Compliance Our audit did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards issued by the Comptroller General of the United States. Audit Objectives and Scope Our audit objectives were to determine whether the College of Central Florida and its officers with administrative and stewardship responsibilities for College operations had: Presented the College s basic financial statements in accordance with generally accepted accounting principles; Established and implemented internal control over financial reporting and compliance with requirements that could have a direct and material effect on the financial statements; and Complied with the various provisions of laws, rules, regulations, contracts, and grant agreements that are material to the financial statements. The scope of this audit included an examination of the College s basic financial statements as of and for the fiscal year ended June 30, We obtained an understanding of the College s environment, including its internal control, and assessed the risk of material misstatement necessary to plan the audit of the basic financial statements. We also examined various transactions to determine whether they were executed, in both manner and substance, in accordance with governing provisions of laws, rules, regulations, contracts, and grant agreements. An examination of Federal awards administered by the College is included within the scope of our Statewide audit of Federal awards administered by the State of Florida. The results of our operational audit of the College are included in our report No Audit Methodology The methodology used to develop the findings in this report included the examination of pertinent College records in connection with the application of procedures required by auditing standards generally accepted in the United States of America and applicable standards contained in Government Auditing Standards issued by the Comptroller General of the United States. i

5 DAVID W. MARTIN, CPA AUDITOR GENERAL AUDITOR GENERAL STATE OF FLORIDA G74 Claude Pepper Building 111 West Madison Street Tallahassee, Florida PHONE: FAX: The President of the Senate, the Speaker of the House of Representatives, and the Legislative Auditing Committee Report on the Financial Statements INDEPENDENT AUDITOR S REPORT We have audited the accompanying financial statements of the College of Central Florida, a component unit of the State of Florida, and its discretely presented component unit as of and for the fiscal year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise the College s basic financial statements as listed in the table of contents. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial statements of the blended and discretely presented component units. The financial statements of The Appleton Cultural Center, Inc., a blended component unit, represent less than 1 percent of the assets, net position, and revenues, reported for the College of Central Florida. The financial statements of the discretely presented component unit represent 100 percent of the transactions and account balances of the discretely presented component unit columns. Those financial statements were audited by other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included for the blended and the discretely presented component units, is based on the reports of the other auditors. 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. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. 1

6 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, based on our audit and the reports of the other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of the College of Central Florida and of its discretely presented component unit as of June 30, 2014, and the respective changes in financial position and, where applicable, cash flows thereof for the fiscal year then ended, in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that MANAGEMENT S DISCUSSION AND ANALYSIS, SCHEDULE OF FUNDING PROGRESS OTHER POSTEMPLOYMENT BENEFITS PLAN, and NOTES TO REQUIRED SUPPLEMENTARY INFORMATION, as listed in the table of contents, be presented to supplement the basic financial statements. Such information, although not a required part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued a report on our consideration of the College of Central Florida s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, rules, regulations, contracts, and grant agreements and other matters included under the heading INDEPENDENT AUDITOR S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and 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 in considering the College of Central Florida s internal control over financial reporting and compliance. Respectfully submitted, David W. Martin, CPA Tallahassee, Florida January 27,

7 MANAGEMENT S DISCUSSION AND ANALYSIS The management s discussion and analysis (MD&A) provides an overview of the financial position and activities of the College for the fiscal year ended June 30, 2014, and should be read in conjunction with the financial statements and notes thereto. The MD&A, and financial statements and notes thereto, are the responsibility of College management. The MD&A contains financial activity of the College for the fiscal years ended June 30, 2014, and June 30, 2013, which includes its blended component unit, The Appleton Cultural Center, Inc., for fiscal years ended December 31, 2013, and December 31, The MD&A also includes the financial activity of the College of Central Florida Foundation, Inc. (discretely presented component unit), for fiscal years ended December 31, 2013, and December 31, FINANCIAL HIGHLIGHTS The College s assets totaled $93.6 million at June 30, This balance reflects a $1.1 million, or 1.1 percent, increase as compared to the fiscal year, resulting mainly from an increase in cash and cash equivalents of $2.4 million. There was also an increase in Public Education Capital Outlay (PECO) funds appropriated increasing due from other governmental agencies by $1 million; however, there was a decrease of $2.2 million in depreciable capital assets, net of accumulated depreciation, during the fiscal year. Liabilities remained relatively constant between the two fiscal years, totaling $7.9 million at June 30, 2014, and at June 30, As a result, the College s net position increased by $1.1 million, resulting in a year-end balance of $85.8 million. The College s operating revenues totaled $12.6 million for the fiscal year, representing a $0.3 million, or 2.3 percent, decrease as compared to the fiscal year. The decrease was due mainly to a decrease in other operating revenues. Operating expenses totaled $58.5 million for the fiscal year, representing a decrease of 3.1 percent as compared to the fiscal year. The decrease was due mainly to decreases of $1.2 million in personnel services and $0.8 million in materials and supplies as compared to the fiscal year. Net position represents the residual interest in the College s assets after deducting liabilities. The College s comparative total net position by category for the fiscal years ended June 30, 2014, and June 30, 2013, is shown in the following graph: 3

8 Net Position: College (In Thousands) $100, $72,306 $74,121 $50,000 $0 Net Investment in Capital Assets $6,779 $5,029 $6,680 $5,486 Restricted Unrestricted The following chart provides a graphical presentation of College revenues by category for the fiscal year: Total Revenues: College Nonoperating Revenues 74% Other Revenues 5% Operating Revenues 21% OVERVIEW OF FINANCIAL STATEMENTS Pursuant to GASB Statement No. 35, the College s financial report consists of three basic financial statements: the statement of net position; the statement of revenues, expenses, and changes in net position; and the statement of cash flows. These financial statements, and notes thereto, provide information on the College as a whole, present a long-term view of the College s finances, and include activities for the following entities: College of Central Florida (Primary Institution) Most of the programs and services generally associated with a college fall into this category, including instruction, public service, and support services. The Appleton Cultural Center, Inc. (Blended Component Unit) Although legally separate, this component unit is important because the College is financially accountable for it, as the College reports its financial activities to the State of Florida. Based on the application of the criteria for determining 4

9 component units, The Appleton Cultural Center, Inc., is included within the College s reporting entity as a blended component unit. College of Central Florida Foundation, Inc. (Discretely Presented Component Unit) Although legally separate, this component unit is important because the College is financially accountable for it, as the College reports its financial activities to the State of Florida. THE STATEMENT OF NET POSITION The statement of net position reflects the assets and liabilities of the College, using the accrual basis of accounting, and presents the financial position of the College at a specified time. Assets less liabilities equal net position, which is one indicator of the College s current financial condition. The changes in net position that occur over time indicate improvement or deterioration in the College s financial condition. A condensed statement of assets, liabilities, and net position of the College and its discretely presented component unit for the respective fiscal years ended is shown in the following table: Condensed Statement of Net Position at (In Thousands) College Component Unit Assets Current Assets $ 12,630 $ 10,181 $ 2,180 $ 3,921 Capital Assets, Net 73,798 76,114 21,205 21,365 Other Noncurrent Assets 7,190 6,259 65,975 56,291 Total Assets 93,618 92,554 89,360 81,577 Liabilities Current Liabilities 3,570 3, Noncurrent Liabilities 4,283 4,730 2,578 2,949 Total Liabilities 7,853 7,918 3,446 3,888 Net Position Net Investment in Capital Assets 72,306 74,121 19,575 19,346 Restricted 6,779 5,029 57,027 50,363 Unrestricted 6,680 5,486 9,312 7,980 Total Net Position $ 85,765 $ 84,636 $ 85,914 $ 77,689 Change in Net Position $ 1, % $ 8, % The increase in the College s net position was primarily from an increase of $1.1 million in total assets. The contributing factors to this increase in total assets were primarily the result of a $2.4 million increase in cash and cash equivalents, due to an increase in State noncapital appropriations along with a decrease in operating expenses, and a $1 million increase in due from other governmental agencies due to an increase in PECO funds appropriated. These increases were offset by a $2.2 million decrease in depreciable capital assets, net of accumulated depreciation, because depreciation exceeded additions. 5

10 THE STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION The statement of revenues, expenses, and changes in net position presents the College s revenue and expense activity, categorized as operating and nonoperating. Revenues and expenses are recognized when earned or incurred, regardless of when cash is received or paid. The following summarizes the activities of the College and its discretely presented component unit for the respective fiscal years ended: Condensed Statement of Revenues, Expenses, and Changes in Net Position For the Fiscal Years Ended (In Thousands) College Component Unit Operating Revenues $ 12,585 $ 12,881 $ 1,642 $ 1,972 Less, Operating Expenses 58,481 60,359 3,151 3,273 Operating Loss (45,896) (47,478) (1,509) (1,301) Net Nonoperating Revenues 43,805 42,330 9,203 6,913 Income (Loss) Before Other Revenues, Expenses, Gains, or Losses (2,091) (5,148) 7,694 5,612 Other Revenues, Expenses, Gains, or Losses 3,220 2, Net Increase (Decrease) In Net Position 1,129 (2,876) 8,225 6,170 Net Position, Beginning of Year 84,636 86,681 77,689 72,443 Adjustments to Beginning Net Position (1) 831 (924) Net Position, Beginning of Year, as Restated 84,636 87,512 77,689 71,519 Net Position, End of Year $ 85,765 $ 84,636 $ 85,914 $ 77,689 Note: (1) Adjustments reflect the change in reporting entity of The Appleton Cultural Center, Inc., from a discretely presented component unit to a blended component unit, and implementation of GASB Statement No. 65 by the Foundation (discretely presented component unit). Operating Revenues GASB Statement No. 35 categorizes revenues as either operating or nonoperating. Operating revenues generally result from exchange transactions where each of the parties to the transaction either gives or receives something of equal or similar value. The following summarizes the operating revenues for the College and its discretely presented component unit by source that were used to fund operating activities for the respective fiscal years ended: 6

11 Operating Revenues For the Fiscal Years Ended (In Thousands) College Component Unit Student Tuition and Fees, Net $ 7,116 $ 7,119 $ $ Grants and Contracts 2,659 2, Sales and Services of Educational Departments 1,057 1,152 Auxiliary Enterprises Other 1,315 1,537 1,114 1,352 Total Operating Revenues $ 12,585 $ 12,881 $ 1,642 $ 1,972 The following chart presents the College s operating revenues for the and fiscal years: Operating Revenues: College (In Thousands) Student Tuition and Fees, Net $7,116 $7, Grants and Contracts $2,659 $2,667 Sales and Services of Educational Departments Auxiliary Enterprises Other $1,057 $1,152 $438 $406 $1,315 $1,537 $0 $5,000 $10,000 College operating revenue did not change significantly from the fiscal year to the fiscal year. Operating Expenses Expenses are categorized as operating or nonoperating. The majority of the College s expenses are operating expenses as defined by GASB Statement No. 35. GASB gives financial reporting entities the choice of reporting operating expenses in the functional or natural classifications. The College has chosen to report the expenses in their natural classification on the statement of revenues, expenses, and changes in net position and has displayed the functional classification in the notes to financial statements. The following summarizes operating expenses by natural classification for the College and its discretely presented component unit for the respective fiscal years ended: 7

12 Operating Expenses For the Fiscal Years Ended (In Thousands) College Component Unit Personnel Services $ 29,828 $ 30,984 $ $ Scholarships and Waivers 12,510 12, Utilities and Communications 2,162 2,115 Contractual Services 2,867 3, Other Services and Expenses 4,215 4,168 1,594 1,845 Materials and Supplies 3,525 4, Depreciation 3,374 3, Total Operating Expenses $ 58,481 $ 60,359 $ 3,151 $ 3,273 The following chart presents the College s operating expenses for the and fiscal years: Operating Expenses: College (In Thousands) Personnel Services Scholarships and Waivers $12,510 $12,327 $29,828 $30, Utilities and Communications $2,162 $2,115 Contractual Services $2,867 $3,007 Other Services and Expenses $4,215 $4,168 Materials and Supplies $3,525 $4,303 Depreciation $3,374 $3,455 $0 $20,000 $40,000 College operating expense changes were the result of the following factors: Personnel services decreased by $1.2 million during the fiscal year when compared to the fiscal year due mainly to the elimination of positions towards the end of the fiscal year. During the fiscal year, the College was able to encompass the full effect of the elimination of 17 vacant full-time positions, of which 11 full-time positions were eliminated through reorganization and discontinuance of certificate programs. Materials and supplies decreased by $0.8 million when compared to the fiscal year due to a 10 percent budget reduction for the fiscal year. Nonoperating Revenues and Expenses Certain revenue sources that the College relies on to provide funding for operations, including State noncapital appropriations, Federal and State student financial aid, certain gifts and grants, and investment income, are defined by GASB as nonoperating. Nonoperating expenses include capital financing costs and other costs related to capital 8

13 assets. The following summarizes the College s nonoperating revenues and expenses for the and fiscal years: Nonoperating Revenues (Expenses): College (In Thousands) State Noncapital Appropriations $ 21,163 $ 19,790 Federal and State Student Financial Aid 22,195 22,334 Gifts and Grants 201 Investment Income, Net Other Nonoperating Revenues Interest on Capital Asset-Related Debt (33) (139) Net Nonoperating Revenues $ 43,805 $ 42,330 Changes in the College s nonoperating revenues and expenses were the result of State noncapital appropriations increasing $1.4 million, or 6.9 percent, due mainly to increases in Florida College System Program Fund and Education Enhancement Trust Fund (Lottery) appropriations for the fiscal year. Other Revenues, Expenses, Gains, or Losses This category is mainly composed of State capital appropriations and capital grants, contracts, gifts, and fees. The following summarizes the College s other revenues, expenses, gains, or losses for the and fiscal years: Other Revenues, Expenses, Gains, or Losses: College (In Thousands) State Capital Appropriations $ 1,356 $ 372 Capital Grants, Contracts, Gifts, and Fees 1,832 1,900 Other Revenues 32 Total $ 3,220 $ 2,272 Changes in other revenues, expenses, gains, or losses were the result of State capital appropriations increasing $1 million, or percent, from the fiscal year due to an increase in PECO appropriations. THE STATEMENT OF CASH FLOWS The statement of cash flows provides information about the College s financial results by reporting the major sources and uses of cash and cash equivalents. Cash flows from operating activities show the net cash used by the operating activities of the College. Cash flows from capital financing activities include all plant funds and related long-term debt activities. Cash flows from investing activities show the net source and use of cash related to purchasing or selling investments, and earning income on those investments. Cash flows from noncapital financing activities include those activities not covered in other sections. The statement of cash flows also helps users assess: An entity s ability to generate future net cash flows. Its ability to meet its obligations as they come due. Its need for external financing. 9

14 The following summarizes the College s cash flows for the and fiscal years: Condensed Statement of Cash Flows: College (In Thousands) Cash Provided (Used) by: Operating Activities $ (42,419) $ (44,336) Noncapital Financing Activities 43,845 42,313 Capital and Related Financing Activities Investing Activities Net Increase (Decrease) in Cash and Cash Equivalents 2,419 (989) Cash and Cash Equivalents, Beginning of Year 12,295 13,254 Adjustment to Beginning Cash and Cash Equivalents (1) 30 Cash and Cash Equivalents, Beginning of Year, as Restated 12,295 13,284 Cash and Cash Equivalents, End of Year $ 14,714 $ 12,295 Note: (1) Adjustment reflects increase in beginning cash and cash equivalents related to the change in reporting entity of The Appleton Cultural Center, Inc., from a discretely presented component unit to a blended component unit. Major sources of funds came from Federal and State student financial aid ($22.4 million), State noncapital appropriations ($21.2 million), Federal Direct Student Loan program receipts ($21 million), net student tuition and fees ($6.9 million), and grants and contracts ($2.7 million). Major uses of funds were for payments to employees ($24.3 million), disbursements to students for Federal Direct Student Loans ($21 million), payments for scholarships ($12.5 million), payments to suppliers ($10.3 million), and payments for employee benefits ($5.5 million). Changes in cash and cash equivalents were the result of the following factors: The College s cash outflow from operating activities decreased $1.9 million due mainly to decreases in cash used for payments to employees and suppliers for the fiscal year. The College s cash inflows from noncapital financing activities increased $1.5 million due mainly to an increase in cash inflows from the State noncapital appropriations allocated for the Florida College System Program Fund and the Educational Enhancement Program Fund (Lottery) as compared to the fiscal year. CAPITAL ASSETS, CAPITAL EXPENSES, AND DEBT ADMINISTRATION CAPITAL ASSETS At June 30, 2014, the College had $131.2 million in capital assets, less accumulated depreciation of $57.4 million, for net capital assets of $73.8 million. Depreciation charges for the current fiscal year totaled $3.4 million. The following table summarizes the College s capital assets, net of accumulated depreciation, at June 30: 10

15 Capital Assets, Net at June 30: College (In Thousands) Capital Assets Land $ 14,254 $ 14,254 Construction in Progress 109 Buildings 54,752 56,497 Other Structures and Improvements 2,811 3,038 Furniture, Machinery, and Equipment Assets Under Capital Lease 1,172 1,302 Total Capital Assets, Net $ 73,798 $ 76,114 CAPITAL EXPENSES Capital expenses through June 30, 2014, included the following major projects: The College had four heating, ventilation, and air conditioning (HVAC) renovation projects with expenses totaling $344 thousand. The College had a construction project in the fiscal year for the Appleton Museum stairs with expenses totaling $206 thousand. DEBT ADMINISTRATION As of June 30, 2014, the College had $1.5 million in long-term debt outstanding. The following table summarizes the outstanding long-term debt by type for the fiscal years ended June 30, 2014, and June 30, 2013: Long-Term Debt, at June 30: College (In Thousands) SBE Capital Outlay Bonds $ 150 $ 250 Capital Lease Payable 1,342 1,743 Total $ 1,492 $ 1,993 The State Board of Education (SBE) issues capital outlay bonds on behalf of the College. During the fiscal year, there were no bond sales, debt repayments totaled $100 thousand, and capital lease principal balance decreased $401 thousand. Additional information about the College s long-term debt is presented in the notes to financial statements. ECONOMIC FACTORS THAT WILL AFFECT THE FUTURE The College s economic condition is closely tied to that of the State of Florida. Because of limited economic growth and increased demand for State resources, only a modest increase in State funding is anticipated in the fiscal year. The Board of Trustees approved a budget with no increase in tuition rates and no change in the capital improvement fee for the fiscal year. REQUESTS FOR INFORMATION Questions concerning information provided in the MD&A, financial statements and notes thereto, or requests for additional financial information should be addressed to Francis J. Mazur III, MS-CIS, CPA, Vice President of Administration and Finance, College of Central Florida, 3001 SW College Road, Ocala, Florida

16 BASIC FINANCIAL STATEMENTS STATEMENT OF NET POSITION June 30, 2014 College Component Unit ASSETS Current Assets: Cash and Cash Equivalents $ 8,739,885 $ 1,026,871 Restricted Cash and Cash Equivalents 517,636 1,032,222 Restricted Investments 170,692 Accounts Receivable, Net 1,268,786 Due from Other Governmental Agencies 1,439,723 Due from Component Unit 131,986 Inventories 43,704 Prepaid Expenses 294,085 45,947 Other Assets 23,658 74,943 Total Current Assets 12,630,155 2,179,983 Noncurrent Assets: Restricted Cash and Cash Equivalents 5,456,318 4,396,426 Investments 46,293 1,274,913 Restricted Investments 7,050 2,055,978 Endowed Investments 600,000 57,327,756 Land and Property Held for Investment 345,851 Due from Component Unit 1,080,343 Depreciable Capital Assets, Net 59,543,566 3,746,003 Nondepreciable Capital Assets 14,254,357 17,458,905 Other Assets 574,165 Total Noncurrent Assets 80,987,927 87,179,997 TOTAL ASSETS 93,618,082 89,359,980 LIABILITIES Current Liabilities: Accounts Payable 928,551 57,425 Accrued Interest Payable 9,030 Salary and Payroll Taxes Payable 1,207,525 Due to Other Governmental Agencies 291,961 Due to College 309,773 Unearned Revenue 104,527 41,456 Deposits Held for Others 316,492 55,521 Line of Credit Payable 13,343 Long-Term Liabilities - Current Portion: Bonds Payable 85, ,000 Loan Payable to College 100,000 Capital Lease Payable 406,636 Compensated Absences Payable 229,965 Other Long-Term Liabilities 16,421 Total Current Liabilities 3,570, ,969 12

17 STATEMENT OF NET POSITION (CONTINUED) June 30, 2014 College Component Unit LIABILITIES (Continued) Noncurrent Liabilities: Bonds Payable $ 65,000 $ 1,365,006 Loan Payable to College 1,080,343 Capital Lease Payable 935,088 Compensated Absences Payable 3,055,243 Other Postemployment Benefits Payable 227,592 Other Long-Term Liabilities 132,740 Total Noncurrent Liabilities 4,282,923 2,578,089 TOTAL LIABILITIES 7,853,580 3,446,058 NET POSITION Net Investment in Capital Assets 72,306,199 19,574,902 Restricted: Nonexpendable: Endowment 600,000 54,044,566 Expendable: Endowment 2,982,173 Grants and Loans 637,311 Scholarships 210,619 Capital Projects 5,166,772 Debt Service 7,050 Other 156,918 Unrestricted 6,679,633 9,312,281 TOTAL NET POSITION $ 85,764,502 $ 85,913,922 The accompanying notes to financial statements are an integral part of this statement. 13

18 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION For the Fiscal Year Ended June 30, 2014 College Component Unit REVENUES Operating Revenues: Student Tuition and Fees, Net of Scholarship Allowances of $11,157,459 $ 7,116,430 $ Federal Grants and Contracts 2,426,880 State and Local Grants and Contracts 73,215 Nongovernmental Grants and Contracts 158, ,499 Sales and Services of Educational Departments 1,057,352 Auxiliary Enterprises 437,691 Other Operating Revenues 1,314,557 1,113,754 Total Operating Revenues 12,584,646 1,641,253 EXPENSES Operating Expenses: Personnel Services 29,828,383 Scholarships and Waivers 12,510, ,323 Utilities and Communications 2,161,394 Contractual Services 2,866, ,686 Other Services and Expenses 4,215,381 1,593,951 Materials and Supplies 3,524, ,843 Depreciation 3,374, ,012 Total Operating Expenses 58,480,623 3,150,815 Operating Loss (45,895,977) (1,509,562) NONOPERATING REVENUES (EXPENSES) State Noncapital Appropriations 21,162,689 Federal and State Student Financial Aid 22,195,164 Gifts and Grants 201,184 Investment Income, Net 83,002 8,960,722 Other Nonoperating Revenues 195, ,239 Interest on Capital Asset-Related Debt (32,968) (120,744) Net Nonoperating Revenues 43,804,836 9,203,217 Income (Loss) Before Other Revenues, Expenses, Gains, or Losses (2,091,141) 7,693,655 State Capital Appropriations 1,355,757 Capital Grants, Contracts, Gifts, and Fees 1,832,184 Additions to Endowments 530,778 Other Revenues 31,680 Total Other Revenues 3,219, ,778 Increase in Net Position 1,128,480 8,224,433 Net Position, Beginning of Year 84,636,022 77,689,489 Net Position, End of Year $ 85,764,502 $ 85,913,922 The accompanying notes to financial statements are an integral part of this statement. 14

19 STATEMENT OF CASH FLOWS For the Fiscal Year Ended June 30, 2014 College CASH FLOWS FROM OPERATING ACTIVITIES Student Tuition and Fees, Net $ 6,887,731 Grants and Contracts 2,709,083 Payments to Suppliers (10,321,780) Payments for Utilities and Communications (2,161,394) Payments to Employees (24,337,756) Payments for Employee Benefits (5,480,147) Payments for Scholarships (12,510,376) Auxiliary Enterprises 437,691 Sales and Service of Educational Departments 1,057,352 Other Receipts 1,300,527 Net Cash Used by Operating Activities (42,419,069) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES State Noncapital Appropriations 21,162,689 Federal and State Student Financial Aid 22,396,348 Federal Direct Loan Program Receipts 21,026,017 Federal Direct Loan Program Disbursements (21,026,017) Other Nonoperating Receipts 285,680 Net Cash Provided by Noncapital Financing Activities 43,844,717 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES State Capital Appropriations 530,075 Capital Grants and Gifts 1,832,184 Proceeds from Sale of Capital Assets 19,997 Purchases of Capital Assets (1,062,915) Principal Paid on Capital Debt and Leases (501,226) Interest Paid on Capital Debt and Leases (32,968) Net Cash Provided by Capital and Related Financing Activities 785,147 CASH FLOWS FROM INVESTING ACTIVITIES Sale of Investments 116,161 Investment Income 92,322 Net Cash Provided by Investing Activities 208,483 Net Increase in Cash and Cash Equivalents 2,419,278 Cash and Cash Equivalents, Beginning of Year 12,294,561 Cash and Cash Equivalents, End of Year $ 14,713,839 15

20 STATEMENT OF CASH FLOWS (CONTINUED) For the Fiscal Year Ended June 30, 2014 College RECONCILIATION OF OPERATING LOSS TO NET CASH USED BY OPERATING ACTIVITIES Operating Loss $ (45,895,977) Adjustments to Reconcile Operating Loss to Net Cash Used by Operating Activities: Depreciation Expense 3,374,083 Changes in Assets and Liabilities: Receivables, Net (109,250) Due from Other Governmental Agencies (202,075) Inventories (6,735) Prepaid Expenses 34,223 Accounts Payable 339,298 Salaries and Payroll Taxes Payable (46,258) Unearned Revenue 50,467 Deposits Held for Others (13,583) Compensated Absences Payable 28,987 Other Postemployment Benefits Payable 27,751 NET CASH USED BY OPERATING ACTIVITIES $ (42,419,069) SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING ACTIVITIES Unrealized losses on investments were recognized as a decrease to investment income on the statement of revenues, expenses, and changes in net position, but are not cash transactions for the statement of cash flows. $ (9,320) The accompanying notes to financial statements are an integral part of this statement. 16

21 NOTES TO FINANCIAL STATEMENTS JUNE 30, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Reporting Entity. The governing body of the College of Central Florida, a component unit of the State of Florida, is the District Board of Trustees. The Board constitutes a corporation and is composed of seven members appointed by the Governor and confirmed by the Senate. The District Board of Trustees is under the general direction and control of the Florida Department of Education, Division of Florida Colleges, and is governed by law and State Board of Education rules. However, the District Board of Trustees is directly responsible for the day-to-day operations and control of the College within the framework of applicable State laws and State Board of Education rules. Geographic boundaries of the District correspond with those of Marion, Citrus, and Levy Counties. Criteria for defining the reporting entity are identified and described in the Governmental Accounting Standards Board s (GASB) Codification of Governmental Accounting and Financial Reporting Standards, Sections 2100 and These criteria were used to evaluate potential component units for which the District Board of Trustees is financially accountable and other organizations for which the nature and significance of their relationship with the District Board of Trustees are such that exclusion would cause the College s financial statements to be misleading. Based upon the application of these criteria, the College is a component unit of the State of Florida, and its financial balances and activities are reported in the State s Comprehensive Annual Financial Report by discrete presentation. Blended Component Unit. Although it is legally separate from the College, The Appleton Cultural Center, Inc. (Center), is included within the College s reporting entity as a blended component unit because management of the College has operational responsibility for the Center. The main purpose of the component unit is to provide financial support to the Appleton Museum, which is a department of the primary government. The Center was audited by other auditors pursuant to Section (6), Florida Statues, and the audited financial statements are available to the public at the College. The financial data blended within the College s accompanying financial statements was derived from the Center s audited financial statements for the fiscal year ended December 31, Condensed financial statements for the College s blended component unit are shown in a subsequent note. Discretely Presented Component Unit. Based on the application of the criteria for determining component units, the College of Central Florida Foundation, Inc. (Foundation), a legally separate entity, is included within the College s reporting entity as a discretely presented component unit and is governed by a separate board. The Foundation is audited by other auditors pursuant to Section (6), Florida Statutes. The Foundation s audited financial statements are available to the public at the College. The financial data reported on the accompanying financial statements was derived from the Foundation s audited financial statements for the fiscal year ended December 31, The Foundation is also a direct-support organization, as defined in Section , Florida Statutes, and although legally separate from the College, is financially accountable to the College. The Foundation is managed independently, outside the College s budgeting process, and its powers generally are vested in a governing board 17

22 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2014 pursuant to various State statutes. The Foundation receives, holds, invests, and administers property, and makes expenditures to or for the benefit of the College. Basis of Presentation. The College s accounting policies conform with accounting principles generally accepted in the United States of America applicable to public colleges and universities as prescribed by GASB. The National Association of College and University Business Officers (NACUBO) also provides the College with recommendations prescribed in accordance with generally accepted accounting principles promulgated by GASB and the Financial Accounting Standards Board (FASB). GASB allows public colleges various reporting options. The College has elected to report as an entity engaged in only business-type activities. This election requires the adoption of the accrual basis of accounting and entitywide reporting including the following components: Management s Discussion and Analysis Basic Financial Statements: Statement of Net Position Statement of Revenues, Expenses, and Changes in Net Position Statement of Cash Flows Notes to Financial Statements Other Required Supplementary Information Basis of Accounting. Basis of accounting refers to when revenues, expenses, assets, and liabilities are recognized in the accounts and reported in the financial statements. Specifically, it relates to the timing of the measurements made, regardless of the measurement focus applied. The College s financial statements are presented using the economic resources measurement focus and the accrual basis of accounting. Revenues, expenses, gains, losses, assets, and liabilities resulting from exchange and exchange-like transactions are recognized when the exchange takes place. Revenues, expenses, gains, losses, assets, and liabilities resulting from nonexchange activities are generally recognized when all applicable eligibility requirements, including time requirements, are met. The College follows GASB standards of accounting and financial reporting. The College s component units use the economic resources measurement focus and accrual basis of accounting whereby revenues are recognized when earned and expenses are recognized when incurred, and follow GASB standards of accounting and financial reporting. Significant interdepartmental sales between auxiliary service departments and other institutional departments have been accounted for as reductions of expenses and not revenues of those departments. The College s principal operating activity is instruction. Operating revenues and expenses generally include all fiscal transactions directly related to instruction as well as administration, academic support, student services, physical plant operations, and depreciation of capital assets. Nonoperating revenues include State noncapital appropriations, Federal and State student financial aid, investment income (net of unrealized gains or losses on investments), and revenues for capital construction projects. Interest on capital asset-related debt is a nonoperating expense. 18

23 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2014 The statement of net position is presented in a classified format to distinguish between current and noncurrent assets and liabilities. When both restricted and unrestricted resources are available to fund certain programs, it is the College s policy to first apply the restricted resources to such programs followed by the use of the unrestricted resources. The statement of revenues, expenses, and changes in net position is presented by major sources and is reported net of tuition scholarship allowances. Tuition scholarship allowances are the differences between the stated charge for goods and services provided by the College and the amount that is actually paid by the student or the third party making payment on behalf of the student. The College calculated its scholarship allowances by tracking actual recorded amounts of tuition and fees paid by scholarship revenues in each scholarship account. To the extent that these resources are used to pay student charges, the College records a scholarship allowance against tuition and fee revenues. The statement of cash flows is presented using the direct method in compliance with GASB Statement No. 9, Reporting Cash Flows of Proprietary and Nonexpendable Trust Funds and Governmental Entities That Use Proprietary Fund Accounting. Cash and Cash Equivalents - College. The amount reported as cash and cash equivalents consists of cash on hand, cash in demand deposit accounts, and highly liquid investments. For reporting cash flows, the College considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Under this definition, the College considers as cash equivalents amounts invested in the State Treasury Special Purpose Investment Account (SPIA) and State Board of Administration (SBA) Florida PRIME investment pool to be cash equivalents. College demand deposits are held in banks qualified as public depositories under Florida law. All such deposits are insured by Federal depository insurance, up to specified limits, or collateralized with securities held in Florida s multiple financial institution collateral pool required by Chapter 280, Florida Statutes. Cash and cash equivalents that are externally restricted to make debt service payments, maintain sinking or reserve funds, or to purchase or construct capital or other restricted assets are classified as restricted. At June 30, 2014, the College reported as cash equivalents at fair value $3,112,266 in the State Treasury SPIA investment pool representing ownership of a share of the pool, not the underlying securities. The SPIA carried a credit rating of A+f by Standard & Poor s, had an effective duration of 2.57 years, and had a fair value factor of at June 30, The College relies on policies developed by the State Treasury for managing interest rate risk or credit risk for this investment pool. Disclosures for the State Treasury SPIA investment pool are included in the notes to financial statements of the State s Comprehensive Annual Financial Report. At June 30, 2014, the College reported as cash equivalents $2,780,113 in the Florida PRIME investment pool administered by the SBA pursuant to Section , Florida Statutes. The College s investments in the Florida PRIME investment pool, which the SBA indicates is a Securities and Exchange Commission Rule 2a7-like external investment pool, as of June 30, 2014, are similar to money market funds in which shares are owned in the fund rather than the underlying investments. The Florida PRIME investment pool carried a credit rating of AAAm by Standard & Poor s and had a weighted-average days to maturity (WAM) of 40 days as of June 30, A portfolio s WAM reflects the average maturity in days based on final maturity or reset date, in the case of 19

24 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2014 floating-rate instruments. WAM measures the sensitivity of the Florida PRIME investment pool to interest rate changes. The investments in the Florida PRIME investment pool are reported at fair value, which is amortized cost. Cash and Cash Equivalents Discretely Presented Component Unit. The amount reported for the Foundation as cash and cash equivalents consists of cash, certificates of deposit, money market accounts, and highly liquid fixed income investments with original maturities of three months or less. Custodial Credit Risk. Cash deposits in excess of Federal Depositors Insurance Corporation (FDIC) limits at individual financial institutions and cash held in money market accounts are uninsured. Management does not consider this risk significant. Certain investments are held in brokerage house investment accounts that are not insured by the FDIC. The total amount of cash and cash equivalents held by depositories and the bank balances amounted to $2,287,166, of which $1,641,086 was uninsured at December 31, Capital Assets - College. College capital assets consist of land; buildings; other structures and improvements; furniture, machinery, and equipment; and assets under capital lease. These assets are capitalized and recorded at cost at the date of acquisition or at estimated fair value at the date received in the case of gifts and purchases of State surplus property. Additions, improvements, and other outlays that significantly extend the useful life of an asset are capitalized. Other costs incurred for repairs and maintenance are expensed as incurred. The College has a capitalization threshold of $5,000 for tangible personal property and $50,000 for buildings and other structures and improvements. Depreciation is computed on the straight-line basis over the following estimated useful lives: Buildings 10 or 40 years Other Structures and Improvements 10 years Furniture, Machinery, and Equipment: Computer Equipment 3 years Vehicles, Office Machines, and Educational Equipment 5 years Furniture 3 to 7 years Assets Under Capital Lease 20 years Capital Assets Discretely Presented Component Unit. The Foundation s land, buildings, and equipment are stated at cost, except for donated property which is stated at fair market value on the date of donation, and is net of accumulated depreciation of $2,357,552. The Foundation depreciates buildings and equipment using the straight-line method over estimated lives ranging from 5 years for most equipment to 40 years for buildings. Noncurrent Liabilities. Noncurrent liabilities include bonds payable, capital lease payable, compensated absences payable, and other postemployment benefits payable that are not scheduled to be paid within the next fiscal year. 20

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