Chapter 09 – Accounting for Special-Purpose Entities, Including Public Colleges and Universities
9-1
CHAPTER 9 Accounting for Special-Purpose Entities,
Including Public Colleges and Universities
9-1. THE SOLUTION TO THIS PROBLEM WILL DIFFER FROM STUDENT TO STUDENT, ASSUMING
EACH HAS A DIFFERENT COLLEGE FINANCIAL REPORT.
9-2.
A. SPECIAL–PURPOSE GOVERNMENTAL ENTITIES ENGAGED IN BOTH GOVERNMENTAL AND
BUSINESS–TYPE ACTIVITIES AND IN MORE THAN ONE GOVERNMENTAL ACTIVITY ARE
REQUIRED TO FOLLOW THE SAME REPORTS ARE REQUIRED AS FOR GENERAL PURPOSE LOCAL
GOVERNMENTS, SUCH AS STATES, COUNTIES, AND MUNICIPALITIES. FINANCIAL REPORTS
REQUIRED INCLUDE THE GOVERNMENT–WIDE STATEMENT OF NET POSITION AND
Chapter 09 – Accounting for Special-Purpose Entities, Including Public Colleges and Universities
9-2
9-3.
WARRENTON LIBRARY DISTRICT
GOVERNMENTAL FUNDS BALANCE SHEET / STATEMENT OF NET POSITION
AS OF DECEMBER 31, 2015
ASSETS
GENERAL
FUND
SPECIAL
REVENUE
FUND
TOTAL
ADJUSTMENTS TO
GOVERNMENT –
WIDE
STATEMENT OF
NET POSITION
CASH AND CASH EQUIVALENTS
125,000
12,000
137,000
137,000
INVENTORIES
6,000
6,000
6,000
RECEIVABLES (NET)
TAXES RECEIVABLE
95,000
95,000
95,000
DUE FROM GENERAL FUND
7,500
7,500
(7,500)
–
CAPITAL ASSETS
–
325,000
325,000
TOTAL ASSETS
226,000
19,500
245,500
317,500
563,000
LIABILITIES
ACCOUNTS PAYABLE
85,000
3,500
88,500
88,500
DUE TO SPECIAL REVENUE FUND
7,500
7,500
(7,500)
–
LONG–TERM COMPENSATED
ABSENCES
–
85,000
85,000
NOTES DUE IN MORE THAN ONE YEAR
–
222,000
222,000
TOTAL LIABILITIES
92,500
3,500
96,000
299,500
395,500
FUND BALANCE
NONSPENDABLE: INVENTORIES
6,000
6,000
RESERVED FOR OTHER PURPOSES
16,000
16,000
UNASSIGNED
127,500
127,500
TOTAL FUND BALANCE
133,500
16,000
149,500
TOTAL LIABILITIES AND FUND
BALANCE
226,000
19,500
245,500
NET POSITION:
NET INVESTMENT IN CAPITAL ASSETS
103,000
UNRESTRICTED
64,500
TOTAL NET POSITION
167,500
Chapter 09 – Accounting for Special-Purpose Entities, Including Public Colleges and Universities
9-3
9-4.
TRINITY PARISH FIRE DISTRICT
GOVERNMENTAL FUNDS: STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES / STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED DECEMBER 31, 2015
REVENUES
GENERAL
FUND
SPECIAL
REVENUE
FUND
TOTAL
ADJUSTMENTS
TO
GOVERNMENT
–WIDE
STATEMENT
OF ACTIVITIES
PROPERTY TAXES
$ 300,000
300,000
(3,000)*
297,000
INTERGOVERNMENTAL
28,000
19,500
47,500
47,500
MISCELLANEOUS
5,000
5,000
5,000
TOTAL REVENUES
333,000
19,500
352,500
(3,000)
349,500
EXPENDITURES/EXPENSES
CURRENT
PERSONNEL SERVICES
150,000
15,000
165,000
165,000
SUPPLIES
25,000
–
25,000
25,000
DEPRECIATION
59,000
59,000
CAPITAL OUTLAY
125,000
–
125,000
(125,000)
–
DEBT SERVICE
PRINCIPAL
5,000
5,000
(5,000)
–
INTEREST
8,000
8,000
8,000
TOTAL EXPENDITURES
313,000
15,000
328,000
(71,000)
257,000
REVENUES OVER EXPENDITURES
20,000
4,500
24,500
OTHER FINANCING SOURCES (USES):
ISSUANCE OF DEBT
25,000
25,000
(25,000)
TRANSFERS FROM OTHER FUNDS
5,000
5,000
(5,000)
TRANSFERS (TO) OTHER FUNDS
(5,000)
–
(5,000)
5,000
20,000
5,000
25,000
(25,000)
EXCESS OF REVENUES AND OTHER SOURCES
OVER (UNDER) EXPENDITURES AND OTHER USES
40,000
9,500
49,500
CHANGE IN NET POSITION
92,500
FUND BALANCE / NET POSITION –
BEGINNING OF YEAR
22,000
(8,000)
14,000
128,000
FUND BALANCE / NET POSITION – END OF
YEAR
$ 62,000
1,500
63,500
220,500
Chapter 09 – Accounting for Special-Purpose Entities, Including Public Colleges and Universities
9-5.
SOUTHERN STATE UNIVERSITY
STATEMENT OF NET POSITION
JUNE 30, 2015
ASSETS:
CURRENT ASSETS:
CASH AND CASH EQUIVALENTS
SHORT-TERM INVESTMENTS
ACCOUNTS RECEIVABLE, NET
INVENTORIES
TOTAL CURRENT ASSETS
$ 120,000
1,444,000
354,000
333,000
2,251,000
NONCURRENT ASSETS:
RESTRICTED CASH AND CASH EQUIVALENTS
LONG-TERM INVESTMENTS
ENDOWMENT INVESTMENTS
CAPITAL ASSETS, NET OF DEPRECIATION
TOTAL NONCURRENT ASSETS
TOTAL ASSETS
92,000
1,683,000
6,126,000
7,223,000
15,124,000
$17,375,000
LIABILITIES:
CURRENT LIABILITIES:
ACCOUNTS PAYABLE
ACCRUED INTEREST PAYABLE
LONG-TERM LIABILITIES-CURRENT PORTION
TOTAL CURRENT LIABILITIES
265,000
225,000
200,000
690,000
LONG-TERM LIABILITIES:
GENERAL OBLIGATION BONDS PAYABLE
REVENUE BONDS PAYABLE
TOTAL NONCURRENT LIABILITIES
TOTAL LIABILITIES
1,350,000
2,200,000
3,550,000
4,240,000
NET POSITION:
NET INVESTMENT IN CAPITAL ASSETS
RESTRICTED:
NONEXPENDABLE
EXPENDABLE
UNRESTRICTED
TOTAL NET POSITION
3,473,000
6,126,000
1,900,000
1,636,000
$13,135,000
NOTE: NET POSITION, NET INVESTMENT IN CAPITAL ASSETS =
($7,223,000 – $200,000 – $1,350,000 – $2,200,000 = $3,473,000)
NET POSITION UNRESTRICTED = (TOTAL ASSETS – TOTAL LIABILITIES) – (NET INVESTMENT
IN CAPITAL ASSETS + RESTRICTED EXPENDABLE + RESTRICTED NONEXPENDABLE)
Chapter 09 – Accounting for Special-Purpose Entities, Including Public Colleges and Universities
9-6.
WESTERN STATE UNIVERSITY
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
YEAR ENDED JUNE 30, 2015
REVENUES:
OPERATING REVENUES:
STUDENT TUITION AND FEES
(NET OF SCHOLARSHIP ALLOWANCES OF $ 920,000)
FEDERAL GRANTS AND CONTRACTS
STATE AND LOCAL GRANTS AND CONTRACTS
AUXILIARY ENTERPRISES
TOTAL OPERATING REVENUES
$ 8,100,000
1,221,000
898,000
9,200,000
19,419,000
EXPENSES:
OPERATING EXPENSES:
SALARIES:
FACULTY
EXEMPT STAFF
NONEXEMPT WAGES
BENEFITS
SCHOLARSHIPS AND FELLOWSHIPS
DEPRECIATION
OTHER NONOPERATING EXPENSES
TOTAL OPERATING EXPENSES
OPERATING INCOME (LOSS)
$9,030,000
5,432,000
4,729,000
3,600,000
988,000
3,276,000
2,982,000
30,037,000
(10,618,000)
NONOPERATING REVENUES (EXPENSES):
STATE APPROPRIATIONS
GIFTS
INVESTMENT INCOME
INTEREST ON CAPITAL RELATED DEBT
NET NONOPERATING REVENUES
INCOME (LOSS) BEFORE OTHER REVENUES, EXPENSES, GAINS, OR
LOSSES
CAPITAL APPROPRIATIONS
CAPITAL GRANTS AND GIFTS
ADDITIONS TO PERMANENT ENDOWMENTS
INCREASE IN NET POSITION
NET POSITION – BEGINNING OF YEAR
NET POSITION – END OF YEAR
10,000,000
1,345,000
873,000
(1,870,000)
10,348,000
(270,000)
300,000
1,110,000
920,000
________
2,060,000
1,500,000
$ 3,560,000
Chapter 09 – Accounting for Special-Purpose Entities, Including Public Colleges and Universities
9-6
9-7. NEW CITY COLLEGE
GENERAL JOURNAL
YEAR ENDED JUNE 30, 2015
DEBITS
CREDITS
A.
DEFERRED REVENUES
OPERATING REVENUE-STUDENT TUITION AND FEES
612,000
612,000
B.
ACCOUNTS RECEIVABLE
OPERATING REVENUE-STUDENT TUITION AND FEES
12,000,000
12,000,000
CASH
ACCOUNTS RECEIVABLE
9,650,000
9,650,000
OPERATING REVENUES-STUDENT TUITION AND FEES
DEFERRED REVENUES
639,000
639,000
(NOTE: THE ABOVE ENTRY MAY BE COMBINED.)
C.
OPERATING REVENUE DEDUCTION-SCHOLARSHIP
ALLOWANCES
ACCOUNTS RECEIVABLE
787,000
787,000
D.
SCHOLARSHIPS AND FELLOWSHIPS EXPENSE
ACCOUNTS RECEIVABLE
760,000
760,000
NOTE: AFTER THE ABOVE TRANSACTIONS, NEW CITY COLLEGE WOULD REPORT $11,186,000 IN
NET TUITION AND FEE REVENUE IN THE STATEMENT OF REVENUES, EXPENSES, AND
CHANGES IN NET POSITION. THIS WOULD BE COMPUTED AS FOLLOWS:
TUITION AND FEE CHARGES (ENTRY B)
ADD: DEFERRED REVENUES AT BEGINNING OF YEAR (ENTRY A)
DEDUCT: DEFERRED REVENUES AT END OF YEAR (ENTRY B)
DEDUCT: SCHOLARSHIP ALLOWANCE DEDUCTION(ENTRY C)
NET
$12,000,000
612,000
(639,000)
(787,000)
$11,186,000
IN ADDITION, $760,000 WOULD BE REPORTED AS AN OPERATING EXPENSE ENTITLED, “SCHOLARSHIPS AND
FELLOWSHIPS.”
Chapter 09 – Accounting for Special-Purpose Entities, Including Public Colleges and Universities
9-8.A. SOLUTIONS TO THE EXCEL BASED EXERCISES ARE ALSO AVAILABLE IN EXCEL ON
THE INSTRUCTOR’S WEBSITE
EASTERN STATE COLLEGE
GENERAL JOURNAL
YEAR ENDED JUNE 30, 2015
(IN THOUSANDS)
DEBITS
CREDITS
1
ACCOUNTS RECEIVABLE
18,350
OPERATING REVENUES-STUDENT TUITION AND FEES
18,350
OPERATING REVENUE DEDUCTION-SCHOLARSHIP ALLOWANCES
1,490
ACCOUNTS RECEIVABLE
1,490
OPERATING EXPENSES-SCHOLARSHIPS AND FELLOWSHIPS EXPENSE
1,420
ACCOUNTS RECEIVABLE
1,420
CASH AND CASH EQUIVALENTS
15,700
ACCOUNTS RECEIVABLE
15,700
2
DEFERRED REVENUES
500
OPERATING REVENUES-STUDENT TUITION AND FEES
500
OPERATING REVENUES-STUDENT TUITION AND FEES
720
DEFERRED REVENUES
720
3
CASH AND CASH EQUIVALENTS
13,020
RESTRICTED CASH AND CASH EQUIVALENTS
800
NONOPERATING REVENUES-STATE APPROPRIATIONS
13,020
CAPITAL APPROPRIATIONS
800
4
RESTRICTED CASH AND CASH EQUIVALENTS
3,200
OPERATING REVENUES-RESTRICTED-FEDERAL GRANTS & CONTRACTS
2,310
OPERATING REVENUES-RESTRICTED–STATE & LOCAL GRANTS & CONTRACTS
890
5
CASH AND CASH EQUIVALENTS
12,100
ACCOUNTS RECEIVABLE
350
OPERATING REVENUES-AUXILIARY ENTERPRISES
12,450
6
CASH AND CASH EQUIVALENTS
650
RESTRICTED CASH AND CASH EQUIVALENTS
800
NONOPERATING REVENUES-GIFTS
650
NONOPERATING REVENUES-RESTRICTED-GIFTS-OTHER
500
CAPITAL GRANTS AND GIFTS
300
7
RESTRICTED CASH AND CASH EQUIVALENTS
600
ADDITIONS TO PERMANENT ENDOWMENTS
600
ENDOWMENT INVESTMENTS
600
RESTRICTED CASH AND CASH EQUIVALENTS
600
8
CASH AND CASH EQUIVALENTS
50
RESTRICTED CASH AND CASH EQUIVALENTS
200
INTEREST RECEIVABLE-UNRESTRICTED
50
INTEREST RECEIVABLE-RESTRICTED
200
9
CASH AND CASH EQUIVALENTS
175
INTEREST RECEIVABLE-UNRESTRICTED
25
NONOPERATING REVENUES-INVESTMENT INCOME
200
Chapter 09 – Accounting for Special-Purpose Entities, Including Public Colleges and Universities
RESTRICTED CASH AND CASH EQUIVALENTS
1,250
INTEREST RECEIVABLE-RESTRICTED
250
NONOPERATING REVENUES-RESTRCT‘ EXPENDABLE– INVESTMENT INCOME
1,500
10
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
1,000
CASH AND CASH EQUIVALENTS
1,000
11
OPERATING EXPENSES-SALARIES-FACULTY
14,123
OPERATING EXPENSES-SALARIES-EXEMPT STAFF
10,111
OPERATING EXPENSES-NONEXEMPT WAGES
6,532
OPERATING EXPENSES-BENEFITS
6,112
OPERATING EXPENSES-OTHER
1,100
CASH AND CASH EQUIVALENTS
36,878
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
1,100
12
OPERATING EXPENSES-RESTRICTED-SALARIES-FACULTY
2,256
OPERATING EXPENSES-RESTRICTED-SALARIES-EXEMPT STAFF
745
OPERATING EXPENSES-RESTRICTED-NONEXEMPT WAGES
213
OPERATING EXPENSES-RESTRICTED-BENEFITS
656
OPERATING EXPENSES-RESTRICTED-OTHER
1,100
RESTRICTED CASH AND CASH EQUIVALENTS
4,612
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
358
13
OPERATING EXPENSES-DEPRECIATION
1,370
ACCUMULATED DEPRECIATION-CAPITAL ASSETS
1,370
14
CAPITAL ASSETS
3,195
RESTRICTED CASH AND CASH EQUIVALENTS
1,050
CASH AND CASH EQUIVALENTS
2,145
NET POSITION RESTRICTED FOR CAPITAL OUTLAY
1,050
UNRESTRICTED NET POSITION
1,050
15
NONOPERATING EXPENSES-INTEREST ON CAPITAL ASSET RELATED DEBT
348
CASH AND CASH EQUIVALENTS
326
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
22
BONDS PAYABLE – CURRENT PORTION
800
CASH AND CASH EQUIVALENTS
800
BONDS PAYABLE (LT)
300
BONDS PAYABLE-CURRENT PORTION
300
16
DEPOSITS WITH BOND TRUSTEE
100
CASH AND CASH EQUIVALENTS
100
NET POSITION-UNRESTRICTED
100
NET POSITION-RESTRICTED-DEBT SERVICE
100
17
OPERATING EXPENSES-BENEFITS
88
COMPENSATED ABSENCES PAYABLE
88
18
CASH AND CASH EQUIVALENTS
2,450
SHORT-TERM INVESTMENTS
2,400
NON-OPERATING REVENUES-INVESTMENT INCOME
50
Chapter 09 – Accounting for Special-Purpose Entities, Including Public Colleges and Universities
9-9
SHORT-TERM INVESTMENTS
2,650
CASH AND CASH EQUIVALENTS
2,650
SHORT-TERM INVESTMENTS
40
LONG-TERM INVESTMENTS
120
ENDOWMENT INVESTMENTS
61
NONOPERATING REVENUES-INVESTMENT INCOME
40
NONOPERATING REVENUES-RESTRCT‘ EXPENDABLE– INVESTMENT INCOME
120
NONOPERAT‘G REVENUES-RESTRCT‘ NONEXPENDABLE– INVESTMENT INC.
61
9-8 Part B
CLOSING ENTRIES
DEBITS
CREDITS
UNRESTRICTED NET POSITION
OPERATING REVENUES-STUDENT TUITION AND FEES
18,130
NONOPERATING REVENUES-STATE APPROPRIATIONS
13,020
OPERATING REVENUES-AUXILIARY ENTERPRISES
12,450
NONOPERATING REVENUES-GIFTS
650
NONOPERATING REVENUES-INVESTMENT INCOME
290
OPERATING REVENUE DEDUCTION-SCHOLARSHIP ALLOWANCES
1,490
SCHOLARSHIPS AND FELLOWSHIPS EXPENSE
1,420
OPERATING EXPENSES-SALARIES-FACULTY
14,123
OPERATING EXPENSES-SALARIES-EXEMPT STAFF
10,111
OPERATING EXPENSES-NONEXEMPT WAGES
6,532
OPERATING EXPENSES-BENEFITS
6,200
OPERATING EXPENSES-OTHER
1,100
OPERATING EXPENSES-DEPRECIATION
1,370
NONOPERATING EXPENSES-INTEREST ON CAPITAL-RELATED DEBT
348
NET POSITION-UNRESTRICTED
1,846
RESTRICTED – NONEXPENDABLE
ADDITION TO PERMANENT ENDOWMENTS
600
NONOPERATING REVENUES-RESTRICTED-NONEXPENDABLE–INVESTMENT INCOME
61
NET POSITION-RESTRICTED-NONEXPENDABLE
661
RESTRICTED – EXPENDABLE OTHER
OPERATING REVENUES-RESTRICTED-FEDERAL GRANTS AND CONTRACTS
2,310
OPERATING REVENUES-RESTRICTED-STATE AND LOCAL GRANTS AND CONTRACTS
890
NONOPERATING REVENUES-RESTRICTED-GIFTS-OTHER
500
NONOPERATING REVENUES-RESTRICTED-EXPENDABLE INVESTMENT INCOME
1,620
OPERATING EXPENSES-RESTRICTED-SALARIES-FACULTY
2,256
OPERATING EXPENSES-RESTRICTED-SALARIES-EXEMPT STAFF
745
OPERATING EXPENSES-RESTRICTED-NONEXEMPT WAGES
213
OPERATING EXPENSES-RESTRICTED-BENEFITS
656
OPERATING EXPENSES-RESTRICTED-OTHER
1,100
NET POSITION-RESTRICTED-EXPENDABLE-OTHER
350
Chapter 09 – Accounting for Special-Purpose Entities, Including Public Colleges and Universities
9-10
RESTRICTED – EXPENDABLE CAPITAL OUTLAY
CAPITAL APPROPRIATIONS
800
CAPITAL GIFTS AND GRANTS
300
NET POSITION-RESTRICTED-EXPENDABLE-CAPITAL OUTLAY
1,100
UNRESTRICTED NET POSITION
NET
INVESTMENT
IN CAPITAL
ASSETS
UN–
RESTRICTED
(PLUG)
TOTAL
CAPITAL ASSETS (NET)
15,315
15,315
BOND PAYABLE – CURRENT
(300)
(300)
BOND PAYABLE – LT
(4,700)
(4,700)
–
PLUG
1,661
1,661
10,315
–
1,661
11,976
UNRESTRICTED NET POSITION
10,130
BALANCE PER GENERAL LEDGER
1,846
CLOSING ENTRY
11,976
RESTRICTED NET POSITION
NON–
SPENDABLE
DEBT
SERVICE
CAPITAL
OUTLAY
OTHER
TOTAL
BEGINNING
9,100
1,800
500
8,100
19,500
RECLASSIFICATIONS
100
(1,050)
(950)
CLOSING ENTRIES
661
1,100
350
2,111
9,761
1,900
550
8,450
20,661
Chapter 09 – Accounting for Special-Purpose Entities, Including Public Colleges and Universities
9-11
9-8- Part C
EASTERN STATE COLLEGE
STATEMENT OF NET POSITION
JUNE 30 2015
(IN THOUSANDS)
ASSETS:
CURRENT ASSETS:
CASH AND CASH EQUIVALENTS
$
676
SHORT-TERM INVESTMENTS
2,690
ACCOUNTS RECEIVABLE
1,290
INTEREST RECEIVABLE
25
DEPOSITS WITH BOND TRUSTEE
1,900
TOTAL CURRENT ASSETS
6,581
NONCURRENT ASSETS:
RESTRICTED CASH AND CASH EQUIVALENTS
798
ENDOWMENT INVESTMENTS
9,761
LONG-TERM INVESTMENTS
8,120
INTEREST RECEIVABLE-RESTRICTED
250
CAPITAL ASSETS, NET OF ACCUMULATED DEPRECIATION
15,315
TOTAL NONCURRENT ASSETS
34,244
TOTAL ASSETS
$
40,825
LIABILITIES:
CURRENT LIABILITIES:
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
1,480
DEFERRED REVENUE
720
BONDS PAYABLE -CURRENT PORTION
300
TOTAL CURRENT LIABILITIES
2,500
NONCURRENT LIABILITIES:
BONDS PAYABLE
4,700
COMPENSATED ABSENCES PAYABLE
988
TOTAL NONCURRENT LIABILITIES
5,688
TOTAL LIABILITIES
8,188
Continued on next page
Chapter 09 – Accounting for Special-Purpose Entities, Including Public Colleges and Universities
9-12
NET POSITION:
NET INVESTMENT IN CAPITAL ASSETS
10,315
RESTRICTED FOR:
NONEXPENDABLE
9,761
EXPENDABLE:
DEBT SERVICE
1,900
CAPITAL OUTLAY
550
OTHER
8,450
UNRESTRICTED
1,661
TOTAL NET POSITION
$
32,637
9-8 Part D
EASTERN STATE COLLEGE
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN NET POSITION
FOR THE YEAR ENDED JUNE 30 2014
(IN THOUSANDS)
REVENUES:
OPERATING REVENUES:
STUDENT TUITION AND FEES NET OF SCHOLARSHIP ALLOWANCES
$
16,640
FEDERAL GRANTS AND CONTRACTS
2,310
STATE AND LOCAL GRANTS AND CONTRACTS
890
AUXILIARY ENTERPRISES
12,450
TOTAL OPERATING REVENUES
32,290
EXPENSES:
OPERATING EXPENSES:
SALARIES:
FACULTY
16,379
EXEMPT STAFF
10,856
NONEXEMPT WAGES
6,745
BENEFITS
6,856
DEPRECIATION
1,370
SCHOLARSHIPS AND FELLOWSHIPS
1,420
OTHER
2,200
TOTAL OPERATING EXPENSES
45,826
OPERATING INCOME (LOSS)
(13,536)
Chapter 09 – Accounting for Special-Purpose Entities, Including Public Colleges and Universities
9-13
NONOPERATING REVENUES (EXPENSES):
STATE APPROPRIATIONS
13,020
GIFTS
1,150
INVESTMENT INCOME
1,971
INTEREST ON CAPITAL RELATED DEBT
(348)
NET NONOPERATING REVENUES
15,793
INCOME (LOSS) BEFORE OTHER REVENUES, EXPENSES, GAINS, OR LOSSES
2,257
CAPITAL APPROPRIATIONS
800
CAPITAL GRANTS AND GIFTS
300
ADDITIONS TO PERMANENT ENDOWMENTS
600
INCREASE IN NET POSITION
3,957
NET POSITION:
NET POSITION – BEGINNING OF YEAR
28,680
NET POSITION – END OF YEAR
$
32,637
Chapter 09 – Accounting for Special-Purpose Entities, Including Public Colleges and Universities
9-14
9-9. (A). SOLUTIONS TO THE EXCEL BASED EXERCISES ARE ALSO AVAILABLE IN EXCEL ON
THE INSTRUCTOR’S WEBSITE
DEBITS
CREDITS
A
CAPITAL ASSETS
19,500,000
ACCUMULATED DEPRECIATION
6,330,000
NET POSITION
13,170,000
DEPRECIATION EXPENSE
418,000
ACCUMULATED DEPRECIATION
418,000
CAPITAL ASSETS
7,994,632
CAPITAL OUTLAY EXPENDITURE
7,994,632
B
NET POSITION
10,700,000
NOTES PAYABLE
10,700,000
OFS – PROCEEDS OF DEBT
6,370,000
NOTES PAYABLE
6,370,000
NOTES PAYABLE
1,340,000
DEBT SERVICE EXPENDITURE – PRINCIPAL
1,340,000
C
PROPERTY TAX REVENUE
87,500
NET POSITION
87,500
DEFERRED INFLOWS – PROPERTY TAXES
94,000
PROPERTY TAX REVENUE
94,000
D
OFS – TRANSFERS IN
2,500,000
OFU – TRANSFERS OUT
2,500,000
Chapter 09 – Accounting for Special-Purpose Entities, Including Public Colleges and Universities
9-19
9-9 (B) CHEROKEE LIBRARY DISTRICT
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES / STATEMENT OF ACTIVITIES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2015
GENERAL
FUND
CAPITAL
PROJECTS
FUND
TOTAL
GOVERNMENTAL
FUNDS
ADJUSTMENTS TO
GOVERNMENT–
WIDE
STATEMENT OF
ACTIVITIES
REVENUES
PROPERTY TAXES
$ 20,205,519
20,205,519
$ 6,500
20,212,019
INTERGOVERNMENTAL
REVENUES
2,269,751
145,801
2,415,552
2,415,552
INVESTMENT INCOME:
INTEREST INCOME
461,684
461,684
461,684
NET INCREASE IN FAIR VALUE OF INVESTMENTS
161,691
161,691
161,691
TOTAL REVENUES
23,098,645
145,801
23,244,446
6,500
23,250,946
EXPENDITURES / EXPENSES
CURRENT:
PUBLIC SERVICES
14,032,711
14,032,711
14,032,711
LIBRARY MATERIALS
5,474,632
5,472,514
5,472,514
DEPRECIATION
418,000
418,000
CAPITAL OUTLAY
453,033
7,539,481
7,994,632
(7,994,632)
–
DEBT SERVICE
–
–
PRINCIPAL
1,340,000
1,340,000
(1,340,000)
–
INTEREST
830,904
830,904
830,904
TOTAL EXPENDITURES
22,131,280
7,539,481
29,670,761
(8,916,632)
20,754,129
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES
967,365
(7,393,680)
(6,426,315)
8,923,132
2,496,817
OTHER FINANCING SOURCES (USES)
Chapter 09 – Accounting for Special-Purpose Entities, Including Public Colleges and Universities
9-20
PROCEEDS OF DEBT
6,370,000
6,370,000
(6,370,000)
–
TRANSFERS IN
2,500,000
2,500,000
(2,500,000)
–
TRANSFERS OUT
(2,500,000)
(2,500,000)
2,500,000
–
TOTAL OTHER FINANCING SOURCES (USES)
(2,500,000)
8,870,000
6,370,000
(6,370,000)
–
NET CHANGE IN FUND BALANCE/NET POSITION
(1,532,635)
1,476,320
(56,315)
2,496,817
FUND BALANCE/NET POSITION, JANUARY 1
12,609,441
2,764,880
15,374,321
17,931,821
FUND BALANCE/NET POSITION, DECEMBER 31
$ 11,076,806
$ 4,241,200
$ 15,318,006
$ 20,428,638
PROOF FOR BEGINNING NET POSITION
BEGINNING FUND BALANCES
15,374,321
ENTRY: A
13,170,000
ENTRY: B
(10,700,000)
ENTRY: C
87,500
17,931,821
Chapter 09 – Accounting for Special-Purpose Entities, Including Public Colleges and Universities
9-21
9-9 (C) CHEROKEE LIBRARY DISTRICT
BALANCE SHEET / STATEMENT OF NET POSITION
GOVERNMENTAL FUNDS
AS OF DECEMBER 31, 2015
GENERAL
FUND
CAPITAL
PROJECTS FUND
TOTAL
GOVERNMENTAL
FUNDS
ADJUSTMENTS
TO
GOVERNMENT–
WIDE
STATEMENT OF
NET POSITION
ASSETS
CASH
$ 11,034,232
$ 4,825,591
$ 15,859,823
$ 15,859,823
INVESTMENTS
683,722
683,722
683,722
TAXES RECEIVABLE – GROSS
131,534
131,534
131,534
INTEREST RECEIVABLE
2,487
2,487
2,487
PREPAID ITEMS
596,901
596,901
596,901
CAPITAL ASSETS
–
27,494,632
27,494,632
ACCUMULATED DEPRECIATION
–
(6,748,000)
(6,748,000)
TOTAL ASSETS
$ 12,448,876
$ 4,825,591
$ 17,274,467
$ 20,746,632
$ 38,021,099
LIABILITIES, DEFERRED INFLOWS AND FUND BALANCES
LIABILITIES
ACCOUNTS PAYABLE
877,468
324,609
1,202,077
1,202,077
ACCRUED LIABILITIES
400,602
400,602
400,602
CONTRACTS PAYABLE –
RETAINED %
259,782
259,782
259,782
LONG–TERM NOTES PAYABLE
–
15,730,000
15,730,000
TOTAL LIABILITIES
1,278,070
584,391
1,862,461
15,730,000
17,592,461
DEFERRED INFLOWS
DEFERRED INFLOWS – PROPERTY TAXES
94,000
94,000
(94,000)
–
FUND BALANCES
Chapter 09 – Accounting for Special-Purpose Entities, Including Public Colleges and Universities
9-22
NONSPENDABLE
PREPAID ITEMS
596,901
596,901
ASSIGNED
–
LIBRARY PURCHASES
585,220
585,220
CAPITAL PROJECTS
4,241,200
4,241,200
UNASSIGNED
9,894,685
9,894,685
TOTAL FUND BALANCES
11,076,806
4,241,200
15,318,006
NET POSITION
NET INVESTMENT IN CAPITAL
ASSETS
4,756,850
UNRESTRICTED
15,671,788
$ 20,428,638