Garden City Community College OPEID No.: 00191900 EIN: 48 ...

Garden City Community College

OPEID No.: 00191900EIN: 48-0698107

June 30,2014

Garden City Community CollegeBasic Financial Statements

For the Year Ended June 30, 2014

TABLE OF CONTENTS

Independent Auditors’ Report

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

Statement of Fiduciary Net Position

Notes to Financial Statements

REQUIRED SUPPLEMENTARY INFORMATION

Schedule of Funding Progress - Other Post-Employment Benefits

SUPPLEMENTARY INFORMATION

Combining Schedule of Revenue, Expenditures, Encumbrances and Changes inUnencumbered Cash - Actual and Budget - Current Funds - Unrestricted (Legal Basis)

Schedule of Revenue - Actual and Budget - General Fund - Unrestricted (Legal Basis)

Schedule of Revenue, Expenditures, Encumbrances and Changes in UnencumberedCash - Actual and Budget - Adult Basic Education Fund (Legal Basis)

Schedule of Revenue, Expenditures, Encumbrances and Changes in UnencumberedCash - Actual and Budget - Postsecondary Technical Education Fund (Legal Basis)

Schedule of Revenue, Expenditures, Encumbrances and Changes in UnencumberedCash - Actual and Budget - Plant Funds - Unexpended (Legal Basis)

Notes to Supplementary Information

ADDITIONAL INFORMATION -Schedules of Management Information

Combining Statement of Revenue, Expenditures and Other Changes - Current Funds

Statement

1

2

3

4

Schedule

RSI-1

Schedule

1

1-A

2

3

Schedule

Garden City Community CollegeBasic Financial Statements


TABLE OF CONTENTS(Continued)

ADDITIONAL INFORMATION -Schedules of Management Information (continued)

Combining Statement of Net Position - All Current Funds - Unrestricted

Combining Statement of Revenue and Expenditures - All Current Funds - Unrestricted

Combining Statement of Changes in Net Position - All Current Funds - Unrestricted

Combining Schedule of Changes in Net Position - Various Funds

Combining Statement of Changes in Assets and Liabilities - AI~ Agency Funds

Combining Statement of Changes in Assets and Liabilities - All Agency Funds- Due to Agency Funds

GRAPHS

Comparison of Revenues - All Current Funds - Unrestricted (Legal Basis)excluding Auxiliary Enterprises

Comparison of Expenditures, Encumbrances and Net Transfers - All Current Funds -Unrestricted (Legal Basis) excluding Auxiliary Enterprises

Comparison of Revenues, and Expenditures, Encumbrances and Net Transfers -All Current Funds - Unrestricted (Legal Basis) excluding Auxiliary Enterprises

FEDERAL AWARD PROGRAMS

Schedule

6

7

8

9

10

11

12

13

14

LEWIS,HOOPER&DICKLLocertified public accountants

INDEPENDENTAUDITORS’REPORT

Board of TrusteesGarden City Community College801 Campus DriveGarden City, Kansas 67846

405 North Sixth Street I RO. Box 699Garden Cily, KS 67846

620-275-9267 1800-627-0636Fax: 620-275-8936 ] www.lhd.com

CPAs.Charles H. Claar, Jr, CPA

Theresa Dascnbrock, CPA, CFEDavid L, Hctrick, CPA

Steven D Josserand, CPAGary A. Schlappe, CPA

Rodney Van Norden, CPA

Report on the Financial Statements

We have audited the accompanying financial statements of the business-type activities anddiscretely presented component units of Garden City Community College, Garden City,Kansas, as of and for the year ended June 30, 2014, and the related notes to the financialstatements, which collectively comprise the basic financial statements as listed in the tableof contents.

Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these financialstatements in accordance with accounting principles generally accepted in the UnitedStates of America; this includes the design, implementation, and maintenance of internalcontrol relevant to the preparation and fair presentation of financial statements that are freefrom material misstatement, whether due to fraud or error.

Auditor’s ResponsibilityOur responsibility is to express opinions on these financial statements based on our audit.We conducted our audit in accordance with auditing standards generally accepted in theUnited States of America; the standards applicable to financial audits contained inGovernment Auditing Standards, issued by the Comptroller General of the United States;and the Kansas Municipal Audit and Accounting Guide, issued by the State of Kansas.Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from material misstatement.The financial statements of the Garden City Community College Endowment Associationand the Broncbuster Athletic Association were not audited in accordance with GovernmentAuditing Standards or the Kansas Municipal Audit and Accounting Guide.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor’sjudgment, including the assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error. In making those risk assessments, the auditorconsiders internal control relevant to the entity’s preparation and fair presentation of thefinancial statements in order to design audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of theentJty’s internal control. Accordingly, we express no such opinion. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness ofsignificant accounting estimates made by management, as well as evaluating the overallpresentation of the financia~ statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinions.

Lisa L Axman, CPASue A. Bradley, CPA

Susan A. Burgardt, CPAKeysha Harris, CPA

Tracey Homm, CEa,, CSEPKristin J. Sekavec, CPAMonica J Wilson, CPA

Board of TrusteesGarden City Community CollegePage 2

OpinionsIn our opinion, the financial statements referred to above present fairly, in all materialrespects, the respective financial position of the business-type activities and the discretelypresented component units of Garden City Community College, as of June 30, 2014, andthe respective changes in financial position and, where applicable, cash flows thereof forthe year then ended in conformity with accounting principles generally accepted in theUnited States of America.

Other Matters

Required Supplementary InformationAccounting principles generally accepted in the United States of America require that themanagement’s discussion and analysis on pages vii through xv and the schedule offunding progress - other postemployment benefits on page 31 be presented to supplementthe basic financial statements. Such information, although not a part of the basic financialstatements, is required by the Governmental Accounting Standards Board, who considersit to be an essential part of financial reporting for placing the basic financial statements inan appropriate operational, economic, or historical context. We have applied certainlimited procedures to the required supplementary information in accordance with auditingstandards generally accepted in the United States of America, which consisted of inquiriesof management about the methods of preparing the information and comparing theinformation for consistency with management’s responses to our inquiries, the basicfinancial statements, and other knowledge we obtained during our audit of the basicfinancial statements. We do not express an opinion or provide any assurance on theinformation because the limited procedures do not provide us with evidence sufficient toexpress an opinion or provide any assurance.

Other InformationOur audit was conducted for the purpose of forming opinions on the financial statementsthat collectively comprise Garden City Community College’s basic financial statements.The supplementary information and additional information as listed in the table of contents(pages 32 through 52); the Schedule of Expenditures of Federal Awards (pages 67 and68), required by the U.S. Office of Management and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations; and the Revenues andExpenditures Compared to Budget (page 76) are presented for purposes of additionalanalysis and are not a required part of the basic financial statements. Such information isthe responsibility of management and was derived from and relates directly to theunderlying accounting and other records used to prepare the basic financial statements.The information has been subjected to the auditing procedures applied in the audit of thebasic financial statements and certain additional procedures, including comparing andreconciling such information directly to the underlying accounting and other records used toprepare the basic financial statements or to the basic financial statements themselves, andother additional procedures in accordance with auditing standards generally accepted inthe United States of America. In our opinion, the supplementary information, additionalinformation, Schedule of Expenditures of Federal Awards, and Revenues andExpenditures Compared to Budget are fairly stated in all material respects in relation to thebasic financial statements as a whole.

The Graphs presented in Schedules 12, 13 and 14 (pages 53 through 56), and on page 77have not been subjected to the auditing procedures applied in the audit of the basicfinancial statements and, accordingly, we do not express an opinion or provide anyassurance on them.

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Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report datedNovember 18, 2014, on our consideration of Garden City Community College’s internalcontrol over financial reporting and our tests of its compliance with certain provisions oflaws, regulations, contracts and grant agreements, and other matters. The purpose of thatreport is to describe the scope of our testing of internal control over financial reporting andcompliance and the results of that testing, and not to provide an opinion on the internalcontrol over financial reporting or on compliance. That report is an integral part of an auditperformed in accordance with Government Auditing Standards in considering Garden CityCommunity College’s internal control over financial reporting and compliance.

LEWIS, HOOPER & DICK, LLC

November 18, 2014

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Management’s Discussion and Analysis

As management of Garden City Community College, Garden City, Kansas, we offer readers of GardenCity Community College’s financial statements this narrative overview and analysis of the financial activityof Garden City Community College for the fiscal year ended June 30, 2014.

Financial Highlights¯ The assets of Garden City Community College exceeded its liabilities at the close of the most recent

fiscal year by $25,039,923 (net position). Of this amount, $8,515,840 (unrestricted net position) maybe used to meet the College’s ongoing obligations to citizens and creditors.

¯ The College’s total net position increased by $985,691. This increase was attributable to the increasein assets net of liabilities to fund capital improvement projects at the College.

¯ Capital assets increased a total of $682,460 from 2013, as a result of construction in progress. Majorprojects during fiscal year 2014 include the John Collins building renovations, and the multi-sportsfacility.

¯ Garden City Community College’s total long-term debt decreased by $1,262,796 (14.01%) during thecurrent fiscal year. The key factor in this decrease was the payments on numerous lease obligationsand no new debt issued during the year.

¯ Operating revenues decreased by $928,274, or 9.33% from 2013. This was due primarily to adecrease in revenues from federal grants.

¯ Operating expenses increased by $1,271,835, or 6.10% from 2013. This was primarily due to overallincreases in costs.

¯ Actual expenditures, excluding transfers, for the General Fund were under budget $1,157,651, or8.1%. The comparison of actual to published budget reflects that the College operated within its legalbudget authority as required by the State of Kansas.

Overview of the Financial Statements

This discussion and analysis is intended to serve as an introduction to Garden City Community College’sbasic financial statements. Garden City Community College’s basic financial statements are comprised oftwo components: 1) government-wide financial statements, and 2) the notes to the financial statements.This report also contains supplementary information intended to furnish additional detail to support thebasic financial statements themselves.

Govemment-wide Financial StatementsThe government-wide financial statements are designed to provide readers with a broad overview ofGarden City Community College’s finances, in a manner similar to a private-sector business.

The Statement of Net Position presents information on all of the College’s assets, liabilities, and deferredinflows/outflows of resources, with the difference reported as net position. Over time, increases ordecreases in net position may serve as a useful indicator of whether financial position of Garden CityCommunity College is improving or deteriorating.

The Statement of Revenues, Expenses and Changes in Net Position presents information showing howthe College’s net position changed during the most recent fiscal year. All changes in net position arereported as soon as the underlying event giving rise to the change occurs, regardless of the timing ofrelated cash flows. Thus, revenues and expenses are reported in this statement for some items that willonly result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacationleave).

vii

The government-wide financial statements include not only Garden City Community College itself (knownas the primary government), but also a legally separate endowment association and a legally separateathletic association for which the College is financially accountable. Financial information for thesecomponent units is reported separately from the financial information presented for the primarygovernment itself. See Note 1, item B, in the notes to the financial statements for more details regardingthe relationship between these entities and the College.

Notes to the Financial StatementsThe notes provide additional information that is necessary to acquire a full understanding of the dataprovided in the government-wide and fund financial statements. The notes to the financial statementscan be found on pages 7 through 28 of this report.

Other InformationIn addition to the basic financial statements and accompanying notes, this report also presents requiredsupplementary information concerning Garden City Community College’s progress in funding itsobligation to provide other postemployment benefits (OPEB) to its employees. Required supplementaryinformation can be found on pages 30 through 31 of this report.

Supplementary information comparing actual and budget results is presented immediately following therequired supplementary information on OPEB. Additional information containing schedules ofmanagement information are also presented. The supplementary and additional information can befound on pages 33 through 52 of this report.

Government-wide Financial Analysis

As noted earlier, net position over time may serve as a useful indicator of a government’s financialposition. In the case of Garden City Community College, assets and deferred outflows of resourcesexceeded liabilities and deferred inflows of resources by $25,039,923 at the close of the most recentfiscal year.

Net positionAs of June 30, 2014 and 2013

2014Assets

Current assets $ 14,693,580Non-current assets 23,356,727

2013

$ 15,728,38722,674,267

Increase(Decrease)

$ 1,034,807)682,460

Total assets $ 38,050,307 $ 38,402,654 $ (352,347)

LiabilitiesCurrent liabilitiesNon-current liabilities

1,945,139 $ 1,729,9466,519,229 8,003,372

215,1931,484,143)

Total liabilities $ 8,464,368 $ 9,733,318 $ 1,268,950)

Total deferred inflows of resources $ 4,546,016 $ 4,615,104 $ (69,088)

Net positionInvestment in capital assetsRestricted for: expendableU n restricted

Total net position

16,214,024 $ 14,285,279 $ 1,928,745310,059 488,439 (178,380)

8,515,840 9,280,514 (764,674)

$ 25,039,923 $ 24,054,232 $ 985,691

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ix

By far the largest portion of Garden City Community College’s net position (64.8%) reflects its investment in capital assets (e.g., land, property, plant and equipment); less any related debt used to acquire those assets that is still outstanding. The College uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the College’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other resources, since the capital assets themselves cannot be used to liquidate these liabilities. An additional portion of Garden City Community College’s net position (1.2%) represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position ($8,515,840) may be used to meet the College’s ongoing obligations to citizens and creditors. At the end of the current fiscal year, Garden City Community College is able to report positive balances in all categories of net position. The same situation held true for the prior fiscal year.

Net Position June 30, 2014 and 2013

$0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 $18,000,000

Net invested in capital assets

Restricted

Unrestricted

2014

2013

The College’s net position increased by $985,691 during the current fiscal year. This increase was attributable to an increase in assets net of liabilities to fund capital improvement projects at the College. Non-current assets consist primarily of net capital assets.

The balance of this page intentionally left blank.

The operating results for the current fiscal year were positive in that overall net position increased toreach an ending balance of $25,039,923. The key elements of this increase were additional stateappropriations and property taxes received.

Statement of Revenues, Expenses and Changes in Net PositionAs of June 30, 2014 and 2013

Operating revenues:Student tuition and fees (net of

scholarship allowances)Federal grants and contractsAuxiliary enterprisesOther

Increase2014 2013 (Decrease)

$ 1,195,978 $ 1,136,492 $ 59,4864,806,553 6,204,081 (1,397,528)1,434,492 817,382 617,1101,589,123 1,796,465 (207,342)

Total operating revenues 9,026,146 9,954,420 (928,274)

22,124,972 20,853,137 1,271,835Operating expenses

Operating loss (13,098,826) (10,898,717) (2,200,109)

Non-operating revenues (expenses)State appropriationsProperty taxesOther

Capital grants and gifts

2,948,910 2,820,954 127,95611,344,834 11,125,851 218,983

(209,227) (224,652) 15,4251,123,554 (1,123,554)

Increase in net positionNet position, beginning of year

985,691 3,946,990 (2,961,299)24,054,232 20,107,242 3,946,990

Net position, end of year $ 25,039,923 $ 24,054,232 $ 985,691

Total revenues $ 23,353,588 $ 25,062,259 $ (1,708,671)

Operating revenues decreased by $928,274. This reflects an increase in student tuition and fees of$59,486 after the allowance for scholarships and federal student financial aid. The decrease in federalgrants and contracts of $1,397,528 is primarily a result of the decrease in the Trac 7 grant for the currentyear. Auxiliary enterprises experienced an increase of $617,110 as a result of increases in dormitory andstudent union fees collected due to more students and the College taking over the operation of thebookstore. Other operating revenues decreased $207,342 primarily as a result of decreases in the otherrestricted funds’ sponsorship agreements.

Total non-operating revenues (expenses) increased by $362,364. This was primarily due to increases inproperty taxes.

Capital grants and gifts due to contributions received through the State’s tax credit program decreased$1,123,554 over the prior year as a result of the program being discontinued by the State.

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The following is a graphic illustration of revenues by source.

Revenues by Source

Property taxes46%

State & local grants & contracts

2%

State appropriations13%

Federal grants & contracts

20%

Student tuition & fees, net5%

Auxiliary6%

Investment income1%

Other5%

As of June 30, 2013Property taxes 46%State & local grants & contracts 2%State appropriations 12%Federal grants & contracts 26%Student tuition & fees, net 5%Auxiliary 3%Investment income 1%Other 5%

As shown in the revenues by source graph, the three primary sources of revenue for the College are property taxes at 46%, federal grants and contracts at 20% and state appropriations at 13%. Local funding consists primarily of property tax allocations. Here is an analysis of the College’s mill levy for the past 10 years.

Mill Analysis

Year Abstract % TaxesTaxes Assessed Total Mills Total Taxes Increase/Levied Valuation Assessed Levied Decrease2014 529,170,306$ 21.109 11,170,132$ 6.05%2013 498,479,163 21.156 10,532,865 -0.06%2012 497,204,462 21.196 10,538,746 7.16%2011 485,847,279 20.242 9,834,521 7.72%2010 451,133,347 20.238 9,130,037 -8.92%2009 497,714,282 20.183 10,024,377 5.20%2008 492,125,637 19.360 9,528,537 4.45%2007 475,127,875 19.200 9,122,827 -6.42%2006 507,386,172 19.220 9,748,992 6.02%2005 470,512,179 19.543 9,195,220 4.54%

The average increase over the 10 year period is 2.57%. Since over half of the College’s funding comes from local sources, the local tax levy has a significant impact on the College’s finances.

State funding consists primarily of State operating grants. An analysis of the grants received for the pastten years under the new State funding formula are as follows:

State Operating Grant AnalysisGrant % Increase/

Year Amount Decrease2014 $ 2,704,307 1.30%2013 2,669,553 5.49%2012 2,530,535 -1.14%2011 2,559,826 -2.34%2010 2,621,285 -3.31%2009 2,711,153 0.59%2008 2,695,144 -4.66%2007 2,827,007 6.02%2006 2,666,547 6.70%2005 2,499,062 2.26%

As shown, the State operating grant increased in the current year. The reason for this change is due tothe State funding formula based on State budget appropriations and increases in overall State aid toeducational institutions.

Student tuition is determined by the number of credit hours and the tuition rate. The following is ananalysis of credit hours and tuition rates over the past 10 years.

Year In2014 37,8252013 36,7152012 36,2012011 40,0772010 39,9902009 37,1182008 35,4462007 37,6302006 40,1342005 37,110

Credit Hour Analysis

State Out of State Total7,785 45 6107,365 44 0805,176 41 3775,104 451815,165 45 1554,590 41 7085,391 40 8374,501 42 1314,778 44 9124,385 41 495

Cost per Credit Hour% Increase/Decrease Year In State

3.47% 2014 $ 536.53% 2013 50

-8.42% 2012 450.06% 2011 458.26% 2010 432.13% 2009 41

-3.07% 2008 41-6.19% 2007 398.23% 2006 39

-2.19% 2005 37

OutofState$73 and $68$70 and $65

6565656565656565

The number of credit hours fluctuates based on course offerings and resulting student enrollment.


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The following is a graphic illustration of operating expenses.

Operating Expenses

Instruction32%

Academic support3%

Student services17%

Community service2%

Institutional support13%

Operating and maintenance of plant

15%

Auxiliary enterprises10%

Depreciation8%

Other expenses0%

As of June 30, 2013Instruction 35%Academic support 4%Student services 17%Community service 3%Institutional support 13%Operating and maintenance of plant 12%Auxiliary enterprises 9%Depreciation 7%Other expenses 0%

As shown, the four largest areas of operating expenses are instruction at 32%, student services at 17%, operating and maintenance of plant at 15%, and institutional support at 13%. Total operating expenses increased $1,271,835, or 6.10% from 2013. This was primarily because of increases due to overall increases in costs.


Capital Asset and Debt Administration

Capital AssetsGarden City Community College’s investment in capital assets as of June 30, 2014, amounts to$23,356,727 (net of accumulated depreciation). This investment in capital assets includes land; buildingsand system; improvements; and machinery and equipment. The total increase in capital assets for thecurrent fiscal year was approximately 3.0% over the 2013 total.

The following chart summarizes the changes in net capital assets by the various categories of assets.

Changes in Capital Assets

Beginning EndingBalance Additions Retirements Balance

Cost:Land $ 987,298 $ - $ - $ 987,298Construction in progress 1,557,513 2,127,009 3,552,103 132,419Improvements other than buildings 4,888,418 2,892,271 - 7,780,689Buildings 31,466,532 659,832 128,072 31,998,292Equipment 7,575,351 321,373 21,929 7,874,795

Total cost 46,475,112 6,000,485 3,702,104 48,773,493

Less accumulated depreciation:Improvements other than buildingsBuildingsEquipment

2,254,166 292,594 2,546,76016,409,717 905,460 47,435 17,267,742

5,136,962 487,230 21,928 5,602,264

Total accumulated depreciation 23,800,845 1,685,284 69,363 25,416,766

Property, plant and equipment, net $ 22,674,267 $ 4,315,201 $ 3,632,741 $ 23,356,727

Major capital asset events during the current fiscal year included the following:

Soccer/Track/Football FieldJohn Collins Building - Trac 7 project

2,892,271659,832

Additional information on Garden City Community College’s capital assets can be found in Note 3, item Con page 18, and Note 3, item F on page 21 of this report.

Long-term DebtAt the end of the current fiscal year, Garden City Community College had total debt outstanding of$7,142,703, which was backed by the full faith and credit of the College.

The College’s total debt decreased by $1,262,796 (14.9%) during the current fiscal year. The key factorin this decrease was the payments on numerous lease obligations and no new debt issued during theyear.

State statutes limit the amount of general obligation debt the College may issue to 3% of its totalassessed valuation. The current debt limitation for Garden City Community College is $14,935,210. TheCollege had no outstanding debt subject to the debt limit.

Additional information about the College’s long-term debt can be found in Note 3, item H on pages 22through 25; and Note 3, item I on page 26 of this report.

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Budgetary Highlights

The legally adopted budget for the College was not amended by the Board of Trustees during fiscal year2014. However, departments within the College are allowed to transfer budget authority between lineitems and between cost centers within a department. As a result of these budget transfers, the originalbudget and the final budget may not be the same in some cost centers.

The comparison of actual to published budget, as shown on pages 34 through 40 of this report, reflectsthat the College operated within its legal budget authority as required by the State of Kansas.

Other Economic Factors

The economics in the State of Kansas and Garden City continue to be a challenge. A large portion of theCollege’s resources come from state and local sources.

Requests for Information

This financial report is designed to provide a general overview of Garden City Community College’sfinances for all those with an interest in the College’s finances. Questions concerning any of theinformation provided in this report or requests for additional financial information should be addressed to:

Dee A. WignerExecutive Vice President

Garden City Community College801 Campus Drive

Garden City, KS 67846dee.wig [email protected]

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BASIC FINANCIAL STATEMENTS

STATEMENT 1

GARDEN CITY COMMUNITY COLLEGEStatement of Net Position

As of June 30, 2014

ASSETSCurrent assets:

Cash and cash equivalentsShort-term investmentsReceivables (net of allowance for uncollectibles):

TaxesMiscellaneous

CommunityCollege

$ 3,895,42O9,816,961

101,456879,743

Total current assets 14,693,580

Noncurrent assets:Restricted cash and cash equivalentsEndowment investmentsProperty, plant and equipment, net 23,356,727

23,356,727

$ 38,050,307

Total noncurrent assets

Total assets

LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND NET POSITIONCurrent liabilities:

Accounts payable and accrued liabilities $ 686,026Accrued interest 24,709Long-term liabilities, current portion 1,234,404

Total current liabilities 1,945,139

Noncurrent liabilities:Long-term liabilities 6,519,229

8,464,368Total liabilities

Deferred inflows of resources:Deposits held in custody for othersUnearned revenue - dues / feesUnearned revenue - current property taxes

274,262874

4,270,880

Total deferred inflows of resources 4,546,016

Net position:Investment in capital assets, net of related debt 16,214,024Restricted, expendable for:

Scholarships -LoansCapital projects, net of related debt -Other 310,059

Unrestricted 8,515,840

Total net position

EndowmentAssociation

Total liabilities, deferred inflows of resourcesand net position

100

100

427,9525,890,923

68,175

6,387,050

$ 6,387,150

260,08714,22489,308

255,0085,768,523

25,039,923 6,387,150

$ 38,050,307 $ 6,387,150

BroncbusterAthletic

Association

$ 156,867

53,120

209,987

$ 209,987

$ 21,249

21,249

21,249

62,110

62,110

126,628

126,628

$ 2O9,987

The accompanying Notes to Financial Statements are an integral part of this statement.2

STATEMENT 2

GARDEN CITY COMMUNITY COLLEGEStatement of Revenues, Expenses and Changes in Net Position


REVENUESOperating revenues:

Student tuition and fees (net of scholarshipallowances of $2,422,404)

Gifts and contributionsFederal grants and contractsState and local grants and contractsNongovernmental grants and contractsSales and services of educational departmentsAuxiliary enterprises (net of scholarship

allowances of $1,088,639)Other operating revenues

Total operating revenues

EXPENSESOperating expenses:

InstructionAcademic supportStudent servicesCommunity serviceOperating and maintenance of plantInstitutional supportAuxiliary enterprisesDepreciationOther expenses

Total operating expenses

Operating income (loss)

NONOPERATING REVENUES (EXPENSES)State appropriationsProperty taxesInvestment incomePayments to GCCCLoss from disposal of assetsInterest on capital asset related debt

Net nonoperating revenues (expenses)

Increase (decrease) in net position

NET POSITIONNet position, beginning of year

Net position, end of year

BroncbusterCommunity Endowment Athletic

College Association Association

$ 1,195,978

4,806,553395,90996,14417,651

1,434,4921,079,419

9,026,146

$903,385

6,296

909,681

$94,834

110,482

205,316

7,150,916 - -735,234 - -

3,748,158 - -418,103 - 94,753

3,266,295 - 6,2942,852,723 366,575 -2,266,037 - -1,685,284 904

2,222 -

22,124,972 367,479 101,047

(13,098,826) 542,202 104,269

2,948,910 -11,344,834 -

33,698 450,407(534,324)

(80,638) -(162,287) -

(106,362)

14,084,517 (83,917) (106,362)

985,691 458,285 (2,093)

24,054,232 5,928,865

$ 25,039,923 $ 6,387,150

128,721

$ 126,628


STATEMENT 3

GARDEN CITY COMMUNITY COLLEGEStatement of Cash Flows


CASH FLOWS FROM OPERATING ACTIVITIESStudent tuition and feesFederal grants and contractsState and local grants and contractsNongovernmental grants and contractsPayment to suppliersPayment to employeesSales and services of educational departmentsAuxiliary enterprise chargesOther

Net cash used by operating activities

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIESProperty taxesState appropriations

Net cash provided by noncapital financing activities

CASH FLOWS FROM CAPITAL AND RELATED FINANCINGACTIVITIES

Purchases of capital assetsPrincipal paid on capital debt and leasesInterest paid on capital debt and leases

Net cash used by capital and related financing activities

CASH FLOWS FROM INVESTING ACTIVITIESProceeds from sales and maturities of investmentsInterest on investmentsPurchase of investments

Net cash used by investing activities

Net increase in cash

Cash, beginning of year

Cash, end of year

CommunityCollege

$ 3,729,9184,8O6,553

395,90996,144

(9,775,696)(10,678,948)

17,6511,434,4921,079,419

(8,894,558)

11,308,5192,948,910

14,257,429

(2,448,382)(1,246,285)

(169,996)

(3,864,663)

7,002,77033,698

(7,910,677)

(874,209)

623,999

3,271,421

$ 3,895,420

(continued)4

STATEMENT 3

GARDEN CITY COMMUNITY COLLEGEStatement of Cash Flows


RECONCILIATION OF NET OPERATING REVENUES(EXPENSES) TO NET CASH USED BY OPERATINGACTIVITIES

Operating loss

Adjustments to reconcile operating loss to net cashused by operating activities:

Depreciation

Changes in net assets:Miscellaneous receivablesAccounts payable and accrued liabilitiesDeposits held in custody for othersDeferred revenuesAccrued compensated absencesNet OPEB liability

Net cash used by operating activities

CommunityCollege

$ (13,098,826)

1,685,284

2,607,1021,555

(74,036)874

1,475(17,986)

(8,894,558)


STATEMENT 4

GARDEN CITY COMMUNITY COLLEGEStatement of Fiduciary Net Position

Fiduciary FundsJune 30, 2014

ASSETS_

Cash and investments

Total assets

AgencyAccounts

$ 274,464

$ 274,464

LIABILITIES

Accounts payableDue to agency funds

Total liabilities

$ 202274,262

$ 274,464


NOTES TO FINANCIAL STATEMENTS

Garden City Community CollegeNotes to Financial Statements

June 30, 2014

Summary of si,qnificant accountin,q policiesThe Garden City Community College, Garden City, Kansas, was incorporated under the provisions ofthe State of Kansas.

The financial statements of the College have been prepared in conformity with accounting principlesgenerally accepted in the United States of America as applied to government units. TheGovernmental Accounting Standards Board (GASB) is the accepted standard-setting body forestablishing governmental accounting and financial reporting principles. The more significant of theCollege’s accounting policies are described below.

Description of government-wide financial statementThe government-wide financial statement (i.e., the statement of net position) reports informationon all of the nonfiduciary activities of the primary government and its component units. Allfiduciary activities are reported only in the fund financial statements. Governmental activities,which normally are supported by taxes, intergovernmental revenues, and other nonexchangetransactions, are reported separately from business-type activities, which rely to a significantextent on fees and charges to external customers for support. Likewise, the primary governmentis reported separately from certain legally separate component units for which the primarygovernment is financially accountable. The College has no governmental activities.

Financial reporting entityThe College is governed by an elected six-member board. As required by accounting principlesgenerally accepted in the United States of America, these financial statements present theGarden City Community College (the primary government) and its component units. Componentunits are included in the College’s reporting entity because of the significance of their operationalor financial relationships with the College.

The following organizations, functions or activities are discretely presented component units ofthe College and are included in the component units’ columns in the College’s basic financialstatements. They are reported in a separate column to emphasize that they are not-for-profitentities legally separate from the College. Each discretely presented component unit has a June30th year end.

The Garden City Community College Endowment Association is a not-for-profitcorporation organized to raise funds to support educational undertakings at Garden CityCommunity College, and to receive and hold in trust any property transferred to theAssociation for the benefit of the College, or any student or employee of the College,managing all property received according to the uses specified by the donors or, in casethe gift is a general one, to such uses as may be agreed upon by the Board of Directors.Scholarships totaling $534,324 were provided to the College during the year.

The Broncbuster Athletic Association is a not-for profit organization created to promoteactivities and events to raise funds to provide scholarships, education equipment andopportunities for student athletes at Garden City Community College. Scholarshipstotaling $106,362 were provided to the College during the year.

The individual component units did not issue separate financial reports. Other financialinformation for the individual component units can be obtained from their respectiveadministrative offices.

Garden City Community CollegeEndowment Association

801 Campus DriveGarden City, Kansas 67846

Broncbuster Athletic Association



June 30, 2014

1. Summary of si,qnificant accountinq policies (continued)

Basis of presentation - government-wide financial statementsWhile separate government-wide and fund financial statements are presented, they areinterrelated. For financial statement reporting purposes, the College is considered a special-purpose government engaged only in a business-type activity. The business-type activitiesincorporate data from the government’s enterprise funds. Separate financial statements areprovided for proprietary funds and fiduciary funds, even though the latter are excluded from thegovernment-wide financial statements.

As discussed earlier, the government has two discretely presented component units. Whileneither the Endowment Association nor the Broncbuster Athletic Association is considered to be amajor component unit, they are nevertheless shown in separate columns in the government-widefinancial statements.

As a general rule, the effect of interfund activity has been eliminated from the government-widefinancial statements.

Basis of presentation - fund financial statementsThe fund financial statements provide information about the College’s funds, including its fiduciaryfunds. Separate statements for each fund category - proprietary and fiduciary - are presented.The emphasis of fund financial statements is on major enterprise funds, each displayed in aseparate column. All remaining enterprise funds are aggregated and reported as nonmajorfunds. Major individual governmental and enterprise funds are reported as separate columns inthe fund financial statements.

The College reports all operating activity under one major enterprise fund.

Additionally, the College reports the following fund type:

Fiduciary funds are used to report activities whereby the College acts as a trustee or fiduciary tohold resources for the benefit of parties outside the College. The accrual basis of accounting isused for fiduciary funds and is similar to the accounting for business-type activities. The basicfinancial statements exclude fiduciary fund activities and balances, because these assets arerestricted in purpose and cannot be used by the College to finance its operations. The Collegemust ensure that assets reported in fiduciary funds are used for their intended purpose. TheCollege’s fiduciary funds are classified as agency funds.

Measurement focus and basis of accountinqThe accounting and financial reporting treatment is determined by the applicable measurementfocus and basis of accounting. Measurement focus indicates the type of resources beingmeasured such as current financial resources or economic resources. The basis of accountingindicates the timing of transactions or events for recognition in the financial statements.

The government-wide financial statements are reported using the economic resourcesmeasurement focus and the accrual basis of accounting. Revenues are recorded when earnedand expenses are recorded when a liability is incurred, regardless of the timing of related cashflows. Property taxes are recognized as revenues in the year for which they are levied. Grantsand similar items are recognized as revenue as soon as all eligibility requirements imposed bythe provider have been met.


June 30, 2014

1. Summary of significant accountin.q policies (continued)

E. Measurement focus and basis of accountinq (continued)

The proprietary funds are reported using the economic resources measurement focus and theaccrual basis of accounting. The agency fund has no measurement focus but utilizes the accrualbasis of accounting for reporting its assets and liabilities.

The preparation of financial statements in conformity with accounting principles generallyaccepted in the United States of America requires management to make estimates andassumptions that affect certain reported amounts and disclosures. Accordingly, actual resultscould differ from those estimates.

Budgetary informationAlthough the College’s financial statements consist of only one enterprise-type activity, budgetsare adopted for the departments classified as Current Unrestricted Funds (including AuxiliaryEnterprises), and Unexpended Plant Funds. All budgets are prepared using the modified accrualbasis further modified by the encumbrance method of accounting - that is, commitments such aspurchase orders and contracts, in addition to disbursements and accounts payable, are recordedas expenditures. Unused appropriations for all of the above annually budgeted funds lapse at theend of the year. The Schedules of Revenue, Expenditures, Encumbrances and Changes inUnencumbered Cash - Actual and Budget; Schedules 1, l-A, 2, 3 and 4 in theSUPPLEMENTARY INFORMATION section; present the comparisons by funds of the legallyadopted budget with actual data on the budgetary basis. Encumbrances outstanding at June 30,2014, in the Current Unrestricted Funds, Current Funds - Restricted - Adult Basic Education;Plant Funds- Unexpended; and Plant Funds- Capital Project Accounts totaled $31,121.

Although directory rather than mandatory, Kansas statutes provide for the following sequenceand timetable in the adoption of the legal annual operating budget:

1. Preparation of the budget for the succeeding calendar year on or before August 1st.2. Publication in local newspaper on or before August 5th of the proposed budget and notice of

public hearing on the budget.3. Public hearing on or before August 15th, but at least ten days after publication of notice of

hearing.4. Adoption of the final budget on or before August 25th.

The statutes allow for the governing body to increase the originally adopted budget for previouslyunbudgeted increases in revenue other than ad valorem property taxes. To do this, a notice ofpublic hearing to amend the budget must be published in the local newspaper. At least ten daysafter publication, the hearing may be held and the governing body may amend the budget at thattime. There were no budget amendments to the adopted annual operating budget for fiscal year2014.

The statutes permit transferring budgeted amounts between line items within an individual fund.However, such statutes prohibit expenditures in excess of the total amount of the adopted budgetof expenditures of individual funds. Budget comparison statements are presented for each fundshowing actual receipts and expenditures compared to legally budgeted receipts andexpenditures.

Spending in funds which are not subject to the legal annual operating budget requirements arecontrolled by federal regulations, other statutes or by the use of internal spending limitsestablished by the governing body.

10


June 30, 2014

Summary of significant accounting policies (continued)

F. Budgetary information (continued)

Excess of expenditures over appropriationsUnder Kansas statutes, expenditures are mandated to be controlled, so that no indebtedness iscreated in excess of budgeted limits. Management is not aware of any statutory violations.

Budgetary compliance - non-GAAP financial statementsBy statute, the College prepares its annual budget on a non-GAAP basis of accounting asdescribed above. A reconciliation of these budgetary basis statements to the GAAP statementsis presented in the Notes to Supplementary Information.

G. Assets, liabilities, deferred outflows/inflows of resources and net position

Cash and cash equivalentsThe College’s cash and cash equivalents are considered to be cash on hand, demand deposits,and short-term investments with original maturities of three months or less from the date ofacquisition.

Deposits and investmentsCash resources of the individual funds are combined to form a pool of cash and investmentswhich is managed by the Dean of Administrative Services. Cash includes amounts in demanddeposits. Investments of the pooled accounts consist of certificates of deposit and money marketinvestments backed by U.S. government securities. Interest income earned is allocated amongfunds based on average monthly cash balances and in accordance with the adopted budget.

State statutes authorize the College to invest idle funds in U.S. government securities, temporarynotes, no-fund warrants, repurchase agreements and the Kansas Municipal Investment Pool.The Kansas Municipal Investment Pool operates in accordance with appropriate State laws andregulations. The reported value of the investment in the Kansas Municipal Investment Pool is thesame as the fair value of its pool shares. Other investments of the College and its componentunits are stated at fair value, which equals cost. The aggregate value of the investments at June30, 2014, is $621.

Allowance for doubtful accountsAll trade receivables are considered to be fully collectible; accordingly, no allowance foruncollectible accounts is required. If amounts become uncollectible, an allowance will beestablished.

Inventories and prepaid itemsThe College deems inventory as immaterial to the financial statements. No capitalization oramortization has been recorded in the financial statements of the primary government.

Certain payments to vendors reflect costs applicable to future accounting periods and arerecorded as prepaid items in both the government-wide and fund financial statements. The costof prepaid items is recorded as expenses when consumed rather than when purchased.

11


June 30, 2014

1. Summary of si.qnificant accounting policies (continued)

G. Assets, liabilities, deferred outflows/inflows of resources and net position (continued)

Capital assetsCapital assets include property, plant and equipment, and infrastructure assets, such as roadsand sidewalks. Capital assets are defined by the College as assets with an initial unit cost of$5,000 or more and an estimated useful life in excess of one year. Such assets are recorded athistorical cost or estimated historical cost if purchased or constructed. Donated capital assets arerecorded at estimated fair market value at the date of donation. The costs of normal maintenanceand repairs that do not add to the value of the asset or materially extend assets’ lives are notcapitalized. Major outlays for capital assets and improvements are capitalized as projects areconstructed.

Interest incurred during the construction phase of capital assets of enterprise funds is included aspart of the capitalized value of the assets constructed. The amount of interest capitalizeddepends on the specific circumstances.

Land and construction in progress are not depreciated. Property, plant and equipment of theCollege are depreciated using the straight-line method over the following useful lives:

BuildingsImprovements other than buildingsEquipmentComputer technology

20 to 40 years20 years

5 to 22 years3 years

The College’s library collection adheres to the College’s policy to (a) maintain the librarycollection for education or research; (b) protect, keep unencumbered, care for, and preserve thelibrary collection; and (c) require proceeds from the sale of the library collection to be used toacquire other collection items. Generally accepted accounting principles permit collectionsmaintained in this manner to be charged to operations at time of purchase rather than capitalized.

Deferred outflows/inflows of resourcesIn addition to assets, the statement of financial position will sometimes report a separate sectionfor deferred outflows of resources. This separate financial statement element, deferred outflowsof resources, represents a consumption of net position that applies to a future period(s) and sowill not be recognized as an outflow of resources (expense/expenditure) until then.

In addition to liabilities, the statement of financial position will sometimes report a separatesection for deferred inflows of resources. This separate financial statement element, deferredinflows of resources, represents an acquisition of net position that applies to a future period(s)and so will not be recognized as an inflow of resources (revenue) until that time. The College hastwo items that qualify for reporting in this category. The College reports unearned revenues fromtwo sources: deposits for tuition and fees, and property taxes. These amounts are deferred andrecognized as an inflow of resources in the period that the amounts become available.

Net position flow assumptionSometimes the College will fund outlays for a particular purpose from both restricted (e.g.,restricted bond or grant proceeds) and unrestricted resources. In order to calculate the amountsto report as restricted - net position and unrestricted - net position in the proprietary fundfinancial statements, a flow assumption must be made about the order in which the resources areconsidered to be applied. It is the College’s policy to consider restricted - net position to havebeen depleted before unrestricted - net position is applied.

12


June 30, 2014

1. Summary of significant accountin,q policies (continued)

G. Assets, liabilities, deferred outflows/inflows of resources and net position (continued)

Net positionNet position of the College is classified in four components. Net position invested in capitalassets net of related debt consist of property and equipment net of accumulated depreciation andreduced by the current balances of any outstanding borrowings used to finance the purchase orconstruction of those assets. Restricted expendable net position is noncapital net position thatmust be used for a particular purpose, as specified by creditors, grantors or contributors externalto the College. Restricted nonexpendable net position equals the principal portion of permanentendowments. Unrestricted net position is remaining net position that does not meet the definitionof invested in capital assets net of related debt or restricted in expendable or nonexpendable netposition.

H. Revenues and expenses

Proprietary funds operatin.q and nonoperatin,q revenues and expensesProprietary funds distinguish operating revenues and expenses from nonoperating items.Operating revenues and expenses generally result from providing services and producing anddelivering goods in connection with a proprietary fund’s principal ongoing operations. Theprincipal operating revenues of the College are sales and services of educational departmentsand auxiliary enterprises. Operating expenses for enterprise funds include the cost of sales andservices, administrative expenses, and depreciation on capital assets. All revenues andexpenses not meeting this definition are reported as nonoperating revenues and expenses.

Tuition and fee revenues collected during the fiscalyear which relate to the period aEerJune 30,2014, have been de~rred.

Property taxesProperty taxes are levied each calendar year on all taxable real property located in the taxingdistrict. Property taxes are recorded on an accrual basis of accounting. Pursuant to the Board ofTrustee resolution, property tax levies passed in August 2013, were allocated forty percent tofiscal year 2015.

The College’s property taxes are assessed on a calendar year basis, are levied and become alien on the property on November 1st of each year. The determination of assessed valuation andthe collection of property taxes for all political subdivisions in the State of Kansas is theresponsibility of the various counties. The County Appraiser’s Office annually determinesassessed valuation and the County Clerk spreads the annual assessment to the taxing units.One-half of the property taxes are due December 20th and distributed to the College by January20th to finance a portion of the current year’s budget. The second half is due May 10t~ anddistributed to the College by June 5th. This distribution to the College is for its next budget yearand is reflected as deferred revenues. The College draws available funds from the CountyTreasurer’s office at designated times throughout the year.

The College has a concentration of credit risk in the form of taxes receivable from the CountyTreasurer for property taxes collected in Finney County, Kansas.

13


June 30, 2014

1. Summary of significant accounting policies (continued)

H. Revenues and expenses (continued)

Grants and contributionsThe College receives grants from federal agencies and the State of Kansas, as well ascontributions from individuals and private organizations. Revenues from grants and contributions(including contributions of capital assets) are recognized when all eligibility requirements,including time requirements are met. Grants and contributions may be restricted for eitherspecific operating purposes or for capital purposes. Amounts that are unrestricted or that arerestricted to a specific operating purpose are reported as nonoperating revenues. Amountsrestricted to capital acquisitions are reported after nonoperating revenues and expenses.

Compensated absencesThe College’s policy regarding sick leave pay permits employees to accumulate leave days at amaximum rate of 10 days per year up to 60 days. Leave may be used for sick leave and personalleave. The College does not pay for unused leave time if the employee leaves the College’semploy.

The College’s policy regarding vacation leave permits employees to accumulate vacation leave toa maximum of up to 20 days. Personnel leaving the employment of the College will be paid forunused vacation days at the daily rate of the employee’s last contract. The estimated dollaramount of accumulated vacation leave pay at June 30, 2014, totals $256,143. The currentportion of accrued vacation leave, which would be liquidated with expendable availableresources, is not material.

I. New pronouncementsThe GASB has issued the following statements which will have an impact on the College’s futurefinancial reporting, although they are not yet required to be implemented by the College:

GASB Statement No. 68, Accounting and Financial Reporting for Pensions - an Amendmentof GASB Statement No. 27, issued June 2012, will be effective for the College beginning withits year ending June 30, 2015. This Statement is intended to improve accounting andfinancial reporting by state and local governments for pensions. It also improves informationprovided by state and local governmental employers about financial support for pensions thatis provided by other entities. This Statement results from a comprehensive review of theeffectiveness of existing standards of accounting and financial reporting for pensions withregard to providing decision-useful information, supporting assessments of accountability andinterperiod equity, and creating additional transparency.

GASB Statement No. 69, Government Combinations and Disposals of GovernmentOperations, issued January 2013, will be effective for the College beginning with its yearending June 30, 2015. This Statement establishes accounting and financial reportingstandards related to government combinations and disposals of government operations.

GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to theMeasurement Date, issued November 2013, will be effective for the College beginning withits year ending June 30, 2015. This Statement addresses an issue regarding the applicationof the transition provisions of Statement No. 68. The issue relates to amounts associatedwith contributions, if any, made by a state or local government employer or nonemployercontributing entity to a defined benefit pension plan after the measurement date of thegovernment’s beginning net pension liability.

The College’s management has not yet determined the effect these Statements will have on theCollege’s financial statements.

14


June 30, 2014

2. Stewardship, compliance and accountability

Compliance with Kansas statutesReferences made herein to the statutes are not intended as interpretation of law, but are offeredfor consideration of the Director of Accounts and Reports and interpretation by the CountyAttorney and the legal representative of the College. There were no violations noted for the yearended June 30, 2014.

3. Detailed notes on all activities and funds

A. Cash and investmentsA reconciliation of cash and investments as shown on the government-wide statement of netposition for the primary government follows:

Cash and cash equivalents $ 3,895,420Short-term investments 9,816,961

Total cash and investments $ 13,712,381

$ 13,706,661621

5,099

$ 13,712,381

Carrying amount of depositsCarrying amount of investmentsCash on hand

Total cash and investments

Cash Deposits with Financial Institutions

Custodial credit risk - depositsIn the case of deposits, custodial credit risk is the risk that in the event of a bank failure, theCollege’s deposits may not be returned to it. State statutes require the College’s deposits infinancial institutions to be entirely covered by federal depository insurance or by collateral heldunder a joint custody receipt issued by a bank within the State of Kansas, the Federal ReserveBank of Kansas City or the Federal Home Loan Bank of Topeka and held by a third party bankthat is independent of the pledging bank. The pledged securities are held under a tri-partycustodial agreement signed by all three parties: the College, the pledging bank and theindependent third-party bank holding the pledged securities. All deposits were secured at June30, 2014.

15


June 30, 2014

Detailed notes on all activities and funds (continued)

A. Cash and investments (continued)

Cash Deposits with Financial Institutions (continued)

Custodial credit risk - deposits (continued)At June 30, 2014, the College’s carrying amount of deposits was $13,706,661 and the bankbalance was $14,022,853. Seventy percent of the bank balance was held by one bank resultingin a concentration of credit risk. Of the bank balance, $10,501,753 was covered by federaldepository insurance and $3,521,100 was collateralized with securities held by the pledgingfinancial institutions’ agents in the College’s name. The College’s cash deposits by financialinstitution at year end are as follows:

Bank balance covered by:FDIC coveragePledged securities at market value

Landmark FirstCommerce National National

Bank Bank Bank

$ 405,482 $ 250,000 $ 9,846,271407,652 3,113,448

Total bank balance $ 813,134 $ 3,363,448 $ 9,846,271

Investments

Credit and Interest Rate RisksK.S.A. 9-1401 establishes the depositories which may be used by the College. ]’he statuterequires banks eligible to hold the College’s funds have a main or branch bank in the county inwhich the College is located, or in an adjoining county if such institution has been designated asan official depository, and the banks provide an acceptable rate of return on funds. In addition,K.S.A. 9-1402 requires the banks to pledge securities for deposits in excess of FDIC coverage.The College has no other policies that would further limit interest rate risk or limit investmentmaturities as a means of managing its exposure to fair value losses arising from increasinginterest rates. State statute limits the College’s investment maturities to two years or less.

K.S.A. 12-1675 limits the College’s investment of idle funds to time deposits, open accounts, andcertificates of deposit with allowable financial institutions; U.S. government securities; temporarynotes; no-fund warrants; repurchase agreements; and the Kansas Municipal Investment Pool. Allinvestments must be insured, registered, or held by the College or its agent in the College’sname. The College has no investment policy that would further limit its investment choices. Therating of the Government’s investments is noted above.

As of June 30, 2014, the College had the following investments and maturities:

Investment typeMuncipal Investment Pool

FairValue

$ 621

InvestmentMaturities(in Years)

Less Than 1$ 621

RatingS&P AAAf/SI+

Total fair value 621 $ 621

16


June 30, 2014


A. Cash and investments (continued)

Investments (continued)

Concentration of credit riskState statutes places no limit on the amount the College may invest in any one issuer as long asthe investments are adequately secured under K.S.A. 9-1402 and 9-1405. The College’sallocation of investments as of June 30, 2014, is as follows:

Investment TypeMuncipal Investment Pool

Percentage ofInvestments

100.00%

Custodial credit risk -investmentsFor an investment, this is the risk that, in the event of the failure of the counterparty, the Collegewill not be able to recover the value of its investments or collateral securities that are in thepossession of an outside party. The College has no custodial credit risk exposure for itsinvestments.

B. ReceivablesReceivables as of year-end for the College, including the applicable allowances for uncollectibleaccounts, are as follows:

Taxes $ 101,456Miscellaneous 879,743

Gross receivablesLess allowance for uncollectibles

981,199

$ 981,199Total net receivables

Revenues of the enterprise funds are reduced by uncollectible amounts when written off.

Proprietary funds report deferred revenue in connection with receivables for revenues that are notconsidered to be available to liquidate liabilities of the current period. At the end of the currentfiscal year, the various components of deferred revenue reported in the proprietary funds were asfollows:

Current property taxes receivable:GeneralPlant Funds - Unexpended

$ 7,3294,954

Total deferred revenue $ 12,283

17


June 30, 2014


C. Capital assetsThe following is a summary of changes in the various capital asset categories for the year endedJune 30, 2014:

Beginning EndingBalance Additions Retirements Balance

Cost:Land $ 987,298 $ $ $ 987,298Construction in progress 1,557,513 2,127,009 3,552,103 132,419Improvements other than buildings 4,888,418 2,892,271 7,780,689Buildings 31,466,532 659,832 128,072 31,998,292Equipment 7,575,351 321,373 21,929 7,874,795

Total cost 46,475,112 6,000,485 3,702,104 48,773,493


2,254,166 292,594 - 2,546,76016,409,717 905,460 47,435 17,267,7425,136,962 487,230 21,928 5,602,264

Total accumulated depreciation 23,800,845 1,685,284 69,363 25,416,766

Property, plant and equipment, net $ 22,674,267 $ 4,315,201 $ 3,632,741 $ 23,356,727

Depreciation expense for the year ended June 30, 2014, was $1,685,284.

Defined benefit pension planPlan description: The Garden City Community College participates in the Kansas PublicEmployees Retirement System ("KPERS"), a cost sharing, multiple-employer defined benefitpension plan as provided by K.S.A. 74-4901, et seq. KPERS provides retirement benefits, lifeinsurance, disability income benefits, and death benefits. Kansas law establishes and amendsbenefit provisions. KPERS issues a publicly available financial report that includes financialstatements and required supplementary information. That report may be obtained by writing toKPERS (611 S Kansas Avenue, Topeka, KS 66603) or by calling 1-888-275-5737.

Funding policy: KS.A. 74-4919 establishes the KPERS member-employee contribution rate atup to 6% of covered salary. Member-employees’ contributions are withheld by their employerand paid to KPERS according to the provisions of section 414(h) of the Internal Revenue Code.The State of Kansas is required to contribute the remaining amount necessary to achieve theactuarially determined contribution rate. Kansas contributed 11.12% of covered payroll. Thesecontribution requirements are established by KPERS and are periodically revised. Kansas’contributions to KPERS for all Kansas school-type municipality employees for the years endingJune 30, 2014, 2013 and 2012, were $361,575,393, $323,067,803, and $298,635,383,respectively, equal to the required contributions for each year.

18


June 30, 2014

3. Detailed notes on all activities and funds (continued)

E. Other postemployment healthcare benefits

Plan descriptionKansas statute provides that post-employment healthcare benefits be extended to retiredemployees who have met the age and/or service eligibility requirements. The health insurancebenefit generally provides the same coverage for retirees and their dependents as for activeemployees and their dependents. The health insurance benefit plan is a single employer definedbenefit plan administered by the College. The benefit is available for selection at retirement andis extended to retirees and their dependents until the age of 65. The benefits renew annuallyeach October 1st. The accounting for the health insurance for retirees is included in the College’sgeneral operating fund, with the subsidy provided from the general operating fund.

Funding policyThe College provides health insurance benefits to qualifying retirees and their dependents inaccordance with Kansas law. Kansas statute, which may be amended by the State legislature,established that participating retirees may remain in the College’s health insurance plan bypaying the entire premium.

Currently, eligible retirees receive a direct contribution from the College for their premiumequivalent to the Plan Option 2 and dental single premium rates as established annually by theBoard of Trustees. The required retiree contribution rate equals the carrier-charged premium lessany direct premium paid by the College. The carrier-charged premium after College paidpremium for the year ended June 30, 2014, ranged from $0 to $1,239.04 per month per retireeparticipant. The direct premium paid by the College for the year ended June 30, 2014, was$374.33 per month per retiree participant. Spouses of retirees do not receive a direct contributionfrom the College for their coverage. The College appropriates funds annually for the costsassociated with the retirement benefit and provides funding for the expenditures on a pay-as-you-go basis.

Annual OPEB cost and net OPEB obliqationThe College’s annual OPEB (Other Postemployment Benefits) cost is calculated based on theannual required contribution of the employer (ARC), an amount actuarially determined inaccordance with parameters of GASB Statement No. 45. The ARC represents a level of fundingthat, if paid on an ongoing basis, is projected to cover normal cost each year and amortize anyunfunded actuarial liabilities over a period not to exceed thirty years. The following table presentsthe components of the College’s annual OPEB cost for the year, the contribution to the plan, andchanges in the College’s net OPEB obligation.

19


June 30, 2014


E. Other postemployment healthcare benefits (continued)

Annual OPEB cost and net OPEB obligation (continued)

Normal costAmortization of unfunded actuarial accrued liability

Annual required contributionInterest on net OPEB obligationAdjustment to annual required contribution

Annual OPEB cost (expense)Contributions made

Decrease in net OPEB obligationNet OPEB obligation, July 1

Net OPEB obligation, June 30

$ 30,63650,915

81,55113,046

(19,583)

75,01493,000

(17,986)372,773

$ 354,787

Net End of YearFiscal Annual Employer Percentage Net OPEBYear OPEB Cost Contributions Contributed Obligation2009 $ 212,316 $ 66,000 31% $ 146,3162010 212,316 66,000 31% 292,6322011 123,321 60,505 49% 355,4482012 122,341 74,000 60% 403,7892013 74,472 105,488 142% 372,773

Funded status and fundina ~)roclressAs of July 1, 2012, the most recent actuarial valuation date, the actuarial accrued liability forbenefits was $936,430. The College’s policy is to fund the benefits on a pay as you go basis,resulting in an unfunded actuarial accrued liability (UAAL) of $936,430. The covered payroll(annual payroll of active employees covered by the plan) was $8,842,612 and the ratio of theUAAL to the covered payroll was 10.6%.

Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts andassumptions about the probability of occurrence of events far into the future. The valuationincludes, for example, assumptions about future employment, mortality and the healthcare costtrends. Amounts determined regarding the funded status of the plan and the annual requiredcontributions of employer are subject to continual revision as actual results are compared with thepast expectations and new estimates are made about the future. The schedule of fundingprogress will present in time, multi-year trend information about whether the actuarial value ofplan assets is increasing or decreasing relative to the actuarial accrued liability for benefits.

20


June 30, 2014


E. Other postemployment healthcare benefits (continued)

Actuarial methods and assumptionsProjections of benefits for reporting purposes are based on the substantive plan and include thetypes of benefits provided at the time of valuation and the historical pattern of sharing of benefitcost between the employer and plan members to that point. The actuarial methods andassumptions used include techniques that are designed to reduce the effects of short-termvolatility in actuarial accrued liabilities and actuarial value of assets, consistent with the long-termperspective of the calculations.

The ARC for the plan’s year was determined as part of the July 1, 2012, actuarial valuation usingthe following methods and assumptions:

Actuarial cost methodAmortization methodRemaining amortization periodAsset valuation methodInvestment returnHealthcare cost trend rate

projected unit creditlevel dollar30 years

not applicable3.5%

-2.5% to 7.0% in first 3 years; 6.5% to5.0% thereafter

F. Construction and other siqnificant commitments

Construction commitmentsCapital projects in process at June 30, 2014, are as follows:

Project Authorization Expended CommittedStudent Housing Complex $ 2,890,000 $ 80,253 $ 2,809,747

Operating leasesDuring the year ended June 30, 1995, the College entered into an agreement to purchase anadditional facility to be used for another Adult Learning Center. The agreement contains a leasefor the facility site for a period of 36 months, renewable on a year to year basis thereafter. Asconsideration for the purchase, the College has been granted the leasehold interest withoutobligation for payment of any basic cash rent for the facility site during the original, or any renewalterm, of the agreement.

Risk manaqementThe College is exposed to various risks of loss related to torts; theft of, damage to, anddestruction of assets; errors and omissions; injuries to employees; and natural disasters. Theserisks are covered by commercial insurance purchased from independent third parties. Settledclaims from these risks have not exceeded commercial insurance coverage for the past threeyears.

21


June 30, 2014


H. Lease obli,qations

Capital leasesThe College has entered into various capital lease agreements outstanding at June 30, 2014, asfollows:

Bank of New YorkThe College entered into a lease purchase agreement with the Bank of New York (formerlyIntrust Bank, N.A.) dated March 1, 2002. The College has leased building sites to the aboveentity. Buildings constructed on the sites leased to the Bank of New York are leased by theCollege for its use. On March 1, 2002, the College participated in the issuance of leasepurchase agreement certificates of participation in the amount of $3,820,000. On October 1,2008, the College participated in the issuance of refunding certificates of participation in theamount of $2,065,000.

The lease purchase agreement commenced March 1, 2002, and expires April 1, 2018. Thelease may be terminated upon any of the following events: (1) expiration of the original termincluding any renewals; (2) the exercise by the College of the option to purchase the facilitygranted under the lease; (3) a default by the College and Lessor’s election to terminate thislease; (4) the payment by the College of all base rental payments and additional rentalpayments due or to become due and the payment of the purchase price balance set forth inthe lease; or (5) the effective date of cancellation of this lease by an act of the KansasLegislature.

The College pays base rental payments and additional rental payments to the trustee bank.Such payments are required to be budgeted by the College and are subject to any suchlimitations. The College is responsible for maintaining and operating the buildings afterconstruction. The lease agreement also requires certain insurance requirements which theCollege has met.

Commerce Bank, NAThe College entered into a lease purchase agreement for equipment with Commerce Bank,NA dated July 10, 2009, in the amount of $130,000. The lease was effective as of June 30,2009.

The lease purchase agreement commenced June 30, 2009, and was terminated July 10,2013, as a result of the payment by the College of all base rental payments and additionalrental payments due or to become due and the payment of the purchase price balance setforth in the lease.

Country Club BankThe College entered into a lease purchase agreement for equipment and a building withCountry Club Bank dated July 5, 2012, under a refinancing arrangement involving theissuance of lease purchase agreement certificates of participation in the amount of$3,610,000. Proceeds from the lease purchase agreement were used to terminate the 2004lease purchase agreements with UMB National Bank of America and Security Bank ofKansas City, for a net savings of $289,357 in total minimum lease commitments.

22


June 30, 2014


H. Lease obligations (continued)

Capital leases (continued)

Country Club Bank (continued)The lease purchase agreement commenced July 5, 2012, and expires May 1, 2020. Thelease may be terminated upon any of the following events: (1) expiration of the original termincluding any renewals; (2) the exercise by the College of the option to purchase theequipment granted under the lease; (3) a default by the College and Lessor’s election toterminate this lease; (4) the payment by the College of all base rental payments andadditional rental payments due or to become due and the payment of the purchase pricebalance set forth in the lease; or (5) the effective date of cancellation of this lease by an act ofthe Kansas Legislature.

The College pays base rental payments to Country Club Bank. Such payments are requiredto be budgeted by the College and are subject to any such limitations. The College isresponsible for maintaining and operating the equipment. The lease agreement also requirescertain insurance requirements which the College has met.

4. First Security Finance, Inc.The College entered into a lease purchase agreement for equipment and improvements withFirst Security Finance, Inc. dated June 20, 2013.

The lease purchase agreement commenced June 20, 2013, and expires June 1, 2023. Thelease may be terminated upon any of the following events: (1) expiration of the original termincluding any renewals; (2) the exercise by the College of the option to purchase theequipment granted under the lease; (3) a default by the College and Lessor’s election toterminate this lease; (4) the payment by the College of all base rental payments andadditional rental payments due or to become due and the payment of the purchase pricebalance set forth in the lease; or (5) the effective date of cancellation of this lease by an act ofthe Kansas Legislature.

The College pays base rental payments to First Security Finance, Inc. Such payments arerequired to be budgeted by the College and are subject to any such limitations. The Collegeis responsible for maintaining and operating the equipment. The lease agreement alsorequires certain insurance requirements which the College has met.

23


June 30, 2014


H. Lease obligations (continued)

Capital leases (continued)The total amount of the assets and construction in progress included on the College’s fixed assetrecords under these lease agreements are as follows for the fiscal year ended June 30, 2014:

Cost:Improvements other than buildings $ 4,524,321Buildings 5,588,609Equipment 1,342,164

Total cost 11,455,094


832,0921,239,6841,246,819

Total accumulated depreciation

Total, net

3,318,595

$ 8,136,499

The College’s future minimum lease obligations and the net present value of those minimumlease payments are as follows for the fiscal years ended June 30:

Year Total2015 $ 1,113,7722016 1,112,7722017 1,116,7822018 1,114,0972019 784,7272020-2023 1,680,489

Total minimum leasecommitments

Amount representing interest6,922,639(585,867)

$ 6,336,772Present value of minimum

lease payments

The above payments are reduced by interest earnings on any reserve funds held by the trusteebanks.

24


June 30, 2014


I. Long-term liabilities

Notes payableThe College entered into a loan agreement with the Kansas Board of Regents acting on behalf ofthe State of Kansas, for a $2,216,645 loan at a zero percentage interest rate with an annualfinancing fee of 0.25%. The loan is to finance capital improvements at the College.

The annual debt service requirements to maturity for this note payable outstanding at June 30,2014, including interest payments (servicing fees), are as follows:

Principal Inte~s~Fees Total2015 $ 268,644 $ 2,015 $ 270,6592016 268,644 1,253 269,8972017 268,643 672 269,315

Total $ 805,931 $ 3,940 $ 809,871

Changes in long-term liabilitiesThe following is a summary of changes in long-term liabilities of the College for the year endedJune 30, 2014:

Beginning Ending CurrentBalance Additions Retirements Balance Portion

Notes payable:Kansas Board of Regents $ 1,074,575 $ $ 268,644 $ 805,931 $ 268,644

Leases payable:Lease obligation - buildingLease obligation - equipmentLease obligation - buildings,improvements andequipment- refinancing

Lease obligation - improvementsand equipment

Total leases payable

Other liabilities:Compensated absences, netNet OPEB liability, net

Total other liabilities

Total long-term liabilities

1,510,000 275,000 1,235,000 290,00034,413 - 34,413

3,170,000 - 435,000 2,735,000 440,000

2,600,000 233,228 2,366,772 235,760

7,314,413 977,641 6,336,772 965,760

254,668 1,475 256,143372,773 17,986 354,787

627,441 1,475 17,986 610,930

$ 9,016,429 $ 1,475 $1,264,271 $ 7,753,633 $1,234,404

In addition to the $1,264,271 in principal retired during the year, the College paid $162,287 ininterest on the notes and leases payable during the year ended June 30, 2014.

25


June 30, 2014


I. Lon.q-term liabilities (continued)

Legal debt marginThe College is subject to a debt limit that is 3% of the assessed valuation of taxable real property.For the year ended June 30, 2014, that amount was $14,935,210. As of June 30, 2014, theCollege had no outstanding debt subject to the debt limit.

J. Related party transactionsThe College purchases goods and services from businesses owned and operated by a boardmember. The College paid this business $1,760 during the year ended June 30, 2014.

K. Discretely presented component units

Garden City Community College Endowment AssociationAt year end, the Endowment Association’s investment balances consisted of $4,406,469 inmarketable securities with a fair value of $4,516,513, and $1,374,410 of certificates ofdeposit.

The carrying amount of deposits for the Endowment Association, a discretely presentedcomponent unit, was $1,802,362 and the bank balance was $1,807,486. Of the bankbalance, $1,807,486 was covered by a combination of federal depository insurance, nationalcredit union share insurance and securities investor protection insurance.

Property and equipment at June 30, 2014, for the Endowment Association consisted of thefollowing:

Land $ 56,000Buildings and improvements 9,500Equipment 22,012

Total, costLess accumulated depreciation

87,512(19,337/

Property and equipment, net $ 68,175

Broncbuster Athletic AssociationThe carrying amount of deposits for the Broncbuster Athletic Association, a discretelypresented component unit, was $156,867 and the bank balance was $157,449. All of thebank balance was covered by federal depository insurance.

Property and equipment at June 30, 2014, for the Broncbuster Athletic Association consistedof the following:

Property and equipmentLess accumulated depreciation

875(875)

Property and equipment, net

26


June 30, 2014


Jointly .qoverned organizationsThe following organizations are jointly governed organizations in which the College participatesand are not included in the combined financial statements of the College’s basic financialstatements:

Garden City Information Technologies Cooperative is a jointly governed organizationbetween Garden City Community College, the County of Finney, Kansas, the City of GardenCity, Kansas, Unified School District No. 457, and St. Catherine Hospital, created underK.S.A. 12-2901. Garden City Information Technologies Cooperative is governed by aboard appointed by the participating parties. The purpose of Garden City InformationTechnologies Cooperative is to enhance the coordination and technology sharing amongthe members of the Cooperative, address the long-term goals of the Cooperative thatprovide an enhanced community and regional telecommunications and integratedcommunity network, and to seek out the opportunities that are identified by the Cooperativethat provide services to local and regional interest and lead to the use of the Cooperative asa tool for economic development. This is accomplished by coordinating technologypurchases and training, development of communication networks within Garden City andsouthwest Kansas, and providing videoconferencing, telecommuting and office accesswithin the community. The primary source of funding for Garden City InformationTechnologies Cooperative is from the general funds of the participating parties and throughprocuring grants. Garden City Community College contributed $-0- to the operations ofGarden City Information Technologies Cooperative during the year ended June 30, 2014.The College has no equity interest nor does the College materially contribute to thecontinued existence of Garden City Information Technologies Cooperative. Garden CityInformation Technologies Cooperative has a December 31st year end.

Western Kansas Community College Virtual Education Consortium is a jointly governedorganization between six western Kansas community colleges. Western KansasCommunity College Virtual Education Consortium is governed by a six member board ofofficial institutional representatives appointed by the member educational institutions. Thepurpose of Western Kansas Community College Virtual Education Consortium is to serve asan instrument of cooperation among the member educational institutions on the design anddelivery of distance education courses, programs and degrees. This is accomplished byexpanding distance education programs and increasing effectiveness of individualinstitutions by combining forces, coordinating activities, and eliminating duplication of effortsby pooling and sharing the financial, physical, and intellectual resources and expenditures ofthe individual institutions to realize a broader base of support through affiliation. A primarysource of funding for Western Kansas Community College Virtual Education Consortium isfrom the general funds of the participating parties, student fees and through procuringgrants. Garden City Community College contributed $591,730 to the operations of WesternKansas Community College Virtual Education Consortium during the year ended June 30,2014. Garden City Community College has no equity interest nor does the Collegematerially contribute to the continued existence of Western Kansas Community CollegeVirtual Education Consortium. Western Kansas Community College Virtual EducationConsortium has a June 30th year end.

27


June 30, 2014


M. Contin,qencies

Grant auditsThe College receives significant financial assistance from numerous federal and stategovernmental agencies in the form of grants and state pass through aid. The disbursement offunds received under these programs generally requires compliance with terms and conditionsspecified in the grant agreements and is subject to audit. Any disallowed claims resulting fromsuch audits could become a liability of the applicable funds. The amount, if any, of expendituresthat may be disallowed by the grantor cannot be determined at this time, although the Collegeexpects such amounts, if any, to be immaterial.

Student financial aid pro,qramsThe College participates in federally funded PELL Grants, SEOG Grants, Federal Work-Study,and Federal Family Education Loans programs. Federal programs are audited in accordancewith the Single Audit Act Amendments of 1996, the U.S Office of Management and BudgetRevised Circular A-133 Audit of States, Local Governments and Non-Profit Orqanizations, andthe Compliance Supplement.

Liti.qationThe College is named as a party in various lawsuits. These lawsuits are in the discovery stagesand the effect, if any, on the College is not determinable at this time. In the opinion ofmanagement, the ultimate outcome of these lawsuits will not have a material adverse effect onthe financial condition of the College.

Subsequent eventsSubsequent to June 30, 2014, the College authorized the issuance of $4,100,000 of revenuebonds at a rate of 2.99% for the purpose of constructing new student housing and remodeling theBeth Tedrow Student Center. The revenue bonds will be repaid through student fees, dormitoryfees and bookstore profits. Schedule maturities on these bonds are as follows:

Principal Interest2015 $ 75,000 $ 88,0412016 45,000 115,8882017 50,000 114,9872018 50,000 113,9882019 390,000 112,987

2020-2024 2,100,000 406,5132025-2027 1,420,000 87,937

Total $ 4,130,000 $ 1,040,341

The College entered into a construction contract with Harbin Construction to construct thestudent housing with a cost not to exceed $2,890,000.

28


29

REQUIRED SUPPLEMENTARY INFORMATION

30

Schedule RSI-1

GARDEN CITY COMMUNITY COLLEGESchedule of Funding Progress -Other Post-Employment Benefits

June 30, 2014

As of July 1,2012, the most recent actuarial valuation date, the actuarial accrued liability for benefits was$936,430. The College’s policy is to fund the benefits on a pay as you go basis, resulting in an unfundedactuarial accrued liability (UAAL) of $936,430. The covered payroll (annual payroll of active employeescovered by the plan) was $8,842,612 and the ratio of the UAAL to the covered payroll was 10.6%.

Actuarial Actuarial Unfunded UAAL as aValue of Accrued Liability (AAL) Covered Percentage

Valuation Assets (AAL) (UAAL) Funded Payroll of CoveredDate (a) (b) (b-a) Ratio (c) Pa),roll ((b-a)/c)

7/1/2008 $ - $ 1,641,117 $ 1,641,117 0.0% $10,172,560 16.1%7/1/2010 - 997,975 997,975 0.0% 8,980,971 11.1%7/1/2012 - 936,430 936,430 0.0% 8,842,612 10.6%

31


32

SUPPLEMENTARY INFORMATION

33

GARDEN CITY COMMUNITY COLLEGECombining Schedule of Revenue, Expenditures,

Encumbrances and Changes in Unencumbered Cash - Actual and Budget -Current Funds - Unrestricted (Legal Basis)


REVENUELocalStateFederalStudent tuition and feesOther:

InterestMiscellaneousPrivate gifts and grants

Total revenue

EXPENDITURES AND ENCUMBRANCESEducation and general:

InstructionCommunity serviceAcademic supportStudent servicesInstitutional supportOperation and maintenanceScholarships

Total expenditures and encumbrances

Revenue over (under) expendituresand encumbrances

OTHER FINANCING SOURCES (USES)Mandatory transfers inMandatory transfers out

REVENUE OVER(UNDER)EXPENDITURES AND ENCUMBRANCESAND OTHER FINANCING SOURCES(USES)

Unencumbered cash, July 1, 2013

Unencumbered cash, June 30, 2014

Actual

$ 10,757,4361,691,376

2,895,424

33,698536,448

15,914,382

3,334,18061,798

679,0853,005,3832,581,7423,166,942

323,219

13,152,349

2,762,033

2,703,513(4,710,898)

754,648

7,890,050

$ 8,644,698

General

Budget

$ 11,049,2211,691,376

3,525,000

100,000650,000500,000

17,515,597

4,000,000210,000

1,000,0002,700,0003,000,0003,000,000

400,000

14,310,000

3,205,597

(5,ooo,ooo)

(1,794,403)

7,931,813

$ 6,137,410

VarianceOver

(Under)

(291,785)

(629,576)

(66,302)(113,552)(500,000)

(1,601,2157

(665,820)(148,202)(320,915)305,383

(418,258)166,942(76,781)

(1,157,651)

(443,564)

2,703,513(289,102)

2,549,051

(41,763)

2,507,288

From fiscal year 2015Adjustment

Total

$ 8,630,33614,362

$ 8,644,698

34

SCHEDULE1

Adult Supplementary EducationVariance

OverActual Budget (Under)

171,814 625,000 (453,186)

82,107 50,000 32,10796,144 25,000 71,144

Actual

Auxiliary Enterprise Funds

Budget

VarianceOver

(Under)

2,846,149

$

4,550,000

$

(4,550,000)2,846,149

3,999 3,999

350,065 700,000 (349,935) 2,850,148 4,550,000 (1,699,852)

242,517 1,000,000 (757,483)4,391

2,287,119 4,495,000

242,517 1,000,000 (757,483) 2,291,510 4,495,000

4,391

(2,207,881)

(2,203,490)

107,548 (300,000) 407,548 558,638 55,000 503,638

(334,475) 334,475

107,548 (300,000) 407,548

741,744 750,126 (8,382)

$ 849,292 $ 450,126 $ 399,166

224,163

520,048

$ 744,211

55,000

504,974

$ 559,974

169,163

15,074

$ 184,237

850,738(1,446)

849,292

919,501(175,290)

744,211

(continued)35

SCHEDULE1

GARDEN CITY COMMUNITY COLLEGECombining Schedule of Revenue, Expenditures,

Encumbrances and Changes in Unencumbered Cash - Actual and Budget -Current Funds - Unrestricted (Legal Basis)


REVENUELocalStateFederalStudent tuition and feesOther:


Total revenue




Revenue over expendituresand encumbrances





Total (Memorandum Only)

Actual Budget

VarianceOver

(Under)

$ 10,757,436 $ 11,049,2211,691,376 1,691,376

4,550,0005,913,387 4,150,000

33,698 100,000622,554 700,00096,144 525,000

$ (291,785)

(4,550,000)1,763,387

(66,302)(77,446)

(428,856)

19,114,595 22,765,597 (3,651,002)

3,576,697 5,000,000 (1,423,303)66,189 210,000 (143,811)

679,085 1,000,000 (320,915)5,292,502 7,195,000 (1,902,498)2,581,742 3,000,000 (418,258)3,166,942 3,000,000 166,942

323,219 400,000 (76,781)

15,686,376 19,805,000 (4,118,624)

3,428,219 2,960,597 467,622

2,703,513 2,703,513(5,045,373) (5,000,000) 45,373

1,086,359 (2,039,403) 3,125,762

9,151,842 9,186,913 (35,071)

$ 10,238,201 $ 7,147,510 $ 3,090,691

36

SCHEDULE 1-A

GARDEN CITY COMMUNITY COLLEGESchedule of Revenue - Actual and Budget -General Fund - Unrestricted (Legal Basis)


Local:Prior year ad valorem property taxCurrent year ad valorem property taxMotor vehicle taxRecreational vehicle taxDelinquent taxIn lieu of tax

Total local

State:State operating grant

Student tuition and fees:Tuition - in StateTuition - out of StateCourse feesOther student fees

Total student tuition and fees

Other:InterestMiscellaneousPrivate gifts and grants

Total other

Total revenue

Actual

$ 105,4739,648,885

681,2257,136

174,815139,902

10,757,436

1,691,376

1,817,913510,000

96,641470,870

2,895,424

33,698536,448

570,146

$ 15,914,382

General

Budget

$ 58,05110,021,504

731,1817,O47

100,207131,231

11,049,221

1,691,376

3,375,00O

150,000

3,525,000

100,000650,000500,000

1,250,000

$ 17,515,597

VarianceOver

(Under)

$ 47,422(372,619)

(49,956)89

74,6088,671

(291,785)

(1,557,087)510,000(53,359)470,870

(629,576)

(66,302)(113,552)(500,0O0)

(679,854)

$ (1,601,215)

37

SCHEDULE2

GARDEN CITY COMMUNITY COLLEGESchedule of Revenue, Expenditures,

Encumbrances and Changes in Unencumbered Cash - Actual and Budget -Adult Basic Education Fund (Legal Basis)


REVENUEStateFederalOther:

Miscellaneous

Total revenue


Instruction



OTHER FINANCING SOURCESMandatory transfers in

REVENUE OVER(UNDER)EXPENDITURES AND ENCUMBRANCESAND OTHER FINANCING SOURCES



Adult Basic Education

Actual Budget

VarianceOver

(Under)

$ 59,432 $ 200,000322,379 700,000

$ (140,568)(377,621)

100,837 250,000 (149,163)

482,648 1,150,000 (667,352)

512,476 1,207,025 (694,549)

512,476 1,207,025 (694,549)

(29,828) (57,025) 27,197

37,500 45,000 (7,500)

7,672

16,177

$ 23,849

$ 19,4204,429

$ 23,849

(12,025)

18,058

$ 6,033

19,697

(1,881)

17,816

From fiscal year 2015 budgetAdjustment

Total

38

SCHEDULE 3


Encumbrances and Changes in Unencumbered Cash - Actual and Budget -Postsecondary Technical Education Fund (Legal Basis)


REVENUEStateStudent tuition and fees:TuitionCourse fees

Other:Miscellaneous

Total revenue









Postsecondary Technical EducationVariance

OverActual Budget (Under)

$ 1,012,931 $ 1,012,931 $

2,000,000 (2,000,000)460,049 1,000,000 (539,951)

1,ooo,ooo (1,ooo,ooo)

5,012,931 (3,539,951)1,472,980

2,652,359

56,771

5,000,000 (2,347,641)400,000 (400,000)500,000 (443,229)

1,400,000 (1,400,000)1,500,000 (1,500,000)1,ooo,ooo (1,ooo,ooo)

200,000 (200,000)

2,709,130 10,000,000 (7,290,870)

(1,236,150) (4,987,069) 3,750,919

3,788,427 5,000,000(2,703,513) -

(1,211,573)(2,703,513)

$

$

$

(151,236) 12,931

151,236 -

$ 12,931

(164,167)

151,236

$ (12,931)


Total

39

SCHEDULE4


Encumbrances and Changes in Unencumbered Cash - Actual and Budget -Plant Funds - Unexpended (Legal Basis)


Capital Outlay

Actual BudgetREVENUE

Local:Prior year ad valorem property tax $ 5,419 $ 3,016Current year ad valorem property tax 492,638 510,743Motor vehicle tax 36,892 37,727Recreational vehicle tax 387 364Delinquent tax 9,208 5,170In lieu of tax 6,539 6,771

Total local 551,083 563,791Other - 2,500,000

Total revenue

EXPENDITURES AND ENCUMBRANCESPlant facilities and equipment


Revenue over expendituresand encumbrances

OTHER FINANCING USESMandatory transfers out

REVENUE OVER(UNDER) EXPENDITURESAND ENCUMBRANCES ANDOTHER FINANCING USES


VarianceOver

(Under)

$ 2,403(18,105)

(835)23

4,038(232)

(12,708)(2,500,000)

551,083 3,063,791 (2,512,708)

75,983 2,830,000 (2,754,017)

75,983 2,830,000 (2,754,017)

475,100 233,791 241,309


(275,000) (500,000) (225,000)

200,100 (266,209)

713,964 666,407

$ 914,064 $ 400,198

466,309

47,557

$ 513,866


Total

$ 914,0631

$ 914,064

40


41

GARDEN CITY COMMUNITY COLLEGENotes to Supplementary InformationFor the Year Ended June 30, 2014

Reconcilation of Revenue, Expenditures, and Other Financing Sources (Uses) for budgetary funds on a budgetarybasis to GAAP basis.

REVENUEActual amounts (budgetary basis) revenues

from combining schedules (Schedules 1, 2, 3 and 4)Adjustments:

Ad valorem property tax receipts from May, but notavailable revenue until following fiscal year forGAAP reporting -

Plus 2013 tax receiptsLess 2014 tax receipts

Total revenue as reported under the GAAP basis

General

Current Funds - UnrestrictedAdult Auxiliary

Supplementary EnterpriseEducation Funds

$ 15,914,382 $ 350,065 $ 2,850,148

3,998,832(3,967,035)

$ 15,946,179 $ 350,065 $ 2,850,148

EXPENDITURESActual amounts (budgetary basis) expenditures

from combining schedules (Schedules 1, 2, 3 and 4)Adjustments:

Encumbrances for supplies and equipment orderedbut not received are reported in the year the orderis placed for budgetary purposes, but in the yearthe items are received for GAAP reporting -

Less 2014 encumbrancesPlus 2013 encumbrances

Reclassifications:Budgetary expenditures for plant facilities

are reclassified to other financing sources (uses)for GAAP reporting

$ 13,152,349 $ 242,517 $ 2,291,510

(562,243) (82,483)1,069,076 6,809 57,010

Total expenditures as reported under theGAAP basis $ 13,659,182 $ 249,326 $ 2,266,037

OTHER FINANCING SOURCES (USES)Actual amounts (budgetary basis) other financing sources

(uses) from combining schedules(Schedules 1, 2, 3 and 4)

Reclassifications:Budgetary expenditures for plant facilities

are reclassified to other financing sources (uses)for GAAP reporting

$ (2,007,385) $ $ (334,475)

Total other financing sources (uses) as reportedunder the GAAP basis $ (2,007,385) $ - $ (334,475)

42

Plant Funds -Current Funds - Restricted Unexpended

Adult PostsecondaryBasic Technical Capital

Total Education Education Total Outlay

$ 19,114,595 $ 482,648 $ 1,472,980 $ 1,955,628 $ 551,083

3,998,832 - 206,907(3,967,035) - (202,389)

$ 19,146,392 $ 482,648 $ 1,472,980 $ 1,955,628 $ 555,601

$ 15,686,376 $ 512,476 $ 2,709,130 $ 3,221,606 $ 75,983

(644,726) (31,121) (18,927) (50,048)1,132,895 8,089 22,593 30,682

(75,983)

$ 16,174,545 $ 489,444 $ 2,712,796 $ 3,202,24(} $

$ (2,341,860) $ 37,500 $ 1,084,914 $ 1,122,414 $ (275,000)

(75,983)

$ (2,341,860) $ 37,500 $ 1,084,914 $ 1,122,414’ $ (350,983)

43

ADDITIONAL INFORMATION-Schedule of Management Information

44

GARDEN CITY COMMUNITY COLLEGEAdditional Information-

Schedule of Management InformationJune 30, 2014

The following schedules are additional financial information maintained for management purposes only.

45

SCHEDULE5

GARDEN CITY COMMUNITY COLLEGESchedule of Management Information

Combining Statement of Revenue, Expenditures and Other Changes - Current FundsFor the Year Ended June 30, 2014

Current Funds

Unrestricted RestrictedREVENUE

Local $ 10,789,233 $State 1,935,979 1,408,840Federal 6,709,658Student tuition and fees 3,156,873 461,509Other:

I nte rest 33,698 -Miscellaneous 377,951 701,468Private gifts and grants 96,144 -

Sales and services of auxiliary’s enterprises 2,756,514 -Institutional support 48,469

Total(Memorandum

Only)

$ 10,789,2333,344,8196,709,6583,618,382

33,6981,079,419

96,1442,756,514

48,469

Total revenue 19,146,392 9,329,944 28,476,336

EXPENDITURESEducation and general:

InstructionCommunity serviceAcademic supportStudent servicesInstitutional supportOperating and maintenance of plantScholarships

Total education and general

Auxiliary enterprises:Expenditures

Total expenditures

3,622,42961,798

655,9973,O77,5782,901,1923,266,295

323,219

13,908,508

2,266,037

16,174,545

2,703,513(5,045,373)

(2,341,860)

$ 629,987

4,328,278356,305

79,2375,977,241


10,741,061

10,741,061

3,936,250(2,703,513)

1,232,737

$ (178,380)

Total other financing sources (uses)

NET INCREASE (DECREASE) IN NET POSITION

7,950,707418,103735,234

9,054,8192,901,1923,266,295

323,219

24,649,569

2,266,037

26,915,606

6,639,763(7,748,886)

(1,109,123)

$ 451,607

46

SCHEDULE6

GARDEN CITY COMMUNITY COLLEGESchedule of Management InformationCombining Statement of Net Position -

All Current Funds - UnrestrictedJune 30, 2014

ASSETSGeneral

AdultSupple-mental

Education

Cash and investments $Receivables (net of allowance for

uncollectibles):Taxes 96,502Miscellaneous 879,743

9,489,765 $ 928,674

Total assets $ 10,466,010 $ 928,674

.L!..ABILITIES, DEFERRED INFLOWS OF RESOURCES AND NET POSITION

Liabilities:Accounts payable $ 550,763Compensated absences 256,143Net OPEB liability 354,787

AuxiliaryEnterprise

Funds

Total liabilities

$ 878,825

Deferred inflows of resources:Unearned revenue - generalUnearned revenue - currentproperty taxes

$ 878,825

79,382 $ 52,131

Total(Memorandum

Only)

$ 11,297,264

96,502879,743

$ 12,273,509

$ 682,276256,143354,787

1,161,693 79,382 52,131 1,293,206

874

4,063,537

Total deferred inflows of resources 4,064,411

562,243 82,483

744,211

826,694

$ 878,825

Net position:Reserved for encumbrancesUnreserved:

Designated for subsequentyear’s expenditures

Total net position

849,292

849,292

$ 928,674Total liabilities, deferred inflowsof resources and net position

4,677,663

5,239,906

$ 10,466,010

874

4,063,537

4,064,411

644,726

6,271,166

6,915,892

$ 12,273,509

47

SCHEDULE7


Combining Statement of Revenue and Expenditures -All Current Funds - Unrestricted


REVENUELocalStateStudent tuition and feesOther:


Sales and services of auxiliaryenterprises

General

$ 10,789,2331,935,9792,895,424

33,698291,845

AdultSupple-mental

Education

171,814

82,10796,144

Totalrevenue 15,946,179 350,065

EXPENDITURESEducation and general:

InstructionCommunity serviceAcademic supportStudent servicesInstitutional supportOperation and maintenance of plantScholarships

3,373,10361,798

655,9973,077,5782,901,1923,266,295

323,219

249,326

Total education and generalexpenditures 13,659,182 249,326

Auxiliary enterprise expenditures

Total expenditures 13,659,182 249,326

Revenue overexpenditures 2,286,997 100,739


2,703,513(4,710,898)

REVENUE OVER EXPENDITURESAND OTHER FINANCINGSOURCES(USES) $ 279,612 $ 100,739

AuxiliaryEnterprise

Funds

89,635

3,999

2,756,514

2,850,148

2,266,037

2,266,O37

584,111

(334,475)

249,636

Total(Memorandum

Only)

$ 10,789,2331,935,9793,156,873

33,698377,951

96,144

2,756,514

19,146,392

3,622,42961,798

655,9973,077,5782,901,1923,266,295

323,219

13,908,508

2,266,037

16,174,545

2,971,847

2,703,513(5,045,373)

$ 629,987

48

SCHEDULE8


Combining Statement of Changes in Net Position -All Current Funds - Unrestricted


NET POSITION, July 1,2013as previously reportedUnencumbered cashAdd:

Reserve for encumbrancesSubtract:

Deferred property tax receipts, 7/1/13

General

AdultSupple- Other Auxiliary Totalmental Enterprise (Memorandum

Education Funds Onl~,~

7,890,050 $ 741,744 $ 520,048

1,069,076 6,809 57,010

(3,998,832) -

4,960,294 748,553 577,058NET POSITION, July 1, 2013

REVENUE OVER EXPENDITURESAND OTHER FINANCINGSOURCES (USES) 279,612 100,739 249,636

$ 5,239,906 $ 849,292 $ 826,694NET POSITION, June 30, 2014

$ 9,151,842

1,132,895

(3,998,832)

6,285,905

629,987

$ 6,915,892

NET POSITION, June 30, 2014Reserve for encumbrancesUnreserved:

Designated for subsequent year’sexpenditures

NET POSITION, June 30, 2014

$ 562,243 $ $ 82,483

4,677,663 849,292 744,211

$ 5,239,906 $ 849,292 $ 826,694

$ 644,726

6,271,166

$ 6,915,892

49

SCHEDULE9


Combining Schedule of Changes in Net Position -Various Funds


AUXILIARY ENTERPRISE FUNDS:Adult Ed Orientation FundStudent UnionCosmetologyBookstoreArena

Total auxiliary enterprise funds

FEDERAL STUDENT AID:College Work StudyGuaranteed Student LoansSEOG GrantsPELL Grants

Total federal student aid

RESTRICTED GRANTS:HIV/Aids Education GrantSmall Business Development Center - FederalSmall Business Development Center - StateSmall Business Development Center - LocalSmall Business Development Center - IndirectSmall Business Development Center - Program IncomeRural Community Development InitiativeRural Business Enterprise GrantKSBDC Outreach Center GrantTRIO - Student Support ServicesTRIO - Educational Talent SearchCollege Access Challenge GrantFederal Funds AdministrationAO-K Adult EducationAO-K Carl Perkins GrantAO-K Carl Perkins Supplemental GrantAO-K TANFAO-K Workforce Solutions GrantDrug Prevention GrantDrug Prevention Program IncomeKansas Bridges GrantKansas Meth Prevention GrantPathways to STEMProblem GamblingProject KANCO GrantKansas Technology Instruction GrantCarl Perkins Program Improvement GrantOperation AdvanceGreensburg GrantIME Becas GrantTrac 7Motorcycle Safety GrantAO-K Accelerated Opportunity Grant

Balance BalanceJuly 1, 2013 Additions Deletions June 30, 2014

9,040 $ 7,405 $ 4,391 $ 12,054414,493 1,795,862 1,627,925 582,43089,337 100,485 95,775 94,04738,828 942,516 864,307 117,03725,360 3,880 8,114 21,126

$ 577,058 $ 2,850,148 $ 2,600,512 $ 826,694

80,545 $ 80,5451,903,105 1,903,105

57,897 57,8973,345,659 3,345,659

$ 5,387,206 $ 5,387,206 $

2,151 $ $ 2,151 $73,734 73,73457,510 57,510

3,410 36,514 39,92437,127 37,127

8,852 920 170 9,6024,406 4,4067,113 7,113

54,222 54,222306,862 306,862

2,876 268,859 271,733 25,652 5,652

31,022 11,342 7,391 34,9731,013 1,0135,049 5,049

13,180 13,1801,260 1,2609,950 9,950

300 30085,414 31,591 53,823

27,783 27,78310,446 10,446

9,043 9,0433,987 3,987

38,990 38,99016,824 16,82482,975 82,975

145,096 145,09646,294 46,294

5,668 1,000 609 6,0598,080 246,369 246,044 8,405

!,755 1,7551,091 47,819 48,910

Total restricted grants $ 168,649 $ 1,553,309 $ 1,589,009 $ 132,949

OTHER RESTRICTED FUNDS:Cox Communications GrantPepsi Campus SupportGED Testing FundOther DonationsShriver Trust

Total other restricted funds

54,968 $ $ $ 54,9688,851 8,342 4,049 13,144

11,930 540 12 12,4587,222 21,567 22,085 6,7044,298 4,298

87,269 $ 30,449 $ 26,146 $ 91,572

50

SCHEDULE 10


Combining Statement of Changes in Assets and Liabilities -All Agency Funds


ASSETS

Cash and investments

Total assets

BalanceJuly 1 2013

$ 348,662

$ 348,662

Additions Deletions

$ 800,663 $ 874,861

$ 800,663 $ 874,861

BalanceJune 30,2014

$ 274,464

$ 274,464

LIABILITIES

Accounts payableDue to agency funds

Total liabilities

$ 364348,298

$ 348,662

$ 2O2 $ 364 $ 2O2800,461 874,497 274,262

$ 800,663 $ 874,861 $ 274,464

51

SCHEDULE 11


Combining Statement of Changes in Assets and LiabilitiesAll Agency Funds - Due to Agency Funds


STUDENT ORGANIZATION ACCOUNTSClubs and organizations:

Academic ChallengeADN Students ClubAg Tech ClubAll Pro Auto ClubArt ClubBlack Student UnionBlock & Bridle ClubBloodmobileBreakaway MagazineBSNT Voucher ProgramBusiness ContestChristian AthletesCollegiate Farm BureauCollege PlayersCreative Writing ClubDECA ClubDormitory ClubFine Arts TravelGamma Omega GammaGCCC Education Support ProfessionalsGC3 MediaHALO (Mecha Club)IntramuralsKarate ClubLecture SeriesMath ClubNational Student TravelNewman ClubPhi Rho Pi OrganizationPhi Theta KappaPotter’s GuildPractical Nursing Student AssociationRiver & Gulf Coast EcologyRodeo ClubScience ClubSNEASold OutStudent Athletic TrainingStudent Government AssociationStudent Government Association ScholarshipsStudent NewspaperTau Epsilon LambdaTrap Shooting ClubVocal Music CouncilWelding

Total student organizationaccounts

SPECIAL REVOLVING ACCOUNTSTax - state sales

Total special revolving accounts

Total - all agency funds

Balance BalanceJuly 1, 2013 Additions Deletions June 30 2014

1,681 $ 1,500 $ 102 $ 3,0793,426 3,983 3,426 3,983

14,280 1,471 818 14,933834 834

2,991 3,261 4,652 1,6003,484 3,4842,130 36,079 23,401 14,808

104 10422,267 22,267

540 540669 669257 257969 2,592 2,119 1,442

3,235 2,507 1,659 4,0831,755 1,755

693 600 1,233 6051,231 20,765 14,687 57,309

317 1,100 1,41779 7963 63

3,114 80 3,19416,100 8,754 11,170 13,684

76 761,145 80 320 9059,431 3,500 12,9318,474 116 200 8,390

11,280 10,000 20,077 1,203101 101

1,846 1,8462,011 16,057 15,891 2,177

514 117 631

2,121 751 1,380 1,492664 61,611 62,191 84

3,297 78 3,2194,031 2,000 809 5,222

284 518 162 640649 700 1,349

139,754 95,863 193,301 42,316455,309 455,309

29,851 47,692 18,934 58,609989 7,358 4,214 4,13317 17

579 579965 965

348,298 784,364 858,400 274,262

16,097 16,097

16,097 16,097

$ 348,298 $ 800,461 $ 874,497 $ 274,262

52

GRAPHS

53

SCHEDULE 12


Comparison of Revenues -All Current Funds - Unrestricted (Legal Basis) excluding Auxiliary Enterprises

For the Years Ended June 30

Note: Years 2005-2011 include activity broken out in 2012-2014 for Current Funds - Restricted for Postsecondary Technical Education.

Local66%

State11%

Student tuition & fees19%

Interest0%

Miscellaneous4%

$-

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

$4,500,000

$5,000,000

$5,500,000

$6,000,000

$6,500,000

$7,000,000

$7,500,000

$8,000,000

$8,500,000

$9,000,000

$9,500,000

$10,000,000

$10,500,000

$11,000,000

Local County State Federal Student tuition &fees

Interest Miscellaneous

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

54

SCHEDULE 13


Comparison of Expenditures, Encumbrances and Net Transfers -All Current Funds - Unrestricted (Legal Basis) excluding Auxiliary Enterprises


Note: Years 2005-2011 include activity broken out in 2012-2014 for Current Funds - Restricted for Postsecondary Technical Education.

Instruction23%

Academic support4%

Student services20%

Community service0%

Institutional support17%

Net transfers13%

Operation & maintenance21%

Scholarships2%

$-

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

$4,500,000

$5,000,000

$5,500,000

$6,000,000

$6,500,000

$7,000,000

Instruction Academicsupport

Studentservices

Communityservice

Institutionalsupport

Net transfers Operation &maintenance

Scholarships

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

55

SCHEDULE 14


Comparison of Revenues, and Expenditures, Encumbrances and Net Transfers - All Current Funds - Unrestricted (Legal Basis) excluding Auxiliary Enterprises


$-

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$7,000,000

$8,000,000

$9,000,000

$10,000,000

$11,000,000

$12,000,000

$13,000,000

$14,000,000

$15,000,000

$16,000,000

$17,000,000

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Revenue Expenditures

56

GARDEN CITY COMMUNITY COLLEGE

OPEID No.: 00191900EIN: 48-0698107

FEDERAL AWARD PROGRAMS

June 30,2014

57

LEWIS,HOOPER&DICK o

INDEPENDENT AUDITORS’ REPORTON INTERNAL CONTROL OVER FINANCIAL REPORTINGAND ON COMPLIANCE AND OTHER MATTERS BASED

ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMEDIN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS


405 North Sixth Street [ PO. Box 699Garden City, KS 67846

620-275-9267 ] 800-62?-0636Fax: 620-275-8936 ] www.lhd.com

CPAsCharles H Claar, Jr, CPA

Theresa Dasenbrock, CPA, CFEDavid L, Hetrick, CPA

Steven D. Josserand, CPAGaryA Schlappe, CPA

Rodney Van Norden, CPA

We have audited in accordance with auditing standards generally accepted in the UnitedStates of America and the standards applicable to financial audits contained inGovernment Auditing Standards, issued by the Comptroller General of the United States,the financial statements of the business-type activities and the discretely presentedcomponent units of Garden City Community College as of and for the year ended June 30,2014, and the related notes to the financial statements, which collectively comprise GardenCity Community College’s basic financial statements, and have issued our report thereondated November 18, 2014. The financial statements of the Garden City CommunityCollege Endowment Association and the Broncbuster Athletic Association were not auditedin accordance with Government Auditing Standards.

Internal Control over Financial Reporting

In planning and performing our audit of the financial statements, we considered GardenCity Community College’s internal control over financial reporting (internal control) todetermine the audit procedures that are appropriate in the circumstances for the purposeof expressing our opinions on the financial statements, but not for the purpose ofexpressing an opinion on the effectiveness of Garden City Community Col}ege’s internalcontrol. Accordingly, we do not express an opinion on the effectiveness of Garden CityCommunity College’s internal control,

A deficiency in internal control exists when the design or operation of a control does notallow management or employees in the normal course of performing their assignedfunctions, to prevent, or detect and correct misstatements on a timely basis, A materialweakness is a deficiency, or combination of deficiencies, in internal control, such that thereis a reasonable possibility that a material misstatement of the entity’s financial statementswill not be prevented, or detected and corrected on a timely basis. A significant deficiencyis a deficiency, or a combination of deficiencies, in internal control that is less severe thana material weakness, yet important enough to merit attention by those charged withgovernance.

Our consideration of internal control was for the limited purpose described in the precedingparagraph of this section and was not designed to identify all deficiencies in internal controlover financial reporting that might be material weaknesses or significant deficiencies.Given these limitations, during our audit we did not identify any deficiencies in internalcontrol over financial reporting that we consider to be material weaknesses However,material weaknesses may exist that have not been identified.

Lisa L. A×man, CPASue A. Bradley, CPA

Susan A Burgardt, CPAKeysha Harris, CPA

Tracey Homm, CPA, CSEPICristin J, Sekavec, CPAMonica J Wilson, CPA


Compliance and Other Matters

As part of obtaining reasonable assurance about whether Garden City CommunityCollege’s financial statements are free of material misstatement, we performed tests of itscompliance with certain provisions of laws, regulations, contracts, and grant agreements,noncompliance with which could have a direct and material effect on the determination offinancial statement amounts. However, providing an opinion on compliance with thoseprovisions was not an objective of our audit and, accordingly, we do not express such anopinion. The results of our tests disclosed no instances of noncompliance or other mattersthat are required to be reported under Government Auditing Standards.

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal controland compliance and the results of that testing, and not to provide an opinion on theeffectiveness of the College’s internal control or on compliance. This report is an integralpart of an audit performed in accordance with Government Auditing Standards inconsidering the College’s internal control and compliance. Accordingly, thiscommunication is not suitable for any other purpose.

LEWIS, HOOPE’~, & DICK, LLC s

November 18, 2014

59

LEWIS,HOOPERaDICK ocertified public accountants

INDEPENDENT AUDITORS’ REPORTON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM

AND ON INTERNAL CONTROL OVER COMPLIANCEIN ACCORDANCE WITH OMB CIRCULAR A-133


405 North Sixth Street I P.O. Box 699Garden City, KS 67846

620-275-926? ] 800-627-0636Fax: 620-275-8936 I www.lhd corn

CPAsCharles H. Claar~ Jr, CPA

Theresa Dasenbrock, CPA, CFEDavid L. Hetrick, CPA

Steven D, Josserand, CPAGary A Schlappe, CPA

Rodney Vail Norden, CPA

Lisa L, Axman, CPASue A. Bradley, CPA

Susan A. Burgardt, CPAKeysha Harris, CPA

Yracey Homm, CPA, CSEPKrislin J Sekavcc, CPAMonica J. Wilsom CPA

Report on Compliance for Each Major Federal Program

We have audited the compliance of Garden City Community College, Garden City, Kansas,with the types of compliance requirements described in the US. Office of Management andBudget Circular A-133 Compliance Supplement that could have a direct and material effecton each of the College’s major federal programs for the year ended June 30, 2014.Garden City Community College’s major federal programs are identified in the summary ofauditor’s results section of the accompanying schedule of findings and questioned costs.

Garden City Community College’s financial statements include the operations of theGarden City Community College Endowment Association and the Broncbuster AthleticAssociation, which received no federal awards during the year ended June 30, 2014. Ouraudit, described below, did not include the operations of the Garden City CommunityCollege Endowment Association and the Broncbuster Athletic Association because theyexpended no federal awards.

Manaqement’ s ResponsibilityManagement is responsible for compliance with the requirements of laws, regulations,contracts, and grants applicable to its federal programs.

Auditor’s ResponsibilityOur responsibility is to express an opinion on compliance for each of Garden CityCommunity College’s major federal programs based on our audit of the types ofcompliance requirements referred to above. We conducted our audit of compliance inaccordance with auditing standards generally accepted in the United States of America;the Kansas Municipal Audit and Accounfin9 Guide, issued by the State of Kansas; thestandards applicable to financial audits contained in Government Auditing Standards,issued by the Comptroller General of the United States; and U.S. Office of Managementand Budget Circular A-133, Audits of States, Local Governments, and Non-ProfitOrganizations, Those standards and Circular A-133 require that we plan and perform theaudit to obtain reasonable assurance about whether noncompliance with the types ofcompliance requirements referred to above that could have a direct and material effect ona major federal program occurred. An audit includes examining, on a test basis, evidenceabout Garden City Community College’s compliance with those requirements andperforming such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our opinion on compliance foreach major program. However, our audit does not provide a legal determination onGarden City Community College’s compliance.

Opinion on Each Major Federal ProgramIn our opinion, Garden City Community College complied, in all material respects, with thetypes of compliance requirements referred to above that could have a direct and materialeffect on each of its major federa! programs for the year ended June 30, 2014.


Report on Internal Control over Compliance

Management of Garden City Community College is responsible for establishing andmaintaining effective internal control over compliance with the types of compliancerequirements referred to above. In planning and performing our audit of compliance, weconsidered Garden City Community College’s internal control over compliance with thetypes of requirements that could have a direct and material effect on a major federalprogram as a basis for designing auditing procedures that are appropriate in thecircumstances for the purpose of expressing an opinion on compliance for each majorfederal program and to test and report on internal control over compliance in accordancewith OMB Circular A-133, but not for the purpose of expressing an opinion on theeffectiveness of internal control over compliance. Accordingly, we do not express anopinion on the effectiveness of Garden City Community College’s internal control overcompliance.

A deficiency in internal control over compliance exists when the design or operation of acontrol over compliance does not allow management or employees, in the normal courseof performing their assigned functions, to prevent, or detect and correct noncompliancewith a type of compliance requirement of a federal program on a timely basis. A materialweakness in internal control over compliance is a deficiency, or combination ofdeficiencies, in internal control over compliance, such that there is a reasonable possibilitythat material noncompliance with a type of compliance requirement of a federal programwill not be prevented, or detected and corrected on a timely basis. A significant deficiencyin internal control over compliance is a deficiency, or a combination of deficiencies, ininternal control over compliance with a type of compliance requirement of a federalprogram that is less severe than a material weakness in internal control over compliance,yet important enough to merit attention by those charged with governance.

Our consideration of internal control over compliance was for the limited purpose describedin the first paragraph of this section and was not designed to identify all deficiencies ininternal control over compliance that might be material weaknesses or significantdeficiencies. We did not identify any deficiencies in internal control over compliance thatwe consider to be material weaknesses. However, material weaknesses may exist thathave not been identified.

The purpose of this report on internal control over compliance is solely to describe thescope of our testing of internal control over compliance and the results of that testingbased on the requirements of OMB Circular A-133. Accordingly, this report is not suitablefor any other purpose.

LEWIS, HOOPER & DICK, LLC

November 18, 2014

61

Garden City Community CollegeSchedule of Findin,qs and Questioned Costs


I. SUMMARY OF AUDIT RESULTS

A. Financial Statements¯ Type of auditors’ report issued: Unmodified

Internal controlREPORT ONCOMPLIANCESTATEMENTSSTANDARDS:

over financial reporting as reported in the INDEPENDENT AUDITORS’INTERNAL CONTROL OVER FINANCIAL REPORTING AND ONAND OTHER MATTERS BASED ON AN AUDIT OF FINANCIALPERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING

Material weaknesses identified:Significant deficiencies identified:

NoneNone reported

¯ Noncompliance material to financial statements noted: None

Federal Awards¯ Internal control over major programs as reported in the INDEPENDENT AUDITORS’

REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ONINTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133:

Material weaknesses identified:Significant deficiencies identified:

NoneNone reported

¯Type of auditors’ report issued on compliance for major programs: Unmodified

¯Audit findings that are required to be reported in accordance with Section 510(a) of OMBCircular A-133: None

¯The programs tested as major programs include:

Program CFDAStudent Financial Aid Cluster:

Federal Supplemental Educational Opportunity Grant Programs $ 39,734Federal Supplemental Educational Opportunity Grant Programs 3,689Federal Work-Study Program, Recovery Act 56,088Federal Work-Study Program, Recovery Act 5,969Federal PELL Grant Program, Recovery Act 3,345,659Federal Family Education Loans Programs:

Stafford Student Loan Program 84.268 1,236,895Unsubsidized Stafford Student Loan Program 84.268 686,095Parent Plus Loan Program 84.268 1,600

TRIO Cluster:Student Support Services 84.042 177,161Student Support Services 84.042 99,927Student Support Services 84.042 839Talent Search 84.044 163,557Talent Search 84.044 91,740Talent Search 84.044 4,526

84.00784.00784.03384.03384.063

Expenditures

62

Garden City Community CollegeSchedule of Findings and Questioned Costs


I. SUMMARY OF AUDIT RESULTS (continued)

B. Federal Awards (continued)

¯Dollar threshold used to distinguish between type A and B programs:

¯Auditee qualified as low-risk auditee:

II. FINANCIAL STATEMENT FINDINGS

None

III. FEDERAL AWARDS FINDINGS AND QUESTIONED COSTS

None

$300,000

Yes

63


64

GAKDEN CITYCOMMUNITY COLLEGE


(620) 276-7611www.gcccks.edu

Corrective Action Planand Comments on Audit Resolution Matters Relating

to the Student Financial Assistance and Federal Award ProqramsJune 30, 2014

November 18, 2014

Department of Education:

Garden City Community College, Garden City,action plan for the year ended June 30, 2014.

Name and address of independent accounting firm:

Kansas, respectfully submits the following cdrrective

Lewis, Hooper & Dick, LLCPO Box 699Garden City, KS 67846

Audit period: July 1, 2013 through June 30, 2014

The findings from the June 30, 2014, Schedule of Findings and Questioned Costs related to the federalaward programs are discussed below. The findings are numbered consistently with the number assignedin the Schedule. Section I of the Schedule, Summary of Auditors’ Results, does not include findings andis not addressed.

II. FINANCIAL STATEMENT FINDINGS

None

III. FEDERAL AWARDS FINDINGS AND QUESTIONED COSTS

None

IV. STATUS QF CORRECTIVE ACTIONS QN PRIOR FINDINGS

None

If the Department of Education, the oversight agency, has questions regarding this plan, please call DeeA. Wigner at (620)276-7611.

Sincerely,

Dee A. WignerExecutive Vice President

65


66

GARDEN CITY COMMUNITY COLLEGESchedule of Expenditures of Federal Awards


Grant TitleDEPARTMENT OF EDUCATIONDirect Programs:

Federal Supplemental EducationalOpportunity Grants 84.007

Federal Supplemental EducationalOpportunity Grants 84.007

Federal Work-Study Program, Recovery Act 84.033Federal Work-Study Program, Recovery Act 84.033TRIO - Student Support Services 84.042TRIO - Student Support Services 84.042TRIO - Student Support Services 84.042TRIO - Talent Search 84.044TRIO - Talent Search 84.044TRIO - Talent Search 84.044Federal PELL Grant Program 84.063Federal Family Education Loans:

Stafford Student Loan Program 84.268Unsubsidized Stafford Student Loan Program 84.268Parent Plus 84.268

Passed through the Kansas Board of Regents:Adult Education - Basic Grants to States:

Adult Education 84.002Adult Education 84.002Adult Education AO-K 84.002Adult Education AO-K 84.002EL Civics 84.002

Career and Technical Education- Basic Grants to States 84.048




Passed through Kansas State University:

FederalCFDA

Number

Migrant Education High School Equivalency Program -Project Destiny 84.141

Migrant Education College Assistance Migrant Program -Project KANCO 84.149

GrantClusters Number

A P007A121513

A P007A111513A P033A121513A P033A111513B P042A100272B P042A100272B P042A100272B P044A110209B P044A110209B P044A110209A P063P111468

AAA

J0809

$141Al10025

$149A090031

Disburse-ments/

Expenditures

$ 39,734

3,68956,0885,969

177,16199,927

839163,55791,7404,526

3,345,659

1,236,895686,095

1,600

122,7542,443

457556

30,585

3,549

1,500

13,180

82,975

145,096

38,990

DEPARTMENT OF LABORPassed through Washburn University:

Trade Adjustment Assistance Community College andCareer Training (TAACCCT) 17.282 TC-22513-11-60-A-2 246,044

(continued)67

GARDEN CITY COMMUNITY COLLEGESchedule of Expenditures of Federal Awards


Grant Title(continued)SMALL BUSINESS ADMINISTRATIONPassed through Fort Hays State

University:Small Business Development CenterSmall Business Development Center

FederalCFDA

Number Clusters

Disburse-Grant ments/

Number Expenditures

59.03759.037

0-603001-Z-0017-17A $ 43,015SBAHQ-10-V-0003 30,719

DEPARTMENT OF AGRICULTUREPassed through Fort Hays State

University:Rural Community Development InitiativeRural Business Enterprise Grant

10.44610.769

4,4067,113

NATIONAL SCIENCE FOUNDATIONPassed through Fort Hays State

University:Education and Human Resources 47.076 HRD-1305059 9,043

DEPARTMENT OF HEALTH AND HUMAN SERVICESPassed through the State Department

of Education:Cooperative Agreements to Support Comprehensive

School Health Programs to Prevent the Spread of HIVand Other Important Health Problems 93.938

Passed through the State Departmentof Social and Rehabilitation Services:2013 Block Grants for Community Mental

Health Services 93.958Refugee and Entrant Assistance - State Administered

Programs - 2013 Refugee Grant 93.566Refugee and Entrant Assistance - State Administered

Programs - 2012 Refugee Grant 93.566Passed through Kansas State University:

Biomedical Research and Research Training 93.859Biomedical Research and Research Training 93.859

Passed through the Kansas Board of Regents:Temporary Assistance for Needy Families 93.558

23-3100-CD09 2,151

RPC-DBHS-47532-2013 300

RSS-2013-04 98,972

RSS-2012-03 43,382

R25GM067589 20,654R25GM067589 7,129

1,260

Total $ 6,869,752

The accompanying Notes to Schedule of Federal Financial Awards are an integral part of this statement.68

EXHIBIT A

Garden City Community CollegeNotes to Schedule of Expenditures of Federal Awards


GeneralThe accompanying Schedule of Expenditures of Federal Awards presents the activity of all federalfinancial assistance programs of the Garden City Community College, Garden City, Kansas. TheCollege’s reporting entity is defined in Note 1 of the Notes to Financial Statements to the College’sbasic purpose financial statements. All federal financial assistance received, directly from federalagencies as well as federal financial assistance passed through other government agencies, isincluded in the Schedule of Expenditures of Federal Awards.

Significant accounting policies, relating to federal financial assistance programs, followed by theCollege and other related information are described below to enhance the usefulness of the Scheduleof Expenditures of Federal Awards to the reader.

Scope of auditThe audit of the College’s federal financial assistance programs was performed in accordancewith auditing standards generally accepted in the United States of America; the financial andcompliance elements of Government Auditing Standards issued by the Comptroller General in1994; and the provisions of OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Audit requirements set forth in the Department of Education’s ComplianceAudits (Attestation Engagements) of Federal Student Financial Assistance Programs atParticipating Institutions, January, 2000, set forth these objectives:

1. Expressing an opinion on the basic financial statements and requiredsupplementary information.

2. Evaluation of the College’s policies, procedures and practices used toadminister the programs.

3. Determination of compliance with applicable sections of the acts, related federalregulations and Department of Education policies and procedures.

4. Evaluation of the College’s system of internal control, accounting and reporting,and the controls maintained in the operation of an accounting for the fundsprovided for the programs.

5. Reconciliation of the information reported on the appropriate financialstatements with ED Form 646 for the year audited.

The audit covered the period of July 1, 2013, through June 30, 2014, and was conducted at theCollege’s business and student financial aid offices.

AdministrationThe College officials responsible for overall administration of the federal financial assistanceprograms are the Dean of Administrative Services and the Dean of Student Services (Director ofFinancial Aid).

The Financial Aid Office is responsible for application processing and loan approvals, as well asthe College’s compliance with the various U.S. Department of Education regulations governingthe College’s participation in the federal student financial aid programs.

The Executive Vice President, Finance and Operations is responsible for the programs’ financialmanagement and general ledger accounting functions.

69

EXHIBIT A



1. General (continued)

Basis of presentationThe accompanying Schedule of Expenditures of Federal Awards has been prepared inaccordance with accounting principles generally accepted in the United States of America andthe format as set forth in the publications: Government Auditing Standards issued by theComptroller General in 1994; and OMB Circular A-133, Audits of States, Local Governments, andNon-Profit Organizations. The purpose of the Schedule is to present, in summary form, theexpenditures of Garden City Community College, Garden City, Kansas, for the year ended June30, 2014, which have been financed by the United States Government (federal awards). Exceptas described in the following paragraphs, generally accepted accounting principles are inagreement with the accounting principles prescribed for such programs by the Department ofEducation’s fiscal control and fund accounting procedures.

For the purposes of this Schedule, federal awards include all federal assistance and procurementrelationships entered into directly between Garden City Community College and the federalgovernment and sub-awards from non-federal organizations made under federally sponsoredagreements.

Because the Schedule presents only a selected portion of the activities of Garden CityCommunity College, it is not intended to and does not present either the financial position,changes in financial position or cash flows for Garden City Community College. For reportingpurposes, federal awards have been classified into two types:

1. Awards other than student financial aid; principally, sponsored research andtraining activities.

2. Student financial aid.

D. Basis of accountinqThe accounting principles followed by Garden City Community College in each of the above twoareas and used in preparing the accompanying Schedule are as follows:

Awards other than student financial aidDeductions (expenditures) for direct costs are recognized as incurred using the accrualmethod of accounting and the cost accounting principles contained in OMB Circular A-21,Cost Principles for Educational Institutions. Under those cost principles, certain types ofexpenditures are not allowable or are limited as to reimbursement.

Student financial aidDeductions are recognized on the accrual basis for awards made to students and allowableadministrative expenses of running such programs. Additions, in turn, are recognized whenadvances are received from the federal government.

70

EXHIBIT A



2. Summary of proqrams from sponsorin.q agencies

A. Department of Education

Supplemental Educational Opportunity Grant ProqramThe Supplemental Educational Opportunity Grant (SEOG) Program was established by theGarden City Community College in 1973, pursuant to Title IV, Part A, of the Higher EducationAct of 1965, as amended. During the academic year ended June 30, 2014, 172 studentsparticipated in the program, receiving awards that aggregated $57,897. Of these awards,$43,423 were paid from federal funds and $14,474 were paid from institutional contributions.

Federal Work Study Pro.qramThe Federal Work Study (FWS) Program was established by the Garden City CommunityCollege in 1967, pursuant to Title IV, Part C of the Higher Education Act of 1965, asamended. During the year ended June 30, 2014, 56 students participated in the program,earning $73,953 in wages. Of these wages, $55,465 were paid from federal funds and$18,488 were paid from institutional contributions. An administrative allowance of $6,592from federal funds was also paid the College.

TRIO - Student Support Services ProqramThe Title IV TRIO - Student Support Services Program objective at Garden City CommunityCollege is to provide supportive services to disadvantaged college students to enhance theirpotential for successfully completing the postsecondary education program in which they areenrolled and increase their transfer rates from 2-year to 4-year institutions.

TRIO - Talent Search ProqramThe Title IV TRIO - Talent Search Program objective at Garden City Community College is toidentify qualified disadvantaged youths with potential for postsecondary education; toencourage them in completing secondary school and in enrolling in programs ofpostsecondary education; to publicize the availability of, and facilitate the application for,student financial aid; and to increase the number of secondary and postsecondary schooldropouts who reenter and complete an educational program.

Federal PELL Grant ProgramThe College entered into an agreement with the Department of Education to participate in theFederal PELL Grant Program. This program provides eligible students with a foundation offinancial aid to help defray the costs of post-secondary education. During the 2014 academicyear, $3,345,659 was expended for PELL awards to 1,070 full-time and part-time students.

71

EXHIBIT A



2. Summary of programs from sponsoring agencies (continued)

A. Department of Education (continued)

Federal Family Education LoansThe Stafford Student Loan (SSL) Program, formerly the Guaranteed Student Loan Program,was established to make low interest loans available to students to pay for their costs ofattending post-secondary educational institutions. The SSL Program in Kansas isadministered by the Higher Education Assistance Foundation (HEAF), a private, nonprofitcorporation chartered to guarantee student loans. The loans are made through lendinginstitutions, but post-secondary institutions, such as Garden City Community College, areresponsible for completing portions of the loan applications, verifying student eligibility, filingstudent confirmation reports, refunding money to lenders, when appropriate, and handlingloan checks when they are sent to the education institution rather than to the borrower. TheCollege handled 562 approved Stafford Student Loans for college students during the 2014academic year. In addition, the College processed 332 approved loans under the relatedUnsubsidized Stafford Student Loan.

Adult Education ProqramThe objective of the Adult Education Program is to provide, improve and expand post-secondary vocational services and activities to train and retrain adults. Funds are awardedannually based upon submission of an application and program plan.

Career and Technical Education - Basic Grants to StatesEnacted as the Carl D. Perkins Career and Technical Education Act of 2006, the objective ofthe Career and Technical Education program is to develop more fully the academic, career,and technical skills of secondary and postsecondary students who elect to enroll in careerand technical education programs

9. Mi.qrant Education Hi.qh School Equivalency ProgramsKansas State University entered into a subaward agreement with the College to deliverquality educational services to eligible migrant families.

10. Migrant Education College Assistance Miqrant ProgramKansas State University entered into a subaward agreement with the College to deliverquality educational services to eligible migrant students.

B. Department of Labor

Trade Adjustment Assistance Community Colle.qe and Career Traininq GrantThe Trade Adjustment Assistance Community College and Career Training (TAACCCT)Grants Program provides community colleges and other eligible institutions of highereducation with funds to expand and improve their ability to deliver education and careertraining programs that can be completed in two years or less, are suited for workers who areeligible for training under the Trade Adjustment Assistance for Workers program, and prepareprogram participants for employment in high-wage, high-skill occupations. The targetedpopulation of this program is workers who have lost their jobs or are threatened with job lossas a result of foreign trade.

72

EXHIBIT A



Summary of programs from sponsoring agencies (continued)

C. Small Business Administration

Rural Community Development InitiativeFort Hays State University is providing funds to the College to improve housing, communityfacilities, community and economic development projects in Southwest Kansas.

Rural Business Enterprise GrantFort Hays State University is providing funds to the College to facilitate the development ofsmall and emerging private business, industry, and related employment for improving theeconomy in rural communities.

Small Business Development CenterFort Hays State University is providing funds to the College for the purpose of promotion anddevelopment of small businesses and free enterprise within the twenty counties in SouthwestKansas served by the Garden City Community College Small Business Development Center.

National Science Foundation

1. Education and Human ResourcesFort Hays State University is providing funds to the College to provide leadership and ensurethe vitality of the Nation’s science, technology, engineering and mathematics (STEM)education enterprise.

E. Department of Health and Human Services

Cooperative Agreements to Support Comprehensive School Health ProqramsThe Cooperative Agreements to Support Comprehensive School Health Programs to Preventthe Spread of HIV and Other Important Health Problems grants are to provide funding for aCDC HIV/AIDS Education Regional Resource Center at Garden City Community College.

Block Grants for Community Mental Health ServicesThe objective of the Block Grants for Community Mental Health Services is to develop anetwork of coordination, communication and training to aid communities within a 19 countyarea to work toward a drug-free region.

Refugee and Entrant Assistance - State Administered ProqramsThe objective of the Refugee and Entrant Assistance - State Administered Programs is tofund cash assistance, medical assistance, care of unaccompanied refugee minors, and socialservices for the eligible population.

Biomedical Research and Research Training ProgramThe College is a subrecipient of the Biomedical Research and Research Training programthrough a Kansas State University project, Kansas Bridges to the Future.

5. Temporary Assistance for Needy FamiliesThe College is a subrecipient of the Temporary Assistance for Needy Families through aKansas Board of Regents project, TANF.

73


74

ADDITIONAL INFORMATION

75

GARDEN CITY COMMUNITY COLLEGE2013 Block Grants for Prevention and Treatment of Substance Abuse

Number RPC-CBHS-47532-2013Revenues and Expenditures Compared to Budget


Grant period: July 1, 2012, to June 30, 2013

REVENUEGrant advance - federal

Total revenue

EXPENDITURESPersonnelEmployer taxes and fringe benefitsTravelMarketing and publishingStaff education and trainingSuppliesOther

Total expenditures

REVENUE OVER EXPENDITURES

FUND BALANCE, BEGINNING OF PERIOD

FUND BALANCE, END OF PERIOD

7/1/12 to 7/1/13 toGrant 6130113 6/30/14

Budget Actual- PREV Actual- PREV Total

VarianceOver/

(Under)

$ 207,500 $ 206,715 $ 300 $ 207,015 $ (485)

207,500 206,715 300 207~015 (485)

114,125 111,913 111,913 (2,212)26,125 25,249 25,249 (876)16,760 8,806 8,806 (7,954)30,000 41,986 300 42,286 12,286

280 280 2802,622 1,608 1,808 (814)

17,868 16~673 16,673 (1~195)

207,500 206,715 300 207,015 (485)

76

GARDEN CITY COMMUNITY COLLEGEComparison of Expenditures of Federal Awards


$-

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

$4,500,000

$5,000,000

$5,500,000

$6,000,000

$6,500,000

$7,000,000

$7,500,000

$8,000,000

$8,500,000

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Expenditures

77

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