TEXARKANA COLLEGE ANNUAL FINANCIAL REPORT

Transcription

1 TEXARKANA COLLEGE Texarkana, Texas ANNUAL FINANCIAL REPORT For the Years Ended August 31, 2017 and 2016 (WITH INDEPENDENT AUDITOR S REPORT THEREON)

2 TABLE OF CONTENTS

3 TABLE OF CONTENTS (continued)

4 ORGANIZATIONAL DATA

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6 INDEPENDENT AUDITOR S REPORT

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8 Required Supplementary Information Other Information Texas Higher Education Coordinating Board Code of Federal Regulations Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards

9 Other Information (Continued)

10 MANAGEMENT S DISCUSSION AND ANALYSIS

11 Basic Financial Statements and Management Discussion and Analysis for Public Colleges and UniversitiesFinancial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position

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17 FINANCIAL STATEMENTS

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25 NOTES TO THE FINANCIAL STATEMENTS

26 Texas Higher Education Coordinating Board s Annual Financial Reporting Requirements for Texas Public Community Colleges

27 Texas Public Education Grants Title IV, Higher Education Act (HEA) Program Funds Other Tuition Discounts

28 Accounting and Financial Reporting for Certain Investments and External Investment Pools

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30 Accounting and Financial Reporting for PensionsPension Transition for Contributions Made Subsequent to the Measurement Date Fair Value Measurement and Application Accounting and Financial Reporting for Postemployment Benefits Other than Pensions

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34 ad valorem

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38 State and Local Governments State and Local Governments Plan Description -

39 Pension Plan Fiduciary Net Position - Benefits Provided - Contributions -

40 Actuarial Assumptions - o o o o o o o o o Includes inflation of 2.5%

41 Discount Rate -

42 * The Expected Contribution to Returns incorporates the volatility drag resulting from the conversion between Arithmetic and Geometric mean returns. Source: Teacher Retirement System of Texas 2016Comprehensive Annual Financial Report Discount Rate Sensitivity Analysis -

43 Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions -

44 Plan Description - Funding Policy -

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46 Plan Description Funding Policy

47 Grant Programs

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49 Determining Whether Certain Organizations are Component Units Imposition of Tax on Unrelated Business Income of Charitable, Etc. Organizations

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51 REQUIRED SUPPLEMENTAL INFORMATION

52 Last Three Fiscal Years * The amounts presented above are as of the measurement date of the collective net pension liability for the respective fiscal year. ** Only three years of data is presented in accordance with GASB 68, Paragraph 138. "The information for all periods for the 10-year schedules that are required to be presented as required supplementary information may not be available initially. In these cases, during the transition period, that information should be presented for as many years as are available. The schedules should not include information that is not measured in accordance with the requirements of this Statement."

53 Last Three Fiscal Years * The amounts presented above are as of the College's respective fiscal year-end. ** Only three years of data is presented in accordance with GASB 68, Paragraph 138. "The information for all periods for the 10-year schedules that are required to be presented as required supplementary information may not be available initially. In these cases, during the transition period, that information should be presented for as many years as are available. The schedules should not include information that is not measured in accordance with the requirements of this Statement."

54 For the Year Ended August 31, 2017

55 SUPPLEMENTAL INFORMATION

56 For the Year Ended August 31, 2017 (With Memorandum Totals for the Year Ended August 31, 2016)

57 For the Year Ended August 31, 2017 (With Memorandum Totals for the Year Ended August 31, 2016)

58 For the Year Ended August 31, 2017 (With Memorandum Totals for the Year Ended August 31, 2016)

59 For the Year Ended August 31, 2017 (With Memorandum Totals for the Year Ended August 31, 2016)

60 For the Year Ended August 31, 2017 (With Memorandum Totals for the Year Ended August 31, 2016)

61 For the Year Ended August 31, 2017 Student Financial Assistance Cluster: Subtotal Student Financial Assistance Cluster TRIO Cluster: Subtotal TRIO Cluster * Major Program

62 For the Year Ended August 31, 2017 Note 1 Federal Assistance Reconciliation Note 2 Significant Accounting Policies Note 3 Expenditures Not Subject to Federal Single Audit Note 4 Student Loans Processed and Administrative Costs Recovered Note 5 Amounts Passed Through by the College

63 For the Year Ended August 31, 2017 * Major Program Note 1 State Assistance Reconciliation

64 For the Year Ended August 31, 2017 Note 2 Significant Accounting Policies

65 For the Year Ended August 31, 2017 (With Comparative Figures for the Year Ended August 31, 2016)

66 As of August 31, 2017

67 FEDERAL FINANCIAL ASSISTANCE INFORMATION SINGLE AUDIT

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69 Government Auditing Standards

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75 STATE FINANCIAL ASSISTANCE INFORMATION

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77 Uniform Grant Management Standards

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