Shasta Tehama Trinity Joint Community College District Redding, California

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1 Shasta Tehama Trinity Joint Community College District Redding, California FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION WITH INDEPENDENT AUDITORS REPORTS June 30, 2016

2 TABLE OF CONTENTS June 30, 2016 Page Number Independent Auditors Report 1 FINANCIAL SECTION Required Supplementary Information Management s Discussion and Analysis 5 Basic Financial Statements Statement of Net Position District 15 Statement of Revenues, Expenses, and Changes in Net Position District 16 Statement of Cash Flows District 17 Statement of Financial Position Foundation 19 Statement of Activities Foundation 20 Statement of Cash Flows Foundation 21 Notes to the Financial Statements 22 Required Supplementary Information Schedule of Funding Progress for Other Postemployment Benefits 54 Schedule of District s Proportionate Share of the Net Pension Liability California State Teachers Retirement System 55 Schedule of District Contributions California State Teachers Retirement System 56 Schedule of District s Proportionate Share of the Net Pension Liability California Public Employees Retirement System 57 Schedule of District Contributions California Public Employees Retirement System 58 Note to the Required Supplementary Information 59 OTHER SUPPLEMENTARY INFORMATION SECTION Organization Structure 61 Schedule of Workload Measures for State General Apportionment 62 Schedule of Expenditures of Federal Awards 63 Schedule of Expenditures of State Awards 64 Reconciliation of Annual Financial and Budget Report (Form CCFS 311) With Audited Financial Statements 65 Reconciliation of 50% Law Calculation 67 Reconciliation of Education Protection Account Expenditures 69 Combining Balance Sheet District Funds Included in the Reporting Entity 70 Combining Statement of Revenues, Expenditures/Expenses, and Changes in Fund Equity District Funds Included in the Reporting Entity 75 Reconciliation of Fund Equity to Net Position 80 Reconciliation of Change in Fund Equity to Change in Net Position 81 Notes to the Supplementary Information 82

3 TABLE OF CONTENTS June 30, 2016 Page Number OTHER REPORTS SECTION Independent Auditors Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards 85 Independent Auditors Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance Required by the Uniform Guidance 87 Independent Auditors Report on State Compliance 90 FINDINGS AND QUESTIONED COSTS SECTION Schedule of Findings and Questioned Costs 94 Corrective Action Plan 98 Summary Schedule of Prior Audit Findings 99

4 INDEPENDENT AUDITORS REPORT To the Board of Trustees Shasta Tehama Trinity Joint Community College District Redding, California Report on the Financial Statements We have audited the accompanying financial statements of the business type activities and the discretely presented component unit of the Shasta Tehama Trinity Joint Community College District (the District) as of and for the year ended June 30, 2016; and the related notes to the financial statements, which collectively comprise the District s basic financial statements as listed in the table of contents. Management s Responsibility for the Financial Statements The District s management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our 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 the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the District s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Page 1

5 INDEPENDENT AUDITORS REPORT Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the business type activities and the discretely presented component unit of the District as of June 30, 2016, and the respective changes in financial position and cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management s discussion and analysis on pages 5 through 14 and the required supplementary information on pages 54 to 58 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District s basic financial statements. The accompanying supplementary information on pages 62 to 81 and the schedule of expenditures of federal awards, as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Page 2

6 INDEPENDENT AUDITORS REPORT Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information on pages 62 to 81 and the schedule of expenditures of federal awards are fairly stated, in all material respects, in relation to the financial statements as a whole. The organization structure has not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on it. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated November 28, 2016, on our consideration of the District s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District s internal control over financial reporting and compliance. November 28, 2016 Redding, California Page 3

7 FINANCIAL SECTION

8 MANAGEMENT S DISCUSSION AND ANALYSIS USING THIS ANNUAL REPORT As required by Governmental Accounting Standards Board (GASB) accounting principles, the annual report consists of three basic financial statements that provide information on the District s activities as a whole: The Statement of Net Position; the Statement of Revenues, Expenses and Changes in Net Position; and the Statement of Cash Flows. The Statement of Net Position presents the assets, liabilities, and net position of the District as of the end of the fiscal year using the accrual basis of accounting, which is comparable to the accounting basis used by most private sector institutions. Net Position the difference between assets and liabilities are one way to measure the financial health of the District. The Statement of Revenues, Expenses and Changes in Net Position focuses on the costs of the District s operational activities, which are supported mainly by State apportionment, property taxes and other revenues. This approach is intended to summarize and simplify the user s analysis of the cost of various District services to students and the public. The Statement of Cash Flows provides an analysis of the sources and uses of cash within the operations of the District. FINANCIAL HIGHLIGHTS California s economic recovery continued through 2015/16. The State passed an on time budget in June Prop. 98 funding in 2015/16 for K 14 was $68.4 billion and represents an increase of $7.6 billion over the 2014/15 Budget Act. The statewide community college budget contained a 1.02% cost of living adjustment (COLA). This was the third year in a row since 2007/08 that a (COLA) was included. There was a $266.7M increase to general operating base along with a $148M in deferred maintenance and instructional equipment restoration. In addition, the budget continued restoration of the severe cuts to categorical programs from previous years, with significantly increased funding for Student Success and Support Programs. There was $156.5M in Access (growth/restoration) funding provided by the State for 2015/16. The budget included $632M to pay down mandates. $63.2M was provided to increase the number of full time faculty. The District enrollment for 2015/16 was 6,119 FTES, summer was shifted to the prior year. The Budget Act also included $94.5M additional to eliminate system deferrals. Page 5

9 MANAGEMENT S DISCUSSION AND ANALYSIS The District continued in a conservative mode for protection of our fund balance. For this fiscal year, due to an increase in lottery, no deficit factor on apportionment, adjustments to spending, continued managed hiring, and increased efficiencies, the District was able to transfer $675M to the Capital Projects Fund and $1.9M to OPEB trust and end the year with an operating income of $1.98M. The District had an ending fund balance of 23.7% of actual expenditures in the general fund for 2015/16, compared to 20.4% in the prior year. This fund balance represents net equity for the District which does not equate to cash reserves. The District maintained fiscal stability through its budget planning process and its conservative strategy in financial management. Statement of Net Position The Statement of Net Position includes all assets and liabilities using the accrual basis of accounting, which is similar to the accounting method used by most private sector organizations. Net Position, the difference between assets and liabilities, is an indicator of the financial health of a District. The following table summarizes the Net Position at June 30, 2016 and 2015: Condensed Statement of Net Position As of June % Change Assets Current assets: Cash and cash equivalents $ 20,067,410 $ 18,541, % Accounts receivable 3,370,597 3,944, % Prepaid expenses 137, , % Inventory 12,792 10, % Total current assets 23,588,228 22,643, % Noncurrent assets: Restricted cash 5,573,879 7,386, % Restricted investments 9,359,889 4,523, % Nondepreciable capital assets 5,083,874 4,514, % Depreciable capital assets, net 52,280,630 52,824, % Other post employment benefits 9,370,026 7,269, % Total noncurrent assets 81,668,298 76,518, % Total Assets 105,256,526 99,161, % Deferred Outflow of Resources Deferred outflows related to pensions 4,060,521 2,498, % Deferred loss on refundings net 1,089,995 1,161, % Total Deferred Outflow of Resources $ 5,150,516 $ 3,660, % Page 6

10 MANAGEMENT S DISCUSSION AND ANALYSIS % Change Liabilities Current liabilities: Accounts payable $ 6,035,103 $ 1,746, % Advances of revenue 9,694,158 10,603, % Compensated absences, current portion 64,146 64, % Long term debt, current portion 1,645,923 1,521, % Amounts held in trust for others 4,977,002 4,675, % Total current liabilities 22,416,332 18,610, % Noncurrent liabilities: Net pension liabilities 33,119,104 28,159, % Compensated absences, noncurrent portion 1,033,066 1,026, % Long term debt, noncurrent portion 43,106,341 45,009, % Total noncurrent liabilities 77,258,511 74,196, % Total Liabilities 99,674,843 92,806, % Deferred Inflow of Resources Deferred inflows related to pensions 3,414,809 8,247, % Total Deferred Inflow of Resources 3,414,809 8,247, % Net Position Investments in capital assets, net of related debt 15,353,112 11,440, % Restricted expendable 3,094,586 3,078, % Unrestricted (11,130,308) (12,751,249) 12.7% Total Net Position $ 7,317,390 $ 1,767, % Current cash and cash equivalents consist mainly of cash in the County Treasury. Current assets, unrestricted cash, receivables, prepaid expenses and inventories remained constant from the prior year, with a slight increase in cash as a result of operating net income. Non current assets, assets that are not schedule to be used in the next fiscal year, increased as a result of restricted investments. Restricted investments increased from the investments of the Innovation Award funds received June 2015 in the prior fiscal year. Non depreciable capital assets increased slightly due to construction in progress. Depreciable capital assets are the historical value of buildings, site improvements and equipment less accumulated depreciation. Additions and deletions of capital assets along with $3,245,034 of depreciation expense resulted in a $543,000 decrease in depreciable capital assets. Other post employment benefits represent the difference between what the actuarial based estimate of our Annual Required Contribution (ARC) and actual contributions made for the fiscal year. The District experienced a modest increase due to a contribution of $1.936M to OPEB for 2015/16. A new actuarial study was done July 1, 2015, which updated the requirements for future retiree health benefits. This study is done every two years. Page 7

11 MANAGEMENT S DISCUSSION AND ANALYSIS Accounts payable increased in this fiscal year. This was primarily due to the timing of a $1.9M OPEB trust contribution and accrued payments related to CTE Enhancement and Pathways Trust grants. Advances of revenue relates mainly to Federal, State, and local program funds received but not yet earned as of June 30, Grant revenue is earned when expensed. The District received several multi year awards over the past several years, which have contributed to the higher than average advances of revenue balance. Also included are deferred student fees in the amount of $931K for the 2016/17 fiscal year. Non current liabilities are debt and other liabilities to be paid in the future, the due date is a year or more away. Non current liabilities are comprised of compensated absences payable (vacation) of $1,033,067 and bonds payable of $43,106,341. Additionally, as a result of GASB 68, the District now records it share of CalSTRS and CalPERS as net pension liability. This amount increased from $28M in 2014/15 to $33M in 2015/16. Unrestricted net assets include an amount reserved for non cash assets, prepayments, and amounts reserved for capital and other projects. Board policy states that the District will develop a budget that achieves and maintains at least a 5% contingency reserve in the General Fund Balance. Reserves are also maintained in other funds at prudent levels. Restricted net assets consist of net assets held for construction and bond debt service. Statement of Revenues, Expenses, and Changes in Net Position The Statement of Revenues, Expenses and Changes in Net Position present the operating finances of the District, as well as the non operating revenues and expenses. State general apportionment funds, while budgeted for operations, are considered non operating revenues according to generally accepted accounting principles. The following table summarizes the activity for fiscal year ending June 30, 2016 and 2015: Condensed Statement of Revenues, Expenses and Changes in Net Position % Change Operating revenues $ 26,408,912 $ 16,543, % Operating expenses 58,747,480 51,679, % Operating Loss (32,338,568) (35,135,790) 8.0% Non operating revenues and expenses 39,443,382 37,928, % Income Before Other Revenue and Expenses 7,104,814 2,792, % Other revenue and expenses (1,555,188) (1,764,691) 11.9% Increase in Net Assets $ 5,549,626 $ 1,028, % Page 8

12 MANAGEMENT S DISCUSSION AND ANALYSIS Tuition and fees were $9,170,116, less the Board of Governor tuition waivers of $4,742,646. This includes enrollment fees, non resident tuitions, and other student fees. Enrollment fees are set by the State for all community colleges. Most of the enrollment fees (98%) are included in the calculation of the general apportionment. Campus Center fees were $349,144 and dorm fees were $458,235 for 2015/16. State and Federal contracts and grants increased by $10M as a result of $4M in one time mandated cost funding and $3.8M from CTE Enhancement Grant and Career Pathways Trust revenue earned. There were also increases in categorical funding from the Chancellor s Office. Auxiliary enterprise sales and charges are primarily Bookstore commissions and Food Service sales with a small amount of rental income. State apportionment represents Total Computation Revenue (TCR) estimated at $37.9M earned less 98% of regular enrollment fees collected, EPA funds and property taxes, less the deficit factor. Final TCR for 2014/15 was $35.6M Property taxes and other revenue consist primarily of local property tax revenue, $12,168,158, and State lottery revenue of $786,804. Page 9

13 MANAGEMENT S DISCUSSION AND ANALYSIS Revenues - June 30, 2016 Grants and Contracts % Auxiliary 1.017% State Apportionment and EPA % Investment Income 0.210% Tuition and Fees 6.281% State Capital Apportionment 0.000% Property Taxes and Other Revenues % Revenues - June 30, 2015 Auxiliary 1.684% State Apportionment and EPA % Grants and Contracts % Tuition and Fees 7.326% State Apportionment Capital 0.368% Property Taxes and Other Revenues % Investment Income 0.119% Page 10

14 MANAGEMENT S DISCUSSION AND ANALYSIS Operating Expenses (by Natural Classification) The following table summarizes the expenses for the fiscal year ending June 30, 2016 and 2015: Expenses by Natural Classification % Change Salaries $ 30,929,489 $ 28,935, % Employee benefits 9,774,498 9,113, % Supplies, materials, and other operating expenses 13,209,187 7,573, % Utilities 1,093,508 1,125, % Depreciation and amortization expense 3,245,034 3,130, % Payments to students 495, , % $ 58,747,480 $ 50,396, % Salaries and employee benefits reflect an increase of $1,994,062 from the prior year. The District has received an increase in grant funding and new programs from the State that have created new positions over the past two years. Payments to students are made possible through student service grants. These payments will fluctuate with the available funding and eligibility of students. Supplies, materials, other operating expenses and services consist of those non capital expenditures made by the District. This area increased during the year as the result of increased grant funding. In 2015/16 the CTE Enhancement Grant and CTE Career Pathways Trust contributed to the $4.8M increase in this area. Utilities experienced a slight decrease during the current year. Depreciation expense remained stable with a slight increase. Page 11

15 MANAGEMENT S DISCUSSION AND ANALYSIS Expenses - June 30, 2016 Payments to Students 0.819% Depreciation 5.363% Supplies, Materials, and Other Operating % Interest Expense 2.908% Utilities 1.807% Employee Benefits % Salaries % Expenses - June 30, 2015 Depreciation 5.991% Supplies, Materials, and Other Operating % Interest Expense 3.447% Payments to Students 1.102% Utilities 2.153% Employee Benefits % Salaries % Page 12

16 MANAGEMENT S DISCUSSION AND ANALYSIS Statement of Cash Flows The Statement of Cash Flows provides information about cash receipts and cash payments during the fiscal year. This statement also helps users assess the District s ability to generate net cash flows, ability to meet its obligations as they come due, and the need for external financing. The following table summarizes the activity for the fiscal year ending June 30, 2016 and 2015: Condensed Statement of Cash Flows % Change Cash received from operations $ 24,305,587 $ 23,855, % Cash expended for operations (54,665,608) (51,598,106) 5.9% Net cash used by operating activities (30,360,021) (27,742,645) 9.4% Net cash provided by non capital financing activities 41,370,657 42,273, % Net cash used by capital and related financing activities (6,564,690) (4,377,500) 50.0% Net cash provided (used) by investing activities (4,732,382) 196, % Net increase (decrease) in cash and cash equivalents (286,436) 10,350, % Cash and cash equivalents, beginning of year 25,927,725 15,577, % Cash and cash equivalents, end of year $ 25,641,289 $ 25,927, % Cash receipts from operating activities in the amount of $20,901,350 consist primarily of Federal, State, and local grants and contracts. Cash outlays were primarily payments to or on behalf of employees for salaries and benefits in the amount of $41,798,447, payments to suppliers of $13,209,187 and payments for scholarships and grants of $495,764. General apportionment of $15,721,050, EPA of $5,869,806 and local property taxes of $15,653,147 are the primary sources of non capital financing activities. Net cash used by capital and related financing activities increased slightly. Net cash used by investing activities was the result of investing a large portion of the Innovation Award received during 2015/16. Page 13

17 MANAGEMENT S DISCUSSION AND ANALYSIS Economic Factors That May Affect the Future The 2016/17 State budget continued to grow from the previous years. The State budget was passed on time for the sixth year since the passage of Prop 25. The 2016/17 State budget had a 0.0% (COLA). It does contain a $75M increase for general operating funding, $114.7M for increased access (growth) funding, and $105.5M one time funds to pay down mandated claims. It also includes $184.6M in deferred maintenance and instructional equipment that was specified as one time money, and $248M for Workforce and CTE Pathways. The increases to categorical programs from the prior year specifically targeting Student Success and Support Programs including Counseling and Student Equity held through the 2016/17 budget process. The District budget contains a deficit of $1,400,504 in the general fund. This is part of planned deficit spending and the District historically performs better than budget. The 2016/17 Budget was based on funded 7,150 FTES, targeting restoration and growth funds. At the time of this writing, current enrollment trends are exceeding the budgeted FTES for the 2016/17 year. A continued challenge in 2016/17 and beyond is the proposed increases to STRS and PERS for the employer contributions to both plans. For the third year in a row, both plans had increases for the employer rate. STRS employer rate increased from 10.73% to 12.58%, with proposed increase through 2019/20 at 18.13%. PERS employer rate increased from % to 13.05%, with proposed increases through 2019/20 at 19.9%. The District continues to research ways to increase its sources of non State revenue and reduce costs where possible in order to maintain as healthy of a fund balance as possible to carry into the next year. The District continues to monitor its fixed costs. Wherever possible the District is renegotiating external contracts to operate in the most efficient manner. Page 14

18 STATEMENT OF NET POSITION DISTRICT June 30, 2016 ASSETS Current Assets Cash and cash equivalents $ 20,067,410 Accounts receivable net 3,370,597 Prepaid expenses 137,429 Inventories 12,792 Total Current Assets 23,588,228 Noncurrent Assets Restricted cash and cash equivalents 5,573,879 Restricted investments 9,359,889 Nondepreciable capital assets 5,083,874 Depreciable capital assets net 52,280,630 Other postemployment benefits asset 9,370,026 Total Noncurrent Assets 81,668,298 TOTAL ASSETS 105,256,526 Deferred Outflow of Resources Deferred outflows related to pensions 4,060,521 Deferred loss on refundings net 1,089,995 Total Deferred Outflow of Resources 5,150,516 LIABILITIES Current Liabilities Accounts payable 6,035,103 Advances from grantors and students 9,694,158 Compensated absences current portion 64,146 Long term debt current portion 1,645,923 Amounts held in trust for others 4,977,002 Total Current Liabilities 22,416,332 Noncurrent Liabilities Net pension liabilities 33,119,104 Compensated absences noncurrent portion 1,033,066 Long term debt noncurrent portion 43,106,341 Total Noncurrent Liabilities 77,258,511 TOTAL LIABILITIES 99,674,843 Deferred Inflow of Resources Deferred inflows related to pensions 3,414,809 NET POSITION Net investment in capital assets 15,353,112 Restricted expendable 3,094,586 Unrestricted (11,130,308) TOTAL NET POSITION $ 7,317,390 The accompanying notes are an integral part of these financial statements. Page 15

19 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION DISTRICT Year Ended June 30, 2016 Operating Revenues Tuition and fees $ 9,170,116 Less: Scholarship discounts and allowances (4,742,646) Net Tuition and Fees 4,427,470 Grants and contracts noncapital: Federal 1,905,177 State 18,279,372 Local 716,801 Auxiliary enterprise sales and charges 1,080,092 Total Operating Revenues 26,408,912 Operating Expenses Salaries 30,929,489 Employee benefits 9,774,498 Supplies, materials, and other operating expenditures 13,209,187 Utilities 1,093,508 Depreciation 3,245,034 Payments to students 495,764 Total Operating Expenses 58,747,480 Operating Loss (32,338,568) Nonoperating Revenues (Expenses) State apportionments noncapital 15,721,050 Education protection account revenues 5,869,806 Local property taxes noncapital 15,653,147 State taxes and other revenues noncapital 1,826,287 Federal other revenues 93,845 Investment income noncapital 132,847 Financial aid revenues federal 16,103,782 Financial aid revenues state 1,899,317 Financial aid disbursements (18,003,461) Other nonoperating revenues (expenses) noncapital 146,762 Total Nonoperating Revenues (Expenses) 39,443,382 Income Before Other Revenues and Expenses 7,104,814 Other Revenues, Expenses, Gains or Losses Local property taxes and revenues capital 189,074 Interest expense capital asset related debt (1,759,459) Investment income capital 15,197 Total Other Revenues, Expenses, Gains or Losses (1,555,188) Change in Net Position 5,549,626 Net Position Beginning of Year 1,767,764 Net Position End of Year $ 7,317,390 The accompanying notes are an integral part of these financial statements. Page 16

20 STATEMENT OF CASH FLOWS DISTRICT Year Ended June 30, 2016 CASH FLOWS FROM OPERATING ACTIVITIES Tuition and fees $ 4,590,445 Federal grants and contracts 1,549,067 State grants and contracts 15,971,717 Local grants and contracts 678,696 Payments to/on behalf of employees (30,637,227) Payments for benefits (13,310,230) Payments for scholarships and grants (495,764) Payments to suppliers (9,128,879) Payments for utilities (1,093,508) Auxiliary enterprise sales and charges 1,213,673 Other receipts 301,989 NET CASH USED BY OPERATING ACTIVITIES (30,360,021) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES State apportionments noncapital 17,131,754 Education protection account revenues 5,869,806 Local property taxes noncapital 16,298,927 State taxes and other revenues 1,826,287 Federal other revenues 93,845 Financial aid receipts federal 16,103,782 Financial aid receipts state 1,899,317 Financial aid disbursements (18,003,461) Other receipts 150,400 NET CASH PROVIDED BY NONCAPITAL FINANCING ACTIVITIES 41,370,657 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Local property taxes capital 189,074 Purchases of capital assets (3,291,418) Interest paid on long term debt (1,955,610) Principal paid on long term debt (1,521,933) Interest received on capital investments 15,197 NET CASH USED BY CAPITAL AND RELATED FINANCING ACTIVITIES (6,564,690) CASH FLOWS FROM INVESTING ACTIVITIES Sale of investments 355,318 Purchase of investments (5,191,784) Interest on investments 104,084 NET CASH USED BY INVESTING ACTIVITIES (4,732,382) Net Change in Cash and Cash Equivalents (286,436) Cash and Cash Equivalents Beginning of Year 25,927,725 Cash and Cash Equivalents End of Year $ 25,641,289 The accompanying notes are an integral part of these financial statements. Page 17

21 STATEMENT OF CASH FLOWS DISTRICT Year Ended June 30, 2016 COMPONENTS OF CASH AND CASH EQUIVALENTS Cash and cash equivalents $ 20,067,410 Restricted cash and cash equivalents noncurrent 5,573,879 TOTAL CASH AND CASH EQUIVALENTS $ 25,641,289 RECONCILIATION OF OPERATING LOSS TO NET CASH USED BY OPERATING ACTIVITIES Operating loss $ (32,338,568) Adjustments to reconcile operating loss to net cash used by operating activities: Depreciation 3,245,034 Change in allowance for doubtful accounts 49,631 Deferred outflows from pensions (1,562,286) Deferred inflows from pensions (4,832,499) Net pension liabilities 4,959,289 Changes in: Accounts receivable (270,612) Prepaid expenses 10,127 Inventories (2,305) Accounts payable 4,316,317 Advances from grantors and students (2,142,053) Other postemployment benefit (obligation) asset (2,100,236) Compensated absences 6,151 Amounts held in trust for others 301,989 NET CASH USED BY OPERATING ACTIVITIES $ (30,360,021) The accompanying notes are an integral part of these financial statements. Page 18

22 STATEMENT OF FINANCIAL POSITION FOUNDATION June 30, 2016 ASSETS Current Assets Cash and cash equivalents $ 268,797 Investments 3,375,706 Accounts receivable 2,461 Accrued interest receivable 14,938 Prepaid expenses 68,334 Total Current Assets 3,730,236 Property Land 89,219 Building 310,781 Subtotal 400,000 Less: Accumulated depreciation 156,249 Property Net 243,751 TOTAL ASSETS $ 3,973,987 LIABILITIES Current Liabilities Accounts payable $ 13,935 Depository liabilities 253,327 Total Current Liabilities 267,262 Net Assets Unrestricted 1,386,543 Temporarily restricted 2,320,182 Total Net Assets 3,706,725 TOTAL LIABILITIES AND NET ASSETS $ 3,973,987 The accompanying notes are an integral part of these financial statements. Page 19

23 STATEMENT OF ACTIVITIES FOUNDATION Year Ended June 30, 2016 CHANGES IN UNRESTRICTED NET ASSETS Revenues and Gains Contributions: Public support $ 60,790 Total Contributions 60,790 Other revenues and gains (loss): Investment income 25,574 Other income 36,557 Total Other Revenues and Gains 62,131 Total Unrestricted Revenues and Gains 122,921 Net Assets Released From Restrictions 233,525 Total Unrestricted Revenues and Gains 356,446 Expenses Program services: Burney property expenses 11,965 Scholarships 54,639 CA Dental Society 93,321 Speaker Series 4,250 Physical education fund 19,147 Other programs 50,693 Total Program Services Expenses 234,015 Supporting services: Management and general 70,952 Fundraising 56,391 Total Supporting Services Expenses 127,343 Total Expenses 361,358 Changes in Unrestricted Net Assets (4,912) CHANGES IN TEMPORARILY RESTRICTED NET ASSETS Revenues, Gains, and Other Support Contributions: Public support 59,090 Total Contributions 59,090 Other revenues, gains, and support: Investment income 93,112 Net Assets Released From Restrictions (233,525) Change in Temporarily Restricted Net Assets (81,323) Change in Net Assets (86,235) Net Assets Beginning of Year 3,792,960 Net Assets End of Year $ 3,706,725 The accompanying notes are an integral part of these financial statements. Page 20

24 STATEMENT OF CASH FLOWS FOUNDATION Year Ended June 30, 2016 CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets $ (86,235) Adjustments to reconcile change in net assets to net cash provided by operating activities: Depreciation 10,359 Net investment income reinvested 104,299 Changes in: Accounts receivable (930) Accrued interest receivable 207 Accounts payable 12,507 Depository liabilities 142,184 NET CASH PROVIDED BY OPERATING ACTIVITIES 182,391 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of investments 151,985 Purchase of investments (202,314) NET CASH USED BY INVESTING ACTIVITIES (50,329) Net Increase in Cash 132,062 Cash and Cash Equivalents Beginning of Year 136,735 Cash and Cash Equivalents End of Year $ 268,797 The accompanying notes are an integral part of these financial statements. Page 21

25 NOTES TO THE FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Reporting Entity Shasta Tehama Trinity Joint Community College District (the District) is a community college governed by an elected seven member Board of Trustees. The District provides educational services to the local residents of the surrounding area. The District consists of one community college located in Redding, California and satellite campuses throughout the tri county area. For financial reporting purposes, the District includes all funds, agencies, and authorities that are controlled by, or dependent on, the District s executive and legislative branches. Control by, or dependence on, the District was determined on the basis of budget adoption, taxing authority, outstanding debt secured by revenues or general obligations of the District, obligations of the District to finance any deficits that may occur, or receipt of significant subsidies from the District. As a result, the financial statements of the District include the financial activities of the District and the combined totals of the trust and agency funds, which represent the various scholarships and student organizations within the District. The District identified the Shasta College Foundation (the Foundation) as its only potential component unit. The District and the Foundation have financial and operational relationships that meet the reporting entity definition criteria of the Governmental Accounting Standards Board (GASB) for inclusion of the Foundation as a component unit of the District. Accordingly, the financial activities of the Foundation as a component unit have been included in the financial statements of the District. The following are those aspects of the relationship between the District and the Foundation as the component unit that satisfies the GASB: Accountability: The District is able to impose its will upon the Foundation. The Foundation provides specific financial benefits, or imposes specific financial burdens, on the District. Scope of Public Service: The Foundation is a nonprofit public benefit corporation incorporated under the laws of the state of California. The Foundation was formed to promote and assist the educational services of the District. Discrete Presentation: For financial presentation purposes, the Foundation s financial activities have been discretely presented with the financial activities of the District. Implementation of New Accounting Standards The District adopted the provisions of GASB Statement No. 72, Fair Value Measurement and Application, for the fiscal year ended June 30, This statement improves financial reporting by clarifying the definition of fair value for financial reporting purposes, establishing general principles for measuring fair value, providing additional fair value application guidance, and enhancing disclosures about fair value measurements. As a result, assets subject to fair value measurement have been reported in accordance with the guidance of this statement. Page 22

26 NOTES TO THE FINANCIAL STATEMENTS Basis of Presentation and Accounting The financial statement presentation required by GASB Statement Nos. 34, 35, 37, 38, and 39 provides a comprehensive, entity wide perspective of the District s overall financial position, results of operations and cash flows, and replaces the fund group perspective previously required. The District now follows the business type activities reporting requirements of GASB Statement No. 34 that provides a comprehensive, one line look at the District s financial activities. The basic financial statements of the District have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) as applied to governmental units. The GASB is the accepted standard setting body for establishing governmental accounting and financial reporting principles. For financial reporting purposes, the District is considered a special purpose government engaged only in business type activities (BTA). Accordingly, the District s financial statements have been presented using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenditures are recorded when a liability is incurred, regardless of the timing of the related cash flows. All significant intra agency transactions have been eliminated. Exceptions to the accrual basis of accounting are as follows: In accordance with industry standards provided by the California Community Colleges Chancellor s Office, summer session tuition and fees received before year end are recorded as advances of revenue as of June 30 with the revenue being reported in the fiscal year in which the program is predominately conducted. Summer session expenditures through June 30 are recorded as prepaid expenses. The financial accounts of the District are recorded and maintained in accordance with the California Community Colleges Budget and Accounting Manual. Cash and Cash Equivalents For purposes of the statement of cash flows, the District considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Funds invested in the County Treasurer s investment pool are considered cash equivalents. GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools, provides that amounts held in external investment pools be reported at fair value. However, cash in the County treasury is recorded at the value of the pool shares held, which approximates the fair value of the underlying cash and investments of the pool. Investments Investments are reported at fair value based on quoted market prices with realized and unrealized gains or losses reported in the statement of operations. Restricted Cash and Investments Restricted cash and investments includes cash restricted for the repayment of debt, for use in the acquisition or construction of capital assets, for restricted programs, for any other restricted purpose, or in any funds restricted in purpose per the California Community Colleges Budget and Accounting Manual. Page 23

27 NOTES TO THE FINANCIAL STATEMENTS Accounts Receivable Accounts receivable consists of tuition and fee charges to students and auxiliary enterprise services provided to students, faculty and staff, the majority of each residing in the State of California. Accounts receivable also include amounts due from the federal government, state and local governments, or private sources, in connection with reimbursement of allowable expenditures made pursuant to the District s grants and contracts. Losses on uncollectible accounts receivable are recognized when such losses become known or indicated. The District utilizes the allowance method with respect to its accounts receivable based on all accounts receivable with an age greater than two years old in combination with historical collection information. The allowance was estimated at $543,131 for the year ended June 30, Prepaid Expenses Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items. Capital Assets Capital assets are recorded at cost at the date of acquisition, or fair market value at the date of donation in the case of gifts. Where historical cost is not available, estimated historical cost is based on replacement cost reduced for inflation. Capitalized equipment includes all items with a unit cost of $5,000 or more, and estimated useful life of greater than one year. Renovations to buildings, infrastructure, and land improvements that significantly increase the value or extend the useful life of the structure are capitalized. Routine repairs and maintenance are charged to operating expense in the year in which the expense was incurred. Depreciation of capitalized assets is computed using the straight line method over the estimated useful lives of the assets, generally years for buildings, 10 years for site improvements, 3 8 years for equipment and vehicles. Advances From Grantors and Students Advances from grantors and students include amounts received for tuition and fees and certain auxiliary activities prior to the end of the fiscal year that relate to the subsequent accounting period. Advances of revenues also include amounts received from grant and contract sponsors that have not yet been earned. Amounts Held in Trust for Others Amounts held for others represents funds held by the District for the Student Senate, scholarship and loan trust fund, and student clubs. Compensated Absences Accumulated and vested unpaid employee vacation benefits and compensatory time are recognized as liabilities of the District as the benefits are earned. Accumulated sick leave benefits are not recognized as liabilities of the District. The District s policy is to record sick leave as an operating expense in the period taken since such benefits do not vest nor is payment probable; however, unused sick leave is added to the creditable service period for calculation of retirement benefits when the employee retires, if the employee is a member of California Public Employees Retirement System (CalPERS) or California State Teachers Retirement System (CalSTRS). Long Term Liabilities Bond premiums and discounts are deferred and amortized over the life of the bonds using the straight line method, which does not differ materially from the effective interest method. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are expensed in the year incurred. Amortization of bond premium and discount costs was $257,481 for the year ended June 30, Page 24

28 NOTES TO THE FINANCIAL STATEMENTS Pension For purposes of measuring the net pension liability, deferred outflows of resources/deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the State Teachers Retirement Plan (STRP) and CalPERS and additions to/deductions from STRP s and CalPERS s fiduciary net position have been determined on the same basis as they are reported by CalSTRS and CalPERS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable with the benefit terms. Investments are reported at fair value. Fair Value Measurements The District categorizes its fair value measurements within the fair value hierarchy established by general accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; level 2 inputs are significant other observable inputs; and level 3 inputs are significant unobservable inputs. Deferred Outflows/Inflows of Resources In addition to assets, the statement of net position includes a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period which will only be recognized as an outflow of resources (expense) in the future. District pension contributions, subsequent to the measurement date, are reported as deferred outflows of resources in the government wide statement of net position. District contributions, subsequent to the measurement date, will be amortized during the next fiscal year. In addition to liabilities, the statement of net position includes a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period and would only be recognized as an inflow of resources (revenue) at that time. Changes in proportion and differences between District contributions and proportionate share of pension contributions, the District s proportionate share of the net difference between projected and actual earnings on pension plan investments, changes in assumptions, and the differences between the District expected and actual experience are reported as deferred inflows of resources or deferred outflows of resources in the government wide statement of net position. These amounts are amortized over the estimated service lives of the pension plan participants. The District also has a deferred loss on refunding results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. Net Position The District s net position is classified as follows: Net Investment in Capital Assets: This represents the District s total investment in capital assets net of outstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component net investment in capital assets. Restricted Net Position Expendable: Restricted expendable net position represents resources which are legally or contractually obligated to be spent in accordance with restrictions imposed by external third parties. Page 25

29 NOTES TO THE FINANCIAL STATEMENTS Unrestricted Net Position: Unrestricted net position represents resources derived from student tuition and fees, state apportionments, and sales and services of educational departments and auxiliary enterprises. These resources are used for transactions relating to the educational and general operations of the District, and may be used at the discretion of the governing board to meet current expenses for any purpose. When an expense is incurred that can be paid using either restricted or unrestricted resources, the District s policy is to first apply the expense towards restricted resources, and then towards unrestricted resources. Classification of Revenues The District has classified its revenues as either operating or nonoperating, according to the following criteria: Operating Revenues: Operating revenues include activities that have the characteristics of exchange transactions, such as (1) student tuition and fees, net of scholarship discounts and allowances, (2) sales and services of auxiliary enterprises, (3) some federal, state, and local grants contracts and federal appropriations, and (4) interest on institutional student loans. Nonoperating Revenues: Nonoperating revenues include activities that have the characteristics of nonexchange transactions, such as gifts and contributions, and other revenue sources described in GASB Statement No. 34, such as state appropriations, financial aid, and investment income. Scholarship Discounts and Allowances Student tuition and fee revenue are reported net of scholarship discounts and allowances in the statement of revenues, expenses, and changes in net position. Scholarship discounts and allowances represent the difference between stated charges for goods and services provided by the District and the amount that is paid by students and/or third parties making payments on the students behalf. State Apportionments Certain current year apportionments from the state are based on various financial and statistical information of the previous year, as well as state budgets and other factors outside the District s control. In February, subsequent to the year end, the state will perform a recalculation based on actual financial and statistical information for the year just completed. The District s policy is to estimate the recalculation correction to apportionment, if any, based on factors it can reasonably determine such as local property tax revenue received and reductions in FTES. Any additional corrections determined by the state are recorded in the year computed by the state. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the basic financial statements and accompanying notes. Actual results may differ from those estimates. Property Taxes Secured property taxes attach as an enforceable lien on property as of January 1. Taxes are payable in two installments on November 1 and February 1 and become delinquent if paid after December 10 and April 10. Unsecured property taxes are payable in one installment on or before August 31. The respective counties bill and collect the taxes for the District. Page 26

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