GENESEE COMMUNITY COLLEGE SINGLE AUDIT REPORTS AUGUST 31, 2016

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1 GENESEE COMMUNITY COLLEGE SINGLE AUDIT REPORTS AUGUST 31, 2016

2 GENESEE COMMUNITY COLLEGE (A Component Unit of the County of Genesee, New York) Table of Contents August 31, 2016 Independent Auditors Report Management s Discussion and Analysis Financial Statements Balance Sheets Statements of Revenues, Expenses, and Changes in Net Position Statements of Cash Flows Discretely Presented Component Units: Balance Sheets Statements of Activities Notes to Financial Statements Required Supplementary Information (Unaudited) Schedule of Funding Progress Postemployment Benefit Plan Schedule of the College s Proportionate Share of the Net Pension Position New York State Teachers Retirement System Schedule of College Contributions New York State Teachers Retirement System Schedule of the College s Proportionate Share of the Net Pension Position New York State and Local Employees Retirement System Schedule of College Contributions New York State and Local Employees Retirement System Supplementary Information Schedule of Revenues, Expenses, and Other Changes by Fund Reconciliation of Revenues, Expenses, and Fund Balance as Reflected in the Annual Report to the Audited Financial Statements Schedule of State Operating Aid Schedule of State-Aidable FTE Tuition Reconciliation Schedule of Expenditures of Federal Awards and related notes Reports on Federal Award Programs 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 Independent Auditors Report on Compliance for Each Major Federal Program and on Internal Control over Compliance Required by the Uniform Guidance Schedule of Findings and Questioned Costs

3 INDEPENDENT AUDITORS REPORT The Board of Trustees Genesee Community College We have audited the accompanying financial statements of Genesee Community College (the College) (a component unit of the County of Genesee, New York) and its discretely presented component units, as of and for the years ended August 31, 2016 and 2015, and the related notes to the financial statements, which collectively comprise the College s basic financial statements as listed in the table of contents. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We did not audit the financial statements of Genesee Community College Foundation, Inc. (GCCF) and Genesee Community College Foundation Housing Services, Inc. (GCCFHS), which are combined and shown as discretely presented component units. Those financial statements were audited by other auditors whose reports thereon have been furnished to us, and our opinion, insofar as it relates to the amounts included for GCCF and GCCFHS is based solely on the reports of the other auditors. We conducted our audits 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. The financial statements of GCCF, GCCFHS and Genesee Community College Association, Inc. were not audited in accordance with Government Auditing Standards. 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 entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

4 Opinion In our opinion, based on our audit and the reports of other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of the College and its discretely presented component units as of August 31, 2016 and 2015, and the respective changes in financial position and, where applicable, cash flows thereof, for the years then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that management s discussion and analysis and other required supplementary information, as listed in the table of contents, be presented to supplement the 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 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 financial statements, and other knowledge we obtained during our audit of the 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. Supplementary Information Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise the College s basic financial statements. The accompanying supplementary information as listed in the table of contents, including the schedule of expenditures of federal awards required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, is presented for purposes of additional analysis and is not a required part of the financial statements. The accompanying supplementary information including the schedule of expenditures of federal awards is the responsibility of management and is derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the 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 accompanying supplementary information including the schedule of expenditures of federal awards is fairly stated in all material respects in relation to the financial statements as a whole. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated January 9, 2017 on our consideration of the College s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, 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 internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the College s internal control over financial reporting and compliance. January 9,

5 GENESEE COMMUNITY COLLEGE Management s Discussion and Analysis August 31, 2016 (Unaudited) This section of Genesee Community College s (the College s) Annual Financial Report presents management s discussion and analysis (MD&A) of the College s financial activity during the fiscal year ended August 31, 2016 (FY 15-16). This MD&A presents information for FY in comparison with FY This MD&A is designed to focus on current activities, resulting changes, and currently known facts. Please read it in conjunction with the financial statements and the related footnotes. Responsibility for the completeness and fairness of this information rests with the College. The College has determined that Genesee Community College Association (GCCA), Genesee Community College Foundation (GCCF), and Genesee Community College Foundation Housing Services, Inc. (GCCFHS) are component units of the College pursuant to accounting guidance. As a result, GCCA, GCCF, and GCCFHS are included in the College s reporting entity. Separately issued financial statements of the component units may be obtained from the College s business office. The balance sheets report current financial resources, capital assets, deferred outflows of resources, current and long-term liabilities, deferred inflows of resources, and net position. The statements of revenues, expenses, and changes in net position focus on both the operating and non-operating revenues and expenses of the College. The statements of cash flows summarizes the cash activities of the College including operating, non-capital financing, capital financing and investing activities. These statements can help the user determine if the College, as a whole, is better or worse off as a result of the year s activities. Over time, increases or decreases in the net position of the College are one indicator of whether its financial health is improving or deteriorating. The user will need to consider many other nonfinancial factors, such as the trend in applicants and enrollment, student retention, and the condition of the physical plant and buildings to assess the overall health of the College. Financial Highlights As of August 31, 2016, the College s net position is $36,220,000 and increased by $5,346,000 from August 31, The majority of the increase is due to an increase in the College s net investment in capital assets (construction in progress) as a result of two new buildings being constructed and funded by State and local sources. The unrestricted net assets for the College modestly increased by $228,000. 3

6 Condensed Balance Sheets As of August 31, 2016 and 2015 Change $ % Current assets $ 24,261,000 $ 23,388,000 $ 873, % Net pension asset - 2,883,000 (2,883,000) % Capital assets, net of depreciation 27,444,000 22,323,000 5,121, % Total current and noncurrent assets 51,705,000 48,594,000 3,111, % Deferred outflows of resources 7,046, ,000 6,081, % Total assets and deferred outflows of resources $ 58,751,000 $ 49,559,000 9,192, % Current liabilities $ 14,493,000 $ 13,982,000 $ 511, % Noncurrent liabilities 1,069,000 1,195,000 (126,000) % Net pension liability 5,012,000 1,050,000 3,962, % Total liabilities 20,574,000 16,227,000 4,347, % Deferred inflows of resources 1,957,000 2,458,000 (501,000) % Net position Net investment in capital assets 27,444,000 22,323,000 5,121, % Restricted 389, ,000 (2,000) -0.51% Unrestricted 8,387,000 8,160, , % Total net position 36,220,000 30,874,000 5,346, % Total liabilities, deferred inflows, and net position $ 58,751,000 $ 49,559,000 $ 9,192, % 4

7 Condensed Statements of Revenues, Expenses, and Changes in Net Position For the Years Ended August 31, 2016 and 2015 Change $ % Operating revenue Tuition and fees $ 16,549,000 $ 16,766,000 $ (217,000) -1.29% Less: scholarship allowances (9,011,000) (8,955,000) (56,000) -0.63% Net tuition and fees 7,538,000 7,811,000 (273,000) -3.50% Grants and contracts 3,378,000 3,593,000 (215,000) -5.98% Other 828, ,000 (25,000) -2.93% Total 11,744,000 12,257,000 (513,000) -4.19% Less: operating expenses 46,759,000 45,663,000 1,096, % Operating loss (35,015,000) (33,406,000) (1,609,000) 4.82% Non-operating revenues (expenses) Federal and State non-operating grants 12,137,000 13,820,000 (1,683,000) % State appropriations 11,878,000 11,669, , % County appropriations 10,162,000 9,158,000 1,004, % Interest income 15,000 14,000 1, % Loss on sale of capital assets (34,000) (14,000) (20,000) % Total 34,158,000 34,647,000 (489,000) -1.41% Capital appropriations and contributions 6,203, ,000 5,646, % Change in net position 5,346,000 1,798,000 3,548, % Net position, beginning of year 30,874,000 29,076,000 1,798, % Net position, end of year $ 36,220,000 $ 30,874,000 $ 5,346, % 5

8 Operating Expenses Operating expenses for the fiscal year increased by $1,096,000 or 2.4% from the prior year. This increase is largely due to the effect of GASB 68 net pension adjustments. These adjustments decreased net pension expense by $1,243,000 for the fiscal year ended August 31, 2015 and increased net pension expense by $496,000 for the fiscal year ended August 31, The reduction in the financial aid and scholarships category is primarily due to a reduction in PELL and TAP grants. Several factors contributed to the decrease including the decline in overall enrollment and the continuing shift in student body composition that resulted in fewer full-time students. Operating Expenses For the Years Ended August 31, 2016 and 2015 Change $ % Instruction $ 15,001,000 $ 14,485,000 $ 516, % Public service 65,000 54,000 11, % Academic support 5,107,000 4,763, , % Student services 6,316,000 5,940, , % Institutional support 8,772,000 8,032, , % Operations and maintenance of plant 4,723,000 4,601, , % Financial aid and scholarships 5,130,000 6,087,000 (957,000) % Depreciation 1,645,000 1,701,000 (56,000) -3.29% Total $ 46,759,000 $ 45,663,000 $ 1,096, % 6

9 Percentage of Operating Expenses For the Year Ended August 31, 2016 Operations and maint of plant 10.1% Financial aid and scholarships 11.0% Depreciation 3.5% Instruction 32.1% Institutional support 18.8% Public service 0.1% Student services 13.5% Academic support 10.9% 7

10 Revenue The decrease in student tuition and fees is the result of a decrease in enrollment. Tuition for increased by $50 per year to $3,900. State aid increased, despite a decrease in enrollment, due to an increase in the state aid rate of $100 to $2,597 per student full-time equivalent (FTE). Federal and State nonoperating grants decreased as a result of the decline in Pell and TAP awards. Operating & Non-Operating Revenues For the Years Ended August 31, 2016 and 2015 Change $ % Student tuition and fees, net $ 7,538,000 $ 7,811,000 $ (273,000) -3.50% Grants & contracts, Federal 1,734,000 2,247,000 (513,000) % Grants & contracts, State, local and private 1,644,000 1,346, , % Federal and State nonoperating grants 12,137,000 13,820,000 (1,683,000) % State aid 11,878,000 11,669, , % Genesee County appropriation 2,536,000 2,286, , % Other county chargebacks 7,626,000 6,872, , % Interest income 15,000 14,000 1, % Other revenue 828, ,000 (25,000) -2.93% $ 45,936,000 $ 46,918,000 $ (982,000) -2.09% 8

11 Percentage of Operating and Non-Operating Revenues For the Year Ended August 31, 2016 Genesee County appropriation 5.5% Other county chargebacks 16.6% Interest income 0.0% Other revenue 1.8% Student tuition and fees, net 16.4% Grants & contracts, Federal 3.8% Grants & contracts, State, local & private 3.6% State aid 25.9% Federal & State nonoperating grants 26.4% 9

12 Capital Assets The primary cost of campus facilities is shared equally by the County of Genesee, New York and the State of New York. Pursuant to New York State Education Law relative to community colleges, title to real property rests in and is held by the local sponsor (County of Genesee) in trust for the uses and purposes of the College. The College has a stewardship responsibility and such assets are integral to the operations of the College; therefore, the College records all campus facility activity. At August 31, 2016, the College had $27,444,000 invested in capital assets, net of accumulated depreciation of $31,455,000. Depreciation charges totaled $1,645,000 for the current fiscal year. Details of these assets are shown below. Capital Assets, Net of Accumulated Depreciation Land $ 97,000 $ 97,000 Art objects 5,000 5,000 Construction in progress 6,617, ,000 Infrastructure 4,526,000 4,635,000 Buildings and related components 14,006,000 14,631,000 Leasehold improvements 185, ,000 Furnishings and equipment 1,384,000 1,700,000 Vehicles 94,000 62,000 Library collection 530, ,000 Total capital assets, net $ 27,444,000 $ 22,323,000 Economic Factors that will Affect the Future The State of New York s economy with continued uncertainty about state funding. Demographics of potential community college students and the leveling off of enrollment growth. Increased scrutiny of the chargeback funding formula is occurring throughout the State. Recommendations and resolutions made by the counties have led to fundamental changes in the funding model. The new funding model is scheduled to be implemented in the school year. Contact for the College s Financial Management This financial report is designed for users with a general overview of the College s finances and to demonstrate accountability over financial operations. If you have questions about this report or need additional financial information, contact the College s Vice President of Finance & Operations. 10

13 GENESEE COMMUNITY COLLEGE (A Component Unit of the County of Genesee, New York) Balance Sheets August 31, Assets Current assets: Cash and cash equivalents $ 15,453,535 $ 13,731,310 Accounts and other receivables, net (Note 3) 8,605,092 9,450,752 Prepaid expenses and other assets 202, ,100 24,260,717 23,388,162 Noncurrent assets: Net pension asset (Note 7) - 2,882,819 Capital assets, net (Note 4) 27,443,502 22,323,089 Total assets 51,704,219 48,594,070 Deferred outflows of resources: Deferred outflows of resources from pensions (Note 7) 7,046, ,206 Total assets and deferred outflows of resources $ 58,750,687 $ 49,559,276 Liabilities Current liabilities: Accounts payable and accrued liabilities $ 2,878,342 $ 1,467,738 Unearned revenue 7,329,443 7,446,931 Amounts held for third parties 1,764,915 2,123,295 Other liabilities (Note 5) 2,520,017 2,944,342 14,492,717 13,982,306 Noncurrent liabilities: Retirees' medical insurance (OPEB) (Note 5) 1,068,928 1,194,700 Net pension liability (Note 7) 5,011,553 1,050,247 Total liabilities 20,573,198 16,227,253 Deferred inflows of resources: New York State tuition assistance 1,095,557 1,330,216 Deferred inflows of resources from pensions (Note 7) 861,664 1,128,111 Total deferred inflows of resources 1,957,221 2,458,327 Net position: Net investment in capital assets 27,443,502 22,323,089 Restricted: Non-expendable 220, ,963 Expendable 167, ,465 Unrestricted 8,387,848 8,160,179 Total net position 36,220,268 30,873,696 Total liabilities, deferred inflows of resources, and net position $ 58,750,687 $ 49,559,276 See accompanying notes. 11

14 GENESEE COMMUNITY COLLEGE (A Component Unit of the County of Genesee, New York) Statements of Revenues, Expenses, and Changes in Net Position For the years ended August 31, Operating revenues: Tuition and fees $ 16,548,995 $ 16,766,314 Less scholarship allowances 9,011,360 8,954,877 Net tuition and fees 7,537,635 7,811,437 Federal grants and contracts 1,733,997 2,247,169 State and local grants and contracts 1,225, ,633 Nongovernmental grants and contracts 418, ,886 Other revenues 827, ,052 Total operating revenues 11,743,702 12,257,177 Operating expenses: Instruction 15,000,687 14,485,299 Public service 65,317 53,626 Academic support 5,107,063 4,763,109 Student services 6,315,936 5,940,156 Institutional support 8,771,953 8,032,227 Operations and maintenance of plant 4,723,041 4,601,325 Financial aid and scholarships 5,129,984 6,086,451 Depreciation 1,644,965 1,700,927 Total operating expenses 46,758,946 45,663,120 Operating loss (35,015,244) (33,405,943) Non-operating revenues (expenses): Federal and state non-operating grants 12,137,428 13,819,545 County appropriations - local sponsor 2,536,374 2,286,374 Other counties' appropriations 7,625,830 6,872,011 State appropriations 11,878,376 11,668,678 Interest income 14,501 14,169 Loss on sale of capital assets (33,829) (14,047) Total non-operating revenues 34,158,680 34,646,730 Gain (loss) before other revenues (856,564) 1,240,787 Capital appropriations - state and county 6,187, ,595 Capital contributions - private 15, ,642 Change in net position 5,346,572 1,798,024 Net position - beginning of year 30,873,696 29,075,672 Net position - end of year $ 36,220,268 $ 30,873,696 See accompanying notes. 12

15 GENESEE COMMUNITY COLLEGE (A Component Unit of the County of Genesee, New York) Statements of Cash Flows For the years ended August 31, Operating activities: Tuition and fees, net $ 7,885,458 $ 7,345,847 Federal, state and local grants and contracts 3,324,027 4,019,288 Payments to employees (27,945,038) (27,933,823) Payments to vendors and suppliers (10,185,650) (10,562,838) Financial aid and scholarships (5,129,984) (6,086,451) Other 599, ,724 Net operating activities (31,452,082) (32,607,253) Non-capital financing activities: Federal and state non-operating grants 11,947,392 13,516,470 State appropriations 11,881,692 11,669,118 County appropriations 10,052,022 9,170,855 Funds held for others (441,447) 139,474 Net non-capital financing activities 33,439,659 34,495,917 Capital and related financing activities: Purchases of capital assets (270,100) (1,303,349) Proceeds from sale of capital assets 6,187 3,430 Capital chargebacks received 556, ,273 Capital chargebacks remitted to local sponsor (572,125) (574,680) Net capital and related financing activities (279,995) (1,291,326) Investing activities: Interest income 14,643 14,312 Net change in cash and cash equivalents 1,722, ,650 Cash and cash equivalents - beginning of year 13,731,310 13,119,660 Cash and cash equivalents - end of year $ 15,453,535 $ 13,731,310 Reconciliation of net operating loss to net cash used in operating activities: Operating loss $ (35,015,244) $ (33,405,943) Adjustments to reconcile operating loss to net cash flows from operating activities: Depreciation 1,644,965 1,700,927 Other postemployment benefits (145,772) 11,164 Net pension activity 496,416 (1,243,282) Changes in other assets and liabilities: Accounts and other receivables, net 481, ,996 Prepaid expenses and other assets 4,010 35,127 Accounts payable and accrued liabilities 1,507, ,356 Unearned revenue (117,488) (177,538) Other liabilities (308,854) (22,060) Net operating activities $ (31,452,082) $ (32,607,253) Noncash transactions: Construction costs funded by State and County $ 6,187,152 $ 429,595 Purchases of capital assets in accounts payable $ 141,095 $ 238,532 Donated capital assets $ 15,984 $ 127,642 See accompanying notes. 13

16 GENESEE COMMUNITY COLLEGE (A Component Unit of the County of Genesee, New York) Component Units Balance Sheets August 31, Assets GCCF and GCCF and GCCA GCCFHS GCCA GCCFHS Current assets: Cash and cash equivalents $ 376,106 $ 1,731,243 $ 212,369 $ 1,707,957 Pledges and other receivables, net 4, ,041 16, ,790 Due from related parties 418, ,960 - Prepaid expenses and other assets 6,185 66,748 4,019 49, ,798 2,743, ,577 2,700,530 Noncurrent assets: Property and equipment, net 31,197 7,684,925 37,457 7,856,171 Pledges receivable, net of current portion - 1,476,631-2,076,635 Investments - 6,113,585-5,458,561 Beneficial interest in trust - 458, ,865 Debt acquisition costs, net - 292, ,546 31,197 16,025,996 37,457 16,152,778 Total assets $ 835,995 $ 18,769,028 $ 740,034 $ 18,853,308 Liabilities Current liabilities: Accounts payable $ 152,800 $ 70,925 $ 128,664 $ 88,480 Accrued liabilities - 28,373-30,509 Current portion of mortgages payable - 417, ,671 Current portion of grant payable - 600, ,000 Unearned revenue 420, , , ,909 Tenant security deposits - 97, , ,600 1,402, ,040 1,568,069 Noncurrent liabilities: Grant payable, net of current portion - 1,588,982-2,147,863 Annuities payable - 23,991-28,342 Mortgages payable - 6,446,839-6,861,104-8,059,812-9,037,309 Total liabilities 573,600 9,462, ,040 10,605,378 Net Assets: Unrestricted 262,395 1,794, , ,895 Temporarily restricted - 3,803,506-4,151,290 Permanently restricted - 3,708,625-3,516,745 Total net assets 262,395 9,306, ,994 8,247,930 Total liabilities and net assets $ 835,995 $ 18,769,028 $ 740,034 $ 18,853,308 See accompanying notes. 14

17 GENESEE COMMUNITY COLLEGE (A Component Unit of the County of Genesee, New York) Component Units Statements of Activities For the years ended August 31, GCCF and GCCF and GCCA GCCFHS GCCA GCCFHS Changes in unrestricted net assets: Revenue and other support: Student fees and related services $ 1,015,274 $ 2,891,700 $ 862,190 $ 2,968,232 Child care 243, ,120 - Contributions - 204, ,758 Special events - 84,098-53,073 Donated services and facilities - 149, ,242 Grant revenue 26,240-26,897 - Net investment income , ,806 Other income 36,709 43,226 27,113 43,748 Total unrestricted revenue 1,322,686 3,436,266 1,135,758 3,685,859 Net assets released from restriction - 757, ,642 Total revenue and other support 1,322,686 4,193,519 1,135,758 3,944,501 Expenses: Program services Student activities 366, ,804 - Athletics 509, ,490 - Child care 289, ,720 - Housing services - 2,208,392-2,145,314 Contributions - 246,803-3,124,052 Fundraising - 137, ,851 Management and general 37, ,392 33, ,910 Total expenses 1,202,285 2,979,056 1,227,770 5,856,127 Change in unrestricted net assets 120,401 1,214,463 (92,012) (1,911,626) Changes in temporarily restricted net assets: Contributions and support - 186,451-1,044,428 Investment income (loss) - 223,018 - (257,534) Net assets released from restriction - (757,253) - (258,642) Change in temporarily restricted net assets - (347,784) - 528,252 Changes in permanently restricted net assets: Contributions, grants and support - 191, ,354 Change in net assets 120,401 1,058,559 (92,012) (499,020) Net assets - beginning 141,994 8,247, ,006 8,746,950 Net assets - ending $ 262,395 $ 9,306,489 $ 141,994 $ 8,247,930 See accompanying notes. 15

18 GENESEE COMMUNITY COLLEGE (A Component Unit of the County of Genesee, New York) Notes to Financial Statements 1. Summary of Significant Accounting Policies Reporting Entity Genesee Community College (the College) is a locally sponsored, two-year community college founded in The College is part of a statewide system of two-year institutions designed to provide technical, para-professional and university parallel education. The College is one of thirty community colleges within the State University of New York (SUNY). SUNY community colleges are financed by New York State (the State), student tuition, and a local government sponsor. Genesee County, New York (the County) is the College s local sponsor. Basis of Presentation The financial statements of the College have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the College s accounting policies are described below. Discretely Presented Component Units In evaluating how to define the College for financial reporting purposes, management has considered all potential component units. The decision to include a potential component unit in the College s reporting entity is based on several criteria set forth in accounting guidance including legal standing, fiscal dependency, and financial accountability. Based on the application of these criteria, the following is a brief review of the entities included in the reporting entity. The discretely presented component units are as follows: Genesee Community College Association, Inc. (GCCA) was established in 1967 as a not-for-profit corporation under the laws of the State and operates under an agreement with the College. Under the terms of the agreement, GCCA operates athletics, childcare, and other student activities of the College. GCCA reports on an August 1 through July 31 fiscal year. Accordingly, all balances in the accompanying financial statements related to GCCA are as of and for the years ended July 31, 2016 and Genesee Community College Foundation, Inc. (GCCF) was established in 1985 to receive and maintain funds to aid and advance the welfare, development, purposes and programs of the College. GCCF maintains the same fiscal year as the College. Genesee Community College Foundation Housing Services, Inc. (GCCFHS) was established in 2001 to provide housing and other facilities for students attending the College. It operates a housing facility consisting of 112 student suites, serving approximately 455 students, and maintains the same fiscal year as the College. 16

19 GCCA has been separately presented, while the financial statements of GCCF and GCCFHS have been combined on the accompanying financial statements due to the close relationship of these separate organizations. The financial statements of these component units have been presented in accordance with the display requirements of the Financial Accounting Standards Board (FASB). Footnote disclosure information of the component units is contained in Note 14. Public Entity Risk Pool The College participates in the Genesee County Self Insurance Workers Compensation Plan (the plan), which is a public entity risk pool. This plan is designed to provide workers compensation coverage for participating entities. This activity is further discussed in Note 10. Measurement Focus The College reports as a special-purpose government engaged in business-type activities, as defined by GASB Statement No. 35. Business-type activities are those that are financed in whole or in part by fees charged to external parties for goods or services. The College s financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred regardless of when the related cash flows take place. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been satisfied. The College s policy for defining operating activities in the statements of revenues, expenses, and changes in net position are those that generally result from exchange transactions such as receipts for services and payments made to purchase those goods or services. Certain other transactions are reported as non-operating activities and include the College s appropriations from the State and Counties, certain federal and state grants, and interest income. Use of 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 financial statements and accompanying notes. Actual results could differ from those estimates. Net Position Net investment in capital assets consists of capital assets, net of accumulated depreciation, reduced by outstanding balances of any related debt obligations attributable to the acquisition, construction, or improvement of those assets. Restricted, non-expendable consists of assets subject to externally imposed stipulations that are required to be permanently maintained. These amounts include endowments received by the College. Restricted, expendable consists of assets reduced by liabilities and deferred inflows of resources related to those assets if their use is subject to externally imposed stipulations that can be fulfilled by actions corresponding to those restrictions or that expire with time. These amounts include scholarships (unspent endowment earnings) and other awards. Unrestricted the net amount of assets, deferred outflows of resources, liabilities, and deferred inflows of resources that are not included in the determination of the above restrictions and are available for general use by the College. The College has adopted a policy of generally using restricted-expendable net position, when available, prior to unrestricted amounts. 17

20 Campus Facilities, Equipment and Related Debt The County and the State equally share the primary cost of capital assets. Pursuant to State Education Law relative to community colleges, title to real property rests in and is held by the local sponsor (the County) in trust for the uses and purposes of the College. The College has a stewardship responsibility since such assets are integral to the operations of the College; therefore, the College records all campus facility activity. The College recognizes revenue for State and County capital contributions when the construction or acquisition cost is incurred, or the capital asset is purchased. Debt obligations incurred by the County and the State to finance the construction and acquisition of campus facilities and equipment are not recognized in the financial statements since the College is not obligated under any debt service arrangements for the County or State debt. GCCA, GCCF and GCCFHS maintain their own title to capital assets as applicable and issue debt as needed for the acquisition or construction of capital assets. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and demand deposits. Capital Assets The College records capital assets at actual or estimated historical cost. Contributed assets are recorded at fair value at the time received. Depreciation is provided over estimated useful lives using the straight-line method. Maintenance and repairs are expensed as incurred; significant improvements are capitalized. Capitalization thresholds for determining which asset purchases are added to capital accounts and the estimated useful lives of the College s capital assets are as follows: Policy Useful Life Infrastructure $ 10, Buildings and related components $ 10, Leasehold improvements $ 10, Furnishings and equipment $ 5, Vehicles $ 5,000 5 Library collection $ 1 10 Compensated Absences The College provides for vacation time that is attributable to services already rendered. Vacation time is not contingent on a specific event that is outside the control of the College and its employees. The liabilities are recorded based on employees rates of pay as of the end of the fiscal year, and include all payroll-related liabilities. 18

21 Unearned Revenue Student tuition and related fees billed and payable prior to the end of the fiscal year and related to the following semester are considered unearned and recognized as revenue when earned in the subsequent fiscal year. Deferred inflows of resources include New York State Tuition Assistance Payments (TAP) received by the College on behalf of eligible students. Amounts received prior to the College s year end have a time restriction as they are applicable to the following semester and are recognized as revenue when applied to the respective students accounts. Pensions The financial statements recognize the net pension asset (liability), deferred outflows and deferred inflows of resources, pension expense (revenue), and information about and changes in the fiduciary net position on the same basis as reported by the respective defined benefit pension plans. The College s participation in the plans is mandated by State law and includes the New York State Teachers Retirement System (TRS) and the New York State and Local Employees Retirement System (ERS) (the Systems). The Systems recognize benefit payments when due and payable in accordance with benefit terms; investment assets are reported at fair value. More information on pension activity for the Systems is included in Note 7. Revenues The State provides aid to the College based upon operating costs and a formula based on student full-time equivalents. The County also provides funding to the College in the form of a sponsor contribution which is appropriated annually by the County s legislature as part of the County s budgeting function. Revenue is recognized in the accounting period earned. State and County appropriations are recognized when they are legally available for expenditure. Revenues and expenses arising from non-exchange transactions are recognized when all eligibility requirements are met. Grants to students for financial aid and scholarships through the Federal Pell Grant Program and TAP are recorded as non-operating revenues from Federal and State sources and as either financial aid and scholarship expense or scholarship allowances offsetting tuition and fees revenue. For the years ended August 31, 2016 and 2015, approximately $9,016,000 and $10,181,000 were distributed to the College for Pell grants and $3,121,000 and $3,639,000 for TAP awards, respectively. Student tuition and fees are presented net of scholarships and financial aid applied to student accounts. Certain other scholarship amounts are paid directly to, or refunded to, the student and are generally reflected as expenses. Reserve for Excess Student Revenue State Education Law mandates that tuition revenue not exceed one-third of net operating costs. This mandate has been waived by the State. As a result, the College has not recognized a reserve for excess student revenue. Interfund Transfers The College uses fund accounting for the SUNY annual report (and as displayed in the accompanying supplementary information) and as such, operations include transactions between funds. Permanent transfers of funds include the transfer of expenditures and revenues to provide financing or other services between restricted and unrestricted current funds. These amounts have been eliminated in the basic financial statements. 19

22 Exempt Tax Status The College is a unit of the State and is therefore generally exempt from income taxes under 115 of the Internal Revenue Code. The component units are all tax-exempt organizations under 501(c)(3) of the Internal Revenue Code. Accordingly, no provision for income taxes has been included in the accompanying financial statements. The management of the respective component units believes they are no longer subject to examination by Federal or State taxing authorities for their respective fiscal years ended prior to July 31 and August 31, Cash Cash management is governed by State laws and as established in the College s written policies. Cash must be deposited in FDIC-insured commercial banks or trust companies authorized to do business within the State. The College is authorized to use demand accounts and certificates of deposit. Invested resources are limited to obligations of the United States Treasury and its Agencies, repurchase agreements, and obligations of the State or its localities. Collateral is required for demand and time deposits and certificates of deposit not covered by Federal Deposit Insurance. Obligations that may be pledged as collateral are obligations of the United States and its agencies and obligations of the State and its municipalities and school districts. Custodial credit risk is the risk that, in the event of a bank failure, the College s deposits may not be returned to it. At August 31, 2016, the College s bank deposits were fully collateralized by FDIC coverage and securities held by the pledging institutions trust department or agents in the College s name. 3. Accounts and Other Receivables Student tuition and fees $ 9,023,391 $ 9,275,748 Grants and contracts 378, ,469 State and counties 127,218 18,534 Due from GCCF 12,161 9,396 Other 23, ,605 9,565,092 10,200,752 Less allowance for doubtful accounts 960, ,000 $ 8,605,092 $ 9,450,752 20

23 4. Capital Assets September 1, Retirements/ August 31, August 31, Additions Reclassifications 2016 Nondepreciable capital assets: Land $ 96,911 $ - $ - $ 96,911 Art objects 4, ,600 Construction in progress 429,595 6,187,152-6,616,747 Total nondepreciable capital assets 531,106 6,187,152-6,718,258 Depreciable capital assets: Infrastructure 6,025, ,025,000 Buildings and related components 33,743, ,000-33,892,000 Leasehold improvements 572, ,000 Furnishings and equipment 8,944, ,483 (404,612) 8,824,658 Vehicles 245,135 74,600 (62,244) 257,491 Library collection 2,705, ,159 (206,467) 2,608,760 Total depreciable assets 52,234, ,242 (673,323) 52,179,909 Less accumulated depreciation: Infrastructure 1,390, ,450-1,498,923 Buildings and related components 19,111, ,383-19,885,998 Leasehold improvements 333,917 53, ,283 Furnishings and equipment 7,244, ,614 (384,632) 7,440,955 Vehicles 182,615 22,462 (42,208) 162,869 Library collection 2,179, ,690 (206,467) 2,078,637 Total accumulated depreciation 30,443,007 1,644,965 (633,307) 31,454,665 Net capital assets $ 22,323,089 $ 5,160,429 $ (40,016) $ 27,443,502 September 1, Retirements/ August 31, August 31, Additions Reclassifications 2015 Nondepreciable capital assets: Land $ 96,911 $ - $ - $ 96,911 Art objects 4, ,600 Construction in progress - 429, ,595 Total nondepreciable capital assets 101, , ,106 Depreciable capital assets: Infrastructure 6,025, ,025,000 Buildings and related components 33,296, ,000-33,743,000 Leasehold improvements 572, ,000 Furnishings and equipment 8,615, ,123 (275,887) 8,944,787 Vehicles 189,572 55, ,135 Library collection 2,677, ,864 (77,121) 2,705,068 Total depreciable assets 51,375,448 1,212,550 (353,008) 52,234,990 Less accumulated depreciation: Infrastructure 1,282, ,450-1,390,473 Buildings and related components 18,350, ,358-19,111,615 Leasehold improvements 280,550 53, ,917 Furnishings and equipment 6,850, ,314 (258,470) 7,244,973 Vehicles 164,515 18, ,615 Library collection 2,150, ,338 (77,121) 2,179,414 Total accumulated depreciation 29,077,671 1,700,927 (335,591) 30,443,007 Net capital assets $ 22,399,288 $ (58,782) $ (17,417) $ 22,323,089 21

24 5. Other Liabilities The State and County are obligated under various bond indentures which relate to the construction and acquisition of certain campus facilities and improvements on behalf of the College. The College is not obligated under any debt service arrangements for the debt, and therefore, such debt is not reflected in the College s financial statements. Other liabilities are as follows: September 1, August 31, Due within August 31, Increases Decreases 2016 One Year Retirees' medical insurance (OPEB) $ 1,250,700 $ - $ 145,772 $ 1,104,928 $ 36,000 Compensated absences 483,074 2, , ,181 Due to retirement systems 1,576,144 2,565,131 2,907,392 1,233,883 1,233,883 Due to New York State - 1,818-1,818 1,818 Due to Genesee County 299, , , , ,163 Due to GCCA 529, ,016 1,011, , ,972 $ 4,139,042 $ 4,087,115 $ 4,637,212 $ 3,588,945 $ 2,520,017 September 1, August 31, Due within August 31, Increases Decreases 2015 One Year Retirees' medical insurance (OPEB) $ 1,239,536 $ 11,164 $ - $ 1,250,700 $ 56,000 Compensated absences 440,669 42, , ,074 Due to retirement systems 1,640,610 2,921,882 2,986,348 1,576,144 1,576,144 Due to Genesee County 290, , , , ,245 Due to GCCA 452, , , , ,879 $ 4,064,442 $ 4,491,938 $ 4,417,338 $ 4,139,042 $ 2,944, Contract and Lease Obligations The College leases certain real property under the terms of operating lease agreements. Future minimum lease payments due under noncancelable operating leases are: Years ending August 31, 2017 $ 1,472, ,292, ,279, , , $ 2,160,896 7,957,518 Rental expense for all operating leases was $1,479,000 and $1,472,000 for the years ended August 31, 2016 and

25 7. Pension Plans Plan Descriptions The College participates in the following cost-sharing, multiple employer, public employee retirement systems: TRS is administered by the New York State Teachers Retirement Board and provides benefits to plan members and beneficiaries as authorized by the Education Law and the Retirement and Social Security Law of the State of New York. TRS issues a publicly available financial report that contains financial statements and required supplementary information. The report may be obtained from the New York State Teachers Retirement System at ERS provides retirement benefits as well as death and disability benefits. New York State Retirement and Social Security Law governs obligations of employers and employees to contribute and provide benefits to employees. ERS issues a publicly available financial report that includes financial statements and required supplementary information. This report may be obtained from the New York State and Local Retirement System at Benefits: The Systems provide retirement, disability, and death benefits for eligible members, including automatic cost of living adjustments. In general, retirement benefits are determined based on an employee s individual circumstances using a pension factor, an age factor, and final average salary. The benefits vary depending on the individual s employment tier. Pension factors are determined based on tier and an employee s years of service, among other factors. Contribution Requirements: No employee contribution is required for those hired prior to July The Systems require employee contributions of 3% of salary for the first 10 years of service for those employees who joined the Systems from July 1976 through December Participants hired on or after January 1, 2010 through March 31, 2012 are required to contribute 3.5% (TRS) or 3% (ERS) of compensation throughout their active membership in the Systems. Participants hired on or after April 1, 2012 are required to contribute a percentage ranging from 3% to 6% each year, based on their level of compensation. Pursuant to Article 11 of Education Law, an actuarially determined contribution rate is established annually for TRS by the New York State Teachers Retirement Board. This rate was 13.26% and 17.53% for 2016 and 2015, respectively. For ERS, the Comptroller annually certifies the rates used, expressed as a percentage of the wages of participants, to compute the contributions required to be made by the College to the pension accumulation fund. These rates ranged from 9.4% % for 2016 and 10.6% % for 2015 based on the respective employees longevity tiers. A liability is accrued based on the College s legally required contribution for employee services rendered. The amount outstanding and payable to TRS as of August 31, 2016 and 2015 was $648,278 and $828,070, respectively. The amount outstanding and payable to ERS as of August 31, 2016 and 2015 was $525,313 and $651,948, respectively. Net Pension Position, Pension Expense, and Deferred Outflows and Deferred Inflows of Resources The College reported a net pension liability of $293,344 as of August 31, 2016 and a net pension asset of $2,882,819 as of August 31, 2015 for its proportionate share of the TRS net pension position. A liability of $4,718,209 and $1,050,247 as of August 31, 2016 and 2015 was recognized for its proportionate share of the ERS net pension liability. The TRS net pension liability was measured as of June 30, 2016, and the total pension liability was determined by an actuarial valuation as of June 30, 2015, with update procedures applied to roll forward the net pension position to June 30, The College s proportion of the net pension liability was based on the ratio of its actuarially determined employer contribution to TRS s total actuarially determined employer contributions for the fiscal year ended on the measurement date. At June 30, 2016, the College s proportion was %, a decrease of %. 23

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