Instructions Financial Statement

Transcription

1 Instructions Financial Statement PART I. INCOME AND EXPENSE STATEMENT Please observe the following requirements for completion of the Income and Expense Statement. Institutions located in Georgia: Enter income and expense information for the entire institution. Institutions located out of Georgia but operating branch campuses or satellite programs within Georgia: Enter income and expense information for the Georgia students only. Institutions located outside of Georgia and not operating campuses or other instructional facilities within Georgia (authorized only for the purpose of advertising and recruiting in Georgia or for the purpose of providing instruction through on-line, distance, and/or correspondence) Enter income and expense information for Georgia students only. Enter the beginning and ending dates from the institution s regular fiscal year. The ending date must not be more than one year prior to the date of submission of the form. If the institution has changed its fiscal year since the submission of its previous report, attach a note to that effect. INCOME: 1. Gross Tuition Received. Enter the total amount of tuition collected. If any tuition received was later refunded during the same fiscal year, include the refunded amount on line 4, but do not exclude it from the amount reported on line 1. If the institution receives grants from governmental or other sources to cover students tuition costs, income from such grants is to be reported here as tuition. The amount entered on line 1 should not be reduced by any expenses. 2. Gross Fees Received. Enter the total amount of the fees collected. Specify fee types and amounts on lines 2a through 2e. Do not exclude from this amount any refunds that were later issued during the fiscal year. 3. Gross Tuition Plus Fees. Add the amounts on lines 1and 2. Enter the total on line Less: Refunds of Tuition or of Fees Lines 1 and 2. Any refunds of tuition and/or fees that were included in the amounts entered on lines 1 and 2 should be entered on line 4. Do not include on line 4 a refund of any fee or charge that was not included in one of the amounts entered on line 1and Net Tuition and Fee Income. Subtract the amount on line 4 from the amount on line 3. Enter the result on line Enter gross income from dormitory and bookstore operations and from interest and/or dividends, if any. Do no net out expenses for these items (such expenses should be entered on lines 24-26). 9. Other Income. Identify and enter an amount for each type of income that was not included on lines 1 through 8 above. Since the Financial Statement should represent the authorized institution 1

2 only and no other business activities of the owner, income from a business function that is separate from the institution should not be reported here. 10. Total Income. Add the amounts on line 5 through 9c, and enter the total on line Instructional Salaries and Benefits. Enter the number of full-time and part-time instructional staff, including counselor and librarians. If a staff member has both administrative and instructional responsibilities, do not include that person in the line 12 counts or salary figures. For instructional staff included in the full-time and part-time counts, provide a breakdown of expenses for salaries/wages, employer-paid health insurance, retirement, and other benefits. 12. Administrative Salaries and Benefits. No breakdown of salaries and benefits is requested for administrators; enter the total of these on line 14. Include the full amount of salaries and employer-paid benefits for administrators who also have instructional responsibilities. 13. Officer Salaries and Benefits. Enter the total amount of any expense for salaries (including stipends) and benefits paid to or for officers of the institution. Officers include owners, partners, and governing board members who are not also paid salaries for administrative responsibilities. In an attached note, list each officer receiving a salary, identify the amount of the salary, and indicate the amount paid by the institutions for benefits for each officer. 14. Agent Salaries and Benefits. Enter the total amount of expenses for salaries (including wages, commissions, and bonuses) and benefits paid to or for agents. Include in this amount expenses for all persons for whom an agent permit is required, unless the person also has administrative or instructional responsibilities. 15. Other Salaries/Wages and Benefits. Enter the total amount of expenses for salaries and benefits paid to or for all personnel not included on lines 12, 13, or Enter amounts for textbook expenses, instructional expenses, library expenses, and student recruiting expenses, exclusive of personnel salaries and benefits previously reported. 20. Depreciation of Facilities and/or Equipment. If the institution has depreciated either facilities or equipment, the depreciation amount for the reported fiscal year is to be entered on line 22. Note: Depreciation methods must be reported on lines Occupancy Expenses. Amounts for rent, mortgage interest, and utilities are to be listed separately. Identify any other occupancy expense on line 21d Administrative and Student Services Expenses. For each of the amounts entered on lines 22 and 23, list in an attached note the major categories of expense items included. Show the expense amount for each major category reported. A detailed breakdown of each item of expenditure is not requested Enter expense for dormitory and bookstore operation and for interest (except mortgage interest included in line 21b), if any. 27. Other Operating Expenses. Identify and enter an amount for each type of expense that was not included on lines 16 through 26 above. Since the Financial Statement should represent the 2

3 institution only and no other business activities of the owner, expenses involving a business function that is separate from the institution should not be reported here. 28. Total Expenses. Add the amounts on lines 16 through 27b, and enter the total on line Net Income before Income Taxes. Subtract the amount on line 28 from the amount on line 10. Enter the result on line 29. Important: If this amount is negative, attach a statement describing steps being taken or planned to avoid future operating losses. 30. Less: Federal and State Income Taxes. Any non-profit institutions or S corporation should enter 0 (zero) on line 30. An institution subject to corporate income taxation should enter income taxes paid or payable. If the institution is a branch of a larger corporation, an apportioned amount of income taxes should be allocated to the local campus or branch. 31. Total Income after Taxes. If income taxes were reported on line 30, subtract line 30 from line 29. Enter the result on line 31. If no income taxes were reported on line 30, enter the amount from line 29 on line 31. PART II. RETAINED EARNINGS HISTORY No instructions have been provided. PART III. BALANCE SHEET Please observe the following requirements for completion of Part III. Institutions located in Georgia. Complete the Balance Sheet for the entire institution. Institutions located outside of Georgia but operating branch campuses or satellite programs within Georgia. If the institution s financial accounting system provides for a separate balance sheet for the Georgia operation, complete the Balance Sheet and provide an annual financial report for the parent corporation. If a separate balance sheet is not maintained for the branch campus or satellite program, the institution may request approval to provide a corporate financial audit in lieu of Part III. Institutions located outside of Georgia and not operating campuses or other instructional facilities within Georgia. (Authorized only for the purpose of advertising and recruiting in Georgia or for the purpose of providing instruction through on-line, distance, and/or correspondence). Complete the Balance Sheet for the entire institution. If the institution is a subsidiary of a larger corporation, provide an annual financial report for the parent corporation. Enter the date for the Balance Sheet. The date should correspond to the ending date of the institution s fiscal year as reported on the Income and Expense Statement. A. ASSESTS CURRENT ASSETS: 32. Cash on Hand in Banks- Unrestricted. Include amounts held in accounts that have no restrictions on the use of funds. Attach a separate explanatory note if this amount is negative. 3

4 33. Cash- Restricted. Include amounts held in accounts that are earmarked for specific uses or that are held in timed deposits. 34. Accounts Receivable, Students- Net (Current). Enter the amount of tuition and fees currently due but not yet received from enrolled students. Do not list as a current asset any tuition or fees that will become due for instruction occurring after the conclusion of the fiscal year being reported. 35. Accounts Receivable, Student- Net (Old). Enter the amount of tuition and feeds due but not received from previously-enrolled students. However, any overdue amounts that the institutions have written off as bad debt should not be listed as an asset. 36. Accounts Receivable, Other- Net. Identify by general category any other amounts currently receivable. If necessary, attach an additional sheet. 37. Notes Receivable. If any institutional funds have been loaned, enter the total amount on line 37. In an attached note, provide a list of notes receivable and identify amounts for each. 38. Inventory- Books and Supplies. Enter the current value of books and supplies held by the institution. (Do not include any library books that are listed as a fixed asset on line 48.) 39. Temporary Investments. Enter the total value of institutional funds that have been invested in securities that may be sold or redeemed by the institution at any time. In an attached note, provide a list of temporary investments and identify amounts for each. 40. Other Current Assets. Identify and list amounts for any other current assets that cannot be listed appropriately on lines 32 through 39. (Note: Before listing an asset here, ensure that it should not be listed under Fixed Assets or Other Assets, lines 42 through 60.) 41. Total Current Assets. Add the amounts on lines 32 through 40c, and enter the total on line 41. FIXED ASSETS: Enter separately the value before depreciation for buildings, furniture and equipment, leasehold improvements, library, vehicles, land, and other fixed assets owned by the institution, and enter the amount of accumulated depreciation, respectively, for applicable fixed asset amount. 55. Total Fixed Assets. Provide the net total of lines 42 through 54. Calculate depreciation amounts as negative values. OTHER ASSETS: 56. Deposits. Enter the total amount of institutional funds that have been placed in timed certificates of deposit or other deposits that prohibit or assess penalties for early withdrawal. 4

5 57. Prepaid Expenses. Enter the total amount that has been prepaid for services, materials, supplies, or equipment not yet provided or received by the institution. Do not include here any amounts expended for items that are declared as assets elsewhere in the financial statement. 58. Revolving Book Account. If the institution has dedicated funds to the establishment and maintenance of a revolving book account, enter the amount of funds allocated for this purpose. 59. Perkins, NDSL, or Other Loan Program Matching Funds (Net). If the institution participates in any loan program that requires a percentage matching commitment of institutional funds, enter the amount of funds allocated for this purpose. 60. Other Assets. Identify and list amounts for any other assets that cannot be listed appropriately on lines 32 through Total Other Assets. Add the amounts on lines 56 through 60b, and provide the total. 62. Total Assets. Add the amounts on lines 41, 55, and 61, and provide the total. B. LIABILITIES AND STOCKHOLDER S/ OWNER S EQUITY CURRENT LIABILITIES 63. Accounts Payable- Trade. List the total amount for accounts that are currently due. Do not included on this line payments due on long or short-term installment loans or mortgages, or other amounts payable that are declared on lines 64 through Notes Payable. Enter amounts due on short-term notes for equipment and for other purposes, and identify the principal balance, term, and regular payment for each note listed. 66. Tuition Refunds Payable. Enter the total amount of tuition and fees due to be refunded to students but not yet paid. 67. Current Portion- Long Term Debt. Enter the amount currently due on long term notes or mortgages Payroll and Income Taxes Payable. Enter the amount currently due but not yet paid for payroll and income taxes. 70. Accrued Salaries and Wages. Enter amounts due to be paid for salaries and wages to personnel for services previously provided or now in progress but for which compensation has not yet been made. 71. Unearned Tuition. Enter the total amount of tuition and fees collected by the institution for education that has not yet been provided to students. 5

6 72. Unearned Dormitory Fees. Enter the total amount of dormitory fees collected in advance by the institution and covering a period of time that has not yet concluded. 73. Other Unearned Revenue. Enter the total amount of other income that has been paid to the institution for goods and services not yet provided or rendered. 74. Other Current Liabilities. Identify and list amounts for any other current liabilities that cannot be listed appropriately on lines 63 through 73. (Note: Before listing an item here, ensure that it should not be listed under Long-Term Liabilities, lines 76 through 78.) 75. Total Current Liabilities. Add the amounts on lines 63 through 74c, and provide the total. LONG-TERM LIABILITIES Notes or Bonds Payable, Mortgages Payable, and Other Long-Term Liabilities. For each long-term note, bond, mortgage, or other liability for which an amount is identified on line 76, 77, or 78, provide on an attached note the principal balance, term, and regular payment. 79. Total Long-Term Liabilities. Add the amounts on lines 76 through 78b, and enter the total on line Total Liabilities. Add the amounts on lines 75 and 79, and enter the total on line 80. STOCKHOLDER S/ OWNER S EQUITY Preferred or Common Stock, Owner s Investment. Enter the amount of funds held by the institution as the result of the sale of preferred or common stock or funds invested privately in the institution by the owner(s). Do not include on line 82 any amount that is included in the ending balance on line Other Equity. List any equity held by the institution that cannot be listed as stock or owner s investment on line 81 or 82, and that is not included in the ending balance on line 88. Retained Earnings: 84. Beginning Balance. If the institution has operated for over two years and has previously filed a Financial Statement, the beginning balance must equal the ending balance on the prior year s report. This amount should also appear as the most recent ending balance in Part II of the current Financial Statement. (In the event that the previous ending balance has subsequently been found to be in error, the institution should submit an amended version of that financial statement). If the institution is submitting an estimate for its first year of operation, or is submitting its first Financial Statement following the conclusion of its first year of authorized operation, the beginning balance is usually zero. However, if a parent corporation or owner elects to declare a portion of the Owner s Investment as a beginning operating balance, that portion may be entered on line 84 instead of line 82. Or, if the combined amount of liabilities, 6

7 stock, and owner s investment exceeds the Total Assets reported on line 62, the beginning balance may be a negative amount. 85. Add: Earnings for Year. This amount should be carried over from line 31. Exception: if the balance sheet is for a corporation that operates other campuses or branches not reported on the Income and Expense Statement enter the total corporate earnings for the year instead of the amount on line Deduct: Withdrawals and Dividends and Other Retained Earning Charges. On line 86, enter the total of any funds that were withdrawn from the operating balance or paid as dividends to stockholders. Any other charges against retained earnings should be entered on line 87. Provide descriptions in an attached note. 88. Ending Balance. Provide the net total of lines 84 through Total Stockholder s/ Owner s Equity. Add the amounts on lines 81, 82, 83, and 88, and enter the total on line Total Liabilities and Equity. Add the amounts on lines 80 and 89, and enter the total on line 90. This amount must equal the amount entered on line 62, Total Assets. PART IV. DISCLOSURES Methods Used to Determine Amounts Entered in the Financial Statement. For each depreciation amount listed identify the method used to determine the depreciated amount. 99. Basis for Financial Accounting. Indicate whether the institution uses a cash or accrual basis for financial accounting Status of Institution. Check the box for Non-Profit only if the institution has qualified for non-profit status with the Internal Revenue Service. A for-profit institution should check the applicable box for its corporate status Stockholders. Provide names of stockholders who hold at least 10 percent of issued and outstanding shares Other Disclosures. Check the appropriate box for each question. If the response to any question is affirmative, provide the requested additional information in an attached supplemental note. 7