WEST VIRGINIA UNIVERSITY - POTOMAC STATE COLLEGE

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Vincent Hensley
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1 WEST VIRGINIA UNIVERSITY POTOMAC STATE COLLEGE STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS YEARS ENDED JUNE 30, 2003 AND OPERATING REVENUES Student tuition and fees, net of scholarship allowances of $1,090 and $1,001 $ 1,579 $ 1,358 Federal grants and contracts 1,658 1,619 State grants and contracts Nongovernmental grants and contracts 3 Sales and services of educational departments Auxiliary enterprises, net of scholarship allowances of $83 and $77 1,920 1,780 Operating revenue from Main Campus 1 Other operating revenues (including revenue from outsourced enterprise of $30 and $38) Total operating revenues 5,563 5,386 OPERATING EXPENSES Salaries and wages 4,821 4,562 Benefits 1,308 1,188 Scholarships and fellowships Utilities Supplies and other services 2,256 2,414 Depreciation Operating expenses to Main Campus 16 Loan cancellations and writeoffs 30 Assessments by the Commission for operations Other operating expenses 19 Total operating expenses 9,799 9,387 OPERATING LOSS $ (4,236) $ (4,001) (continued)

2 WEST VIRGINIA UNIVERSITY POTOMAC STATE COLLEGE STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS (CONTINUED) YEARS ENDED JUNE 30, 2003 AND NONOPERATING REVENUES (EXPENSES) State appropriations $ 4,765 $ 4,561 Gifts 9 Investment income Interest on capital assetrelated debt (3) (4) Assessments by the Commission for debt service (48) (98) Other nonoperating income (expenses) net (4) Net nonoperating revenues 4,805 4,569 INCOME (LOSS) BEFORE OTHER REVENUES, EXPENSES, GAINS, OR LOSSES Bond/capital projects proceeds from the Commission INCREASE IN NET ASSETS BEFORE TRANSFERS TRANSFER OF LIABILITY FROM THE COMMISSION (626) INCREASE IN NET ASSETS NET ASSETSBEGINNING OF YEAR (AS RESTATED IN 2002) 3,949 3,820 NET ASSETSEND OF YEAR $ 4,519 $ 3,949

3 WEST VIRGINIA UNIVERSITY POTOMAC STATE COLLEGE STATEMENTS OF NET ASSETS AS OF JUNE 30, 2003 AND ASSETS Current Assets: Cash and cash equivalents $ 3,775 $ 2,962 Accounts Receivable Main Campus 17 Accounts receivable, net of allowances for doubtful accounts of $116 and $ Loans receivable, current portion 2 14 Inventories Prepaid expenses 5 Total current assets 4,162 3,273 Noncurrent Assets: Loans receivable, net of allowances for doubtful accounts of $5 and $16 4 (8) Capital assets, net 2,605 2,554 Total noncurrent assets 2,609 2,546 TOTAL ASSETS $ 6,771 $ 5,819 (continued)

4 WEST VIRGINIA UNIVERSITY POTOMAC STATE COLLEGE STATEMENTS OF NET ASSETS (CONTINUED) AS OF JUNE 30, 2003 AND LIABILITIES Current Liabilities: Accounts payable $ 301 $ 333 Accrued liabilities 5 5 Accrued payroll Deposits Deferred revenue Due to the Commission 4 2 Compensated absences, current portion Debt service assessment payable to the Commission, current portion Leases payable, current portion Total current liabilities Noncurrent Liabilities: Compensated absences Debt service assessment payable to the Commission Leases payable Notes payable 210 Other noncurrent liabilities 18 Total noncurrent liabilities 1,410 1,169 TOTAL LIABILITIES $ 2,252 $ 1,870 NET ASSETS Invested in capital assets, net of related debt $ 1,992 $ 1,874 Restricted for: Expendable: Scholarships and fellowships 10 (4) Sponsored programs (8) Loans Capital projects 4 (52) Other (22) Total expendable 42 (39) Unrestricted 2,485 2,114 TOTAL NET ASSETS $ 4,519 $ 3,949

5 WEST VIRGINIA UNIVERSITY POTOMAC STATE COLLEGE STATEMENTS OF CASH FLOWS YEARS ENDED JUNE 30, 2003 AND CASH FLOWS FROM OPERATING ACTIVITIES Tuition and fees $ 1,592 Grants and contracts 1,805 Payments to suppliers (2,200) Payments to employees (4,814) Payments for benefits (1,261) Payments to utilities (536) Payments for scholarships and fellowships (406) Collection (disbursements) of loans to students (31) Auxiliary enterprise charges 1,947 Sales and service of educational departments 132 Payments of operating expenses to (from) Main Campus (33) Other receipts (payments) net 98 Net cash used in operating activities (3,707) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES State appropriations 4,765 Assessments by the Commission for operations (48) Other nonoperating receipts (payments) net 206 Net cash provided by noncapital financing activities 4,923 CASH FLOWS FROM CAPITAL FINANCING ACTIVITIES Proceeds from (payments on) Commission debt assessment payable 99 Purchases of capital assets (574) Principal paid on capital debt and leases (20) Interest paid on capital debt and leases (3) Net cash used in capital financing activities (498) CASH FLOWS FROM INVESTING ACTIVITIES Investment income 95 Net cash provided by investing activities 95 INCREASE IN CASH AND CASH EQUIVALENTS 813 CASH AND CASH EQUIVALENTS BEGINNING OF YEAR 2,962 CASH AND CASH EQUIVALENTS END OF YEAR $ 3,775

6 WEST VIRGINIA UNIVERSITY POTOMAC STATE COLLEGE STATEMENTS OF CASH FLOWS (CONTINUED) YEARS ENDED JUNE 30, 2003 AND 2002 Reconciliation of net operating income to net cash provided by operating activities: 2003 Operating loss $ (4,236) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation expense 366 Changes in assets and liabilities: Accounts receivable, net (72) Loans receivable, net (1) Prepaid expenses 5 Inventories (33) Accounts payable (22) Accrued liabilities 40 Deposits 16 Deferred revenue 126 Due to the Commission 16 Compensated absences 88 Net cash used in operating activities $ (3,707) Noncash Transactions: Equipment purchased on capital lease $ Donated capital assets $ Gain (loss) on investments $ Parking facility improvement in lieu of cash $ Transfer of liability from the Commission $ Bond discount amortization $ Loss on dispositions $ Reconciliation of cash and cash equivalents to the statements of net assets: Cash and cash equivalents classified as current assets $ 3,775 Cash and cash equivalents classified as noncurrent assets $ 3,775

7 West Virginia University Potomac State College NATURAL CLASSIFICATIONS WITH FUNCTIONAL CLASSIFICATION Year Ended June 30, 2003 Natural Classification Salaries & Scholarships & Supplies & Loan Canc Assessments by Operating Expenses Other Functional Classification Wages Benefits Fellowships Utilities Other Services Depreciation & Write Offs the Commission to Main Campus Operating Expenses Total Instruction $ 1,659 $ 367 $ $ 155 $ 268 $ $ $ $ $ $ 2,449 Research Public Service Academic Support Student Services ,039 Operation and Maintenance of Plant ,029 General Institutional Support ,175 Student Financial Aid Auxiliary Enterprises ,089 Depreciation Assessments by Commission for Operations Loan Cancellations and Write Offs Operating Expenses to the University Total Expenses $ 4,821 $ 1,308 $ 425 $ 500 $ 2,256 $ 366 $ 30 $ 58 $ 16 $ 19 $ 9,799

8 West Virginia University Potomac State College NATURAL CLASSIFICATIONS WITH FUNCTIONAL CLASSIFICATION Year Ended June 30, 2002 Natural Classification Salaries & Scholarships & Supplies & Assessments by Functional Classification Wages Benefits Fellowships Utilities Other Services Depreciation the Commission Total Instruction $ 2,033 $ 574 $ $ 130 $ 526 $ $ $ 3,263 Research 3 3 Public Service Academic Support Student Services ,093 Operation and Maintenance of Plant General Institutional Support Student Financial Aid Auxiliary Enterprises ,684 Depreciation Assessments by Commission for Operations Total Expenses $ 4,562 $ 1,188 $ 375 $ 462 $ 2,414 $ 328 $ 58 $ 9,387

WEST VIRGINIA UNIVERSITY - POTOMAC STATE COLLEGE

WEST VIRGINIA UNIVERSITY - POTOMAC STATE COLLEGE STATEMENTS OF NET ASSETS AS OF JUNE 30, 2004 AND 2003 ASSETS Current Assets: Cash and cash equivalents $ 4,104 $ Accounts Receivable - Main Campus - 17 Accounts receivable, net of allowances for doubtful