STATE OF MISSISSIPPI OFFICE OF THE STATE AUDITOR PHIL BRYANT State Auditor RAMONA HILL, CPA Director, Financial and Compliance Audit Division BRENT BALLARD, CPA Director, Education Audit Section MISSISSIPPI UNIVERSITY FOR WOMEN Audited Financial Statements For the Year Ended June 30, 1997 MISSISSIPPI UNIVERSITY FOR WOMEN TABLE OF CONTENTS FINANCIAL AUDIT REPORT 1 Independent Auditor's Report on the General Purpose Financial Statements and Supplemental Information 3 AUDITED FINANCIAL STATEMENTS 5 Balance Sheet 6 Statement of Changes in Fund Balances 8 Statement of Current Fund Revenues, Expenditures and Other Changes 10 Summary of Significant Accounting Policies 12 Notes to Financial Statements 15 SUPPLEMENTAL INFORMATION 23 Schedule of Expenditures of Federal Awards 24 REPORTS ON COMPLIANCE AND INTERNAL CONTROL 27 Independent Auditor's Report on Compliance and Internal Control Over Financial Reporting Based on an Audit of the General Purpose Financial Statements Performed in Accordance with Government Auditing Standards 29 Independent Auditor's Report on Compliance with Requirements Applicable to Each Major Federal Program and Internal Control Over Compliance in Accordance with OMB Circular A-133 31 INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH STATE LAWS AND REGULATIONS 33 SCHEDULE OF FINDINGS AND QUESTIONED COSTS 37 3750 I-55 NORTH FRONTAGE ROAD $ JACKSON, MISSISSIPPI 39211 $ (601) 364-2888 $ FAX (601) 364-2828 The Office of the State Auditor does not discriminate on the basis of race, religion, national origin, sex, age or disability 1 MISSISSIPPI UNIVERSITY FOR WOMEN FINANCIAL AUDIT REPORT 2 MISSISSIPPI UNIVERSITY FOR WOMEN (This page left blank intentionally) 3 OFFICE OF THE STATE AUDITOR PHIL BRYANT AUDITOR INDEPENDENT AUDITOR=S REPORT ON THE GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION January 26, 1998 Board of Trustees Institutions of Higher Learning Jackson, Mississippi We have audited the general purpose financial statements of Mississippi University for Women as of and for the year ended June 30, 1997, as listed in the table of contents. These general purpose financial statements are the responsibility of Mississippi University for Women's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards 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 general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of Mississippi University for Women as of June 30, 1997, and the results of its operations for the year then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued our report dated January 26, 1998 on our consideration of Mississippi University for Women=s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. 4 Our audit was performed for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The accompanying Schedule of Expenditures of Federal Awards is presented for purposes of additional analysis as required by U.S. Office of Management and Budget Circular A-133 and is not a required part of the general purpose financial statements. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the general purpose financial statements taken as a whole. PHIL BRYANT RAMONA HILL, CPA State Auditor Director, Financial and Compliance Audit Division 5 MISSISSIPPI UNIVERSITY FOR WOMEN AUDITED FINANCIAL STATEMENTS 6 MISSISSIPPI UNIVERSITY FOR WOMEN Exhibit A Balance Sheet June 30, 1997 (With Comparative Figures at June 30, 1996) Current Prior Current Prior ASSETS Year Year LIABILITIES AND FUND BALANCES Year Year Current Funds Current Funds Current Unrestricted Funds: Current Unrestricted Funds: Cash and other deposits (Note 5) $ 220,322 4,061,527 Accounts payable and accrued expenses $ 801,694 962,518 Investments (Note 6) 3,127,216 3,590 Accrued leave (Note 3) 568,209 592,407 Accounts receivable: Deferred credits 862,156 605,743 State appropriation 93,325 89,955 Due to other funds 963,112 Students, less allowance of Fund balances: $729,425 (1997) and General 1,527,028 1,112,055 $679,325 (1996) 253,188 279,398 Designated 501,980 722,698 Other 567,394 646,325 Auxiliary 912,797 500,538 Inventories 284,610 294,907 Prepaid items and deferred charges 536,484 83,369 Due from other funds 91,325 Total Current Unrestricted Funds 5,173,864 5,459,071 Total Current Unrestricted Funds 5,173,864 5,459,071 Current Restricted Funds: Current Restricted Funds: Cash and other deposits (Note 5) 435,874 Accounts payable and accrued expenses 12,496 Other accounts receivable 455,046 1,070,971 Accrued leave (Note 3) 19,371 21,206 Prepaid items and deferred charges 69 Deferred credits 513,142 334,314 Due to other funds 458,745 Fund balance 358,476 244,210 Total Current Restricted Funds 890,989 1,070,971 Total Current Restricted Funds 890,989 1,070,971 Total Current Funds $ 6,064,853 6,530,042 Total Current Funds $ 6,064,853 6,530,042 Loan Funds Loan Funds Cash and other deposits (Note 5) $ 78,693 Due to other funds $ 91,325 Federal student loans, less allowance of Fund balances: $557,000 (1997) and Federal 1,817,925 1,792,965 $557,000 (1996) (Note 8) 1,935,818 1,741,840 Institution 51,318 51,318 Institutional student loans (Note 8) 24,750 23,750 Total Loan Funds $ 1,960,568 1,844,283 Total Loan Funds $ 1,960,568 1,844,283 This is trial version www.adultpdf.com [...]...Endowment and Similar Funds Cash and other deposits (Note 5) Investments (Note 6) Land grant principal (Note 7) Total Endowment & Similar Funds Plant Funds Cash and other deposits (Note 5) Investments (Note 6) Due from other funds Land Improvements other than buildings Buildings Furniture, machinery and equipment Books and films Assets under capital leases (Note 9)... 48,124,939 41,603,612 $ 256,784 958,721 $ 256,784 958,721 $ $ 723,026 4,874 256,784 Endowment and Similar Funds Fund balances: Endowment Quasi-endowment Land grant principal Agency Funds Due to depositors Total Agency Funds See accompanying Summary of Significant Accounting Policies and Notes to Financial Statements 7 This is trial version www.adultpdf.com ... 474,505 $ 48,124,939 41,603,612 $ 250,899 230,821 5,885 958,721 Total Endowment & Similar Funds Plant Funds Accounts payable Due to other funds Bonds payable (Note 9) Obligations under capital leases (Note 9) Fund balances: Unexpended Renewals and replacements Retirement of indebtedness Net investment in plant $ Total Plant Funds $ 1,753,272 390,101 156,600 1,753,272 390,101 156,600 2,299,973 2,299,973... Improvements other than buildings Buildings Furniture, machinery and equipment Books and films Assets under capital leases (Note 9) Construction in progress (Note 10) Total Plant Funds Agency Funds Cash and other deposits (Note 5) Deferred compensation plan assets at fair market value (Note 15) Due from depositors Total Agency Funds $ 184,364 1,959,009 156,600 1,863,238 280,135 156,600 $ 2,299,973 2,299,973 . STATE OF MISSISSIPPI OFFICE OF THE STATE AUDITOR PHIL BRYANT State Auditor RAMONA HILL, CPA Director, Financial and Compliance Audit Division BRENT BALLARD, CPA Director, Education Audit Section MISSISSIPPI. intentionally) 3 OFFICE OF THE STATE AUDITOR PHIL BRYANT AUDITOR INDEPENDENT AUDITOR= S REPORT ON THE GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION January 26, 1998 Board of Trustees Institutions. fairly stated, in all material respects, in relation to the general purpose financial statements taken as a whole. PHIL BRYANT RAMONA HILL, CPA State Auditor Director, Financial and Compliance Audit