Transcription
J. SARGEANT REYNOLDS COMMUNITY COLLEGEREPORT ON REVIEWFOR THE YEAR ENDEDJUNE 3030, 2008
February 3, 2009Gary L. Rhodes, Ed.D, PresidentJ. Sargeant Reynolds Community CollegePO BOX 85622Richmond, VA, USA 23285-5622Dear Mr. Gary L. Rhodes:We have reviewed the accompanying Statement of Net Assets of J. Sargeant Reynolds CommunityCollege as of June 30, 2008, and the related Statement of Revenues, Expenses, and Changes in Net Assets forthe year then ended, in accordance with Statements on Standards for Accounting and Review Services issuedby the American Institute of Certified Public Accountants. All information included in these financialstatements is the representation of the management of the individual community college.A review consists principally of inquiries of college personnel and analytical procedures applied tofinancial data. It is substantially less in scope than an audit in accordance with generally accepted auditingstandards, the objective of which is the expression of an opinion regarding the financial statements taken as awhole. Accordingly, we do not express such an opinion.Based on our review, we are not aware of any material modifications that should be made to theaccompanying financial statements in order for them to be in conformity with generally accepted accountingprinciples.J. Sargeant Reynolds Community College is one of 23 community colleges that comprise the VirginiaCommunity College System, which is a component unit of the Commonwealth of Virginia. Federal fundsreceived by the Commonwealth of Virginia are audited at a statewide level by the Auditor of Public Accountsunder the Statewide Single Audit Act Amendments of 1996 and the U.S. Office of Management and BudgetCircular A-133. As a major program, the Auditor of Public Accounts audits Federal Student Financial Aid atVirginia’s state-supported colleges and universities generally on a triennial cyclic basis. The Auditor ofPublic Accounts audited J. Sargeant Reynolds Community College’s Federal Student Aid programs in fiscalyears 2005 and 2008 and did not report any material compliance issues. Copies of our audits of the systemwide financial statements of the Virginia Community College System along with copies of our StatewideSingle Audits may be found on our website at www.apa.virginia.gov.1
This letter is intended solely for the information and use of the accreditation review board and is notintended to be and should not be used by anyone other than this specified party. However, this letter is amatter of public record and its distribution is not limited.Sincerely,Walter J. KucharskiAuditor of Public AccountsEnclosureDBC/clj2
J. SARGEANT REYNOLDS COMMUNITY COLLEGESTATEMENT OF NET ASSETSAs of June 30, 2008Component UnitsCommunityCollegeASSETSCurrent assets:Cash and cash equivalentsAppropriation availableShort term investmentsAccounts receivablePledges receivableDue from CommonwealthDue from system officeInterest receivablePrepaid expensesInventories 8117,806J. Sargeant ReynoldsCommunity CollegeEducational FoundationJ. Sargeant ReynoldsCommunity CollegeReal Estate Foundation 3,730,1186,453708,0825,2487,757--Total current assets12,455,0184,457,658-Noncurrent assets:Restricted cash and cash equivalentsAppropriation availableEndowment investmentsOther long-term investmentsAccounts receivable, netPledges receivableDue from CommonwealthNon-depreciable capital assets, netDepreciable capital assets, ,3972,794,3181,166,7951,711,27137,743105,999-Total noncurrent assets54,801,4035,710,127105,999Total ,211,062229,540-LIABILITIESCurrent liabilities:Accounts and retainage payableAccrued payroll expenseDeferred revenueLong-term liabilities-current portionDue to CommonwealthDepositsTotal current liabilitiesNoncurrent liabilities:Long-term liabilitiesTotal liabilitiesNET ASSETSInvested in capital assets, net of related debtRestricted for:NonexpendableExpendableUnrestrictedTotal net assets 53,716,661See Auditor of Public Accounts' Review Report3 7,291,509 105,999
J. SARGEANT REYNOLDS COMMUNITY COLLEGESTATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETSFor the Year Ended June 30, 2008CommunityCollegeOperating revenue:Tuition and fees (net of scholarship allowance of 3,224,311)Federal grants and contractsState and local grantsNongovernmental grantsSales/services of education departmentAuxiliary enterprises (net of scholarship allowance of 18,541)Gifts and contributionsEndowment incomeOther operating revenues ,564Total operating revenueOperating expenses:InstructionPublic serviceAcademic supportStudent servicesInstitutional supportOperation and maintenanceScholarships and fellowshipsAuxiliary enterprisesFundraisingTotal operating expensesOperating lossComponent UnitsJ. SargeantJ. SargeantReynoldsReynoldsCommunity College Community CollegeReal EstateEducationalFoundationFoundation Net nonoperating revenueLoss before other revenues, expenses, gains, and lossesIncrease in net assetsNet assets - beginning of yearNet assets - end of 00 53,716,661See Auditor of Public Accounts' Review Report-835,367(1,631,280)Capital appropriations-stateCapital appropriations-localCapital gifts, grants and contractsAdditions to permanent and term endowments 21,416,423(34,200,019)Nonoperating revenues (expenses):State appropriationsLocal appropriationsGrants and giftsInvestment incomeInterest on capital asset related debtOther nonoperating revenue (expense)834,969(16,203)16,601 7,291,509 105,999
J. Sargeant Reynolds Community College PO BOX 85622 Richmond, VA, USA 23285-5622 Dear Mr. Gary L. Rhodes: We have reviewed the accompanying Statement of Net Assets of J. Sargeant Reynolds Community College as of June 30, 2008, and the related Statement of Revenues, Expenses, and Changes in Net Assets for
