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THOMAS NELSON COMMUNITY COLLEGEREVIEW REPORTFOR THE YEAR ENDEDJUNE 30, 2014Auditor of Public AccountsMartha S. Mavredes, CPAwww.apa.virginia.gov(804) 225-3350
March 4, 2015Dr. John T. DeverPresident, Thomas Nelson Community CollegeINDEPENDENT ACCOUNTANT’S REVIEW REPORTWe have reviewed the accompanying Statement of Net Position of Thomas NelsonCommunity College as of June 30, 2014, and the related Statement of Revenues, Expenses, andChanges in Net Position for the year then ended. A review includes primarily applying analyticalprocedures to management’s financial data and making inquiries of College management. A reviewis substantially less in scope than an audit, the objective of which is the expression of an opinionregarding the financial statements as a whole. Accordingly, we do not express such an opinion. Wedid not perform review procedures on the activity of Thomas Nelson Community College EducationalFoundation, a discretely presented component unit of Thomas Nelson Community College, which ispresented in the accompanying financial statements.Management is responsible for the preparation and fair presentation of the financialstatements in accordance with accounting principles generally accepted in the United States ofAmerica and for designing, implementing, and maintaining internal control relevant to thepreparation and fair presentation of the financial statements.Our responsibility is to conduct the review in accordance with Statements on Standards forAccounting and Review Services issued by the American Institute of Certified Public Accountants.Those standards require us to perform procedures to obtain limited assurance that there are nomaterial modifications that should be made to the financial statements. We believe that the resultsof our procedures provide a reasonable basis for our report.Based on our review, we are not aware of any material modifications that should be made tothe accompanying financial statements in order for them to be in conformity with accountingprinciples generally accepted in the United States of America.Fiscal Year 20141
Thomas Nelson Community College is one of 23 community colleges that comprise theVirginia Community College System, which is a component unit of the Commonwealth of Virginia.Federal funds received by the Commonwealth of Virginia are audited at a statewide level by theAuditor of Public Accounts under the Single Audit Act Amendments of 1996 and the U.S. Officeof Management and Budget Circular A-133. As a major program, the Auditor of Public Accountsaudits Federal Student Financial Aid at Virginia’s state-supported colleges and universitiesgenerally on a triennial cyclic basis. The Auditor of Public Accounts audited Thomas NelsonCommunity College’s Federal Student Aid programs in fiscal years 2011 and 2014 and did notreport any material compliance issues. Copies of our audits of the system-wide financialstatements of the Virginia Community College System along with copies of our statewide SingleAudits may be found on our website at www.apa.virginia.gov.This report is intended solely for the information and use of the accreditation reviewboard and is not intended to be and should not be used by anyone other than this specified party.However, this report is a matter of public record and its distribution is not limited.AUDITOR OF PUBLIC ACCOUNTSEMS/cljFiscal Year 20142
Virginia Community College SystemThomas Nelson Community CollegeStatement of Net PositionAs of June 30, 2014Component UnitThomas tyCollegeAssetsCurrent AssetsCash and cash equivalentsShort term investmentsAccounts receivable, netPledges receivablePrepaid expensesInventoriesTotal Current Assets 14,018,7031421,147,900132,85964215,300,246 83,6931,13423,448108,275Noncurrent AssetsEndowment cash and cash equivalentsEndowment investmentsOther long-term investmentsAccounts receivable, netInvestments in real estateNon-depreciable capital assets, netDepreciable capital assets, netTotal Noncurrent 4,7813,273,091333,9418,240,234Total ent LiabilitiesAccounts and retainage payableAccrued payroll expenseUnearned revenueLong-term liabilities-current portionSecurities lending obligationDue to CommonwealthDepositsTotal Current nt LiabilitiesLong-term liabilitiesTotal Noncurrent ,988,2402,820,0662,847,0072,384,713Deferred Outflows of ResourcesTotal Assets and Deferred Outflows of ResourcesLiabilitiesTotal LiabilitiesDeferred Inflows of ResourcesTotal Liabilities and Deferred Inflows of ResourcesNet PositionNet investment in capital assetsRestricted for:NonexpendableExpendableUnrestrictedTotal Net Position 68,508,366 8,051,786See Independent Accountant's Review ReportFiscal Year 20143
Virginia Community College SystemThomas Nelson Community CollegeStatement of Revenues, Expenses and Changes in Net PositionFor the Year Ended June 30, 2014CommunityCollegeComponentUnitThomas sOperating RevenueTuition and fees (net of scholarship allowance of 8,804,192) Federal grants and contractsNongovernmental grantsSales/services of education departmentAuxiliary enterprises (net of scholarship allowance of 31,476)Gifts and contributionsEndowment incomeOther operating revenuesTotal Operating 840,085ExpensesOperating ExpensesInstructionPublic serviceAcademic supportStudent servicesInstitutional supportOperation and maintenanceScholarships and fellowshipsAuxiliary enterprisesFundraisingOther expensesTotal Operating 85,307365,68380,14123,2792,348531,867Operating Income 81,289,609Nonoperating Revenues(Expenses)State appropriationsLocal appropriationsGrants and giftsInvestment incomeInterest on capital asset related debtOther nonoperating revenue (expense)Net Nonoperating RevenueIncome before other revenues, expensesgains (losses)Capital appropriations-stateCapital appropriations-localCapital gifts, grants and contractsAdditions to permanent and term endowmentsIncrease (Decrease) in Net PositionNet PositionNet Position beginning of yearNet Position end of year 68,283,07168,508,366 ,786See Independent Accountant's Review ReportFiscal Year 20144
Fiscal Year 2014 1 March 4, 2015 Dr. John T. Dever President, Thomas Nelson Community College INDEPENDENT ACCOUNTANT'S REVIEW REPORT We have reviewed the accompanying Statement of Net Position of Thomas Nelson Community College as of June 30, 2014, and the related Statement of Revenues, Expenses, and Changes in Net Position for the year then ended.
