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JOHN TYLER COMMUNITY COLLEGEREPORT ON AUDITFOR THE YEAR ENDEDJUNE 30, 2011
December 15, 2011Dr. Marshall W. Smith, PresidentJohn Tyler Community College13101 Jefferson Davis HighwayChester, VA 23831-5316Dear Dr. Smith:We have reviewed the accompanying Statement of Net Assets of John Tyler Community College asof June 30, 2011, and the related Statement of Revenues, Expenses, and Changes in Net Assets for the yearthen ended, in accordance with Statements on Standards for Accounting and Review Services issued by theAmerican Institute of Certified Public Accountants. All information included in these financial statements isthe 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.John Tyler 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 John Tyler Community College’s Federal Student Aid programs in fiscal years 2006and 2009 and did not report 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 Single Audits maybe 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 AccountsEnclosure2
Virginia Community College SystemJohn Tyler Community CollegeStatement of Net AssetsAs of June 30, 2011CommunityCollegeComponent UnitJohn TylerCommunityCollegeFoundationASSETSCurrent AssetsCash and cash equivalentsShort term investmentsAccounts receivableDue from CommonwealthDue from system officePrepaid expensesInventoriesTotal Current Assets 00,453 672,304672,304Noncurrent AssetsRestricted cash and cash equivalentsEndowment cash and cash equivalentsAppropriation availableEndowment investmentsOther long-term investmentsInvestments in real estateDue from CommonwealthNon-depreciable capital assets, netDepreciable capital assets, netTotal Noncurrent al 88,3972,837,905798,0605,724,362LiabilitiesCurrent LiabilitiesAccounts and retainage payableAccrued payroll expenseDeferred revenueLong-term liabilities-current portionSecurities lending obligationDue to CommonwealthDepositsTotal Current LiabilitiesNoncurrent LiabilitiesLong-term liabilitiesTotal Noncurrent LiabilitiesTotal Liabilities-Net AssetsInvested in capital assets, net of related debtRestricted for:NonexpendableExpendableUnrestrictedTotal Net Assets See Auditor of Public Accounts' Review Report3
Virginia Community College SystemJohn Tyler Community CollegeStatement of Revenues, Expenses and Changes in Net AssetsFor the Year Ended June 30, 2011RevenuesOperating RevenueTuition and fees (net of scholarship allowance of 7,181,355)Federal grants and contractsState and local grantsAuxiliary enterprises (net of scholarship allowance of 31,412)Gifts and contributionsEndowment incomeOther operating revenuesTotal Operating RevenueCommunityCollege mponent UnitJohn TylerCommunityCollegeFoundation 492,003117,676398,0541,007,733ExpensesOperating ExpensesInstructionAcademic supportStudent servicesInstitutional supportOperation and maintenanceScholarships and fellowshipsAuxiliary enterprisesFundraisingOther expensesTotal Operating 142,3462,72931,1911,440,746Operating Income onoperating 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 gifts, grants and contractsAdditions to permanent and term endowmentsIncrease (Decrease) in Net AssetsNet AssetsNet Assets beginning of yearNet Assets end of year58,484,829 58,844,511See Auditor of Public Accounts' Review Report4 5,830,0895,724,362
JOHN TYLER COMMUNITY COLLEGE REPORT ON AUDIT FOR THE YEAR ENDED JUNE 30, 2011. 1 December 15, 2011 Dr. Marshall W. Smith, President John Tyler Community College 13101 Jefferson Davis Highway Chester, VA 23831-5316 Dear Dr. Smith: We have reviewed the accompanying Statement of Net Assets of John Tyler Community College as
