Financial Statements For the Year Ended June 30, 2001 by g2903423

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									    SNOW COLLEGE
           ________

       Financial Statements
For the Year Ended June 30, 2001

           ________

        Report No. 01-16
                                   SNOW COLLEGE
                                FINANCIAL REPORT
                         FOR THE YEAR ENDED JUNE 30, 2001



                                      Table of Contents

                                                                        Page

SNOW COLLEGE GENERAL-PURPOSE FINANCIAL STATEMENTS SECTION:

  INDEPENDENT STATE AUDITOR'S REPORT                                      2

  GENERAL-PURPOSE FINANCIAL STATEMENTS:
    Balance Sheet                                                         4
    Statement of Changes in Fund Balances                                 6
    Statement of Current Funds Revenues, Expenditures,
       and Other Changes                                                  8
    Notes to Financial Statements                                         9

SUPPLEMENTARY FINANCIAL STATEMENTS SECTION:

  SNOW COLLEGE–EPHRAIM STATEMENTS:
     Supplementary Balance Sheet                                         20
     Supplementary Statement of Changes in Fund Balances                 22
     Supplementary Statement of Current Funds Revenues, Expenditures,
       and Other Changes                                                 24

  SNOW COLLEGE–SOUTH STATEMENTS:
     Supplementary Balance Sheet                                         26
     Supplementary Statement of Changes in Fund Balances                 28
     Supplementary Statement of Current Funds Revenues, Expenditures,    30
       and Other Changes
               SNOW COLLEGE
GENERAL-PURPOSE FINANCIAL STATEMENTS SECTION




                     1
                                                                                          DEPUTY STATE AUDITOR:
                                                STATE OF UTAH                              Joe Christensen, CPA
                                     Office of the State Auditor                          AUDIT DIRECTORS:
                                                 211 STATE CAPITOL
                                                                                           H. Dean Eborn, CPA
                                             SALT LAKE CITY, UTAH 84114
                                                    (801) 538-1025                         Deborah A. Empey, CPA
                                                  FAX (801) 538-1383                       Stan Godfrey, CPA
Auston G. Johnson, CPA                                                                     Jon T. Johnson, CPA
  UTAH STATE AUDITOR




                             INDEPENDENT STATE AUDITOR'S REPORT


     To the Snow College Board of Trustees
        and
     Michael T. Benson, President

     We have audited the accompanying general-purpose financial statements of Snow College
     (hereinafter referred to as the "College"), a component unit of the State of Utah, as of and for the year
     ended June 30, 2001, as listed in the foregoing table of contents. These general-purpose financial
     statements are the responsibility of the College’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 auditing standards generally accepted in the United
     States of America 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 the College as of June 30, 2001 and the changes in fund
     balances and the current funds revenues, expenditures and other changes for the year then ended in
     conformity with accounting principles generally accepted in the United States of America.

     As discussed in Note 12 to the general-purpose financial statements, the College changed its method
     of accounting for certain assets and revenues to comply with the requirements of Government
     Accounting Standards Board (GASB) Statement No. 33, Accounting and Financial Reporting for
     Nonexchange Transactions. Implementing this standard resulted in a significant change in revenue
     recognition causing revenue and receivables to increase by $12,504,048.

     As discussed in Note 13, the College has elected not to early implement certain GASB statements.
     Those statements will be implemented for the year ended June 30, 2002, and will have a significant


                                                         2
 impact on the College’s revenue and expense recognition and assets, liabilities and fund equity
 reporting.

Our audit was made for the purpose of forming an opinion on the general-purpose financial
statements of Snow College taken as a whole. The supplementary financial statements listed in the
table of contents are presented for purposes of additional analysis and are not a required part of the
general-purpose financial statements of Snow College. Such information has been subjected to the
auditing procedures applied in the audit of the general-purpose financial statements and, in our
opinion, based on our audit, is fairly presented in all material respects in relation to the general-
purpose financial statements taken as a whole.

In accordance with Government Auditing Standards, we have also issued our report dated November
30, 2001 on our consideration of the College’s internal control over financial reporting and on our
tests of its compliance with certain provisions of laws, regulations, contracts and grants. That report
is an integral part of an audit performed in accordance with Government Auditing Standards and
should be read in conjunction with this report in considering the results of our audit.



UTAH STATE AUDITOR
November 30, 2001




                                                  3
SNOW COLLEGE – General-Purpose Financial Statements
Balance Sheet
June 30, 2001


                                                                           Current Funds
                                                                                                   Total
                                                                                                  Current
                                                          Unrestricted          Restricted        Funds       Loan Fund
ASSETS:
 Cash and cash equivalents                                $ 5,415,903       $     133,649     $ 5,549,552     $     12,605
 Deposits with state agencies
 Investments (Note 2)                                          1,314,449            15,348        1,329,797         13,678
 Accounts receivable (less allowance
   of $93,701)                                                 1,081,281          661,183         1,742,464       1,005,605
 Accrued interest receivable                                      20,092                             20,092
 Due from other funds                                            174,613          569,440           744,053        449,172
 Inventories                                                     337,880                            337,880
 Deferred expense                                                  5,064                              5,064
 Notes receivable                                                 75,000                             75,000
 Investment in plant
 Construction in progress
     TOTAL ASSETS                                         $ 8,424,282       $ 1,379,620       $ 9,803,902     $ 1,481,060

LIABILITIES AND FUND BALANCE:
 Accounts payable                                         $      211,591    $       54,231    $     265,822
 Accrued liabilities                                             655,720                            655,720
 Due to other funds                                            2,597,975          161,331         2,759,306
 Liability for early retirement                                  644,999                            644,999
 Deferred revenue and deposits                                   420,034                            420,034
 Accrued vacation                                                567,725            27,380          595,105
 Agency fund deposits
 Capital lease obligation
     TOTAL LIABILITIES                                         5,098,044           242,942        5,340,986
     FUND BALANCE                                              3,326,238         1,136,678        4,462,916   $ 1,481,060
     TOTAL LIABILITIES AND FUND BALANCE                   $ 8,424,282       $ 1,379,620       $ 9,803,902     $ 1,481,060

FUND BALANCE CONSISTS OF:
 U.S. Government grants refundable                                                                            $ 1,284,089
 Unrestricted                                             $ 3,033,237                         $ 3,033,237
 Unrestricted - designated                                    293,001                             293,001           19,544
 Restricted                                                                 $ 1,136,678         1,136,678          177,427
 Endowments
 Quasi-endowments - designated
 Net investment in plant
     TOTAL FUND BALANCE                                   $ 3,326,238       $ 1,136,678       $ 4,462,916     $ 1,481,060

                          The accompanying notes are an integral part of these financial statements.




                                                           4
                                                         Plant Funds
Endowment                                         Renewal and Retirement of
and Similar         Agency       Unexpended       Replacement    Indebtedness       Investment     Total All Funds
  Funds              Fund        Plant Fund          Fund            Fund             In Plant   (memorandum only)

                                 $       47,175                  $ 236,645                         $    5,845,977
                                      1,505,670                                                         1,505,670
$ 3,780,404     $ 103,575                97,959   $   218,468                                           5,543,881

                      5,481          12,000,922                                                        14,754,472
                                                                                                           20,092
                    175,514            548,474        994,573           787                             2,912,573
                                                                                                          337,880
                                                                                                            5,064
                                          7,238                                                            82,238
                                                                                $ 63,969,920           63,969,920
                                      9,343,230                                    1,933,800           11,277,030
$ 3,780,404     $ 284,570        $ 23,550,668     $ 1,213,041    $ 237,432      $ 65,903,720       $ 106,254,797


                $    18,180      $     181,556                                                     $      465,558
                                                                                                          655,720
$    153,030            237                                                                             2,912,573
                                                                                                          644,999
                      5,473                                                                               425,507
                                                                                                          595,105
                    260,680                                                                               260,680
                                                                                $      522,823            522,823
      153,030       284,570             181,556                                        522,823          6,482,965
    3,627,374                        23,369,112   $ 1,213,041    $ 237,432          65,380,897         99,771,832
$ 3,780,404     $ 284,570        $ 23,550,668     $ 1,213,041    $ 237,432      $ 65,903,720       $ 106,254,797


                                                                                                   $    1,284,089
                                                                                                        3,033,237
                                 $      317,465   $ 1,003,942    $ 237,432                              1,871,384
                                     13,708,417       209,099                                          15,231,621
$ 2,796,339                                                                                             2,796,339
    831,035                                                                                               831,035
                                      9,343,230                                 $ 65,380,897           74,724,127
$ 3,627,374     $            -   $ 23,369,112     $ 1,213,041    $ 237,432      $ 65,380,897       $ 99,771,832




                                                       5
SNOW COLLEGE – General-Purpose Financial Statements
Statement of Changes in Fund Balances
Year Ended June 30, 2001

                                                                                Current Funds
                                                                                                       Total
                                                                                                      Current
                                                                 Unrestricted     Restricted          Funds         Loan Fund
REVENUES AND OTHER ADDITIONS:
 Unrestricted current fund revenues                             $ 25,594,168                       $ 25,594,168
 Tuition and student fees - restricted                                            $       4,943           4,943
 State appropriations
 Government grants and contracts                                                      5,027,907        5,027,907    $     68,390
 Private gifts, grants and contracts
 Investment income                                                                     109,928          109,928            6,433
 Interest on loans receivable                                                                                             19,993
 Expended for plant facilities (including current
    fund expenditures of $483,229)
 Retirement of indebtedness
 Other                                                                                   64,168           64,168
      TOTAL REVENUES AND OTHER ADDITIONS                          25,594,168          5,206,946       30,801,114          94,816

EXPENDITURES AND OTHER DEDUCTIONS:
 Education and general                                            22,520,400          4,733,600       27,254,000
 Auxiliary enterprises                                             1,879,695                           1,879,695
 Indirect costs recovered                                                              113,909           113,909
 Loan cancellations and write-offs                                                                                        13,255
 Expended for plant facilities (including non-capitalized
   expenditures of $194,312)
 Administrative and collection costs                                                                                       2,040
 Disposal of plant facilities
      TOTAL EXPENDITURES AND OTHER DEDUCTIONS                     24,400,095          4,847,509       29,247,604          15,295

TRANSFERS – ADDITIONS/(DEDUCTIONS):
 Mandatory transfers, net
 Nonmandatory transfers, net                                          65,435            (77,776)         (12,341)
    TOTAL TRANSFERS – ADDITIONS/(DEDUCTIONS)                          65,435            (77,776)         (12,341)

NET INCREASE (DECREASE) IN FUND BALANCE                            1,259,508           281,661         1,541,169           79,521
FUND BALANCE, BEGINNING OF YEAR                                    2,066,730           855,017         2,921,747        1,401,539

FUND BALANCE, END OF YEAR                                       $ 3,326,238       $ 1,136,678      $ 4,462,916      $ 1,481,060


                         The accompanying notes are an integral part of these financial statements.




                                                            6
                                         Plant Funds
Endowment                         Renewal and Retirement of
and Similar      Unexpended       Replacement    Indebtedness      Investment         Total All Funds
  Funds          Plant Fund          Fund            Fund            In Plant       (memorandum only)

                                                                                      $ 25,594,168
                 $       16,094   $    209,099                                             230,136
                      2,631,515                                                          2,631,515
                     12,784,899                                                         17,881,196
$     84,400            212,892                                                            297,292
    (377,554)            13,685          7,958    $    13,552                             (225,998)
                                                                                            19,993

                                                                  $ 3,141,081            3,141,081
                                                                       20,162               20,162
                                                                                            64,168
    (293,154)        15,659,085        217,057         13,552        3,161,243          49,653,713


                                                                                        27,254,000
                                                                                         1,879,695
                                                                                           113,909
                                                                                            13,255

                      2,768,859         83,305                                           2,852,164
          923                                                                                2,963
                                                                     1,925,660           1,925,660
         923          2,768,859         83,305                -      1,925,660          34,041,646


                                                                                                 -
       (6,720)                                                                             (19,061)
       (6,720)                -               -               -                 -          (19,061)

     (300,797)       12,890,226         133,752        13,552       1,235,583           15,593,006
    3,928,171        10,478,886       1,079,289       223,880      64,145,314           84,178,826

$ 3,627,374      $ 23,369,112     $ 1,213,041     $ 237,432       $ 65,380,897        $ 99,771,832




                                                          7
SNOW COLLEGE – General-Purpose Financial Statements
Statement of Current Funds Revenues, Expenditures, and Other Changes
Year Ended June 30, 2001

                                                                                                        Total
                                                                                                       Current
                                                                Unrestricted           Restricted      Funds
REVENUES:
 Tuition and student fees                                       $ 4,642,175        $        4,613    $ 4,646,788
 State appropriations                                            15,852,800                34,500     15,887,300
 Government grants and contracts                                    151,658             4,513,815      4,665,473
 Private gifts, grants and contracts                              1,094,783                13,539      1,108,322
 Sales and services of educational departments                      540,805                              540,805
 Investment income                                                  810,061              108,558         918,619
 Sales and services of auxiliary enterprises                      1,708,923                            1,708,923
 Other                                                              792,963                58,575        851,538
     TOTAL REVENUES                                              25,594,168             4,733,600     30,327,768

EXPENDITURES:
 Education and general:
  Instruction                                                    10,097,675             1,045,841    11,143,516
  Research                                                                                 22,348        22,348
  Public services                                                   221,439               699,079       920,518
  Academic support                                                1,882,851               314,259     2,197,110
  Student services                                                2,745,943                71,252     2,817,195
  Institutional support                                           3,802,834                 7,569     3,810,403
  Operation and maintenance of plant                              3,142,105                14,260     3,156,365
  Scholarships and grants-in-kind                                   627,553             2,558,992     3,186,545
 Auxiliary enterprises                                            1,879,695                           1,879,695
    TOTAL EXPENDITURES                                           24,400,095             4,733,600    29,133,695

TRANSFERS AND OTHER ADDITIONS/(DEDUCTIONS):
 Excess of restricted receipts over/(under)
  transfers to revenues                                                                  359,437        359,437
 Mandatory transfers                                                                                          -
 Nonmandatory transfers                                              65,435               (77,776)      (12,341)
     TOTAL TRANSFERS AND OTHER
     ADDITIONS/(DEDUCTIONS)                                          65,435              281,661        347,096

NET INCREASE (DECREASE) IN FUND BALANCE                         $ 1,259,508        $     281,661     $ 1,541,169


                      The accompanying notes are an integral part of these financial statements.




                                                          8
                                               SNOW COLLEGE
                                     NOTES TO FINANCIAL STATEMENTS
                                     FOR THE YEAR ENDED JUNE 30, 2001


NOTE 1:   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

          Reporting Entity
          The financial statements are comprised of the financial accounts of Snow College, including
          Snow College–South. On July 1, 1999, the former Sevier Valley Applied Technology Center
          in Richfield, Utah became part of Snow College and is sometimes referred to as Snow College–
          South.

          Snow College (the College) is a component unit of the State of Utah and, as such, the College
          financial statements are included in the State’s Comprehensive Annual Financial Report. The
          College has no component units. Component units are entities which are legally separate from
          the College but are financially accountable to the College, or whose relationships with the
          College are such that exclusion would cause the College’s financial statements to be misleading
          or incomplete.

          Basis for Reporting
          The financial statements of the College have been prepared on the accrual basis, except for
          depreciation, as explained below.

          The Statement of Current Funds Revenues, Expenditures and Other Changes is a statement of
          the financial activities of current funds related to the current reporting period. It is not intended
          to present the results of operations nor the net income or loss for the period, as would a
          statement of revenues and expenses.

          To the extent that current funds are used to finance plant assets, a non-current use, the amounts
          so provided are accounted for as (1) expenditures, in the case of normal replacement of
          equipment and library books, (2) mandatory transfers, in the case of required provisions for debt
          amortization and interest and equipment renewal and replacement, and (3) non-mandatory
          transfers for all other cases.

          Fund Accounting and Accounting Policies
          In order to ensure the observance of limitations and restrictions placed on the use of the
          resources available to the College, the accounts of the College are maintained in accordance
          with the principles of fund accounting. Resources are classified for accounting and reporting
          purposes into funds which have similar activities and objectives. Separate accounts are
          maintained for each resource available; however, in the accompanying financial statements,
          accounts with similar characteristics have been combined and are reported by fund groups.

          Unrestricted funds are those over which the College’s management retains full control for use
          in achieving any institutional purpose. In contrast, restricted funds may only be utilized in
          accordance with the purposes established by the source of such funds.



                                                       9
                                    SNOW COLLEGE
                          NOTES TO FINANCIAL STATEMENTS
                          FOR THE YEAR ENDED JUNE 30, 2001


The Endowment Funds includes both endowments and quasi-endowments. Endowment funds
are subject to the restrictions of gift instruments requiring, generally, that the principle be
invested and income only be utilized. While the governing board has established quasi-
endowment funds for the same purposes as endowment funds, the Institutional Council may
expend any portion of quasi-endowment funds.

Income derived from investments, receivables, and the like, is accounted for in the fund owning
the assets, except for income derived from investments of endowment funds, which income is
accounted for in the fund to which it is restricted; or, if unrestricted, as revenues in current
unrestricted funds. The total amount of investment income from the endowment fund that has
been recognized in other funds is $139,706.

Restricted gifts, grants, appropriation, and other restricted resources are accounted for in the
appropriate restricted funds. Restricted current funds are reported as revenues to the extent that
such funds were expended.

Allowances for doubtful accounts are established by charges to operations to cover anticipated
losses from accounts receivable generated by sales and services and student loans. Such
accounts are charged to the allowance when collection appears doubtful, and the accounts are
referred to collection agencies. Any subsequent recoveries are credited to the allowance
accounts. Allowances are not established in those funds whose receivables consist of amounts
due from governmental units or whose receivables are not material in amount.

Inventories of materials and supplies are maintained on a perpetual inventory system and are
valued using the first in first out (FIFO) method. Project homes are also recorded as inventory
based on the cost of each project.

Interfund borrowings are recorded in each fund as due to/due from other funds. Such
borrowings are authorized by administrative action and provide working capital or cash
advances for special projects and other needs.

Physical plant and equipment are stated at cost at date of acquisition, or fair value at date of
donation in the case of gifts. The College, in accordance with generally accepted accounting
principles for educational institutions, does not record in its financial records depreciation of
plant assets.

A total (memorandum only) column has been added which includes interfund activity and is not
comparable to a consolidated financial statement, but is presented only to facilitate financial
analysis. Data in this column does not, and is not intended to, present results of operations in
conformity with generally accepted accounting principles.

The preparation of financial statements, in conformity with generally accepted accounting
principles, requires management to make estimates and assumptions that affect the reported

                                           10
                                               SNOW COLLEGE
                                    NOTES TO FINANCIAL STATEMENTS
                                    FOR THE YEAR ENDED JUNE 30, 2001


          amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of
          the financial statements and the reported amounts of revenues and expenses during the reporting
          period. Actual results could differ from those estimates.

          Additional significant accounting policies are set forth in the financial statements and the
          following notes.


NOTE 2:   DEPOSITS AND INVESTMENTS

          Cash equivalents and investments are carried at fair value. Cash and cash equivalents are
          considered to be cash on hand, demand deposits, and Public Treasurer’s Investment Fund
          deposits.

          Listed below is a summary of the deposit and investment portfolio which represents cash and
          cash equivalents and investments on the June 30, 2001 Balance Sheet. Investing is governed
          by the “prudent man” rule in accordance with the Utah Money Management Act, Utah Code
          Section 51-7, and the rules of the Utah Money Management Council. All securities purchased
          or held and all evidence of deposits and investments must be in the custody of the College or
          deposited with a qualified agent, bank, or trust company. Investment transactions may only be
          conducted through qualified depositories or certified dealers.

          Deposits
          At June 30, 2001 the carrying amount and bank balances of the College’s bank deposits were
          $60,635 and $726,800, respectively. Of the bank amount, $255,535 was insured by the Federal
          Deposit Insurance Corporation. The remaining deposits were uninsured and uncollateralized
          and held by qualified depositories as defined by the State Money Management Act. The State
          of Utah does not require collateral on deposits. However, the State Commissioner of Financial
          Institutions monitors financial institutions monthly and establishes limits for deposits of public
          money.

          Investments
          Statutes authorize the College to invest in repurchase agreements; commercial paper rated P-1
          or better by Moody’s Investors Service, Inc. or A-1 or better by Standard and Poor’s Inc;
          banker’s acceptances; obligations of the U.S. Government, agencies, or instrumentalities; long-
          term debt of political subdivisions of the State; shares or certificates in any open-end
          management investments company registered with the Securities and Exchange Commission;
          guaranteed loans to college students; public housing authorities and the State Treasurer’s
          investment pool.

          Statutes also authorize the College to invest its gift funds according to the rules of the Utah
          Money Management Council. Those rules allow the College to invest its gift funds in any of
          the above investments; professionally managed commingled equity investment funds or mutual

                                                      11
                                        SNOW COLLEGE
                          NOTES TO FINANCIAL STATEMENTS
                          FOR THE YEAR ENDED JUNE 30, 2001


funds which satisfy certain criteria; common stock, convertible preferred stock or convertible
bonds of companies whose common stock is listed for trading on the New York Stock Exchange
and which have paid a dividend on their common stock in each of the last five preceding years;
and bonds or debentures of any company which are rated A or better by Moody’s Investors
Service, Inc. or Standard and Poor’s Corporation.

The College’s investments are categorized below to give an indication of the level of risk
assumed at year end. Category 1 includes investments that are insured or registered or for
which the securities are held by the College or its agent in the College’s name. Category 2
includes uninsured and unregistered investments for which the securities are held by the
broker’s or dealer’s trust department or agent in the College’s name. Category 3 includes
uninsured and unregistered investments for which the securities are held by the broker or dealer,
or by its trust department or agent but not in the College’s name.

                                                            Category                      Fair
                                                1            2              3            Value

Snow College Investments:
   Corporate Stocks                       $ 334,235                    $   982,318    $1,316,553
   U.S. Securities                                                       2,446,859     2,446,859
   State, County, or Local Securities                                    1,058,806     1,058,806
   Corporate Bonds and Notes                                               283,059       283,059
                                          $ 334,235     $      -0-     $ 4,771,042     5,105,277

    Mutual Funds                                                                           4,180
    Money Market Funds                                                                   447,030
    Utah Public Treasurer’s Investment Fund                                            5,752,181

      Total Snow College Investments                                                  11,308,668

    Cash Deposits                                                                         60,635
    Cash on Hand                                                                          20,555

       Total Cash and Investments                                                    $ 11,389,858

Cash and Investments as shown on Balance Sheet:
   Cash and Cash Equivalents                                                         $ 5,845,977
    Investments                                                                         5,543,881
      Total                                                                          $ 11,389,858

The Utah Public Treasurer’s Investment Fund (PTIF) is an external deposit and investment pool
wherein government entities are able to pool the monies from several entities to improve
investment efficiency and yield. These monies are invested primarily in money market
securities and contain no withdrawal restriction. As such, the monies invested in this fund are
not insured and are subject to the same market risks as any similar investment in money market
funds. The PTIF is not registered with the Securities and Exchange Commission as an

                                           12
                                             SNOW COLLEGE
                                     NOTES TO FINANCIAL STATEMENTS
                                     FOR THE YEAR ENDED JUNE 30, 2001


          Investment Company. The Utah Money Management Council oversees the activities of the
          Utah State Treasurer and the PTIF.

          Cash from the various funds are pooled together into one or more pool accounts. When a fund
          overdraws its share of pooled cash, an interfund payable is reported as well as an interfund
          receivable. Due to/due from account balances at June 30, 2001 were as follows:

                                                   Due From           Due To
                                                  Other Funds       Other Funds
          Unrestricted                            $ 174,613         $ 2,597,975
          Restricted                                 569,440            161,331
          Loan Funds                                 449,172
          Endowment and Similar Funds                                    153,030
          Agency Funds                                175,514                237
          Unexpended Plant Funds                      548,474
          Renewals and Replacements                   994,573
          Retirement of Indebtedness                      787

                                                  $ 2,912,573       $ 2,912,573


NOTE 3:   PLANT ASSETS

          Buildings, improvements, land, equipment, and library materials are valued at cost at the date
          of acquisition, or at market value at the date of donation in the case of gifts. The College, in
          accordance with generally accepted accounting principles for educational institutions, does not
          record in its financial records depreciation of plant assets. Activity in physical properties was
          as follows:

                                             Balance                                         Balance
                                           July 1, 2000      Additions     Deletions      June 30, 2001

          Buildings                        $ 45,164,193    $ 2,940,772                    $ 48,104,965
          Improvements                        4,025,738        342,857                       4,368,595
          Land                                1,074,006        351,139                       1,425,145
          Construction in Progress           11,442,362      3,125,510    $ 3,290,842       11,277,030
          Equipment                          10,383,717        572,993      1,909,450        9,047,260
          Library Materials                     900,931         89,278         32,547          957,662
          Other                                  66,293                                         66,293

             Total Plant Assets            $ 73,057,240    $ 7,422,549    $ 5,232,839     $ 75,246,950

          At June 30, 2001, Snow College had outstanding commitments for the construction and
          remodeling of College buildings in the amount of $6,024,817. After June 30, 2001, the College
          committed an additional $10,000,000 for the construction of College buildings for a total
          commitment of $16,024,817.


                                                    13
                                            SNOW COLLEGE
                                   NOTES TO FINANCIAL STATEMENTS
                                   FOR THE YEAR ENDED JUNE 30, 2001


NOTE 4:   CAPITAL LEASE OBLIGATION

          The capital lease obligation at June 30, 2001 was entered into by Snow College–South with the
          Utah State Division of Facilities, Construction, and Management. Assets of $583,146 acquired
          through this project are capitalized in the Investment in Plant Fund. Future minimum lease
          payments as of June 30, 2001 are as follows:

                     Fiscal Year                                  Amount
                       Ended                                       Due

                         2002                                 $     48,821
                         2003                                       47,714
                         2004                                       51,607
                         2005                                       50,243
                         2006                                       52,692
                         Thereafter                                553,354
                         Total                                     804,431

                         Less:
                          Amount paid for interest                (281,608)

                         Present value of future minimum
                           lease payments                     $ 522,823


NOTE 5:   PENSION PLANS AND RETIREMENT BENEFITS

          State and School - Cost Sharing

          Plan Description
          Snow College contributes to the State and School Contributory Retirement System and State
          and School Noncontributory Retirement System, cost-sharing multiple-employer defined benefit
          pension plans administered by the Utah Retirement Systems (Systems). The Systems provide
          refunds, retirement benefits, annual cost of living adjustments and death benefits to plan
          members and beneficiaries in accordance with retirement statutes.

          The Systems are established and governed by the respective sections of Chapter 49 of the Utah
          Code Annotated, 1953 as amended. The Utah State Retirement Office Act in Chapter 49
          provides for the administration of the Utah Retirement Systems and Plans under the direction
          of the Utah State Retirement Board whose members are appointed by the Governor. The
          Systems issue a publicly available financial report that includes financial statements and
          required supplementary information for the State and School Contributory Retirement System
          and State and School Noncontributory Retirement System. A copy of the report may be



                                                  14
                                             SNOW COLLEGE
                                   NOTES TO FINANCIAL STATEMENTS
                                   FOR THE YEAR ENDED JUNE 30, 2001


          obtained by writing to the Utah Retirement Systems, 540 East 200 South, Salt Lake City, Utah,
          84102 or by calling 1-800-365-8772.

          Funding Policy
          Plan members in the State and School Contributory Retirement System are required to
          contribute 6.00% of their annual covered salary (all or part may be paid by the employer for the
          employee) and the College is required to contribute 9.19% of its annual covered salary. In the
          State and School Noncontributory Retirement System, the College is required to contribute
          13.68% of its annual covered salary. Their contribution rates are the actuarially determined
          rates. The contribution requirements of the Systems are authorized by statute and specified by
          the Board.

          The College contributions to the State and School Contributory Retirement System for the years
          ending June 30, 2001, 2000, and 1999 were $43,252, $45,476, and $42,542, respectively and
          for the Noncontributory Retirement System the contributions for June 30, 2001, 2000, and 1999
          were $652,937, $615,841, and $604,547, respectively. The contributions were equal to the
          required contributions for each year.

          401(k) Deferred Compensation Plan

          The employees of the College also participate in a 401(k) deferred compensation plan. The
          amount of the employee contributions for the years ended June 30, 2001, 2000, and 1999 were
          $101,722, $83,780, and $88,534. The amount of the employer’s contributions for the years
          ended June 30, 2001, 2000, and 1999 were $71,538, $62,587, and $64,042, respectively.

          Teachers Insurance and Annuity Association

          Eligible exempt employees of the College (as defined by the U.S. Fair Labor Standards Act) are
          covered by the Teachers Insurance and Annuity Association (TIAA). TIAA provides individual
          retirement fund contracts with each participating employee. Benefits provided to retired
          employees are generally based on the value of the individual contracts and the estimated life
          expectancy of the employee at retirement, and are fully vested from the date of employment.
          Employees are eligible to participate from the date of employment and are not required to
          contribute to the fund. For the year ended June 30, 2001, the College’s contribution to this
          defined contribution plan was $132,154, which is between 14.2% and 15.18% of the employees’
          annual salaries or $918,093.


NOTE 6:   DEFERRED REVENUE

          Deferred revenue in the Unrestricted Current Fund consist of summer school tuition and student
          fees and fall semester tuition and student fees paid to the College prior to year end.




                                                    15
                                              SNOW COLLEGE
                                    NOTES TO FINANCIAL STATEMENTS
                                    FOR THE YEAR ENDED JUNE 30, 2001


NOTE 7:   ACCRUED VACATION AND LEAVE

          College’s policy with regard to vacation and sick leave is (1) unused vacation may be accrued
          to the extent of thirty days, and (2) sick leave may be accumulated at the rate of one day per
          month to a maximum unused amount of 130 days. However, regardless of the accumulated
          amount, when an employee terminates there is no reimbursement for unused sick leave. Sick
          leave, when taken, is paid at the employee’s current rate of pay in the sense that the employee’s
          salary continues as if at work. Thus, no liability exists for sick leave earned in prior periods.

          At June 30, 2001, an analysis of personnel records shows the following accumulation of unused
          vacation based upon 2000-2001 salaries:

                         Unrestricted Funds                      $567,725
                         Restricted Funds                          27,380

                         TOTAL                                   $595,105


NOTE 8:   LIABILITY FOR POST-EMPLOYMENT BENEFITS

          In addition to the pension benefits described in Note 5, Snow College–Ephraim provides an
          early retirement option, as approved by the Board of Trustees, for qualified employees who have
          attained the age of 56 with at least 10 years of service and whose combined total of age and
          years of service is 75 or greater. The benefit includes a stipend of 20% of the retiree’s final
          salary for a maximum period of six years, or until age 65, whichever comes first. Snow
          College–South provides an early retirement option, as approved by the Board of Trustees, for
          qualified employees who have attained the age of 52 with at least 10 years of service and whose
          combined total of age and years of service is 75 or greater. The benefit includes a stipend of
          12 – 20% of the retiree’s final salary for a maximum period of 10 years, or until age 65,
          whichever comes first. Health and dental insurance also continue for the same period. These
          benefits are fully paid by the College. At June 30, 2001, there were 14 retirees receiving
          benefits under the College’s early retirement programs.

          The College accrues and reports early retirement amounts equal to the value of the projected
          total benefit obligation in the year in which the individual retires. These benefits are funded on
          a pay-as-you-go basis. The cumulative accrued early retirement plan liability as of June 30,
          2001 totaled $644,999.


NOTE 9:   PRIOR YEAR DEFEASANCE OF DEBT

          In September 1984, the College issued 1984A Series Student Housing and Activities System
          Refunding Revenue Bonds and sold securities to defease its 1968A, 1968C, and 1968D Series
          Bonds (defeased bonds). The College placed the net proceeds in an irrevocable trust with an

                                                     16
                                           SNOW COLLEGE
                                 NOTES TO FINANCIAL STATEMENTS
                                 FOR THE YEAR ENDED JUNE 30, 2001


        escrow agent to provide for all future debt service payments on the defeased bonds. The
        College removed the liability for these defeased bonds from the Investment in Plant fund.

        The total principal amount of the defeased bonds held in the irrevocable trust at June 30, 2001
        was $110,300.


NOTE 10: CONTRACTED AUXILIARY SERVICE

        On September 1, 1984, the College contracted with Follett College Stores Corporation (Follett)
        of Elmhurst, Illinois, to provide bookstore services for the Ephraim campus. The terms of the
        contract ran from September 1, 1984, to June 30, 1987, with a renewable option at that time.
        The renewal option has been exercised yearly, extending the contract through June 30, 2002.
        The contract requires Follett to pay the College 3% of the net sales.

        On May 6, 1985, the College contracted with Marriott Corporation to provide cafeteria services
        at the Ephraim campus. The original terms of the contract ran from May 6, 1985 to June 30,
        1998 with a yearly renewable option thereafter. The renewal option has been exercised yearly,
        extending the contract through June 30, 2002. The contract requires Marriott to pay a
        percentage of sales revenue to the College.

        The above contract revenues have been recorded as auxiliary enterprise sales and services.


NOTE 11: RISK MANAGEMENT

        The College is exposed to various risks of loss related to torts; theft of, damage to, and
        destruction of assets; errors and omissions; injuries to employees; and natural disasters. The
        College is covered as part of the State of Utah, in a common risk management and insurance
        program operated by the State of Utah Division of Risk Management. The College pays
        premiums to the Utah State Risk Management Fund for its general insurance coverage. The
        fund is self sustaining through member premiums and reinsures through commercial companies
        for claims in excess of specified amounts for certain types of risks. The College is subject to
        a minimal deductible for claims against the fund. The Snow College–South Campus is also
        covered for errors and omissions through Okerlund-Leavitt Insurance Company and
        Lumbermans Mutual and for workmens compensation through the Workers Compensation Fund
        of Utah.


NOTE 12: GASB 33 IMPLEMENTATION

        Effective July 1, 2000, the College adopted Governmental Accounting Standards Board
        Statement No. 33, Accounting and Financial Reporting for Nonexchange Transactions, which
        requires recipient governmental entities to record pledges or promised donations as both

                                                 17
                                           SNOW COLLEGE
                                 NOTES TO FINANCIAL STATEMENTS
                                 FOR THE YEAR ENDED JUNE 30, 2001


        revenue and accounts receivable when all eligibility requirements are met, provided the promise
        is verifiable and the resources are measurable and probable of collection. Prior to this time,
        “gifts and pledges” were recorded when collected although pledge amounts were disclosed in
        the Notes to Financial Statements. The effect of this change was to increase fiscal year 2001
        revenue and receivables by $504,048 and $12,000,000, in the Unrestricted Fund and Plant Fund,
        respectively.


NOTE 13: FUTURE CHANGES IN ACCOUNTING STANDARDS

        The Governmental Accounting Standards Board has issued Statement No. 34, Basic Financial
        Statements and Management’s Discussion and Analysis – for State and Local Governments;
        Statement No. 35, Basic Financial Statements and Management’s Discussion and Analysis –
        for Public Colleges and Universities; Statement No. 37, Basic Financial Statements and
        Management’s Discussion and Analysis – for State and Local Governments: Omnibus; and
        Statement No. 38, Certain Financial Statement Note Disclosures. These new accounting and
        reporting standards will impact the College’s revenue and expenditure recognition as well as
        asset, liability and fund equity reporting. The new standards will also require reformatting of
        the financial statements and the restating of beginning balances. The College will not be early
        implementing these statements, and due to the significance of the changes required, it is not
        possible to present pro-forma data prior to their implementation. Statements No. 34, 35, 37, and
        38 will be implemented in fiscal year 2002.




                                                  18
SUPPLEMENTARY FINANCIAL STATEMENTS SECTION




                   19
SNOW COLLEGE–Ephraim
Supplementary Balance Sheet
June 30, 2001


                                                          Current Funds
                                                                                 Total
                                                                                Current
                                          Unrestricted         Restricted       Funds       Loan Fund
ASSETS:
 Cash and cash equivalents                $ 5,281,281      $     133,649    $ 5,414,930     $     12,605
 Deposits with state agencies
 Investments                                  1,314,449            15,348       1,329,797         13,678
 Accounts receivable (less allowance
   of $93,701)                                 806,490           491,706        1,298,196       1,005,605
 Accrued interest receivable                    20,092                             20,092
 Due from other funds                                            569,440          569,440        449,172
 Inventories                                     8,381                              8,381
 Deferred expense                                5,064                              5,064
 Notes receivable                               75,000                             75,000
 Investment in plant
 Construction in progress
     TOTAL ASSETS                         $ 7,510,757      $ 1,210,143      $ 8,720,900     $ 1,481,060

LIABILITIES AND FUND BALANCE:
 Accounts payable                         $     181,328    $       53,421   $     234,749
 Accrued liabilities                            287,751                           287,751
 Due to other funds                           2,334,930                         2,334,930
 Liability for early retirement                 440,505                           440,505
 Deferred revenue and deposits                  420,034                           420,034
 Accrued vacation                               433,888            27,380         461,268
 Agency fund deposits
 Capital lease obligation
     TOTAL LIABILITIES                        4,098,436            80,801       4,179,237
     FUND BALANCE                             3,412,321         1,129,342       4,541,663   $ 1,481,060
     TOTAL LIABILITIES AND FUND BALANCE   $ 7,510,757      $ 1,210,143      $ 8,720,900     $ 1,481,060

FUND BALANCE CONSISTS OF:
 U.S. Government grants refundable                                                          $ 1,284,089
 Unrestricted                             $ 3,119,320                       $ 3,119,320
 Unrestricted - designated                    293,001                           293,001           19,544
 Restricted                                                $ 1,129,342        1,129,342          177,427
 Endowments
 Quasi-endowments - designated
 Net investment in plant
     TOTAL FUND BALANCE                   $ 3,412,321      $ 1,129,342      $ 4,541,663     $ 1,481,060




                                          20
                                                         Plant Funds
Endowment                                         Renewal and Retirement of
and Similar         Agency       Unexpended       Replacement    Indebtedness    Investment      Total All Funds
  Funds              Fund        Plant Fund          Fund            Fund          In Plant    (memorandum only)

                                                                 $ 236,645                       $    5,664,180
                                 $ 1,195,104                                                          1,195,104
$ 3,780,404     $ 103,575             97,959      $   218,468                                         5,543,881

                                                                                                      2,303,801
                                                                                                         20,092
                    175,514            298,474        994,573           787                           2,487,960
                                                                                                          8,381
                                                                                                          5,064
                                          7,238                                                          82,238
                                                                                $ 44,856,486         44,856,486
                                      9,343,230                                                       9,343,230
$ 3,780,404     $ 279,089        $ 10,942,005     $ 1,213,041    $ 237,432      $ 44,856,486     $ 71,510,417


                $    18,180      $      68,975                                                   $      321,904
                                                                                                        287,751
$    153,030                                                                                          2,487,960
                                                                                                        440,505
                      5,473                                                                             425,507
                                                                                                        461,268
                    255,436                                                                             255,436
                                                                                                              -
      153,030       279,089              68,975                                                       4,680,331
    3,627,374                        10,873,030   $ 1,213,041    $ 237,432      $ 44,856,486         66,830,086
$ 3,780,404     $ 279,089        $ 10,942,005     $ 1,213,041    $ 237,432      $ 44,856,486     $ 71,510,417


                                                                                                 $    1,284,089
                                                                                                      3,119,320
                                 $      317,465   $ 1,003,942    $ 237,432                            1,871,384
                                      1,212,335       209,099                                         2,728,203
$ 2,796,339                                                                                           2,796,339
    831,035                                                                                             831,035
                                      9,343,230                                 $ 44,856,486         54,199,716
$ 3,627,374     $            -   $ 10,873,030     $ 1,213,041    $ 237,432      $ 44,856,486     $ 66,830,086




                                                      21
SNOW COLLEGE–Ephraim
Supplementary Statement of Changes in Fund Balances
Year Ended June 30, 2001

                                                                           Current Funds
                                                                                                Total
                                                                                               Current
                                                            Unrestricted     Restricted        Funds        Loan Fund
REVENUES AND OTHER ADDITIONS:
 Unrestricted current fund revenues                         $ 19,464,178                     $ 19,464,178
 Tuition and student fees - restricted                                      $       4,943           4,943
 State appropriations
 Government grants and contracts                                                4,553,907      4,553,907    $     68,390
 Private gifts, grants and contracts
 Investment income                                                               109,928         109,928           6,433
 Interest on loans receivable                                                                                     19,993
 Expended for plant facilities (including current
    fund expenditures of $323,509)
 Retirement of indebtedness
 Other                                                                             64,168         64,168
      TOTAL REVENUES AND OTHER ADDITIONS                     19,464,178         4,732,946     24,197,124          94,816

EXPENDITURES AND OTHER DEDUCTIONS:
 Education and general                                       16,773,034         4,296,750     21,069,784
 Auxiliary enterprises                                        1,601,536                        1,601,536
 Indirect costs recovered                                                        113,909         113,909
 Loan cancellations and write-offs                                                                                13,255
 Expended for plant facilities (including non-capitalized
   expenditures of $194,312)
 Administrative and collection costs                                                                               2,040
 Disposal of plant facilities
      TOTAL EXPENDITURES AND OTHER DEDUCTIONS                18,374,570         4,410,659     22,785,229          15,295

TRANSFERS – ADDITIONS/(DEDUCTIONS):
 Mandatory transfers, net
 Nonmandatory transfers, net                                     65,435           (58,715)         6,720
    TOTAL TRANSFERS – ADDITIONS/(DEDUCTIONS)                     65,435           (58,715)         6,720                -

NET INCREASE (DECREASE) IN FUND BALANCE                       1,155,043          263,572       1,418,615           79,521
FUND BALANCE, BEGINNING OF YEAR                               2,257,278          865,770       3,123,048        1,401,539

FUND BALANCE, END OF YEAR                                   $ 3,412,321     $ 1,129,342      $ 4,541,663    $ 1,481,060




                                                       22
                                       Plant Funds
Endowment                       Renewal and Retirement of
and Similar      Unexpended     Replacement    Indebtedness         Investment         Total All Funds
  Funds          Plant Fund        Fund            Fund               In Plant       (memorandum only)

                                                                                       $ 19,464,178
                                $    209,099                                                214,042
                 $ 1,999,492                                                              1,999,492
                      62,443                                                              4,684,740
$     84,400                                                                                 84,400
    (377,554)         13,685           7,958    $    13,552                                (225,998)
                                                                                             19,993

                                                                $      323,509              323,509
                                                                                                  -
                                                                                             64,168
    (293,154)      2,075,620         217,057         13,552            323,509           26,628,524


                                                                                         21,069,784
                                                                                          1,601,536
                                                                                            113,909
                                                                                             13,255

                     111,007          83,305                                                194,312
         923                                                                                  2,963
                                                                     1,393,053            1,393,053
         923         111,007          83,305                -        1,393,053           24,388,812



       (6,720)                                                                                    -
       (6,720)              -               -               -                    -                -

     (300,797)     1,964,613          133,752        13,552         (1,069,544)           2,239,712
    3,928,171      8,908,417        1,079,289       223,880         45,926,030           64,590,374

$ 3,627,374      $ 10,873,030   $ 1,213,041     $ 237,432       $ 44,856,486           $ 66,830,086




                                                       23
SNOW COLLEGE–Ephraim
Supplementary Statement of Current Funds Revenues,
Expenditures, and Other Changes
Year Ended June 30, 2001

                                                                                          Total
                                                                                         Current
                                                      Unrestricted       Restricted      Funds
REVENUES:
 Tuition and student fees                             $ 4,045,816    $        4,613    $ 4,050,429
 State appropriations                                  11,495,400            34,500     11,529,900
 Government grants and contracts                          151,658         4,076,965      4,228,623
 Private gifts, grants and contracts                      597,462            13,539        611,001
 Sales and services of educational departments            129,488                          129,488
 Investment income                                        800,149          108,558         908,707
 Sales and services of auxiliary enterprises            1,453,400                        1,453,400
 Other                                                    790,805            58,575        849,380
     TOTAL REVENUES                                    19,464,178         4,296,750     23,760,928

EXPENDITURES:
 Education and general:
  Instruction                                           6,926,255           609,371     7,535,626
  Research                                                                   22,348        22,348
  Public services                                         221,439           699,079       920,518
  Academic support                                      1,736,794           313,879     2,050,673
  Student services                                      2,112,297            71,252     2,183,549
  Institutional support                                 2,829,868             7,569     2,837,437
  Operation and maintenance of plant                    2,318,828            14,260     2,333,088
  Scholarships and grants-in-kind                         627,553         2,558,992     3,186,545
 Auxiliary enterprises                                  1,601,536                       1,601,536
    TOTAL EXPENDITURES                                 18,374,570         4,296,750    22,671,320

TRANSFERS AND OTHER ADDITIONS/(DEDUCTIONS):
 Excess of restricted receipts over/(under)
  transfers to revenues                                                    322,287        322,287
 Mandatory transfers
 Nonmandatory transfers                                    65,435           (58,715)         6,720
     TOTAL TRANSFERS AND OTHER
     ADDITIONS/(DEDUCTIONS)                                65,435          263,572        329,007

NET INCREASE (DECREASE) IN FUND BALANCE               $ 1,155,043    $     263,572     $ 1,418,615




                                                 24
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               25
SNOW COLLEGE–South
Supplementary Balance Sheet
June 30, 2001


                                                           Current Funds
                                                                                  Total
                                                                                 Current
                                           Unrestricted         Restricted       Funds        Loan Fund
ASSETS:
 Cash and cash equivalents                 $    134,622                      $    134,622
 Deposits with state agencies
 Investments
 Accounts receivable                            274,791     $     169,477         444,268
 Accrued interest receivable
 Due from other funds                           174,613                           174,613
 Inventories                                    329,499                           329,499
 Deferred expense
 Notes receivable
 Investment in plant
 Construction in progress
      TOTAL ASSETS                         $    913,525     $     169,477    $ 1,083,002      $       -

LIABILITIES AND FUND BALANCE:
 Accounts payable                          $     30,263     $          810   $     31,073
 Accrued liabilities                            367,969                           367,969
 Due to other funds                             263,045           161,331         424,376
 Liability for early retirement                 204,494                           204,494
 Deferred revenue and deposits
 Accrued vacation                               133,837                           133,837
 Agency fund deposits
 Capital lease obligation
      TOTAL LIABILITIES                         999,608           162,141        1,161,749
      FUND BALANCE                              (86,083)            7,336          (78,747)
      TOTAL LIABILITIES AND FUND BALANCE   $    913,525     $     169,477    $ 1,083,002      $       -

FUND BALANCE CONSISTS OF:
 U.S. Government grants refundable
 Unrestricted                              $    (86,083)                     $     (86,083)
 Unrestricted - designated
 Restricted                                                 $        7,336           7,336
 Endowments
 Quasi-endowments
 Net investment in plant
      TOTAL FUND BALANCE                   $    (86,083)    $        7,336   $     (78,747)   $       -




                                           26
                                                       Plant Funds
Endowment                                       Renewal and Retirement of
and Similar       Agency       Unexpended       Replacement    Indebtedness       Investment     Total All Funds
  Funds            Fund        Plant Fund          Fund            Fund             In Plant   (memorandum only)

                               $      47,175                                                     $      181,797
                                     310,566                                                            310,566
                                                                                                              -
              $     5,481          12,000,922                                                        12,450,671
                                                                                                              -
                                     250,000                                                            424,613
                                                                                                        329,499
                                                                                                              -
                                                                                                              -
                                                                              $ 19,113,434           19,113,434
                                                                                 1,933,800            1,933,800
$         -   $     5,481      $ 12,608,663     $         -    $        -     $ 21,047,234       $ 34,744,380


                               $     112,581                                                     $     143,654
                                                                                                       367,969
                      237                                                                              424,613
                                                                                                       204,494
                                                                                                             -
                                                                                                       133,837
                    5,244                                                                                5,244
                                                                              $      522,823           522,823
                    5,481             112,581                                        522,823          1,802,634
                                   12,496,082                                     20,524,411         32,941,746
$         -   $     5,481      $ 12,608,663     $         -    $        -     $ 21,047,234       $ 34,744,380


                                                                                                              -
                                                                                                 $      (86,083)
                                                                                                              -
                               $ 12,496,082                                                          12,503,418
                                                                                                              -
                                                                                                              -
                                                                              $ 20,524,411           20,524,411
$         -   $            -   $ 12,496,082     $         -    $        -     $ 20,524,411       $ 32,941,746




                                                    27
SNOW COLLEGE–South
Supplementary Statement of Changes in Fund Balances
Year Ended June 30, 2001

                                                                          Current Funds
                                                                                               Total
                                                                                              Current
                                                         Unrestricted       Restricted        Funds        Loan Fund
REVENUES AND OTHER ADDITIONS:
 Unrestricted current fund revenues                      $ 6,129,990                      $ 6,129,990
 Tuition and student fees - restricted
 State appropriations
 Government grants and contracts                                           $ 474,000            474,000
 Private gifts, grants and contracts
 Investment income
 Interest on loans receivable
 Expended for plant facilities (including current
    fund expenditures of $159,720)
 Retirement of indebtedness
 Other
      TOTAL REVENUES AND OTHER ADDITIONS                     6,129,990         474,000        6,603,990

EXPENDITURES AND OTHER DEDUCTIONS:
 Education and general                                       5,747,366         436,850        6,184,216
 Auxiliary enterprises                                         278,159                          278,159
 Indirect costs recovered
 Loan cancellations and write-offs
 Expended for plant facilities
 Administrative and collection costs
 Disposal of plant facilities
      TOTAL EXPENDITURES AND OTHER DEDUCTIONS                6,025,525         436,850        6,462,375

TRANSFERS – ADDITIONS/(DEDUCTIONS):
 Mandatory transfers, net
 Nonmandatory transfers, net                                                   (19,061)         (19,061)
    TOTAL TRANSFERS – ADDITIONS/(DEDUCTIONS)                         -         (19,061)         (19,061)

NET INCREASE (DECREASE) IN FUND BALANCE                       104,465           18,089          122,554

FUND BALANCE, BEGINNING OF YEAR                              (190,548)         (10,753)        (201,301)

FUND BALANCE, END OF YEAR                                $     (86,083)    $     7,336    $     (78,747)   $       -




                                                    28
                                      Plant Funds
Endowment                      Renewal and Retirement of
and Similar   Unexpended       Replacement    Indebtedness     Investment      Total All Funds
  Funds       Plant Fund          Fund            Fund           In Plant    (memorandum only)

                                                                               $    6,129,990
              $       16,094                                                           16,094
                     632,023                                                          632,023
                  12,722,456                                                       13,196,456
                     212,892                                                          212,892
                                                                                            -
                                                                                            -

                                                              $ 2,817,572           2,817,572
                                                                   20,162              20,162
                                                                                            -
                  13,583,465                                     2,837,734         23,025,189


                                                                                    6,184,216
                                                                                      278,159
                                                                                            -
                                                                                            -
                   2,657,852                                                        2,657,852
                                                                                            -
                                                                  532,607             532,607
                   2,657,852                                      532,607           9,652,834


                                                                                            -
                                                                                      (19,061)
                                                                                      (19,061)

                  10,925,613                                     2,305,127         13,353,294

                   1,570,469                                   18,219,284          19,588,452

$         -   $ 12,496,082     $         -    $           -   $ 20,524,411     $ 32,941,746




                                                     29
SNOW COLLEGE–South
Supplementary Statement of Current Funds Revenues,
Expenditures, and Other Changes
Year Ended June 30, 2001

                                                                                             Total
                                                                                            Current
                                                      Unrestricted        Restricted        Funds
REVENUES:
 Tuition and student fees                             $     596,359                     $     596,359
 State appropriations                                     4,357,400                         4,357,400
 Government grants and contracts                                      $      436,850          436,850
 Private gifts, grants and contracts                        497,321                           497,321
 Sales and services of educational departments              411,317                           411,317
 Investment income                                            9,912                             9,912
 Sales and services of auxiliary enterprises                255,523                           255,523
 Other                                                        2,158                             2,158
     TOTAL REVENUES                                       6,129,990         436,850         6,566,840

EXPENDITURES:
 Education and general:
  Instruction                                             3,171,420         436,470         3,607,890
  Research                                                                                          -
  Public services                                                                                   -
  Academic support                                         146,057               380          146,437
  Student services                                         633,646                            633,646
  Institutional support                                    972,966                            972,966
  Operation and maintenance of plant                       823,277                            823,277
  Scholarships and grants-in-kind                                                                   -
 Auxiliary enterprises                                      278,159                           278,159
    TOTAL EXPENDITURES                                    6,025,525         436,850         6,462,375

TRANSFERS AND OTHER ADDITIONS/(DEDUCTIONS):
 Excess of restricted receipts over/(under)
  transfers to revenues                                                       37,150           37,150
 Mandatory transfers                                                                                -
 Nonmandatory transfers                                                      (19,061)         (19,061)
     TOTAL TRANSFERS AND OTHER
     ADDITIONS/(DEDUCTIONS)                                       -           18,089          18,089

NET INCREASE (DECREASE) IN FUND BALANCE               $    104,465    $       18,089    $    122,554




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