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					                                 Foundation Conversion Template
                                North Carolina Community Colleges
                                 For the Year Ended June 30, 2009


        The accompanying "Foundation Conversion Template - North Carolina Community Colleges"
       was developed by the North Carolina Office of the State Controller (OSC). This template converts
           private foundations from the FASB 117 format to the State CAFR format (i.e., GASB 34).

    Except for North Carolina public colleges and universities, we request that users make reference to OSC
     as the developer of the accompanying template. Also, users should provide OSC with samples of any
           materials utilizing this template or parts thereof. If you have any questions, please contact
                     Clayton Murphy at clayton.murphy@osc.nc.gov or (919) 981-5474.

                                               Mailing Address
                                            State of North Carolina
                                         Office of the State Controller
                                          1410 Mail Service Center
                                          Raleigh, NC 27699-1410

                                                                                                Revised 3/16/2009




                                               1
d6e10b03-3f70-4ba7-bcb6-8416c5ac5f1d.xls Use Stmtof 17                                               4/21/2011
                     Foundation Conversion Template for Colleges
                                 General Information
       Enter College Number: (See Net Assets tab if you need to find your college number)
          College Number                   D9
          Name of College                  Rockingham Community College
       Enter Preparer Information:
          Preparer's Name
          Preparer's Phone No.
          Preparer's E-mail
       Enter Foundation Name(s):
          Name of Foundation 1               Name of Foundation
          Name of Foundation 2
          Name of Foundation 3
          Name of Foundation 4
          Name of Foundation 5
                           (Note: Names must fit within the shaded areas)
          GENERAL INSTRUCTIONS:
          Throughout the workbook, please enter all amounts in "whole dollars" not cents.
          Refer to the notes at the bottom of each tab for further information and instructions.
          Please add any suggestions or explanations of special situations on the "Comments" tab
          so that we may update the template as needed.
          Due Date: September 15, 2009
          Please e-mail the template to the OSC at this address: cafr@osc.nc.gov
          Thanks!




d6e10b03-3f70-4ba7-bcb6-8416c5ac5f1d.xls Info      2 of 17                                         4/21/2011
Rockingham Community College Foundations                                                                                                   Exhibit A
Statement of Net Assets - FASB 117 Format (1)
State Fiscal Year June 30, 2009

                                                            Name of
                                                           Foundation                                                                     Total
      Assets
 **   Cash and cash equivalents                        $                -   $             -   $        -   $        -   $        -   $               -
 **   Investments                                                       -                 -            -            -            -                   -
105   Investment in joint venture                                       -                 -            -            -            -                   -
105   Cash surrender value of life insurance                            -                 -            -            -            -                   -
105   Assets held in charitable trusts and annuities                    -                 -            -            -            -                   -
105   Security deposits                                                 -                 -            -            -            -                   -
105   Assets held by trustee                                            -                 -            -            -            -                   -
105   Real estate held for resale                                       -                 -            -            -            -                   -
110   Receivables, net                                                  -                 -            -            -            -                   -
110   Promises to give                                                  -                 -            -            -            -                   -
115   Inventories                                                       -                 -            -            -            -                   -
120   Prepaid expenses                                                  -                 -            -            -            -                   -
125   Notes/loans receivable, net                                       -                 -            -            -            -                   -
135   Deferred charges                                                  -                 -            -            -            -                   -
105   In-kind gifts                                                     -                 -            -            -            -                   -
 **   Property and equipment, net                                       -                 -            -            -            -                   -
          Total assets                                                  -                 -            -            -            -                   -
                 (2)
      Liabilities
200   Accounts payable and accrued expenses                             -                 -            -            -            -                   -
202   Due to the College (3)                                            -                 -            -            -            -                   -
203   Grants payable to the College (3)                                 -                 -            -            -            -                   -
205   Unearned revenue                                                  -                 -            -            -            -                   -
210   Interest payable                                                  -                 -            -            -            -                   -
215   Deposits payable                                                  -                 -            -            -            -                   -
220   Funds held for others                                             -                 -            -            -            -                   -
200   Interest rate swap fair value liability                           -                 -            -            -            -                   -
 **   Split interest agreement obligations                              -                 -            -            -            -                   -
 **   Annuities payable                                                 -                 -            -            -            -                   -
 **   Capital leases payable                                            -                 -            -            -            -                   -
 **   Notes payable                                                     -                 -            -            -            -                   -
 **   Bonds payable                                                     -                 -            -            -            -                   -
          Total liabilities                                             -                 -            -            -            -                   -
      Net Assets
      Unrestricted                                                      -                 -            -            -            -                   -
      Temporarily restricted                                            -                 -            -            -            -                   -
      Permanently restricted                                            -                 -            -            -            -                   -
          Total net assets                             $                -   $             -   $        -   $        -   $        -   $               -

      (Assets minus liabilities equals net assets)            OK                  OK              OK           OK           OK



         d6e10b03-3f70-4ba7-bcb6-8416c5ac5f1d.xls Exh A                         3 of 17                                                  4/21/2011
Rockingham Community College Foundations                                                                     Exhibit A
Statement of Net Assets - FASB 117 Format (1)
State Fiscal Year June 30, 2009

Notes:

(1) If the Foundation's separately issued Statement of Net Assets includes more than one column,
    key the amounts from the "Total" column.

(2) Within a foundation, amounts due to/due from other funds of that foundation should be eliminated and
    excluded from Exhibit A. Amounts due to other College foundations should be included with
    "Accounts payable and accrued expenses".

(3) Total foundation payables to the College should agree with the offsetting amount recorded by the
    College as "Due from College Component Units". The only exception is for timing differences for
    foundations with different fiscal year-end dates. When the fiscal years are the same and the total
    foundation payables to the College do not equal the offsetting receivable recognized by the
    College, the difference should be reclassified to "Accounts payable and accrued expenses".


 ** See Adjustments tab for further breakdown.




         d6e10b03-3f70-4ba7-bcb6-8416c5ac5f1d.xls Exh A                          4 of 17                   4/21/2011
Rockingham Community College Foundations                                                                                                               Exhibit B
Statement of Activities - FASB 117 Format (1)
For the State Fiscal Year Ended June 30, 2009


                                                                       Name of
                                                                      Foundation                                                                      Total
      Revenues (2)
 **   Gifts, donations, and contributions                         $                -   $             -   $        -   $        -   $         -   $               -
500   Contributed services and facilities                                          -                 -            -            -             -                   -
500   Change in value of split interest agreements                                 -                 -            -            -             -                   -
530   Investment income                                                            -                 -            -            -             -                   -
530   Net realized/unrealized gains (losses) on investments                        -                 -            -            -             -                   -
540   Sales and services                                                           -                 -            -            -             -                   -
550   Rental and lease income                                                      -                 -            -            -             -                   -
555   Gain on sale of capital assets                                               -                 -            -            -             -                   -
560   Miscellaneous income                                                         -                 -            -            -             -                   -
          Total revenues                                                           -                 -            -            -             -                   -

    Expenses (3)
 ** Payments to College                                                            -                 -            -            -             -                   -
610 Other expenses (include losses on sale of capital assets)                      -                 -            -            -             -                   -
       Total expenses                                                              -                 -            -            -             -                   -

      Change in net assets                                                         -                 -            -            -             -                   -

      Net assets - beginning of year (per prior year template )                    -                 -            -            -             -     14,295,553
      Restatements                                                                 -                 -            -            -             -              -
      Net assets - end of year                                    $                -   $             -   $        -   $        -   $         -   $          -
      (Ending net assets agree with Exhibit A)                           OK                    OK            OK           OK            OK

Notes
(1) If the Foundation's separately issued Statement of Activities includes more than one column, key the amounts from the "Total" column.
    Also, if separate sections are presented for "Changes in unrestricted net assets", "Changes in temporarily restricted net assets", and
    "Changes in permanently restricted net assets", the amounts from each section should be added together.
(2) Membership fees that are exchange transactions should be included with "Sales and services". Conversely, membership fees that are
    nonexchange transactions should be included with "Gifts, donations, and contributions".
(3) Resource flows between foundations should be reported as revenues and expenses (and not as transfers) since each foundation is a
    separate legal entity. Under GASB 34, resource flows between a primary government and its discretely presented component units
    (and between component units) should be reported as if they were external transactions - that is, as revenues and expenses.
 ** See Adjustments tab for further breakdown.

         d6e10b03-3f70-4ba7-bcb6-8416c5ac5f1d.xls Exh B                                    5 of 17                                                   4/21/2011
Problem - Must equal the total prior year ending per CAFR Foundation template




       d6e10b03-3f70-4ba7-bcb6-8416c5ac5f1d.xls Exh B                           6 of 17   4/21/2011
Rockingham Community College Foundations                                                                                                       Exhibit C
CAFR Adjustments
State Fiscal Year June 30, 2009

                                                                 Name of
                                                                Foundation                                                                     Total
                  Analysis - CAFR Format (1)

    Cash and cash equivalents
102   Held by College in STIF on behalf of foundation(2)    $                -    $             -   $        -   $        -   $        -   $           -
100   All other cash and cash equivalents                                    -                  -            -            -            -               -
           Total                                                             -                  -            -            -            -               -
    (Note: Should equal amount on Exhibit A)                       OK                      OK           OK           OK           OK

    Investments
130   Restricted/endowment investments                                       -                  -            -            -            -               -
105   Other Investments                                                      -                  -            -            -            -               -
         Total                                                               -                  -            -            -            -               -
    (Note: Should equal amount on Exhibit A)                       OK                      OK           OK           OK           OK

      Property and equipment, net (3)
140     Unrestricted property/equipment, nondepreciable                      -                  -            -            -            -               -
145     Unrestricted property/equipment, depreciable, net                    -                  -            -            -            -               -
140     Restricted property/equipment, nondepreciable                        -                  -            -            -            -               -
145     Restricted property/equipment, depreciable, net                      -                  -            -            -            -               -
           Total                                                             -                  -            -            -            -               -
      (Note: Should equal amount on Exhibit A)                     OK                      OK           OK           OK           OK

    Split interest agreement obligations
260   Current portion                                                        -                  -            -            -            -               -
261   Noncurrent portion                                                     -                  -            -            -            -               -
          Total                                                              -                  -            -            -            -               -
    (Note: Should equal amount on Exhibit A)                       OK                      OK           OK           OK           OK

    Annuities payable
260   Current portion                                                        -                  -            -            -            -               -
261   Noncurrent portion                                                     -                  -            -            -            -               -
         Total                                                               -                  -            -            -            -               -
    (Note: Should equal amount on Exhibit A)                       OK                      OK           OK           OK           OK

    Capital leases payable
260  Current portion                                                         -                  -            -            -            -               -
261  Noncurrent portion                                                      -                  -            -            -            -               -
         Total                                                               -                  -            -            -            -               -
        d6e10b03-3f70-4ba7-bcb6-8416c5ac5f1d.xls Adjustments                     7 of 17                                                   4/21/2011
Rockingham Community College Foundations                                                                  Exhibit C
CAFR Adjustments
State Fiscal Year June 30, 2009

                                                             Name of
                                                            Foundation                                    Total
   (Note: Should equal amount on Exhibit A)                    OK                  OK   OK   OK   OK




     d6e10b03-3f70-4ba7-bcb6-8416c5ac5f1d.xls Adjustments                8 of 17                       4/21/2011
Rockingham Community College Foundations                                                                                         Exhibit C
CAFR Adjustments
State Fiscal Year June 30, 2009

                                                                Name of
                                                               Foundation                                                        Total
    Notes payable
260   Current portion                                                       -                  -        -        -        -               -
261   Noncurrent portion                                                    -                  -        -        -        -               -
         Total                                                              -                  -        -        -        -               -
    (Note: Should equal amount on Exhibit A)                      OK                      OK       OK       OK       OK

    Bonds payable
260   Current portion                                                       -                  -        -        -        -               -
261   Noncurrent portion                                                    -                  -        -        -        -               -
         Total                                                              -                  -        -        -        -               -
    (Note: Should equal amount on Exhibit A)                      OK                      OK       OK       OK       OK

    Gifts, donations, and contributions
500   Noncapital gifts                                                      -                  -        -        -        -               -
510   Capital gifts                                                         -                  -        -        -        -               -
520   Additions to endowments                                               -                  -        -        -        -               -
          Total                                                             -                  -        -        -        -               -
    (Note: Should equal amount on Exhibit B)                      OK                      OK       OK       OK       OK


                Elimination Data - CAFR Level

    Payments to College (accrual) (4)
604   Student tuition and fees recognized by College                        -                  -        -        -        -               -
600   Noncapital gift revenues recognized by College                        -                  -        -        -        -               -
602   Capital gift revenues recognized by College                           -                  -        -        -        -               -
         Total                                                              -                  -        -        -        -               -
    (Note: Should equal amount on Exhibit B)                      OK                      OK       OK       OK       OK


                        Other Information

      Foundation's fiscal year-end date (MM/DD/YY)                 -                      -        -        -        -

      Notes payable
        Notes payable - capital                                             -                  -        -        -        -               -
        Notes payable - noncapital                                          -                  -        -        -        -               -
           Total                                                            -                  -        -        -        -               -
      (Note: Should equal amount on Exhibit A)                    OK                      OK       OK       OK       OK

        d6e10b03-3f70-4ba7-bcb6-8416c5ac5f1d.xls Adjustments                    9 of 17                                       4/21/2011
Rockingham Community College Foundations                                                                                                    Exhibit C
CAFR Adjustments
State Fiscal Year June 30, 2009

                                                                 Name of
                                                                Foundation                                                                  Total

   Bonds payable
     Bonds payable - capital                                                 -               -            -            -            -               -
     Bonds payable - noncapital                                              -               -            -            -            -               -
        Total                                                                -               -            -            -            -               -
   (Note: Should equal amount on Exhibit A)                        OK                   OK           OK           OK           OK

   Unspent debt proceeds - notes and bonds (5)
    Amount of unspent proceeds - capital debt                                -               -            -            -            -               -
    Amount of unspent proceeds - noncapital debt                             -               -            -            -            -               -
       Total                                                                 -               -            -            -            -               -


   Automatic Calculations - GASB 34 Categories (6)
   Invested in capital assets, net of related debt
     Capital assets, net                                    $                -     $         -   $        -   $        -   $        -   $           -
     Less: Capital leases payable                                            -               -            -            -            -               -
     Less: Notes payable - capital                                           -               -            -            -            -               -
     Less: Bonds payable - capital                                           -               -            -            -            -               -
     Add: Amount of unspent proceeds - capital debt                          -               -            -            -            -               -
      Invested in capital assets, net of related debt                        -               -            -            -            -               -

   Restricted, expendable net assets
    Temporarily restricted net assets per Exhibit A                          -               -            -            -            -               -
    Less: Restricted property/equipment, nondepreciable                      -               -            -            -            -               -
    Less: Restricted property/equipment, depreciable, net                    -               -            -            -            -               -
      Restricted, expendable net assets per Exhibit D                        -               -            -            -            -               -

   Unrestricted net assets
    Total net assets per Exhibit A                                           -               -            -            -            -               -
    Less: Invested in capital assets, net of related debt                    -               -            -            -            -               -
    Less: Restricted, expendable net assets                                  -               -            -            -            -               -
    Less: Restricted, nonexpendable net assets                               -               -            -            -            -               -
      Unrestricted net assets per Exhibit D                                  -               -            -            -            -               -




     d6e10b03-3f70-4ba7-bcb6-8416c5ac5f1d.xls Adjustments                        10 of 17                                               4/21/2011
Rockingham Community College Foundations                                                                                 Exhibit C
CAFR Adjustments
State Fiscal Year June 30, 2009

                                                                      Name of
                                                                     Foundation                                          Total
Notes:

(1) The "Analysis - CAFR Format" section provides additional details that are necessary to convert the
    financial statements of private foundations from the FASB 117 format to the GASB 34 format (e.g.,
    breakdown of investments into restricted/other investments, long-term debt into current/noncurrent
    portions, capital assets into depreciable/nondepreciable portions, and gifts and donations into
    noncapital/capital gifts and additions to endowments).

(2) Colleges report amounts invested in STIF on behalf of a foundation as agency transactions (i.e., as
    assets and liabilities). Because these balances are also reported as assets by a foundation, OSC will
    make a CAFR level entry to avoid grossing up cash and cash equivalents. In the State CAFR, colleges
    and component unit foundations will be presented in a single column.

(3) Property and equipment should be broken down between amounts that are included in unrestricted net
    assets and amounts that are included in temporarily restricted net assets on the foundation's balance
    sheet. FASB 116 allows not-for-profits the option of recording gifts of capital assets as either unrestricted
    or temporarily restricted (Note: Under the temporarily restricted option, capital assets are reclassified to
    unrestricted as the asset is depreciated or over the term of the restriction, if shorter). This breakdown is
    needed by OSC to properly calculate restricted net assets per GASB 34.

(4) In the State CAFR, colleges and component unit foundations will be presented in a single column.
    Therefore, to avoid overstating revenues, OSC will make a CAFR level entry to eliminate foundation
    payments to colleges (per Exhibit B) and the related revenues recognized by colleges. OSC needs
    this breakdown for the elimination entry.

(5) Include the unspent debt proceeds (bonds/notes) related to outstanding capital and noncapital debt as of
    June 30. As required by GASB 34, paragraph 33, the unspent portion of bonds and notes payable should
    reduce the net asset balance of the component that includes the unspent cash. For example, if a foundation
    has unspent capital debt proceeds at year-end, the portion of the debt attributable to the unspent proceeds
    should not be included in the calculation of "invested in capital assets, net of related debt". Rather, that
    portion of the debt should be included in the same net assets component as the unspent proceeds (e.g.,
    "Unrestricted under the FASB 117 Model").

(6) Net assets "Permanently restricted" on Exhibit A roll directly to "Restricted nonexpendable - Higher education"
    on Exhibit D.




         d6e10b03-3f70-4ba7-bcb6-8416c5ac5f1d.xls Adjustments                     11 of 17                            4/21/2011
Rockingham Community College Foundations                                                                Exhibit D
Statement of Net Assets - CAFR Format
State Fiscal Year June 30, 2009


      ASSETS
100    Cash and cash equivalents                                    $             -
102    Cash and cash equivalents - held by College in STIF (1)                    -
105    Investments                                                                -
110    Receivables, net                                                           -
115    Inventories                                                                -
120    Prepaid items                                                              -
125    Notes receivable, net                                                      -
130    Restricted investments                                                     -
135    Deferred charges                                                           -
140    Capital assets - nondepreciable                                            -
145    Capital assets - depreciable, net                                          -
      Total assets                                                                -

      LIABILITIES
200     Accounts payable and accrued liabilities                                  -
202     Due to the College (1)                                                    -
203     Grants payable to the College (1)                                         -
205     Unearned revenue                                                          -
210     Interest payable                                                          -
215     Deposits payable                                                          -
220     Funds held for others                                                     -
        Long-term liabilities:                                                    -
260       Due within one year                                                     -
261       Due in more than one year                                               -
      Total liabilities                                                           -

      NET ASSETS
      Invested in capital assets, net of related debt                             -
      Restricted for:
        Nonexpendable:
          Higher education                                                        -
        Expendable:
          Higher education                                                        -
      Unrestricted                                                                -
      Total net assets                                              $             -

      (Assets minus liabilities equals net assets)                        OK

Notes:

(1) OSC will make a CAFR level entry to eliminate the "grossing-up" of assets and liabilities between
    colleges and their component unit foundations.




d6e10b03-3f70-4ba7-bcb6-8416c5ac5f1d.xls Exh D 12 of 17                                                  4/21/2011
Rockingham Community College Foundations                                                                Exhibit E
Statement of Activities - CAFR Format
For the State Fiscal Year Ended June 30, 2009


      Revenues
500   Noncapital gifts                                                $             -
510   Capital gifts                                                                 -
520   Additions to endowments                                                       -
530   Investment income                                                             -
540   Sales and services                                                            -
550   Rental and lease earnings                                                     -
555   Gain on sale of capital assets                                                -
560   Miscellaneous                                                                 -
          Total revenues                                                            -

      Expenses
604   Payments to College (accrual) - student tuition/fees (1)                      -
600   Payments to College (accrual) - noncapital (1)                                -
602   Payments to College (accrual) - capital (1)                                   -
610   Other expenses                                                                -
         Total expenses                                                             -

      Increase (decrease) in net assets                                             -

      Net assets - beginning of year                                    14,295,553
      Restatement                                                                -
      Net assets - end of year                                        $ 14,295,553

      (Ending net assets agree with Exhibit D)                            ERROR

Notes:

(1) OSC will make a CAFR level entry to eliminate the "grossing-up" of revenues and expenses between
    colleges and their component unit foundations.

      (FYI: A college is not required to present cash flows data for a discretely presented component unit
      within its basic financial statements (GASB Statement 34, paragraph 125; Comprehensive
      Implementation Guide - 2003, question 2.3). Therefore, foundation cash flows data is not needed.)




d6e10b03-3f70-4ba7-bcb6-8416c5ac5f1d.xls Exh E 13 of 17                                                  4/21/2011
Rockingham Community College Foundations
Comments and Suggestions for Foundation Template for Colleges
For the State Fiscal Year Ended June 30, 2009




                                             14 of
d6e10b03-3f70-4ba7-bcb6-8416c5ac5f1d.xls Comments 17            4/21/2011
          Updated for 6/30/08 totals on 3/16/09           Foundation 6/30/08
College                                                   Ending Net Assets
Number             COMMUNITY COLLEGE                          Per CAFR       Equals "Net Assets - Beginning of Year" on Exhibit B and Exhibit

C0        Alamance Community College                                   7,120,338
C1        South Piedmont Community College                             1,673,869
C2        Asheville-Buncombe Tech Community College                          -
C3        Beaufort County Community College                                  -
C4        Bladen Community College                                           -
C5        Blue Ridge Community College                                 8,267,011
C6        Brunswick Community College                                  2,310,803
C7        Caldwell Community College and Tech Institute                5,177,105
C8        Cape Fear Community College                                        -
C9        Carteret Community College                                   2,248,579
CA        Catawba Valley Community College                             2,185,639
CB        Central Carolina Community College                           2,976,401
CC        Central Piedmont Community College                          28,906,446
CD        Cleveland Community College                                  3,446,946
CE        Coastal Carolina Community College                                 -
CF        College of the Albemarle                                           -
CG        Craven Community College                                           -
CH        Davidson County Community College                            8,823,436
CJ        Durham Technical Community College                           2,524,525
CK        Edgecombe Community College                                  1,258,251
CL        Fayetteville Technical Community College                           -
CM        Forsyth Technical Community College                          7,292,621
CN        Gaston College                                                 922,982
CP        Guilford Technical Community College                         8,720,474
CQ        Halifax Community College                                          -
CR        Haywood Community College                                          -
CS        Isothermal Community College                                 2,781,554
CT        James Sprunt Community College                               1,007,044
CU        Johnston Community College                                   4,423,344
CV        Lenoir Community College                                     3,181,562
CW        Martin Community College                                       460,635
CX        Mayland Community College                                    1,245,184
CY        McDowell Technical Community College                               -
CZ        Mitchell Community College                                         -
D0        Montgomery Community College                                 1,953,254
D1        Nash Community College                                             -
D2        Pamlico Community College                                          -
D3        Piedmont Community College                                   1,558,504
D4        Pitt Community College                                             -
D5        Randolph Community College                                   8,665,049
D6        Richmond Community College                                   3,501,200
D7        Roanoke-Chowan Community College                                   -
D8        Robeson Community College                                          -
D9        Rockingham Community College                                14,295,553
DA        Rowan-Cabarrus Community College                                   -
DB        Sampson Community College                                    1,214,744
DC        Sandhills Community College                                        -
DD        Southeastern Community College                               4,115,270
DE        Southwestern Community College                               2,822,826
DF        Stanly Community College                                           -
DG        Surry Community College                                      4,796,273
DH        Tri-County Community College                                       -
DJ        Vance-Granville Community College                            3,919,766
DK        Wake Technical Community College                                   -
DL        Wayne Community College                                      2,362,863
DM        Western Piedmont Community College                           1,856,490
DN        Wilkes Community College                                     1,891,197
DP        Wilson Community College                                     1,686,138
161,593,876
of Year" on Exhibit B and Exhibit E

				
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