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Audit report

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SOUTHWESTERN OREGON COMMUNITY COLLEGE DISTRICT ANNUAL FINANCIAL REPORT For the Year Ended June 30, 2007 SOUTHWESTERN OREGON COMMUNITY COLLEGE DISTRICT COLLEGE DISTRICT OFFICIALS As of June 30, 2007 Lonny Anderson Board Chair Cherie Mitchell Board Vice Chair Harry Abel David Bridgham Rick Howell Marcia Jensen Carol Oelke ______________________________________________________________ Dr. Judith Hansen, President/Clerk Dr. Sheldon Meyer – Vice President of Administrative Services Joe Colo – Business Manager through June 30, 2007 Southwestern Oregon Community College 1988 Newmark Avenue Coos Bay, OR 97420 SOUTHWESTERN OREGON COMMUNITY COLLEGE DISTRICT ANNUAL FINANCIAL REPORT For the Year Ended June 30, 2007 TABLE OF CONTENTS Page COLLEGE DISTRICT OFFICIALS Previous FINANCIAL SECTION Independent Auditor’s Report 1-2 Management’s Discussion and Analysis 3-13 Basic Financial Statements Statement of Net Assets 14-15 Statement of Revenues, Expenses, and Changes in Net Assets 16-17 Statement of Cash Flows 18-19 Notes to the Basic Financial Statements 20-37 SUPPLEMENTAL FINANCIAL INFORMATION Combining Balance Sheet 38 Combining Schedule of Revenues, Expenditures and Changes in Fund Balances in Compliance with GAAP 39 Reconciliation of Combining Balance Sheet to ...
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SOUTHWESTERN OREGON COMMUNITY
COLLEGE DISTRICT


ANNUAL FINANCIAL REPORT


For the Year Ended June 30, 2007 SOUTHWESTERN OREGON COMMUNITY
COLLEGE DISTRICT


COLLEGE DISTRICT OFFICIALS
As of June 30, 2007





Lonny Anderson
Board Chair



Cherie Mitchell
Board Vice Chair



Harry Abel



David Bridgham



Rick Howell



Marcia Jensen



Carol Oelke



______________________________________________________________




Dr. Judith Hansen, President/Clerk



Dr. Sheldon Meyer – Vice President of Administrative Services



Joe Colo – Business Manager through June 30, 2007



Southwestern Oregon Community College
1988 Newmark Avenue
Coos Bay, OR 97420 SOUTHWESTERN OREGON COMMUNITY
COLLEGE DISTRICT

ANNUAL FINANCIAL REPORT
For the Year Ended June 30, 2007

TABLE OF CONTENTS
Page

COLLEGE DISTRICT OFFICIALS Previous

FINANCIAL SECTION

Independent Auditor’s Report 1-2

Management’s Discussion and Analysis 3-13

Basic Financial Statements

Statement of Net Assets 14-15

Statement of Revenues, Expenses, and Changes in Net Assets 16-17

Statement of Cash Flows 18-19

Notes to the Basic Financial Statements 20-37

SUPPLEMENTAL FINANCIAL INFORMATION

Combining Balance Sheet 38

Combining Schedule of Revenues, Expenditures and
Changes in Fund Balances in Compliance with GAAP 39

Reconciliation of Combining Balance Sheet to Statement of Net Assets 40

Reconciliationng Schedule of Revenues, Expenditures, and
Changes in Fund Balance to Statement of Revenues, Expenses, and
Changes in Net Assets 41-42

Combining, Individual Funds and Other Financial Schedules

General Fund

Schedule of Revenues, Expenditures, and Changes in Fund Balance
- Budget and Actual (Non-GAAP Budgetary Basis) 43

Special Revenue Funds

Combining Balance Sheet 44

Combining Schedule of Revenues, Expenditures, and Changes in
Fund Balances 45

Schedules of Revenues, Expenditures, and Changes in Fund Balance
- Budget and Actual

Auxiliary Fund 46

Financial Aid Fund 47

SOUTHWESTERN OREGON COMMUNITY
COLLEGE DISTRICT

ANNUAL FINANCIAL REPORT
For the Year Ended June 30, 2007


TABLE OF CONTENTS (continued)

Page
Special Revenue Funds (continued)

Special Projects Fund 48

Insurance Reserve Fund 49

Debt Service - Bonded Debt Fund

Schedule of Revenues, Expenditures, and Changes in Fund Balance
- Budget and Actual 50

Capital Projects - Plant Fund

Schedule of Revenues, Expenditures, and Changes in Fund Balance
- Budget and Actual 51

Proprietary Funds

Combing Balance Sheet 52

Combining Schedule of Revenues, Expenses and Changes in
Retained Earnings in Compliance with GAAP 53

Combining Schedule of Cash Flows - All Proprietary Fund Types 54

Schedule of Revenues, Expenses, and Changes in Retained Earnings
- Budget (Non-GAAP Budgetary Basis) and Actual

Enterprise Fund 55

Internal Service Fund 56

Trust and Agency Fund

Schedule of Changes in Assets and Liabilities 57

Schedule of Revenues, Expenses, and Changes in Working Capital
- Budget (Non-GAAP Budgetary Basis) and Actual 58

SUPPLEMENTAL FINANCIAL SCHEDULES

Combining Balance Sheet - All Enterprise Funds 59

Combining Schedule of Revenues, Expenses & Changes in
Retained Earnings - All Enterprise Funds 60

Intercollegiate Athletics 61
SOUTHWESTERN OREGON COMMUNITY
COLLEGE DISTRICT

ANNUAL FINANCIAL REPORT
For the Year Ended June 30, 2007


TABLE OF CONTENTS (continued)

Page
AUDIT SECTION

Report on Internal Control over Financial Reporting and on Compliance
and Other Matters Based on an Audit of Financial Statements Performed
in Accordance with Government Auditing Standards 62-63

Independent Auditor’s Comments 64-65

Federal Financial Assistance Program Compliance

Report on Compliance with Requirements Applicable to Each Major
Program and Internal Control over Compliance in Accordance
with OMB Circular A-133 66-67

Schedule of Findings and Questioned Costs 68

Schedule of Expenditures of Federal Awards 69-70

Notes to the Schedule of Expenditures of Federal Awards 71
















FINANCIAL SECTION CERTIFIED PUBLIC ACCOUNTANTS ALL & ALL, P.C.W W
J. ROBERT WALL, C.P.A.
KAREN S. WALL, C.P.A.


INDEPENDENT AUDITOR’S REPORT




To the Governing Body of the Southwestern Oregon Community College District:


We have audited the accompanying basic financial statements of Southwestern Oregon Community
College District (the primary government), as of and for the year ended June 30, 2007, as listed in the
table of contents. These basic financial statements are the responsibility of Southwestern Oregon
Community College District’s management. Our responsibility is to express an opinion on these basic
financial statements based on our audit. We did not audit the financial statements of Southwestern
Oregon Community College Foundation, Inc. (the component unit), which represents 5%, 21%, and 2%,
respectively, of the assets, net assets, and revenues of the College District. Those financial statements
were audited by other auditors whose report thereon has been furnished to us, and our opinion, insofar
as it relates to the amounts included for the College District, is based on the report of the other auditors.
The discretely presented component unit’s (Southwestern Oregon Community College Foundation,
Inc.) financial statements as of, and for the year ended, June 30, 2007, were audited by these other
auditors whose report dated October 10, 2007, rendered an unqualified opinion.

We conducted our audit in accordance with auditing standards generally accepted in the United States
of America and the standards applicable to the 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 basic financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the basic financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall basic financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.

In our opinion, based on our audit and the report of the other auditors, the basic financial statements
referred to above present fairly, in all material respects, the financial position of Southwestern Oregon
Community College District, and the aggregate discretely presented component unit, as of June 30,
2007, and the results of their operations and cash flows of the primary government for the year then
ended in conformity with accounting principles generally accepted in the United States of America.

Management’s Discussion and Analysis (MD & A) on pages 3 through 13 is not a required part of the
basic financial statements but is supplemental information required by the Governmental Accounting
Standards Board. We have applied certain limited procedures, which consisted principally of inquiries
of management regarding the methods of measurement and presentation of the required
supplementary information. However, we did not audit the information and express no opinion on it.

In accordance with Government Auditing Standards, we have also issued a report dated October 26,
2007, on our consideration of Southwestern Oregon Community College District’s internal control over
financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts,
and grants. The purpose of that report is to describe the scope of our testing of internal control over
financial reporting and compliance and the results of that testing and not to provide an opinion on the
internal control over financial reporting or on compliance. 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.






MEMBER h AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS h OREGON SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS

750 CENTRAL AVENUE, SUITE 102 COOS BAY, OR 97420 (541) 269-1358 FAX: (541) 269-0202 2


Our audit was performed for the purpose of forming an opinion on the basic financial statements taken
as a whole. The Supplemental Financial Information and Supplemental Financial Schedules listed in
the table of contents are presented for purposes of additional analysis and are not a required part of the
basic financial statements of Southwestern Oregon Community College District. The accompanying
Schedule of Expenditures of Federal Awards, as listed in the Audit Section of the Table of Contents, is
presented for purposes of additional analysis as required by U.S. Office of Management and Budget
Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, and is not a
required part of the basic financial statements. Such Supplementary Information and the Schedule of
Expenditures of Federal Awards have been subjected to the auditing procedures applied, by us and the
other auditors, in the audit of the basic financial statements and, in our opinion, based on our audit and
the report of the other auditors, are fairly stated in all material respects in relation to the basic financial
statements taken as a whole.

J. Robert Wall, CPA
Wall & Wall P.C., Certified Public Accountants

Coos Bay, Oregon
October 26, 2007















MANAGEMENT’S DISCUSSION AND ANALYSIS SOUTHWESTERN
OREGON COMMUNITY COLLEGE
1988 NEWMARK COOS BAY OR 97420-2912
541 888-2525 FAX 541 888-7285
www.socc.edu



Management’s Discussion and Analysis


This discussion and analysis of the Southwestern Oregon Community College District’s
(Southwestern) financial activities for the fiscal year ending June 30, 2007 should be
read in conjunction with the financial statements and the notes thereto, which follow this
section.

Accounting Standards

The Government Accounting Standards Board (GASB) Statement No. 34, “Basic Financial
Statements and Management’s Discussion and Analysis for State and Local
Governments” requires a comprehensive look at the entity as a whole, along with
recognition of depreciation on capital assets. GASB Statement No. 35, “Basic Financial
Statements and Management’s Discussion and Analysis for Public Colleges and
Universities” requires that a comparative analysis be presented in the audited financial
statements and the Management’s Discussion and Analysis (MD&A).

Financial Highlights

• The assets of Southwestern exceeded its liabilities at the close of fiscal year 2007
by $8,039,397 (net assets). Of this amount, $611,670 (unrestricted net assets)
may be used to meet the college’s ongoing obligations to citizens, creditors, and
employees.

• The College’s total net assets decreased by $3,059,923. This was due to the
delayed state funding payment and higher personnel, fringe, materials, long-term
interest, and depreciation costs.

• Southwestern’s governmental funds reported combined ending fund balances of
$3,867,424, an increase of $168,985 over the prior year. Of this amount,
$3,867,424 is available for use at the College’s discretion (unreserved fund
balance).

• At the end of the fiscal year, the General Fund had an unreserved fund balance of
$809,992.

• Southwestern’s total debt increased by $1,603,152 due primarily to capital
construction financing.

• The College’s enrollment increased based upon FTE.

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