Full audit report

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SOUTHWESTERN OREGON COMMUNITY
COLLEGE DISTRICT


ANNUAL FINANCIAL REPORT


For the Year Ended June 30, 2005 SOUTHWESTERN OREGON COMMUNITY
COLLEGE DISTRICT

ANNUAL FINANCIAL REPORT
For the Year Ended June 30, 2005

TABLE OF CONTENTS
Page

COLLEGE DISTRICT OFFICIALS 1

FINANCIAL SECTION

Independent Auditor’s Report 2-3

Management’s Discussion and Analysis 4-14

Basic Financial Statements

Statement of Net Assets 15-16

Statement of Revenues, Expenses, and Changes in Net Assets 17-18

Statement of Cash Flows 19-20

Notes to the Basic Financial Statements 21-39

Required Supplemental Information
Schedule of Funding Progress for Employee Pension Plan 39

SUPPLEMENTAL FINANCIAL INFORMATION

Combining Balance Sheet 40

Combining Schedule of Revenues, Expenditures and
Changes in Fund Balances in Compliance with GAAP 41

Reconciliation of Combining Balance Sheet to Statement of Net Assets 42-43

Reconciliation of Combining Schedule of Revenues, Expenditures, and
Changes in Fund Balance to Statement of Revenues, Expenses, and
Changes in Net Assets 44-45

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) 46

Special Revenue Funds

Combining Balance Sheet 47

Combining Schedule of Revenues, Expenditures, and Changes in
Fund Balances 48 SOUTHWESTERN OREGON COMMUNITY
COLLEGE DISTRICT

ANNUAL FINANCIAL REPORT
For the Year Ended June 30, 2005


TABLE OF CONTENTS (continued)

Page
Special Revenue Funds (continued)

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

Auxiliary Fund 49

Financial Aid Fund 50

Special Projects Fund 51

Insurance Reserve Fund 52

Debt Service - Bonded Debt Fund

Schedule of Revenues, Expenditures, and Changes in Fund Balance
- Budget and Actual 53

Capital Projects - Plant Fund


- Budget and Actual 54

Proprietary Funds

Combing Balance Sheet 55

Combining Schedule of Revenues, Expenses and Changes in
Retained Earnings in Compliance with GAAP 56

Combining Schedule of Cash Flows - All Proprietary Fund Types 57-58

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

Enterprise Fund 59

Internal Service Fund 60

Trust and Agency Fund

Schedule of Changes in Assets and Liabilities 61

Schedule of Revenues, Expenses, and Changes in Working Capital
- Budget (Non-GAAP Budgetary Basis) and Actual 62 SOUTHWESTERN OREGON COMMUNITY
COLLEGE DISTRICT

ANNUAL FINANCIAL REPORT
For the Year Ended June 30, 2005


TABLE OF CONTENTS (continued)

Page
SUPPLEMENTAL FINANCIAL SCHEDULES

Combining Balance Sheet - All Enterprise Funds 63

Combining Schedule of Revenues, Expenses & Changes in
Retained Earnings - All Enterprise Funds 64

Intercollegiate Athletics 65

AUDIT SECTION

Auditor’s Reports and Audit Comments

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 66

Independent Auditor’s Comments 67-68

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 69-70

Schedule of Findings and Questioned Costs 71

Schedule of Expenditures of Federal Awards 72-74

Notes to the Schedule of Expenditures of Federal Awards 75
SOUTHWESTERN OREGON COMMUNITY
COLLEGE DISTRICT


COLLEGE DISTRICT OFFICIALS
As of June 30, 2005



Harry Abel
93706 Picket Lane
Coos Bay, OR 97420


David Bridgham
PO Box 752
North Bend, OR 97459


Marcia Jensen
68001 Rhoadie Lane
North Bend, OR 97459


Mike Murray
PO Box 602
Gold Beach, OR 97444


Carol Oelke
66470 E. Bay Drive
North Bend, OR 97459


Clara Radcliffe
th990 South 11 Street Apt 8
Coso Bay, OR 97420


Dan Smith
2551 Troy Lane
North Bend, OR 97459
(Resigned 9/26/05)





______________________________________________________________


Stephen J. Kridelbaugh, President/Clerk – 6/30/05

Dr. Judith Hansen, President/Clerk – 7/1/05

Sheldon Meyer - Dean of Administrative Services

Joe Colo - Business Manager















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, 2005, 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%, 20%, and 4%,
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, 2005, were audited by these other auditors
whose report dated September 25, 2005, 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,
2005, 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.

As described in NOTE 1, the College District initially reports a component unit as of June 30, 2005.

Management’s Discussion and Analysis (MD & A) on pages 4 through 14 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 14,
2005, 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. That report is an integral part of an audit performed in accordance with Government Auditing
Standards and should be rea