REPORT NO. 2009-176
M
ARCH 2009

FLORIDA COMMUNITY COLLEGE
AT
JACKSONVILLE
Financial Audit
For the Fiscal Year Ended
June 30, 2008 This is trial version
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BOARD OF TRUSTEES AND PRESIDENT
Members of the Board of Trustees and President who served during the 2007-08 fiscal year are listed below:
Board Member
County
N. Wyman Winbush, II, Chair Duval
Thomas R. McGehee, Jr., Vice-Chair Duval
Suanne Z. Thamm, Vice-Chair from 8-07-07 Nassau
David F. Miller, Jr., to 7-16-07, Vice-Chair (1) Nassau
Dr. Linda H. Asay Nassau
Rear Admiral Kevin F. Delaney, USN (Ret.),
from 7-17-07

Duval

FLORIDA COMMUNITY COLLEGE AT JACKSONVILLE
TABLE OF CONTENTS
PAGE
NO.
EXECUTIVE
SUMMARY i
INDEPENDENT
AUDITOR’S REPORT ON FINANCIAL STATEMENTS 1
MANAGEMENT’S
DISCUSSION AND ANALYSIS 3
BASIC
FINANCIAL STATEMENTS
Statement of Net Assets 12
Statement of Revenues, Expenses, and Changes in Net Assets 14
Statement of Cash Flows 15
Notes to Financial Statements 17
INDEPENDENT
AUDITOR’S REPORT ON INTERNAL CONTROL OVER
FINANCIAL
REPORTING AND ON COMPLIANCE AND OTHER MATTERS
BASED
ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED
IN
ACCORDANCE WITH
GOVERNMENT

AUDITING

STANDARDS
39

General of the United States. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the 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 and the report of the other auditors provide a
reasonable basis for our opinions.
In our opinion, based on our audit and the report of the other auditors, the financial statements referred to above
present fairly, in all material respects, the respective financial position of Florida Community College at Jacksonville
and of its discretely presented component unit as of June 30, 2008, and the respective changes in financial position
DAVID W. MARTIN, CP
A
AUDITOR GENERAL
PHONE: 850-488-5534
FAX: 850-488-6975
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MARCH 2009 REPORT NO. 2009-176
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and cash flows thereof for the fiscal year then ended, in conformity with accounting principles generally accepted in
the United States of America.
In accordance with Government Auditing Standards, we have also issued a report on our consideration of Florida
Community College at Jacksonville‘s internal control over financial reporting and on our tests of its compliance with
certain provisions of laws, rules, regulations, contracts, and grant agreements and other matters included under the
heading INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF THE
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING
STANDARDS
. The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and results of that testing, and not to provide an opinion on the internal control over

financially accountable for it, as the College reports its financial activities to the State of Florida.
T
HE STATEMENT OF NET ASSETS
One of the most important questions asked about the College’s finances is, “Is Florida Community College at
Jacksonville as a whole, better off or worse off as a result of the year’s activities?” The statement of net assets and
the statement of revenues, expenses, and changes in net assets report information on the College as a whole and on
its activities in a way that helps answer this question. When revenues and other support exceed expenses, the result
is an increase in net assets. When the reverse occurs, the result is a decrease in net assets. The relationship between
revenues and expenses may be thought of as Florida Community College at Jacksonville‘s operating results.
These two statements report Florida Community College at Jacksonville‘s net assets and changes in them. You can
think of the College’s net assets, the difference between assets and liabilities, as one way to measure the College’s
financial health, or financial position. Over time, increases or decreases in the College’s net assets are one indication
of whether its financial health is improving or deteriorating. You will need to consider many other nonfinancial
factors, such as certain trends, student retention, condition of the buildings, and the safety of the campus, to assess
the College’s overall financial health.
These statements include all assets and liabilities using the accrual basis of accounting, which is similar to the
accounting used by most private-sector institutions. All of the current fiscal year’s revenues and expenses are taken
into account regardless of when cash is received or paid.
Total combined net assets of the College and Foundation at June 30, 2008, are $287.1 million, an increase of
$26.5 million from the prior year, as shown in the following graph:
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Total Combined Net Assets at June 30
(In Millions)
$287.1
$260.6
$0.0
$200.0

the 2007-08 fiscal year totaled $103 million. Of this amount, $7.7 million related to the
current fiscal year.
Unrestricted net assets for the 2007-08 and 2006-07 fiscal years were reduced by
$13.9 and $14.1 million, respectively, for the liability for accrued compensated leave
payable for employees.
Assets, Liabilities, and Net Assets
(In Thousands)
College Component Unit

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MARCH 2009 REPORT NO. 2009-176
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THE STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS
GASB Statement No. 35 categorizes revenues as either operating or nonoperating. Operating revenues generally
result from exchange transactions where each of the parties to the transaction either give up or receive something of
equal or similar value.
Expenses are categorized as operating or nonoperating. The majority of the College’s expenses are operating
expenses as defined by GASB Statement No. 35. GASB gives financial reporting entities the choice of reporting
operating expenses in the functional or natural classifications. The College has chosen to report the expenses in
their natural classification on the statement of revenues, expenses, and changes in net assets and has displayed the
functional classification in the notes to financial statements.
Revenues and expenses of the College and its component unit for the 2007-08 and 2006-07 fiscal years are shown in
the following table:
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2007-08 2006-07 2007-08 2006-07
Operating Revenues

24,004 12,795 2,516 18,355
Net Assets, Beginning of Year 221,686
208,891 38,926 20,571
Net Assets, End of Year
245,690$ 221,686$ 41,442$ 38,926$
Operating Results for the Fiscal Years Ended
(In Thousands)
College Component Unit

In the fiscal year ended June 30, 2008, the College had operating revenues of $59.3 million versus $54 million in the
prior year. This is mainly attributed to growth in student tuition and fees. Tuition-paying student enrollment
increased 11.4 percent during the year and tuition rates increased 5 percent effective January 2008. The following
graphs represent operating revenues and tuition-paying student enrollment for the 2007-08 and 2006-07 fiscal years:
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