Statement of Cash Flows Template Using the Direct Method

Use StmtStatement of Use PolicyStatement of Cash Flows Template Using the Direct MethodNorth Carolina Community CollegesThe accompanying "Statement of Cash Flows Template Using the Direct Method - NC CommunityColleges" was developed by the North Carolina Office of the State Controller (OSC) with assistance fromDurham Technical Community College, Craven Community College, and the University of North Carolina -General AdministrationExcept for North Carolina public colleges and universities, we request that users make reference to OSCas the developer of the accompanying template. Also, users should provide OSC with samples of anymaterials utilizing this template or parts thereof. If you have any questions, please contactClayton Murphy at (919) 707-0762 or clayton.murphy@osc.nc.govMailing AddressState of North CarolinaOffice of the State Controller1410 Mail Service CenterRaleigh, NC 27699-1410Revised 3/14/2012

StepsStatement of Cash Flows Template Using the Direct MethodNorth Carolina Community CollegesGeneralEnter name of institution (cell "E6")Name of institutionName of CollegeData Input (Steps 1 - 6)ChecklistStep 1Prepare comparative statement of net assets (Exhibit A)-Recast balances into the GASB-34 format-Present assets and liabilities in a "classified" format, including separate reporting ofrestricted assets-Eliminate due from/due to other funds and related operating statement effects-Report capital assets net of accumulated depreciation-Reclassify fund equity into the 3 categories of net assets-Restate prior year balances for any classification changesStep 2Prepare Statement of Revenues, Expenses, and Changes in Net Assets (Exhibit B)-Recast amounts into the GASB-34 format-Report operating expenses by natural classification (salaries/wages, utilities, etc)-Eliminate transfers between funds-Reduce amount expended for plant facilities in Unexpended Plant by corresponding amountin Investment in Plant (classify net amount as "Supplies and materials")-Eliminate amount for disposal of plant facilities (Note: only report gain/loss on sale)-Report scholarship discounts and allowances as contra-revenues (not as revenues andfinancial aid expenses) except if developed as employee benefits or received from thirdparty payors to satisfy fees of specified students (NACUBO AR 2000-05)-Report uncollectible amounts related to revenues of the current period as contra-revenues(not as bad debt expense, except for notes receivable)-Eliminate double counting inherent to internal service funds and transactions between aninstitution and its auxiliary enterprises-Report depreciation expense on capital assetsStep 3Prepare changes in capital assets worksheet (Exhibit C)-(Note: Required note disclosure under GASB Statement 34.)Step 4Prepare changes in long-term debt worksheet (Exhibit D)-(Note: Required note disclosure under GASB Statement 34.)Step 5Prepare analysis of receivables, payables, and other items worksheet (Exhibit E)-(Note: includes additional information necessary to prepare a statement of cash flows.)Step 6The template will automatically generate the cash flow worksheet (Exhibit F) and the statementof cash flows (Exhibit G). Do not enter any data in these exhibits.-Review for accuracy and make any other adjustments deemed necessary-Template has been completed in accordance with all accounting rules (see Exhibit E)-All of the error checks display "OK" as opposed to "ERROR"

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Exh AExhibit AName of CollegeStatement of Net AssetsJune 30, 2012 and 201120112012Per AuditChangeASSETSCurrent assets:Cash and cash equivalents0.00.00.0A-1Restricted cash and cash equivalents0.00.00.0A-1Short-term investments0.00.00.0ExhERestricted short-term investments0.00.00.0ExhEReceivables, net0.00.00.0ExhEDue from primary government0.00.00.0ExhEDue from State of NC component units0.00.00.0ExhEDue from Community College component units0.00.00.0ExhEInventories0.00.00.0A-2Prepaid items0.00.00.0A-3Notes receivable, net0.00.00.0ExhETotal current assets0.00.00.0Noncurrent assets:Restricted cash and cash equivalents0.00.00.0A-1Receivables, net0.00.00.0ExhERestricted due from primary government0.00.00.0ExhERestricted due from State of NC component units0.00.00.0ExhERestricted investments0.00.00.0ExhEOther long-term investments0.00.00.0ExhENotes receivable, net0.00.00.0ExhECapital assets - nondepreciable0.00.00.0ExhCCapital assets - depreciable, net0.00.00.0ExhCTotal noncurrent assets0.00.00.0Total assets0.00.00.0LIABILITIESCurrent liabilities:Accounts payable and accrued liabilities0.00.00.0ExhEDue to primary government0.00.00.0A-4Due to State of North Carolina component units0.00.00.0A-5Unearned revenue0.00.00.0ExhEFunds held for others0.00.00.0ExhELong-term liabilities - current portion0.00.00.0ExhDTotal current liabilities0.00.00.0Noncurrent liabilities:Funds held for others0.00.00.0ExhEUS government grants refundable0.00.00.0A-6Long-term liabilities0.00.00.0ExhDTotal noncurrent liabilities0.00.00.0Total liabilities0.00.00.0Exhibit A, cont.Name of CollegeStatement of Net AssetsJune 30, 2012 and 201120112012Per AuditChangeNET ASSETSInvested in capital assets, net of related debt0.00.00.0Restricted for:Nonexpendable:Scholarships and fellowships0.00.00.0Loans0.00.00.0Other0.00.00.0Expendable:Scholarships and fellowships0.00.00.0Loans0.00.00.0Capital projects0.00.00.0Other0.00.00.0Unrestricted0.00.00.0Total net assets0.00.00.0Exhibit A, cont.Name of CollegeStatement of Net AssetsJune 30, 2012 and 2011Notes(1)GASB 34 requires institutions to present assets and liabilities in a "classified" format, includingseparate reporting of restricted assets. Individual assets and liabilities are classified as currentor long-term based on whether they are expected to generate or use cash within 12 months of theend of the fiscal period. Restricted assets that can be used for current operations (e.g., certaingrant revenues) should be reported as current assets. Restricted assets that cannot be used forcurrent operations (e.g. restricted for acquisition/construction of capital assets or segregated forthe liquidation of long-term debt) should be reported as noncurrent assets.(2)Unrestricted cash and cash equivalents classified as current assets equals the following:-Balances in the unrestricted general and proprietary funds.(3)Restricted cash and cash equivalents classified as current assets equals the following:-Balances in the restricted and loan funds.-Balances in plant funds equal to the amount of current liabilities.(4)Restricted cash and cash equivalents classified as noncurrent assets equals the following:-Balances in the endowment and agency funds.-Balances in plant funds not reported as current restricted.(5)Restricted short-term investments equals the following:-Short-term investment balances in the restricted and loan funds.(6)Receivables are reported net of allowances for doubtful accounts. Noncurrent receivables consistof the following:-Noncurrent portion of pledges receivable.-Receivables from counties that are restricted for the acquisition/construction of capital assets.(7)Restricted due from primary government equals the following:-Receivables from DCC in the plant fund that are restricted for expenditure in the acquisition orconstruction of capital assets (e.g., higher education bond monies and CI appropriations).(8)US government grants refundable classified as noncurrent liabilities equals the following:-The refundable portion of Perkins grants reported in loan funds.(9)Net assets invested in capital assets, net of related debt equals the following:(Note: This amount is automatically calculated by EXCEL upon completing Exhibits C, D and E)Capital assetsLess: Accumulated depreciationLess: Outstanding principal of related debt(i.e., Notes payable and capital leases payable)Net assets, invested in capital assets,net of related debtExhibit A, cont.Name of CollegeStatement of Net AssetsJune 30, 2012 and 2011(10)Net assets should be reported as restricted when constraints placed on asset use are externallyimposed by creditors, grantors, or laws or regulations of other governments (see new SIG policyon "Net Assets").-Restricted nonexpendable net assets should include "true endowments" and exclude"quasi-endowments"-Restricted expendable net assets should include the corpus of quasi-endowments if the donorstipulated that the resources must be used for specific purposes, current restricted funds, loanfunds, and unexpended plant funds that are restricted.-Net assets restricted for capital projects should equal the restricted fund balance of theunexpended plant fund plus any liabilities reclassified to net assets invested in capital assets.(11)Unrestricted net assets should include the corpus of quasi-endowments if the donor stipulatedthat the resources could be used for anything determined by the institution. Also, it should includeall other unrestricted funds (Note: amount may be negative).(12)The amounts for the prior fiscal year should be keyed from the audited financial statements, ifavailable (i.e., not from the prior year compiled financial statements submitted to OSC on August 31or the prior year cash flow template).

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Exh BExhibit BName of CollegeStatement of Revenues, Expenses, and Changes in Net AssetsFor the Fiscal Year Ended June 30, 20122012OPERATING REVENUESStudent tuition and fees, net0.0B-1Federal grants and contracts0.0B-2State and local grants and contracts0.0B-3Nongovernmental grants and contracts0.0B-4Sales and services, net0.0B-5Other operating revenues0.0ExhETotal operating revenues0.0OPERATING EXPENSESSalaries and benefits0.0B-6Supplies and materials0.0B-7Services0.0B-8Scholarships and fellowships0.0B-9Utilities0.0B-10Depreciation0.0B-11Total operating expenses0.0Operating loss0.0NONOPERATING REVENUES (EXPENSES)State aid0.0B-12County appropriations0.0B-13Noncapital grants - federal student financial aid0.0B-22Other noncapital grants0.0B-14Noncapital gifts, net0.0B-15Investment income, net0.0ExhEInterest and fees on debt0.0B-16Other nonoperating revenues (expenses)0.0ExhENet nonoperating revenues0.0Income before other revenues, expenses, gains, and losses0.0State capital aid0.0B-17County capital aid0.0B-18Capital grants0.0B-19Capital gifts, net0.0B-20Additions to endowments0.0B-21Special items0.0ExhEExtraordinary items0.0ExhEIncrease (decrease) in net assets0.0Net assets, July 1 (see Note 8 below)0.0Restatement (See Note 8 below)0.0Net assets, June 300.0Exhibit B, cont.Name of CollegeStatement of Revenues, Expenses, and Changes in Net AssetsFor the Fiscal Year Ended June 30, 2012Notes(1)Revenues are reported net of discounts and allowances. Allowances related to revenuesof the current period include the following:-Scholarship allowances related to student tuition and fees-Uncollectibles related to student tuition and fees-Uncollectibles related to sales and services-Uncollectibles related to noncapital gifts-Uncollectibles related to capital gifts(2)Tuition remission policies developed as employee benefits should be accounted for ascompensation expense and not as a scholarship allowance to tuition because the tuitionremission was given in exchange for services.(3)Federal grants and contracts classified as operating revenues include the following:-Federal revenues that are exchange and exchange-like transactions.(4)State, local, and nongovernmental grants and contracts classified as operating revenuesinclude the following:-Other grant and contract revenues related to exchange and exchange-like transactions.(5)State aid classified as nonoperating revenues should include the following:-Certifications received from DCC for operating purposes.(6)Noncapital grants classified as nonoperating revenues should include the following:-Noncapital federal, State, local and nongovernmental grant revenues (include grantsfrom other State agencies but exclude certifications from DCC).(7)State capital aid reported below nonoperating revenues should include the following:-DCC bond and CI revenues restricted for capital projects.(8)Generally, the "Restatement" line on Exhibit B should be zero since the prior year columnamounts on Exhibit A should have been restated (i.e., The "Restatement" amount should bereclassified to the "Net assets, July 1" line on Exhibit B). On Exhibit A, the total net assetsin the prior year column should agree with the "Net assets, July 1" line on Exhibit B.Error Checks-Ending net assets agrees with balance sheetOK-Beginning net assets agrees with balance sheetOK

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Exh CName of CollegeExhibit CChanges in Capital AssetsFor the Fiscal Year Ended June 30, 2012BeginningPrior YearEndingBalancesAdjustmentsIncreasesDecreasesBalancesCapital assets, non-depreciable:Land and permanent easements0.00.00.00.00.0Art, literature, and artifacts0.00.00.00.00.0Construction in progress0.00.00.00.00.0Computer software in development0.00.00.00.00.0Patents in development0.00.00.00.00.0Other intangible assets-nondepreciable0.00.00.00.00.0Total capital assets, non-depreciable0.00.00.00.00.0(Note: should equal total on Exhibit A)OKOKCapital assets, depreciable:Buildings0.00.00.00.00.0Machinery and equipment0.00.00.00.00.0Art, literature, and artifacts0.00.00.00.00.0General infrastructure0.00.00.00.00.0Computer software0.00.00.00.00.0Patents0.00.00.00.00.0Other intangible assets0.00.00.00.00.0Totals0.00.00.00.00.0Less accumulated depreciation for:Buildings0.00.00.00.00.0Machinery and equipment0.00.00.00.00.0Art, literature and artifacts0.00.00.00.00.0General infrastructure0.00.00.00.00.0Computer software0.00.00.00.00.0Patents0.00.00.00.00.0Other intangible assets0.00.00.00.00.0Totals0.00.00.00.00.0Total capital assets, depreciable, net0.00.00.00.00.0(Note: should equal total on Exhibit A)OKOKCapital assets, net0.00.00.00.00.0Name of CollegeExhibit C, cont.Changes in Capital AssetsCapital assets - increases:Acquisitions:Purchased/constructed/developed0.0C-1Capital leases/other similar financings (noncash)0.0C-2(Include notes payable issued for noncash consideration - e.g., building)Donations at fair value (noncash)0.0C-3Interest expense capitalized0.0C-4Less: interest income capitalized0.0C-5Reclassifications - construction in progress0.0Total0.0(Note: should equal column J, row 15 plus row 25.)OKCapital assets - decreases:Cost of capital assets sold0.0Cost of capital assets written off (noncash)10.0C-6Reclassifications - construction in progress0.0Total0.0(Note: should equal column L, row 15 plus row 25)OKAccumulated depreciation - decreases:Accumulated depreciation on capital assets sold0.0Accumulated depreciation on capital assets written off0.0Total0.0(Note: should equal column L, row 34.)OKOther InformationProceeds from sale of capital assets:0.0C-7OK(Must complete Exhibit E to eliminate "ERROR' message)Automatic Calculation (must equal above)Cost of capital assets sold0.0Less: Accumulated depreciation on capital assets sold0.0Less: Note issued to county for sale of capital assets0.0E-59Plus: Gain (loss) on sale of capital assets per Exhibit E0.0E-46Plus: Gain (loss) reported as special item per Exhibit E0.0E-53Proceeds from sale of capital assets0.0Notes(1)If capital assets written off are not fully depreciated, insignificant losses on writeoffs could be eliminated by adjusting the current period'sdepreciation expense by the amount of the gain or loss (Note: losses on writeoffs that are not eliminated should be reported on Exhibit E -"Other nonoperating revenues (expenses) - Loss on write-offs of capital assets".(2)The "Beginning Balances" should be keyed from the prior year audited financial statements, if available. The "Prior Year Adjustments"column should only include restatements made by the college after the prior year audited financial statements were issued.

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Exh DName of CollegeExhibit DChanges in Long-term LiabilitiesFor the Fiscal Year Ended June 30, 2012BeginningPrior YearEndingDue WithinBalancesAdjustmentsAdditionsReductionsBalancesOne YearChangeNotes payable0.00.00.00.0D-20.00.00.0Capital leases payable0.00.00.0D-30.0D-40.00.00.0Pollution remediation payable0.00.00.00.00.00.00.0D-7Compensated absences0.00.00.00.00.00.00.0D-5Total long-term liabilities0.00.00.00.00.00.0Notes payable - additions:Cash proceeds from financing agreements0.0D-1Noncash financing agreements0.0D-6(Include notes payable issued for noncash consideration - e.g., building)Total0.0(Note: should equal column H, row 8)OKNotes(1)The "Beginning Balances" and "Ending Balances" include current and noncurrent portions.(2)The "Beginning Balances" should be keyed from the prior year audited financial statements, if available. The "Prior Year Adjustments"column should only include restatements made by the college after the prior year audited financial statements were issued.(3)"Annuity and Life Income Payable" transactions are excluded from this template. If your college has any such transactions, you willneed to make manual adjustments to this template.Error ChecksTotal beginning balances equal current and noncurrent portions per balance sheetOKTotal due within one year equals Long-term liabilities-current portion per balance sheetOKTotal ending balances less due within one year equals Long-term liabilities (noncurrent)per balance sheetOK

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Exh EName of CollegeExhibit EAnalysis of Receivables, Payables, and Other Items - FY Ended June 30, 201220122011ChangeReceivables, netAccounts receivable - tuition and fees, net0.00.00.0E-1Accounts receivable - sales and services/other operating0.00.00.0E-2Accounts receivable - students (financial aid, etc.)0.00.00.0E-3Accounts receivable - nonoperating (related to misc. nonoperating revenues)0.00.00.0E-4Accounts receivable - travel advances to employees0.00.00.0E-5Intergovernmental receivable - Pell, SEOG, and college work study0.00.00.0E-6Intergovernmental receivable - other noncapital0.00.00.0E-7Intergovernmental receivable - county capital appropriation0.00.00.0E-58Intergovernmental receivable - other capital0.00.00.0E-8Private grantors receivable - operating (exchange transactions only)0.00.00.0E-9Private grantors receivable - noncapital0.00.00.0E-10Private grantors receivable - capital0.00.00.0E-11Pledges receivable - noncapital (current and noncurrent)0.00.00.0E-12Pledges receivable - capital (current and noncurrent)0.00.00.0E-13Interest receivable - investments0.00.00.0E-14Interest receivable - loans0.00.00.0E-15Total0.00.00.0(Note: should equal total on Exhibit A)OKOKDue from primary government (current and noncurrent/restricted)DCC certification receivable - noncapital (typically will be zero)0.00.00.0E-16DCC bond and CI receivable - capital0.00.00.0E-17Other State agencies - noncapital0.00.00.0E-18Total0.00.00.0(Note: should equal amount on Exhibit A)OKOKDue from State of NC component unitsDue from State of NC component units - noncapital0.00.00.0E-19Due from State of NC component units - capital0.00.00.0E-20Total0.00.00.0(Note: should equal amount on Exhibit A)OKOKDue from Community College component unitsDue from College component units - noncapital0.00.00.0E-20aDue from College component units - capital0.00.00.0E-20bTotal0.00.00.0(Note: should equal amount on Exhibit A)OKOKAccounts payable and accrued liabilitiesAccounts payable - operating goods and services0.00.00.0E-21Accounts payable - capital assets (related to assets capitalized on Exhibit A)0.00.00.0E-22Accrued payroll0.00.00.0E-23Contracts payable0.00.00.0E-24Intergovernmental payable - noncapital0.00.00.0E-25Intergovernmental payable - capital0.00.00.0E-26Private grantors payable - noncapital0.00.00.0E-27Private grantors payable - capital0.00.00.0E-28Interest payable0.00.00.0E-29Total0.00.00.0(Note: should equal amount on Exhibit A)OKOKUnearned revenueStudent tuition and fees0.00.00.0E-30Operating grants/contracts; sales/services (related to operating revenues only)0.00.00.0E-31Noncapital grants0.00.00.0E-32Noncapital gifts0.00.00.0E-33Capital grants0.00.00.0E-34Capital gifts0.00.00.0E-35Total0.00.00.0(Note: should equal amount on Exhibit A)OKOKInvestments (current, noncurrent, and restricted)Purchase of investments (at cost)0.0E-37Donations of investments/securities (at fair value)0.0E-38Sales and maturities of investments (at cost)0.0E-39Increase (decrease) in "Allowance Fair Value of Investments"0.0E-40(Note: Must equal row 86 below)Total0.0(Note: must equal change on Exhibit A)OKInvestment income, netNet increase (decrease) in FV of investmentsRealized gain (loss) on sale0.0E-41Unrealized gain (loss) [Note: 13th period accrual less reversal of PY allowance].0.0(Note: Must equal row 79 above]Net increase (decrease) in FV of investments0.0Interest and dividends0.0E-42Investment expenses (assume all paid in cash - no accruals)0.0E-43Total0.0(Must equal amount on Exhibit B)OKOther operating revenuesInterest earnings on loans0.0E-44Other operating revenues (excluding sales and services)0.0E-45Total0.0(Must equal amount on Exhibit B)OKOther nonoperating revenues (expenses)Gain (loss) on sale of capital assets (Note: exclude special items)0.0E-46(Loss) on write-offs of capital assets (difference between cost and accumulated depreciation)0.00.0Insurance proceeds on capital assets stolen or destroyed0.0E-47Miscellaneous nonoperating revenues (expenses)0.0E-48Total0.0(Must equal amount on Exhibit B)OKNotes receivable (net):Note issued to county for sale of capital asset0.0E-59Collection of note issued to county0.0E-60Loans issued to students0.0E-49Collection of loans to students0.0E-50Increase (decrease) in allowance for doubtful accounts0.0E-51Loans written off0.0E-52Total0.0(Note: should equal change on Exhibit A, which is net of allowance)OKFunds held for others (current and noncurrent)William D. Ford direct lending receipts0.0E-61William D. Ford direct lending disbursements (enter as positive)0.0E-62Other receipts/disbursements, net (enter as positive or negative)0.0E-36Total0.0(Note: must equal change on Exhibit A)OKSpecial items:(Example: Significant gain (loss) on sale of capital assets - generally N/A)Special items - gain (loss) on sale of capital assets0.0E-53Special items - (other expenses)0.0E-54Total0.0(Must equal amount on Exhibit B)OKExtraordinary items:(Examples: Large bequest by a private citizen, significant damage by a naturaldisaster or terroist act)Extraordinary items - (expenses)0.0E-55Extraordinary items - noncapital gift revenue0.0E-56Extraordinary items - capital gift revenue0.0E-57Total0.0(Must equal amount on Exhibit B)OKNote: Template may need to be adjusted for entries related to Perkins Loans, if applicable.Accounting RulesRECEIVABLESReceivables, netAccounts receivable - tuition and fees, netCredit must be to "Student tuition and fees" revenuesAccounts receivable - sales and services/other operatingCredit must be to "Sales and services" or "Other operating revenues"Accounts receivable - students (financial aid, etc.)Credit must be to "Scholarships and fellowships" operating expensesAccounts receivable - nonoperatingCredit must be to "Other nonoperating revenues"Accounts receivable - travel advances to employeesCredit must be to "Cash"Intergovernmental receivableCredit must be to "Noncapital grants" revenue or "Capital grants" revenuePrivate grantors receivableCredit must be to "Noncapital grants" revenue or "Capital grants" revenuePledges receivableCredit must be to "Noncapital gifts" revenue or "Capital gifts" revenueInterest receivableCredit must be to "Investment income"Due from primary governmentCredit must be to "State aid" revenue, "State capital aid" revenue, or "Noncapital grants" revenueDue from State of North Carolina component unitsCredit must be to "Noncapital grants" revenue or "Capital grants" revenueDue from College component unitsCredit must be to "Noncapital gifts" revenue or "Capital gifts" revenueNote receivableCredit must be to "Cash"PAYABLESAccounts payable and accrued liabilitiesAccounts payable - operating goods and servicesDebit must be to "Supplies and materials", "Services", or "Utilities" operating expensesAccounts payable - capital assetsDebit must be to a capital asset account (i.e., not an expense)Accrued payrollDebit must be to "Personal services" operating expensesContracts payableDebit must be to a capital asset account (i.e., not an expense)Intergovernmental payableDebit must be to "Noncapital grants" revenue or "Capital grants" revenuePrivate grantors payableDebit must be to "Noncapital grants" revenue or "Capital grants" revenueInterest payableDebit must be to "Interest and fees on debt" operating expensesDue to primary governmentDebit must be to "Supplies and materials", "Services", or "Utilities" operating expensesDue to State of North Carolina Component UnitsDebit must be to "Supplies and materials", "Services", or "Utilities" operating expensesDeferred revenueDebit must be to "Cash"Funds held for othersDebit must be to "Cash"Notes payableDebit must be to "Cash" or "Capital assets" (non-cash consideration)Capital leases payableDebit must be to "Capital assets" (not cash)Pollution remediation payableDebit must be to "Supplies and materials" or "Services" (or a restatement).OTHER ACCOUNTSInventoriesCredit must be to "Cash"(Note: need to adjust worksheet if any donated inventories)Prepaid itemsCredit must be to "Cash"Other operating revenuesDebit must be to "Accounts receivable - sales and services/other operating" or "Cash"Other nonoperating revenuesDebit must be to "Accounts receivable - nonoperating" or "Cash"Additions to endowmentsDebit must be to "Cash" (cannot be accrued per GASB Statement 33)NOTE: The accounting rules may need to be modified for new or unique transactions (i.e. annuity and life income payable transactions).Also, the template may need to be modified for prior period adjustments to current asset or current liability accounts.

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Exh FName of CollegeExhibit FCash Flow Worksheet - FY Ended June 30, 2012InflowsOutflowsRef.Caption TotalsCASH FLOWS FROM OPERATING ACTIVITIESReceived from customersStudent tuition and fees, net0.0B-1Federal grants and contracts0.0B-2State and local grants and contracts0.0B-3Nongovernmental grants and contracts0.0B-4Sales and services, net0.0B-5Other operating revenues0.0E-45Change in accounts receivable - tuition and fees receivable, net0.00.0E-1Change in accounts receivable - sales and services/other operating0.00.0E-2Change in private grantors receivable - operating0.00.0E-9Change in unearned revenue - student tuition and fees0.00.0E-30Change in unearned revenue - operating grants/contracts; sales/services0.00.0E-310.0Payments to employees and fringe benefitsPersonal services0.0B-6Change in accrued payroll0.00.0E-23Change in accrued vacation leave0.00.0D-50.0Payments to vendors and suppliersSupplies and materials0.0B-7Services0.0B-8Utilities0.0B-10Special items - other expenses0.0E-54Extraordinary items - expenses0.0E-55Notes receivable: increase (decrease) in allowance for doubtful accounts0.00.0E-51Notes receivable: loans written off0.0E-52Change in accounts receivable - travel advances to employees0.00.0E-5Change in inventories0.00.0A-2Change in prepaid items0.00.0A-3Change in accounts payable - operating goods and services0.00.0E-21Change in pollution remediation payable0.00.0D-7Change in due to primary government0.00.0A-4Change in due to State of North Carolina component units0.00.0A-50.0Payments for scholarships and fellowshipsPayments for scholarships and fellowships0.0B-9Change in accounts receivable - students (financial aid, etc.)0.00.0E-30.0Loans issued to studentsNotes receivable: loans issued to students0.0E-490.0Collection of loans to studentsNotes receivable - collection of loans to students0.0E-50Interest earnings on loans0.0E-44Change in interest receivable - loans0.00.0E-150.0Other receipts (payments)Miscellaneous nonoperating revenues (expenses)0.00.0E-48Change in accounts receivable - nonoperating0.00.0E-4Change in US government grants refundable0.00.0A-6Other receipts/disbursements, net0.00.0E-360.0CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIESState aid receivedState aid0.0B-12Change in due from primary government: DCC certification - noncapital0.00.0E-160.0County appropriations0.0B-130.0Noncapital grants - federal student financial aidNoncapital grants - federal student financial aid0.0B-22Change in intergovernmental receivable - Pell, SEOG, College Work Study0.00.0E-60.0Noncapital grants receivedOther noncapital grants0.0B-14Change in intergovernmental receivable - other noncapital0.00.0E-7Change in private grantors receivable - noncapital0.00.0E-10Change in due from primary government: other State agencies - noncapital0.00.0E-18Change in due from State of NC component units - noncapital0.00.0E-19Change in intergovernmental payable - noncapital0.00.0E-25Change in private grantors payable - noncapital0.00.0E-27Change in unearned revenues - noncapital grants0.00.0E-320.0Noncapital gifts and endowments receivedNoncapital gifts, net0.0B-15Additions to endowments0.0B-21Extraordinary items - noncapital gift revenues0.0E-56Investments: donations of investments/securities (at fair value)0.0E-38Change in pledges receivable - noncapital0.00.0E-12Change in due from College component units - noncapital0.00.0E-20aChange in unearned revenues - noncapital gifts0.00.0E-330.0William D. Ford direct lending receipts0.0E-610.0William D. Ford direct lending disbursements0.0E-620.0CASH FLOWS FROM CAPITAL AND RELATED FINANCINGACTIVITIESState capital aid receivedState capital aid0.0B-17Change in due from primary government: DCC certification - capital0.00.0E-170.0County capital aid receivedCounty capital aid0.0B-18Change in intergovernmental receivable - county capital appropriation0.00.0E-580.0Capital grants receivedCapital grants0.0B-19Change in intergovernmental receivable - capital0.00.0E-8Change in private grantors receivable - capital0.00.0E-11Change in due from State of NC component units - capital0.00.0E-20Change in intergovernmental payable - capital0.00.0E-26Change in private grantors payable - capital0.00.0E-28Change in unearned revenues - capital grants0.00.0E-340.0Capital gifts receivedCapital gifts, net0.0B-20Capital assets - increases: donations at fair value0.0C-3Extraordinary items - capital gift revenues0.0E-57Change in pledges receivable - capital0.00.0E-13Change in due from College component units - capital0.00.0E-20bChange in unearned revenues - capital gifts0.00.0E-350.0Proceeds from capital debtCash proceeds from financing agreements0.0D-10.0Proceeds from sale of capital assetsProceeds from sale of capital assets0.0C-7Collection of note issued to county0.0E-600.0Proceeds from insurance on capital assetsInsurance proceeds on capital assets stolen or destroyed0.0E-470.0Acquisition and construction of capital assetsCapital assets - increases: acquisitions purchased/constructed0.0C-1Change in accounts payable - capital assets0.00.0E-22Change in contracts payable0.00.0E-240.0Principal paid on capital debt and leasesNotes payable - reductions0.0D-2Capital leases payable - reductions0.0D-40.0Interest paid on capital debt and leasesInterest and fees on debt0.0B-16Capital assets - increases: interest expense capitalized0.0C-4Change in interest payable0.00.0E-290.0CASH FLOWS FROM INVESTING ACTIVITIESProceeds from sales and maturities of investmentsSales and maturities of investments (at cost)0.0E-39Realized gain (loss) on sale0.00.0E-410.0Investment incomeInterest and dividends0.0E-42Capital assets - increases: interest income capitalized0.0C-5Change in interest receivable - investments0.00.0E-140.0Purchase of investments and related feesPurchase of investments (at cost)0.0E-37Investment expenses (Note: assume no related payables)0.0E-430.0Total0.00.00.0Error CheckTotal inflows less total outflows equals change in cash andcash equivalents on balance sheetOK--Notes(1)Always show revenues as inflows and expenses as outflows.(2)Use the table below to determine if account changes are inflows oroutflows:Account TypeInflowOutflowChange in current assetsDecreaseIncreaseChange in current liabilitiesIncreaseDecreaseChange in fair value of investmentsDecreaseIncreaseNote receivable: change in allowance for doubtful accountsIncreaseDecreaseIncrease in donated capital assets/investmentsN/AIncrease

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Exh GExhibit GName of CollegeStatement of Cash FlowsFor the Fiscal Year Ended June 30, 20122012CASH FLOWS FROM OPERATING ACTIVITIESReceived from customers0.0Payments to employees and fringe benefits0.0Payments to vendors and suppliers0.0Payments for scholarships and fellowships0.0Loans issued to students0.0Collection of loans to students0.0Other receipts (payments)0.0Net cash used by operating activities0.0CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIESState aid received0.0County appropriations0.0Noncapital grants - federal student financial aid0.0Noncapital grants received0.0Noncapital gifts and endowments received0.0William D. Ford direct lending receipts0.0William D. Ford direct lending disbursements0.0Net cash provided by noncapital financing activities0.0CASH FLOWS FROM CAPITAL AND RELATED FINANCINGACTIVITIESState capital aid received0.0County capital aid received0.0Capital grants received0.0Capital gifts received0.0Proceeds from capital debt0.0Proceeds from sale of capital assets0.0Proceeds from insurance on capital assets0.0Acquisition and construction of capital assets0.0Principal paid on capital debt and leases0.0Interest paid on capital debt and leases0.0Net cash provided (used) by capital and related financing activities0.0CASH FLOWS FROM INVESTING ACTIVITIESProceeds from sales and maturities of investments0.0Investment income0.0Purchase of investments and related fees0.0Net cash provided (used) by investing activities0.0Net increase (decrease) in cash and cash equivalents0.0Cash and cash equivalents, July 10.0Cash and cash equivalents, June 300.0Exhibit G, cont.Name of CollegeStatement of Cash FlowsFor the Fiscal Year Ended June 30, 2012Reconciliation of operating loss to net cash usedby operating activities:Operating loss0.0Adjustments to reconcile operating loss to net cashused by operating activities:Note 1Depreciation expense0.0B-11Provision for uncollectible loans and writeoffs0.0Note 2Miscellaneous nonoperating income (expense)0.0E-48Changes in assets and liabilities:Receivables, net0.0Note 3Inventories0.0A-2Prepaid items0.0A-3Notes receivable, net0.0Note 4Accounts payable and accrued liabilities0.0Note 5Due to primary government0.0A-4Due to State of North Carolina component units0.0A-5Unearned revenue0.0Note 6Funds held for others0.0E-36Pollution remediation payable0.0D-7Compensated absences0.0D-5Total adjustments0.0Net cash used by operating activities0.0Noncash investing, capital, and financing activities:Note 7Assets acquired through assumption of a liability0.0Note 8Assets acquired through a gift0.0Note 9Change in fair value of investments0.0E-40Capital asset write-offs0.0C-6Increase in note receivable related to sale of capital assets0.0E-59Increase in receivables related to nonoperating income0.0Note 10Exhibit G, cont.Name of CollegeStatement of Cash FlowsFor the Fiscal Year Ended June 30, 2012Notes - Reconciliation Section(1)Each statement caption should be analyzed to determine which asset and liability accountsimpact accrued operating revenues and expenses. You only need to calculate the changesin accounts that impact operating revenues and expenses. Examples of assets not impactingoperating revenues include pledges receivable (gifts considered nonoperating revenues),intergovernmental receivables related to nonexchange transactions (related to nonoperatingrevenues), interest receivable (investment income considered nonoperating revenues), and duefrom primary government and due from component unit related to nonexchange transactions(related to nonoperating revenues). Examples of liabilities not impacting operating expensesinclude accounts payable associated with construction in progress (CIP is capitalized - notexpensed) and interest payable (interest expense is nonoperating). Also, you should analyzestatement captions to determine which asset and liability accounts impact cash flowsfrom operating activities but not operating revenues and expenses (e.g., inventories, prepaiditems, deferred revenues, and funds held for others).(2)Provision for uncollectible loans and writeoffsNotes receivable, net - change in allowance for doubtful accounts0.0E-51Notes receivable, net - loans written off0.0E-52Total0.0(3)Receivables, net(Note: enter an increase as a negative number)(Increase) decrease in accounts receivable - tuition and fees, net0.0E-1(Increase) decrease in accounts receivable - sales and services/other operating, net0.0E-2(Increase) decrease in accounts receivable - students (financial aid, etc.)0.0E-3(Increase) decrease in accounts receivable - nonoperating0.0E-4(Increase) decrease in accounts receivable - travel advances0.0E-5(Increase) decrease in private grantors receivable - operating0.0E-9(Increase) decrease in interest receivable - loans0.0E-15Total0.0(4)Notes receivables, net(Note: enter loans issued to students as a negative number)Loans issued to students (enter as a negative number)0.0E-49Collection of loans to students (enter as a positive number)0.0E-50Total0.0(5)Accounts payable and accrued liabilities(Note: enter a decrease as a negative number)Increase (decrease) in accounts payable - operating goods and services0.0E-21Increase (decrease) in accrued payroll0.0E-23Total0.0Exhibit G, cont.Name of CollegeStatement of Cash FlowsFor the Fiscal Year Ended June 30, 2012(6)Unearned revenues(Note: enter a decrease as a negative number)Increase (decrease) in unearned revenues - student tuition and fees0.0E30Increase (decrease) in unearned revenues - operating grants/contracts0.0E31Total0.0Notes - Noncash Section(7)Paragraph 37 of GASB Statement No. 9 requires that changes in assets and liabilitiesreported on the balance sheet resulting from noncash investing, capital, or financing activitiesbe disclosed. Either a tabular or a narrative format may be used for this purpose, but thedisclosure must be physically attached to the statement of cash flows itself, rather thanpresented in the notes to the financial statements. According to the Q/A to Statement No. 9,noncash transactions should only be reported if they would have been classified in any one ofthe following categories had they been cash transactions: (a) cash flows from noncapitalfinancing activities, (b) cash flows from capital and related financing activities, or (c) cashflows from investing activities (Source: GFOA GAAFR Review, November 1995).(8)Noncash section - assets acquired through the assumption of a liabilityAccounts payable at 6/30 - capital assets (capitalized on Exhibit A)0.0Contracts payable at 6/300.0Increase in notes payable0.0D-6Increase in capital leases payable0.0D-3Total0.0(9)Noncash section - assets acquired through a giftCapital assets - increases: donations at fair value0.0C-3Investments: donations of investments/securities (at fair value)0.0E-38Total0.0(10)Noncash section - increase in receivables related to nonoperating incomeIncrease in intergovernmental receivable0.0E-6, E-7, E-8, E58Increase in private grantors receivable0.0E-10, E-11Increase in pledges receivable0.0E-12, E-13Increase in interest receivable - investments0.0E-14Increase in due from primary government0.0E-16,17,18Increase in due from State of NC component unit0.0E-19, E-20Total0.0Exhibit G, cont.Name of CollegeStatement of Cash FlowsFor the Fiscal Year Ended June 30, 2012Notes - Other(11)In this illustration, agency transactions related to direct lending are classified at gross in thenoncapital financing section, and all other agency transactions are shown net on a singleline in the operating activities section (i.e., "Other receipts (payments)"). If other agencytransactions become material, they will need to be reported at gross on separate lines.Error Checks-Net increase in cash and cash equivalents agrees with change onbalance sheetOK-Beginning cash and cash equivalents per cash flow statement agreeswith the balance sheetOK-Ending cash and cash equivalents per cash flow statement agreeswith the balance sheetOK-Net cash used by operating activities equals corresponding amount onreconciliation sectionOK-Operating loss on reconciliation agrees with Exhibit BOK-Depreciation expense on reconciliation agrees with Exhibit BOK

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