1,000.00
173,727.89
44,223.12
43,538.91
16,000.00
840,000.00
848.62
22,470.82 4,522.33
49,437.50
10,000.00
1,940,501.34 1,117,489.92
82,756.94 55,522.33
Liabilities :
Due to Seven Year Trust
Due to Kaelber Fund
Due to Phoenix Fund (Gates)
Total Liabil ities
Fund Balances
Total Liabilities & Fund
Balances
10,000.00
1,000.00
10,000.00
1,850.00
1,850.00
12,850.00
10,000.00
1,850.00
1,927,651.34
1,107,489.92
80,906.94
55,522.33
1,940,501.34
1,117,489.92
82,756.94
55,522.33
See Accompanying Notes
am*.r. hobton » mcfabland cznnwKO public accountant* ellswortm. mainc 04sos
Blum Brewer Student Natural
Davis Life Income Life Income Endowment Capital Thorndike History
Fund Fund Fund Funds Endowment Endowment Museum
(2,885.34)
25,443.87 21,461.61 39,577.26 3,268.39 17,535.84 10,284.25 25,000.00
20,006.00 100,000.00 50,006.00 91,311.39 14,760.31
19,531.25 24,304.85
148,334.91 53,791.55
18,000.00 5,000.00
45,449.87 121,461.61 57,577.26 72,805.64 262.182.14 100,255.63 25,000.00
1,000.00
1,000.00
45,449.87
121,461.61
57,577.26
71,805.64
262,182.14
100,255.63
25,000.00
45,449.87
121,461.61
57,577.26
72,805.64
262,182.14
100,255.63
25,000.00
to Financial Statements.
QRAY, HORTON a MCFARLAND CERTIFIED PUBLIC ACCOU^^^ANTa EU.SWORTX, MAINE O4009
COLLEGE OF T^£ ATLANTIC
STATEMENT OF CHANGES IN ENDOWMENT FUND BALANCES
FOR TfE YEAR ENDED JUNE 30. 1985
Total
General
Endowment
Seven Year Kaelber
Trust Fund
Revenues:
Contributions
Earnings
Gain (Loss) on Asset Sales
133,466.^2
130,272.94
(3,165.26)
260,573.90
62,895.37
62,406.17
(3,560.00;
121,741.54
5,679.89
899.05
1,235.25
6,578.94 1,235.25
Expend itures:
To Operating Fund
To Beneficiary
Hanagmenet Fees
103,791.99
6,030.00
3,293.75
113,115.74
59,500.00
1,743.00
61,243.00
1,235.25
Increase (Decrease) In
Fund Balance
Fund Balance, July 1, 1984
Fund Balance, June 30, 1985
147,458.16 60,498.54
1,780,193.18 1,046.991.38
6,578.94 -0-
74.328.00 55,522.33
1,927,651.34 1,107,489.92 80,906.94 55,522.33
Note: Market Value at June 30,
1985 1,972.533.37 1,109,485.55
83.969.44 46,459.83
See Accompanying Notes
ONAY. HOHTON * McFARLANO CCHTirieO PUBLIC ACCOUNtANTS KIXSWORTH, MAINE 04600
Blum Brewer Student Natural
Life Income Life Income Endowment Capital Thorndike History
Pund Fund Funds Endowment Endov/ment Museum
25 100 00 Z.gSC^O 17,470.85 50.00 25,000.00
l!204!87 10,966.77 3,438.67 6,995.47 19,249.66 6,173.70 12,922.49
1,251.44 (1,755.75)
26,304.87 10.966.77 3.438.67 9,945.47 37,971.95 4,467.95 37,922.49
6,030.00
6,830.00 18,670.00 4,534.25 12,922.49
^___ 206.00 518.00 826.75
6,030.00 7.036.00 19,188.00 5,461.00 12,922.49
26,304.87 4,936.77 3,438.67 2,909.47 18,783.95 (993.05) 25,000.00
19.145.00 116,524.84 54,138.59 68.896.17 243,398.19 101,248.68 -0-
45.449.87 121.461.61 57.577.26 71.805.64 262.182.14 100.255.63 25,000.00
46,343.87 122,211.61 57.577.26 75.293.39 290,590.34 115.602.08 25,000^
to Financial Statements.
ORAY. MORTON A McFARLAND CERTIFTCD PUBLIC ACCOUNTANTS ELLSWORTH, MAINE 04605
COLLEGE OF THE ATLANTIC
LOAN FUND
BALANCE SHEET & STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED JUNE 30. 1985
Balance Sheet
A s se t s I
Cash in Bank 4,667.09
Student Loans Receivable (Net of Reserve
for Bad Debts of $8,500) 88,695.55
Total Assets . 93.362.64
Liabilities & Fund Balance
Liabilities -0-
Loan Fund Balance , 93.362.64
Total Liabilities & Loan Fund Balance 93.362.64
Statement of Changes in Financial Position
Fund Balance, July 1. 1984 89,918.02
Receipts
Interest 3.444.62
Fund Balance, June 30, 1985 93,362.64
Note: New student loans of $22,824 were made from this fund during the 1984-85 year.
See Accompanying Notes to Financial Statements.
QRAY. NORTON ft McFARLAND CERTIPIEO PUBLIC ACCOUNTANTS ELLSWORTH. MAINE 04605
COLLEGE OF THE ATLANTIC
NATIONAL DIRECT STUDENT LOAN FUND
RAIANC E SHEET & STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED JUNE 30. 1985
Balance Sheet
Cash in Bank ' ' 16,508.52
Student Loans Receivable (Net of Reserve
for Bad Debts of $10,000) 110»0^^-^^
Total Assets ^^6, 549. 76
Liabilities & Fund Balance
Liabilities ^3. 00
Fund Balance
Federal Government's Portion ' 106,318.93
College of the Atlantic Portion 13,337.00
Earnings Retained 6.850.83
126.506.76
Total Liabilities & Fund Balances 126,549.76
Statement of Changes in Financial Position
Fund Balance, July 1, 1984 . 104,930.60
Receipts
Interest
Federal Government
College of the Atlantic
Expenditures
Administration Fees
Teaching Loan Cancellation
Note: New student loans of $34,046 were made from the fund during the 1984-85 year.
See Acconpanying Notes to Financial Statements.
2,026.23
17,767.00
1,975.00
21,
,768.23
43.00
149.07
126,
,698.83
192.07
126
,506.76
GRAY. HORTON ft MCFARLANO CERTIF1€D PUBLIC ACCOUNTANT* ELLSWORTH, MAINE 0480S
COLLEGE OF THE ATLANTIC ^^^^^ ^ ^' ^
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
JUNE 30. 1985
The significant accounting policies followed by the College of the Atlantic
are described below to enhance the usefulness of the financial statements to the
reader.
Accrual Basis
The financial statements of the College of the Atlantic have been prepared on
the accrual basis. The statement of operating and plant revenues, expenditures,
and other changes is a statement of financial activities of this fund for the
current reporting period.
Fund Accounting
In order to ensure observance of limitations and restrictions placed on the
use of the resources available to the College, the accounts of the College are
maintained in accordance with the principles of "fund accounting". This is the
procedure by which resources for various purposes are classified for accounting
and reporting purposes into funds that are in accordance with activites or
objectives specified. The combination of the operating and the plant fund is a
departure from generally accepted fund accounting procedures.
Income Recognition-Restricted Current Funds
Restricted current contributions and grants are recognized as revenues
during the same period in which costs related to these revenues are incurred.
QRAY. MORTON ft MCFARLAND CERTIFICD PUBLIC ACCOUNTANTS CU-SWORTH, MAlNt 0490B
COLLEGE OF THE ATLANTIC *''"^^ t o\ 6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
JUNE 30, 1985
Depreciation
The College follows the policy of establishing a provision for annual
amounts of depreciation which allocates the cost of the plant, property, and
equipment over its estinated useful life. The ranges of estirrated useful lives
and methods of depreciation used are:
Years Method
Buildings & Improvements 33 1/3 Straight Line i
Library Books 8 Straight Line ;
Furniture ' , 10 Straight Line i
Vehicles " 4 Straight Line i
Boats ,5-10 Straight Line
The provision for depreciation has been charged through the operating
and plant fund as the College has not established an investment-in-plant fund.
i
The cost, accumulated depreciation and book value of the plant, property j
and equipment are: j
Land
Cost
160,000.00
Accumulated
Depreciation
-0-
Book
Value
160,000.00
Depreciable Assets:
Buildings
Turrets
Sea fox Dormitory
Other Buildings
Kyle Improvements
587,800.00
96,800.00
76,000.00
^23,000.00
113,600.00
27,450.00
14,400.00
3,200:«0
474,200.00
69,350.00
61,600.00
19,800.00
783,600.00
Construction in Progress 484,558.35
Furniture & Equipment 158,750.00
Library Collection 150,300.00
Boats 144,500.00
Vehicles 17,700.00
158,650.00
62,500.00
28,950.00
76,200.00
12,300^.00
624,950.00
484,558.35
96,250.00
121,350.00
68,300.00
5,400.00
Total
1,739,408.35
338,600.00
1,400,808.35
Total Plant, Property &
Equipment
1,899,408.35
338,600.00
1,560,808.35
ORAY. HORTON « McFARLAND CERTIFWD PUBLIC ACCOUNTANTS ELLSWORTH. MAINE O460S
COLLEGE OF THE ATLANTIC ^^^^^ ^ ^' ^
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1985
Note 1: Mortgage Payable - Dormitory
This 5% mortgage is owed to the Farmers Home Administration and is
being paid monthly.
Note 2: Mortgages Payable
This Turrets Mortgage is actually two mortgages. The College owes
the Farmers Home Administration $90,812.38 on a 5% dormitory mortgage
and owes a local bank $143,527.56 on the administrative and classroom
portion of the building. The College also owes the Farmers Home
Administration $117,060.50 on a 5% loan for the Secfox dormitory.
Note 3: Notes Payable (Non-Interest Bearing)
Two notes are included in this category, one of $300,000, and one
of $60,000. The $300,000 non-interest bearing note is due 90 days
after the date of the payee's death, but this note shall be repayable
from and only from grants or distributions to the College by a specified
foundation. The only exception to this repayment plan is that the note
will become due immediately if the College becomes insolvent. The $60,000
Is payable at the rate of $20,000 per year for the next three years.
Note 4: Seven Year Trust
In the 1979 - 80 year, a number of individuals contributed funds to
the College's seven year trust. These individuals agreed to have
approximately one half of their endowment contributions credited to
Operations and the balance invested. The earnings from this trust fund are
to be added to the fund balance until the fund has reached $98,000.
GRAY. HORTON » MCFANLAND CERTIFIED PUBLIC ACCOUNTANTS EU.SWORTH, MAINE 04S05
COLLEGE OF THE ATLANTIC Page 2 of 2
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1985
Note 5: Pledges - Phoenix Fund
Pledges totaling 448,000 restricted to the Phoenix Fund are due to
be collected over the next two fiscal years. It is not practicable to
estimate the net realizable value of such pledges.
Note 6: Subsequent Event
This College has been notified that it will be receiving a 400,000
grant from the Pew Foundation. These funds will be for capital construction
and will be received over the next three years.
ORAY. NORTON ft MCFARLAND CERT1FICO PUBLIC ACCOUNTANT* EIJ.9WORTH. MAINI MSOS
M. R. I lot ion, jr.. C.I'.A.
James K. M( lailaiid. C.I'.A.
Floyd S. Vcyscy, C.P.A.
IIOR ION, McFARLANI) 8c VEY.SEY
Crrliliril I'uhlii ,l,r<>u>,lnril\
hJl.unorlh, Mnnir
Arc-j f>)(lc 207
667-.'-,.52'J
October 3, 1986
Beard of Trustees
College of the Atlantic
Bar Harbor, Maine 04609
Gentlemen:
We have examined the balance sheet of the College of the Atlantic as of
June 30, 1986, and the related statements of changes in fund balances, revenues,
expenditures and other changes for the year then ended. Our examination was
made in accordance with generally accepted auditing standards and, accordingly,
included such tests of the accounting records and such other auditing procedures
as we considered necessary in the circumstances.
In our opinion, the aforementioned financial statements present fairly the
financial position of the College of the Atlantic at June 30, 1986, and the changes.
in fund balances, revenues, expenditures, and other changes for the year then
ended, in conformity with generally accepted accounting principles applied on a
basis consistent with that of the preceding year.
COLLEGE OF THE ATLANTIC
BALANCE SHEETS - OPERATING & PLANT FUNDS
AT JUNE 30, 1986
Assets
Current Assets:
Cash in Bank - Checking
- Money Market
Accounts Receivable - Net of Reserve
for Bad Debts of $15,700
Contributions Receivable
Prepaid Expenses
Contributed Assets Held for Resale (Notel
Total Assets
Assets
Current Assets:
Cash - Money Market
Plant, Property & Equipment (At Cost]
Land
Buildings & Improvements
Furniture & Equipment
Library Collection
Vehicles & Boats
Reserve for Depreciation
Total Assets
MORTON. MCFARLAND ft VEY3EY • CERTIFIED PUBLIC ACCOUNTANTS • ELLSWORTH. MAINE 04800
Fund
Liabilities & Fund Balance
Current Liabilities:
Accounts Payable 14,117.99
Revenues Received in Advance 139,289.18
Notes Payable - Endowment Funds 45,000.00
- Bank 200,000.00
398,407.17
Non-Interest Bearing Loans - Trustees 45,000.00
Operating Fund Balance (Deficit) (164,458.23 )
Total Liabilities & Fund Balance 278,948.94
Fund
Liabilities & Fund Balance
Liabil ities:
Mortgages Payable
Farmers Home Administration - Dormitories 203,876.65
Bar Harbor Banking & Trust Co. - Turrets 132,000.00
COA General Endovmient - Dormitory Improvements 14,000.00
349,876.65
Note Payable Endowment Fund (Non-Interest Bearing) • 980,000.00
Note Payable - Trustee (See Note) 300,000.00
Plant Fund Balance 660,673.35
Liabilities & Plant Fund Balance 2,290,550.00
to Financial Statements.
HORTON. MCFARLANO « VEYSEY • CERTIFIED PUBLIC ACCOUNTANTS • ELLSWORTH. MAINE 04609
COLLEGE OF THE ATLANTIC
STATEMENT OF OPERATING FUND REVENUES, EXPENSES & OTHER CHANGES
FOR THE YEAR ENDED JUNE 30, 1986
Unrestricted Restricted
Total
Revenues:
Contributions
Tuition
Room
Kitchen
Fees & Other Charges
Endowment Fund Earnings
Phoenix Income
Interest Income
Government Grants
Private Grants
Indirect Cost Reimbursement
Summer Programs
Museum
Sponsored Research
All Other Income
Expenses
Net Increase (Decrease) in Fund Balance
Before Other Changes
790,215.50 20,211.00
683,909.25
49,912.00
8,715.20
18,293.93
39,137.04
37,011.79
12,475.74
8,584.24
101,258.54
26,806.48
4,101.54
11,476.81
120,744.30
48,062.47
51,669.98
2,500.00
810,426.50
683,909.25
49,912.00
8,715.20
18,293.93
50,613.85
37,011.79
12,475.74
120,744.30
48,062.47
8,584.24
101,258.54
26,806.48
51,669.98
6,601.54
1,780,421.26 254,664.56 2,035,085.82
1.766,711.42 254,664.56 2,021,375.98
13,709.84
13,709,
Transfers
To Plant Fund - Note Reductions
- Furniture & Equipment
To COA Student Loan Fund
Net Increase (Decrease) in Fund Balance
Fund Balance, July 1, 1985
Fund Balance, June 30, 1986
(17,523.79)
(9,747.81)
(13,000.00)
(17,523.79)
(9,747.81)
(13,000.00)
(40,271.60)
-0-
(40,271.60)
(26,561.76)
(137,896.47)
-0-
(26,561.76)
(137,896.47)
1164,458.23)
-0-
(164,458.23)
SeeiAccompanying Notes to Financial Statements.
NORTON. MCFARLANO 8t VEYSEY • CERTIFIED PUBLIC ACCOUNTANTS • EUUSWORTH, MAINE 04S05
LOLLLbb Uh THh AILANI IL
EXPENDITURES
FOR THE YEARS ENDED JUNE 30. 1986
Administration:
Personnel
Other Costs
Admissions:
Personnel
Other Costs
Academic Program:
Personnel
Other Costs
Library:
Personnel
Other Costs
Student Services:
Personnel
Other
Financial Aid:
Scholarships
College Workstudy
Loans - NDSL
82,894.99
20,041.89
102.936.88
52.453.00
36,281.02
1.998.00
95,513.00
19,426.00
Unrestricted
153,542.92
99,598.03
Restricted
2,876.81
yaqe i or d
Total
153,542.92
102,474.84
253,140.95
2,876.81
256,017.76
102,651.11
161,654.73
16,747.77
102,651.11
178,402.50
264,305.84
16,747.77
281,053.61
362,363.77
23,692.27
2,299.16
362,363.77
25,991.43
386,056.04
2,299.16
388,355.20
59,346.33
46,100.63
9,078.87
59,346.33
55,179.50
105,446.96
9,078.87
114,525.83
90,732.02 114,939.00
Food Services:
Personnel
Other Costs
17,250.00
9,297.80
26,547.80
Dormitories:
Personnel
Other Costs
Suniner Programs:
Personnel
Other Costs
899.71
54,127.55
899.71
54,127.55
55,027.26
55,027.26
30,531.81
45,293.76
30,531.81
45,293.76
75,825.57
75,825.57
See Accompanying Notes to Financial Statements.
HORTON. McFARUAND » VEYSEY • CERTIFIED PUBeiC ACCOUNTANTS • EULSWORTH. MAINE 04609
COLLEGE OF THE ATLANTIC
EXPENDITURES
FOR THE YEAR ENDED JUNE 30, 1986
Page 2 of 2
Phoenix Campaign:
Personnel
Other Costs
Buildings & Grounds;
Personnel
Other Costs
Payroll Taxes & Fringe
Interest
Museum:
Personnel
Other Costs
Special Projects:
Personnel
Other Costs
Sponsored Research:
Personnel
Other Costs
Unrestricted Restricted Total
29,565.37 29,565.37
16,390.01 16,390.01
45,955.38
29,073.06
16,257.64
45,330.70
991.00
1,517.00
1,517.00
16,409.35
19,706.95
991.00 36,116.30
21,541.93
30,128.05
51.669.98
45.955.38
73,764.22
60,890.06
19.419.67
73,764.22
80,309.73
134,654.28
19,419.67
154,073.95
164.579.69
164,579.69
15.181.05
15,181.05
29,073.06
17,774.64
46,847.70
16,409.35
20,697.95
37,107.30
21,541.93
30,128.05
51,669.93
1,766.711.42 254,664.56 2,021,375.98
See Accompanying Notes to Financial Statements.
NORTON. MCFARLANO Sk VEYSEY • CERTIFIED PUBLIC ACCOUNTANTS • ELLSWORTH, MAINE 04603
COLLEGE OF THE ATLANTIC
STATEMENT OF PLANT FUND REVENUES, EXPENSES & OTHER CHANGES
FOR THE YEAR ENDED JUNE 30, 1986
Revenues:
Restricted Contributions
In Kind Contributions
Restricted Grants
Endowment Earnings
15,000.00
3,000.31
9,453.51
5,677.67
33,131.59
Expenses:
Depreciation
Loss on Sale of Boat
Gain (Loss) Before Other Changes
122,100.00
6,570.00
128,670.00
(95,538.4i;
Other Changes:
From Phoenix Fund
From Operations
Net Increase in Fund Balance
Fund Balance, July 1, 1985
Fund Balance, June 30, 1986
274,852.94
27,271.60
302,124.54
206,586.13
454,087.22
660,673.35
See Accompanying Notes to Financial Statements.
HORTON, MCFARLANO & VEY3EY • CERTIFIED PUBLIC ACCOUNTANTS • ELLSWORTH. MAINE 04«09
COLLEGE OF THE ATLANTIC
PHOENIX FUND
BALANCE SHEET & STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED JUNE 30, 1986
Balance Sheet
Assets:
Money Market Account
Federated GNMA Trust
Federal National Mortgage Association
Due From Operating Fund
163,982.71
200,000.00
200,062.50
-0-
564,045.21
Liabilities & Fund Balance
Liabilities:
Due to Hall Endowment Funds
Phoenix Fund Balance
Total Liabilities & Fund Balance
28,868.25
535,176.96
564,045.21
Statement of Changes in Fund Balance
Revenues:
Contributions
Interest & Dividends
Gain (Loss) on Asset Sales
Expenditures:
Capital Construction
Faculty Fire Reimbursements
To COA Earnings
Bank Management Fee
Increase in Fund Balance
364,062.89
39,850.67
23,890.08 427,803.64
274,852.94
25,457.00
37,011.79
1,122.00
338,443.73
89,359.91
Fund Balance, July 1, 1985
Fund Balance, June 30, 1986
445,817.05
535,176.96
Note: $407,500 of insurance proceeds funds were expended for capital construction in
the 1985-86 year.
See Accompanying Notes to Financial Statements.
HORTON. MCFARLAND « VEYSEY • CERTIFIED PUBLIC ACCOUNTANTS • ELLSWORTH. MAINE 046OS
COLLEGE OF THE ATLANTIC
BALANCE SHEET - ENDOWMENT FUNDS
AT JbT^E 30. 1986
Assets:
Cash - Trust Account
Due from Phoenix Fund
Money Market Accounts
Government Notes & Bonds
Corporate Bonds
Marketable Securities
Facul ty Mortgages
Ryle Property Note
COA Capital Loans
COA Non-Interest Bearing Loans
Bank Participants on Loans
Seven
General
Year
Kaelber [
Total
Endowment
Trust
Fund F
2,742.44
4.124.94
28,868.25
84,921.74
23,620.22
11,600.
11
3,822.91 3,
584,677.06
79,398.
20
19,973.80 45.
23,836.10
73,341.85
94,744.94
94,744.94
14,000.00
14,000.00
980,000.00
980,000.00
s 45,000.00
22,000.00
88.412.34
2,020,544.72
1,116,490.10
90,998
.31
45,796.71 48.
Fund Balances
2,020,544.72 1.116,490.10 90,998.31 45,796.71 481
See Accompanyin
HORTON. MCFARLANO » VEY3EY • CERTIFIED PUBLIC ACCOUNTANTS • EUL3WORTM. MAINE O-809
Blum Brewer Student W^.^'j^"^^ ^ ,,
Life Income Life Income Endowment Capital Thorndike History Hall
Pund pund Funds Endowment Endowment Museu m Endov/ment
(1,507.50) 28.853.25
183.78
3 573 90 18,716.23 7,401.64 11,855.39 387.75
19,725.93 "" """ ^"
4,304.85
73,341.85
125 390*63 40'.000.00 38,006.00 192,159.00 19,725.93 25,007.50
19,531.25 4,304.85
18,000.00 5,000.00
88,412.34
1?4.nfi6.91 61.573.90 76.253.48 292.972.98 109,228.02 25,395.25 28,868.25
124.066.91 61.573.90 76.253.48 292.972.98 109,228.02 25,395.25 28,868.25
to Financial Statements.
HORTON. MCFARLAND ft VEYSEY • CERTIFIED PUBLIC ACCOUNTANTS • ELLSWORTH, MAINE 0460S
COLLEGE OF THE ATLANTIC
STATEMENT OF CHANGES IN EN nnuMFNT FUND BALANCES
FOR THE VEAP ENOFD JUNE 30. 1986
Total
General
Endowment
Seven
Year Kaelber
Trust Fund
Dav
Fun<
Revenues:
Contributions
Earnings
Gain (Loss) on Asset Sales
33,443.25
91,884.78
32,452.77
21,747.84
6,704.38
12
10,091.37 2,876.00 3,42,
9.725.62)
Expenditures:
To Operating Fund
To Capital Purchases
To Beneficiary
Management Fees
50,613.85
5,677.67
6,030.00
2,565.90
19,018.04
434.00
2,800.00
76.00
Increase (Decrease) in 9,000.18
Fund Balance y^:,oyo.jo
Fund Balance, July 1, 1985 l,927,65U3i__iaOLi89^
Fund Balance, June 30, 1986 Z^O^^^SUJl^JJlg^M^
10,091.37 (9,725.62) 3,'
80.906.94 55 , 522.33 45,
Qn,qq« -^1 45.796.71 48,
See Accatipanyin'
HORTON. MCFARLAND ft VEY9EY • CERTl
nEO PUBLIC ACCOUNTANTS • ELLSWORTH. MAINE 0«0,
Blum Brewer Student
125.00
Natural
ife Income Life Income Endowment Capital Thorndike History Hall
__Fund Fund Funds Endowment Endovmient Museum Endov/ment
4,150.00 300 00 op pco oc
9,168.30 3,996.64 8,205.65 21,449.29 9,533;50 1,395.25 ^"^'"^"^-^^
30,031.55 5,317.46
3'996.64 12,355.65 51,480.84 15,150.96 1,395.25 28.868.?5
7,676.81 20,119.00 1,000.00
5,677.67
231 . 00 571.00 500.90
7,907.81 20,690.00 6,178.57 1,000.00
2,605.30 3,996.64 4,447.84 30,790.84 8,972.39 395.25 28,868.25
'^'^61.61 57,577.26 71,805.64 262,182.14 100,255.63 25,000.00 -0-
:4,066.91 61,573.90 76,253.48 292,972.98 109,228.02 25.395.25 ?8.8fi8?^
Financial Statements
HORTON. MCFARLANB • VEY3EY • CERTIFIED PUBLIC ACCOUNTANTS • ELLSWORTH. MAINE 0.e<«
COLLEGE OF THE ATLANTIC
LOAN FUND
BALANC^SHEE T & STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED JUNE 30. 1 Q flfi
Balance Sheet
A s se t s :
Cash in Bank
Student Loans - Receivable (Net of Reserve 8,336.33
for Bad Debts of $8,500)
^ 102,320.45
Total Assets
110,656.83
Liabilities & Fund Balance
Liabilities
-0-
Loan Fund Balance
110,656.83
Total Liabilities & Loan Fund Balance ,,^ ,,, ,
110,656.83
Statement of Changes in Finanri;^! Positi
on
Fund Balance, July 1, 1985
Fund Balance, June 30, 1986
93,362.64
Receipts:
From Operating Fund it nin nn
Interest 13,000.00
4,294.19 17.?q4 . 1 9
110,656.83
Note: New student loans of $29,572 were made from this fund during the 1985-
86 year,
See Accompanying Notes to Financial Statements.
HO..O.. MC......O . V..S.. . CH....O P.SUC .CCOU.....3 . ...3WO.^.
NATIONAL DIRECT STUDENT LOAN FUND
BALANCE SHEET & STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED JUNE 30, 1986
Balance Sheet
Assets:
Cash in Bank
Student Loan Receivable (Net of Reserve for
Bad Debts of $10,000) 228 874 20
Total Assets
Liabilities & Fund Balance
Liabil ities
19,804.14
148,678.34
43.00
Fund Balance
Federal Government Portion 124 449 00
College of the Atlantic Portion Is'sSBOO
Earnings Retained 8*851 34
. â– ' 148,635.34
Total Liabilities & Fund Balances 143 573 34
Statement of Changes in Financial Position •
Fund Balances, July 1, 1985
Receipts:
Interest
Federal Government
College of the Atlantic
126,506.76
3,382.72
17,981.00
1,998.00
23,361.72
149,868.48
300.00
933.14
1,233.14
148,535.34
Expenditures:
Bad Debts
Teaching Loan Cancellation
Fund Balance, June 30, 1986
Note: New Student Loans of $36,488 Were Made Frcm the Fund Durinq
the 1985-86 Year.
See Accompanying Notes to Financial Statements.
HORTON. MCFARUAND ft VEY3EY • CERTIFIED PUBLIC ACCOUNTANTS • ELLSWORTH. MAINE