Comprehensive Annual Financial Report

SUCCESS WITHIN REACH.

Comprehensive Annual Financial

Report

For the Fiscal Years Ended August 31, 2014 and 2013 Tarrant County College District ? Texas

Tarrant County College District

Comprehensive Annual Financial Report For the Fiscal Years Ended August 31, 2014 and 2013

Prepared by:

Finance Department Tarrant County College District

Texas

Tarrant County College District Comprehensive Annual Financial Report

Table of Contents

INTRODUCTORY SECTION

Page

Chancellor's Letter ..................................................................................................... i Transmittal Letter ...................................................................................................... ii GFOA Certificate of Achievement ............................................................................. ix Elected Officials ......................................................................................................... x Principal Officials....................................................................................................... xi Chancellor's Executive Leadership Team ................................................................... xii

FINANCIAL SECTION

Independent Auditor's Report..................................................................................... 1 Management's Discussion and Analysis ..................................................................... 4 FINANCIAL STATEMENTS

Statements of Net Position ................................................................................... 11 Statements of Revenues, Expenses and Changes in Net Position .......................... 13 Statements of Cash Flows .................................................................................... 14 Notes to Financial Statements.............................................................................. 15 SUPPLEMENTARY DATA Schedule of Operating Revenues .......................................................................... 36 Schedule of Operating Expenses by Object .......................................................... 38 Schedule of Non-Operating Revenues and Expenses ............................................ 40 Schedule of Net Position by Source and Availability ............................................ 42

STATISTICAL SECTION - (Unaudited)

Net Position by Component ....................................................................................... 46 Revenues by Source.................................................................................................... 48 Program Expenses by Function .................................................................................. 50 Tuition and Fees ........................................................................................................ 52 Assessed Value and Taxable Assessed Value of Property ............................................ 54 State Appropriation Per FTSE and Contact Hour ....................................................... 56 Principal Taxpayers.................................................................................................... 58 Property Tax Levies and Collections .......................................................................... 60 Ratios of Outstanding Debt ........................................................................................ 62 Legal Debt Margin Information.................................................................................. 64 Pledged Revenue Coverage ........................................................................................ 66 Demographic and Economic Statistics ? Taxing District............................................. 67 Principal Employers ................................................................................................... 68 Faculty, Staff and Administrators Statistics................................................................. 72 Enrollment Details ..................................................................................................... 74 Student Profile ........................................................................................................... 78 Transfer to Senior Institutions .................................................................................... 81 Capital Asset Information .......................................................................................... 82

FEDERAL SINGLE AUDIT SECTION

Schedule of Expenditures of Federal Awards .............................................................. 85 Notes to Schedule of Expenditures of Federal Awards ................................................ 88 Independent Auditor's 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.......................... 89 Independent Auditor's Report on Compliance for Each Major Program and on Internal Control over Compliance Required by OMB Circular A-133................... 91 Federal Schedule of Findings and Questioned Costs ................................................... 93

Tarrant County College District Comprehensive Annual Financial Report

Table of Contents

(Continued) Page

STATE SINGLE AUDIT SECTION

Schedule of Expenditures of State Awards .................................................................. 95 Notes to Schedule of Expenditures of State Awards .................................................... 96 Independent Auditor's Report on Compliance for Each Major

Program and on Internal Control over Compliance Required by UGMS Single Audit Circular ............................................................................... 97 State Schedule of Findings and Questioned Costs ....................................................... 99

Introductory Section

Introductory Section

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