MIDLANDS TECHNICAL COLLEGE

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MIDLANDS TECHNICAL COLLEGEComprehensive Annual Financial ReportFiscal Year Ended June 30, 2011A college included in the higher education funds of the state of South CarolinaStatement of MissionMidlands Technical College is a comprehensive, urban, public, two-year college serving the primaryregion of Richland, Lexington and Fairfield counties of South Carolina. College programs andservices provide accessible, affordable, high-quality post-secondary education that preparestraditional and non-traditional students to enter the job market, preparing them to transfer to seniorcolleges and universities, and assists them in achieving their professional and personal goals.Through its programs and services, the College equitably provides higher education opportunities andsupports the economic growth of the community.Prepared bythe Finance and Accounting OfficeDr. Ronald L. RhamesSenior Vice PresidentDebbie M. Walker, CGFO, M.B.A.Associate Vice President for Business AffairsIan A. MacLean, C.P.A., CGFODirector of Finance and Accounting

MIDLANDS TECHNICAL COLLEGEComprehensive Annual Financial ReportFiscal Year Ended June 30, 2011Table of ContentsIntroductory Section (Unaudited and not covered by the Independent Auditor’s Report)President’s Letter . 1Letter of Transmittal . 2Certificate of Achievement for Excellence in Financial Reporting . 6Organizational Data . 7Organizational Chart . 8College-Wide Goals and Priority Initiatives . 9Financial SectionReport of Independent Auditors . 11Management’s Discussion and Analysis . 15Basic Financial Statements:Statement of Net Assets . 23Statement of Revenues, Expenses, and Changes in Net Assets . 24Statement of Cash Flows . 25Statement of Financial Position – Discretely Presented Component Unit . 26Statement of Activities – Discretely Presented Component Unit . 27Notes to Financial Statements . 28Statistical Section (Unaudited and not covered by the Independent Auditor’s Report)Financial Trends:Schedule of Net Assets by Component . 55Schedule of Other Changes in Net Assets. 56Schedule of Expenses by Function . 57Schedule of Expenses by Use . 59Revenue Capacity:Schedule of Revenues by Source . 63South Carolina Public Two-Year Institutions . 66Admissions, Enrollment and Degree Statistics . 68Credit Student Enrollment Percentages by County . 70Debt Capacity:Schedule of Ratios of Outstanding Bonded Debt. 73Schedule of Bond Coverage. 75Demographic and Economic Information:Schedule of Demographic and Economic Statistics . 79Principal Employers by County . 80Operating Information:Faculty and Staff Statistics. 83Schedule of Capital Asset Information by Function . 84-i-

Other Information:College Accreditation as of June 30, 2011 . 87Statement of Nondiscrimination . 87Statement of Gainful Employment . 87Federal Awards Single Audit SectionSchedule of Expenditures of Federal Awards . 91Notes to Schedule of Expenditures of Federal Awards . 95Independent Auditor’s Report on Internal Control over Financial Reporting and on Complianceand Other Matters Based on an Audit of Financial Statements Performed in Accordancewith Government Auditing Standards. 96Independent Auditor’s Report on Compliance with Requirements that Could Have a Direct and Material Effecton Each Major Program and on Internal Control over Compliance in Accordance with OMB Circular A-133 . 98Schedule of Findings and Questioned Costs . 100Independent Accountant’s Report on State Lottery Tuition Assistance . 101- ii -

PRESIDENT’S LETTERSeptember 14, 2011Members of the Midlands Technical College Commission and the Community:I am pleased to present the Comprehensive Annual Financial Report (CAFR) for thefiscal year 2010-2011. Each year, the College publishes the CAFR to provide relevantinformation concerning its operations and financial position. While this past year haspresented many financial challenges, the College has been able to continue its vitalmission by operating efficiently and optimizing limited resources.Midlands Technical College remains one of the largest undergraduate higher educationinstitutions in the state, enrolling approximately 18,000 credit students annually. Seventypercent of MTC credit students enroll in career programs, including Nursing and HealthSciences. Additionally the College enrolls approximately 30,000 students in itscontinuing education non-credit programs. The major continuing education programsfocus on Job and Career Enhancement and Personal Enrichment.The College continues to expand opportunities for engineering technology education.This year, the College broke ground on the Engineering Technology and Sciences wingof the MTC Center of Excellence for Technology, located on MTC’s Northeast Campus. The building will be a state-of-the-artclassroom and lab facility preparing students for careers in regional technology-based industries. Programs offered at the facilitywill include the MTC nuclear systems technology program, fuel cell technician program, engineering transfer, and additionalengineering technology courses of study.The College also continues to expand access to underserved areas in the region. MTC and Fairfield County opened the FairfieldQuickJobs Center on the MTC Fairfield Campus. The center provides area residents with rapid training for high-demand jobsthrough MTC’s QuickJobs programs. The facility includes three classrooms and two industrial bays equipped for programs inhealthcare, computer technology, welding, pipefitting, and skilled crafts.This is the fifteenth consecutive year Midlands Technical College has received the prestigious national award from theGovernment Finance Officers Association of the United States and Canada for its financial reporting. I am pleased to announce, asdetailed in this CAFR, that the College is in a strong financial position.Respectfully,Dr. Marshall (Sonny) White, Jr.President-1-

September 14, 2011To:The Management’s Discussion and Analysis included in theFinancial Section provides a detailed explanation of thechanges in financial reporting from the prior year and theresulting effects of those changes, and should be read inconjunction with this letter of transmittal.Midlands Technical College Commission, thePresident, the Executive Council and the communityserved by Midlands Technical CollegeWe are pleased to present the Comprehensive AnnualFinancial Report (CAFR) of Midlands Technical College(the “College”) for fiscal year ended June 30, 2011.PROFILE OF THE COLLEGEMidlands Technical College is one of 16 colleges includedin the South Carolina Technical College System. The StateBoard for Technical and Comprehensive Education, anagency of the State of South Carolina, governs the system.Midlands Technical College is a comprehensive, public twoyear institution that serves Richland, Lexington and Fairfieldcounties in the Central Midlands region of South Carolina.The College has six campuses, three in Lexington County,two in Richland County, one in Fairfield County and ateaching location at Fort Jackson that serves enlistedpersonnel and civilians.State law, federal guidelines and certain debt covenantsrequire an annual audit of the College’s financial records.The College has contracted with the independent certifiedpublic accounting firm of DeLoach & Williamson, L.L.P., toperform the annual audit of its financial statements andfederal awards. The Independent Auditor’s Report isincluded in the financial section of this CAFR and reflectsan unqualified opinion on the basic financial statements. Asa recipient of federal financial awards, the College complieswith the requirements of the Single Audit Act, and separateSingle Audit reports have been issued, which are included inthe Federal Awards section.The management of the College is responsible for theaccuracy of the data presented and the completeness andfairness of the presentation, including all disclosures. To thebest of our knowledge and belief, the information presentedis accurate in all material respects and is comparable toequivalent institutions. All disclosures have been includedand will provide the reader with a reasonable understandingof the College’s financial activities that support its mission.The management of the College is responsible forestablishing and maintaining the framework of all internalcontrol. In fulfilling this responsibility, estimates andjudgments are required to assess the expected benefits andrelated costs of policies and procedures related to theinternal control framework. The system of internal controlis designed to ensure that certain organizational objectivesare met. Accordingly, organizational structure, policies andprocedures have been established to safeguard assets; ensurethe reliability of accounting data; promote efficientoperations; and ensure compliance with establishedgovernmental laws, regulations and policies, Collegepolicies, and other requirements of those to whom theCollege is accountable. The internal accounting controlstructure is designed to provide reasonable, not absolute,assurance that these objectives are met.The College and Fairfield County celebrated the grandopening of the new Fairfield QuickJobs Center. The 10,600square-foot facility is a collaboration of Fairfield County andthe College that provides area residents with rapid trainingfor high-demand jobs through MTC’s QuickJobs programs.The Center features healthcare equipment for programs suchas Certified Nursing Assistant (CNA), Phlebotomy and EKGTechnician. The facility includes high-tech classrooms foruse in computer technology programs. Industrial bays areequipped with the advanced technology needed to trainstudents for careers in welding, pipefitting, and other skilledcrafts.The College also held a Ribbon Cutting Ceremony for itsHarbison Campus Theatre and Classroom Building. TheTheatre and Classroom Building is a 27,000-square-footfacility that houses five classrooms and a 400-seat theatre.-2-

The Midlands Technical College Enterprise CampusAuthority (the Authority) was established in 2004 by S.C.Act 200, codified as sub-article 3, Article 20, Chapter 53,Title 59, of the 1976 South Carolina Code of Laws, asamended. For accounting purposes, the Authority isconsidered a blended component unit of Midlands TechnicalCollege. The Authority was established to provide for themanagement, development and operation of the EnterpriseCampus of Midlands Technical College, located on theNortheast Campus. The Board of the Authority consists ofthe members of the Midlands Technical CollegeCommission. The activity of the Authority is blended in thefinancial statements of the College.The new theatre facility is available to communityorganizations.In April of 2011, the College and Community officials brokeground on the Engineering Technology and Sciences wingof Midlands Technical College’s Center of Excellence forTechnology located on the Northeast Campus in RichlandCounty. The building will be a 68,000-square-foot state-ofthe-art classroom and lab facility preparing students forcareers in regional technology-based industries to includethe MTC nuclear systems technology program, fuel celltechnician program, engineering transfer, and additionalengineering technology courses of study. The new wing isscheduled to open in early 2013.The College’s strategic planning process includes extensiveplanning in preparation of the budget. The original operatingbudget is based on preliminary estimates and is approved bythe Commission in May of each year. During its Octobermeeting, the Commission approves the revised budget,which is prepared after major sources of revenue are known.The College’s governing board, the Commission, isappointed by the Governor of South Carolina upon therecommendation of the legislative delegations fromRichland and Lexington counties.There are 12Commissioners who are appointed for four-year terms.Currently, there are five Commissioners from LexingtonCounty and seven from Richland County. Officers areelected every two years, with the chairpersonship alternatedbetween the two counties.An annual facility plan, which outlines the needs foroperations and maintenance of plant facilities, is used for thebudget requests to the counties. A longer-term facility planis prepared, reviewed and updated annually as the College’sinitiatives are revised.State law mandates Richland and Lexington counties toprovide sufficient funding to build, maintain and operate theCollege’s physical plant. The division of financialresponsibility is based on population and is used each yearfor budget request purposes. The current distribution is 60percent for Richland County and 40 percent for LexingtonCounty; however, based on the 2010 Census there was aslight shift in the distribution of 40.56 percent for LexingtonCounty and 59.44 percent for Richland County effectivefiscal year 2011-2012.The College maintains controls in line-item budgets, budgettransfer restrictions and in the use of an encumbranceaccounting system. These budgetary controls ensurecompliance with the annual budget adopted by the governingboard. As demonstrated by the financial statements andschedules included in the financial section of this report, theCollege management continues to meet its responsibility forsound fiscal administration.Fairfield County also provides financial support by fundingthe difference between the in-county tuition rate and the instate tuition rate for its residents who attend the College.Fairfield County provided 1.1 percent of the total countysupport for the current fiscal year.Midlands Technical College is part of South Carolina’sprimary government and is included in the ComprehensiveAnnual Financial Report of the State.The Midlands Technical College Foundation, Inc., (theFoundation) is a nonprofit organization that was formedAugust 12, 1970, to benefit and support education atMidlands Technical College. It is a legally separate taxexempt component unit of the College. The Foundation actsprimarily as a fundraising organization to supplement theresources that are available to the College in support of itsprograms. A separate Board of Directors governs theFoundation. The 39-member board of the Foundation isself-perpetuating and consists of graduates and friends of theCollege. The activity of the Foundation is includedseparately in the College’s financial statements.ECONOMIC CONDITIONSIn fiscal year 2010-2011, economically the College andother South Carolina higher education institutionsexperienced budget declines from the state. Over the pastdecade, MTC has experienced state budget reductionstotaling about 58 percent over the last three years. TheCollege will enter in fiscal year 2011-2012 without anybudget reductions from the state.-3-

Second, the College began offering credit classes on theNortheast Campus for the first time in the campus history.Offering credit classes on the Northeast Campus not onlyimproves access for the citizens of the College’s servicearea, it offers a greater opportunity for the College to expandits general education offering on the remaining campuses. Astrong transfer program of general education classesprovides positive cash flow from student revenue while atthe same time enabling stronger technical educationprograms.MTC continues to address state budget reductions byexamining its processes and practices for ways to becomemore efficient. Significant investments were made intechnology designed to automate functions in manyadministrative areas of the College, including humanresources, business office and student services. In additionto implementing efficiency strategies, the Commissionapproved a comprehensive tuition and fee plan that includedfull linear charges for students taking above twelve credithours. The new linear model complements the differentialfee model implemented by the College the previous fiscalyear.Third, the College is undertaking a major study of itsmarketing practices. A consultant has been hired that willconduct customized and comprehensive market research,provide actionable recommendations for best practiceapproaches to better brand, recruit, market andcommunicate with, retain students and facilitate thedevelopment of an integrated brand strategy. The marketresearch should lead the College positioning itself for thefuture among its various market segments to betterunderstand the current educational needs of citizens of theCollege’s service area. By building brand loyalty, theCollege hopes to increase the number of people selecting theCollege as a first choice for their educational needs, increasethe perception and actual knowledge of the communityregarding the College’s role in economic development andjob creation, and increase the financial and advocacy supportreceived by the College from the community.During fiscal year 2010-2011, the counties continued theirsupport by fully funding the College’s budget requests toreflect inflation and growth of the College’s physical plant.The counties also maintained their commitment to theCollege’s capital and debt-service needs by funding therequested amounts.The state’s economic outlook for fiscal year 2011-2012 isexpected to improve slightly based on the informationreleased by the Board of Economic Advisors (BEA). Thestate should experience some revenue growth, however, theCollege expects that the State’s other priorities will befunded first.State budget officials indicate that the State does not haveadequate reserves should the state revenue not makeprojections. Should the State’s budget officials declarerevenues to be lagging, the College is virtually assured ofintra-fiscal-year budget reductions. The Commission andadministration, in developing the current year budget,developed recurring contingencies should the College haveto return funds to the State.CERTIFICATE OF ACHIEVEMENT FOREXCELLENCE IN FINANCIAL REPORTINGThe Government Finance Officers Association of the UnitedStates and Canada (GFOA) awarded a Certificate ofAchievement for Excellence in Financial Reporting toMidlands Technical College for its Comprehensive AnnualFinancial Report (CAFR) for the fiscal year ended June 30,2010. The Certificate of Achievement is a prestigiousnational award recognizing conformance with the higheststandards for preparation of state and local governmentfinancial reports. This is the College’s fifteenth consecutiveyear receiving this award.In order to be awarded a Certificate of Achievement, agovernment unit must publish an easily readable andefficiently organized Comprehensive Annual FinancialReport of which all content conforms to program standards.Such a CAFR must satisfy both generally acceptedaccounting principles and applicable legal requirements.A Certificate of Achievement is valid for a period of oneyear only. We believe our current report continues toconform to the Certificate of Achievement programrequirements, and we are submitting it to GFOA.The College undertook several major initiatives designed tofurther its goal to minimize the effect of state budgetreductions. First, the College is restructuring its resourcedevelopment efforts. There is a need for the College toconstantly mine the community for opportunities to increaseits support for the Foundation and the College. AnAssociate Vice President for Development is being hired bythe College. The AVP position duties and responsibilitieswill be performance and outcome based.ACKNOWLEDGEMENTSThe timely preparation of the Comprehensive AnnualFinancial Report is a coordinated college-wide effort. Wewould like to express sincere appreciation to all employees-4-

in the Business Affairs Division who contributed to thetimely closing of the College’s financial records and thepreparation of this report; to Institutional Support’s PublicAffairs unit for its contributions in design, editing, printingand publication of the document; and to InstitutionalSupport’s Assessment, Research and Planning unit forproviding statistical data. Our sincere appreciation is alsoexpressed to other individuals who provided information asrequested and to our Commission for their support of thisinitiative.Sincerely,Dr. Ronald L. RhamesSenior Vice PresidentDebbie M. Walker, CGFO, M.B.A.Associate Vice President for Business AffairsIan A. MacLean,C.P.A., CGFODirector of Finance and Accounting-5-

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Midlands Technical CollegeOrganizational DataCOMMISSION MEMBERS AND OFFICERSCommissionerRobert F. Dozier, Jr., ChairChristopher M. Joye, Vice ChairKatie M. Bolden, SecretaryRobert C. Lentz, TreasurerRonald H. BurkettThomas E. ElliottRandall JacksonGeorge P. PowersL. Todd SeasePeter E. SercerDiane E. SumpterRobert P. Wilkins, dLexingtonTerm ExpiresJuly 31, 2013July 31, 2011July 31, 2012July 31, 2015November 16, 2014July 31, 2012July 31, 2015July 31, 2013May 11, 2015November 16, 2011July 31, 2012November 16, 2012EXECUTIVE COUNCILMarshall (Sonny) White, Jr.Ronald L. RhamesStarnell K. BatesRonald L. DraytonBarrie KirkSandra L. OliverTom LedbetterNancy PedersenPresidentSenior Vice PresidentVice President for Institutional SupportVice President for Academic AffairsVice President for Corporate and Continuing Educationand Economic DevelopmentVice President for Student Development ServicesAssociate Vice President for the Enterprise Campus AuthorityExecutive Assistant to the PresidentBUSINESS AFFAIRS DIVISIONRonald L. RhamesDebbie M. WalkerStanley BoltonCraig HessAnthony HoughIan A. MacLeanMarcia MedwayCrystal RookardSenior Vice PresidentAssociate Vice President for Business AffairsDirector of Auxiliary and Support ServicesDirector of Plant OperationsDirector of Information Resource ManagementDirector of Finance and AccountingDirector of Internal AuditingDirector of Human Resource Management/Legal Counsel-7-

Midlands Technical CollegeOrganizational Chart-8-

Midlands Technical CollegeCollege-Wide Goals and Priority InitiativesGoal 5: The College serves as a catalyst in economicdevelopment.Goal 1: The College embraces an innovative learningenvironment that enhances teaching, learning andindividual development.Priority Initiatives:1. Design and implement innovative, proactive programs toaddress the needs of the business community and expand theworkforce.2. Promote public/private partnerships and enterprisedevelopment.3. Establish programs to promote entrepreneurship and smallbusiness development.Priority Initiatives:1. Define and continuously refine what learning communitymeans to MTC.2. Develop and strengthen all aspects of programs and services.3. Provide community access to college and career opportunities.4. Enhance student retention and goal attainment.5. Identify and implement student-centered learningenhancements.6. Promote faculty and staff participation in innovative strategiesto enhance the learning environment.7. Promote global awareness.8. Integrate diversity and multiculturalism into programs andservices.Goal 6: The College validates its programs and servicesthrough a comprehensive evaluation process.Priority Initiatives:1. Develop systemic processes that provide the leadership of theCollege with information and data to support strategic andoperational decision-making.2. Support the development and use of national and peercomparisons to measure the effectiveness and efficiency ofacademic and administrative performance.3. Support department-based research by faculty and staff.4. Enhance the College’s national recognition as a leader ininstitutional planning, effectiveness, assessment andinnovative research concepts.5. Develop and disseminate information needed to influence thedirection of post-secondary education in South Carolina.6. Develop and implement comprehensive risk managementstrategies.Goal 2: The College prepares a workforce that meets thedemands of business and industry.Priority Initiatives:1. Align curricula with workforce needs.2. Develop employability skills.3. Provide a critical mass of employable students withcompetencies and credentials to meet employer needs.4. Promote career planning and adaptability to prepare studentsfor current and emerging career opportunities.Goal 3: The College collaborates with educational andcommunity partners to create seamless curricula andquality services for the diverse population bridgingK-12, two-year college and university education.Goal 7: The College engages in efficient, effective andinnovative resource development and management.Priority Initiatives:1. Seek partnerships with local agencies and higher educationinstitutions to enhance and leverage resources.2. Seek and obtain alternate funding.3. Develop methods to conserve resources and increase revenue.4. Position the College to maximize state and local support.Priority Initiatives:1. Expand course offerings, student services and articulation withhigher education institutions.2. Expand collaboration and interaction with area school districts.3. Enhance education through community interaction andadoption of nationally recognized curricula and standards.Goal 8: The College recruits, retains and develops exceptionalfaculty and staff.Goal 4: The College partners with community constituenciesto strengthen the educational, social and economicvitality of the community.Priority Initiatives:1. Provide opportunities and funding to ensure the ongoingprofessional development of faculty and staff.2. Develop and implement innovative strategies for therecruitment and retention of faculty and staff.3. Ensure accurate and meaning

Midlands Technical College is part of South Carolina’s primary government and is included in the Comprehensive Annual Financial Report of the State. The Midlands Technical College Foundation, Inc., (the Foundation) is a nonprofit organization that was formed August 12, 1970, to benefit and support education at Midlands Technical College.

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