REPORT NO. 2009-116 FEBRUARY 2009 SOUTH FLORIDA COMMUNITY COLLEGE _part3

FEBRUARY 2009 SOUTH FLORIDA COMMUNITY COLLEGE A COMPONENT UNIT OF THE STATE OF FLORIDA STATEMENT OF CASH FLOWS (Continued) For the Fiscal Year Ended June 30, 2008 REPORT NO. 2009-116 College RECONCILIATION OF OPERATING LOSS TO NET CASH USED BY OPERATING ACTIVITIES Operating Loss Adjustments to Reconcile Net Operating Loss to Net Cash Used by Operating Activities: Depreciation Expense Changes in Assets and Liabilities: Receivables Inventories Prepaid Expenses Accounts Payable Deferred Revenue Compensated Absences Payable Postemployment Health Care Benefits Payable NET CASH USED BY OPERATING ACTIVITIES $ (25,166,659) 2,569,087 334,432 (3,166) 15,673 (871,518) (427,935) 169,696 30,131 $ (23,350,259) The accompanying notes to financial statements are an. | February 2009 report No. 2009-116 SOUTH FLORIDA COMMUNITY COLLEGE A COMPONENT UNIT OF THE STATE OF FLORIDA STATEMENT OF CASH FLOWS Continued For the Fiscal Year Ended June 30 2008 College RECONCILIATION OF OPERATING LOSS TO NET CASH USED BY OPERATING ACTIVITIES Operating Loss Adjustments to Reconcile Net Operating Loss to Net Cash Used by Operating Activities 25 166 659 Depreciation Expense Changes in Assets and Liabilities 2 569 087 Receivables Inventories Prepaid Expenses Accounts Payable Deferred Revenue Compensated Absences Payable Postemployment Health Care Benefits Payable 334 432 3 166 15 673 871 518 427 935 169 696 30 131 NET CASH USED BY OPERATING ACTIVITIES 23 350 259 The accompanying notes to financial statements are an integral part of this statement. This is trial version February 2009 report No. 2009-116 SOUTH FLORIDA community college A component unit of the state of FLORIDA notes to financial statements June 30 2008 1. SUMMARY of significant accounting policies Reporting Entity. The governing body of South Florida Community College a component unit of the State of Florida is the District Board of Trustees. The Board constitutes a corporation and is composed of eight members appointed by the Governor and confirmed by the Senate. The District Board of Trustees is under the general direction and control of the Florida Department of Education Division of Community Colleges and is governed by law and State Board of Education rules. However the District Board of Trustees is directly responsible for the day-to-day operations and control of the College within the framework of applicable State laws and State Board of Education rules. Geographic boundaries of the District correspond with those of Desoto Hardee and Highlands Counties. Criteria for defining the reporting entity are identified and described in the Governmental Accounting Standards Board s Codification of Governmental Accounting and Financial Reporting Standards Sections 2100 and

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