REPORT NO. 2011-108 FEBRUARY 2011 SEMINOLE STATE COLLEGE OF FLORIDA Financial Audit For the Fiscal Year Ended June 30, 2010_part5 pptx

FEBRUARY 2011 REPORT NO. 2011-108
SEMINOLE STATE COLLEGE OF FLORIDA
A COMPONENT UNIT OF THE STATE OF FLORIDA
NOTES
TO FINANCIAL STATEMENTS (CONTINUED)
J
UNE 30, 2010


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of $22.5 million with payments of $500,100 made as a deposit, $12,500,000 made at closing, and the
$10 million balance plus interest due by July 29, 2011.
On September 29, 2010, the College closed on a 2.58 acre parcel of land adjacent to the south entrance of
the Sanford/Lake Mary Campus. The purchase price of this property was $600,000 and was funded with
general operating funds.

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FEBRUARY 2011 REPORT NO. 2011-108
SEMINOLE STATE COLLEGE OF FLORIDA
OTHER REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF FUNDING PROGRESS –
OTHER POSTEMPLOYMENT BENEFITS PLAN


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Actuarial UAAL as a
Actuarial Accrued Unfunded Percentage
Actuarial Value of Liability (AAL) AAL Funded Covered of Covered
Valuation Assets (2) (UAAL) Ratio Payroll Payroll
Date (1) (a) (b) (b-a) (a/b) (c) [(b-a)/c]

7/1/2007 $ 715,854$ 715,854$ 0% 31,261,578$ 2.3%
7/1/2009 $ 822,003$ 822,003$ 0% 34,652,305$ 2.4%
Notes: (1)
(2)
The initial OPEB actuarial calculation was performed as of July 1, 2007, for the College as it
im
p
lemented the
p
rovisions of GASB 45.
The College's OPEB actuarial valuation used the projected unit credit actuarial method to estimate
the unfunded actuarial liabilities.




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FEBRUARY 2011 REPORT NO. 2011-108
SEMINOLE STATE COLLEGE OF FLORIDA
OTHER REQUIRED SUPPLEMENTARY INFORMATION
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION


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1. SCHEDULE OF FUNDING PROGRESS – OTHER POSTEMPLOYMENT BENEFITS PLAN
The July 1, 2009, unfunded actuarial accrued liability (UAAL) of $822,003 was 14.8 percent higher than the
July 1, 2007, UAAL of $715,854. The increase was due to the expected growth of liabilities over time and
demographic changes of approximately $133,000. Updated participation and medical trend assumptions
accounted for an additional $55,000 increase in the liability. These increases were partially offset by a

decrease in the UAAL of $82,000 resulting from updated claims costs, contributions, and the revised
mortality assumption.
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FEBRUARY 2011 REPORT NO. 2011-108
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AUDITOR GENERAL
STATE OF FLORIDA
G74 Claude Pepper Building
111 West Madison Street
Tallahassee, Florida 32399-1450
The President of the Senate, the Speaker of the
House of Representatives, and the
Legislative Auditing Committee
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS
BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED
IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS

We have audited the financial statements of Seminole State College of Florida, a component unit of the State of
Florida, and its discretely presented component unit as of and for the fiscal year ended June 30, 2010, which
collectively comprise the College’s basic financial statements, and have issued our report thereon included under the
heading INDEPENDENT AUDITOR’S REPORT ON FINANCIAL STATEMENTS. Our report on the
financial statements was modified to include a reference to other auditors. We conducted our audit in accordance
with auditing standards generally accepted in the United States of America and the standards applicable to financial
audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Other
auditors audited the financial statements of the discretely presented component unit as described in our report on the
College’s financial statements. This report does not include the results of the other auditors’ testing of internal
control over financial reporting or compliance and other matters that are reported on separately by those auditors.

Internal Control Over Financial Reporting
In planning and performing our audit, we considered the College’s internal control over financial reporting as a basis
for designing our auditing procedures for the purpose of expressing our opinion on the financial statements, but not
for the purpose of expressing an opinion on the effectiveness of the College’s internal control over financial reporting.
Accordingly, we do not express an opinion on the effectiveness of the College’s internal control over financial
reporting.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees,
in the normal course of performing their assigned functions, to prevent or detect and correct misstatements on a
timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a
reasonable possibility that a material misstatement of the College’s financial statements will not be prevented, or
detected and corrected on a timely basis.
Our consideration of internal control over financial reporting was for the limited purpose described in the first
paragraph of this section and was not designed to identify all deficiencies in internal control over financial reporting
DAVID W. MARTIN, CP
A
AUDITOR GENERAL
PHONE: 850-488-5534
F
AX: 850-488-6975
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FEBRUARY 2011 REPORT NO. 2011-108
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that might be deficiencies, significant deficiencies, or material weaknesses. We did not identify any deficiencies in
internal control over financial reporting that we consider to be material weaknesses, as defined above.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the College’s financial statements are free of material
misstatement, we performed tests of its compliance with certain provisions of laws, rules, regulations, contracts, and
grant agreements, noncompliance with which could have a direct and material effect on the determination of financial
statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our

audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of
noncompliance or other matters that are required to be reported under Government Auditing Standards.
Pursuant to Section 11.45(4), Florida Statutes, this report is a public record and its distribution is not limited.
Auditing standards generally accepted in the United States of America require us to indicate that this report is
intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate
and the Florida House of Representatives, Federal and other granting agencies, and applicable management and is not
intended to be and should not be used by anyone other than these specified parties.
Respectfully submitted,

David W. Martin, CPA
February 9, 2011

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