Texas Prepaid Higher Education Tuition Program Annual Report, 2011 Page: 25
iv, 139 p. : charts, tables ; 28 cm.View a full description of this report.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
Pages from the Texas Prepaid Higher Education Tuition Board - ANNUAL REPORT- Year Ended August 3 1, 2011 (continued)
TEXAS PREPAID HIGHER EDUCATION TUITION BOARD
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended August 31, 2011
Activity for the account as of August 31, 2011, follows:Total Distributions to Eligible Account Owners $11,382,559.70
Total Account Owners Receiving Distributions to Accounts 16,080
Interest Paid on Distributions $5,491.65
Amount Invested in Repurchase Agreements $961,483.87The settlement agreement authorized payment of the following expenses:
* Outside legal costs of $74,364.00
* Travel expenses to the Office of the Attorney General $3,839.01
The funds held by the Board of $961,483.87 at August 31, 2011, are invested in repurchase agreements through the
Treasury Safekeeping Trust Co. and are included in these financial statements as Agency Funds. Service fees of
$2,500.00 were paid to the Treasury Safekeeping Trust Co.
Overview of the Financial Statements
The annual report consists of four parts - management's discussion and analysis, the basic financial statements,
required supplementary information, and an optional section that presents combining statements for non-major
governmental funds and enterprise funds. The basic financial statements include government-wide financial
statements, fund financial statements, and notes to the financial statements.
Government-wide Financial Statements
Government-wide financial statements present an overall picture of the financial position of the Agency. These
statements provide both long-term and short-term information about the Agency using accounting methods similar
to those used by private-sector companies. The statement of net assets includes all of the Agency's assets and
liabilities. All of the current year's revenues and expenses are accounted for in the statement of activities regardless
of when cash is received or paid. The two government-wide statements report the Agency's net assets and how the
net assets increased or decreased during the fiscal year. Net assets are the difference between the Agency's assets
and liabilities and represent one way to measure the Agency's financial health or position. The government-wide
financial statements of the Agency are divided into two categories:
* Business-Type Activities - This includes activities for which a fee is charged to customers to pay most or all
of the cost of services. Financial activity for the TGTP and the TTPF is reported as an enterprise fund.
* Component Units - This includes activities of legally separate entities for which the Agency is either
financially accountable or the nature and significance of their relationship with the Agency is such that
exclusion would cause the Agency's financial statements to be misleading or incomplete. Financial activity
for the TPSF and the TMPF is reported as a component unit.
Fund Financial Statements
Fund financial statements provide more detailed information on the Agency's most significant funds. They use a
format that is more familiar to experienced users of governmental financial statements. A fund is a separate
accounting entity with a self-balancing set of accounts. Governmental entities use funds to keep track of sources of
funding and spending related to separate activities.
42011 ANNUAL REPORT -Texas Prepaid Higher Education Tuition Program
25
Upcoming Pages
Here’s what’s next.
Search Inside
This report can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Report.
Texas Prepaid Higher Education Tuition Program. Texas Prepaid Higher Education Tuition Program Annual Report, 2011, report, July 2012; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth303621/m1/31/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.