NAVARRO COLLEGE Corsicana, Texas ‘Comprehensive Annual Financial Report For the Years Ended August 31, 2005 and 2004 Navarro College ControllerNAVARRO COLLEGE Comprehensive Annual Financial Report For the Years Ended August 31, 2005 and 2004 Exhibit, Table, Schedule (ODUCTORY SECTION Letter of Transmittal Certificate of Achievement for Excellence in Financial Reporting Organizational Chart Principal Officials President and Board of Trustees EINANCIAL SECTION Independent Auditors’ Report ‘Management Discussion and Analysis Basic Financial Statements: ‘Statements of Net Assets Exhibit 1 Statements of Revenues, Expenses and Changes In Net Assets Exhibit 2 Statements of Cash Flows: Exhibit 3 Notes to the Financial Statements Report of Independent Public Accountants on Compliance and on ‘internal Control Over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards Report of Independent Public Accountants on Compliance with Requirements Applicable to Each Major Program and Internal Control Over Compliance in Accordance with OMB Circular A-133 Page Number xvi xvii xx 10 u 12 4 43 45NAVARRO COLLEGE Comprehensive Annual Financial Report For the Years Ended August 31, 2005 and 2004 Exhibit, Table, Page Se ule Number SUPPLEMENTARY SCHEDULES Schedule of Operating Revenues Schedule A 47 Schedule of Operating Expenses by Object Schedule B 48 Schedule of Non-Operating Revenues and Expenses ‘Schedule C 49 Schedule of Net Assets by Source and Availability Schedule D 50 Schedule of Expenditures of Federal Awards Schedule E 31 Schedule of Expenditures of State Awards Schedule F 52 Schedule of Findings and Questioned Costs 53 Corrective Action Plan for Audit Findings and ‘Questioned Costs 55 ‘Summary Schedule of Prior Audit Findings 56 STATISTICAL SECTION (unaudited) General Operating Expenditures by Elements of Institutional Costs Table 1 37 Operating Revenues by Source Table2 59 Property Tax Levies and Collections Table 3 6 Property Tax Rates-Direct and Overlapping Governments Table 4 62 Principal Taxpayers Table 5 64 ‘Computation of Legal Debt Margin Table 6 65 Ratio of Bonded General Obiigation Debt To Assessed Value and Bonded Debt pet Capita Table 7 66 Ratio of Annual Debt Service Expenditures For General Obligation Bonded Debt to Total General Expenditures Table 8 67 Revenue Bond Coverage Table 9 68 Property Tax Assessed Valuation by Category Table 10 70 Demographic Statistics Table 11 2 Student Enrollment (Unduplicated) Table 12 B Student Enrollment Demographic Statistics (Unduplicated) Table 13 4 Tuition and Fee Schedule Table 14 5 Faculty Statistics Table 15 76 Miscellaneous Statistics Table:16 7