| EXHIBIT A | ||||||||||||
| Sheet 1 | ||||||||||||
| SOUTH CAROLINA STATE EDUCATION ASSISTANCE AUTHORITY | ||||||||||||
| COMBINED BALANCE SHEETS - ALL FUND TYPES | ||||||||||||
| JUNE 30, 1999 AND 1998 | ||||||||||||
| 1999 | 1998 | |||||||||||
| Governmental | Proprietary | Governmental | Proprietary | |||||||||
| Fund Type | Fund Type | Totals | Fund Type | Fund Type | Totals | |||||||
| ASSETS | Special | Enterprise | (Memorandum | Special | Enterprise | (Memorandum | ||||||
| Revenue Fund | Fund | Only) | Revenue Fund | Fund | Only) | |||||||
| Current Assets: | ||||||||||||
| Cash and Cash Equivalents: | ||||||||||||
| Demand Deposit | $ | 74,996 | $ | $ | 74,996 | $ | 48,859 | $ | $ | 48,859 | ||
| Deposits Underinvested (Overinvested) | 127,468 | 127,468 | 979,479 | 979,479 | ||||||||
| Investments | 106,862,315 | 106,862,315 | 103,009,474 | 103,009,474 | ||||||||
| Cash and Cash Equivalents - Restricted: | ||||||||||||
| Deposits Underinvested (Overinvested) | 3,190,000 | 3,190,000 | (400) | (400) | ||||||||
| Investments | 19,901,843 | 19,901,843 | 19,650,838 | 19,650,838 | ||||||||
| Prepaid Expense | 255,367 | 255,367 | 205,187 | 205,187 | ||||||||
| Receivables: | ||||||||||||
| Current Portion of Finance Loans | 69,543,309 | 69,543,309 | 63,000,000 | 63,000,000 | ||||||||
| Current Portion of Student Loans - FISL | 3,525 | 3,525 | 4,334 | 4,334 | ||||||||
| Due from South Carolina Student Loan Corporation | 6,469,818 | 6,469,818 | 6,128,847 | 6,128,847 | ||||||||
| Accrued Interest Receivable | 931,159 | 931,159 | 975,667 | 975,667 | ||||||||
| Federal Reinsurance Receivable | 3,376,848 | 3,376,848 | 1,613,498 | 1,613,498 | ||||||||
| Loan Processing and Issuance Fee Receivable | 150,040 | 150,040 | ||||||||||
| Default Aversion Fee Receivable | 1,479,043 | 1,479,043 | ||||||||||
| Miscellaneous | 90,143 | 90,143 | ||||||||||
| Administrative Cost Allowance | 832,856 | 832,856 | ||||||||||
| Total Current Assets | $ | 74,996 | $ | 212,380,878 | $ | 212,455,874 | $ | 48,859 | $ | 196,399,780 | $ | 196,448,639 |
| Long-Term and Other Assets: | ||||||||||||
| Receivables: | ||||||||||||
| Finance Loans, Less Current Portion | $ | $ | 291,995,886 | $ | 291,995,886 | $ | $ | 264,340,113 | $ | 264,340,113 | ||
| Student Loans - FISL, Less Current Portion | 9,911 | 9,911 | 12,186 | 12,186 | ||||||||
| Deferred Cost of Issuance of Bonds | 1,058,976 | 1,058,976 | 1,265,242 | 1,265,242 | ||||||||
| Investments | 2,732,086 | 2,732,086 | 6,757,851 | 6,757,851 | ||||||||
| Restricted Assets: | ||||||||||||
| Investments | 16,652,949 | 16,652,949 | 14,171,140 | 14,171,140 | ||||||||
| Total Long-Term and Other Assets | $ | - | $ | 312,449,808 | $ | 312,449,808 | $ | - | $ | 286,546,532 | $ | 286,546,532 |
| Property, Plant & Equipment: | ||||||||||||
| Furniture and Equipment | $ | $ | 262,945 | $ | 262,945 | $ | $ | $ | ||||
| Automobile | 13,100 | 13,100 | ||||||||||
| Less: Accumulated Depreciation | (45,327) | (45,327) | ||||||||||
| Total Property, Plant & Equipment | $ | - | $ | 230,718 | $ | 230,718 | $ | - | $ | - | $ | - |
| Total Assets | $ | 74,996 | $ | 525,061,404 | $ | 525,136,400 | $ | 48,859 | $ | 482,946,312 | $ | 482,995,171 |
| See Notes to Financial Statements. | ||||||||||||
| EXHIBIT A | ||||||||||||
| Sheet 2 | ||||||||||||
| SOUTH CAROLINA STATE EDUCATION ASSISTANCE AUTHORITY | ||||||||||||
| COMBINED BALANCE SHEETS - ALL FUND TYPES | ||||||||||||
| JUNE 30, 1999 AND 1998 | ||||||||||||
| 1999 | 1998 | |||||||||||
| Governmental | Proprietary | Governmental | Proprietary | |||||||||
| Fund Type | Fund Type | Totals | Fund Type | Fund Type | Totals | |||||||
| Special | Enterprise | (Memorandum | Special | Enterprise | (Memorandum | |||||||
| LIABILITIES AND FUND EQUITY | Revenue Fund | Fund | Only) | Revenue Fund | Fund | Only) | ||||||
| Current Liabilities: | ||||||||||||
| Accounts Payable | $ | $ | 136,223 | $ | 136,223 | $ | $ | 182,359 | $ | 182,359 | ||
| Arbitrage Rebate Payable to Federal Government | 946,500 | 946,500 | 453,377 | 453,377 | ||||||||
| Compensated Absences | 74,955 | 74,955 | 60,151 | 60,151 | ||||||||
| Due to Federal Government | 74,996 | 74,996 | 48,859 | 48,859 | ||||||||
| Due to South Carolina Student Loan Corporation | 8,705,491 | 8,705,491 | 5,985,096 | 5,985,096 | ||||||||
| Default Aversion Fees Payable | 1,479,043 | 1,479,043 | ||||||||||
| Payable from Restricted Assets: | ||||||||||||
| Current Maturities of Bonds Payable | 9,770,000 | 9,770,000 | 1,270,000 | 1,270,000 | ||||||||
| Accrued Bond Interest Payable | 5,130,246 | 5,130,246 | 5,582,216 | 5,582,216 | ||||||||
| Total Current Liabilities | $ | 74,996 | $ | 26,242,458 | $ | 26,317,454 | $ | 48,859 | $ | 13,533,199 | $ | 13,582,058 |
| Bond Payable, Less Current Maturities, Deferred Amount | ||||||||||||
| of Debt Refunding of $ 445,080 in 1999 and $ 599,652 in 1998 | ||||||||||||
| and Bond Premium and Discounts of $ 3,416,351 in 1999 and | ||||||||||||
| $ 3,454,658 in 1998 | $ | - | $ | 375,677,680 | $ | 375,677,680 | $ | - | $ | 361,970,689 | $ | 361,970,689 |
| Total Liabilities | $ | 74,996 | $ | 401,920,138 | $ | 401,995,134 | $ | 48,859 | $ | 375,503,888 | $ | 375,552,747 |
| Fund Equity: | ||||||||||||
| Retained Earnings: | ||||||||||||
| Reserved for Bond Indentures - Current Debt Service - | ||||||||||||
| 1979 Resolution | $ | $ | 1,230,297 | $ | 1,230,297 | $ | $ | 1,945,632 | $ | 1,945,632 | ||
| Reserved for Bond Indentures - Current Debt Service - | ||||||||||||
| 1993 Resolution | 11,942,806 | 11,942,806 | 4,624,430 | 4,624,430 | ||||||||
| Reserved for Bond Indentures - 1979 Resolution | 8,008,026 | 8,008,026 | 19,495,991 | 19,495,991 | ||||||||
| Reserved for Bond Indentures - 1993 Resolution | 77,051,567 | 77,051,567 | 59,968,655 | 59,968,655 | ||||||||
| Unreserved | 24,908,570 | 24,908,570 | 21,407,716 | 21,407,716 | ||||||||
| Total Fund Equity | $ | - | $ | 123,141,266 | $ | 123,141,266 | $ | - | $ | 107,442,424 | $ | 107,442,424 |
| Total Liabilities and Fund Equity | $ | 74,996 | $ | 525,061,404 | $ | 525,136,400 | $ | 48,859 | $ | 482,946,312 | $ | 482,995,171 |
| See Notes to Financial Statements. | ||||||||||||