CONDENSED COMPARATIVE FINANCIAL DATA

SCOPE OF REPORT

This annual report presents the assets and liabilities at June 30, 2001, with comparative figures at June 30, 2000, for each institution under the Board of Regents of the University System of Georgia, Incorporated, and the financial operations for the fiscal years then ended. The financial reports of the separate institutions are combined to present the financial position and operations of the entire University System.

The accounts are maintained in accordance with the principles of fund accounting, modified as required by State Law and special needs peculiar to the University System. Resources for accounting and reporting purposes are classified into funds, which are designated for specific activities or objectives. Each fund is comprised of a separate group of accounts, based on principles of financial accounting presented in Financial Accounting and Reporting Manual for Higher Education. The System's financial statements are unaudited. We are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with generally accepted accounting principles. The Department of Audits and Accounts for the State of Georgia will issue Audited Financial Statements.

STATE RESOURCES

The General Appropriations Act of 2001, as amended, provided a total of $1,747,464,372 to the University System of Georgia, with an additional $54,626,222 from Lottery Funds. In addition, indirect funding from the Department of Administrative Services (DOAS) amounted to $3,583,000, and House Bill 174 provided $37,099,895 from Tobacco funds and $162,500 from the Governor's Emergency Funds. The amounts were as follows: