Page 52 - 2019-20 CAFR

Rogue Community College

Notes to Basic Financial Statements
Year ended June 30, 2020

1. Summary of Significant Accounting Policies (continued)

Short‐Term Obligations

Oregon Revised Statutes Section 287A.180 authorizes the College to borrow money by issuing notes
with a maturity date of no more than thirteen months. In addition, the principal amount of the

obligations cannot exceed eighty percent (80%) of the amount of taxes and other revenues budgeted

to be received in that fiscal year. As of June 30, 2020, there were no outstanding short‐term
obligations.

Long‐Term Obligations

Premiums and discounts related to bonds are deferred and amortized over the life of the obligation
using straight‐line amortization, which approximates the effective interest method.

Pensions

For purposes of measuring the net pension liability, deferred outflow of resources and deferred inflow

of resources related to pensions, and pension expense, information about the fiduciary net position

of the Oregon Public Employees Retirement System (PERS) and additions to/deductions from PERS's

fiduciary net position have been determined on the same basis as they are reported by PERS. For this

purpose, benefit payments (including refunds of employee contributions) are recognized when due

and payable in accordance with the benefit terms. Investments are reported at fair value.

Other Postemployment Benefits Other Than Pensions

The College administers a single employer OPEB plan. This OPEB plan utilizes employee census data

and benefits provided by the College for purposes of measuring the net OPEB liability, deferred

outflow of resources and deferred inflow of resources related to OPEB, and OPEB expense. Benefit
payments (including refunds of employee contributions) are financed on a pay‐as‐you‐go basis. For

the RHIA plan, the net OPEB liability, deferred outflow of resources and deferred inflow of resources

related to OPEB, and OPEB expense, have been determined on the same basis as they are reported

by PERS. Therefore, benefit payments (including refunds of employee contributions) are recognized

when due and payable in accordance with the benefit terms. Investments are reported at fair value.
Pension Pre‐SLGRP Liability

the statement of net
The Pension Pre‐SLGRP Liability is an actuarially determined liability recorded in
position based on the College’s entry into the Oregon Public Employees Retirement System (PERS)
State and Local Government Rate Pool. The Pre‐SLGRP liability is reduced each year by contributions

to PERS and increased for interest charged by PERS.
Operating Revenues and Expenses

Operating revenues and expenses are distinguished from non‐operating items. Operating revenues
and expenses generally result from providing services and producing and delivering goods in

connection with the College’s ongoing operations. The principal operating revenues of the College are
charges to students for tuition and fees, grants and contracts for specific operating activities of the
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