Annual financial report, fiscal year 2024, Wilkinson County Board of Education, Irwinton, Georgia, including independent auditor's report.

ANNUAL FINANCIAL REPORT FISCAL YEAR 2024
Wilkinson County Board of Education
Irwinton, Georgia
Including Independent Auditor's Report
Greg S. Griffin | State Auditor

Wilkinson County Board of Education Table of Contents

Section I Financial
Independent Auditor's Report

Exhibits

Basic Financial Statements

Government-Wide Financial Statements

A

Statement of Net Position

1

B

Statement of Activities

2

Fund Financial Statements

C

Balance Sheet

Governmental Funds

3

D

Reconciliation of the Governmental Funds Balance Sheet

to the Statement of Net Position

4

E

Statement of Revenues, Expenditures and Changes in Fund Balances

Governmental Funds

5

F

Reconciliation of the Governmental Funds Statement of

Revenues, Expenditures and Changes in Fund Balances

to the Statement of Activities

6

G Notes to the Basic Financial Statements

8

Schedules

Required Supplementary Information

1 Schedule of Proportionate Share of the Net Pension Liability

Teachers Retirement System of Georgia

37

2 Schedule of Contributions Teachers Retirement System of Georgia

38

3 Schedule of Proportionate Share of the Net Pension Liability

Employees' Retirement System of Georgia

39

4 Schedule of Contributions Employees' Retirement System of Georgia

40

5 Schedule of Proportionate Share of the Net Pension Liability

Public School Employees Retirement System of Georgia

41

6 Schedule of Proportionate Share of the Net OPEB Liability

School OPEB Fund

42

Required Supplementary Information (Continued)

7 Schedule of Contributions School OPEB Fund

43

8 Notes to the Required Supplementary Information

44

9 Schedule of Revenues, Expenditures and Changes in Fund

Balances - Budget and Actual General Fund

46

Supplementary Information

10 Schedule of Expenditures of Federal Awards

47

11 Schedule of State Revenue

49

12 Schedule of Approved Local Option Sales Tax Projects

50

Section II
Compliance and Internal Control Reports
Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards

Independent Auditor's Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance Required by the Uniform Guidance

Section III Auditee's Response to Prior Year Findings and Questioned Costs Summary Schedule of Prior Audit Findings

Section IV Findings and Questioned Costs Schedule of Findings and Questioned Costs

Section V Management's Corrective Action for Current Year Findings Schedule of Management's Corrective Action

Section I Financial

Greg S. Griffin State Auditor
INDEPENDENT AUDITOR'S REPORT
The Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education
and Dr. Angela James, Superintendent and Members of the Wilkinson County Board of Education
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities and each major fund of the Wilkinson County Board of Education (School District) as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the School District as of June 30, 2024, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report.
We are required to be independent of the School District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the School District's ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
Required Supplementary Information
Management has omitted the Management's Discussion and Analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of

financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. Our opinions on the basic financial statements are not affected by this missing information.
Accounting principles generally accepted in the United States of America require that the required supplementary information listed in the table of contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient appropriate evidence to express an opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the School District's basic financial statements. The accompanying supplementary information, as listed in the table of contents, is presented for the purposes of additional analysis and is not a required part of the basic financial statements. The Schedule of Expenditures of Federal Awards is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and is also not a required part of the basic financial statements.
The supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated August 7, 2025 on our consideration of the School District's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control over financial reporting and compliance.

A copy of this report has been filed as a permanent record and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. Respectfully submitted,
Greg S. Griffin State Auditor
August 7, 2025

Wilkinson County Board of Education

WILKINSON COUNTY BOARD OF EDUCATION STATEMENT OF NET POSITION JUNE 30, 2024
ASSETS Cash and Cash Equivalents Accounts Receivable, Net
Taxes State Government Federal Government Other Inventories Prepaid Items Restricted Assets Investments with Fiscal Agent or Trustee Intangible Right-to-Use Assets (Net of Accumulated Amortization) Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation)
Total Assets
DEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plans Related to OPEB Plan
Total Deferred Outflows of Resources
LIABILITIES Accounts Payable Salaries and Benefits Payable Interest Payable Net Pension Liability Net OPEB Liability Long-Term Liabilities
Due Within One Year Due in More Than One Year
Total Liabilities
DEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plans Related to OPEB Plan
Total Deferred Inflows of Resources
NET POSITION Net Investment in Capital Assets Restricted for
Continuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit)
Total Net Position

EXHIBIT "A"

GOVERNMENTAL ACTIVITIES

$

5,145,396.92

2,515,449.48 1,638,668.75
494,089.36 41,089.80 7,163.39 88,916.85

5,102,119.08 365,250.00 443,309.00
32,947,093.00 48,788,545.63

6,111,988.00 2,428,362.00 8,540,350.00

171,566.97 1,675,455.90
211,464.14 17,484,129.00
9,360,348.00
2,887,192.79 6,139,518.35 37,929,675.15

382,581.00 4,457,056.00 4,839,637.00

25,362,504.66

144,787.96 5,361,669.82 2,102,184.44 (18,411,563.40)

$

14,559,583.48

The notes to the basic financial statements are an integral part of this statement.

- 1 -

WILKINSON COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2024

EXHIBIT "B"

EXPENSES

CHARGES FOR SERVICES

PROGRAM REVENUES OPERATING GRANTS AND
CONTRIBUTIONS

CAPITAL GRANTS AND CONTRIBUTIONS

NET (EXPENSES) REVENUES
AND CHANGES IN NET POSITION

GOVERNMENTAL ACTIVITIES

Instruction

$

Support Services

Pupil Services

Improvement of Instructional Services

Educational Media Services

General Administration

School Administration

Business Administration

Maintenance and Operation of Plant

Student Transportation Services

Other Support Services

Operations of Non-Instructional Services

Food Services

Interest on Long-Term Debt

11,280,034.96 $
1,024,655.19 1,348,585.32
318,002.71 667,254.41 1,813,114.19 150,367.23 2,585,739.62 1,663,575.51
6,732.00
1,143,205.91 519,767.01

271,605.34 $
10,328.00 -
13,198.08 -

5,959,197.92 $
111,439.66 761,734.45 171,175.03 525,116.82 642,799.32
3,386.36 571,453.55 551,152.90
81.45
1,057,650.14 -

- $
616,770.00 -
472,178.60

(5,049,231.70)
(913,215.53) (586,850.87) (146,827.68) (142,137.59) (1,170,314.87) (146,980.87) (2,003,958.07) (495,652.61)
(6,650.55)
(72,357.69) (47,588.41)

Total Governmental Activities

$

22,521,034.06 $

295,131.42 $

10,355,187.60 $

1,088,948.60

(10,781,766.44)

General Revenues Taxes Property Taxes For Maintenance and Operations Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Other Sales Tax Investment Earnings Miscellaneous Total General Revenues
Change in Net Position

8,746,375.20
1,701,684.59 39,438.57
323,143.51 284,339.16 11,094,981.03
313,214.59

Net Position - Beginning of Year

14,246,368.89

Net Position - End of Year

$

14,559,583.48

The notes to the basic financial statements are an integral part of this statement.

- 2 -

WILKINSON COUNTY BOARD OF EDUCATION BALANCE SHEET
GOVERNMENTAL FUNDS JUNE 30, 2024

EXHIBIT "C"

ASSETS Cash and Cash Equivalents Accounts Receivable, Net
Taxes State Government Federal Government Other Inventories Prepaid Items Restricted Investments with a Fiscal Agent or Trustee
Total Assets
LIABILITIES Accounts Payable Salaries and Benefits Payable
Total Liabilities
DEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Property Taxes Unavailable Revenue - IRS Subsidy
Total Deferred Inflows of Resources
FUND BALANCES Nonspendable Restricted Committed Unassigned
Total Fund Balances
Total Liabilities, Deferred Inflows of Resources, and Fund Balances

GENERAL FUND

CAPITAL PROJECTS
FUND

DEBT SERVICE FUND

TOTAL

$

2,910,819.59 $

1,955,343.62 $

279,233.71 $

5,145,396.92

2,363,362.86 1,638,668.75
302,308.19 41,089.80 7,163.39 88,916.85

152,086.62 -

191,781.17 -

2,515,449.48 1,638,668.75
494,089.36 41,089.80 7,163.39 88,916.85

-

5,102,119.08

5,102,119.08

$

7,352,329.43 $

2,107,430.24 $

5,573,133.96 $

15,032,893.63

$

166,321.17 $

1,675,455.90

1,841,777.07

5,245.80 $ -
5,245.80

- $ -

171,566.97 1,675,455.90 1,847,022.87

2,249,670.32 -
2,249,670.32

-

-

2,249,670.32

-

191,781.17

191,781.17

-

191,781.17

2,441,451.49

96,080.24 137,624.57 171,320.33 2,855,856.90 3,260,882.04

2,102,184.44
2,102,184.44

5,381,352.79
5,381,352.79

96,080.24 7,621,161.80
171,320.33 2,855,856.90 10,744,419.27

$

7,352,329.43 $

2,107,430.24 $

5,573,133.96 $

15,032,893.63

The notes to the basic financial statements are an integral part of this statement.

- 3 -

WILKINSON COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET POSITION JUNE 30, 2024

EXHIBIT "D"

Total fund balances - governmental funds (Exhibit "C")
Amounts reported for governmental activities in the Statement of Net Position are different because:
Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Land Buildings and improvements Equipment Land improvements Accumulated depreciation
Right-to-use assets used in governmental activities are not financial resources and therefore are not reported in the funds. Leased machinery and equipment Accumulated amortization - Right-to-use assets
Some liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Net pension liability Net OPEB liability
Qualified School Construction Bonds Interest Subsidy recorded as revenue in the Statement of Activities that do not provide current financial resources are not recorded as revenue on the Governmental Statements.
Deferred outflows and inflows of resources related to pensions/OPEB are applicable to future periods and, therefore, are not reported in the funds. Related to pensions Related to OPEB
Taxes that are not available to pay for current period expenditures are deferred in the funds.
Long-term liabilities, and related accrued interest, are not due and payable in the current period and therefore are not reported in the funds. Bonds payable Accrued interest payable Lease liability payable
Net position of governmental activities (Exhibit "A")

$

10,744,419.27

$

443,309.00

44,426,404.00

5,792,887.00

1,832,640.00

(19,104,838.00)

33,390,402.00

487,000.00 (121,750.00)

365,250.00

$

(17,484,129.00)

(9,360,348.00)

(26,844,477.00) 191,781.17

$

5,729,407.00

(2,028,694.00)

3,700,713.00 2,249,670.32

$

(8,830,000.00)

(211,464.14)

(196,711.14)

(9,238,175.28)

$

14,559,583.48

The notes to the basic financial statements are an integral part of this statement.

- 4 -

WILKINSON COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2024

EXHIBIT "E"

REVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues
EXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation Debt Services Principal Interest Total Expenditures
Revenues over (under) Expenditures
OTHER FINANCING SOURCES (USES) Transfers In Transfers Out Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances - Beginning
Fund Balances - Ending

GENERAL FUND

CAPITAL PROJECTS
FUND

DEBT SERVICE
FUND

TOTAL

$

8,026,467.44 $

39,438.57

8,259,193.40

2,708,707.20

295,131.42

129,759.09

284,339.16

19,743,036.28

- $ 1,701,684.59
88,098.87 1,789,783.46

- $ 105,285.55 527,499.02 632,784.57

8,026,467.44 1,741,123.16 8,259,193.40 2,708,707.20
295,131.42 323,143.51 811,838.18 22,165,604.31

10,341,918.69
996,342.06 1,277,631.46
300,230.35 599,313.74 1,667,613.00 142,027.94 2,640,944.97 2,113,578.34
6,732.00 1,162,916.17
21,249,248.72 (1,506,212.44)

68,787.29
31,025.44 67,214.00 326,545.00 -
94,921.58 6,977.95
595,471.26 1,194,312.20

-
-
2,650,000.00 566,244.50
3,216,244.50 (2,583,459.93)

10,410,705.98
996,342.06 1,277,631.46
300,230.35 630,339.18 1,734,827.00 142,027.94 2,640,944.97 2,440,123.34
6,732.00 1,162,916.17
2,744,921.58 573,222.45
25,060,964.48 (2,895,360.17)

-

-

1,509,984.85

1,509,984.85

-

(1,509,984.85)

-

(1,509,984.85)

-

(1,509,984.85)

1,509,984.85

-

(1,506,212.44)

(315,672.65)

(1,073,475.08)

(2,895,360.17)

4,767,094.48

2,417,857.09

6,454,827.87

13,639,779.44

$

3,260,882.04 $

2,102,184.44 $

5,381,352.79 $

10,744,419.27

The notes to the basic financial statements are an integral part of this statement.

- 5 -

WILKINSON COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF
REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2024

Net change in fund balances total governmental funds (Exhibit "E")

$

Amounts reported for governmental activities in the Statement of Activities are different because:

Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of capital assets and right-to-use assest are allocated over their estimated useful lives as depreciation and amortization expense. Capital outlay Depreciation expense Amortization expense

$

1,164,794.00

(1,032,249.00)

(48,700.00)

Taxes reported in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds.

Qualified School Construction Bonds Interest Subsidy recorded as revenue in the Statement of Activities that do not provide current financial resources are not recorded as revenue on the Governmental Statements.

The issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts and the difference between the carrying value of refunded debt and the acquisition cost of refunded debt when debt is first issued. These amounts are deferred and amortized in the Statement of Activities. Bond principal retirements Lease liability payments

$

2,650,000.00

94,921.58

District pension/OPEB contributions are reported as expenditures in the governmental funds when made. However, they are reported as deferred outflows of resources in the Statement of Net Position because the reported net pension/OPEB liability is measured a year before the District's report date. Pension/OPEB expense, which is the change in the net pension/OPEB liability adjusted for changes in deferred outflows and inflows of resources related to pensions/OPEB, is reported in the Statement of Activities. Pension expense OPEB expense

$

(1,370,493.00)

1,032,258.40

Some items reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. Net decrease in accrued interest

Change in net position of governmental activities (Exhibit "B")

$

EXHIBIT "F" (2,895,360.17)
83,845.00 719,907.76 (55,320.42)
2,744,921.58
(338,234.60) 53,455.44
313,214.59

The notes to the basic financial statements are an integral part of this statement.

- 6 -

(This page left intentionally blank)

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

NOTE 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY
Reporting Entity
The Wilkinson County Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a board elected by the voters and a Superintendent appointed by the Board. The School District is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity.
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying financial statements of the School District have been prepared in conformity with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). GASB is the accepted standard-setting body for governmental accounting and financial reporting principles. The most significant of the School District's accounting policies are described below.
Basis of Presentation
The School District's basic financial statements are collectively comprised of the government-wide financial statements, fund financial statements and notes to the basic financial statements. The government-wide statements focus on the School District as a whole, while the fund financial statements focus on major funds. Each presentation provides valuable information that can be analyzed and compared between years and between governments to enhance the information's usefulness.
Government-Wide Statements:
The Statement of Net Position and the Statement of Activities display information about the financial activities of the overall School District. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions.
The Statement of Net Position presents the School District's assets, deferred outflows of resources, deferred inflows of resources and liabilities, with the difference reported as net position. Net position is reported in three categories as follows:
1. Net investment in capital assets consists of the School District's total investment in capital
assets, net of accumulated depreciation, and reduced by outstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of net investment in capital assets.
2. Restricted net position consists of resources for which the School District is legally or
contractually obligated to spend in accordance with restrictions imposed by external third parties or imposed by law through constitutional provisions or enabling legislation.
3. Unrestricted net position consists of resources not meeting the definition of the two preceding categories. Unrestricted net position often has constraints on resources imposed by management which can be removed or modified.
The Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities.
- 8 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support of the School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs.
Program revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues.
Fund Financial Statements
The fund financial statements provide information about the School District's funds. Eliminations have been made to minimize the double counting of internal activities. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column.
The School District reports the following major governmental funds:
The general fund is the School District's primary operating fund. It accounts for and reports all financial resources not accounted for and reported in another fund.
The capital projects fund accounts for and reports financial resources including Education Special Purpose Local Option Sales Tax (ESPLOST), bond proceeds, and lease proceeds that are restricted, committed or assigned for capital outlay expenditures, including the acquisition or construction of capital facilities and other capital assets.
The debt service fund accounts for and reports financial resources that are restricted, committed, or assigned including taxes (sales) legally restricted for the payment of general longterm principal and interest.
Basis of Accounting
The basis of accounting determines when transactions are reported on the financial statements. The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, grants and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied.
The School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts.
Governmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available. The School District considers certain revenues reported in the governmental funds to be available if they are collected within 60 days after year-end. The School District considers all
- 9 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

intergovernmental revenues to be available if they are collected within 120 days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities and acquisitions under leases are reported as other financing sources.
The School District funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted resources available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues.
New Accounting Pronouncements
In fiscal year 2024, the School District adopted Governmental Accounting Standards Board (GASB) Statement No. 100, Accounting Changes and Error Corrections. The objective of this statement is to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent and comparable information for making decisions or assessing accountability. The adoption of this statement did not have a material impact on the School District's financial statements. This statement will be applied prospectively.
Cash and Cash Equivalents
Cash and cash equivalents consist of cash on hand, demand deposits, investments in the State of Georgia local government investment pool (Georgia Fund 1) and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Official Code of Georgia Annotated (O.C.G.A.) 45-8-14 authorizes the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations.
Investments
The School District can invest its funds as permitted by O.C.G.A. 36-83-4. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity.
Investments made by the School District in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. All other investments are reported at fair value.
For accounting purposes, certificates of deposit are classified as investments if they have an original maturity greater than three months when acquired.
Receivables
Receivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables.
- 10 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

Inventories

Food Inventories
On the basic financial statements, inventories of donated food commodities used in the preparation of meals are reported at their Federally assigned value and purchased foods inventories are reported at cost (calculated on the first in, first-out basis). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used.

Prepaid Items
Payments made to vendors for services that will benefit future accounting periods are recorded as prepaid items, in both the government-wide and governmental fund financial statements.

Restricted Assets
Certain resources set aside for repayment of debt are classified as restricted assets on the Statement of Net Position because their use is limited by applicable debt statutes, e.g. Qualified School Construction Bond (QSCB) sinking funds.

Capital Assets
On the government-wide financial statements, capital assets are recorded at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at the acquisition value on the date donated. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. The School District does not capitalize book collections or works of art.
Capital acquisition and construction are recorded as expenditures in the governmental fund financial statements at the time of purchase (including ancillary charges), and the related assets are reported as capital assets in the governmental activities column in the government-wide financial statements.
Depreciation is computed using the straight-line for all assets, except land, and is used to allocate the actual or estimated historical cost of capital assets over estimated useful lives.
Capitalization thresholds and estimated useful lives of capital assets reported in the government-wide statements are as follows:

Capitalization Policy

Estimated Useful Life

Land

Land Improvements

$

Buildings and Improvements

$

Equipment

$

Intangible Assets

$

All 10,000.00 10,000.00 10,000.00 50,000.00

N/A 15 to 80 years 10 to 80 years
3 to 20 years Individually Determined

- 11 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

Intangible Right-To-Use Assets
Leases, as a lessee, are included as intangible right-to-use assets and lease obligations on the Statement of Net Position. An intangible right-to-use asset represents the School District's right to use an underlying asset for the lease term. Lease obligations represent the School District's liability to make lease payments arising from the lease agreement. Intangible right-to-use assets and lease obligations are recognized based on the present value of lease payments over the lease term, where the initial term exceeds 12 months. Residual value guarantees and the value of an option to extend or terminate a lease are reflected to the extent it is reasonably certain to be paid or exercised. Variable payments based on future performance or usage are not included in the measurement of the lease liability. Intangible rightto-use assets are amortized using a straight-line basis over the shorter of the lease term or useful life of the underlying asset.
Capitalization thresholds of intangible right-to-use assets reported in the government-wide statements are as follows:
Capitalization
Policy

Land

Land Improvements

$

Buildings and Improvements $

Equipment

$

All 10,000.00 10,000.00 10,000.00

Leases as Lessee
The School District is a lessee for noncancellable leases of buses owned by 3rd parties.
At the commencement of a lease, the School District initially measures the lease liability at the present value of payments expected to be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made. The right-to-use lease asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date, plus certain initial direct costs. Due to the lease containing a bargain purchase option that is reasonably certain of being exercised, the lease asset is amortized on the straight-line basis over the useful life of the underlying asset.
Key estimates and judgments related to leases include how the School District determines (1) lease term and (2) lease payments.
The lease term includes the noncancellable period of the lease. Lease payments included in the measurement of the lease liability are composed of fixed payments the School District will make over the lease term.
The School District monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease asset and lease liability if certain changes occur that are expected to significantly affect the amount of the lease liability.
Lease assets are reported with other capital assets and lease liabilities are reported with current and long-term debt on the Statement of Net Position.

- 12 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will report a separate section for deferred outflows of resources. This separate financial statement element represents a consumption of resources that applies to a future period(s) and therefore will not be recognized as an outflow of resources (expense/expenditure) until then.
In addition to liabilities, the statement of financial position will report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of resources that applies to a future period(s) and therefore will not be recognized as an inflow of resources (revenue) until that time.
Long-Term Liabilities
In the School District's government-wide financial statements, outstanding debt is reported as liabilities. Bond issuance costs are recognized as an outflow of resources in the fiscal year in which the bonds are issued.
In the governmental fund financial statements, the School District recognizes the proceeds of debt and premiums as other financing sources of the current period. Bond issuance costs are reported as debt service expenditures.
Pensions
For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the pension plan's fiduciary net position and additions to/deductions from the plan's fiduciary net position have been determined on the same basis as they are reported by the plan. 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.
Post-Employment Benefits Other than Pensions (OPEB)
For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Georgia School Employees Post-Employment Benefit Fund (School OPEB Fund) and additions to/deductions from School OPEB Fund fiduciary net position have been determined on the same basis as they are reported by School OPEB Fund. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.
Fund Balances
Fund balance for governmental funds is reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent.
The School District's fund balances are classified as follows:
Nonspendable consists of resources that cannot be spent either because they are in a nonspendable form or because they are legally or contractually required to be maintained intact.
Restricted consists of resources that can be used only for specific purposes pursuant constraints either (1) externally imposed by creditors, grantors, contributors, or laws and regulations of other governments or (2) imposed by law through constitutional provisions or enabling legislation.
- 13 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

Committed consists of resources that can be used only for specific purposes pursuant to constraints imposed by formal action of the Board. The Board is the School District's highest level of decisionmaking authority, and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the Board. Committed fund balance also should incorporate contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements.
Assigned consists of resources constrained by the School District's intent to be used for specific purposes but are neither restricted nor committed. The intent should be expressed by (1) the Board or (2) the budget or finance committee, or the Superintendent, or designee, to assign amounts to be used for specific purposes.
Unassigned consists of resources within the general fund not meeting the definition of any aforementioned category. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance.
Use of Estimates
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.
Property Taxes
The Wilkinson County Board of Commissioners adopted the property tax levy for the 2023 tax digest year (calendar year) on December 13, 2023 (levy date) based on property values as of January 1, 2023. Taxes were due on February 11, 2024 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2023 tax digest are reported as revenue in the governmental funds for fiscal year 2024. The Wilkinson County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2024, for maintenance and operations amounted to $7,698,513.86.
The tax millage rate levied for the 2023 tax digest year (calendar year) for the School District was as follows (a mill equals $1 per thousand dollars of assessed value):

School Operations

19.68 mills

Additionally, Title Ad Valorem Tax revenues, at the fund reporting level, which are included in the property tax revenue shown above, amounted to $327,953.58 during fiscal year ended June 30, 2024.
Sales Taxes
Education Special Purpose Local Option Sales Tax (ESPLOST), at the fund reporting level, during the year amounted to $1,701,684.59 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. The most recent authorization expires March 31, 2028.

- 14 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

NOTE 3: BUDGETARY DATA
The budget is a complete financial plan for the School District's fiscal year and is based upon careful estimates of expenditures together with probable funding sources. The budget is legally adopted each year for the general fund. There is no statutory prohibition regarding over expenditure of the budget at any level. The budget for all governmental funds, except the various funds and accounts listed on Schedule 9, is prepared and adopted by function. The legal level of budgetary control was established by the Board at the aggregate function level. The budget for the general fund was prepared in accordance with accounting principles permitted by the State of Georgia but not in accordance with accounting principles generally accepted in the United States of America.
The budgetary process begins with the School District's administration presenting an initial budget for the Board's review. The administration makes revisions as necessary based on the Board's guidelines, and a tentative budget is approved. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality, as well as the School District's website. At the next regularly scheduled meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final budget. The approved budget is then submitted, in accordance with provisions of O.C.G.A. 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end.
The Superintendent is authorized by the Board to approve adjustments of no more than 5% of the amount budgeted for expenditures in any budget function for any fund. The Superintendent shall report any such adjustments to the Board. If expenditure of funds in any budget function for any fund is anticipated to be more than 5% of the budgeted amount, the Superintendent shall request Board approval for the budget amendment. Under no circumstance is the Superintendent or other staff person authorized to spend funds that exceed the total budget without approval by the Board.
See the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances Budget to Actual in the Supplementary Information Section for a detail of any over/under expenditures during the fiscal year under review.
NOTE 4: DEPOSITS, CASH EQUIVALENTS AND INVESTMENTS
Collateralization of Deposits
O.C.G.A. 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110% of the public funds being secured after the deduction of the amount of deposit insurance. If a depository elects the pooled method (O.C.G.A. 45-8-13.1) the aggregate of the market value of the securities pledged to secure a pool of public funds shall be not less than 110% of the daily pool balance.
Acceptable security for deposits consists of any one of or any combination of the following:
(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia,
(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation,

- 15 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia,
(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia,
(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose,
(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and
(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by or securities guaranteed by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association.
Categorization of Deposits
Custodial credit risk is the risk that in the event of a bank failure, the School District's deposits may not be returned to it. The School District does not have a deposit policy for custodial credit risk. At June 30, 2024, the School District had deposits with a carrying amount of $431,158.24, and a bank balance of $1,300,524.79. The bank balances insured by Federal depository insurance were $500,000.00 and the bank balances collateralized with securities held by the pledging financial institution or by the pledging financial institution's trust department or agent in the School District's name were $206,532.31.
At June 30, 2024, $593,992.48 of the School District's bank balances were exposed to custodial credit risk. This balance was in the State's Secure Deposit Program (SDP).
The School District participates in the State's Secure Deposit Program (SDP), a multi-bank pledging pool. The SDP requires participating banks that accept public deposits in Georgia to operate under the policy and procedures of the program. The Georgia Office of State Treasurer (OST) sets the collateral requirements and pledging level for each covered depository. There are four tiers of collateralization levels specifying percentages of eligible securities to secure covered deposits: 25%, 50%, 75%, and 110%. The SDP also provides for collateral levels to be increased in the amount of up to 125% if economic or financial conditions warrants. The program lists the types of eligible criteria. The OST approves authorized custodians.
In accordance with the SDP, if a covered depository defaults, losses to public depositors are first satisfied with any applicable insurance, followed by demands of payment under any letters of credit or sale of the covered depository collateral. If necessary, any remaining losses are to be satisfied by assessments made against the other participating covered depositories. Therefore, for disclosure purposes, all deposits of the SDP are considered to be fully collateralized.

- 16 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

Reconciliation of cash and cash equivalents balances to carrying value of deposits:

Cash and cash equivalents Statement of Net Position

$ 5,145,396.92

Less: Cash on hand Investment pools reported as cash and cash equivalents
Georgia Fund 1

66.59 4,714,172.09

Total carrying value of deposits - June 30, 2024

$

431,158.24

Categorization of Cash Equivalents
The School District reported cash equivalents of $4,714,172.09 in Georgia Fund 1, a local government investment pool, which is included in the cash balances above. Georgia Fund 1 is not registered with the SEC as an investment company and does not operate in a manner consistent with the SEC's Rule 2a-7 of the Investment Company Act of 1940. The investment is valued at the pool's share price, $1.00 per share, which approximates fair value. The pool is an AAAf rated investment pool by Fitch. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2024 was 33 days.
Georgia Fund 1, administered by the State of Georgia, Office of the State Treasurer, is not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy of the State of Georgia, Office of the State Treasurer for the Georgia Fund 1, does not provide for investment in derivatives or similar investments. Additional information on the Georgia Fund 1 is disclosed in the State of Georgia Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr.
Categorization of Investments
At June 30, 2024, the School District had the following investments:

Investment Type

Cost-Based

Fair Value

Investment Maturity

Less Than 1

1 - 5

Year

Years

Debt Securities U.S. Treasuries of Indebtness (QSCB) State and Local Governments (SLGS)

$ 5,101,764.00 $

- $ 2,893,448.00 $ 2,208,316.00

Other Investments Fidelity Treasury Portfolio

-

355.08

355.08

-

Total Investments

$ 5,101,764.00 $

355.08 $ 2,893,803.08 $ 2,208,316.00

- 17 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

Fair Value of Investments
The School District measures and records its investments using fair value measurement guidelines established by generally accepted accounting principles. These guidelines recognize a three-tiered fair value hierarchy, as follows:
Level 1: Quoted prices for identical investments in active markets; Level 2: Observable inputs other than quoted market prices; and, Level 3: Unobservable inputs.
The School District has the following recurring fair value measurements as of June 30, 2024:
Fidelity Treasury Portfolio of $355.08 are valued using quoted market prices. (Level 1 inputs)
Interest Rate Risk
Interest rate risk is the risk that changes in interest rates of debt investment will adversely affect the fair value of an investment. The School District does not have a formal policy for managing interest rate risk.
Custodial Credit Risk
Custodial credit risk for investments is the risk that, in the event of the failure of the counterparty to a transaction, the School District will not be able to recover the value of the investment or collateral securities that are in the possession of an outside party. The School District does not have a formal policy for managing custodial credit risk.
At June 30, 2024, $5,102,119.08 of the School District's applicable investments were held by the investment's counterparty, not in the School District's name.
NOTE 5: RESTRICTED ASSETS
The restricted assets represent the investment balance, totaling $5,102,119.08 for the QSCB Bond Sinking Fund.

- 18 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

NOTE 6: CAPITAL ASSETS AND INTANGIBLE RIGHT-TO-USE ASSETS
The following is a summary of changes in the capital assets and intangible right-to-use assets for governmental activities during the fiscal year:

Governmental Activities Capital Assets,
Not Being Depreciated: Land

Balances July 1, 2023

Increases

Decreases

Balances June 30, 2024

$

443,309.00 $

- $

- $

443,309.00

Capital Assets, Being Depreciated/Amortized Buildings and Improvements Equipment Land Improvements Intangible Right-To-Use Assets - Equipment

44,411,204.00 4,758,958.00 1,769,270.00 487,000.00

15,200.00 1,086,224.00
63,370.00 -

52,295.00
-

44,426,404.00 5,792,887.00 1,832,640.00 487,000.00

Less Accumulated Depreciation/Amortization: Buildings and Improvements Equipment Land Improvements Intangible Right-To-Use Assets - Equipment

12,820,828.00 3,819,558.00 1,484,498.00 73,050.00

737,256.00 267,918.00
27,075.00 48,700.00

52,295.00
-

13,558,084.00 4,035,181.00 1,511,573.00 121,750.00

Total Capital Assets, Being Depreciated/Amortized, Net

33,228,498.00

83,845.00

-

33,312,343.00

Governmental Activities Capital Assets - Net

$ 33,671,807.00 $

83,845.00 $

Current year depreciation and amortization expense by function is as follows:

Depreciation Amortization

- $ 33,755,652.00 Total

Instruction

$ 707,734.00 $

Support Services

Educational Media Services

15,727.00

General Administration

11,736.00

School Administration

22,479.00

Maintenance and Operation of Plant

29,561.00

Student Transportation Services

210,520.00

Food Services

34,492.00

- $ 707,734.00

48,700.00 -

15,727.00 11,736.00 22,479.00 29,561.00 259,220.00 34,492.00

$ 1,032,249.00 $

48,700.00 $ 1,080,949.00

- 19 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

NOTE 7: INTERFUND TRANSFERS Interfund transfers for the year ended June 30, 2024, consisted of the following:

Transfers to

Transfers From Capital Projects
Fund

Debt Service Fund

$

1,509,984.85

Transfers were used to move Special Purpose Local Option Sales Tax revenues to the debt service fund to provide funds required to pay debt service.

NOTE 8: LONG-TERM LIABILITIES The changes in long-term liabilities during the fiscal year for governmental activities were as follows:

Balance July 1, 2023

Governmental Activities

Balance

Additions

Deductions June 30, 2024

Due Within One Year

Qualified School Construction Bonds $ 11,480,000.00 $

Leases

291,632.72

- $ 2,650,000.00 $ 8,830,000.00 $ 2,790,000.00

-

94,921.58

196,711.14

97,192.79

$ 11,771,632.72 $

- $ 2,744,921.58 $ 9,026,711.14 $ 2,887,192.79

Qualified School Construction Bonds (QSCB)
Section 1521 of the American Recovery and Reinvestment Act (ARRA) of 2009 provides for a source of capital at no or at nominal interest rates for costs incurred by School Districts in connection with the construction, rehabilitation or repair of a public-school facility or for the acquisition of land where a school will be built. Investors receive Federal income tax credits at prescribed tax credit rates in lieu of interest, which essentially allows School Districts to borrow without incurring interest costs.
When the stated interest rate on the QSCB results in interest payments that exceed the supplemental interest payments discussed in the preceding paragraph, the School District may apply for a direct cash subsidy payment from the U.S. Treasury which is intended to reduce the stated interest rate to a nominal percentage. To qualify for this subsidy the School District is required to periodically file appropriate documents with the Internal Revenue Service. These subsidy payments do not include the amount of any supplemental interest paid on a QSCB. The interest subsidy received by the School District in fiscal year 2024 was $527,499.02, which funded all but $38,745.48 of the interest expense due on the QSCB.
The School District's outstanding Qualified School Construction Bonds of $8,830,000.00 contain a provision that in an event of default, outstanding amounts may become immediately due if the School District is unable to make payments as required.

- 20 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

Debt currently outstanding under Qualified School Construction Bonds is as follows:

Description

Interest Rates

Issue Date

Maturity Date

Amount Issued

Amount Outstanding

General Government - Series 2011 (QSCB) 4.58 - 5.78% 2/6/2011 8/1/2026 $ 16,500,000.00 $ 8,830,000.00

The following is a schedule of total Qualified School Construction Bond payments:

Fiscal Year Ended June 30:

Principal

Interest

2025 2026 2027

$

2,790,000.00 $

2,940,000.00

3,100,000.00

419,957.00 261,206.00
89,590.00

Total Principal and Interest $

8,830,000.00 $

770,753.00

Leases
The School District has acquired five school buses under the provisions of a contract that conveys the control of the right to use another entity's asset for a period of time in an exchange or exchange-like transaction. This contract is classified as a lease for accounting purposes.
The following is a summary of the carrying values of intangible right-to-use assets under lease at June 30, 2024:
Governmental Activities

Equipment

$

Less: Accumulated Amortization

487,000.00 121,750.00

$

365,250.00

Leases currently outstanding are as follows:

Purpose

Interest Rate

Issue Date

Maturity Date

Amount Issued

Amount Outstanding

Leases - Buses

2.39% 8/16/2021 7/16/2025 $

The following is a schedule of total lease payments:

Fiscal Year Ended June 30:

Principal

487,000.00 $ Interest

196,711.14

2025 2026

$

97,192.79 $

4,706.74

99,518.35

2,381.18

Total Principal and Interest $ 196,711.14 $

7,087.92

- 21 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

NOTE 9: RISK MANAGEMENT

Insurance

Commercial Insurance
The School District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors or omissions; job related illness or injuries to employees; and natural disasters. The School District carries commercial insurance for these risks. Settled claims resulting from these insured risks have not exceeded commercial insurance coverage in any of the past three fiscal years.

Workers' Compensation

Georgia Education Workers' Compensation Trust
The School District participates in the Georgia Education Workers' Compensation Trust (the Trust), a public entity risk pool organized on December 1, 1991, to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The School District pays an annual premium to the Trust for its general workers' compensation insurance coverage. Specific excess of loss insurance coverage is provided through an agreement by the Trust with the Safety National Casualty Company to provide coverage for potential losses sustained by the Trust in excess of $1.0 million loss per occurrence, up to the statutory limit. Employers' Liability insurance coverage is also provided with limits of $2.0 million. The Trust covers the first $1.0 million of each Employers Liability claim with Safety National providing additional Employers Liability limits up to a $2.0 million per occurrence maximum. Safety National Casualty Company also provides $2.0 million in self-funded coverage to the Trust, as approved by the Department of Insurance, attaching at 107% of the loss fund and based on the Fund's annual normal premium.

Unemployment Compensation
The School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the general fund with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated.
Changes in the unemployment compensation claims liability during the last two fiscal years are as follows:

Beginning of Year Liability

Claims and Changes in
Estimates

Claims Paid

End of Year Liability

2023 $

- $

- $

- $

-

2024 $

- $

6,935.00 $

6,935.00 $

-

- 22 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

Surety Bond The School District purchased surety bonds to provide additional insurance coverage as follows:

Position Covered

Amount

Superintendent Drivers Education

$ 50,000.00 $ 10,000.00

NOTE 10: FUND BALANCE CLASSIFICATION DETAILS
The School District's financial statements include the following amounts presented in the aggregate at June 30, 2024:

Nonspendable

Inventories

$

Prepaid Assets

Restricted

Continuation of Federal Programs $

Capital Projects

Debt Service

Committed

School Activity Accounts

Unassigned

7,163.39 88,916.85 $

96,080.24

137,624.57 2,102,184.44 5,381,352.79

7,621,161.80

171,320.33 2,855,856.90

Fund Balance, June 30, 2024

$ 10,744,419.27

When multiple categories of fund balance are available for an expenditure, the School District will start with the most restricted category and spend those funds first before moving down to the next category with available funds.

NOTE 11: SIGNIFICANT CONTINGENT LIABILITIES

Federal Grants
Amounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. Any disallowances resulting from the grantor audit may become a liability of the School District. However, the School District believes that such disallowances, if any, will be immaterial to its overall financial position.

Litigation
The School District is a defendant in various legal proceedings pertaining to matters incidental to the performance of routine School District operations. The ultimate disposition of these proceedings is not presently determinable but is not believed to have a material adverse effect on the financial condition of the School District.

- 23 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

NOTE 12: OTHER POST-EMPLOYMENT BENEFITS (OPEB)
Georgia School Personnel Post-Employment Health Benefit Fund
Plan Description: Certified teachers and non-certified public school employees of the School District as defined in 20-2-875 of the Official Code of Georgia Annotated (O.C.G.A.) are provided OPEB through the School OPEB Fund - a cost-sharing multiple-employer defined benefit post-employment healthcare plan, reported as an employee trust fund and administered by a Board of Community Health (Board). Title 20 of the O.C.G.A. assigns the authority to establish and amend the benefit terms of the group health plan to the Board.
Benefits Provided: The School OPEB Fund provides healthcare benefits for retirees and their dependents due under the group health plan for public school teachers, including librarians, other certified employees of public schools, regional educational service agencies and non-certified public school employees. Retiree medical eligibility is attained when an employee retires and is immediately eligible to draw a retirement annuity from Employees' Retirement System (ERS), Georgia Judicial Retirement System (JRS), Legislative Retirement System (LRS), Teachers Retirement System (TRS) or Public School Employees Retirement System (PSERS). If elected, dependent coverage starts on the same day as retiree coverage. Medicare-eligible retirees are offered Standard and Premium Medicare Advantage plan options. Non-Medicare eligible retiree plan options include Health Reimbursement Arrangement (HRA), Health Maintenance Organization (HMO) and a High Deductible Health Plan (HDHP). The School OPEB Fund also pays for administrative expenses of the fund. By law, no other use of the assets of the School OPEB Fund is permitted.
Contributions: As established by the Board, the School OPEB Fund is substantially funded on a payas-you-go basis; that is, annual cost of providing benefits will be financed in the same year as claims occur. Contributions to the School OPEB Fund from the School District were $331,073.00 for the year ended June 30, 2024. Active employees are not required to contribute to the School OPEB Fund.
OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
At June 30, 2024, the School District reported a liability of $9,360,348.00 for its proportionate share of the net OPEB liability. The net OPEB liability was measured as of June 30, 2023. The total OPEB liability used to calculate the net OPEB liability was based on an actuarial valuation as of June 30, 2022. An expected total OPEB liability as of June 30, 2023 was determined using standard roll-forward techniques. The School District's proportion of the net OPEB liability was actuarially determined based on employer contributions during the fiscal year ended June 30, 2023. At June 30, 2023, the School District's proportion was 0.085456%, which was an increase of 0.001021% from its proportion measured as of June 30, 2022.

- 24 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

For the year ended June 30, 2024, the School District recognized OPEB expense of ($701,185.40). At June 30, 2024, the School District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

OPEB Deferred Outflows of Resources

Deferred Inflows of Resources

Differences between expected and actual

experience

$

272,839.00 $ 2,688,402.00

Changes of assumptions

1,700,591.00

1,168,965.00

Net difference between projected and actual

earnings on OPEB plan investments

5,616.00

-

Changes in proportion and differences between School District contributions and proportionate share of contributions

118,243.00

599,689.00

School District contributions subsequent to

the measurement date

331,073.00

-

Total

$ 2,428,362.00 $ 4,457,056.00

School District contributions subsequent to the measurement date are reported as deferred outflows of resources and will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:

Year Ended June 30:

OPEB

2025 2026 2027 2028 2029 Thereafter

$

(947,222.00)

$

(636,880.00)

$

(646,781.00)

$

(239,206.00)

$

91,969.00

$

18,353.00

- 25 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

Actuarial Assumptions: The total OPEB liability as of June 30, 2023 was determined by an actuarial valuation as of June 30, 2022 using the following actuarial assumptions and other inputs, applied to all periods included in the measurement and rolled forward to the measurement date of June 30, 2023:

OPEB:

Inflation

2.50%

Salary increases

3.00% 8.75%, including inflation

Long-term expected rate of return

7.00%, compounded annually, net of investment expense, and including inflation

Healthcare cost trend rate

7.00%

Ultimate trend rate

4.50%

Year of Ultimate trend rate

2032

The Plan currently uses mortality tables that vary by age, gender, and health status (i.e. disabled or not disabled) as follows:

For TRS members: Post-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% was used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 Projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate.
For PSERS members: Pre-retirement mortality rates were based on the Pub-2010 General
Employee Mortality Table, with no adjustment, with the MP-2019 Projection scale applied generationally. Post-retirement mortality rates for service retirements were based on the Pub-2010 General Healthy Annuitant Mortality Table (ages set forward one year and adjusted 101% for males and 103% for females) with the MP-2019 Projection scale applied generationally. Postretirement mortality rates for disability retirements were based on the Pub-2010 General Disabled Mortality Table (ages set back three years for males and adjusted 103% for males and 106% for females) with the MP-2019 Projection scaled applied generationally. Postretirement mortality rates for beneficiaries were based on the Pub-2010 General Contingent Survivor Mortality Table (ages set forward two years and adjusted 104% for males and 99% for females) with the MP-2019 Projection scale applied generationally.

- 26 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

The actuarial assumptions used in the June 30, 2022 valuation were based on the results of an actuarial experience study for the pension systems, which covered the five-year period ending June 30, 2018, with the exception of the assumed annual rate of inflation which was changed from 2.75% to 2.50%, effective with the June 30, 2018 valuation.

The remaining actuarial assumptions (e.g., initial per capita costs, health care cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2022 valuation were based on a review of recent plan experience done concurrently with the June 30, 2022 valuation.

Projection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation.

The long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:

Asset Class

Target Allocation

Long-Term Expected Real Rate of Return*

Fixed income Equities
Total

30.00% 70.00%
100.00%

1.50% 9.40%

* Net of inflation
Discount Rate: In order to measure the total OPEB liability for the School OPEB Fund, a single equivalent interest rate of 3.68% was used as the discount rate, as compared with last year's rate of 3.57%. The plan's fiduciary net position was projected to not be able to make all future benefit payments of current plan members. Therefore, the municipal bond rate as used for the long-term rate of return was applied to all periods of projected benefit payments to determine total OPEB liability. This is comprised mainly of the yield or index rate for 20-year tax-exempt general obligation bonds with an average rating of AA or higher (3.65% per the Municipal Bond Index Rate). The projection of cash flows used to determine the discount rate assumed that contributions from members and from the employers will be made at the current level as averaged over the last five years, adjusted for annual projected changes in headcount. Projected future benefit payments for all current plan members were projected through 2128.

- 27 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

Sensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net OPEB liability calculated using the discount rate of 3.68%, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (2.68%) or 1-percentage-point higher (4.68%) than the current discount rate:

1% Decrease (2.68%)

Current Discount Rate (3.68%)

School District's proportionate share

of the Net OPEB liability

$

10,610,386.00 $

9,360,348.00 $

1% Increase (4.68%)
8,307,551.00

Sensitivity of the School District's Proportionate Share of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rates: The following presents the School District's proportionate share of the net OPEB liability, as well as what the School District's proportionate share of the net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates:

1% Decrease

Current Healthcare Cost Trend Rate

1% Increase

School District's proportionate share

of the Net OPEB liability

$

8,062,699.00 $

9,360,348.00 $

10,960,070.00

OPEB Plan Fiduciary Net Position: Detailed information about the OPEB plan's fiduciary net position is available in the Annual Comprehensive Financial Report, which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr.

NOTE 13: RETIREMENT PLANS
The School District participates in various retirement plans administered by the State of Georgia, as further explained below.

Teachers Retirement System of Georgia (TRS)
Plan Description: All teachers of the School District as defined in O.C.G.A. 47-3-60 and certain other support personnel as defined by O.C.G.A. 47-3-63 are provided a pension through the Teachers Retirement System of Georgia (TRS). TRS, a cost-sharing multiple-employer defined benefit pension plan, is administered by the TRS Board of Trustees (TRS Board). Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. The Teachers Retirement System of Georgia issues a publicly available separate financial report that can be obtained at www.trsga.com/publications.
Benefits Provided: TRS provides service retirement, disability retirement, and death benefits. Normal retirement benefits are determined as 2% of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and

- 28 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

compensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death.
Contributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 2024. The School District's contractually required contribution rate for the year ended June 30, 2024 was 19.98% of annual School District payroll. For the current fiscal year, employer contributions to the pension plan were $1,692,512.00.
Employees' Retirement System
Plan Description: The Employees' Retirement System of Georgia (ERS) is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly during the 1949 Legislative Session for the purpose of providing retirement allowances for employees of the State of Georgia and its political subdivisions. ERS is directed by a Board of Trustees. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. ERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials.
Benefits Provided: The ERS Plan supports three benefit tiers: Old Plan, New Plan, and Georgia State Employees' Pension and Savings Plan (GSEPS). Employees under the old plan started membership prior to July 1, 1982 and are subject to plan provisions in effect prior to July 1, 1982. Members hired on or after July 1, 1982 but prior to January 1, 2009 are new plan members subject to modified plan provisions. Effective January 1, 2009, new state employees and rehired state employees who did not retain membership rights under the Old or New Plans are members of GSEPS. ERS members hired prior to January 1, 2009 also have the option to irrevocably change their membership to GSEPS.
Under the old plan, the new plan, and GSEPS, a member may retire and receive normal retirement benefits after completion of 10 years of creditable service and attainment of age 60 or 30 years of creditable service regardless of age. Additionally, there are some provisions allowing for early retirement after 25 years of creditable service for members under age 60.
Retirement benefits paid to members are based upon the monthly average of the member's highest 24 consecutive calendar months, multiplied by the number of years of creditable service, multiplied by the applicable benefit factor. Annually, postretirement cost-of-living adjustments may also be made to members' benefits, provided the members were hired prior to July 1, 2009. The normal retirement pension is payable monthly for life; however, options are available for distribution of the member's monthly pension, at reduced rates, to a designated beneficiary upon the member's death. Death and disability benefits are also available through ERS.
Contributions: Member contributions under the old plan are 4.00% of annual compensation, up to $4,200.00, plus 6.00% of annual compensation in excess of $4,200.00. Under the old plan, the state pays member contributions in excess of 1.25% of annual compensation. Under the old plan, these state contributions are included in the members' accounts for refund purposes and are used in the computation of the members' earnable compensation for the purpose of computing retirement benefits. Member contributions under the new plan and GSEPS are 1.25% of annual compensation. The School District's total required contribution rate for the year ended June 30, 2024 was 29.35% of annual covered payroll for old and new plan members and 25.51% for GSEPS members. Contributions are
- 29 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employer contributions to the pension plan were $14,881.00 for the current fiscal year.
Public School Employees Retirement System (PSERS)
Plan Description: PSERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly in 1969 for the purpose of providing retirement allowances for public school employees who are not eligible for membership in the Teachers Retirement System of Georgia. The ERS Board of Trustees, plus two additional trustees, administers PSERS. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. PSERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials.
Benefits Provided: A member may retire and elect to receive normal monthly retirement benefits after completion of ten years of creditable service and attainment of age 65. A member may choose to receive reduced benefits after age 60 and upon completion of ten years of service.
Upon retirement, the member will receive a monthly benefit of $16.00, multiplied by the number of years of creditable service. Death and disability benefits are also available through PSERS. Additionally, PSERS may make periodic cost-of-living adjustments to the monthly benefits. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contribution, the member forfeits all rights to retirement benefits.
Contributions: The general assembly makes an annual appropriation to cover the employer contribution to PSERS on behalf of local school employees (bus drivers, cafeteria workers, and maintenance staff). The annual employer contribution required by statute is actuarially determined and paid directly to PSERS by the State Treasurer in accordance with O.C.G.A. 47-4-29(a) and 60(b). Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability.
Individuals who became members prior to July 1, 2012, contribute $4 per month for nine months each fiscal year. Individuals who became members on or after July 1, 2012, contribute $10 per month for nine months each fiscal year. The State of Georgia, although not the employer of PSERS members, is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS Board of Trustees. The current fiscal year contribution was $37,970.00.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions
At June 30, 2024, the School District reported a total liability of $17,484,129.00 for its proportionate share of the net pension liability consisting of $17,372,095.00 for TRS and $112,034.00 for ERS.
The net pension liability for TRS and ERS was measured as of June 30, 2023. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2022. An expected total pension liability as of June 30, 2023 was determined using standard roll-forward techniques. The School District's proportion of the net pension liability was based on contributions to TRS and ERS during the fiscal year ended June 30, 2023.

- 30 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

At June 30, 2023, the School District's TRS proportion was 0.058840%, which was an increase of 0.003228% from its proportion measured as of June 30, 2022. At June 30, 2023, the School District's ERS proportion was 0.001878%, which was a decrease of 0.002487% from its proportion measured as of June 30, 2022.
At June 30, 2024, the School District did not have a PSERS liability for a proportionate share of the net pension liability because of a Special Funding Situation with the State of Georgia, which is responsible for the net pension liability of the plan. The amount of the State's proportionate share of the net pension liability associated with the School District is $232,854.00.
The PSERS net pension liability was measured as of June 30, 2023. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2022. An expected total pension liability as of June 30, 2023 was determined using standard roll-forward techniques. The State's proportion of the net pension liability associated with the School District was based on actuarially determined contributions paid by the State during the fiscal year ended June 30, 2023.
For the year ended June 30, 2024, the School District recognized pension expense of $3,118,228.00 for TRS, ($40,342.00) for ERS and $42,027.00 for PSERS and revenue of $42,027.00 for PSERS. The revenue is support provided by the State of Georgia.
At June 30, 2024, the School District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

TRS Deferred Outflows of Resources

Deferred Inflows of Resources

ERS

Deferred

Deferred

Outflows of

Inflows of

Resources

Resources

Differences between expected and actual

experience

$ 882,132.00 $

71,828.00 $

1,702.00 $

263.00

Changes of assumptions

1,787,216.00

-

4,311.00

-

Net difference between projected and actual earnings on pension plan investments
Changes in proportion and differences between School District contributions and proportionate share of contributions

1,221,826.00 502,765.00

245,898.00

4,564.00

-

79.00

64,592.00

School District contributions subsequent to

the measurement date

1,692,512.00

-

14,881.00

-

Total

$ 6,086,451.00 $ 317,726.00 $ 25,537.00 $ 64,855.00

- 31 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

The School District contributions subsequent to the measurement date for TRS and ERS are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:

Year Ended June 30:

TRS

ERS

2025 2026 2027 2028

$ 1,106,340.00 $

$

826,465.00 $

$ 2,498,910.00 $

$

(355,502.00) $

(49,027.00) (12,205.00)
9,120.00 (2,087.00)

Actuarial Assumptions: The total pension liability as of June 30, 2023 was determined by an actuarial valuation as of June 30, 2022, using the following actuarial assumptions, applied to all periods included in the measurement:

Teachers Retirement System:

Inflation

2.50%

Salary increases

3.00% 8.75%, average, including inflation

Investment rate of return

6.90%, net of pension plan investment expense, including inflation

Post-retirement benefit increases

1.50% semi-annually

Post-retirement mortality rates for service retirements and beneficiaries were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% as used for death prior to retirement. Future improvement in mortality rates was assumed using the MP-2019 Projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate.

The actuarial assumptions used in the June 30, 2022 valuation were based on the results of an actuarial experience study for the period July 1, 2013 June 30, 2018.

Employees' Retirement System:

Inflation

2.50%

Salary increases Investment rate of return
Cost-of-living adjustment

3.00% 6.75%, including inflation
7.00%, net of pension plan investment expense, including inflation 1.05%, annually

- 32 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

Mortality rates are as follows:
The Pub-2010 General Employee Table, with no adjustments, projected generationally with the MP-2019 scale is used for both males and females while in active service.
The Pub-2010 Family of Tables projected generationally with the MP-2019 Scale and with further adjustments are used for post-retirement mortality assumptions as follows:

Participant Type Membership Table

Set Forward (+)/ Setback (-) Adjustment to Rates

Service Retirees General Healthy Annuitant

Male: +1; Female: +1

Male: 105%; Female: 108%

Disability Retirees General Disabled

Male: -3; Female: 0

Male: 103%; Female: 106%

Beneficiaries

General Contingent Survivors Male: +2; Female: +2

Male: 106%; Female: 105%

The actuarial assumptions used in the June 30, 2022 valuation were based on the results of an actuarial experience study for the period July 1, 2014 June 30, 2019.

Public School Employees Retirement System:

Inflation

2.50%

Salary increases Investment rate of return
Post-retirement benefit increases

N/A
7.00%, net of pension plan investment expense, including inflation 1.50% semi-annually

Mortality rates are as follows:
The Pub-2010 General Employee Table, with no adjustments, projected generationally with the MP-2019 scale is used for both males and females while in active service.
The Pub-2010 Family of Tables projected generationally with the MP-2019 Scale and with further adjustments are used for post-retirement mortality assumptions as follows:

Participant Type

Membership Table

Set Forward (+)/ Setback (-) Adjustment to Rates

Service Retirees

General Healthy Below- Male: +2; Female: +2 Median Annuitant

Male: 101%; Female: 103%

Disability Retirees

General Disabled

Male: -3; Female: 0

Male: 103%; Female: 106%

Beneficiaries

General Below-Median Contingent Survivors

Male: +2; Female: +2

Male: 104%; Female: 99%

The actuarial assumptions used in the June 30, 2022 valuation were based on the results of an actuarial experience study for the period July 1, 2014 June 30, 2019.

- 33 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

The long-term expected rate of return on TRS, ERS and PSERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and estimates of arithmetic real rates of return for each major asset class are summarized in the following table:

Asset Class
Fixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative

TRS/ERS/PSERS Target
Allocation
30.00% 46.30%
1.20% 12.30%
5.20% 5.00%

Long-Term Expected Real Rate of Return*
0.90% 9.40% 13.40% 9.40% 11.40% 10.50%

Total

100.00%

* Rates shown are net of inflation
Discount Rate: The discount rate used to measure the total TRS pension liability was 6.90%. The discount rate used to measure the total ERS and PSERS pension liability was 7.00%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and nonemployer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS, ERS and PSERS pension plans' fiduciary net position were projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability.

- 34 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2024

EXHIBIT "G"

Sensitivity of the School District's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate: The following presents the School District's proportionate share of the net pension liability calculated using the discount rate of 6.90% and 7.00%, as well as what the School District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (5.90% and 6.00%) or 1-percentage-point higher (7.90% and 8.00%) than the current rate:

Teachers Retirement System:

1% Decrease (5.90%)

Current Discount Rate (6.90%)

1% Increase (7.90%)

School District's proportionate share of

the net pension liability

$

27,467,303.00 $

17,372,095.00 $

9,127,999.00

Employees' Retirement System:

1% Decrease (6.00%)

Current Discount Rate (7.00%)

1% Increase (8.00%)

School District's proportionate share of

the net pension liability

$

153,734.00 $

112,034.00 $

76,942.00

Pension Plan Fiduciary Net Position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS, ERS and PSERS financial report which is publicly available at www.trsga.com/publications and www.ers.ga.gov/financials.

NOTE 14: SUBSEQUENT EVENTS
In the subsequent year, the School District authorized a tax anticipation note to provide cash for operations until property tax collections were received by the School District. The School District borrowed $500,000.00 during the calendar year 2024 which will be repaid by June 2025.

- 35 -

(This page left intentionally blank)

WILKINSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS RETIREMENT SYSTEM OF GEORGIA

SCHEDULE "1"

For the Year Ended June 30

School District's proportion of the Net Pension Liability
(NPL)

School District's proportionate share
of the NPL

School District's covered payroll

School District's proportionate share of the NPL as a
percentage of its covered payroll

Plan fiduciary net position as a percentage of the total pension liability

2024 2023 2022 2021 2020 2019 2018 2017 2016 2015

0.058840% $ 0.055612% $ 0.056208% $ 0.057294% $ 0.061108% $ 0.068615% $ 0.073124% $ 0.077874% $ 0.082723% $ 0.084343% $

17,372,095.00 $ 8,540,111.89 18,058,291.00 $ 7,522,208.56
4,971,223.00 $ 7,315,033.50 13,878,849.00 $ 7,403,285.62 13,139,872.00 $ 7,457,690.32 12,736,414.00 $ 8,177,909.07 13,590,321.00 $ 8,158,459.09 16,066,274.00 $ 8,681,871.06 12,593,755.00 $ 8,749,019.01 10,655,626.00 $ 8,624,071.66

203.42% 240.07%
67.96% 187.47% 176.19% 155.74% 166.58% 185.06% 143.94% 123.56%

76.29% 72.85% 92.03% 77.01% 78.56% 80.27% 79.33% 76.06% 81.44% 84.03%

- 37 -

WILKINSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS TEACHERS RETIREMENT SYSTEM OF GEORGIA

SCHEDULE "2"

For the Year Ended June 30

Contractually required contribution

Contributions in relation to the contractually required
contribution

Contribution deficiency (excess)

School District's covered payroll

Contribution as a percentage of covered
payroll

2024

$

2023

$

2022

$

2021

$

2020

$

2019

$

2018

$

2017

$

2016

$

2015

$

1,692,512.00 $ 1,706,314.00 $ 1,490,150.00 $ 1,393,882.00 $ 1,565,161.00 $ 1,558,657.00 $ 1,374,706.00 $ 1,164,212.00 $ 1,238,903.00 $ 1,150,496.00 $

1,692,512.00 $ 1,706,314.00 $ 1,490,150.00 $ 1,393,882.00 $ 1,565,161.00 $ 1,558,657.00 $ 1,374,706.00 $ 1,164,212.00 $ 1,238,903.00 $ 1,150,496.00 $

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

8,469,527.57 8,540,111.89 7,522,208.56 7,315,033.50 7,403,285.62 7,457,690.32 8,177,909.07 8,158,459.09 8,681,871.06 8,749,019.01

19.98% 19.98% 19.81% 19.06% 21.14% 20.90% 16.81% 14.27% 14.27% 13.15%

- 38 -

WILKINSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA

SCHEDULE "3"

For the Year Ended June 30

School District's proportion of the Net Pension Liability (NPL)

School District's proportionate share of
the NPL

School District's covered payroll

School District's proportionate share of the NPL as a percentage
of covered payroll

Plan fiduciary net position as a
percentage of total pension liability

2024 2023 2022 2021 2020 2019 2018 2017 2016 2015

0.001878% $ 0.004365% $ 0.004349% $ 0.006810% $ 0.007983% $ 0.007646% $ 0.006191% $ 0.006367% $ 0.007239% $ 0.006123% $

112,034.00 $ 291,515.00 $ 101,719.00 $ 287,039.00 $ 329,421.00 $ 314,330.00 $ 251,437.00 $ 301,186.00 $ 293,281.00 $ 229,650.00 $

57,270.60 106,853.42 104,245.78 171,703.16 198,151.74 192,855.56 151,848.54 148,040.20 165,506.45 145,265.44

195.62% 272.82%
97.58% 167.17% 166.25% 162.99% 165.58% 203.45% 177.20% 158.09%

71.20% 67.44% 87.62% 76.21% 76.74% 76.68% 76.33% 72.34% 76.20% 77.99%

- 39 -

WILKINSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA

SCHEDULE "4"

For the Year Ended June 30

Contractually required contribution

Contributions in relation to the contractually required
contribution

Contribution deficiency (excess)

School District's covered payroll

Contribution as a percentage of covered
payroll

2024

$

2023

$

2022

$

2021

$

2020

$

2019

$

2018

$

2017

$

2016

$

2015

$

14,881.00 $ 17,760.00 $ 26,318.00 $ 25,707.00 $ 42,342.00 $ 49,102.00 $ 47,847.00 $ 37,674.00 $ 36,596.00 $ 36,345.00 $

14,881.00 $ 17,760.00 $ 26,318.00 $ 25,707.00 $ 42,342.00 $ 49,102.00 $ 47,847.00 $ 37,674.00 $ 36,596.00 $ 36,345.00 $

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

50,701.94 57,270.60 106,853.42 104,245.78 171,703.16 198,151.74 192,855.56 151,848.54 148,040.20 165,505.46

29.35% 31.01% 24.63% 24.66% 24.66% 24.78% 24.81% 24.81% 24.72% 21.96%

- 40 -

WILKINSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA

SCHEDULE "5"

For the Year Ended
June 30

School District's proportion of the Net Pension Liability (NPL)

School District's proportionate share
of the NPL

State of Georgia's proportionate share
of the NPL associated with the
School District

Total

School District's covered payroll

School District's proportionate share of the NPL as a percentage of its covered payroll

Plan fiduciary net position as a
percentage of the total pension
liability

2024 2023 2022 2021 2020 2019 2018 2017 2016 2015

0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

232,854.00 $ 275,944.00 $
29,648.00 $ 208,300.00 $ 214,740.00 $ 180,845.00 $ 187,878.00 $ 270,345.00 $ 176,851.00 $ 158,752.00 $

232,854.00 $ 275,944.00 $
29,648.00 $ 208,300.00 $ 214,740.00 $ 180,845.00 $ 187,878.00 $ 270,345.00 $ 176,851.00 $ 158,752.00 $

516,802.25 490,678.28 489,253.52 514,816.00 511,929.85 494,222.57 509,749.09 522,163.17 534,103.48 544,894.87

N/A

85.67%

N/A

81.21%

N/A

98.00%

N/A

84.45%

N/A

85.02%

N/A

85.26%

N/A

85.69%

N/A

81.00%

N/A

87.00%

N/A

88.29%

- 41 -

WILKINSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY
SCHOOL OPEB FUND

SCHEDULE "6"

For the Year Ended
June 30

School District's proportion of the Net OPEB Liability (NOL)

School District's proportionate share
of the NOL

State of Georgia's proportionate
share of the NOL associated with the School District

Total

School District's covered-employee
payroll

School District's proportionate share of the NOL as a percentage of its coveredemployee payroll

Plan fiduciary net position
as a percentage of the total OPEB
liability

2024 2023 2022 2021 2020 2019 2018

0.085456% $ 9,360,348.00 $ 0.084435% $ 8,361,752.00 $ 0.084731% $ 9,177,068.00 $ 0.086652% $ 12,727,161.00 $ 0.090109% $ 11,058,307.00 $ 0.094530% $ 12,014,473.00 $ 0.100905% $ 14,177,112.00 $

-

$ 9,360,348.00 $ 7,336,157.97

-

$ 8,361,752.00 $ 6,891,834.16

-

$ 9,177,068.00 $ 6,722,993.08

-

$ 12,727,161.00 $ 6,754,017.29

-

$ 11,058,307.00 $ 6,626,039.98

-

$ 12,014,473.00 $ 6,989,420.58

-

$ 14,177,112.00 $ 7,251,205.80

127.59% 121.33% 136.50% 188.44% 166.89% 171.90% 195.51%

6.05% 6.17% 6.14% 3.99% 4.63% 2.93% 1.61%

This schedule is intended to show information for 10 years. Additional years will be displayed as they become available.

- 42 -

WILKINSON COUNTY BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS SCHOOL OPEB FUND

SCHEDULE "7"

For the Year Ended June 30

Contractually required contribution

Contributions in relation to the contractually required
contribution

Contribution deficiency (excess)

School District's covered-employee
payroll

Contribution as a percentage of
covered-employee payroll

2024

$

2023

$

2022

$

2021

$

2020

$

2019

$

2018

$

2017

$

331,073.00 $ 328,529.60 $ 305,295.00 $ 315,185.00 $ 293,038.00 $ 485,298.00 $ 489,937.00 $ 526,128.00 $

331,073.00 $ 328,529.60 $ 305,295.00 $ 315,185.00 $ 293,038.00 $ 485,298.00 $ 489,937.00 $ 526,128.00 $

-

$

7,304,675.53

-

$

7,336,157.97

-

$

6,891,834.16

-

$

6,722,993.08

-

$

6,754,017.29

-

$

6,626,039.98

-

$

6,989,420.58

-

$

7,251,205.80

4.53% 4.48% 4.43% 4.69% 4.34% 7.32% 7.01% 7.26%

This schedule is intended to show information for 10 years. Additional years will be displayed as they become available.

- 43 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION
FOR THE YEAR ENDED JUNE 30, 2024

SCHEDULE "8"

Teachers Retirement System Change of benefit terms: There have been no changes in benefit terms.
Changes of assumptions: On November 18, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement, disability, withdrawal and salary increases. The expectation of retired life mortality was changed to RP-2000 White Collar Mortality Table with future mortality improvement projected to 2025 with the Society of Actuaries' projection scale BB (set forward one year for males).
On May 15, 2019, the Board adopted recommended changes from the smoothed valuation interest rate methodology that has been in effect since June 30, 2009, to a constant interest rate method. In conjunction with the methodology, the long-term assumed rate of return in assets (discount rate) has been changed from 7.50% to 7.25%, and the assumed annual rate of inflation has been reduced from 2.75% to 2.50%.
In 2019 and later, the expectation of retired life mortality was changed to the Pub-2010 Teacher Headcount Weighted Below Median Healthy Retiree mortality table from the RP-2000 Mortality Tables. In 2019, rates of withdrawal, retirement, disability and mortality were adjusted to more closely reflect actual experience.
On May 11, 2022, the Board adopted recommended changes to the long-term assumed rate of return and payroll growth assumption utilized by the System. The long-term assumed rate of return was changed from 7.25% to 6.90%, and the payroll growth assumption was changed from 3.00% to 2.50%.
Employees' Retirement System Changes of benefit terms: There have been no changes in benefit terms.
Changes of assumptions: On December 17, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement, disability, withdrawal and salary increases. The expectation of retired life mortality was changed to the RP-2000 Combined Mortality Table projected to 2025 with projection scale BB (set forwarded 2 years for both males and females).
A new funding policy was initially adopted the Board on March 15, 2018, and most recently amended on June 18, 2020. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for the June 30, 2017 actuarial valuation and further reduced from 7.40% to 7.30% for the June 30, 2018 actuarial valuation.
On December 17, 2020, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System based on the experience study prepared for the five-year period ending June 30, 2019. Primary among the changes were the updates to rate of mortality, retirement, withdrawal, and salary increases. This also included a change to the long-term assumed investment rate of return of 7.00%. These assumption changes are reflected in the calculation of the June 30, 2021 Total Pension Liability.
On April 21, 2022, the Board adopted a new funding policy which, in part, provides that the Actuarial Accrued Liability and Normal Cost of the System will include a prefunded variable Cost-of-Living Adjustment (COLA) for eligible retirees and beneficiaries of the System. Under the new policy, future COLAs are provided through a profit-sharing mechanism using the System's asset performance. After studying the parameters of this new policy, the assumption for future COLAs was set at 1.05%. Previously, no future COLAs were assumed. In addition, the funding policy set the assumed rate of return at 7.20% for the June 30, 2021 valuation and established a new Transitional Unfunded Actuarial Accrued Liability as of June 30, 2021 which will be amortized over a closed 20-year period.
Public School Employees Retirement System Changes of benefit terms: There have been no changes in benefit terms.
Changes of assumptions: On December 17, 2015, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System. Primary among the changes were the updates to rates of mortality, retirement and withdrawal. The expectation of retired life mortality was changed to the RP-2000 Blue Collar Mortality Table projected to 2025 with projection scale BB (set forward 3 years for males and 2 years for females).
A new funding policy was initially adopted by the Board on March 15, 2018, and most recently amended on December 17, 2020. Because of this new funding policy, the assumed investment rate of return was reduced from 7.50% to 7.40% for the June 30, 2017 actuarial valuation and further reduced from 7.40% to 7.30% for the June 30, 2018 actuarial valuation.
On December 17, 2020, the Board adopted recommended changes to the economic and demographic assumptions utilized by the System based on the experience study prepared for the five-year period ending June 30, 2019. Primary among the changes were the updates to rates or mortality, retirement, disability, and withdrawal. This also included a change to the long-term assumed investment rate of return to 7.00%. These assumption changes are reflected in the calculation of the June 30, 2021 Total Pension Liability.
- 44 -

WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION
FOR THE YEAR ENDED JUNE 30, 2024

SCHEDULE "8"

School OPEB Fund Changes of benefit terms: There have been no changes in benefit terms. Changes in assumptions: June 30, 2022 valuation: The tobacco use assumption and aging factors were revised. June 30, 2020 valuation: Decremental assumptions were changed to reflect the Employees' Retirement System's experience study. Approximately 0.10% of employees are members of the Employees' Retirement System. June 30, 2019 valuation: Decremental assumptions were changed to reflect the Teachers Retirement System's experience study. June 30, 2018 valuation: The inflation assumption was lowered from 2.75% to 2.50%. June 30, 2017 valuation: The participation assumption, tobacco use assumption and morbidity factors were revised. June 30, 2015 valuation: Decremental and underlying inflation assumptions were changed to reflect the Retirement Systems' experience studies. June 30, 2012 valuation: A data audit was performed and data collection procedures and assumptions were changed. The discount rate was updated from 3.07% as of June 30, 2016 to 3.58% as of June 30, 2017, to 3.87% as of June 30, 2018, back to 3.58% as of June 30, 2019, to 2.22% as of June 30, 2020, to 2.20% as of June 30, 2021, to 3.57% as of June 30, 2022, and to 3.68% as of June 30, 2023.

- 45 -

WILKINSON COUNTY BOARD OF EDUCATION GENERAL FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL
YEAR ENDED JUNE 30, 2024

SCHEDULE "9"

NONAPPROPRIATED BUDGETS

ORIGINAL (1)

FINAL (1)

ACTUAL AMOUNTS

VARIANCE OVER/UNDER

REVENUES Property Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous Total Revenues

$

7,369,577.00 $

-

6,831,413.00

211,889.00

-

35,000.00

-

14,447,879.00

7,369,577.00 $ -
7,477,668.00 1,457,420.00
35,000.00
16,339,665.00

8,026,467.44 $ 39,438.57
8,259,193.40 2,708,707.20
295,131.42 129,759.09 284,339.16 19,743,036.28

656,890.44 39,438.57
781,525.40 1,251,287.20
295,131.42 94,759.09
284,339.16 3,403,371.28

EXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation Total Expenditures
Excess of Revenues over (under) Expenditures

10,175,600.00
682,306.00 811,328.00 326,052.00 511,664.00 1,659,528.00 175,599.00 2,289,358.00 1,561,314.00
8,806.00 -
18,201,555.00 (3,753,676.00)

11,007,677.00
763,385.00 1,585,055.00
326,052.00 598,951.00 1,679,470.00 175,599.00 2,289,358.00 2,126,575.00
8,806.00 -
20,560,928.00 (4,221,263.00)

10,341,918.69
996,342.06 1,277,631.46
300,230.35 599,313.74 1,667,613.00 142,027.94 2,640,944.97 2,113,578.34
6,732.00 1,162,916.17 21,249,248.72 (1,506,212.44)

665,758.31
(232,957.06) 307,423.54
25,821.65 (362.74)
11,857.00 33,571.06 (351,586.97) 12,996.66
2,074.00 (1,162,916.17)
(688,320.72) 2,715,050.56

Net Change in Fund Balances

(3,753,676.00)

(4,221,263.00)

(1,506,212.44)

2,715,050.56

Fund Balances - Beginning

4,449,397.18

4,449,397.18

4,767,094.48

317,697.30

Adjustments

(1,917.37)

70.86

-

(70.86)

Fund Balances - Ending

$

693,803.81 $

228,205.04 $

3,260,882.04 $

3,032,677.00

Notes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual

(1) Original and Final Budget amounts do not include the budgeted revenues or expenditures of the various programs reported as part of the general fund. The actual revenues and expenditures of these programs were as follows:

Revenues

Expenditures

Jr. ROTC (Federal)

$

School Activity Funds

Pre-Kindergarten (Lottery)

School Nutrition Services

74,687.48 $ 385,050.07 360,794.94 1,063,391.76

93,279.36 409,488.31 370,947.34 1,184,031.91

$

1,883,924.25 $

2,057,746.92

The accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements.

See notes to the basic financial statements.

- 46 -

WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
YEAR ENDED JUNE 30, 2024

SCHEDULE "10"

FUNDING AGENCY PROGRAM/GRANT
Agriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program COVID-19 - National School Lunch Program Total Child Nutrition Cluster
Other Programs Pass-Through From Georgia Department of Education Food Services State Administrative Expenses for Child Nutrition Child Nutrition Discretionary Grants Limited Availability Total U. S. Department of Agriculture
Education, U. S. Department of Education Stabilization Fund Pass-Through From Georgia Department of Education COVID-19 - Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund COVID-19 - American Rescue Plan Elementary and Secondary School Emergency Relief Fund - Homeless Children and Youth Total Education Stabilization Fund
Special Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Preschool Grants Preschool Grants COVID-19 - American Rescue Plan - Preschool Total Special Education Cluster
Other Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States Rural and Low-Income School Program Rural and Low-Income School Program Student Support and Academic Enrichment Program Student Support and Academic Enrichment Program Supporting Effective Instruction State Grants Supporting Effective Instruction State Grants Title I Grants to Local Educational Agencies Title I Grants to Local Educational Agencies Total Other Programs Total U. S. Department of Education

ASSISTANCE LISTING NUMBER

PASSTHROUGH
ENTITY ID
NUMBER

EXPENDITURES IN PERIOD

10.553 10.555 10.555

245GA324N1199 $ 245GA324N1199 235GA324N1199

263,309.64 791,329.73
32,797.87 1,087,437.24

10.560 10.579

245GA904N2533 202321I500345

2,653.67 68,825.00 1,158,915.91

84.425D 84.425U 84.425W

S425D210012 S425U210012 S425W210011

10,740.60
263,652.30
26,572.79 300,965.69

84.027A 84.173A 84.173A 84.173X

H027A230073 H173A220081 H173A230081 H173X210081

84.048A 84.358B 84.358B 84.424A 84.424A 84.367A 84.367A 84.010A 84.010A

V048A230010 S358F220010 S358F230010 S424A220011 S424A230011 S367A220001 S367A230001 S010A220010 S010A230010

350,017.43 13,064.00 12,891.00 145.30
376,117.73
30,225.00 8,238.00
33,854.99 19,461.14 47,454.64 17,788.79 35,968.76 50,344.88 688,721.71 932,057.91 1,609,141.33
- 47 -

WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
YEAR ENDED JUNE 30, 2024

SCHEDULE "10"

FUNDING AGENCY PROGRAM/GRANT
Defense, U. S. Department of Direct Department of the Air Force R.O.T.C. Program
Total Expenditures of Federal Awards

ASSISTANCE LISTING NUMBER

PASSTHROUGH
ENTITY ID
NUMBER

EXPENDITURES IN PERIOD

12. UNKNOWN

74,687.48

$

2,842,744.72

Notes to the Schedule of Expenditures of Federal Awards
Note 1. Basis of Presentation The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of the Wilkinson County Board of Education (the "Board") under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Board, it is not intended to and does not present the financial position or changes in net position of the Board.
Note 2. Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Note 3. Indirect Cost Rate The Board has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.

See notes to the basic financial statements.

- 48 -

WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2024
AGENCY/FUNDING GRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Principal Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Mid-Term Adjustment Hold-Harmless Categorical Grants Pupil Transportation Regular Nursing Services Sparsity Other State Programs Career, Technical and Agricultural Education (CTAE) Computer Science Capacity Grant (CS4GA) Grant Dyslexia Services Grant Food Services Hygiene Products Math and Science Supplements One Time QBE Adjustment Pupil Transportation - State Bonds School Bus Purchases - State Allotment School Bus Safety Incentive Funding School Security Grant Vocational Supervisors Office of the State Treasurer Public School Employees Retirement
See notes to the basic financial statements.

SCHEDULE "11"

GOVERNMENTAL FUND TYPE
GENERAL FUND

$

360,794.94

297,969.00 69,512.00
645,523.00 337,274.00 328,310.00 235,285.00 710,447.00 633,960.00 317,067.00 959,754.00
24,896.00 294,758.00
56,006.00 59,580.00 125,104.00 41,540.00 22,034.00
1,130.00
345,375.00 454,811.00 236,624.00
84,929.00

451,420.00 45,000.00 81,799.00
16,867.00 3,897.60 2,097.00
25,116.00 906.00
9,622.11 142,397.00
88,110.00 528,660.00
25,485.00 149,944.75
7,219.00
37,970.00

$

8,259,193.40

- 49 -

WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS
YEAR ENDED JUNE 30, 2024

SCHEDULE "12"

PROJECT PROJECT 2018 SPLOST
(i) A maximum of $6,500,000.00 to retire a portion of the principal and interest on the School District's previously incurred General Obligation Bonds, Series 2011 coming due in the years 2018 through 2023, which Bonds were issued with respect to capital outlay projects of the School District;
(ii) Making system-wide technology improvements, including, but not limited to, the acquisition and installation of instruction technology, security, and information systems hardware and associated software and accessories, infrastructure at all schools and selected other facilities, and future planning, including purchase of property, for constructing and equipping a new middle-high school; and
(iii) Improving educational and athletic facilities, and purchasing textbooks, school buses, school equipment, maintenance vehicles and equipment, and safety and security equipment.
Subtotal 2018 Projects
PROJECT 2023 SPLOST (1) A maximum of $7,500,000.00 to pay the remaining principal of and interest on the School District's previously incurred Wilkinson County School District (Georgia) General Obligation Bonds, Series 2011, coming due in the year 2024 through 2026, which bonds were issued with respect to capital outlay projects of the School District;
(i) Acquiring, constructing, repairing, improving, renovating, adding to, extending, upgrading, furnishing, and equipping school buildings and support facilities and infrastructure in the Wilkinson County School District, useful or desirable in connection therewith, including acquiring any necessary property therefore, both real and personal including, but not limited to, acquiring, constructing, and equipping a new school and athletic/physical education facilities, including any necessary demolition;
(ii) Acquiring equipment for physical education and the athletic departments;
(iii) Acquiring technology, safety, security, and/or fire protection equipment;
(iv) Acquiring buses, vehicles, and/or transportation equipment; and/or
(v) Acquiring real property. Subtotal 2023 Projects
Total

ORIGINAL ESTIMATED
COST (1)

CURRENT ESTIMATED COSTS (2)

ESTIMATED COMPLETION
DATE

$

6,500,000.00 $

6,500,000.00

Completed

500,000.00

453,879.46

Completed

500,000.00 7,500,000.00

577,322.96 7,531,202.42

Completed

4,000,000.00

4,000,000.00

3/31/2028

1,650,000.00

1,650,000.00

350,000.00

350,000.00

500,000.00 500,000.00

500,000.00 500,000.00

500,000.00 7,500,000.00

500,000.00 7,500,000.00

$

15,000,000.00 $

15,031,202.42

3/31/2028 3/31/2028 3/31/2028 3/31/2028 3/31/2028

- 50 -

WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS
YEAR ENDED JUNE 30, 2024

SCHEDULE "12"

PROJECT PROJECT 2018 SPLOST
(i) A maximum of $6,500,000.00 to retire a portion of the principal and interest on the School District's previously incurred General Obligation Bonds, Series 2011 coming due in the years 2018 through 2023, which Bonds were issued with respect to capital outlay projects of the School District;

AMOUNT EXPENDED IN CURRENT
YEAR (3)

AMOUNT EXPENDED IN PRIOR YEARS (3)

TOTAL COMPLETION
COST

EXCESS PROCEEDS NOT
EXPENDED

$

- $ 6,500,000.00 $ 6,500,000.00 $

-

(ii) Making system-wide technology improvements, including, but not limited to, the acquisition and installation of instruction technology, security, and information systems hardware and associated software and accessories, infrastructure at all schools and selected other facilities, and future planning, including purchase of property, for constructing and equipping a new middle-high school; and

5,292.00

448,587.46

453,879.46

-

(iii) Improving educational and athletic facilities, and purchasing textbooks, school buses, school equipment, maintenance vehicles and equipment, and safety and security equipment.
Subtotal 2018 Projects

-

577,322.96

577,322.96

-

5,292.00

7,525,910.42

7,531,202.42

-

PROJECT 2023 SPLOST

(1) A maximum of $7,500,000.00 to pay the remaining principal

of and interest on the School District's previously incurred

Wilkinson County School District (Georgia) General

Obligation Bonds, Series 2011, coming due in the year 2024

through 2026, which bonds were issued with respect to capital

outlay projects of the School District;

1,193,174.43

-

-

-

(i) Acquiring, constructing, repairing, improving, renovating, adding to, extending, upgrading, furnishing, and equipping school buildings and support facilities and infrastructure in the Wilkinson County School District, useful or desirable in connection therewith, including acquiring any necessary property therefore, both real and personal including, but not limited to, acquiring, constructing, and equipping a new school and athletic/physical education facilities, including any necessary demolition;

-

-

-

-

(ii) Acquiring equipment for physical education and the athletic departments;

-

-

-

-

(iii) Acquiring technology, safety, security, and/or fire protection equipment;

161,734.73

-

-

-

(iv) Acquiring buses, vehicles, and/or transportation equipment; and/or

428,444.53

-

-

-

(v) Acquiring real property. Subtotal 2023 Projects

-

-

-

-

1,783,353.69

-

-

-

Total

$

1,788,645.69 $ 7,525,910.42 $ 7,531,202.42 $

-

(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. (2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. (3) The voters of Wilkinson County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt.
Amounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects.

See notes to the basic financial statements.

- 51 -

Section II Compliance and Internal Control Reports

Greg S. Griffin State Auditor
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
The Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education
and Dr. Angela James, Superintendent and Members of the Wilkinson County Board of Education
We have audited the financial statements of the governmental activities and each major fund of the Wilkinson County Board of Education (School District) as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the School District's basic financial statements, and have issued our report thereon dated August 7, 2025. We conducted our audit in accordance with the auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the School District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the basic financial statements, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control. Accordingly, we do not express an opinion on the effectiveness of the School District's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the School District's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that were not identified. We did identify a certain deficiency in internal control, described in the accompanying Schedule of Findings and Questioned Costs in finding FS 2024-001 that we consider to be a material weakness.
270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180

Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the School District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
School District's Response to Findings
Government Auditing Standards requires the auditor to perform limited procedures on the School District's response to the finding identified in our audit and described in the accompanying Schedule of Findings and Questioned Costs. The School District's response was not subjected to the other auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on the response.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School District's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School District's internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
Respectfully submitted,
Greg S. Griffin State Auditor
August 7, 2025

Greg S. Griffin State Auditor
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE
The Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of Education
and Dr. Angela James, Superintendent and Members of the Wilkinson County Board of Education
Report on Compliance for Each Major Federal Program
Opinion on Each Major Federal Program
We have audited the Wilkinson County Board of Education's (School District) compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement that could have a direct and material effect on each of the School District's major federal programs for the year ended June 30, 2024. The School District's major federal programs are identified in the Summary of Auditor's Results section of the accompanying Schedule of Findings and Questioned Costs.
In our opinion, the School District complied, in all material respects, with the compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2024.
Basis for Opinion on Each Major Federal Program
We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (GAAS); the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards and the Uniform Guidance are further described in the Auditor's Responsibilities for the Audit of Compliance section of our report.
We are required to be independent of the School District and to meet our other ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each major federal program. Our audit does not provide a legal determination of the School District's compliance with the compliance requirements referred to above.
270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180

Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the School District's federal programs.
Auditor's Responsibilities for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the School District's compliance based on our audit. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material, if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the School District's compliance with the requirements of each major federal program as a whole.
In performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material noncompliance, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the School District's compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances.
Obtain an understanding of the School District's internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of the School District's internal control over compliance. Accordingly, no such opinion is expressed.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit.
Other Matters
The results of our auditing procedures disclosed an instance of noncompliance, which is required to be reported in accordance with the Uniform Guidance and which is described in the accompanying Schedule of Findings and Questioned Costs in finding FA 2024-001. Our opinion on each major federal program is not modified with respect to this matter.

Government Auditing Standards requires the auditor to perform limited procedures on the School District's response to the noncompliance finding identified in our compliance audit and described in the accompanying Schedule of Findings and Questioned Costs. The School District's response was not subjected to the other auditing procedures applied in the audit of compliance and, accordingly, we express no opinion on the response.
Report on Internal Control over Compliance
Our consideration of internal control over compliance was for the limited purpose described in the Auditor's Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance and therefore, material weaknesses or significant deficiencies may exist that were not identified. However, as discussed below, we did identify a certain deficiency in internal control over compliance that we consider to be a material weakness.
A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis.
A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. We consider the deficiency in internal control over compliance described in the accompanying Schedule of Findings and Questioned Costs in finding FA 2024-001 to be a significant deficiency.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed.
Government Auditing Standards requires the auditor to perform limited procedures on the School District's response to the internal control over compliance finding identified in our audit and described in the accompanying Schedule of Findings and Questioned Costs. The School District's response was not subjected to the other auditing procedures applied in the audit of compliance and, accordingly, we express no opinion on the response.

The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. Respectfully submitted,
Greg S. Griffin State Auditor
August 7, 2025

Section III Auditee's Response to Prior Year Findings and Questioned Costs

WILKINSON COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE
SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS YEAR ENDED JUNE 30, 2024
PRIOR YEAR FINANCIAL STATEMENT FINDINGS No matters were reported.
PRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported.

Section IV Findings and Questioned Costs

WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30, 2024

I SUMMARY OF AUDITOR'S RESULTS

Financial Statements
Type of auditor's report issued: Governmental Activities and Each Major Fund
Internal control over financial reporting: Material weakness(es) identified? Significant deficiency(ies) identified?
Noncompliance material to financial statements noted:

Unmodified
Yes None Reported
No

Federal Awards

Internal control over major programs: Material weakness(es) identified? Significant deficiency(ies) identified?

Type of auditor's report issued on compliance for major programs:

All major programs

Any audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)?

Identification of major programs:

Assistance Listing Numbers Assistance Listing Program or Cluster Title

10.553, 10.555 84.010

Child Nutrition Cluster Title I Grants to Local Educational Agencies

Dollar threshold used to distinguish between Type A and Type B programs:

Auditee qualified as low-risk auditee?

No Yes Unmodified Yes
$750,000.00 No

WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30, 2024

II FINANCIAL STATEMENT FINDINGS

FS 2024-001 Internal Controls at the Central Office

Internal Control Impact:

Material Weakness

Description: The School District's accounting procedures at the Central Office are not sufficient to ensure prevention or timely detection of errors in key financial processes, specifically those related to cash management, revenue recognition, Superintendent pay calculations, journal entry documentation and review and
separation of duties.

Criteria: The School District's management is responsible for designing and maintaining a system of internal controls that provides reasonable assurance that transactions are properly authorized, recorded, and reported in accordance with generally accepted accounting principles (GAAP). These controls should ensure that cash accounts are reconciled in a timely manner, within 45 days as recommended best practice, that revenues are accurately recognized in the appropriate accounting period, salary calculations are accurate, appropriate supporting documentation is maintained for journal entries and adequate separation of duties are implemented.
Condition: Cash and Cash Equivalents
Seven of the eight bank reconciliations were not reconciled to the general ledger, resulting in a total variance of $5,778.01.
Three of the eight bank reconciliations were not provided to the auditors for review. Five of the eight bank reconciliations were not performed or reviewed within the
recommended 45-day timeframe. Four of the eight bank reconciliations lacked evidence of a preparer and/or review dates. One bank account included six outstanding payroll checks, each over one year, totaling $2,557.26. Two of the three bank reconciliations reviewed during the walkthrough were not completed or
reviewed in a timely manner, and contained reconciling items that did not agree with the supporting documentation. One of the three bank reconciliations selected during the walkthrough was not provided to the auditors for review.
Revenue/Receivables/Receipts During the walkthrough, revenue documentation was unavailable, preventing verification of adequate segregation of duties and internal controls. An audit adjustment totaling $191,781.17 was proposed and accepted by the School District to properly report accounts receivable and unavailable revenue in the debt service fund.
Employee Compensation An unexplained overpayment of $11,510.10 was noted in the Superintendent's salary calculation. The School District lacked adequate procedures to ensure proper separation of duties prior to payroll processing.

WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30, 2024
General Ledger Twenty-four out of 36 journal entries reviewed lacked adequate supporting documentation, including one that was material to its respective opinion unit. One of the six journal entries located and provided by the School District did not contain evidence of supervisory review and approval.
Cause: These deficiencies resulted from inadequate separation of duties and a lack of internal control procedures, primarily caused by staff turnover, limited experience, and insufficient training within the finance department.
Effect: Failure to maintain adequate internal controls over the key financial process above increases the risk that significant misstatements could occur in the financial statements, whether due to error or fraud. Inadequate controls also compromise the reliability of financial reporting and may result in inaccurate presentation of the School District's financial position and results of operations.
Recommendation: Management should implement a bank reconciliation policy and ensure that sufficient time and resources are allocated to ensure the timely and accurate completion of monthly bank reconciliations. In addition, the School District should review its current accounting procedures and implement appropriate year-end cutoff reviews over revenues. Lastly, adequate documentation should be maintained with journal entries and employee pay calculations.
Management should ensure proper segregation of duties is achieved. Where segregation is not feasible due to staffing limitations, appropriate compensating controls such as independent reviews, reconciliations, and documentation checks should be established and documented.
Views of Responsible Officials: We concur with this finding.

WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30, 2024

III FEDERAL AWARD FINDINGS AND QUESTIONED COSTS

FA 2024-001 Strengthen Controls over Expenditures

Compliance Requirements:
Internal Control Impact: Compliance Impact: Federal Awarding Agency: Pass-Through Entity: AL Numbers and Titles:
Federal Award Numbers: Questioned Costs:

Activities Allowed or Unallowed Allowable Costs/Cost Principles Procurement and Suspension and Debarment Significant Deficiency Nonmaterial Noncompliance U.S. Department of Agriculture Georgia Department of Education 10.553 School Breakfast Program 10.555 National School Lunch Program 245GA324N1199 (Year: 2024), 235GA32N1099 (Year: 2023) $7,388

Description: A review of expenditures charged to the Child Nutrition Cluster revealed that the School District's internal control procedures were not operating appropriately to ensure that expenditures were reviewed and approved and that the School District's procurement and suspension and debarment procedures were followed.
Background Information: The Child Nutrition Cluster (CNC) is comprised of various programs that are intended to assist states in administering and overseeing food service program operators that provide healthful, nutritious meals to eligible children in public and non-profit private schools, residential childcare institutions, and summer programs. This Cluster of programs also fosters healthy eating habits in children by providing fresh fruits and fresh vegetables to children attending elementary and secondary schools and encourages the domestic consumption of nutritious agricultural commodities.
CNC funding was granted to the Georgia Department of Education (GaDOE) by the U.S. Department of Agriculture. GaDOE is responsible for distributing funds to local educational agencies (LEAs) and overseeing the various CNC programs. CNC funds totaling $1,087,437.24 were expended and reported on the Wilkinson County Board of Education's Schedule of Expenditures of Federal Awards (SEFA) for fiscal year 2024.

Criteria: As a recipient of federal awards, the School District is required to establish and maintain effective internal control over federal awards that provides reasonable assurance of managing the federal awards in compliance with federal statutes, regulations, and the terms and conditions of the federal awards pursuant to Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), Section 200.303 Internal Controls.
Provisions included in the Uniform Guidance, Section 200.403 Factors Affecting Allowability of Costs state that "costs must meet the following general criteria in order to be allowable under Federal awards: (a) Be necessary and reasonable for the performance of the Federal award and be allocable thereto under these principles, (b) Conform to any limitations or exclusions set forth in these principles or in

WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30, 2024
the Federal award as to types or amount of cost items, (c) Be consistent with policies and procedures that apply uniformly to both federally-financed and other activities of the non-Federal entity... (g) Be adequately documented..."
Additionally, provisions included in the Uniform Guidance, Section 200.318 General Procurement Standards state in part that "(a) the non-Federal entity must use its own documented procurement procedures which reflect applicable State, local, and tribal laws and regulations and... (b) non-Federal entities must maintain oversight to ensure that contractors perform in accordance with the terms, conditions, and specifications of their contracts or purchase orders." In addition, provisions included in the Uniform Guidance, Section 200.320 Methods of Procurement to Be Followed provide guidance for procurement through small purchase procedures and state "If small purchase procedures are used, price or rate quotations must be obtained from an adequate number of qualified sources."
Condition: A sample of 39 expenditures was randomly selected for testing using a non-statistical sampling approach. These expenditures were reviewed to determine if appropriate internal controls were implemented and applicable compliance requirements were met. For eight of the 10 sample expenditures that were incurred outside of the School District's Co-Op process, evidence of review and approval was not reflected within the voucher package.
Additionally, auditor reviewed five of these same expenditures and a sample of 29 additional expenditures, which was randomly selected for testing using a non-statistical sampling approach, to determine if procurement transactions complied with the School District's procurement procedures and proper oversight was maintained to ensure that contractors were performing according to their contracts. The following deficiencies were noted with expenditures incurred outside of the School District's Co-Op process:
Evidence of review and approval was not reflected within the voucher package and/or purchase files for 17 additional expenditures.
The School District could not provide evidence that an adequate number of rate or price quotations were obtained from qualified sources for eight small purchase expenditures reviewed.
Questioned Costs: Upon testing a sample of $14,237 in procurement transactions that were incurred outside of the School District's Co-Op process, known questioned costs of $7,388 were identified for expenditures that did not follow the School District's procurement procedures. Using the population of procurements that were incurred outside of the School District's Co-Op process of $56,274, we project the likely questioned costs to be approximately $29,200.
Cause: The School District did not follow its policies and procedures that govern the nonpersonal services expenditure process for federal programs.
Effect: The School District is not in compliance with the Uniform Guidance and GaDOE guidance related to CNC. Failure to ensure that expenditures are appropriately approved and procedures to address procurement and suspension and debarment compliance requirements are implemented exposes the School District to unnecessary risk of error and misuse of federal funds and could result in the expenditure of federal funds for unallowable purposes and/or with unqualified vendors. In addition, this deficiency could lead to the return of funding associated with unallowable expenditures.

WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30, 2024
Recommendation: The School District should review current internal control procedures related to CNC. Where vulnerable, the School District should develop and/or modify its policies and procedures to ensure that all expenditures reflect evidence of review and approval, required procurement methods are properly identified and followed and required procurement and suspension and debarment documentation is properly identified, safeguarded, and retained. In addition, management should develop a monitoring process to ensure that these procedures are operating appropriately.
Views of Responsible Officials: We concur with this finding.

Section V Management's Corrective Action