GA ASOD f<. I C~88 E4 \'19 4 -'15 STATE OF GEORGIA DEPARTMENT OF AUDITS 254 WASHINGTON STREET ATLANTA. GEORGIA 30334 AUDIT REPORT ELBERT COUNTY LIBRARY ELBERTON, GEORGIA YEAR ENDED JUNE 30, 1995 ELBERT COUNTY LIBRARY - TABLE OF CONTENTS - INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION EXHIBITS GENERAL PURPOSE FINANCIAL STATEMENTS COMBINED STATEMENTS - OVERVIEW A COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUP 2 B COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES 3 C COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL GENERAL AND SPECIAL REVENUE FUNDS 4 D NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 5 ADDITIONAL FINANCIAL INFORMATION COMBINING AND INDMDUAL FUND STATEMENTS SPECIAL REVENUE FUND E COMBINING BALANCE SHEET 14 F COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 15 G FIDUCIARY FUND TYPE STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUND 16 SCHEDULES 1 CASH AND CASH EQUIVALENTS 17 SCHEDULE OF REVENUE 2 STATE 18 3 FEDERAL 19 4 LOCAL AND OTHER 20 5 SCHEDULE OF EXPENDITURES BY OBJECT GOVERNMENTAL FUND TYPES 21 6 LOTTERYPROGRAM 22 7 MEMBERSIDP OF LIBRARY BOARD 23 8 SCHEDULE OF SALARIES AND TRAVEL 24 CLAUDE L. VICKERS STATE AUDITOR (404) 656-2174 DEPARTMENT OF AUDITS 254 Washington Street, S.W., Suite 214 Atlanta, Georgia 303348400 January 30, 1996 Honorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation and Director and Members of the Elbert County Library Board INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION Ladies and Gentlemen: We have audited the general purpose financial statements (Exhibits A through D) of the Elbert County Library, as of and for the year ended June 30, 1995, as listed in the table of contents. These financial statements are the responsibility ofthe Library's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements present fairly, in all material respects, the financial position of the Elbert County Library as of June 30, 1995, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles. As discussed in Note 1 to the financial statements, the Elbert County Library discontinued its policy of reporting the value of inexhaustible collections and books in the General Fixed Assets Account Group. Our audit was conducted for the purpose of forming an opinion on the general purpose financial statements of the Elbert County Library taken as a whole. The combining and individual fund statements (Exhibits E through G) and the financial schedules (Schedules 1 through 8) , as listed in the table of contents, are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of 95ARL-40X the Elbert County Library. Such infonnation has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. A copy ofthis report has been filed as a pennanent record in the office ofthe State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated Section 50-6-24. Rea:~ CLV:cm 95ARL-40X Claude L. Vickers State Auditor ELBERT COUNTY LIBRARY - 1- ~ Cash and Cash Equivalents IIIIIIISlmenls Held by Tru&tae General F"OIBd Assel& Equipment Inexhaustible Collections and Books Tatal Assel& l;LafBT r;;Q!.!NTY LIBRARY &;QM~Nl;Q BAI..ANC; !:!!;la &.L FU!::jQ TYPES ANQ ACCOUNT GRQ!.!P JU!:::1;30 1995 EXHIBIT"A" GOVERNMENTAL FUND TYPES SPECIAL GENERAL REVENUE FUND FUND FIDUCIARY FUND TYPE AGENCY FUND ACCOUNT GROUP GENERAL FIXED ASSETS TOTALS (Memorandum On~ JUNE 30, 1995 JUNE 30, 1994 $ 49,693.49 $ 0.00 $ 49,693.49 S 55,234.86 $ 18,709.39 18,709.39 15,145.17 $ 35,610.81 0.00 35,610.81 0.00 34,510.81 92,273.05 $ 49693.49 $ 0.00 S 18709.39 $ 35610.81 $ 104 013.69 $ 197163.89 ~L!Illi ANQ E!,,!ND t;Q!,!ITY ~L!Illi Accounts Payable Deremld Compensation Plan $ 1,437.33 $ Tatal Liabilities $ 1437.33 $ FU!::jQEOUITY Investment in General Fixed Assets Fund Balances Un,-ved Designated for Bookmobile Replacement $ 17,295.04 Undesignated 30,961.12 Tolal Fund Balances $ 48256.16 Tolal Fund Equity $ 48,256.16 Total Liabilitie& and Fund Equity $ 49693.49 $ 0.00 $ 0.00 $ 18 709.39 18 709.39 $ $ 0.00 S 18 709.39 $ s 1,437.33 $ 2,090.42 18 709.39 15145.17 s 20146.n s 17,235.59 35610.81 $ 35610.81 $ 126,783.86 $ s 35610.81 $ 17,295.04 $ 30961.12 48256.16 S 83,866.97 S 17,295.04 35,849.40 53144.44 179,928.30 35610.81 $ 104013.69 S 1971163.89 The natas to the general purpose financial statements are an integral part of this Slatement -2- ELBERT COUNTY LIBRARY COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30, 1995 EXHIBIT "B" REVENUES State Funds Federal Funds Local and Other Funds Total Revenues EXPENDITURES Current Program Services Technical Services Circulation Administration Maintenance and Operations Capital Outlay Total Expenditures Excess of Revenues over (under) Expenditures FUND BALANCE JULY 1 GOVERNMENTAL FUND TYPES SPECIAL GENERAL REVENUE FUND FUND TOTALS (Memorandum Onll} YEAR ENDED JUNE 3011995 JUNE 3011994 $ 117,635.38 $ 77?25.23 $ 195,360.61 $ 1,100.00 $ 4,015.75 51115.75 $ 118,735.38 $ 4,015.75 77?25.23 2001476.36 $ 147,473.14 8,000.00 671905.51 2231378.65 $ 30,722.51 $ 17,466.08 15,837.74 117,660.87 18,561.69 $ 2001248.89 $ $ -4,888.28 $ 53 144.44 4,015.75 $ 1,100.00 5,115.75 $ 0.00 $ 0.00 34,738.26 $ 17,466.08 15,837.74 118,760.87 18,561.69 2051364.64 $ -4,888.28 $ 53144.44 31,094.64 15,166.21 13,539.91 132,629.95 16,448.38 121418.00 221,297.09 2,081.56 511062.88 FUND BALANCE JUNE 30 $ 48,256.16 $ 0.00 $ 48,256.16 $ -=-===5=3=,=1-4=4-.-4=4= The notes to the general purpose financial statements are an integral part of this statement. -3- ELBERT COUNTY LIBRARY STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL GENERAL AND SPECIAL REVENUE FUNDS YEAR ENDED JUNE 30. 1995 EXHIBIT"C" GENERAL FUND BUDGET ACTUAL REVENUES State Funds Federal Funds Local and Other Funds $ 117,635.28 $ 77,280.00 117,635.38 77,725.23 Total Revenues $ 194,915.28 $ 195,360.61 EXPENDITURES Current Program Services Technical Services Circulation Administration Maintenance and Operations $ 31,021.97 $ 15,642.21 14,082.02 115,488.35 18,680.73 30,722.51 17,466.08 15,837.74 117,660.87 18,561.69 Total Expenditures $ 1"94,915.28 $ 200,248.89 Excess of Revenues over (under) Expenditures $ 0.00 $ -4,888.28 FUND BALANCE JULY 1. 1994 53,144.44 53,144.44 FUND BALANCE JUNE 30. 1995 $ 53,144.44 $ _ _4_8,_25_6_.1_6 SPECIAL REVENUE FUND BUDGET ACTUAL $ 2,200.00 $ 1,100.00 4,015.75 $ 2,200.00 $ 5,115.75 $ 4,015.75 $ 2,200.00 1,100.00 $ 2,200.00 $ 5,115.75 $ 0.00 $ 0.00 0.00 0.00 o.oo $ ____o_.o_o The notes to the general purpose financial statements are an integral part of this statement. -4- ELBERT COUNTY LIBRARY EXJilBIT D 11 11 NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Elbert County Library operates pursuant to Official Code of Georgia Annotated Sections 20-5-40 through 20-5-59 to provide public library services with costs shared by participating local governmental agencies and grants from the State of Georgia. The financial statements ofthe Library have been prepared in conformity with generally accepted accounting principles as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the Library's accounting policies are described below. REPORTING ENTITY In evaluating how to define the government unit for financial reporting purposes, management has considered the criteria set forth in GASB Codification of Governmental Accounting and Financial Reporting Standards, Section 2100, "Defining the Financial Reporting Entity". Based upon the application of the above criteria, the Elbert County Library is determined to be a related organization of the City of Elberton. The Library Board consists of seven members~ three members appointed by the Elbert County Board of Commissioners and four members appointed by the Elberton City Council. The Board is without authority to determine the amount of its funding, except by submission of budget requests to local governmental units from which the Library receives support and to the State of Georgia for State and Federal funding. Membership in the Library and participation in library services is at the discretion of each participating governmental agency. The Board has the power to designate management, the power to retain unreserved fund balances oflocal funds for continued operations and is the lowest level of oversight responsibility for the Library's operations. While the Elberton City Council appoints a majority ofthe Elbert County Library's Board, the City is neither able to impose its will upon the Library nor is there a financial benefit/burden relationship between the two boards as defined by GASB. The Elbert County Library is therefore considered to be a related organization of the City ofElberton. The Elbert County Library is located in Elberton, Georgia, and serves Elbert County. FUND ACCOUNTING The Library uses funds and an account group 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. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. - 5- ELBERT COUNTY LIBRARY EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The general purpose financial statements account for all State, Federal, Local and Other funds under control ofthe Library, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: GOVERNMENTAL FUND TYPES - used to account for all or most of the Library's general activities. Governmental Fund Types include: GENERAL FUND - the fund used to account for all financial resources of the Library except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a Library. SPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes. The primary type of special revenue fund consists of proceeds received from State and Federal sources to accomplish specific objectives and are required to be accounted for separately. FIDUCIARY FUND TYPE - the agency fund used to account for assets held by a government unit as an agent for individuals. This fund includes: AGENCY FUND - the fund used to account for assets held for individuals. ACCOUNT GROUPS GENERAL FIXED ASSETS ACCOUNT GROUP - used to account for equipment acquired by the Library. The Elbert County Board ofCommissioners owns the land and buildings utilized in the operations of the Library. BASIS OF ACCOUNTING The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities are generally included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. Liabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Agency funds are purely custodial in nature and do not involve measurement of results of operations. Governmental funds are accounted for using the modified accrual basis of accounting under which: - 6- ELBERT COUNTY LIBRARY EXIIlBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount ofthe transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Those revenues considered susceptible to accrual are intergovernmental grants and investment income. Expenditures are generally recognized when the related fund liability is incurred. Agency funds are accounted for using the modified accrual basis of accounting in recognizing assets and liabilities. BUDGET The Elbert County Library's budget is a complete financial plan for the Library's fiscal year and is based upon estimates ofexpenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is prepared by fund, function and object, The legal level of budget control was established by the Library at the aggregate level. The budget process begins when the Library's administration prepares a tentative aggregated budget for the Board's approval. After approval of this tentative budget by the Board, copies are sent to all local funding agencies. After funding approval is received from all local funding agencies, the Board makes revisions as necessary and adopts the budget. The budget is then submitted to the Georgia Department of Education, Division ofPublic Library Services as a part ofthe Library's annual application for state aid. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year end. CASH AND CASH EQUIVALENTS COMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits (including certificates of deposit) in authorized financial institutions. Georgia Laws authorize the Library to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. INVESTMENTS HELD BY TRUSTEE Investments held by trustee consist of contributions from employees who have elected to participate in the Library's deferred compensation plan. See Note 6 - Deferred Compensation Plan GENERAL FIXED ASSETS General fixed assets purchased, including capital outlay costs, are recorded as expenditures in the various funds at the time of purchase. All purchased general fixed assets are valued at cost where historical records are available and at estimated historical cost where no historical records exist. Donated general fixed assets are - 7- ELBERT COUNTY LIBRARY EXIIlBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES recorded at fair market value as ofthe date donated. Disposals are deleted at recorded cost. No depreciation has been provided on General Fixed Assets. During fiscal year 1995, the Library discontinued the practice of reporting Library Collections within the General Fixed Asset Account Group. INTERFUND TRANSACTIONS The Library has the following type ofinterfund transactions: Reimbunements ofexpenditures initially made from a fund that are properly applicable to another fund are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. MEMORANDUM ONLY - TOTAL COLUMNS Total columns on the general purpose financial statements are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles, nor is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. Certain reclassifications have been made to the comparative data to conform to current year classifications. Library collections included in general fixed assets at June 30, 1994 has been eliminated as this information is no longer maintained by the Library. (See Note 1 - GENERAL FIXED ASSETS) Note 2: DEPOSITS AND INVESTMENTS COLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 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 ofinsurance, or by collateral. The aggregate ofthe face value of such surety bond and the market value ofsecurities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount of deposit insurance. OCGA Section 45-8-11 provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts. 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, - 8- ELBERT COUNTY LIBRARY EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 2: DEPOSITS AND INVESTMENTS (3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or ofthe State of Georgia, (4) Bonds, bills, notes, certificates ofindebtedness or other obligations of the counties or municipalities ofthe State of Georgia, (5) Bonds ofany public authority created by the laws ofthe 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 and debt obligations issued 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 At June 30, 1995, the bank balances were $60,702.04. The bank balances were entirely covered by Federal depository insurance. CATEGORIZATION OF INVESTMENTS At June 30, 1995, the carrying amount of the Library's total investments was $18,709.39 and this entire amount is categorized as Unclassified - Deferred Compensation Plan pooled investments. Note 3: GENERAL FIXED ASSETS A summary of changes in the General Fixed Assets Account Group during the fiscal year is as follows: Egui12ment Collections Total Balance July 1, 1994 $ 34,510.81 $ 92,273.05 $ 126,783.86 Additions 1,100.00 1,100.00 Deletions* -92,273.05 -92,273.05 Balance June 30, 1995 $ JS 61Q 81 $ Q,0Q $ 3S.61Q 81 * During the fiscal year the Library discontinued its capitalization policy of including library collections within General Fixed Assets. (See Note 1 - GENERAL FIXED ASSETS) - 9- ELBERT COUNTY LIBRARY EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 4: RISK MANAGEMENT The Library is exposed to various risks ofloss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illnesses or injuries to employees; natural disaster; and unemployment compensation. The Library has obtained commercial insurance for risk of loss associated with torts, assets, errors or omissions, job related illnesses or injuries to employees and natural disaster. The Library has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Library's insurance coverage in any of the past three years. The Library is self-insured with regard to unemployment compensation claims. The Library accounts for claims within the General Fund with expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. The Library has not experienced any unemployment compensation claims during the last two fisbal years. Note 5: CONTINGENT LIABILITIES 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 expenditures which are disallowed under grant terms. The Library believes that such disallowances, if any, will be immaterial to its overall financial position. Note 6: DEFERRED COMPENSATION PLAN The Library offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to all Library employees, permits them to defer a portion of their salary until future years. The deferred compensation is not available to employees until termination, retirement, death or unforeseeable emergency. All amounts ofcompensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights of the Library (without being restricted to the provisions ofbenefits under the plan), subject only to the claims ofthe Library's general creditors. Participants' rights under the plan are equal to those ofgeneral creditors ofthe Library in an amount equal to the fair market value of the deferred account for each participant. It is the opinion ofthe Library that the Library has no liability for losses under the plan but does have the duty of due care that would be required of an ordinary prudent investor. The Library believes it is unlikely that it will use the assets to satisfy the claims of general creditors in the future. Investments are managed by the plan's trustee, Variable Annuity Life Insurance Company. Under this plan, participants select from an investment option, or combination of investment options, determined by the ~~ ' - 10 - ELBERT COUNTY LIBRARY EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 7: RETIREMENT PLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) TRS PLAN DESCRIPTION All full-time librarians and clerical personnel employed by regional and county libraries are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer public employee retirement system (PERS). TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. A member is eligible for service retirement after 30 years of service, regardless of age, or after 10 years ofservice and attainment of age 60. A member is eligible for early retirement after 25 years of creditable service and attainment of age 55, at a reduced benefit. Retirement benefits paid to members are equal to 2% of the average of the member's two consecutive highest paid years of service multiplied by the number of years of creditable service up to 40 years. The normal retirement pension is payable monthly for life. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death. Retirement benefits also include disability and death benefits. A disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The death benefit is the amount that would be payable to the member's beneficiary had the member retired on the date of death on either a service retirement allowance or a disability retirement allowance, whichever is larger. The benefit is based on the member's creditable service (minimum of IO years of service) and compensation up to the time of disability or death. Members become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting of employee contributions occurs, but the member's contributions are refunded with interest. The Library's payroll for employees covered by TRS for the year ended June 30, 1995, was $107,493.12; total payroll was $116,406.03. TRS CONTRIBUTIONS REQUIRED AND MADE Employees of the Library who are covered by TRS are required by State statute to pay 5% of their gross earnings to TRS. The Library makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. At June 30, 1995, the TRS Library employer contribution rate was 11.81%. The interest rate assumption (rate of return on investments) was 7.50%. Total contributions made during fiscal year 1995 amounted to $18,069.88, of which $12,695.08 was made by the Library and $5,374.80 was made by employees. These contributions represented 11.81% (Library) and 5% (employees) of covered payroll. - 11 - ELBERT COUNTY LIBRARY EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 7: RETIREMENT PLANS TRS FUNDING STATUS AND PROGRESS The amount of the total pension benefit obligation is based on a standardized measurement established by Statement No. 5 ofthe Governmental Accounting Standards Board (GASB) that, with some exceptions, must be used by a PERS. The standardized measurement is the actuarial present value of credited projected benefits. This valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date, and is adjusted for the effects of projected salary increases. A standardized measure of the pension benefit obligation was adopted by the GASB to enable readers of PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among other PERS and among other employers. Total unfunded pension benefit obligation ofTRS as of June 30, 1994, was as follows: Total pension benefit obligation $ 15,313,743,000.00 Net assets available for benefits, at cost 14,254,785,000.00 Unfunded pension benefit obligation $ 1,058,958,000 00 The measurement ofthe total pension benefit obligation is based on an actuarial valuation as of June 30, 1994. Net assets available to pay pension benefits were valued as of the same date. TRS does not make separate measurements of assets and pension benefit obligation for individual employers. Total contributions from all employers to TRS for fiscal year ended June 30, 1995, were $565,117,811.00. The Library's contribution for the year ended June 30, 1995, of $12,695.08 was actuarially determined and represented .0023% oftotal contributions made by all participating employers. Ten year historical trend information is presented in the 1995 TRS Component Unit Financial Report. This information is useful in assessing TRS's accumulation of sufficient assets to pay pension benefits as they become due. Note 8: SURETY BONDS The Library Director, Mrs. Paula F. Suddeth, is bonded in the amount of $50,000.00 with the United States Fidelity and Guaranty Company, Baltimore, Maryland, their Bond No. 02-0170-1475-74-2, on which premium was paid through July 1, 1995. The Board Treasurer, Mrs. Tina Williford, is bonded in the amount of $50,000.00 with the United States Fidelity and Guaranty Company, Baltimore, Maryland, their Bond No. 02-0170-11441-94-0, on which premium was paid through December 15, 1995. - 12 - ELBERT COUNTY LIBRARY EXIIlBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 8: SURETY BONDS The Assistant Director, Mrs. Peggy Jane Johnson, is bonded in the amount of $50,000.00 with the United States Fidelity and Guaranty Company, Baltimore, Maryland, their Bond No.02-0170-11955-89-1, on which premium was paid through October 6, 1995. - 13 - ASSETS Cash and Cash Equivalents FUND EQUITY Fund Balances Unreserved Undesignated ELBERT COUNTY LIBRARY COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 1995 EXHIBIT"E" LOTTERY PROGRAM LIBRARY SERVICES AND CONSTRUCTION ACT TITLE Ill TITLEI INTERLIBRARY PUBLIC COOPERATION LIBRARY AND RESOURCE SERVICES SHARING TOTALS JUNE 30, 1995 JUNE 30, 1994 $ 0.00 $ 0.00 $ 0.00 $ - - - - - 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ ----- 0.00 $ 0.00 See notes to the general purpose financial statements. -14 - ELBERT COUNTY LIBRARY COMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES SPECIAL REVENUE FUND YEAR ENDED JUNE 30 1995 EXHIBIT "F" LOTTERY PROGRAM LIBRARY SERVICES AND CONSTRUCTION ACT TITLEIII TITLE! INTERLIBRARY PUBLIC COOPERATION LIBRARY AND RESOURCE SERVICES SHARING TOTALS YEAR ENDED JUNE 30, 1995 JUNE 30, 1994 REVENUES State Funds Federal Funds $ 1,100.00 $ 4,000.00 $ $ 15.75 1,100.00 $ 4,015.75 35,000.00 8,000.00 Total Revenues $ 1,100.00 $ 4,000.00 $ 15.75 $ 5,115.75 $ 43,000.00 EXPENDITURES Current Program Services Administration Capital Outlay $ 4,000.00 $ $ 1,100.00 15.75 $ 4,015.75 $ 1,100.00 4,000.00 26,582.00 12,418.00 Total Expenditures $ 1,100.00 $ 4,000.00 $ 15.75 $ 5,115.75 $ 43,000.00 Excess of Revenues over (under) Expenditures $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 FUND BALANCE JULY 1 0.00 0.00 0.00 0.00 0.00 FUND BA!.ANCE JUNE 30 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 See notes to the general purpose financial statements. -15- ELBERT COUNTY LIBRARY COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES FIDUCIARY FUND TYPE -AGENCY FUND YEAR ENDED JUNE 30, 1995 EXHIBIT"G" DEFERRED COMPENSATION PLAN ASSETS Investments Held by Trustee LIABILITIES Deferred Compensation Plan BALANCE JULY 1, 1994 ADDITIONS DEDUCTIONS BALANCE JUNE 30, 1995 $ 15,145.17 $ 3,564.22 $ o.oo $ _ _ _1_a1__09...,..,39,.. 1 $ 15,145.17 $ 3,564.22 $ o.oo $ _ _ _1_a_,7_0_9_.3_9 See notes to the general purpose financial statements. -16- ELBERT COUNTY LIBRARY CASH AND CASH EQUIVALENTS JUNE 30, 1995 SCHEDULE "1" NONINTEREST BEARING ACCOUNT First National Bank in Elberton, Elberton, Georgia INTEREST BEARING ACCOUNTS Elberton Federal Savings and Loan, Elberton, Georgia Certificates of Deposit No. 000293 (4.25%) No. 000945 (5.80%) No. 000948 (5.80%) No. 001272 (4.25%) OTHER Petty Cash $ 32,298.45 $ 2,000.00 3,101.91 2,193.13 10,000.00 17,295.04 100.00 $ 49,693.49 See notes to the general purpose financial statements. - 17 - ELBERT COUNTY LIBRARY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 1995 SCHEDULE "2" AGENCY/FUNDING GRANTS Education, Georgia Department of Public Libraries Salaries and Travel Library Materials Maintenance and Operations Lottery Program Distant Leaming GOVERNMENTAL FUND TYPES SPECIAL GENERAL REVENUE FUND FUND TOTAL $ 95,819.38 10,908.00 10,908.00 $ $ 1,100.00 95,819.38 10,908.00 10,908.00 1,100.00 $ 117,635.38 $ 1,100.00 $ ====11=8,7=35=.3=8 See notes to the general purpose financial statements. - 18 - ELBERT COUNTY LIBRARY SCHEDULE OF FEDERAL REVENUE YEAR ENDED JUNE 30, 1995 AGENCY/FUNDING Education, U. s. Department of Through Georgia Department of Education Library Services and Construction Act Title I - Public Library Services Title Ill - Interlibrary Cooperation and Resource Sharing SCHEDULE "3" GOVERNMENTAL FUND TYPE SPECIAL REVENUE FUND $ 4,000.00 15.75 $ 4,015.75 See notes to the general purpose financial statements. - 19 - ELBERT COUNTY LIBRARY SCHEDULE OF LOCAL AND OTHER REVENUE YEAR ENDED JUNE 30, 1995 SCHEDULE "4" LOCAL SOURCES City Government Elberton County Government Board of Commissioners Elbert OTHER SOURCES Donations Fines and Fees Interest Earned Lost and Damaged Books other GOVERNMENTAL FUND TYPE GENERAL FUND $ 34,100.04 36,499.92 3,544.21 2,407.75 768.46 254.85 150.00 $ =====7=7=,72=5=.2=3 See notes to the general purpose financial statements. - 20 - ELBERT COUNTY LIBRARY SCHEDULE OF EXPENDITURES BY OBJECT GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30, 1995 SCHEDULE "5" EXPENDITURES Operating Costs Salaries Employee Benefits Travel of Employees Professional and Technical Services Property Services Supplies Library Books and Materials Utilities Expendable Equipment Communications and Insurance Other Expenditures Nonoperating Costs Equipment Total Expenditures GENERAL FUND SPECIAL REVENUE FUND TOTAL $ 116,406.03 30,478.13 1,968.28 1,097.24 5,758.95 4,930.75 $ 20,378.14 8,514.74 2,568.00 7,617.13 531.50 $ 15.75 4,000.00 116,406.03 30,478.13 1,968.28 1,097.24 5,758.95 4,946.50 24,378.14 8,514.74 2,568.00 7,617.13 531.50 1,100.00 1,100.00 $ 200,248.89 $ 5,115.75 $ 205,364.64 See n.otes to the general purpose financial statements. - 21 - ELBERT COUNTY LIBRARY SCHEDULE OF EXPENDITURES BY OBJECT LOTTERY PROGRAM YEAR ENDED JUNE 30, 1995 EXPENDITURES Nonoperating Costs Equipment SCHEDULE "6" DISTANT LEARNING $ ==1='=10=0=.o=o See notes to the general purpose financial statements. - 22 - ELBERT COUNTY LIBRARY MEMBERSHIP OF LIBRARY BOARD YEAR ENDED JUNE 30, 1995 BOARD MEMBER ADDRESS ' Dr. Stacy Harbin, Chairman (*) 1828 Athens Highway Elberton, Georgia 30635 Mrs. Esther Harris P. 0. Box95 Bowman, Georgia 30624 Mrs. Rosa Harris (*) 360 Briarwood Drive, Northwest Bowman, Georgia 30624 Mrs. J. D. McCall 2790 Washington Highway Elberton, Georgia 30635 Mrs. Marguertie McCall (*) 3251 Dixon-McCall Road Elberton, Georgia 30635 Mr. Rod McCarty (*) 151 Tusten Street Elberton, Georgia 30635 Mr. Ed C. Mims (*) 68 College Avenue Elberton, Georgia 30635 Mrs. Bunice Porter (*) 275 Locklin Street Elberton, Georgia 30635 Mrs. Nancy Whitworth P. 0. Box250 Elberton, Georgia 30635 Mrs. Tina Williford (*) 145 Parkwood Drive Elberton, Georgia 30635 (*) Denotes Board Members Serving as of June 30, 1995 See notes to the general purpose financial statements. - 23 - SCHEDULE '7" ELBERT COUNTY LIBRARY SCHEDULE OF SALARIES AND TRAVEL YEAR ENDED JUNE 30, 1995 SCHEDULE "8" PERSONNEL Anderson, Bailey, Banks, Hilley, Johnson, Ledbetter, Maxwell, Moss, Suddeth, Thornton, Sue Camilla Barbara Thornton Janelle Peggy Jane Marion B. Sara LIilie Bolton Paula F. Valencia Trinet POSITION Ubrary Aide Secretary Ubrary Aide Ubrary Aide Assistant Director Ubrary Aide Ubrary Aide Ubrary Aide Director Library Aide SALARIES TRAVEL $ 2,537.00 13,709.04 632.10 12,491.28 $ 38,795.20 98.90 2,405.55 3,054.46 42,497.60 184.90 27.50 166.07 1,774.71 $ 116,406.03 $ ====1=,9=68=.2=8 See notes to the general purpose financial statements. -24-