Fitzgerald-Ben Hill County Library, Fitzgerald, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2002

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,FITZGERALD-BEN HILL COUNTY 'LIBRARY.

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"' REPORT ON AUbrr.:,: ,

pF.,THE FINAN_CIAL 'STATEME~S .~ .1.,- ..

FOR THE FISCAL YEAR ENDED JUNE 30, 2002

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Ru~~e1i\v. Hinton

-State Auditor:_

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FITZGERALD-BEN HILL COUNTY LIBRARY -TABLE OF CONTENTS-

FINANCIAL

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

STATEMENT OF REVENUES, EXPENDffiJRES AND

CHANGES IN FUND BALANCES

ALL GOVERNMENTAL FUND TYPES

4

C

STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL

GENERAL FUND

5

D

STATEMENT OF REVENUES, EXPENSES AND

CHANGES IN FUND BALANCES

FIDUCIARY FUND TYPE - NONEXPENDABLE fRUST FUND

6

E

STATEMENT OF CASH FLOWS

FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUND

7

F NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

9

ADDffiONAL FINANCIAL INFORMATION

SCHEDULES

SCHEDULE OF REVENUE

I

STATE

18

2

FEDERAL

19

3

LOCAL

20

4 SCHEDULE OF SALARIES AND TRAVEL

21

FINANCIAL

{IJ~<,t.l I W. III:. HIN
STATE AUOlmn
(404) 656-217

DEPARTMENT OF AUDITS AND ACCOUNTS
254 Wa,hongton S1rcc1. ~ W Su11c 214 AtlJnlJ, Georgia 30334-8400
May 13, 2003

Honorable Sonny Perdue, Governor Members of the General Assembly Members of the Board of Regents of the Umvers1ty System of Georgia
and Director and Members of the Fitzgerald-Ben Hill County Library Board
INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
Ladies and Gentlemen
We have audited the accompanymg general-purpose financial statements of the Fitzgerald-Ben Hill County Library, as of and for the year ended June 30, 2002, as hsted m the table of contents These general-purpose financial statements are the respons1b1hty of the Fitzgerald-Ben Hill County Library's management Our rcspons1b1hty 1s to express an op1mon on these general-purpose financial statements based on our audit
We conducted our audit m accordance with aud1tmg standards generally accepted m the Umted States of Amenca Those standards reqmre that we plan and perform the audit to obtam reasonable assurance about whether the general-purpose financial statements are free ofmaterial misstatement An audit mcludes exammmg, on a test basis, evidence supportmg the amounts and disclosures m the financial statements An audit also mcludes assessmg the accountmg pnnc1ples used and s1gmficant eslimates made by management, as well as evaluatmg the overall financial statement presentation We believe that our audit provides a reasonable basis for our opuuon
In our opuuon, the general-purpose financial statements referred to above present fairly, m all matenal respects, the financial posllmn of the Fitzgerald-Ben Hill County Library as of June 30, 2002, and the results of1ts operatmns and the cash flows of1ts nonexpendable trust fund for the year then ended, m conformity with accountmg pnnc1ples generally accepted m the Umted States of America

2002ARL-40

Our audit was performed for the purpose of formmg an op1111on on the general-purpose financial statements ofthe Fitzgerald-Ben Hill County Library taken as a whole The accompanymg financial schedules (Schedules I through 4), as hsted m the table of contents, are presented for purposes of add11Ional analysis and are not a reqmred part of the general-purpose financial statements of the Fitzgerald-Ben Hill County Library Such mformallon has been subJected to the aud1tmg procedures applied m the audit ofthe general-purpose financial statements and m our opm1on, 1s fauly stated, m all matenal respects, m relation to the general-purpose financial statements taken as a whole
A copy oftlus report has been filed as a permanent record m the office ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code ofGeorgia Annotated Section 506-24
Respectfully submitted,
w.4!...k
State Auditor
RWHas 2002ARL-40

FITZGERALD-BEN HILL COUNTY LIBRARY

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FITZGERALD-BEN HILL COUNTY LIBRARY COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUP JUNE 30 2002

ASSETS Cash and Cash Equivalents Investments Accounts Receivable General Fixed Assets
Equipment Inexhaustible Collecllons and Books
Total Assets

GOVERNMENTAL FUND TYPE
GENERAL FUND

FIDUCIARY FUND TYPE
TRUST FUND

$

35,945 98 $

12,134 02

55,142 40

1,15711

24694

$

s_ _ 3110309

-==6~7~5=2~3~36..,

UABILITIES AND FUND EQUITY
LIABILITIES
Accounts Payable Salanes Payable Expired Grant Balances Payable Deferred Revenue
Total L1ablht1es
FUND EQUITY
Investment m General Fixed Assets Fund Balances
Reserved For Endowment Corpus
Unreserved Des,gnated for ObJect of Trust Undes1gnated
Total Fund Equity

$

122 39

43 33

2,470 74

275 00

$

2 911 46

$

51,584 85

$

34 191 63

15,938 51 000

$

34,191 63 $

67 523 36

Total Llablht1es and Fund Equity

$

s 37 103 09 =~=--6_1..,5_2_3_36..,

The notes to the general-purpose financial statements are an integral part of this statement -2-

EXHIBIT"A"

ACCOUNT GROUP
GENERAL FIXED
ASSETS

TOTALS

!Memorandum Only)

JUNE 301 2002

JUNE 301 2001

$

48,080 DO $

33,336 78

55,142 40

51,959 DD

1,404 05

1,527 37

$

236,388 DD

DOD

236,388 DO ODD

236,388 DD ODO

$

236,388 DD $

s _.... 34101445

3_2_3_2_11_1_5_

$

122 39

4333

2,470 74

27500

$

2 911 46

$

236,388 00 $

236,388 00 $

236,388 DD

51,584 85

51,959 DD

15,938 51 34 191 63

16,500 48 18 363 67

$

236,388 00 $

338,102 99 $ _ _,3::2,c3,.,,2.,_11'--'-'15,_

$

341 014 45 $ _ ....3..2.3_,_21_1_1_5_

-3-

FIJZGERALO-BEN HILL COUNTY LIBRARY STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30 2002

EXHIBIT "B"

REVENUES
State Funds Federal Funds Local Funds Other Funds
Total Revenues
EXPENDITURES
Current Public Services Technical Services Support Services Maintenance and Opera~ons
Total Expendrtures
Excess of Revenues over (under) Expenditures
FUND BALANCE JULY 1
FUND BALANCE JUNE 30

GENERAL FUND

TOTALS

(Memorandum Onl~l

YEAR ENDED

JUNE 30, 2002

JUNE 30, 2001

s 106,242 58 $
1,439 00 194,860 96
12 293 13
$ 314 835 67 $

106,242 58 $ 1,439 00
194,860 96 12 293 13
314 835 67 $

146,430 20
187,903 62 1196368
346 297 50

$ 187,647 70 $ 13,527 11 72,472 54 25 360 36

$ 299 007 71 $

$

15,827 96 $

18 363 67

187,647 70 $ 13,52711 72,472 54 25,36036
299 007 71 $
15,827 96 $
18 363 67

193,542 91 12,12041
139,141 07 2346033
368264 72
-21,967 22
40 330 89

$

34 191 63 $

34 191 63 S_ __,:1,::8.,;:36;;-;3;:.6;:.7:..

The notes to the general-purpose finanC1al statements are an integral part of this statement
-4-

FITZGERALD-BEN HILL COUNTY LIBRARY STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL GENERAL FUND
YEAR ENDED JUNE 30, 2002

EXHIBIT "C"

REVENUES State Funds Federal Funds Local Funds Other Funds
Total Revenues
EXPENDITURES
Current Public Services Technical Services Support Services Maintenance and Operabons
Total Expendrtures
Excess of Revenues over (under) Expendrtures
FUND BALANCI; JUbY 1 2001
FUND BALANCE JUNE 30 2002

BUDGET

ACTUAL

$

82,751 73 $ 106,242 58

1,439 00

196,910 00

194,860 96

1100000

12 293 13

$

290 661 73 $

314 83567

$

178,952 63 $

187,647 70

7,733 00

13,52711

81,387 10

72,472 54

22,58900

25 360 36

$

290 661 73 $

299 007 71

$

000 $

15,827 96

18 363 67

18 363 67

$

18,363 67 $ =~34...,1_9_1..,63..,

The notes to the general-purpose financial statements are an integral part of this statement -5-

FllZGERALD-BEN HILL COUNTY LIBRARY STATEMENT OF REVENUES EXPENSES AND CHANGES IN FUND BALANCES
FIDUCIARY FUND TYPE NONEXPENDABLE IBUST FUND YEAR ENDED JUNE 30. 2002

EXHIBIT "D"

OPERATING REVENUES
Donations
OPERATING EXPENSES
Current PuptlServices Support SeJVIC8S
Total Operating Expenses Operallng Income (Loss) NONOPERATING REVENUES (EXPENSES}
Interest Earned Net Ina-ease (Decrease) m Fair Value of Investments
Total Nonoperabng Revenues Total Income (Loss) FUND BALANCE JULY 1
FUND BALANCE JUNE 30

FITZGERALDBEN HILL COUNTY
LIBRARY FUND

TOTALS

{Memorandum Orw}

YEAR ENDED

JUNE 30, 2002

JUNE 30, 2001

$

000 S

000 S

2 496 08

$

$

2 947 89 $

2 947 89

$

2 947 89 $

2 947 89 $

$

-2 947 89 $

-2 947 89 $

117 64 3 038 85
3 156 49
-ti60 41

$

2 291 59 $

2,291 59 $

2,926 45

-279 82

-279 82

-438 30

$

2 011 TT $

2 011 77 $

2 488 15

$

-93612 $

-936 12 $

1 827 74

68 459 48

68 45948

66 631 74

$

67 523 36 $

67 523 36 s _ _ _6"'8'"45=9.,.48._

The notes to the general-purpose financial statements are an mtegraJ part of this statement
6

FITZGERALD-BEN HILL COUNTY LIBRARY STATEMENT OF CASH FLOWS
FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUND
YEAR ENDED JUNE 30 2002

EXHIBIT "E"

Cash Flows from Operabng Ac!Mbas Gash Paid for Speaal Library Programs Donations Net Cash Flows from Operabng Activrties
Cash Flows from lnvasbng Activ1bes lnteresl Received on Investments Net Sale (Purchase) of Investments Net Cash Flows from Investing Act1vrt1as
Net Increase (Decrease) In Cash Cash and Cash Equivalents - July 1
Cash and Cash Equivalents - June 30

FITZGERALDBEN HILL COUNTY
LIBRARY FUND

TOTALS

{Memorandum Onl~l

YEAR ENDED

JUNE 30, 2002

JUNE 30, 2001

$

-2,947 89 $

-2,947 89 $

-3,15649

2 496 08

$

-2 947 89 $

-2 947 89 $

-660 41

$

3,572 02 $

3,572 02 $

4,072 52

-3 463 22

-3 463 22

-2 397 30

$

108 80 $

10880 $

1 675 22

$

-2,839 09 $

-2,839 09 $

1,014 81

14 97311

1497311

13 958 30

$

1213402 $

12 134 02 $ _ _...;;14;..9;;,;7.:3~1:.;.1

The notes to the general-purpose financial statements are an mtegral part of this statement -7-

FmGERALD-BEN HILL COUNTY LIBRARY

EXHIBIT "F"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2002

Note I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY
The Fitzgerald-Ben Hill County Library (Library) operates pursuant to Official Code of Georgia Annotated Seclions 20-5-40 through 20-5-59 to provide public hbrary services with costs shared by part1c1patmg local governmental agencies and grants from the State of Georgia The financial statements of the Library have been prepared m conformity With generally accepted accountmg pnnc1ples as applied to governmental umts and the financial statements present all fund types and account groups of the Library.
The Library Board consists of seven members, three members appointed by the Ben Hill County Comm1ss1oners, and four members appointed by the Fitzgerald City Council The Library Board 1s Without authonty to detcrmme the amount of1ts fundmg, except by subnuss1on ofbudget requests to local governmental uruts from which the Library receives support and to the State of Georgia for State and Federal fundmg Membership m the Library and part1c1pat1on m library services 1s at the d1scre11on of each part1c1pating governmental agency The Library Board has the power to designate management, the power to retam unreserved fund balances of local and other funds for contmued operalions and 1s the lowest level of oversight respons1b1hty for the Library's operations
While the Fitzgerald City Council appomts a maJonty of the Fitzgerald-Ben Hill County Library's Board, the Fitzgerald City Council 1s neither able to impose its will upon the Library nor 1s there a financial benefit/burden relat1onsh1p between the two boards as defined by Governmental Accountmg Standards Board The Fitzgerald-Ben Hill County Library 1s therefore considered to be a related organ1zabon of the City of Fitzgerald, Georgia
FUND ACCOUNTING
The Library uses funds and an account group to report on its financial pos1t1on and the results of1ts operations Fund accountmg 1s designed to demonstrate legal compliance and to aid financial management by segregatmg transactions related to certain governmental funcl!ons or ac1Iv1t1es.
A fund 1s a separate accountmg entity with a self-balancmg set of accounts An account group 1s a financial reportmg device designed to provide accountab1hty for certam assets and hab1hhcs that are not recorded m the funds because they do not duectly affect expendable available financial resources
The general-purpose financial statements account for all State, Federal, Local and Other funds under control of the Library, m compliance with generally accepted accountmg pnnc1ples apphcable to governmental uruts Funds and the account group presented m this report are as follows
GOVERNMENTAL FUND TYPE - used to account for all or most of the Library's general ac1Iv11Ies. The Governmental Fund Type includes:
-9-

FmGERALD-BEN HILL COUNTY LIBRARY

EXHIBIT "F"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2002

Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
GENERAL FUND - the fund used to account for all financial resources of the Library except those required to be accounted for m another fund. These transactions relate to resources obtamed and used for services provided by a Library
FIDUCIARY FUND TYPE - the trust fund used to account for assets held by a government umt m a trustee capacity or as an agent for md1v1duals, pnvate organ1zat1ons, other government units and/or other funds Tlus fund mcludes
NONEXPENDABLETRUSTFUND Fitzgerald-Ben Hill County Library Fund - the fund used to account for an endowment of which the corpus 1s to be mvested and preserved intact with the resultant income to be used to provide vanous needs of the Library
ACCOUNT GROUP
GENERAL FIXED ASSETS ACCOUNT GROUP - used to account for all general fixed assets acquired by the Library wluch includes eqmpment and mexhaustlble collect10ns and books The land and bmlding used m library operations are owned Jointly by the City of Fitzgerald and the County of Ben Hill
BASIS OF ACCOUNTING
The accountmg and financial reporting treatment applied to a fund 1s determmed by its measurement focus. All governmental funds are accounted for usmg a current financial resources measurement focus With this measurement focus, only current assets and current hab1lit1es are generally mcluded on the balance sheet Operatmg statements ofthese funds present mcreases (1 e, revenues and other financmg sources) and decreases (1 e., expenditures and other financing uses) m net current assets Their reported fund balance 1s considered a measure of available spendable resources
L1ab1ht1es which are expected to be financed from available spendable resources are reported as liab1lit1es m the governmental funds
Nonexpendable trust funds are accounted for on a flow of economic resources measurement focus With tlus measurement focus, all assets and hab1ht1es associated with the operation of these funds are mcluded on the balance sheet Operating statements present increases (e g , revenues) and decreases (e.g., expenses) in net total assets
Governmental funds are accounted for using the modified accrual basis of accountmg under which
Revenues are recognized when susceptible to accrual (1 e., when they become both measurable and available) "Measurable" means the amount of the transact10n can be determmed and "available" means collect1ble within the current penod or soon enough thereafter to be used to pay hab1ht1es of
- IO -

FITZGERALD-BEN HILL COUNTY LIBRARY NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS
JUNE 30, 2002

EXHIBIT "F"

Note I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
the current penod The Library considers receivables collected with.m sixty days after year-end to be available and therefore susceplible to accrual Nonexchange transaclions, m winch the Library gives (or receives) value without d1rectly receiving (or g1vmg) equal value m exchange, mclude mtergovernrnental grants and donalions Revenue from grants and donalions 1s recogmzed m the fiscal year m which all ehg1bihty requ1rements have been salisfied.
Expenditures are generally recogruzed when the related fund hab1hty 1s mcurred
The accrual basis of accountmg, as requ1red by generally accepted accountmg pnnc1ples, 1s ulihzed by the nonexpendable trust funds. Under the accrual basis of accountmg, revenues are recorded when earned and expenses are recorded at the lime hab1hlies are mcurred.
BUDGET
The Fitzgerald-Ben Hill County Library"s budget 1s a complete financial plan for the Library"s fiscal year and 1s based upon estimates of expenditures together with probable fundmg sources There 1s no statutory proh1b1t1on regardmg overexpend111lfe of the budget at any level The budget for all governmental funds 1s prepared by fund, function and obJect The legal level ofbudget control was established by the Library at the aggregate level The budget for governmental funds was prepared m accordance with generally accepted accountmg pnnc1ples.
The budget process begins when the Library's adm1mstralion prepares a tentative aggregated budget for the Board's approval After approval ofth1s tentalive budget by the Board, copies are sent to all local fundmg agencies After fund.mg approval 1s received from all local fundmg agencies, the Board makes rev1s1ons as necessary and adopts the budget The budget 1s then submitted to the Board of Regents of the Umvers1ty System of Georgia as a part of the Library's annual apphcalion for State aid The Board may mcrease or decrease the budget at any lime dunng the year All unexpended budget authonty lapses at fiscal year end.
CASH AND CASH EQUIVALENTS
COMPOSITION OF DEPOSITS Cash and cash eqmvalents consist of cash on hand, demand deposits and short-term mvestments with ongmal matunues of three months or less from the date of acqms1t1on m authonzed financial mstltutlons. Georgia Laws authonze the Library to deposit its funds m one or more solvent banks or msured Federal savmgs and loan associations

- II -

FITZGERALD-BEN HILL COUNTY LIBRARY

EX'IDBIT "F"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2002

Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
INVESTMENTS
COMPOSIDON OF INVESTMENTS Investments made by the Library m nonpart1c1patmg interest-earning contracts (such as certJ.ficates of deposit) and repurchase agreements are reported at cost Part.Ic1patmg mterest-earnmg contracts and money market mvestments with a matunty at purchase of one year or less are reported at amortized cost Both part1c1patmg mterest-earmng contracts and money market mvestments with a matunty at purchase greater than one year and eqmty mvestments are reported at fair value The Official Code ofGeorgia Annotated Secllon 36-83-4 authonzes the Library to mvest its funds In selectmg among opllons for mvestment or among mslltullonal bids for deposits, the highest rate ofreturn shall be the obJecllve, given eqmvalcnt cond11Ions of safety and hqu1d1ty. Funds may be mvested m the followmg:
(I) Obhgat1ons issued by the State of Georgia or by other states,
(2) Obhgat10ns issued by the Umted States government,
(3) Obhgauons fully msured or guaranteed by the Umted States government or a Umted States government agency,
(4) Obhgat1ons of any corporaIIon of the Umted States government,
(5) Pnme banker's acceptances,
(6) The Local Government Investment Pool admm1stered by the State of Georgia, Office of Treasury and Fiscal Services,
(7) Repurchase agreements, and
(8) Obligations ofotherpoht1cal subd1v1s10ns of the State of Georgia
RECEIVABLES
Receivables consist of grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed, allotted funds from part1c1pallng local governments, and other receivables disclosed from mformat10n available Receivables are recorded when either the asset or revenue recogmllon cntena has been met Receivables recorded on the general-purpose financial statements do not mclude any amounts which would necessitate the need for an allowance for uncollecllble receivables

- 12 -

FITZGERALD-BEN HILL COUNTY LIBRARY

EXHIBIT "F"

NOTES TO TI-IE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30. 2002

Note I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
GENERAL FIXED ASSETS
General fixed assets purchased, including capital outlay costs, are recorded as expenditures in the vanous funds at the time of purchase. All purchased general fixed assets are valued at cost where h1stoncal records are available and at estimated h1stoncal cost where no h1stoncal records exist Donated general fixed assets are recorded at fair market value as of the date donated Disposals arc deleted at recorded cost. No depreciat10n has been provided on General Fixed Assets The cost of normal maintenance and repairs that do not add to the value of the assets or matenally extend the useful hves of the assets 1s not cap1tahzed The values ofmexhaustlble collect10ns and books at the Library are not readily detenrunable, therefore, the Library has not cap1tahzed them
COMPENSATED ABSENCES
Compensated absences represent obligations of the Library relating to employees nghts to receive compensallon for future absences based upon services already rendered This obligation relates only to vesting accumulatmg leave m which payment 1s probable and can be reasonably estimated No liability has been recorded m the md1v1dual funds for the current port10n of this obligatlon as this amount 1s deemed 1mmatenal to the general-purpose financial statements
Add11lonally, the dollar value of accumulated compensated absences at June 30, which will be payable from future resources has not been recorded m the General Long-Term Debt Account Group as this liability 1s also deemed to be 1mmatenal to the fair presentation ofthese financial statements
INTERFUND TRANSACTIONS
The Library has the followmg type of mterfund transactions
Reimbursements ofexpenditures/expenses nullallymade from a fund that are properly applicable to another fund are recorded as expenditures/expenses m the re1mbursmg fund and as reductions of expenditures/expenses m the fund that 1s reimbursed
MEMORANDUM ONLY TOTAL COLUMNS
Total columns on the general-purpose financial statements are capt10ned "Memorandum Only" to md1cate that they are presented only to facilitate financial analysis Data m these columns do not present financial pos1llon, results ofoperallons or cash flows m conformity with generally accepted accountmg pnnc1ples, nor 1s such data comparable to a consolidation Interfund ehmmat10ns have not been made m the aggregallon of this data

13

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FITZGERALD-BEN HILL COUNTY LIBRARY

EXHIBIT "F"

NOTES TO TIIE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2002

Note 2 DEPOSITS AND INVESTMENTS
COLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Secl!on 45-8-12 provides that there shall not be on deposit at any lime in any depository for a lime 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 secunhes pledged shall be equal to not less than 110 percent of the pubhc funds being secured after the deduction ofthe amount ofdeposit insurance Ifa depository elects the pooled method (OCGA 45-8-13.1) the aggregate ofthe market value ofthe secunl!es pledged to secure a pool ofpubhc funds shall be not less than 110 percent ofthe daily pool balance OCGA Sectton 45-8-1 !(b) provides an officer holding pubhc funds may, in !us discretion, waive the reqmrement for secunty in the case ofoperal!ng funds placed in demand deposit checking accounts.
Acceptable secunty for deposits consists of any one of or any combinal!on of the following
(I) Surety bond signed by a surety company duly qualified and authonzed to transact business witlun the State of Georgia,
(2) Insurance on accounts provided by the Federal Deposit Insurance Corporahon,
(3) Bonds, bills, notes, certificates of indebtedness or other direct obhgal!ons of the Umted States or of the State of Georgia,
(4) Bonds, bills, notes, certificates of indebtedness or other obhgal!ons of the counl!es or mumc1pahl!es of the State of Georgia,
(5) Bonds of any pubhc authonty created by the laws of the State of Georgia, proVIding that the statute that created the authonty authonzed the use of the bonds for this purpose,
(6) lndustnal revenue bonds and bonds ofdevelopment authont1es created by the laws ofthe State of Georgia, and
(7) Bonds, bills, notes, cert1 ficates of indebtedness, or other obhgahons of a subs1d1ary corporal!on of the Umted States government, which are fully guaranteed by the Umted States government both as to pnnc1pal and interest or debt obhgallons 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 Assoc1at10n, and the Federal National Mortgage Assoc1ation
CATEGORIZATJON OF DEPOSITS At June 30, 2002, the bank balances were $120,396 66 The bank balances were enurely covered by Federal depository insurance or by collateral held by the Library or the Library's agent in the Library's name
- 14 -

FITZGERALD-BEN HILL COUNTY LIBRARY NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS
JUNE 30. 2002

EXHIBIT "F"

Note 2 DEPOSITS AND INVESTMENTS

CATEGORIZATION OF INVESTMENTS At June 30, 2002, the fair value of the Library's total investments was $1,584 85 and this entire amount consisted of common stock wluch was msured or registered, or secunl!es held by the Library
or its agent m the Library's name

Note 3 GENERAL FIXED ASSETS

A summary of changes m the General Fixed Assets Account Group dunng the fiscal year are as follows
Equipment

Balance July I, 200 I

$ 236,388 00

Additions

000

Balance June 30. 2002

$ 236,388.00

Note 4. RISK MANAGEMENT

The Library 1s exposed to vanous nsks ofloss related to torts, theft of, damage to, and destruct10n of assets; errors or om1ss1ons, JOb related illness or mJunes to employees, acts of God. and unemployment compensation

The Library has obtamed commercial insurance for nsk of loss associated with torts, assets and errors or om1ss10ns However, the error or om1ss1ons policy excludes coverage for sexual harassment and d1scnmmallon The Library has neither s1gmficantly reduced coverage for these nsks nor mcurred losses (settlements) which exceeded the Library's msurance coverage many ofthe
past three years

The Library has elected to self-msure for all losses related to acts of God The Library has not expenenced any losses related to this nsk m the past three years

The Library 1s self-msured with regard to unemployment compensahon claims The Library accounts for claims w1thm the same fund that the employee's salary and benefits were paid Claims are accounted for wtth expenditure and hab1hty bemg reported when 11 1s probable that a loss has occurred, and the amount ofthat loss can be reasonably eshmated The Library has not expenenced any unemployment compensation claims dunng the last two years

The Library has purchased surety bonds to provide add11ional insurance coverage as follows

- 15 -

FITZGERALD-BEN HILL COUNTY LIBRARY

EXHIBIT "F"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2002

Note 4 RISK MANAGEMENT

Position Covered Each Employee Note 5 CONTINGENT LIABILITIES

Amount $ 10,000 00

Amounts received or receivable pnnc1pally from the Federal government are subJect to audit and reYJew by grantor agencies This could result m requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant terms The Library believes that such dtsallowances, tf any, will be 1mmatenal to tts overall financial position.

Note 6 ACCUMULATED EMPLOYEES' LEAVE

Regular, full-time employees earn annual leave based on the number ofyears ofemployment. Leave may be taken after six months of employment and must be taken dunng the year 1t 1s credited Upon separation m good standmg, after one year of employment, the employees will be paid for unused annual leave earned See Note I - Compensated Absences

Note 7. RETIREMENT PLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA (fRS)

TRS PLAN DESCRIPTION Substantially all hbranans and clencal personnel employed by regional and county hbranes are covered by the Teachers Retirement System of Georgia (TRS), which 1s a cost-shanng multiple employer defined benefit pension plan. TRS provides service retrrement, d1sab1hty rctuement and survivors benefits for its members m accordance with State statute The Teachers RetJTcment System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts

TRS COl\TRIBUTIONS REQUIRED AND MADE Employees of the Library who are covered by TRS are required by State statute to contnbute 5% of their gross earnmgs to TRS The Library makes monthly employer contnbuttons to TRS at rates adopted by the TRS Board of Trustees m accordance With State statute and as advised by theJT mdependent actuary The reqmred employer contnbut10n rate 1s 9 24% and employer contnbutlons for the current fiscal year and the precedmg two fiscal years arc as follows

- 16 -

FITTGERALD-BEN HILL COUNTY LIBRARY

EXHIBIT "F"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30. 2002

Note 7: RETIREMENT PLANS
Fiscal Year 2002 2001 2000

Percentage Contnbuted
100% 100% 100%

Reqmred Contnbut10n
$ 13,968 59 S 19,302 98 $ 18,327 46

- 17 -

FITZGERALD-BEN HILL COUNTY LIBRARY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30. 2002

SCHEDULE "1"

AGENCY/FUNDING
GRANTS Board of Regents of the Umversrty System of Georgia Office of Pubhc Library Services Salaries and Travel l.lbrary Matenals Maintenance and Operation

GOVERNMENTAL FUND TYPE GENERAL FUND

$

86,288 00

10,065 63

9 888 95

s _____10_B_.2_4_2_SB-=

See notes to the general-purpose financial statements - 18 -

FITZGERALD-BEN HILL COUNTY LIBRARY SCHEDULE OF FEDERAL REVENUE
YEAR ENPEP JUNE 30, 2002

SCHEDULE "2"

AGENCY/FUNDING
GRANT Museum and I.Jbrary Services, lnstrtute of Through Board of Regents of the University System of Georgia Library Services and Technology Act State Library Program

GOVERNMENTAL FUND TYPE GENERAL FUND
$==~--1._4_3_9_00_

See notes to the general-purpose financial statements - 19 -

FITZGERALD-BEN HILL COUNTY UBRARY
SCHEDULE OF LOCAL REVENUE
YEAR ENDED JUNE 30 2002

SCHEDULE "3"

LOCAL SOURCES
City Government Fitzgerald
County Government Board of Comm1ss1oners Ben Hill

GOVERNMENTAL FUND TYPE GENERAL FUND

$

96,805 48

98,055 48

$===..,194"==,8=60===96.,

See notes to the general-purpose financial statements - 20 -

FITZGERALD-BEN HILL COUNTY LIBRARY
SCHEDULE OF SALARIES AND TRAVEL YEAR ENDED JUNE 30. 2002

SCHEDULE "4"

NAME
Bacon. Bly, Braziel. Brock, Chasteen. Deese, Hall, HosteHer, Hunter. Hunter. McCarty. McKinley, Meredrth, Parker, Parker. Pressley, Rakestraw,

Bernice Kimberly Casey L Camille Ginny Charron Darlene Mary A Linda Sue Linda Margaret Jacqueline Wilham Julia Jaime Rebecca S Annie E Karen

Accruals June 30, 2001 June 30, 2002

Totals per Report

TITLE CATEGORY
Director Part Time Clerk Children's Clerk Technical Services Ch1ldrens Clerk C1rculabon Clerk Technical Services Bookkeeper Part nme Clerk Circulation Clerk Children's Clerk Circulabon Clerk Drrector Children's Clerk Part nme Clerk Circulation Clerk Circulabon Clerk

SALARIES

TRAVEL

$

52.608 98 $

63345

824 00

6,886 88

11,24992

1.31520

3.975 48

19,101 30

1.079 33

15,646 50

574 23

10,12657

20,59616

3,790 50

1.830 40

385 20

15,646 50

1,088 42 411 24 718 334 89
12 36

$ 166.270 60 $

1,854 09

000 43 33

0 00 121 76

$

166.313 93 s===1=.9=7=5=8=5

See notes to the general-purpose financ,al statements - 21 -