Audit report, Moultrie-Colquitt County Library, a component unit of the Colquitt County Board of Commissioners, Moultrie,Georgia, year ended June 30, 1996

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AUDIT REPORT MOULTRIE-COLQUITT COUNTY LIBRARY A COMPONENT UNIT OF COLQUITT COUNTY
BOARD OF COMMISSIONERS MOULTRIE, GEORGIA
YEAR ENDED JUNE 30, 1996

STATE OF GEORGIA DEPARTMENT OF AUDITS
254 WASHINGTON STREET
ATLANTA. GEORGIA 30334

MOULTRIE-COLOUITT 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 GROUPS

2

B

COMBINED STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES

ALL GOVERNMENTAL FUND TYPES

AND EXPENDABLE TRUST FUND

4

C

STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL

GENERAL AND SPECIAL REVENUE FUNDS

7

D

STATEMENT OF REVENUES, EXPENSES AND

CHANGES IN FUND BALANCES

FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUND

8

E

STATEMENT OF CASH FLOWS

FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUND

9

F NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

11

ADDITIONAL FINANCIAL INFORMATION

COMBINING STATEMENTS

SPECIAL REVENUE FUND

G

COMBINING BALANCE SHEET

22

H

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES

23

FIDUCIARY FUND TYPES

I

COMBINING BALANCE SHEET

24

SCHEDULES

1 CASH AND CASH EQUIVALENTS

25

2 ACCOUNTS RECEIVABLE

26

SCHEDULE OF REVENUE

3

STATE

27

4

FEDERAL

28

5

OTHER

29

MOULTRIE-COLQUITT COUNTY LIBRARY - TABLE OF CONTENTS -

FINANCIAL

ADDITIONAL FINANCIAL INFORMATION

SCHEDULES

SCHEDULE OF EXPENDITURES BY OBJECT

6

GOVERNMENTAL FUND TYPES

30

7

LOTTERY PROGRAM

31

8

FIDUCIARY FUND TYPE

EXPENDABLE TRUST FUND

32

9 MEMBERSHIP OF LIBRARY BOARD

33

10 SCHEDULE OF SALARIES AND TRAVEL

34

FINANCIAL

CLAUDE L. VICKERS
STATE AUDITOR
(404) 656-2174

DEPARTMENT OF AUDITS
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400
January 31, 1997

Honorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation
and Director and Members of the Moultrie-Colquitt 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 F) of the Moultrie-Colquitt County Library, component unit ofthe Colquitt County Board of Commissioners, as of and for the year ended June 30, 1996, as listed in the table of contents. These financial statements are the responsibility of the 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 ofthe Moultrie-Colquitt County Library as of June 30, 1996, and the results of its operations and the cash flows of its nonexpendable trust fund for the year then ended, in conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the general purpose financial statements ofthe Moultrie-Colquitt County Library taken as a whole. The combining statements (Exhibits G through I) and the financial schedules (Schedules 1 through 10) , 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 the Moultrie-Colquitt County Library. Such information has been subjected to the auditing procedures applied
96ARL-40

in the audit ofthe 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 permanent 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.
Respectfully submitted,

CLV:cm 96ARL-40

Claude L. Vickers State Auditor

MOULTRIE-COLQUITT COUNTY LIBRARY - 1-

MOULTRIE-COLQUITT COUNTY LIBRARY COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS JUNE 30, 1996

ASSETS
Cash and Cash Equivalents
Accounts Receivable
Amount to be Provided in Future Years For Payment of: Capital Lease Agreements Compensated Absences
General Fixed Assets
Equipment Inexhaustible Collections and Books
Total Assets

GOVERNMENTAL FUND TYPES

SPECIAL

GENERAL

REVENUE

FUND

FUND

$

22,960.30 $

0.00

20,517.27

$

43,477.57 s_ _ _ _o_.o_o_

LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts Payable Expired Grant Balances Payable Capital Lease Agreements Compensated Absences
Total Liabilities
FUND EQUITY
Investment in General Fixed Assets Fund Balances
Reserved For Continuation of Federal Program For Endowment Corpus

$

4,946.19

$ _ _ _4.:.i.;,946::..;.;:;;1.;.~9

Unreserved Undesignated Total Fund Balances Total Fund Equity
Total Liabilities and Fund Equity

$

38,531.38 $ _ _ _ _0_.00_

$

38,531.38 $ _ _ _ _0_.00_

$

38,531.38 $ _ _ _ _ _0._00_

------ $

43,477.57 $

0.00

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

" FIDUCIARY FUND TYPES TRUST FUNDS

$

146,999.68

538.13

ACCOUNT GROUPS

GENERAL

GENERAL

FIXED

LONG-TERM

ASSETS

DEBT

TOTALS {Memorandum Onl;t}
JUNE 30, 1996 JUNE 3011995

$ 169,959.98 $

171,237.03

21,055.40

18,424.65

$

6,634.00

14,018.14

6,634.00 14,018.14

10,234.00 15,244.78

$

162,392.n

0.00

162,392.n 0.00

149,850.02 0.00

$

147,537.81 $

1621392.n $

201652.14 $ 374,060.29 $ 3641990.48

$

$

100,000.00

$

100,000.00

47,537.81

$

147,537.81

$

147,537.81 $

$

147,537.81 $

$

$

6,634.00

14,018.14

4,946.19 $
6,634.00 14,018.14

10,052.82
233.18 10,234.00 15,244.78

$

20,652.14 $

251598.33 $

35,764.78

162,392.n 162,392.n

$

162,392.n $

149,850.02

$ $ 100,000.00

12a.n
100,000.00

$ 100,000.00 $ 100,na.n

86,069.19

78,646.91

$ 186,069.19 $ 179,375.68

$

348,461.96 $

329,225.70

162,392.n $

20,652.14 $ 374,060.29 $ 364,990.48

-3-

MOULTRIE-COLQUITT COUNTY LIBRARY COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUND YEAR ENDED JUNE 30. 1996

REVENUES
State Funds Federal Funds Other Funds
Total Revenues
EXPENDITURES
Current Program Services Technical Services Circulation Administration Maintenance and Operations
Debt Service Principal and Interest
Total Expenditures
Excess of Revenues over (under) Expenditures
OTHER FINANCING SOURCES
Capital Leases
Excess of Revenues and Other Financing Sources over (under) Expenditures
FUND BALANCE JULY 1
FUND BALANCE JUNE 30

GOVERNMENTAL FUND TYPES

SPECIAL

GENERAL

REVENUE

FUND

FUND

TOTAL

$ 147,729.36 $ 354,990.03
$ 502,719.39 $

10,000.00 $ 4,000.00
14,000.00 $

157,729.36 4,000.00
354,990.03
516,719.39

$

155,826.12 $

43,648.53

9,592.90

264,058.48

24,044.67

3,600.00
$ soo,no.10 s

$

1,948.69 $

14,196.n s 532.00
14,728.n s
-728.n s

170,022.89 44,180.53
9,592.90 264,058.48
24,044.67
3,600.00
515,499.47
1,219.92

$

1,948.69 $

36,582.69

$

38,531.38 $

-12a.n s
12a.n

1,219.92 37,311.46

o.oo s___38_.s_3_1_.38_

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

EXHIBIT"B"

FIDUCIARY
~
FUND TYPE EXPENDABLE
TRUST FUND

TOTALS (Memorandum Only)
YEAR ENDED JUNE 30, 1996 JUNE 30, 1995

$
$ _ _ _5_58_._66_

$

558.66 $

157,729.36 $ 4,000.00
355,548.69
517,278.05 $

147,334.57 4,000.00
314,068.59
465,403.16

$

170,022.89 $

156,069.27

44,180.53

57,880.50

$

1,382.04

10,974.94

100,600.51

264,058.48

138,460.10

24,044.67

23,924.46

3,600.00

1,763.00

$

1,382.04 $

516,881.51 $

478,697.84

$

-823.38 $

396.54 $

-13,294.68

6,012.00

$

-823.38 $

396.54 $

-7,282.68

9,404.69

46,716.15

-53,998.83

$

8,581.31 $

47,112.se s _ _ _46_,1_1_s_.1_5

-5-

THIS PAGE LEff BLANK

MOULTRIE-COLQUITT COUNTY LIBRARY STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL GENERAL AND SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30, 1996

EXHIBIT"C"

GENERAL FUND

BUDGET

ACTUAL

REVENUES

State Funds Federal Funds Other Funds

$ 147,732.00 $ 302,598.00

147,729.36 354,990.03

Total Revenues

$ 450,330.00 $ 502,719.39

EXPENDITURES

Current Program Services Technical Services Circulation Administration Maintenance and Operations
Debt Service

$ 36,720.00 $ 155,826.12

48,023.00

43,648.53

500.00

9,592.90

313,738.00

264,058.48

12,346.00

24,044.67

3,600.00

Total Expenditures

$ 411,327.00 $ 500,TT0.70

Excess of Revenues over (under) Expenditures $

39,003.00 $

1,948.69

FUND BALANCE JULY 1, 1995

19,288.68

36,582.69

Adjustments

-410.78

FUND BALANCE JUNE 30, 1996

$ 57,880.90 $ _ _3_8,_53_1_.3_8

SPECIAL REVENUE FUND

BUDGET

ACTUAL

$ 14,000.00 $ 10,000.00 4,000.00
$ 14,000.00 $ 14,000.00

$

4,728.n $ 14,196.n

532.00

10,000.00

$ 14,728.n $ 14,728.n

$

-728.n $

-728.77

321.94

728.77

406.83

$

----- 0.00 $

0.00

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

MOULTRIE-COLQUITT COUNTY LIBRARY

EXHIBIT "D"

STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCES

FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUND

YEAR ENDED JUNE 30, 1996

OPERATING REVENUES None Recorded
OPERATING EXPENSES Current Supplies Operating Income (Loss)
NONOPERATING REVENUES Interest Earned Total Income
FUND BALANCE JULY 1

ENDOWMENT FUND LEVI
WILLCOXON FUND

TOTALS {Memorandum Onl~}
YEAR ENDED JUNE 30, 1996 JUNE 30, 1995

$

0.00 $

0.00 $

0.00

$

0.00 $

0.00 $

2,760.00

$

0.00 $

0.00 $

-2,760.00

6,296.97

6,296.97

5,315.17

$

6,296.97 $

6,296.97 $

2,555.17

132,659.53

132,659.53

130,104.36

FUND BALANCE JUNE 30

$

138,956.50 $ 138,956.50 $ 132,659.53

The notes to the general purpose financial statements are an integral part of this statement. -8-

MOULTRIE-COLQUITT COUNTY LIBRARY STATEMENT OF CASH FLOWS
FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUND YEAR ENDED JUNE 30, 1996

EXHIBIT"E"

Cash Flows from Operating Activities: Cash Paid for Supplies
Cash Flows from Investing Activities: Interest Received on Investments
Net Increase in Cash
Cash and Cash Equivalents - July 1

ENDOWMENT FUND LEVI
WILLCOXON FUND

TOTALS {Memorandum Onli}
YEAR ENDED JUNE 30, 1996 JUNE 30, 1995

$

0.00 $

0.00 $

-2,760.00

6,235.66

6,235.66

5,223.40

$

6,235.66 $

6,235.66 $

2,463.40

132,263.28

132,263.28

129,799.88

Cash and Cash Equivalents - June 30

$

138,498.94 $ 138,498.94 $ 132,263.28

The notes to the general purpose financial statements are an integral part of this statement. -9-

THIS PAGE LEn BLANK

MOULTRIE-COLQUITT COUNTY LIBRARY

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1996

\;
Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Moultrie-Colquitt County Library operates pursuant to Official Code of Georgia Annotated Sections 205-40 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 of the Library have been prepared in conformity with generally accepted accounting principles as applied to governmental units and unless otherwise disclosed in these notes, the financial statements present all of the fund types and account groups ofthe Library. 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 governmental 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 Moultrie-Colquitt County Library is determined to be a component unit of the Colquitt County Board of Commissioners.
The Library Board consists of twelve members; ten members appointed by the Colquitt County Board of Commissioners, one member appointed by the City of Moultrie and one member appointed by the Colquitt County Board of Education. The Board is without authority to determine the amount of its funding, except by submission ofbudget 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 of local funds for continued operations and is the lowest level of oversight responsibility for the Library's operations.
The Colquitt County Board of Commissioners appoints a majority of the Library's Board members and provides a substantial majority of funding for the operations of the Library, consequently, the Library is deemed to have a financial benefit/burden relationship with the Board of Commissioners as defined by GASB.
The Moultrie-Colquitt County Library is located in Moultrie, Georgia, and serves the City of Moultrie and Colquitt County.
FUND ACCOUNTING
The Library uses funds and account groups 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.

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MOULTRIE-COLOillTT COUNTY LIBRARY

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1996

Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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.
The general purpose financial statements account for all State, Federal 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 account groups 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 TYPES - the trust funds used to account for assets held by a government unit in a trustee capacity or as an agent for individuals, private organizations, other government units and/or other funds. These funds include:
NONEXPENDABLETRUSTFUND Levi Willcoxon Fund - the fund used to account for an endowment of which the corpus is to be invested and preserved intact with the resultant income to be used for general operating funds and/or special programs and services as approved by the Library Board.
EXPENDABLE TRUST FUND Kenney Trust Fund - the fund used to account for the principal and earnings which may be expended to provide books and materials for the Doerun Branch Library.
ACCOUNT GROUPS
GENERAL FIXED ASSETS ACCOUNT GROUP - used to account for all general fixed assets acquired by the Library which includes equipment and inexhaustible collections and books. The land and buildings used in library operations are owned by the Colquitt County Board of Commissioners.
GENERAL LONG-TERM DEBT ACCOUNT GROUP - used to account for material compensated absences and capital lease obligations not appropriately accounted for and recorded in other fund types.
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MOULTRIE-COLQUITT COUNTY LIBRARY

EXIIlBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1996

Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental and expendable trust 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. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group.
Nonexpendable trust funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and liabilities associated with the operation of these funds are included on the balance sheet. Operating statements present increases (e.g., revenues) and decreases (e.g., expenses) in net total assets.
Governmental and expendable trust funds are accounted for using the modified accrual basis of accounting under which:
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.
The accrual basis of accounting, as required by generally accepted accounting principles, is utilized by the nonexpendable trust funds. Under the accrual basis of accounting, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred.
BUDGET
The Moultrie-Colquitt County Library's budget is a complete financial plan for the Library's fiscal year and is based upon estimates of expenditures 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 ofbudget control was established by the Library at the aggregate level. The budget for governmental funds was prepared in accordance with generally accepted accounting principles.

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MOULTRIE-COLOUITT COUNTY LIBRARY

EXIDBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1996

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 and savings accounts) 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.
RECEIVABLES
Receivables consist of allotted funds from participating local governments, 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 general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables.
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 recorded at fair market value as ofthe date donated. Disposals are deleted at recorded cost. No depreciation has been provided on General Fixed Assets. The cost of normal maintenance and repairs that do not add to the value ofthe assets or materially extend the useful lives ofthe assets is not capitalized. Infrastructure assets are not capitalized by the Library. The values of inexhaustible collections and books at the Library are not readily determinable, therefore, the Library has not capitalized them.
It is the policy ofthe Library to record the balance due resulting from capital lease agreements in the General Long-Term Debt Account Group for the amount due at fiscal year end, including interest. This presentation differs from generally accepted accounting principles in that assets acquired through capital lease agreements should be recorded in the General Long-Term Debt Account Group at the net present value of the future minimum lease payments. The effect of this deviation is deemed to be immaterial to the fair presentation bf the general purpose financial statements.

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MOULTRIE-COLQUITT COUNTY LIBRARY

EXIDBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1996

Note" 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
COMPENSATED ABSENCES
Compensated absences represent obligations of the Library relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulating leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the individual funds for the current portion of this obligation as this amount is deemed immaterial to the general purpose financial statements.
INTERFUND TRANSACTIONS
The Library has the following type of interfund transactions:
Reimbursements ofexpenditures/expenses initially made from a fund that are properly applicable to another fund are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses 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, results of operations or cash flows 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.
Note 2: DEPOSITS
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 of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110 percent of the public funds being secured after the deduction of the 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,

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MOULTRIE-COLQUITT COUNTY LIBRARY

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1996

Note 2: DEPOSITS

(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations ofthe United States or of the State of Georgia,

(4) Bonds, bills, notes, certificates ofindebtedness or other obligations ofthe counties or municipalities ofthe State of Georgia,

(5) Bonds ofany public authority created by the laws ofthe State ofGeorgia, providing that the statute that created the authority authorized the use ofthe bonds for this purpose,

(6) Industrial revenue bonds and bonds of development authorities created by the laws ofthe 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, 1996, the bank balances were $178,862.10. The amounts of the total bank balances are classified into three categories of credit risk:

Category 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Library or by the Library's agent in the Library's name.
Category 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Library's name.
Category 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Library's name.)

The Library's deposits are classified by risk category at June 30, 1996, as follows:

Risk Category

Bank Balance

1 2 3
Total

$ 138,995.02 0.00
39,867.08
...
$ 178,862.IQ

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MOULTRIE-COLOUITT COUNTY LIBRARY

EXIIlBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1996

Not"e 3: GENERAL FIXED ASSETS

A summary of changes in the General Fixed Assets Account Group during the fiscal year are as follows:

Equipment

Balance July 1, 1995

$ 141,604.02

Retroactive Restatement ofPrior Year Balances

8,246.00

Balance July 1, 1995 Restated

$ 149,850.02

Additions

14,732.75

Deductions

2,190.00

Balance June 30, 1996

$ 162392 77

Note4: RISKMANAGEMENT

The Library is exposed to various risks ofloss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; natural disaster; and unemployment compensation.

The Library has obtained commercial insurance for risk of loss associated with torts, assets, and job related illness or injuries to employees. 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 has elected to self-insure for all losses related to natural disaster. In addition, the Library has elected to self-insure for errors or omissions, which includes, among other risks, risks for sexual harassment and discrimination. The Library has not experienced any losses related to these risks in 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 expenditure 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

EndofYear Liability

1995 1996

$

0.00 $

822.00 $

822.00 $

0.00

$

0.00 $

0.00 $

0.00 $

0.00

- 17 -

MOULTRIE-COLQUITT COUNTY LIBRARY

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1996

Note 5: GENERAL LONG-TERM DEBT

CAPITAL LEASES The Moultrie-Colquitt County Library has entered into two lease agreements as lessee for copy machines. These lease agreements qualify as capital leases for accounting purposes. The following is an analysis of general fixed assets acquired under capital leases as of June 30, 1996.

General Fixed Assets

Equipment

$ 14,258.00

The changes in General Long-Term Debt during the fiscal year ended June 30, 1996, were as follows:

Capital Leases

Compensated Absences

Balance July 1, 1995

$ 10,234.00 $ 15,244.78

Additions Leave Earned and Utilized (Net)

-1,226.64

Deductions Payments

3,600.00

Balance June 30, 1996

$ 6,634.00 $ 14 018.14

At June 30, 1996, payments due, by fiscal year which includes principal and interest for these items, are as follows:

Fiscal Year Ended June 30
1997 1998 Total Principal and Interest
Note 6: CONTINGENT LIABILITIES

Capital Leases $ 3,600.00
3,034.00 $ 6,634.00

Amounts received or receivable principally from the Federal government are subject to audit and review by granter 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.

- 18 -

MOULTRIE-COLQUITT COUNTY LIBRARY

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1996

Not'e 7: ACCUMULATED EMPLOYEES' LEAVE
The Library's full-time staff earn annual leave based upon the number of years employed by the Library, up to a maximum oftwenty (20) work days per calendar year. Accrued annual leave may be carried over for one calendar year; however, after that time all unused leave will be forfeited. Unused annual leave up to the maximum accumulation will be paid at their current pay rate, to employees upon retirement or termination of employment. See Note 1- Compensated Absences
Note 8: 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 ofage, 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 ofyears of creditable service up to 40 years. The normal retirement pension is payable monthly for life. Options are available for distribution ofthe 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 10 years of service) and compensation up to the time ofdisability 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, 1996, was $228,354.1 O; total payroll was $278,645.33.

- 19 -

MOULTRIE-COLQUITT COUNTY LIBRARY

EXIDBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1996

Note 8: RETIREMENT PLANS

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, 1996, the TRS Library employer contribution rate was 11.81%. The interest rate assumption (rate ofreturn on investments) was 7.50%.

Total contributions made during fiscal year 1996 amounted to $38,386.34, of which $26,968.75 was made by the Library and $11,417.59 was made by employees. These contributions represented 11.81% {Library) and 5% (employees) of covered payroll.

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 ofJune 30, 1995, was as follows:

Total pension benefit obligation

$ 17,442,607,000.00

Net assets available for benefits, at cost

15,857,066,000.00

Unfunded pension benefit obligation

$ 1,585,541,000.00

The measurement ofthe total pension benefit obligation is based on an actuarial valuation as of June 30, 1995. 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, 1996, were $607,275,000.00. The Library's contribution for the year ended June 30, 1996, of $26,968.75 was actuarially determined and represented .0044% of total contributions made by all participating employers.

Ten year historical trend information is presented in the 1996 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.

- 20 -

MOULTRIE-COLQUITT COUNTY LIBRARY

EXIDBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1996

Not"e 9: SURETY BONDS
All employees ofthe Library are bonded in the amount of$20,000.00 with the Fidelity and Deposit Company, Baltimore, Maryland, their Bond No. 30183756, on which premium was paid through January I, 1997.

- 21 -

MOULTRIE-COLQUITT COUNTY LIBRARY COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 1996

ASSETS Cash and Cash Equivalents

LOTTERY PROGRAM

LIBRARY SERVICES AND
CONSTRUCTION ACT TITLEI PUBLIC
LIBRARY SERVICES

TOTALS JUNE 30, 1996 JUNE 30, 1995

$

0.00 $

0.00 $

----- 0.00 $

849.19

LIABILITIES AND FUND EQUITY

LIABILITIES

Accounts Payable

FUND EQUITY

Fund Balances

Reserved

For Continuation of Federal Program

Unreserved

Undesignated

$

Total Fund Equity

$

0.00 $ 0.00 $

$ - - - ~ ~ 120.42

$

728.n

o.oo $ ____.;;;.o;.;;.oo~

0.00

0.00 $

o.oo $ ___728_._n_

Total Liabilities and Fund Equity

$

0.00 $

0.00 $

0.00 $ _ _......,84_9_.1_9

See notes to the general purpose financial statements.

-22-

MOULTRIE-COLQUITT COUNTY LIBRARY COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
SPECIAL REVENUE FUND YEAR ENDED JUNE 30, 1996

EXHIBIT H

REVENUES
State Funds Federal Funds
Total Revenues
EXPENDITURES
Current Program Services Technical Services
Total Expenditures
Excess of Revenues over (under) Expenditures
FUND BALANCE JULY 1

LOTTERY PROGRAM

LIBRARY SERVICES AND
CONSTRUCTION ACT TITLE I PUBLIC
LIBRARY SERVICES

TOTALS YEAR ENDED JUNE 30, 1996 JUNE 30, 1995

$

10,000.00

$

$

10,000.00 $

$ 4,000.00
4,000.00 $

10,000.00 $ 4,000.00
14,000.00 $

5,473.56 4,000.00
9,473.56

$

9,468.00 $

532.00

$

10,000.00 $

$

0.00 $

0.00

4,12s.n s
4,12s.n s
-12s.n s
12a.n

14,196.n s
532.00
s 14,12s.n -12s.n s
728.n

4,090.00 5,473.56 9,563.56
-90.00
s1s.n

FUND BALANCE JUNE 30

$

0.00 $

o.oo s____o_.oo_s ___ne_._n_

See notes to the general purpose financial statements.

-23-

MOULTRIE-COLQUITT COUNTY LIBRARY COMBJNING BALANCE SHEET FIDUCIARY FUND TYPES JUNE 30 1996

EXHIBIT"!"

ASSETS Cash and Cash Equivalents Accounts Receivable
Total Assets
FUND EQUITY Fund Balances
Reserved For Endowment Corpus
Unreserved Undesignated
Total Fund Equity

NONEXPENDABLE TRUST FUND LEVI WILLCOXON FUND

EXPENDABLE TRUST FUND
KENNEY TRUST FUND

TOTALS

JUNE 30, 1996

JUNE 301 1995

$

138,498.94 $

8,500.74 $

146,999.68 $

141,577.54

457.56

80.57

538.13

486.68

$

138 956.50 $

8581.31 $

147,537.81 $ _ _ _1_4_2._064_.2_2_

$

100,000.00

$

100,000.00 $

100,000.00

38 956.50 $ ____8~,5_8_1_.3_1

47,537.81

42,064.22

$

138,956.50 $

81581.31 $

147 537.81 $ _ _ _1_4_2,_064_.22_

See notes to the general purpose financial statements.

-24-

MOULTRIE-COLQUITT COUNTY LIBRARY CASH AND CASH EQUIVALENTS JUNE 30. 1996

SCHEDULE 1

NONINTEREST BEARING ACCOUNT
"
Nations Bank of Georgia, N. A., Moultrie, Georgia
INTEREST BEARING ACCOUNTS
Southwest Georgia Bank, Moultrie, Georgia
Money Market Account (3.00%) Certificates of Deposit
No. 9-11020 (5.50%) No. 9-16411 (5.60%)
OTHER

$ 29,907.90

$ 29,442.37
101,495.00 8,929.71

139,867.08

$ 169,959.98

See notes to the general purpose financial statements.

- 25 -

MOULTRIE-COLQUITT COUNJY LIBRARY ACCOUNTS RECEIVABLE JUNE 30, 1996

SCHEDULE "2"

Colquitt County Board of Commissioners Local Support
Various Sources Interest Earned Rents

GOVERNMENTAL FUND TYPE GENERAL FUND

FIDUCIARY FUND TYPES

NON EXPENDABLE

EXPENDABLE

TRUST FUND

TRUST FUND

$

19,317.27

$

$ 1,200.00

457.56 $

80.57

TOTAL
19,317.27
538.13 1,200.00

$

20,517.27 $

457.56 $

------ 80.57 $

21,055.40

See notes to the general purpose financial statements.

- 26 -

MOULTRIE-COLQUITT COUNTY LIBRARY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 1996

SCHEDULE "3"

AGENCY/FUNDING
GRANTS Education, Georgia Department of Public Libraries Salaries and Travel Library Materials Maintenance and Operations Lottery Program Technology Installation

GOVERNMENTAL FUND TYPES

SPECIAL

GENERAL

REVENUE

FUND

FUND

TOTAL

$ 105,553.36
21,088.00 21,088.00
$

$ 105,553.36
21,088.00 21,088.00

10,000.00

10,000.00

$ 147,729.36 $

10,000.00 $ 157,729.36

See notes to the general purpose financial statements. - 27 -

MOULTRIE-COLQUITT COUNTY LIBRARY SCHEDULE OF FEDERAL REVENUE
YEAR ENDED JUNE 30, 1996

SCHEDULE "4"

AGENCY/FUNDING
Education, U. s. Department of
Through Georgia Department of Education Library Services and Construction Act Title I - Public Library Services

GOVERNMENTAL FUND TYPE SPECIAL REVENUE FUND
$ =========4=,=0=0=0=.0=0=

See notes to the general purpose financial statements. - 28 -

MOULTRIE-COLQUITT COUNTY LIBRARY SCHEDULE OF OTHER REVENUE YEAR ENDED JUNE 30, 1996

SCHEDULE "5"

LOCAL SOURCES Board of Education Colquitt County County Government Board of Commissioners Colquitt
OTHER SOURCES Compensation for Loss of Assets Donations Fines and Fees Interest Earned Lost and Damaged Books Rents Sales and Services Book Sales Genealogy Seminar Laminating and Binding Photocopy Sales Reader/Printer Copy Sales Other

GOVERNMENTAL
FUND TYPE
GENERAL
FUND

FIDUCIARY
FUND TYPE EXPENDABLE TRUST FUND

TOTAL

$

33,790.00

231,807.24

2,416.80 16,891.67
4,012.24
$
339.42 35,749.65
1,029.01 4,532.50
991.14 20,214.99
582.88 2,632.49

$ 33,790.00

231,807.24

558.66

2,416.80 16,891.67
4,012.24 558.66 339.42
35,749.65
1,029.01 4,532.50
991.14 20,214.99
582.88 2,632.49

$

s___ s 354,990.03

s_s_8_.6..,.6 355,548.69

See notes to the general purpose financial statements. - 29 -

MOULTRIE-COLQUITT COUNTY LIBRARY SCHEDULE OF EXPENDITURES BY OBJECT
GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30, 1996

SCHEDULE "6"

EXPENDITURES
Operating Costs Salaries Employee Benefits Travel of Employees Professional and Technical Services Property Services Supplies Library Books and Materials Utilities Communications and Insurance Dues and Fees Other Expenditures
Nonoperating Costs Principal and Interest Equipment
Total Expenditures

GENERAL FUND

SPECIAL REVENUE
FUND

TOTAL

$ 278,645.33 68,486.19 3,922.64 410.95 10,821.70 26,513.96 39,303.57 $ 29,499.64 29,083.00 881.50 4,869.47

$ 4,728.77

278,645.33 68,486.19 3,922.64 410.95 10,821.70 26,513.96 44,032.34 29,499.64 29,083.00 881.50 4,869.47

3,600.00 4,732.75

10,000.00

3,600.00 14,732.75

$ 500,770.70 $

14,728.77 $ 515,499.47

See notes to the general purpose financial statements. - 30 -

MOULTRIE-COLQUITT COUNTY LIBRARY SCHEDULE OF EXPENDITURES BY OBJECT
LOTTERY PROGRAM YEAR ENDED JUNE 30, 1996
EXPENDITURES Nonoperating Costs Equipment

SCHEDULE '7"
TECHNOLOGY INSTALLATION $ ======1o::::!'=oo=o=.o=o

See notes to the general purpose financial statements. - 31 -

MOULTR IE-COLQUITT COUNTY LIBRARY SCHEDULE OF EXPENDITURES BY OBJECT FIDUCIARY FUND TYPE - EXPENDABLE TRUST FUND
YEAR ENDED JUNE 30, 1996
EXPENDITURES
Operating Costs Library Books and Materials

SCHEDULE "811
s _ _ _ _1.3._s2_._04_
1

See notes to the general purpose financial statements.

- 32 -

MOULTRIE-COLQUITT COUNTY LIBRARY MEMBERSHIP OF LIBRARY BOARD YEAR ENDED JUNE 30, 1996
BOARD MEMBER AQDRESS
Mr. James M. Jeter, Chairperson (*) 418 1st Street, S. E. Moultrie, Georgia 31768
Mr. Campbell W. Ansley (*)
P. o. Box23n
Moultrie, Georgia 31n6
Dr. Faye Barnes (*)
P. 0. Box 1806
Moultrie, Georgia 31n6
Ms. Frances P. Hillebrand(*) 111 Dogwood Circle Moultrie, Georgia 31768
Mr. Mickey Key (*) P. 0. Box245 Norman Park, Georgia 31n1
Mr. James L. Kirk, II (*)
P. 0. Box707
Moultrie, Georgia 31n6
Ms. Deiva Money (*) 303 Old Timey Trail Moultrie, Georgia 31768
Mr. Van Platter (*) 30 Oak Lane Moultrie, Georgia 31768
Mr. Roy Reeves (*) P. 0. Box98 Moultrie, Georgia 31n6
Mr. Ronald 0. Roberts (*)
P.O.Box158 Berlin, Georgia 31722
Ms. Reese Smith (*) 10211th Avenue S. W. Moultrie, Georgia 31768
Mr. John W. Whitaker(*) Route 5, Cook Road Moultrie, Georgia 31768
(*) Denotes Board Members Serving as of June 30, 1996

See notes to the general purpose financial statements.

- 33 -

SCHEDULE "9"

MOULTRIE-COLQUITT COUNTY LIBRARY SCHEDULE OF SALARIES AND TRAVEL
YEAR ENDED JUNE 30, 1996

SCHEDULE "1 o

PERSONNEL

Bryant, Cardwell, Cato, Clark, Coleman, Cooper, Donovan, Donovan, Funderburk, Gay, Gibson, Glass, Goodwin, Green, Green, Jenkins, Jordon, Matthews, McKellar, Newton, Newton, Reynolds, Stitzel, Tillman, Tucker, Waters,

Catherine M. F.Leon Odelle J. Carolyn Y. Susie M. Betty P. Corey Stacey Ladonna C. Elizabeth P. Edna S. AnnW. Irene T. Mary Alice Monique L. MelodyS. Alice M. EloisG. Norma S. Chris Jean D. Johnnie L. Angela TamiS. Gaile. Lucy

Total Cash Basis

Accruals June 30, 1995 June 30, 1996

POSITION
Genealogy Clerk Circulation Clerk Doerun Branch Manager Processing Clerk Bookmobile Driver Cataloguer Shelver Shelver Young Adult Coordinator Public Relations Director Circulation Librarian Genealogy Clerk .Genealogist Circulation Clerk Circulation Clerk Director Bookmobile Librarian Reference Librarian Childrens Librarian Circulation Clerk Bookkeeper Circulation Clerk/Records Shelver Berlin Branch Manager Bookmobile Assistant Circulation Clerk

SALARIES

TRAVEL

$

3,339.96

3,282.67

3,699.96

15,474.96

10,400.00

7,350.96

663.78

955.19

14,352.00

21,423.96 $

13,229.04

5,817.00

12,987.04

2,802.95

13,229.04

55,016.36

2,937.22

7,818.00

43,736.36

1,423.09

7,364.04

13,229.04

306.02

3,468.96

13,229.04

1,108.69

2,154.07
1,413.67 267.70 13.90

$

278,645.33 $

3,849.34

-215.20 288.50

$
Note: The Moultrie-Colquitt County Library was provided an opportunity to include pertinent comments from the Library's management concerning these audit findings, conclusions and recommendations. The Library has elected not to provide comments for inclusion in this report.
See notes to the general purpose financial statements. - 34 -

278,645.33 $===3='==92=2=.6=4