G-A A1JDD .C"bI~'i rV'ib iqqb'~1 AUDIT REPORT MOULTRIE-COLQUITT COUNTY LIBRARY A COMPONENT UNIT OF COLQUITT COUNTY, GEORGIA MOULTRIE, GEORGIA YEAR ENDED JUNE 30, 1997 STATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS 254 WASHINGTON STREET ATLANTA, GEORGIA 30334-8400 MOULTRIE-COLQUITT COUNTY LIDRARY - TABLE OF CONTENTS - SECTION I 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 FUNDS 4 C COMBINED 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 20 H COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 21 FIDUCIARY FUND TYPES I COMBINING BALANCE SHEET 22 J COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES EXPENDABLE TRUST FUNDS 23 SCHEDULES SCHEDULE OF REVENUE 1 STATE 24 2 FEDERAL 25 MOULTRIE-COLOUITT COUNTY LffiRARY - TABLE OF CONTENTS - SECTION I FINANCIAL ADDITIONAL FINANCIAL INFORMATION SCHEDULES 3 SCHEDULE OF EXPENDITURES LOTTERY PROGRAM 26 4 SCHEDULE OF SALARIES AND TRAVEL 27 SECTION I FINANCIAL CLAUDE L. VICKERS STATE AUDITOR (404) 6562174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 May 14, 1998 Honorable Zell Miller, Governor Members of the General Assembly Members of the State Board of Education 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 accompanying general-purpose financial statements of the Moultrie-Colquitt County Library, component unit of Colquitt County, Georgia, as of and for the year ended June 30, 1997, as listed in the table of contents. These general-purpose financial statements are the responsibility of the MoultrieColquitt County Library's management. Our responsibility is to express an opinion on these general-purpose 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 of material 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 referred to above present fairly, in all material respects, the financial position ofthe Moultrie-Colquitt County Library as of June 30, 1997, 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 performed for the purpose of forming an opinion on the general-purpose financial statements ofthe Moultrie-Colquitt County Library taken as a whole. The accompanying combining statements (Exhibits G through J) and the financial schedules (Schedules 1 through 4), 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. Such information has been subjected to the auditing procedures applied in the audit of the 97ARL-40 general-purpose fmancial 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 of this report has been filed as a permanent record in the office of the 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, ~ Claude 1. Vickers State Auditor CLV:ds 97ARL-40 MOULTRIE-COLOUITI COUNTY LffiRARY MOULTRIE-COLQUITT COUNTY LIBRARY COMBINED BALANCE SHEET All FUND TYPES AND ACCOUNT GROUPS JUNE 30,1997 ASSETS Cash and Cash Equivalents Accounts Receivable General Fixed Assets Equipment Inexhaustible Collections and Books Amount to be Provided in Future Years For Payment of: Capital lease Agreements Compensated Absences GOVERNMENTAL FUND TYPES SPECIAL GENERAL REVENUE FUND FUND FIDUCIARY FUND TYPES TRUST FUNDS $ 38,905.48 $ 1,601.00 $ 229,369,64 20,853.51 2,017.92 Total Assets $ 59,758.99 $ 1,601.00 $ ====2=31=,3=8=7=.5:=6 LIABILITIES AND FUND EQUITY LIABILITIES Accounts 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 Unreserved Undesignated Total Fund Equity $ 8,532.32 $ 8,532.32 $ 27.43 $ 27.43 $ $ 51,226.67 $ 51,226.67 $ 1,601.00 $ 0.00 1,601.00 $ 100,000.00 131,360.13 231,360.13 Total Liabilities and Fund Equity $ 59,758.99 $ 1,601.00 $ 231,387.56 The notes to the general purpose financial statements are an integral part of this statement. -2- EXHIBIT "A" ACCOUNT GROUPS GENERAL GENERAL FIXED LONG-TERM ASSETS DEBT TOTALS (Memorandum Only) JUNE 30,1997 JUNE 30,1996 $ 269,876.12 $ 169,959.98 22,871.43 21,055.40 $ 164,982.77 0.00 164,982.77 ,0.00 162,392.77 0.00 $ 3,034.00 14,778.13 3,034.00 14,778.13 6,634.00 14,018.14 $ 164,982.77 $ 17,812.13 $ 475,542.45 $ 374,060.29 $ $ 3,034.00 14.778.13 $ 17,812.13 $ 8,559.75 $ 3,034.00 14.778.13 26.371.88 $ 4,946.19 6,634.00 14.018.14 25.598.33 $ 164,982.77 $ 164,982.77 $ 164,982.77 $ 162,392.77 1,601.00 100,000.00 100,000.00 182,586.80 86,069.19 $ 449,170.57 $ 348,461.96 $ 164,982.77 $ 17,812.13 $ 475.542.45 $ 374,060.29 -3- MOULTRIE-COLQUITT COUNTY LIBRARY COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES All GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS YEAR ENDED JUNE 30. 1997 FUND BALANCE JUNE 30 $ 51,226.67 $ 1,601.00 $ 52,827.67 The notes to the general purpose financial statements are an integral part of this statement. -4- EXHIBIT"B" FIDUCIARY FUND TYPE EXPENDABLE TRUST FUNDS TOTALS (Memorandum Only) YEAR ENDED JUNE 30, 1997 JUNE 30, 1996 $ $ _ _..:..78::.z.,O=-1:..::9..:.::.8~6 $ 78,019.86 $ 156,988.70 $ 4,000.00 450,058.91 611,047.61 $ 157,729.36 4,000.00 355,548.69 517,278.05 $ 263,113.77 $ 170,022.89 20,709.32 44,180.53 $ 889.59 96,698.61 10,974.94 121,580.88 264,058.48 13,918.47 24,044.67 3,600.00 3,600.00 $ 889.59 $ 519,621.05 $ 516,881.51 $ 77,130.27 $ 91,426.56 $ 396.54 8,581.31 47,112.69 46,716.15 $ 85,711.58 $ 138,539.25 $ 47,112.69 -5- THIS PAGE LEFT BLANK MOUlTRIE-COlQUITI COUNTY LIBRARY EXHIBIT "C" COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL GENERAL AND SPECIAL REVENUE FUNDS YEAR ENDED JUNE 30. 1997 REVENUES State Funds Federal Funds Other Funds Total Revenues EXPENDITURES Current Program Services Technical Services Circulation Administration Maintenance and Operations Debt Service Total Expenditures Excess of Revenues over (under) Expenditures FUND BALANCE JULY 1.1996 Adjustments GENERAL FUND BUDGET ACTUAL $ 153,973,00 $ 154,138,70 320,546,31 372,039,05 $ 474,519.31 $ 526,177.75 $ 148,775.04 $ 260,263.77 51,041.00 20,709,32 500,00 93,410,02 265,382,08 121,580,88 12,346,00 13,918.47 3,600,00 $ 478,044,12 $ 513,482,46 $ -3,524,81 $ 12,695,29 165,013.79 38,531,38 56.95 SPECIAL REVENUE FUND BUDGET ACTUAL $ 6,850,00 $ 2,850,00 4,000,00 $ 6,850.00 $ 6,850,00 $ 4,000,00 $ 2,850,00 2,399.00 2,850,00 $ 6,850,00 $ 5,249,00 $ 0,00 $ 1,601.00 0,00 0.00 FUND BALANCE JUNE 30. 1997 $ 161,545,93 $ 51,226,67 $ 0,00 $ 1,601,00 The notes to the general purpose financial statements are an integral part of this statement. -7- MOUlTRIE-COlQUITI COUNTY LIBRARY STATEMENT OF REVENUES. EXPENSES AND CHANGES IN FUND BALANCES FIDUCIARY FUND TYPE - NONEXPENDABlE TRUST FUND YEAR ENDED JUNE 3D. 1997 EXHIBIT"D" OPERATING REVENUES None Recorded OPERATING EXPENSES None Recorded Operating Income NONOPERATING REVENUES Interest Eamed Total Income FUND BALANCE JULY 1 ENDOWMENT FUND lEVI WlllCOXON FUND TOTALS (Memorandum Only) YEAR ENDED JUNE 30, 1997 JUNE 30, 1996 $ 0.00 $ 0.00 $ 0.00 0.00 0.00 0.00 $ 0.00 $ 0.00 $ 0.00 6,692.05 6,692.05 6,296.97 $ 6,692.05 $ 6,692.05 $ 6,296.97 138,956.50 138,956.50 132,659.53 FUND BALANCE JUNE 30 $====1,;,.,4;,;;5,~64,;,;;8;,;;;.5~5 $ 145,648.55 $ 138,956.50 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 3D, 1997 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 Only) YEAR ENDED JUNE 30,1997 JUNE 30,1996 $ 0,00 $ 0,00 $ 0.00 6,682.45 6,682.45 6,235.66 $ 6,682.45 $ 6;682.45 $ 6,235,66 138,498.94 138,498.94 132,263.28 Cash and Cash Equivalents - June 30 $ 1.4.""'5,_.1.8.1.....3.. -.9 $ 145,181,39 $ 138,498.94 The notes to the general purpose financial statements are an integral part of this statement. -9- THIS PAGE LEFT BLAHK MOULTRIE-COLQUITT COUNTY LIBRARY EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1997 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES REPORTING ENTITY 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 fund types and account groups of the Library. The Library Board consists of twelve members; ten members appointed by Colquitt County, Georgia, 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 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 Library 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. Colquitt County, Georgia 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 Colquitt County as defmed by the Governmental Accounting Standards Board. Accordingly, the Moultrie-Colquitt County Library is considered to be a component unit of Colquitt County, Georgia for financial reporting purposes. 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. 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 fmancial statements account for all State, Federal and Other funds under control of the 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: - 11 - MOULTRIE-COLQUITT COUNTY LIBRARY EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1997 Note 1: 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 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: NONEXPENDABLE TRUST FUND 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 FUNDS Anne V. McKee Trust Fund - the fund used to account for the principal and earnings which may be expended to provide books and materials for Moultrie-Colquitt County Library. 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 Colquitt County, Georgia. 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. 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. - 12- MOULTRIE-COLOUITT COUNTY LffiRARY EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1997 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 fmanced 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 (Le., 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 ofthe 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 of budget control was established by the Library at the aggregate level. The budget for governmental funds was prepared in accordance with generally accepted accounting principles. 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 Department of Technical and Adult Education as a part of the 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. - 13 - MOULTRIE-COLQUITT COUNTY LffiRARY EXHffiIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30,1997 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CASH AND CASH EQillVALENTS COMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits 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 grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed, 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 of the 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 of the assets or materially extend the useful lives of the 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. CAPITAL LEASES It is the policy of the 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 ofthis deviation is deemed to be immaterial to the fair presentation of the general purpose financial statements. 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. - 14- MOULTRIE-COLQUITT COUNTY LIBRARY EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1997 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES INTERFUND TRANSACTIONS The Library has the following type of interfund transactions: Reimbursements of expenditures/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 fmancial statements are captioned "Memorandum Only" to indicate that they are presented only to facilitate fmancial analysis. Data in these columns do not present fmancial 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 ofthis 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 of insurance, or by collateral. The aggregate of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110 percent ofthe 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 anyone 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, (3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, (4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, (5) Bonds of any public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, - 15 - MOULTRIE-COLQUITT COUNTY LIBRARY EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1997 Note 2: DEPOSITS (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. CATEGQRIZAnON OF DEPOSITS At June 30, 1997, the bank balances were $280,234.50. The amounts ofthe 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, 1997, as follows: Risk Category 1 2 3 Total Note 3: GENERAL FIXED ASSETS Bank Balance $ 158,135.30 0.00 122,099.20 $ 280.234.50 A summary of changes in the General Fixed Assets Account Group during the fiscal year are as follows: Balance July 1, 1996 Additions Balance June 30, 1997 Equipment $ 162,392.77 2,590.00 $ 164.982.77 - 16- MOULTRIE-COLQUITT COUNTY LIBRARY EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30,1997 Note 4: RISK MANAGEMENT The Library is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or mjuries 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. The Library has not experienced any unemployment compensation claims during the last two years. The Library has purchased surety bonds to provide additional insurance coverage as follows: Position Covered Amount All Positions $ 20,000.00 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, 1997. General Fixed Assets Equipment $ 14,258.00 The changes in General Long-Term Debt during the fiscal year ended June 30, 1997, were as follows: - 17 - MOULTRIE-COLOUITT COUNTY LIBRARY EXIDBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1997 Note 5: GENERAL LONG-TERM DEBT Balance July 1, 1996 Additions Leave Earned and Utilized (Net) Deductions Payments Balance June 30, 1997 Capital Leases Compensated Absences $ 6,634.00 $ 14,018.14 759.99 3,600.00 $ 3.034.00 $ 14.778.13 At June 30, 1997, payments due by fiscal year which includes principal and interest for these items, are as follows: Fiscal Year Ended June 30 Capital Leases 1998 $=~3.~03!!b!4~.0~0 Note 6: 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 fmancial position. Note 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 of twenty (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 Substantially all 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 defmed benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members - 18 - MOULTRIE-COLQUITT COUNTY LIBRARY EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1997 Note 8: RETIREMENT PLANS in accordance with State statute. The Teachers Retirement 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 CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Library who are covered by TRS are required by State statute to contribute 5% oftheir gross earnings to TRS. The Library makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 11.81% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: Fiscal Year Percentage Contributed Required Contribution 1997 1996 1995 100% 100% 100% $ 28,347.53 $ 26,968.75 $ 25,417.21 - 19 - MOUlTRIE-COlQUITI COUNTY LIBRARY COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 1997 EXHIBIT"G" ASSETS Cash and Cash Equivalents lOTIERY PROGRAM FEDERAL PROGRAM TOTALS JUNE 30, 1997 JUNE 30. 1996 $ _ _.....;,00..0.. $ 1,601,00 $ 1,601.00 $ ,.,;;,;O.~OO;., FUND EQUITY Fund Balances Reserved For Continuation of Federal Program Unreserved Undesignated Total Fund Equity $ $ _ _---=.O~.O~O 1,601.00 $ 1,601.00 0.00 _ _ _--=.0;.;::.0..:::...0 $ --=.0;.;::.0.;:;,.0 $ 0..0...0.. $ 1,601.00 $ 1.601.00 $ _ .......======0.=0"'=0 See notes to the general purpose financial statements. - 20- MOULTRIE-COLQUITT COUNTY LIBRARY EXHIBIT "H" COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES SPECIAL REVENUE FUND YEAR ENDED JUNE 30,1997 REVENUES State Funds Federal Funds Total Revenues EXPENDITURES Current Program Services Technical Services Circulation Total Expenditures Excess of Revenues over (under) Expenditures FUND BALANCE JULY 1 LOTTERY PROGRAM FEDERAL PROGRAM TOTALS YEAR ENDED JUNE 30, 1997 JUNE 30, 1996 $ 2,850.00 $ $ 2,850.00 $ $ 4,000.00 4,000,00 $ 2,850.00 $ 4,000.00 6,850.00 $ 10,000,00 4,000.00 14,000.00 $ 2,850.00 0.00 $ $ 2,850.00 $ $ 0.00 $ 0.00 $ 2,399,00 2,399.00 $ 1,601.00 $ 0.00 2,850.00 $ 2,399.00 5,249.00 $ 1,601,00 $ 0.00 14,196.77 532.00 14,728.77 -728.77 728.77 FUND BALANCE JUNE 30 $ 0..0...0. $ 1,601.00 $ 1,601.00 $ _ _........0.=.0.0... See notes to the general purpose financial statements. - 21 - MOUlTRIE-COlQUITI COUNTY LIBRARY COMBINING BALANCE SHEET FIDUCIARY FUND TYPES JUNE 30.1997 EXHIBIT "I" Cash and Cash Equivalents Accounts Receivable NON EXPENDABLE TRUST FUND lEVI WlllCOXON FUND EXPENDABLE TRUST FUNDS ANNE V. MCKEE KENNEY TRUST TRUST FUND FUND TOTALS JUNE 30, 1997 JUNE 30,1996 $ 145,181.39 $ 76,039.01 $ 8,149.24 $ 229,369.64 $ 146,999.68 467.16 1,476.99 73.77 2,017.92 538.13 Total Assets $ 1.:.;4;.::o5'10::;64;;;8~.5:;;;.5 $ 77,516.00 $ 8,223.01 $ 231,387.56 $_....:1:;;,47.:.1,;,;;53;;.;,7,;;;.8;.:..1 LIABILITIES AND FUND EQUITY LIABilITIES Accounts Payable FUND EQUITY Fund Balances Reserved For Endowment Corpus $ Unreserved Undesignated Total Fund Equity $ 100,000.00 45,648.55 $ 145,648.55 $ $ 27.43 $ 27.43 77,516.00 $ 77,516.00 $ $ 8,195.58 8,195.58 $ 100,000.00 $ 131,360.13 231,360.13 $ 100,000.00 47,537.81 147,537.81 Total Liabilities and Fund Equity $ 145,648.55 $ 77.,.5.1.6..0._.0 $ 8,223.01 $ 231,387.56 $ _-=1.4.7._,.-53_7=0.8.1.. See notes to the general purpose financial statements. - 22- MOULTRIE-COLQUITT COUNTY LIBRARY COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES FIDUCIARY FUND TYPE - EXPENDABLE TRUST FUNDS YEAR ENDED JUNE 30.1997 EXHIBIT"J" See notes to the general purpose financial statements. - 23- MOUlTRIE-COlQUITI COUNTY LIBRARY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 1997 SCHEDULE "1" AGENCY/FUNDING GRANTS Technical and Adult Education, Georgia Department of Public Libraries Salaries and Travel Library Materials Maintenance and Operation Lottery Program Assistive Technology GOVERNMENTAL FUND TYPES SPECIAL GENERAL REVENUE FUND FUND TOTAL $ 111,686.70 21,226.00 21,226.00 -----$ $ 111,686.70 21,226,00 21,226.00 2,850.00 2,850.00 $ 154,138.70 $ 2,850.00 $ 156,988.70 See notes to the general purpose financial statements. - 24- MOUlTRIE-COlQUITI COUNTY LIBRARY SCHEDULE OF FEDERAL REVENUE YEAR ENDED JUNE 30,1997 AGENCY/FUNDING GRANT Education, U. S. Department of Through Georgia Department of Technical and Adult Education Library Services and Construction Act Title I - Public Library Services SCHEDULE "2" GOVERNMENTAL FUND TYPE SPECIAL REVENUE FUND $ _........_...;4~,0~00;;,;.,;,,;00_ See notes to the general purpose financial statements. - 25- MOUlTRIE-COlQUITI COUNTY LIBRARY SCHEDULE OF EXPENDITURES lOTIERY PROGRAM YEAR ENDED JUNE 30,1997 EXPENDITURES Program Services SCHEDULE "3" ASSISTIVE TECHNOLOGY $ ===2::!::,8:=5=0=,0=0 See notes to the general purpose financial statements. - 26- MOULTRIE-COLQUITT COUNTY LIBRARY SCHEDULE OF SALARIES AND TRAVEL YEAR ENDED JUNE 30, 1997 SCHEDULE "4" PERSONNEL Bryant, Cardwell, Cato, Clark, Coleman, Cooper, Donovan, Donovan, Edwards, Funderburk, Gay, Gibson, Glass, Godwin, Green, Green, Jenkins, Jenkins, Johnson, Matthews, McKellar, McKellar, McKinney, Newton, Newton, Reynolds, Stitzel, Tillman, Tucker, Catherine M F.L. Odelle J. Carolyn Y. Susie M, Betty P. Corey Stacey Jenny ladonna C. Elizabeth P. Edna S. AnnW. Irene T. MaryA. Monique L. Maggie R. MelodyS. CrayV, EloisG. Joseph R. Norma S. Debbie S. Chris Jean D. Johnnie L. Angela TamiS. GailC. Total Cash Basis Accruals June 30, 1996 POSITION Genealogy Clerk Circulation Clerk Doerun Branch Manager Processing Clerk Bookmobile Driver Cataloguer Shelver Shelver Berlin Branch Clerk Young Adult Coordinator Public Relations Director Circulation Librarian Genealogy Clerk Genealogist Circulation Clerk Circulation Clerk Shelver Director Circulation Clerk Reference Librarian Shelver. Childrens Librarian Bookmobile Clerk Circulation Clerk Bookkeeper Circulation ClerklRecords Shelver Berlin Branch Manager Bookmobile Assistant SALARIES $ 3,507.00 3,134,28 3,699.96 16,245.00 10,542,61 7,716.00 402.16 1,234.77 2,457,18 15,062.04 22,374.00 $ 13,423.95 6,240.00 13,520.04 2,110.09 13,874.04 227.85 57,561.96 1,097,10 8,202.96 329,65 46,281.96 2,746.17 1,418.41 7,727.04 13,874.04 41.69 1,011.78 13,874.04 $ 289,937.77 $ TRAVEL 4,531.72 1,233,21 419.50 45.00 6,229.43 -288.50 $ 289,937.77 $ =======5,=94=0=.9:=3 See notes to the general purpose financial statements. - 27-