BACON COUNTY BOARD OF EDUCATION II - TABLE OF CONTENTS - II I II Page j SECTION I FINANCIAL INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATIONSCHEDULE OF EXPENDITURES OF FEDERAL AWARDS I EXHffiITS I I GENERAL-PURPOSE FINANCIAL STATEMENTS I, COMBINED STATEMENTS - OVERVIEW i A COMBINED BALANCE SHEET ALL FUND TYPES 2 I ,I B COMBINED STATEMENT-OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES II ALL GOVERNMENTAL FUND TYPES 4 II C COMBINED STATEMENT OF REVENUES, EXPENDITURES AND I" ' CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (NON-GAAP BASIS) i:i GENERAL AND SPECIAL REVENUE FUNDS 7 II D NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS .8 ADDITIONAL FINANCIAL INFORMATION ,I COMBINING STATEMENTS SPECIAL REVENUE FUND II E COMBINING BALANCE SHEET 18 F COMBINING STATEMENT OF REVENUES, EXPENDITURES , Ii AND CHANGES IN FUND BALANCES 20 I, CAPITAL PROJECTS FUND Ii II G H COMBINING BALANCE SHEET COMBINING STATEMENT OF REVENUES, EXPENDITURES 22 AND CHANGES IN FUND BALANCES 23 II i II I I BACON COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - ,, SECTION I I;: I!i.,. " FINANCIAL I ADDITIONAL FINANCIAL INFORMATION SCHEDULES 1 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 24 2 SCHEDULE OF STATE REVENUE 26 :I 3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS EARNINGS AND EXPENDITURES 27 :i L: \:1 GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) ,4 BY PROGRAM ' 28 5 BY SITE 29 I[ I II SECTION II II ;1 COMPLIANCE AND INTERNAL CONTROL REPORTS I'I. REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL II REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ! ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS I REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH , IIIII OMB CIRCULAR A-133 ,I ; II II SECTION ill , il ::, IIIIIi AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS i I i SECTION IV II Ii r FINDINGS AND'QUESTIONED COSTS I I I SCHEDULE OF FINDINGS AND QUESTIONED COSTS I II ~I I ! I"I i I III , 'I !I P il : II : I! I, :I ,I ,I Ii i ! I II1I1 II III !/ : II ; il , ii ," : II SECTION I ,I I I FINANCIAL :1 ,i ,I !I ;. II i :1 ; II ; il I II I, I 11 ,i IIII i Ii :;, IIII,' , II :. III, 'I II I 'I IIi' II , ;1 : Ii ;i , , II:1ii' I: , II I' II II I I I , ! I, ;: RIISSELL \V. HII\T01l< \ ',i STATE AUDITOR ,I I.jO.j} 656217.j :1 DEPARTMENT OF AUDITS AND ACCOUNTS 25-l Washington Slrect. S.W.. Suite 214 Atlanla. Gcorgia 3m3-l~-l()() January 28,2002 , Honorable Roy E. Barnes, Governor. I, , Members of the General Assembly Members of the State Board of Education and , Superintendent and Members of the I, I,Ii Bacon County Board of Education I' INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE I FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION- ,I SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS I I I I Ladies and Gentlemen: I We have audited the accompanying general-purpose financial statements ofthe Bacon County Board of Education, as of and for the year ended June 30, 2001, as listed in the table of contents. These \1 II general-purpose financial statements are the responsibility ofthe Bacon County Board ofEducation's !I management. Our responsibility is to express an opinion on these general-purpose financial II statements based on our audit. II "I We conducted our audit in accordance with auditing standards generally accepted in the United I States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we II plan and perfonn the audit to obtain reasonable assurance about whether the financial statements are I' I free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the I amounts and disclosures in the financial statements.. An audit also includes assessing the accounting ! I principles used and significant estimates made by management, as well as evaluating the overall II financial statement presentation. We believe that our audit provides a reasonable basis for our I opInIOn. ! 1/ i II As described in the notes to the general-purpose financial statements, the Board of Education's I financial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are I described as follows: I II ;1 I, 2001ARL-13 ,I , [I II I ,I * The general-purpose financial statements of the Board of Education did not contain a , I. General Fixed Assets Account Group to account for property and equipment owned by I the Board of Education which should be included to conform to generally accepted I II il accounting principles. II * School activity accounts maintained at the individual schools are not included in the general-purpose financial statements. To conform to generally accepted accounting principles, these. accounts should be included in the general-purpose financial statements. * The Board of Education did not recognize as expenditures, in the year. ended June 30, 2001, a portion of salaries and the corresponding employer's cost of related benefits earned for contractual services completed prior to June 30, 2001. Also funds received, subsequent to June 30; 2001, from the Georgia Department of Education for the State's share of these unrecorded salaries and related benefits were not recorded as revenue in the year under review. Conversely, the siqIilar expenditures and related revenues for contractual services completed prior to June 30, 2000, were improperly recorded in the year ended June 30, 2001. To conform to generally accepted accounting principles, revenues should be recorded when available and measurable and expenditures should be recorded when incurred, rather than when funds are received or disbursed. The aggregate effects on the general-purpose financial statements of these variances or omissions have not been determin~d, but are believed to be material. In our opinion, except for the effects on the general-purpose financial statements of the matters referred to in the preceding paragraph, the general~purpose financial statements referred to above present fairly, in all material respects, the financial positior:t ofthe Bacon County Board ofEducation as -of June 30, 2001, and the results of its operations for the year then ended, in confoimity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued our report dated January 28, 2002, on our consideration of the Bacon County Board of Education's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results ofour audit. Our audit was performed for the purpose of forming an opinion on the general-purpose financial statements ofthe Bacon County Board ofEducation taken as a whole. The accompanying combining statements (Exhibits E through H) and the financial schedules (Schedules 1 through 5), which includes the Schedule ofExpenditures ofFederal Awards as required byU. S. Office ofManagement and Budget Circular A-133, Audits ofStates. Local Governments, and Non-Profit Organizations, are presented fOf 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 200tARL-13 audit of the general-purpose financial statements and in our opinion, except for the effects of the matters referred to in the third paragraph, such information is fairly stated, 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 ofthe State, as provided for by Official Code of Georgia Allnotated Section 506-24. Respectfully submitted, ,' i I I, I II II ,I, , i' RWH:as 200IARL-13' I I Ii il :1 :1 I 11 il I I,, il,: I! I, , II ,' II , II II ,i II Ii Ru ell W. Hinton State Auditor II I II I, ' I , :1 :1 II !I I i iI iI :I i, i1 : II . ~ II :I : I' :I .I : II I, , II ,I ~I ; I' :I I I, I,: f BACON COUNTY BOARD OF EDUCAnON BACON COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET ALL FUND TYPES JUNE 30, 2001 ASSETS Cash and Cash Equivalents Investments Accounts Receivable Inventories Food Donated Commodities Purchased Food GOVERNMENTAL FUND SPECIAL GENERAL REVENUE FUND FUND $ 67,123.17 $ 315,099.81 754,926.45 169,864.11 127,319.20 .10,342.57 5,379.16 Total Assets $ . 991,913.73 $=====45=8;k,1=4=0.~74~ LIABILITIES AND FUND EQUITY LIABILITIES Accounts Payable Salaries Payable Expired Grant Balances Payable Contracts Payable Total Liabilities FUND EQUITY Fund Balances Reserved For Bus Replacement Funds For Continuation of Federal Programs For Inventories Food Donated Commodities Purchased Food For SPLOST Projects For State Capital Outlay Projects Unreserved Designated for Self-Insurance Undesignated Total Fund Equity $ 30,123.20 $ 31,267.47 147,994.02 227.72 15,731.86 $ 30,350.92 $ 194,993.35 $ 1,009.26 $ 1,076:01 10,342.57 5,379.16 49,621.43 910,932.12 246,349.65 $ 961,562.81 $ 263,147.39 Total Liabilities and Fund EqUity . $ 991,913.73 The notes to the general-purpose financial statements are an integral part of this statement. -2- $==4=5~8,-=1=40~.7=4= ;1 Ii EXHIBIT "A" , II [I II :' TYPES II CAPITAL II PROJECTS TOTALS (Memorandum Only) I,I' FUND JUNE 30, 2001 JUNE 30, 2000 Ii $ 382,222.98 $ 333,739.66 1,1 I 1 $ 2,158,326.73 2,913,253.18 2,027,556.94 J 303,244.35 600,427.66 506,730.13 I I !I II I II 10,342.57 13,611.05 , Ii I 5,379.16 3,851.03 $ 2,461,571.08' $ 3,911,625.55 $ 2,885,488.81 I ,! I II !I Ii II IIII $ 61,390.67 $ 147,994.02 58,871.86 134,977.19 I iI $ 19,650.00 15,959.58 19,650.00 19,692.85 I i $ 19,650.00 $ 244,994.27 $ 213,541.90 ! II ,I I I II , I I, $ 1,009.26 1,076.01 :1 $ 2,371,288.68 70,632.40 10,342.57 $ 5,379.16 2,371,288.68 70,632.40 13,611.05 3,851.03 1,513,583.65 I 0.00 49,621.43 1,157,281.77 49,621.43 1,091,279.75 I I $ 2,441,921.08 $ 3,666,631.28 $ 2,671,946.91 I I I I $ 2,461,571.08 $ 3,911 ,625.55 $ 2,885,488.81 Ij I, , I - 3- Iii ;I BACON COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30, 2001 REVENUES State Fl,mds Federal Funds Taxes Other Funds Total Revenues EXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation Community Services Operations Capital Outlay Total Expenditures Excess of Revenues over (under) Expenditures FUND BALANCE JULY 1 Food Inventory - Net Change in Period Donated Commodities Purchased Food FUND BALANCE JUNE 30 GENERAL FUND SPECIAL REVENUE FUND $ 8,501,647.93 $ 1,861,023.90 140,253.85 $ 10,502,925.68 $ 272,048.67 1,400,242.75 243,750.05 1,916,041.47 $ 7,155,610.21 $ 1,035,143.64 319,598.86 153,355.24 301,492.64 179,461.72 742,838.31 120,659.76 867,416.52 590,487.55 39,440.76 4,961.23 2,441.40 12,273.52 59,947.70 25,447.47 5,629.79 2,853.58 570.71 16,679.65 714,569.60 $ 10,477,764.20 $ $ 25,161.48 $ 936,401.33 1,873,115.66 42,925.81 221,961.93 -3,268.48 1,528.13 $ 961,562.81 $ =~2=6=3,1,,;'1.,;,4~7.~39~ The notes to the general-purpose financial statements are an integral part of this statement. - 4- II II II EXHISIT "S" I! .i :I , , I II iIl, Ii,l CAPITAL PROJECTS TOTALS (Memorandum Only) YEAR ENDED FUND JUNE 30, 2001 JUNE 30, 2000 il I $ 114,585.00 $ 8,888,281.60 $ 8,310,825.20 !I 1,400,242.75 1,364,897.18 II j 985,846.79 103,145.30 2,846,870.69 487,149.20 2,760,271.30 438,423.44 I, ;1 $ 1,203,577.09 $ 13,622,544.24 $ 12,874,417.12 II 1\ I' $ 8,190,753.85 $ 7,726,630.39 :1 , I' 331,872.38 499,710.97 I \1 I:1' rifl 213,302.94 301,492.64 204,909.19 748,468.10 334,917.67 285,956.00 202,205.33 719,228.58 " 123,513.34 . 110,170.86 867,987.23 780,257.58 607,167.20 617,610.84 II 39,440.76 28,841.00 II 719,530.83 722,434.70 2,441.40 703.00 I,I $ 275,239.66 275,239.66 290;173.44 I $ 275,239.66 $ 12,626,119.52 $ 12,318,840.36 [I $ 928,337.43 $ 996,424.72 $ 555,576.76 , "I 1,513,583.65 2,671,946.91 2,120,364.22 " :\ I -3,268.48 -2,808.20 ' I 1,528.13 -1,185.87 I1 'I $ 2,441,921.08 $ 3,666,631.28 $ 2,671,946.91 II ,11 I, I I I I: "I I:, - 5- I! I , I I , I, I, I I ~I I i I Ii H ,I i/ I,I' I I !I "" 1I1I I ; I, I 'I il " :1 ,I II I II II 1 I i I II j I I I :I I I I I , Ii II !I ,I ,I ,I . BACON COUNTY BOARD OF EDUCATION EXHIBIT "C" COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL - (NON-GMP BASIS) GENERAL AND SPECIAL REVENUE FUNDS YEAR ENDED JUNE 30, 2001 GENERAL FUND ACTUAL (BUDGET BUDGET BASIS) REVENUES State Funds Federal Funds Taxes Other Funds $ 8,221,156.00 $ 8,501,647.93 135,852.00 1,767,857.00 1,861,023.90 60,170.00 140,253.85 Total Revenues $ 10,185.035.00 $ 10,502,925.68 EXPENDITURES Current Instruction Support SeNices Pupil SeNices Improvement of Instructional SeNices Educational Media SeNices General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation SeNices Other Support SeNices Food SeNices Operation Community SeNices Operations $ 7,283,361.79 $ 7,155,610.21 292,537.93 223,688.83 297,915.21 200,420.19 739,874.67 135,971.89 879,402.15 600,333.18 34,841.00 6,094.18 319,598.86 153,355.24 . 301,492.64 179,461.72 742,838.31 120,659.76 867,416.52 590,487.55 39,440.76 4,961.23 2,441.40 .Total Expenditures $ 10,694,441.02 $ 10,477,764.20 Excess of Revenues over (under) Expenditures $ -509,406.02 $ 25,161.48 FUND BALANCE JULY 1, 2000 815,307.10 936,401.33 Adjustments Food Inventory' - Net Change in Period Donated Commodities Purchased Food 4,891.71 SPECIAL REVENUE FUND ACTUAL (BUDGET BUDGET BASIS) $ 279,528.54 $ 272,048.67 1,457,683.22 1,400,242.75 232,117.10 243,750.05 $ 1,969,328.86 $ 1,916,041.47 $ 1,060,532.15 $ 1,035,143.64 13,749.00 132,558.15 12,273.52 59,947.70 46,832.72 7,705.00 20,145.00 25,447.47 5,629.79 2,853.58 570.71 .16,679.65 720,379.89 714,569.60 $ 2,001,901.91 $ 1,873,115.66 $ -32,573.05 $ 42,925.81 244,700.86 221,961.93 -21,482.69 -3,268.48 1,528.13 FUND BALANCE JUNE 30, 2001 $ 310,792.79 $ 961,562.81 $ 190,645.12 $ 263,147.39 The notes to the general-purpose financial statements are an integral part of this statement. -7- BACON COUNTY BOARD OF EOUCAnON EXHIBIT "0" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2001 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES REPORTING ENTITY The Bacon County Board ofEducation (School District) was established under the laws ofthe State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The School District is organized as a sep'arate legal entity and has the power to levy taxes and issue bonds. Its b~dget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the . organizations that compose its legal entity. FUND ACCOUNTING The School District uses funds to report on its financial position and the results of its operations. Fund accounti,ng 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. General Fixed Assets are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the School District. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. Although "school activity accounts" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general-purpose financial statements. The general-purpose financial statements account for all State, Federal, Taxes and Other funds under control of the School District, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds presented in this report are as follows: . GOVERNMENTAL FUND TYPES - are used to account for all or most of a School District's educational activities. Governmental Fund Types include: GENERAL FUND - the fund used to account for all financial resources of the School District except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. SPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are received primarily from the Georgia Department of Education and from the Federal government to accomplish specific educational objectives. -8 - BACON COUNTY BOARD OF EDUCAnON EXHmIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIALSTATEMENTS JUNE 30, 200 I Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. BASIS OF ACCOUNTING The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues I I, and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current !'II assets. Their reported fund balance is considered a measure of available spendable resources. :1 II !,I Liabilities which are expected to be financed from available 'spendable resources are reported as liabilities in the governmental funds. :I Governmental funds are accounted for using the modified accrual basis of accounting under which: i I 1 Ii Revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of ," II the current period. The School District considers receivables collected within sixty days after year- , III end to be available and therefore susceptible to accrual. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in : il exchange, include property taxes, local option sales taxes, intergovernmental grants and donations. Revenue for property taxes is recognized in the fiscal year for which the taxes are levied. Revenue Ii from sales taxes is recognized in the fiscal year the resources are received or susceptible to accrual. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \ " , II Expenditures are generally recognized when the related fund liability is incurred. I "II Ii ,' III A departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share of these contracts. During fiscal year 2001, a I II substantial number of personnel ofthe School District were employed for a one hundred and ninety day period beginning in August 2000 and.ending in early June 2001. Personnel contracts for this I employment period specify that compensation be paid in twelve equal monthly payments beginning Ii in September 2000 and ending in August 2001. State grants to fund the State's share of these il contracts were disbursed from the Georgia Department of Education to the School District in the II same twelve months. As.of June 30, 2001, compensation under these employment contracts had II been earned, but two ofthe twelve monthly payments, due for July and August 2001, had not been I,iI Iil' made. Payments for these two months were made and recorded as expenditures by the School District subsequent to June 30,2001. Also, the State's portion ofthe compensation paid in July and i' -9- i .---------------:--~-----~------~---- BACON COUNTY BOARD OF EDUCATION EXHffiIT "D'; NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2001 . Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES August 2001 was received and recorded as revenue in the fiscal year subsequent to June 30, 2001. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 2000, were recorded in the year ended June 30, 2001. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disburse4. BUDGET The Bacon County Board ofEducation's budget is a complete financial plan for the School District'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 Board at the aggregate level. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles. The budget process begins when the School District's administration prepares a tentative budget for the Board's approval. After approval ofthis tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality. At the next regular meeting ofthe . Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This final budget is then submitted, in accordance with provisions of the Quality Basic Education Act, OCGA Section 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. CASH AND CASH EQUIVALENTS COMPOSITION OF DEPOSITS Cash and cash equivalents consist ofcash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Georgia Laws OCGA 45-8-14 authorize the School District to deposit its funds in one or more solvent banks or insured Federal savings and loan associations. INVESTMENTS COMPOSITION OF INVESTMENTS Investments made by the School District in nonpart.icipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code ofGeorgia Annotated Section 36-83-4 authorizes the School District to invest its funds. In selecting among , options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: - 10- :1 ;1 I BACON COUNTY BOARD OF EDUCATION EXHmIT "0" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2001 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (1) Obligations issued by the State of Georgia or by other states, (2) Obligations issued by the United States government, (3) Obligations fully insured or guaranteed by the United States government or a United States government agency, (4) Obligations of any corporation of the United States government, (5) Prime banker's acceptances, (6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, (7) Repurchase agreements, and (8) . Obligations of other political subdivisions of the State of Georgia. RECEIVABLES Receivables consist of grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general-purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. PROPERTY TAXES . The Bacon County Board of Commissioners fixed the property tax levy for the 2000 tax year (calendar year) on October 20,2000 (levy date). Taxes were due on December 20,2000 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 2001. The Bacon County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% oftaxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues during the fiscal year ~nded June 30, 2001 for maintenance and operations amounted to $1,856,039.28. The tax millage rate levied for the 2000 tax year (calendar year) for the Bacon County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): School Operations 12.5 mills - 11 - BACON COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2001 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SALES TAXES Special Purpose Local Option Sales Tax is to be used for capital outlay for educational purposes. Special Purpose Local Option Sales Tax revenue during the fiscal year amounted to $985,846.79 and was recorded in the Capital Projects Fund. The State will tenninate collection of this tax once an additional $2,716,810.39 has been collected or on June 30, 2003, whichever occurs first. INVENTORIES FOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost (first-in, first-out). Donated food commodities are recorded as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time ofpurchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations of fund balance which indicates that these amounts do not constitute "available spendable resources" even though they are a component of net current assets . .INTERFUND TRANSACTIONS The School District has the following types of interfund transactions: Reimbursements of expenditures initially made from a fund that are properly applicable to another fund are recorded as expenditures in the reimbursing fund and as reduction~ of expenditures in the fund that is reimbursed. . MEMORANDUM ONLY - TOTAL COLUMNS Total columns on the general-purpose financial statements are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results ofoperations in confonnity with generally accepted accounting principles. Neither are such data comparable toa consolidation. Interfund eliminations have'not been made in the aggregation of this data. Note 2: DEPOSITS AND INVESTMENTS COLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum ofmoney 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 ofthe amount ofdeposit insurance. -.12 - I I , II BACON COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS I JUNE 30, 2001 ,I Note 2: DEPOSITS AND INVESTMENTS 11 Ii d 'I If a depository elects the pooled method (OCGA 45-8-13.1) the aggregate of the market value ofthe II securities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool I' balance. OCGA Section 45-8-11 (b) provides an office~ holding public funds may, in his discretion, i waive the requirement for security in the case ofoperatIng funds placed in demand deposit checking i I accounts. ' II II II Acceptable security for deposits consists of anyone of or any combination of the following: II II!' II I (1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, I I (2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, !I Ii (3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United II States or of the State of Georgia, . ; Ii (4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, . :1 (5) Bonds of any public authority created by the laws of the State of Georgia, providing that II I 11 the statute that created the autho~ty authorized the use of the bonds for this purpose, II II (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 , I' corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal' il Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the ~I Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage i"" ,I Association, and the Federal National Mortgage Association. ' il I CATEGORIZATION OF DEPOSITS i At June 30, 2001, the bank balances were $1,186,967.89. The amounts ofthe total bank balances are ,i classified into three categories of credit risk: I i! Category 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the School District or by the School District's agent in the I! School District's name. I" I Category 2 - Cash collateralized with securities held by the pledging financial institution's I trust department or agent, in the School District's name. :1 II II - 13 - BACON COUNTY BOARD OF EDUCAnON EXHffiIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2001 Note 2: DEPOSITS AND INVESTMENTS 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 School District's name.) The School District's deposits are classified by risk category at June 30, 2001, as follows: Risk Category 1 2 3 Total . Bank Balance $ 117,386.72 757,919.88 311,661.29 $1,186,967.89 CATEGORIZATION OF INVESTMENTS At June 30,2001, the carrying value of the School District's total investments was $2,913,253.18 which is materially the same as fair value. This investment consisted entirely of funds invested in the Local Governrnent Investment Pool administered by the State ofGeorgia, Office ofTreasury and fiscal Services which are not required to be catego~zed since the School District did not own any specific identifiable securities in the pool. The investment policy ofthe State of Georgia, Office of Treasury and Fiscal Services for the. Local Government Investment Pool (Primary Liquidity Portfolio) does not provide for investment in derivatives or similar investments. A description ofthe Primary Liquidity Portfolio is as follows: . The Primary bquidity Portfolio copsists of Georgia Fund 1, which is a combination local and state government investment pool, and Fund 6. Georgia Fund 1 is a stable net asset value investment pool which follows Standard and Poor's criteria for AAAm rated money market funds. The pool is not registered with the SEC as an investment company but does.operate Georgia Fund 1 in a manner consistent with Rule 2a-7 ofthe Investment Company Act of 1940 and is considered to be a Rule 2a7 like pool. The pool's primary objectives are safety of capital, investment income, liquidity and diversification while maintaining principal ($1.00 per share value). Net asset value is calculated weekly to ensure stability. The pool distributes earnings (net of management fees) on a monthly basis and values participant's shares sold and redeemed based on $1.00 per share. Pooled cash and cash equivalents and investmeI)ts are reported at cost which approximates fair value. The pool does not issue any legally binding guarantees to support the value ofthe shares. Participation in the pool is voluntary and deposits consist of funds from local governments; operating and trust funds of Georgia's state agencies, colleges and universities; and current operating funds of the State of Georgia's General Fund. Investments in Georgia Fund 1 and Fund 6 are directed toward short-term instruments such as U. S. Treasury obligations, securities issued or guaranteed as to principal and interest by the U. S. Government or any of its agencies or instrumentalities, banker's acceptances and repurchase agreements. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2001, was 39 days. The average investment duration for Fund 6 on June 30, 2001, was 6 months. - 14- BACON COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FfNANCIAL STATEMENTS JUNE 30, 2001 Note 3: NON-MONETARY TRANSACTIONS The School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories Note 4: RISK MANAGEMENT The School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors 'or omissions; job related illness or injuries to employees; natural disaster and unemployment compensation. The School District has obtained commercial insurance for risk ofloss associated with torts, assets, errors or omissions and job related illness or injuries to employees. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the School District's insurance coverage in any of the past three years. I I, I The School District has elected to self-insure for all losses related to natural disaster. The School District has not experienced any losses related to this risk in the past three years. ! I,Ii The School. District is self-insured with regard to unemployment compensation claims. In :\ i connection with this program, a self-insurance reserve has been established within the General Fund iI by the School District.' The School District accounts for claims within the General Fund with [I expenditure and liability being reported when it is probable that a loss has occurred, and the amount i of that loss can be reasonably estimated. The School District has not incurred any liabilities for , I . unemployment compensation during the past two fiscal years. I I The School District has purchased surety bonds to provide additional insurance coverage as follows: I II 'I !I Position Covered Amount , II I Superintendent $ 50,000.00 I:1 Board Chairman $ 20,000.00 ,I Board Vice-Chairman $ 20,000.00 . ! II Other Employees $ 5,000.00 Note 5: ON-BEHALF PAYMENTS The School District has recognized revenues and expenditures in the amount of $193,006.68 for health insurance and retirement contributions paid on the School District's behalfby the following State.Agencies. - 15 - BACON COUNTY BOARD OF EDUCAnON EXHIDlT "0" , NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2001 Note 5: ON-BEHALF PAYMENTS Georgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance of Non-Certified Personnel In the amount of$157,610.78 Paid to the Teachers Retirement System of Georgia For Teachers Retirement System (TRS) Employer's Cost In the amount of $1,610.90 Office of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of$33,785.00 Note 6: SIGNIFICANT COMMITMENTS The following is an analysis of significant outstandingconstruction or renovation contracts executed by the School District as of June 30, 2001, together with funding available: Project Unearned Executed Contracts Funding Available From State 01/00S-603-002 $ 5,566,000.00 $ 1.956,041.00 The amounts described in this note are not reflected in the general-purpose financial statements. Note 7: 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 School District believes that such disallowances, 'if any, will be immaterial to its overall financial position. Note 8: RETIREMENT PLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) TRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school districts are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement - 16 - BACON COUNTY BOARD OF EDUCATION EXHillIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2001 Note 8: RETIREMENT PLANS 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 School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District 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 pctuary. The required employer contribution rate is 11.29% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: Fiscal Year 2001 2000 1999 . Percentage Contributed 100% 100% 100% Required Contribution $ 828,279.43 . $ 819,153.72 $ 812,785.81 - 17 - BACON COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 2001 ASSETS Cash and Cash Equivalents Accounts Receivable Inventories Food Donated Commodities 'Purchased FOod Total Assets LIABILITIES AND FUND EQUITY LIABILITIES Cash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable Total Liabilities FUND EQUITY Fund Balances Reserved For Continuation of Federal Programs For Inventories Food Donated Commodities Purchased Food Unreserved Undesignated Total Fund Equity Total Liabilities and Fund Equity See notes to the general-purpose financial statements. - 18 - SCHOOL FOOD SERVICES FUND LOTTERY PROGRAMS $ 277,036.35 $ 35,311.13 12,731.35 10,342.57 5,379.16 $ 305,489.43 $ ==".;:3;,;;;5~,3~1,;,;,1.,;.;13;;." $ 3,173.89 $ 5,453.09 40,244.16 19,793.10 10,064.94 $ 43,418.05 $ 35,311.13 $ 10,342.57 5,379.16 246,349.65 $ 0.00 $ 262,071.38 $ 0.00 $ 305,489.43 $ ==".;:3;;;;;5~,3~1::.;1.~13~ II !I I EXHIBIT "E" I IIi ,I II II I'\, 11 FEDERAL TOTALS II PROGRAMS JUNE 30, 2001 JUNE 30, 2000 I I $ 2,752.33 $ 315,099.81 $ 287,049.31 I i 114,5.87.85 127,319.20 171,705.75 ,I , Ii III! 10,342.57 13,611.05 11 5,379.16 3,851.03 II Ii , II $ 117,340.18 $ 458,140.74 $ 476,217.14 II ,I I,/' :1 IIii I:1, " $ 65,595.69 ;1 $ .22,640.49 $ 31,267.47 33,989.48 !I 87,956.76 5,666.92 147,994.02 15,731.86 134,977.19 19,692.85 II III, $ 116,264.17 $ 194,993.35 $ 254,255.21 Ii II Ii I III , !I I I, $ 1,076.01 $ 1,076.01 , !I 'I 10,342.57 $ 13,611.05 5,379.16 3,851.03 11 '"I Ii , I II' i. I $ 0.00 1,076.01 $ 246,349.65 263,147.39 $ 204,499.85 221 ,961.93 :II i I' IIII , 'I $ 117,340.18 $ 458,140.74 $ 476,217.14 ! t!1 ,I - 19 --- - - - - - BACON COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES . SPECIAL REVENUE FUND YEAR ENDED JUNE 30. 2001 REVENUES State Funds Federal Funds Other Funds Total Revenues EXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services General Administration School Administration Business Administratiori Maintenance and Operation of Plant Student Transportation Services Food Services Operation Total Expenditures Excess of Revenues over (under) Expenditures . FUND BALANCE JULY 1 Food Inventory - Net Change in Period Donated Commodities Purchased Food FUND BALANCE JUNE 30 SCHOOL FOOD SERVICES FUND LOITERY PROGRAMS $ 58,172.00 $ 213,876,67 454,497.35 243,750,05 $ 756,419.40 $ 213,876,67 $ 212,142,20 1,734,47 $ 714,569,60 $ 714,569,60 $ 213,876,67 $ 41,849,80 $ 0.00 221,961,93 0,00 -3,268.48 1,528,13 $ 262,071,38 $====O,=OO~ See notes to the general-purpose financial statements, - 20- BACON COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30, 2001 EXHIBIT "G" ASSETS Cash and Cash Equivalents Investments Accounts Receivable GEORGIA STATE FINANCING AND INVESTMENT COMMISSION SPECIAL PURPOSE LOCAL OPTION SALES TAX TOTALS JUNE 30, 2001 JUNE 30, 2000 S 255,255:00 S 255,255.00 S 74.40 S 230,952.40 1,927,374.33 2,158,326.73 1,362,120.46 114,585.00 188.659.35 303,24435 151.388.79 Total Assets $ 345,537.40 $ 2,371,288.68 S 2,716,826.08 $ 1,513.583.65 ''\ LIABILITIES AND FUND EQUITY LIABILITIES Cash Overdraft Contracts Payable $ 255,255.00 . 19,650.00 $ 255,255.00 19,650.00 Total Liabilities $ 274,905.00 $ 274,905.00 FUND EQUITY Fund Balances Reserved For SPLOST Projects For State Capital Outlay Projects Unreserved Undesignated $ 2,371,288.68 $ 2,371,288.68 $ 1,513,583.65 S 70,632.40 70,632.40 0.00 0.00 0.00 0.00 Total Fund Equity $ 70,632.40 $ 2,371,288.68 $ 2,441,921.08 $ 1,513,583.65 Total Liabilities and Fund Equity $ 345,537.40 $ 2.371,288.68 $ 2,716,826.08 $ 1,513,583.65 See notes to the general-purpose financial statements, - 22- I II II BACON COUNTY BOARD OF EDUCATION EXHIBIT "H" COMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES ) CAPITAL PROJECTS FUND YEAR ENDED JUNE 3D, 2001 I i I I, 'I 'I il Ij !I Ii II I, I Ii 1.1 'I II )1 II !! '1 :1, II :II' [I II .,, II II 1 I I Ii Ii 1\ Ii II II "" !I II'i I,I' \1 II II Ii i I'II GEORGIA STATE FINANCING AND INVESTMENT COMMISSION SPECIAL PURPOSE LOCAL OPTION SALES TAX ' TOTALS YEAR ENDED JUNE 30, 2001 JUNE 30, 2000 REVENUES . State Funds Taxes Other Funds $ 114,585.00 S 114,585.00 S 985,846.79 985,846.79 $ 943,545.66 782.40. 102,362.90 103.145.30 64,752.18 Total Revenues $ 115,367.40 $ 1,088,209.69 $ 1,203,577.09 $ 1,008,297.84 EXPENDITURES Capital Outlay Land and Land Improvements Building and Building Improvements S 10,905.00 $ 264,000.00 334.66 S 11,239.66 $ 265,983.22 264,000.00 24,190.22 Total Expenditures $ 274,905.00 S 334.66 $ 275,239.66 S 290,173.44 Excess of Revenues over (under) Expenditures $ -159,537.60 $ 1,087,875.03 S 928,337.43 $ 718,124.40 OTHER FINANCING SOURCES (USES) Operating Transfers In Operating Transfers Out $ 230,170,00 $ 230,170.00 $ -230,170.00 -230,170.00 Total Other Financing Sources (Uses) $ 230,170.00 $ -230,170.00 $ 0.00 Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses $ 70,632.40 $ 857,705.03 $ 928,337.43 $ 718,124.40 FUND BALANCE JULY 1 0.00 1,513,583.65 1,513,583.65 795,459.25 FUND BALANCE JUNE 30 . $ 70,632.40 $ 2,371 ,288.68 $ 2,441,921.08 $ 1,513,583.65 See notes to the general-purpose financial statements. - 23 BACON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30, 2001 SCHEDULE "1" FUNDING AGENCY PROGRAM/GRANT CFDA NUMBER PASSTHROUGH ENTITY 10 NUMBER FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD , Agriculture. U, S, Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food and Nutrition Program Food Services School Breakfast Program National School Lunch Program 10,553 10.555 N/A $ 96.509,74 N/A 310,971.90 $ (2) 670.782.47 (3) Total Child Nutrition Cluster $ 407,481.64 $ 670,782,47 Other Programs Pass-Through From Georgia Department of Education Food and Nutrition Program Food Distribution Program (1) Pass-Through From Office of ScHool Readiness 10.550 N/A Food and Nutrition Program Child and Adult Care Food Program 10.558 N/A 43.787.13 3.228.58 43.787.13 (2) Total U. S. Department of Agriculture $ 454,497,35 $ 714.569.60 Education. U. S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Individuals with Disabilities Education Act Part B - Special Education.. Capacity Building Improvement Grant Flow Through Preschool 84.027 84.027 84.173 N/A $ 6.225.00 $ N/A 144.899.84 N/A 19.997,63 6,225.00 144.899.84 19.997.63 Total Special Education Cluster $ 171.122.47 $ 171.122,47 Other Programs Pass-Through From Berrien County Board of Education d/b/a Southern Pine Migrant Education Agency Elementary and Secondary Education Act Title I Migrant Education 84.011 N/t.. Pass-Through From Georgia Department of Education Elementary and Secondary Education Act Title I Grants to Local Educational Agencies Title II 84.010 N/A Eisenhower Professional Development Title III 84.281 N/A Technology Literacy Challenge Fund Grants 84.318 N/A Title VI Class Size Reduction Innovative Education Program Strategies 84.340 N/A 84.298 N/A Vocational Education - Basic Grants to States High School Program Basic Grant 84,048 N/A Pass-Through From Okefenokee Regional Educational Service Agency Safe and Drug-Free Schools 84,186 N/A 20.253.96 487,980.49 14.348.59 1.935.40 68,022.80 3.075.98 33,986.00 7.200.00 20,253.96 487.980,49 13,272.58 1.935,40 68,022.80 3,075.98 33.986.00 7.200.00 Total U. S.Department of Education . - 24- $ 807.925.69 $ 806.849.68 BACON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30. 2001 SCHEDULE "1" FUNDING AGENCY PROGRAMfGRANT Health and Human Services, U. S. Department of Pass-Through From Concerted Services, Incorporated Head Start Program CFDA NUMBER PASSTHROUGH ENTITY 10 NUMBER FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD 93.600 NfA $ 137.819.71 $ 1;.::3..:...7"".8..:..19,;..;. :. .7. :. .1 !'II :1 II Ii Ii Ii 11 I'II I" I I', lI,!' Ii /I I"i , iI i I: III' I' I' il i'lI :1 II i I Total Federal FinanCial Assistance NfA = Not Available $ 1.400,242.75 $==1=,6=59=,2==3=8=.9=9 Notes to the Schedule of Expenditures of Federal Awards (1) The amounts shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities received andfor consumed by the system during the current fiscal year. (2) Expenditures for the Child and Adult Care Food Program and the School Breakfast Program were not maintained separately and are included in the 2001 National School Lunch Program. (3) Expenditures for this program include State, andfor Other Funds. Expenditures are not maintained by fund source. Major Programs are identified by an asterisk (*) in front of the CFDA number. The Board did not provide Federal Assistance to any Subrecipient. The accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Bacon County Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the general purpose financial statements. See notes to the general-purpose financial statements. - 25- BACON COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2001 SCHEDULE "2" AGENCY/FUNDING GOVERNMENTAL FUND TYPES SPECIAL CAPITAL GENERAL REVENUE PROJECTS FUND FUND FUND TOTAL GRANTS Education. Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program . Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Category I Category II Category III Category IV CategoryV. Gifted Student - Category VI Remedial Education Program Alternative Education Program Media Center Program Staff and Professional Development Indirect Cost Categorical Grants Pupil Transportation Regular Bus Replacement Nursing Services Principal Supplements Vocational Supervisors Migrant Education Education Equalization Funding Grant Food Services Vocational Education Other State Programs At-Risk Summer School Program Health Insurance Mentor Teachers Preschool Handicapped Program Remedial Summer School Special Education Low Incidence Grant Teachers' Retirement . Lottery Programs Computers in the Classroom $ 416.696.00 51,072.00 1.103,334.00 231.835.00 535,899.00 1.000.641.00 668.456.00 400,387.00 106.293.00 212.608.00 483.225.00 139.943.00 12,088.00 . 132.079.00 98,284.00 75.220.00 172.427.00 47.327.00 1,186,475.00 297.550.00 95,132.00 53.623.00 7.800.00 15,521.00 6.667.00 603.652.00 $ 112,749.85 2.660.65 157.610.78 326.00 30,432.00 1.526.25 6.712.50 1,610.90 58,172.00 38,485.00 S 416,696.00 51,072.00 1.103,334.00 231,835.00 535.899.00 1,000,641.00 668,456.00 400.387.00 106,293.00 212.608.00 483,225.00 139.943.00 12.088.00 132,079.00 98.284.00 75.220.00 172,427.00 47.327.00 1.186.475.00 297.550.00 95,132.00 53.623.00 7,800.00 15.521.00 6,667.00 603,652.00 58,172.00 112.749.85 2,660.65 157.610.78 326.00 30,432.00 1,526.25 6.712.50 1,610.90 38,485.00 Georgia State Financing and Investment Commission Reimbursement on Construction Projects $ 114,585.00 114,585.00 Office of School Readiness Pre-Kindergarten Program 175.391.67 175.391.67 Office of Treasury and Fiscal Services Public School Employees Retirement 33,785.00 33,785.00 See notes to the general-purpose financial statements, . $ 8.501.647.93 $. 272.048.67 $ 114,585.00 $ 8,888.281,60 - 26- BACON COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS YEAR ENDED JUNE 30, 2001 SCHEDULE "3" PROJECT Acquisition, construction, furnishing and equipping the following Capital Outlay Projects: a new elementary , school, parking areas and grounds, induding the purchase of any necessary real and personal property; and (to the extent that funds are available) construction, furnishing and equipping of additional classrooms, instructional and support space, as well as remodeling and renovating existing classrooms, instructional and support space, and to provide furnishings, equipment and fixtures, including technology equipment and retrofitting to accommodate such equipment, at existing facilities ORIGINAL ESTIMATED COST (1) CURRENT ESTIMATED COSTS (2) AMOUNT EXPENDED IN CURRENT YEAR (3) AMOUNT EXPENDED IN PRIOR YEARS PROJECT STATUS $ 8,186,000.00 $ 8,186,000,00 $ 275,239.66 $ 360,629.99 Ongoing (1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. . (2) The School District's current estimate of total cost for the project. Includes all cost from project inception to completion. (3) The voters of Bacon County approved the imposition of a 1% sales tax to fund the above project. Amounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the project. I I See notes to the general-purpose financial statements. - 27- BACON'COUNTY BOARD OF EDUCATION GENERAL FUND - OUALITY BASIC EDUCATION PROGRAM (aBE) EARNINGS AND EXPENDITURES - BY PROGRAM YEAR ENDED JUNE 30,2001 SCHEDULE "4" DESCRIPTION Direct Instructional Programs Kindergarten Program Kindergarten Program-Early Intervention Program Primary Grades (1-3) Program Primary Grades-Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disa~i1ities Category I Category II Category III Category IV Category V Gifted Student - Category VI Remedial Education Program Alternative Education Program TOTAL DIRECT INSTRUCTIONAL PROGRAMS Media Center Program Staff and Professional Development ALLOTMENTS FROM GEORGIA DEPARTMENT 0F EDUCATION (1) ELIGIBLE aBE PROGRAM COSTS SALARIES OPERATIONS TOTAL $ 460,259,00 $ 484,127,49 $ 6,784,08 $ 490,911.57 56,411,00 107,472,25 2,173.51 109,645,76 1,218,681,00 1,036,768,3 24,220,25 1,060,988,60 256,073,00 423,574,60 3,756,20 427,330,80 591,924,00 599,725,87 15,383,97 615,109,84 1,105,253,00 1,195,208,66 20,700,86 1,215,909,52 738,340,00 1,066,695.41 31,343,27 . 1,098,038,68 442,245,00 403,852,99 48,549,93 452,402,92 1,053,909,00 22,103,79 2,115,33 24,219,12 263,552,58 6,507,95 270,060,53 564,965,63 9,152,54 574,118,17 39,334,93 1,439,70 40,774,63 8,154,95 8,154,95 145,887,00 119,736,78 2,364.45 122,101,23 108,559.00 140,749,90 1,641.29 142,391,19 83,084,00 125,274,23 3,020,47 128,294,70 $ 6,260,625.00 $ 6,601,298.41 $ 179,153,80 $ 6,780,452,21 190,454,00 52,275,00 248,913.42 31,398.46 35,379,93 24,607,02 284,293,35 56,005.48 TOTAL aBE FORMULA FUNDS $ 6,503,354,00 $ 6,881,610,29 $ 239,140,75 $ 7,120,751,04 .(1) Comprised of State Funds plus Local Five Mill Share', See notes to the general-purpose financial statements, - 28- I II I'!I BACON COUNTY BOARD OF EDUCATION SCHEDULE "5" GENERAL FUND - QUALITY BASIC EDUCATION PROGRAM (QBE) EARNINGS AND EXPENDITURES - BY SITE I YEAR ENDED JUNE 30, 2001 I Bacon County Primary School Bacon County Middle/High School Bacon County Elementary School Central Office (Alternative Education Program) Other Auxiliary Facility TOTAL ALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) ELIGIBLE QBE PROGRAM COSTS $ 1,602,733.00 $ 1,884,668.31 3,128,030.00 3,309,836.76 1,446,778.00 1,454,226.20 83,084.00 3,578.52 128,142.42 $ 6,260,625.00 $ 6,780,452.21 (1) Comprised of State Funds plus Local Five Mill Share. i I iI :, IIIIi , II See notes to the general-purpose financial statements. - 29- i) :I Ii, II II II I II II ;1 III, I II II I SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS II I \ I i 1\ . IIIR"'."'u. ,II w. H",.", STATE I