GA 1).800 tRl E2Cv "6t+ I C,9 ~ --I '-f STATE OF GEORGIA DEPARTMENT OF AUDITS 254 WASHINGTON STREET ATLANTA. GEORGIA 30334 AUDIT REPORT BEN HILL COUNTY BOARD OF EDUCATION FITZGERALD, GEORGIA YEAR ENDED JUNE 30, 1994 BEN HILL COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - SECTION I FINANCIAL INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE EXlilBITS GENERAL PURPOSE FINANCIAL STATEMENTS COMBINED STATEMENTS- OVERVIEW A COMBINED BALANCE SHEET ALLFUNDTYPESANDACCOUNTGROUP 2 B COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUND 4 C COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - ACTUAL AND BUDGET GOVERNMENTAL FUND TYPES 6 D STATEMENT OF REVENUES, EXPENSES AND CHANG:liS IN FUND BALANCES FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUND 7 E STATEMENT OF CASH FLOWS FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUND 9 F NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 10 ADDITIONAL FINANCIAL INFORMATION COMBINING STATEMENTS SPECIAL REVENUE FUND G COMBINING BALANCE SHEET 24 H COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 26 CAPITAL PROJECTS FUND I COMBINING BALANCE SHEET 28 J COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 30 FIDUCIARY FUND TYPES K COMBINING BALANCE SHEET 32 L COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES EXPENDABLE TRUST FUNDS 33 BEN HILL COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - SECTION I FINANCIAL ADDITIONAL FINANCIAL INFORMATION SCHEDULES 1 SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE 34 2 ANALYSIS OF CASH AND CASH EQUIVALENTS 36 3 INVESTMENTS 37 4 ACCOUNTS RECEIVABLE 38 5 DEBT SERVICE REQUIREMENTS TO MATURITY 39 SCHEDULE OF REVENUE 6 STATE FUNDS 40 7 LOCAL AND OTHER FUNDS 41 SCHEDULE OF EXPENDITURES BY OBJECT 8 GOVERNMENTAL FUND TYPES 42 9 LOTTERY PROGRAMS 43 10 FIDUCIARY FUND TYPE EXPENDABLE TRUST FUNDS 44 ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS 11 OVERALL 45 12 BYPROGRAM 46 13 SCHEDULE OF COMPENSATION AND TRAVEL OF BOARD MEMBERS 48 SECTION II COMPLIANCE COMPLIANCE REPORT BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS SINGLE AUDIT REPORT ON COMPLIANCE WITH THE GENERAL REQUIREMENTS APPLICABLE TO FEDERAL FINANCIAL ASSISTANCE PROGRAMS SINGLE AUDIT OPINION ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO MAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS SINGLE AUDIT REPORT ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS BEN HILL COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - SECTION Ill INTERNAL CONTROL REPORT ON INTERNAL CONTROL STRUCTURE IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS SINGLE AUDIT REPORT ON THE INTERNAL CONTROL STRUCTURE USED IN ADMINISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS SECTIONN FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS SECTION I FINANCIAL CLAUDE L. VICKERS STATE AUDITOR (404) 656,2174 DEPARTMENT OF AUDITS 254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 February 15, 1995 Honorable Zell Miller, Governor Members of the General Assembly Members of the State Board ofEducation and Superintendent and Members ofthe Ben Hill County Board ofEducation INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE Ladies and Gentlemen: We have audited the general purpose financial statements (Exhibits A through F) ofthe Ben Hill County Board ofEducation, as of and for the year ended June 30, 1994, as listed in the table of contents. These financial statements are the responsibility ofthe Board's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the provisions of the Office of Management and Budget Circular A-128, "Audits of State and Local Governments". Those standards and 0MB Circular A-128 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. As described in the notes to the general purpose financial statements, the Board's 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 described as follows: * The general purpose financial statements of the Board did not contain a General Fixed Assets Account Group to account for property and equipment owned by the Board which should be included to conform to generally accepted accounting principles. 94ARL-13 * 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 did not recognize as expenditures, in the year ended June 30, 1994, a portion of salaries and the corresponding employer's cost of related benefits earned for contractual services completed prior to June 30, 1994. Also funds received, subsequent to June 30, 1994, from the Georgia Department ofEducation for the State's share of these unrecorded salaries and related benefits were not recorded as revenue in the year under review. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1993, were improperly recorded in the year ended June 30, 1994. 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 determined, 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 present fairly, in all material respects, the financial position of the Ben Hill County Board of Education as of June 30, ,J 994, and the results of its operations and the cash flows of its nonexpendable trust fund for the year then ended, in conformity with generally accepted accounting principles. Our audit was conducted for the purpose of forming an opinion on the general purpose financial statements ofthe Ben Hill County Board ofEducation taken as a whole. The combining statements (Exhibits G through L) and the financial schedules (Schedules I through 13 which includes the Schedule of Federal Financial Assistance) are presented for purposes ofadditional analysis and are not a required part of the general purpose financial statements of the Ben Hill County Board ofEducation. Such information has been subjected to the auditing procedures applied in the audit ofthe 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 presented in all material respects in relation to the general purpose financial statements taken as a whole. A copy ofthis report has been filed as a permanent record in the office of the State Auditor and made available to the press ofthe State, as provided for by Official Code of Georgia Annotated Section 50-6-24. Respectfully submitted, ~/~ Claude L. Vickers State Auditor CLV:cm 94ARL-13 BEN HILL COUNTY BOARD OF EDUCATION - 1- BEN HILL COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUP JUNE 30, 1994 ASSETS Cash and Cash Equivalents Investments Accounts Receivable Notes Receivable Due from Other Funds Inventories Food Donated Commodities Purchased Food Amount Available in Debt Service Fund Amount to be Provided in Future Years For Payment of Bond Debt GOVERNMENTAL FUND TYPES -------------------S-PE-C--IA-L----------C-A-P-IT-A-L---- GENERAL REVENUE PROJECTS FUND ------------- -----FU-N-D------ FUND ------------- $ 1,825,605.11 $ 141,577.55$ 1,175,193.63 2,119,552.68 79,862.47 358,879.48 1,273,374.49 7,000.00 80,320.23 20,980.63 1,054.75 Total Assets LIABILITIES AND FUND EQUITY LIABILITIES Accounts Payable Salaries Payable Expired Grant Balances Payable Contracts Payable Retainages Payable Due to Other Funds General Obligation Bonds Payable Total Liabilities FUND EQUITY Fund Balances Reserved For Continuation of Federal Program For Debt Service For Endowment Corpus For Expired Grant Balances/Questioned Costs For Inventories Food Donated Commodities Purchased Food For Purposes of Bond Issue For State Capital Outlay Projects Unreserved Undesignated Total Fund Equity $=1=,=9=9=2=,=7=8=7=.=8~1= $====5=2=2=,4==9=2=.4=1= $==4=,5=6=8==,1=2=0=.8==0 $ 5,963.79 $ 95,670.32 128,839.84 25.05 $ 11 413. 25 351:767.30 ------------- ------------- ------------$------5-,9--6-3-.7--9 $----2-2-4-,5--3-5-.2-1- $----3-6-3-,1--8-0-.5--5 $ 13,590.19 $ 5,458.62 20,980.63 1,054.75 $ 3,712,711.30 420,190.61 $ 5,458.62$ 35,625.57 $ 4,132,901.91 1,981,365.40 262,331.63 72,038.34 $1,986,824.02$ 297,957.20$ 4,204,940.25 Total Liabilities and Fund Equity $=1=,=9=9=2=,=7=8=7=.=8=1= $====5=2=2=,4==9=2=.4=1= $==4=,5=6==8=,1=2==0=.8==0 The notes to the general purpose financial statements are an integral part of this statement. - 2- EXHIBIT "A" -------D-EB-T-----SEFURNVDICE FUFNIDDUCTIYAPREYS -T-R-U--ST---FU-N-D--S- ACCOUNT GROUP ---G--EN-E-R-A-L---- LONDEGB-TTERM (MemoraTnOdTuAmLS Only) J-U-N-E--3--0-, --19-9-4---J-U-N-E--3--0-, --1-99-3- $ 119,441.07 $ 31,722.99 3,074.59 2,420.39 $3,293,540.35$ 4,492,892.42 2,119,552.68 2,447,089.58 1,717,611.42 323,900.34 7,000.00 80,320.23 $ 42,195.43 20,980.63 1,054.75 42,195.43 25,413.83 2,523.70 18,246.14 3,767,804.57 3,767,804.57 3,981,753.86 $====1=2=2=,=5=1=5=.6==6 $=====3=4=,=1=4=3=.=3=8$=3==,8=1==0=,0==0=0=.0==0 $=1=1=,0==5=0=,0==6=0=.0==6 $=1=1=,2==9=1=,8==1=9=.8=7= $ 80,320.23 $ 80,320.23 $ 101,634.11 $ 41,372.98 128,839.84 135,946.24 25.05 4,868.41 11,413.25 351,767.30 80,320.23 $-3-,-8-1-0--,0--00.-0-0- 3,810,000.00 4,000,000.00 $3,810,000.00$ 4,483,999.78$ 4,182,187.63 $ 42,195.43 $ 2,000.00 $ 42,195.43 $ 2,000.00 0.00 32,143.38 $ 42,195.43 $ 34,143.38 $ 13,590.19 $ 3,450.00 42,195.43 18,246.14 2,000.00 2,000.00 5,458.62 325.12 20,980.63 1,054.75 3,712,711.30 420,190.61 25,413.83 2,523.70 3,833,611.57 346,006.00 $ 4,218,181.53 $ 4,231,576.36 2,347,878.75 2,878,055.88 $6,566,060.28$ 7,109,632.24 $====1=2=2=,=5=1=5=.=6=6$====3==4=,=1=4=3=.=3=8$ 3,810,000.00 ============= $=1=1=,0==5=0=,0==6=0=.0==6 $=1=1z,=2=9=1=,=8=1=9=.8==7 - 3- BEN HILL COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS YEAR ENDED JUNE 30. 1994 REVENUES State Funds Federal Funds local and 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 Central Support Services Other Support Services Food Services Operation Community Services Other Operations of Non-Instructional Services Capital Outlay Debt Service Principal Interest Paying Agent Fees Total Expenditures Excess of Revenues over (under) Expenditures OTHER FINANCING SOURCES (USES) Accrued Interest on Bonds Sold Proceeds from General Obligation Bonds Par Value Operating Transfers In Operating Transfers Out Total Other Financing Sources (Uses) Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses FUND BALANCE JULY 1 Food Inventory Donated Commodities July 1 June 30 Purchased Food July 1 June 30 GENERAL FUND GOVERNMENTAL FUND SPECIAL REVENUE FUND CAPITAL PROJECTS FUND $10,183,102.24$ 350,842.77 $ 3,760,706.64 57,217.45 1,616,900.31 2,984,062.85 248,768.85 122,996.78 $13,224,382.54$ 2,216,511.93 $ 3,883,703.42 $ 8,917,997.51 $1,025,397.29 359,781.28 327,268.11 326,991.33 392,552.38 833,758.65 69,268.05 772,134.07 503,993.55 23,644.76 14,544.88 92,096.99 362,093.26 16,616.38 73,324.08 77,116.85 140.75 28,120.00 22,086.00 18,479.02 935,868.78 20,069.19 10,985.00$ 4,650,353.66 $12,996,124.82$ 2,228,203.34$ 4,650,353.66 $ 228,257.72$ -11,691.41 $ -766,650.24 $ 73,712.19 $ 721,299.60 $----7-9--5-,0--1-1-.-7-9 ------------- ------------$----7-9--5-,0-1--1-.-7-9 $-----7-3-,7--1-2-.1--9 $----7-2-1-,-2-9-9-.-6-0 $ -566,754.07 $ 62,020.78$ -45,350.64 2,553,578.09 241,838.57 4,250,290.89 -25,413.83 20,980.63 -2,523.70 1,054.75 FUND BALANCE JUNE 30 $=1=,=9=8=6==,8==2=4=.=0=2 $ ====2=9=7=,=9=5=7=.=2=0$ 4,204,940.25 ============= The notes to the general purpose financial statements are an integral part of this statement. - 4- EXHIBIT "B" TYPES DEBT SEFURNVDICE TOTAL FIDUCIARY FUND TYPE ------------TEXRUPESNTDAFUBNLEDS TOTALS (Memorandum Only) YEAR ENDED J-U-N-E--3--0-, --1-99-4---J-U-N-E--3--0-, --1-99-3- $14,294,651.65 $14,294,651.65 $10,161,710.18 1,674,117.76 1,674,117.76 1,750,461.08 $ 407,13B.19 3,762,966.67 $ 118,814.12 3,881,780.79 3,358,038.42 $ 407,138.19 $19,731,736.08$ 118,814.12 $19,850,550.20 $15,270,209.68 $ 9,943,394.80$ 3,384.30$ 9,946,779.10$ 9,723,927.43 359,781.28 359,781.28 336,897.34 343,884.49 343,884.49 290,888.87 400,315.41 400,315.41 308,039.27 $ 4.22 469,673.45 127,049.06 596,722.51 561,433.32 833,899.40 833,899.40 908,941.88 69,268.05 69,268.05 . 84,944.31 800,254.07 800,254.07 722,171.09 526,079.55 526,079.55 542,680.83 23,644.76 23,644.76 40,187.00 33,023.90 33,023.90 2,905.60 935,868.78 935,868.78 921,188.03 20,069.19 20,069.19 92,096.99 92,096.99 96,005.42 5,023,431.92 5,023,431.92 814,847.94 190,000.00 190,000.00 190,000.00 192,324.18 192,324.18 192,324.18 --------8-6-0-.5--0 --- -----8-6-0-.5--0 ------------- --------8-6-0-.5--0 ------------- $----3-8-3-,-1-8-8-.9--0 $-2-0-,2--5-7-,8--7-0-.7--2 $----1-3-0-,-4-3-3-.-3-6 $20,388,304.08 ------------- $15,355,058.33 ------------- $-----2-3-,9--4-9-.2--9 $----5-2--6-,1--3-4-.6--4 $-----1--1-,6-1--9-.2--4 $ -537,753.88 ------------- $ -84,848.65 ------------- $ 795,011.79 -795,011. 79 $ 0.00 $ 18,246.14 4,000,000.00 $ 795,011.79 495,272.51 -795,011.79 -495,272.51 $ 0.00 $ 4,018,246.14 $ 23,949.29 $ -526,134.64 $ -11,619.24 $ -537,753.88 $ 3,933,397.49 18,246.14 7,063,953.69 42,994.12 7,106,947.81 3,145,612.79 -25,413.83 20,980.63 -2,523.70 1,054.75 -25,413.83 20,980.63 -2,523.70 1,054.75 25,413.83 2,523.70 $ =====4=2=, 1=9==5=. 4=3= $=6=,=5=3=1==,9==1=6=.=9=0$ =====3=1=,=3=7=4=.=8=8$ 6,563,291.78$ ============= =7==,1=0==6=,9=4==7=.8=1= - 5- BEN HILL COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES ANO CHANGES IN FUND BALANCES ACTUAL AND BUDGET - GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30, 1994 EXHIBIT "C" ACTUAL ACTUAL PER PER EXHIBIT "B" ADJUSTMENTS BUDGET BASIS BUDGET VARIANCE FAVORABLE (UNFAVORABLE) REVENUES State Funds Federal Funds Local and Other Funds $14,294,651.65$ 1,674,117.76 3,762,966.67 0.00 $14,294,651.65 $17,370,379.00 $-3,075,727.35 1,674,117.76 1,502,987.05 171,130.71 3,762,966.67 3,428,951.00 334,015.67 Total Revenues $19,731,736.08$ 0.00 $19,731,736.08 $22,302,317.05 $-2,570,580.97 EXPENDITURES Current Instruction Support Services Pupil Services IllJ)rovement of Instructional Services Educational Media Services General Adninistration School Adninistration Business Adninistration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation CC11111Unity Services Other Operations of Non-Instructional Services Capital Outlay Debt Service Total Expenditures $9,943,394.80$ 0.00 $ 9,943,394.80 $10,126,429.25 $ 183,034.45 359,781.28 343,884.49 400,315.41 469,673.45 833,899.40 69,268.05 800,254.07 526,079.55 23,644.76 33,023.90 935,868.78 20,069.19 359,781.28 343,884.49 400,315.41 469,673.45 833,899.40 69,268.05 800,254.07 526,079.55 23,644.76 33,023.90 935,868.78 20,069.19 396,310.00 319,626.00 335,975.80 448,156.00 956,929.00 68,360.00 803,847.00 629,448.00 31,065.00 23,003.00 773,345.00 26,000.00 36,528.72 -24,258.49 -64,339.61 -21,517.45 123,029.60 -908.05 3,592.93 103,368.45 7,420.24 -10,020.90 -162,523.78 5,930.81 92,096.99 92,096.99 91,860.00 -236.99 5,023,431.92 5,023,431.92 7,724,514.00 2,701,082.08 383,184.68 383,184.68 383,824.00 639.32 ------------- ------------- ------------- ------------- ------------- $20,257,870.72$ 0.00 $20,257,870.72 $23,138,692.05$ 2,880,821.33 Excess of Revenues over (under) Expenditures $ -526,134.64 $ 0.00 $ -526,134.64 $ -836,375.00 $ 310,240.36 OTHER FINANCING SOURCES (USES) Other Sources Other Uses $ 795,011.79$ -795,011.79 o.oo $ 795,011.79 $ -795,011.79 0.00 $ 795,011.79 -795,011.79 Total Other Financing Sources (Uses) $ 0.00 $ o.oo $ 0.00 $ 0.00 $ 0.00 Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses $ -526,134.64 $ FUND BALANCE JULY 1, 1993 7,063,953.69 0.00 $ -526,134.64 $ -836,375.00 $ -27,937.53 7,036,016.16 7,052,562.91 310,240.36 -16,546.75 ADJUSTMENTS Prior Year (Net) FOOD INVENTORY -8,142.63 8,142.63 Donated Cam,odities July 1, 1993 June 30, 1994 Purchased Food July 1 1993 June 36, 1994 -25,413.83 25,413.83 0.00 0.00 20,980.63 -20,980.63 0.00 0.00 -2,523.70 2,523.70 0.00 0.00 1,054.75 -1,054.75 0.00 0.00 FUND BALANCE JUNE 30, 1994 $=6=,=5=3=1==,9==1=6=.=9=0$===-=2=2=,0=3~5-..=3=8 $ 6,509,881.52 ===~===== $ 6,208,045.28 ============ $===3==0=1=,8=3==6=.2=4= The notes to the general purpose financial statements are .an integral part of this statement. - 6- BEN HILL COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCES FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUND YEAR ENDED JUNE 30, 1994 EXHIBIT "D" NONOPERATING REVENUE Interest Earned FUND BALANCE JULY 1 FUND BALANCE JUNE 30 ENDOWMENT FUND ------------CUMBEE-MCCALL FUND TOTALS (Memorandum Only) ---------------------------YEAR ENDED ---------------------------JUNE 30, 1994 JUNE 30, 1993 $ 84.07 $ 84.07 $ 93.45 2,684.43 2,684.43 2,590.98 $ 2,768.50$ 2,768.50$ 2,684.43 ============= =========== ============= The notes to the general purpose financial statements are an integral part of this statement. - 7- BEN HILL COUNTY BOARD OF EDUCATION STATEMENT OF CASH FLOWS FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUND YEAR ENDED JUNE 30. 1994 EXHIBIT "E" Cash Flows from Investing Activities: Interest Received on Investments Cash and Cash Equivalents - July 1 Cash and Cash Equivalents - June 30 ENDOWMENT FUND ------------CUMBEE-MCCALL FUND TOTALS (Memorandum Only) ---------------------------YEAR ENDED ---------------------------JUNE 30, 1994 JUNE 30, 1993 $ 84.07 $ 84.07 $ 93.45 $ 2,684.43 $ 2,684.43 $ 2,590.98 $ 2,768.50$ 2,768.50$ 2,684.43 ===========z= ============= ============ The notes to the general purpose financial statements are an integral part of this statement. - 9- BEN HILL COUNTY BOARD OF EDUCATION EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1994 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Ben Hill County Board ofEducation (Board) was established under the laws of the State of Georgia and operated under the guidance of a school board and Superintendent, both elected by the voters. With the exception of the departures from generally accepted accounting principles disclosed in the following paragraphs, the financial statements of the Board have been prepared in conformity with generally accepted accounting principles as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting standards. The more significant ofthe Board's accounting policies are described below. REPORTING ENTITY In evaluating how to define the government unit for financial reporting purposes, management has considered the criteria set forth in GASB Codification of Governmental Accounting and Financial Reporting Standards, Section 2100, "Defining the Financial Reporting Entity". The primary government consists of all the organizations that compose the legal entity ofthe Ben Hill County Board ofEducation. Based upon the application ofthe above criteria, the Ben Hill .County Board ofEducation is determined to be the lowest level of government exercising oversight responsibility and control over all activities related to public education in Ben Hill County, Georgia. The Board is not included in any other governmental "reporting entity" as defined by GASB Codification of Governmental Accounting and Financial Reporting Standards. Board members were elected by the public and have decision making authority, the power to designate management, except for the Superintendent who was also elected, the ability to significantly influence operations, and primary accountability for fiscal matters. The Board determines the millage rate at which school taxes are levied and may incur bonded indebtedness with voter approval. FUND ACCOUNTING The Board uses funds and an account group to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. 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 Board. 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. - 10 - BEN HILL COUNTY BOARD OF EDUCATION EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEl\,ffiNTS JUNE 30, 1994 Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 confonn 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, Local and Other Funds under control ofthe Board, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: GOVERNMENTAL FUND TYPES - are used to account for all or most of a Board's general activities. Governmental Fund Types include: GENERAL FUND - the fund used to account for all financial resources of the Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services traditionally 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 primarily received from the Georgia Department of Education and from the Federal government to accomplish specific objectives and are required to be accounted for separately. Also included are proceeds received from State, Federal, Local and Other sources for operations of the school food services fund. This fund could be accounted for as an enterprise fund; however, the Board chooses not to provide for depreciation, but to maintain the fund on a modified accrual basis and to report the fund as a special revenue fund under governmental fund types, which is acceptable under generally accepted accounting principles for governmental entities. CAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. DEBT SERVICE FUND - the fund used to account for the accumulation ofresources for, and the payment of, general long-tenn principal, interest and paying agent fees. FIDUCIARY FUND TYPES - the trust funds used to account for assets held by a government unit in a trustee capacity. T~ese funds include: NONEXPENDABLETRUSTFUND Cumbee-McCall Fund - the fund used to account for an endowment ofwhich the corpus is to be invested and preserved intact with the resultant income to be used for the purpose of providing for the care and support ofunderprivileged children. - 11 - BEN HILL COUNTY BOARD OF EDUCATION EXIilBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATE1\1ENTS JUNE 30, 1994 Note 1: SUM:MARY OF SIGNIFICANT ACCOUNTING POLICIES EXPENDABLE TRUST FUNDS Dental Reserve Fund - the fund used to account for payment of benefits to individuals covered by the Dental Plan. Fitzgerald High School College Preparatory Trust Fund - the fund used to account for income distributed by the trustee and used to provide for expenditures pursuant to recommendations of an advisory committee. Self-Insured Employee Benefit Fund - the funp used to account for unemployment compensation contributions and expenditures. ACCOUNT GROUP . GENERAL LONG-TERM DEBT ACCOUNT GROUP - used to account for general obligation bonds outstanding. BASIS OF ACCOUNTING The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and expendable trust 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 and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. Liabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group. The nonexpendable trust fund is accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and liabilities associated with the operation of this fund is included on the balance sheet. Operating statements present increases (e.g., revenues) and decreases (e.g., expenses) in net total assets. Governmental funds and expendable trust funds are accounted for using the modified accrual basis of accounting under which: Revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount ofthe transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities ofthe current period. Those revenues - 12 - BEN HILL COUNTY BOARD OF EDUCATION EXIIlBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1994 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES considered susceptible to accrual are property taxes, intergovernmental grants, and investment income. Property taxes are considered available if they are collected and remitted by the collecting agent to the Board within 60 days after fiscal year-end. Expenditures are generally recognized when the related fund liability is incurred. 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 ofthese contracts. During fiscal year 1994, a substantial number ofpersonnel of the Board were employed for a one hundred and ninety day period beginning in late August 1993 and ending in early June 1994. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 1993 and ending in August 1994. State grants to fund the State's share of these contracts were disbursed from the Georgia Department of Education to the Board in the same twelve months. As ofJune 30, 1994, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 1994, had not been made. Payments for these two months were made and recorded as expenditures by the Board subsequent to June 30, 1994. Also, the State's portion ofthe compensation paid in July and August 1994 was received and recorded as revenue in the fiscal year subsequent to June 30, 1994. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1993, were recorded in the year ended June 30, 1994. 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 disbursed. The accrual basis of accounting, as required by generally accepted accounting principles, is utilized by the nonexpendable trust fund. Under the accrual basis of accounting, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. BUDGET The Ben Hill County Board ofEducation has a legally authorized nonappropriated budget which is formally approved by the Board at the aggregate level. Budgets are prepared to provide a basis for funding operations and there is no legal prohibition regarding overexpenditure of the aggregate budget. The budget process begins when the Board's administration prepares a tentative aggregated budget for the Board's approval. After approval ofthis tentative budget by the Board, such budget is advertised at least once in a newspaper ofgeneral circulation in the locality. At the next regular meeting of the 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 ofthe Quality Basic Education Act, OCGA Section 20-2-167, to the Georgia Department ofEducation. The Board prepares its budget on the modified accrual basis, which is the same basis on which it presents its financial statements. - 13 - BEN Hll.L COUNTY BOARD OF EDUCATION EXIilBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1994 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The budget comparison on Exhibit "C" presents actual and budget data for all governmental funds on a combined basis. To facilitate comparison with the budget, donated and purchased food inventories as reflected on Exhibit "B" have been eliminated from fund balance. CASH AND CASH EQUIVALENTS COMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits (including certificates of deposit and N.O.W. accounts) in authorized financial institutions. Georgia Laws authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. The placement ofproceeds from bond issues in certificates of deposit is limited to financial institutions located within this State. INVESTMENTS COMPOSITION OF INVESTMENTS Investments made by the Board are stated at cost. The Official Code of Georgia Annotated Section 36-83-4 authorizes the Board to invest its funds in the following: (I) 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 ofany corporation ofthe United States government, (5) Prime banker's acceptances, (6) The Local Government Investment Pool administered by the Office ofTreasury and Fiscal Services, (7) Repurchase agreements, and (8) Obligations of other political subdivisions ofthe State of Georgia. RECEIVABLES Receivables consist ofgrant reimbursements due from Federal, State or other grantors for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when - 14 - BEN HILL COUNTY BOARD OF EDUCATION EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATE:MENTS JUNE 30, 1994 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. NOTES RECEIVABLE Notes receivable consist ofthe outstanding balance ofthe assistantships with upper division students in teacher training programs. See Note 10 - Other Financial Notes PROPERTY TAXES The Ben Hill County Board ofCommissioners fixed the property tax levy for the 1993 tax year (calendar year) on September 22, 1993 (levy date). Taxes were due on December 20, 1993. The lien date for property taxes was January 1, 1993. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 1994 since their collection meets the criteria of GASB codification section P70.103. The Ben Hill County Tax Commissioner bills and collects the property taxes for the Board of Education, withholds 2.5% of taxes collected as a fee for tax collection, and remits the balance of taxes collected to the Board. Tax millage rates levied for the 1993 tax year (calendar year) for the Ben Hill County Board ofEducation were as follows (a mill equals $1 per thousand dollars of assessed value): School Operations School Bonds 17.00 mills 2.25 mills 19.25 mills 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. 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 of purchase. 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. - 15 - BEN HILL COUNTY BOARD OF EDUCATION EXIIlBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1994 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES GENERAL OBLIGATION BONDS The Board issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the General Long-Term Debt Account Group. INTERFUND TRANSACTIONS The Board has the following types ofinterfund transactions: Reimbunements ofexpenditures/expenses initially made from a fund that are properly applicable to another fund, are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed. Operating transfen are recorded for all interfund transactions other than reimbursements. MEMORANDUM ONLY - TOTAL COLUMNS Total columns on the general purpose :financial statements are captioned "Memorandum Only" to indicate that they are presented only to facilitate :financial analysis. Data in these columns do not present financial position, results of operations or cash flows in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation ofthis data. Certain reclassifications have been made to the comparative data to conform to the current year classifications. Note 2: DEPOSITS AND INVESTMENTS COLLATERALIZATION OF DEPOSITS Official Code ofGeorgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee ofinsurance, or by collateral in an amount of not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit 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 ofany one of or any combination ofthe 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, - 16 - BEN HILL COUNTY BOARD OF EDUCATION EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1994 Note 2: DEPOSITS AND INVESTMENTS (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 ofindebtedness or other obligations of the counties or municipalities ofthe State of Georgia, (5) Bonds ofany public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use ofthe bonds for this purpose, (6) Industrial revenue bonds and bonds of development authorities created by the laws ofthe State of Georgia, and (7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Bank, the Federal Home Loan Banlc, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. CATEGORIZATION OF DEPOSITS At June 30, 1994, the bank balances were $6,201,691.51. The amounts of the total bank balances are classified into three categori~s of credit risk: Category 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Board or by the Board's agent in the Board's name. Category 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Board'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 Board's name.) The Board's deposits are classified by risk category at June 30, 1994, as follows: Risk Category 1 2 3 Total Bank Balance $ 310,783.70 3,602,527.76 2,288,380.05 $6,201,691.51 - 17 - BEN HILL COUNTY BOARD OF EDUCATION EXIIlBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1994 Note 2: DEPOSITS AND INVESTMENTS CATEGORIZATION OF INVESTMENTS At June 30, 1994, the canying amount of the Board's total investments was $2,119,552.68 and this entire amount consisted ofU. S. Government Securities which was insured or registered, or securities held by the Board or the Board's agent in the Board's name. The market value ofthese investments was $2,126,682.00. Note 3: NON-MONETARY TRANSACTIONS The Board 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 Board has established a limited risk management program for Unemployment Compensation. Estimated claims are budgeted by management based on known claims and prior experience. Each fund contributes their pro rata share to the Unemployment Compensation fund and claims are paid from this fund during the fiscal year. During fiscal year 1994, a total of$28.31 was paid in claims. The Board has established a limited risk management program for dental coverage ofits employees and their dependents. Estimated claims are budgeted by management based on known claims and prior experience. The Board contributes the employees share to the fund and the employee contributes the dependents share to the fund. During fiscal year 1994, a total ofSl 17,765.73 was paid in claims. Note 5: GENERAL LONG-TERM DEBT The changes in General Long-Term Debt during the fiscal year ended June 30, 1994, were as follows: General Obligation Bonds Balance July 1, 1993 $ 4,000,000.00 Additions 0.00 Deletions 190,000.00 Balance June 30, 1994 $3,810,000 00 - 18 - BEN HILL COUNTY BOARD OF EDUCATION EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1994 Note 5: GENERAL LONG-TERM DEBT At June 30, 1994, payments due, by fiscal year which includes principal and interest for these items: Fiscal Year Ended June 30 1995 1996 1997 1998 1999 2000 and thereafter Total Principal and Interest Note 6: SIGNIFICANT COMMITMENTS General Obligation Bonds $ 372,495.00 371,395.00 374,630.75 371,997.50 378,637.50 3,477,947.50 $ 5,347,103.25 At June 30, 1994, the Board had encumbrances in the amount of$68,758.28 for the unperformed portion of purchase orders, contracts and other commitments for goods and services associated with the Lottery Programs. The Georgia Department of Education has $68,415.00 available to the Board to fund to these encumbrances. The revenues and expenditures associated with these encumbrances will be recognized in the subsequent fiscal year. Encumbrances outstanding do not constitute expenditures or liabilities in the current year because these commitments will be honored during the subsequent year. These encumbrances are identified by Lottery Program as follows: Distant Learning Media Center and Library Equipment Safe Schools Grant $ 4,343.28 6,535.00 57,880.00 S 68,758.28 The following is an analysis of significant outstanding construction or renovation contracts executed by the Board as of June 30, 1994, together with funding available: Project Unearned Executed Contracts Funding Availabfe From State 93/92S-609-005A 93/92S-609-005B 94-609-003 $ 3,285,660.99 $ 1,265,058.99 70,121.00 931,599.68 5,013,631.77 3,609,724.69 S 8,369,413.76 S 5,806,383.36 The amounts described in this note are not reflected in the general purpose financial statements. - 19 - BEN HILL COUNTY BOARD OF EDUCATION EXIIlBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1994 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 Board believes that such disallowances, if any, will be immaterial to its overall financial position. NOTE 8: RELATED PARTY TRANSACTIONS In the year under review, Ben Hill County Board of Education employed the services of L. E. Harper Construction Company in the amount of $1,420.25. L. E. Harper Construction Company is owned and operated by the Superintendent's son, L. E. Harper. A review of the subsequent period revealed a $609,500.00 contract between Ben Hill County Board of Education and L. E. Harper Construction Company for (low bidder) additions to the Ben Hill County Elementary School. The contract was signed by Louis E. Harper, Superintendent, and L. E. Harper, Contractor: L. E. Harper Construction Company, on December 14, 1994. Note 9: RETIREMENT PLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) TRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer public employee retirement system (PERS). TRS provides service retirement, disability retirement and survivors benefits for its members. A member is eligible for service retirement after 30 years of creditable service, regardless of age, or after IO years of service and attainment of age 60. A member is eligible for early retirement after 25 years of creditable service and attainment of age 55, at a reduced benefit. Retirement benefits paid to members are equal to 2% of the average of the member's two consecutive highest paid years of service multiplied by the number ofyears of creditable service up to 40 years. The normal retirement pension is payable monthly for life. Options are available for distribution ofthe member's monthly pension at a reduced rate to a designated beneficiary on the member's death. Retirement benefits also include death and disability benefits. A disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The death benefit is the amount that would be payable to the member's beneficiary had the member retired on the date of death on either a service retirement allowance or a disability retirement allowance, whichever is larger. The benefit is based on the member's creditable service (minimum of 10 years of service) and compensation up to the time of disability or death. - 20 - BEN HILL COUNTY BOARD OF EDUCATION EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1994 Note 9: RETIREMENT PLANS Members become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting ofemployer contnbutions occurs, but the member's contnbutions are refunded with interest. The Board's payroll for employees covered by TRS for the year ended June 30, 1994, was $8,735,388.48; total payroll was $9,693,298.39. TRS CONTRIBUTIONS REQUIRED AND MADE Employees of the Board who are covered by TRS are required to contribute 6% of their gross earnings to TRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees as advised by their independent actuary. For fiscal year 1994 that rate for employer contributions was 11.81%. The interest rate assumption (rate of return on investments) was 7.50%. Total contributions made during fiscal year 1994 amounted to $1,555,771.17, ofwhich $1,031,648.51 was made by the Board and $524,122.66 was made by employees. These contributions represented 11.81% (Board) and 6% (employees) of covered payroll. TRS FUNDING STATUS AND PROGRESS The amount of the total pension benefit obligation is based on a standardized measurement established by Statement No. 5 ofthe Governmental Accounting Standards Board (GASB) that, with some exceptions, must be used by a PERS. The standardized measurement is the actuarial present value of credited projected benefits. This valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date, and is adjusted for the effects of projected salary increases. A standardized measure ofthe pension benefit obligation was adopted by the GASB to enable readers of PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among other PERS and among other employers. Total unfunded pension benefit obligation ofTRS as of June 30, 1993, was as follows: Total pension benefit obligation $13,912,014,000.00 Net assets available for benefits, at cost 12,821,722,000.00 Unfunded pension benefit obligation $ 1,090,292,000 00 The measurement ofthe total pension benefit obligation is based on an actuarial valuation as of June 30, 1993. Net assets available to pay pension benefits were valued as of the same date. TRS does not make separate measurements of assets and pension benefit obligation for individual employers. Total contributions from all employers to TRS for fiscal year ended June 30, 1994 were $521,550,000.00. The Board's contribution for the year ended June 30, 1994 of $1,031,648.51 was actuarially determined and represented .1978% of total contributions made by all participating employers. - 21 - BEN IIlLL COUNTY BOARD OF EDUCATION EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1994 Note 9: RETIREMENT PLANS Ten year historical trend information is presented in the 1994 TRS Component Unit Financial Report. This information is useful in assessing TRS's accumulation of sufficient assets to pay pension benefits as they become due. PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA (PSERS) PSERS PLAN DESCRIPTION Substantially all bus drivers, maintenance, custodial, and lunchroom personnel employed by local school systems are covered by the Public School Employees Retirement System ofGeorgia (PSERS). All employer's contributions are made by the State of Georgia. PSERS provides service retirement, disability retirement and survivors benefits for its members. A member is eligible for normal service retirement after 10 years ofservice and attainment of age 65. A member applying for service retirement with 10 years of service and retires between the ages of 60 and 65 receives a reduced benefit. Monthly retirement benefits paid to members are equal to $8.00 per month multiplied by the number of years of creditable service. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death. Retirement provisions include death and disability benefits. Disability benefits are the same as if the employee had retired at age 65 as long as the employee has 15 or more years ofcreditable service. Death benefits are dependent upon the number ofyears of service. Ifthere are less than ten years of service, a lump sum refund of the employee's contributiQns and interest are made to the beneficiary. Ifthere are more than ten years of service, the beneficiary shall receive for life half ofwhat the employee would have received upon retirement. Members become fully vested after ten years of service. Ifa member terminates with less than ten years of service, no vesting ofemployer contributions occurs, but the member's contnbutions are refunded with interest. There were 77 employees covered under PSERS for the year ended June 30, 1994. PSERS CONTRIBUTIONS REQUIRED AND MADE Covered employees are required by State statute to contribute $4.00 a month for the nine month school year. Unlike TRS, the Board makes no contribution to PSERS. The State ofGeorgia is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS' Board ofTrustees. Total contributions from employees ofthe Board made during fiscal year 1994 amounted to $2,628.00. Total contribution for all school systems made by the State of Georgia to PSERS for fiscal year ended June 30, 1994, was $9,150,000.00. - 22 - BEN IIlLL COUNTY BOARD OF EDUCATION EXIDBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1994 NOTE 10: OTHER FINANCIAL NOTES The Ben Hill County Board of Education established a Minority Teacher Recruitment Program policy to provide, annually, two assistantships for minority students, and if otherwise suitable, one candidate that is not of a minority race. The assistantships are for students in teacher training programs at a cost to the school system ofup to $3,000.00 per year ($1,000.00 per student). The Board's contributions is in the form ofloans which earn a minimum interest rate of 9% per annum beginning immediately upon completion of the individual's study or upon termination ofhis/her training and education. For each year of practicing in the Ben Hill County School System, the applicant shall receive credit for the amount ofthe scholarship received during any year in school. An analysis ofthe status ofthis program is as follows: Balance July 1, 1993 $ 4,500.00 Additions: Assistantships During the Year 2,500.00 Deductions: Cancellation - Teaching Service 0.00 Balance June 30, 1994 $ 7,000.00 Note 11: SURETY BONDS The School Superintendent, Mr. LouisE. Harper, is bonded in the amount of$100,000.00 with the State Farm Fire and Casualty Company, Bloomington, Illinois, their Bond No. 91-32-2693-7, on which premium was paid through November 20, 1994. - 23 - ASSETS Cash and Cash Equivalents Accounts Receivable Inventories Food Donated Camiodities Purchased Food BEN HILL COUNTY BOARO OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 1994 -C--H-A-P-T-ER---1-- SCHOOL STATE FOOD PRESCHOOL INNOVATIVE NEXT DRUG-FREE SCHOOLS AND E-D--U-C-A-T-IO-N---O-F SERVICES HANDICAPPED PROGRAMS - GENERATION LOTTERY COMMUNITIES DEPRIVED FUND PROGRAM TOPS SCHOOLS PROGRAMS ACT CHILDREN ---------- ----------- ---------- ---------- ---------- ----------- ------------ $309,251.75 $ 0.00 $ 0.00 5,399.12 $ 40,000.00 $144,353.00$ 17,210.00$ 113,191.73 20,980.63 1,054.75 Total Assets $336,686.25$ 0.00 $ 0.00 $ 40,000.00 $144,353.00$ 17,210.00$ 113,191.73 ========= ========= ========= ======== ======== ========== ========== LIABILITIES AND FUND EQUITY LIABILITIES Cash Overdraft Accounts Payable $17,413.38 Salaries Payable 34,905.86 Expired Grant Balances Payable Total Liabilities $ 52,319.24 FUND EQUITY Fund Balances Reserved For Continuation of Federal Program For Inventories Food Donated Camiodities $ 20,980.63 Purchased Food 1,054.75 Unreserved Undesignated $ 22,035.38 262,331.63 $ Total Fund Equity $284,367.01 $ $40,000.00$ 95,364.95$ 11,639.72$ 48,963.00 1,273.14 4,297.14 25.05 12,437.65 23,430.32 77,323.76 $40,000.00 $144,353.00$ 17,210.00$ 113,191.73 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 Total Liabilities and Fund Equity $336,686.25$ 0.00 $ 0.00 $ 40,000.00 $144,353.00$ 17,210.00$ 113,191.73 ========= ========== ========== ======== =======-= ====~=== =========== See notes to the general purpose financial statements. - 24 - EXHIBIT "G" ELEMENTARY AND SECONDARY EDUCATION ACT CHAPTER 2 INNOVATIVE - BLOCK GRANT - PROJECT FLOW THROUGH SMILE TITLE II EISENHOWER MATHEMATICS AND SCIENCE EDUCATION INDIVIDUALS WITH DISABILITIES EDUCATION ACT TITLE VI, B FLOW THROUGH PRESCHOOL PROGRAM SCHOOL AGE PROGRAM SERVE AMERICA PROGRAM TOTALS JUNE 30, 1994 JUNE 30, 1993 $ 0.00 $ 1,574.64$ 5,912.92 $ 316,739.31 $ 254,509.84 $ 700.00 $ 16,647.00 9,344.00 $8,264.30 $3,770.33 358,879.48 223,888.38 20,980.63 1,054.75 25,413.83 2,523.70 $=--==---=0--.0=0- $==-=-=--7=0=0=.0-=0 $=-1-6-,-6-4-7=.0=0$==10-,-9-1-8-.6-4$~--5-,-9=12=.9-2 $-8,-2-64-.-3-0 $3,770.33$ 697,654.17 =--==-- =====----==- $ 506,335.75 ~==--==--= $ 700.00 $ 3,056.81 $8,264.30 $3,698.33 $ 175,161.76 $ 82,309.55 $ 3,046.92 $ 1,471.56 72.00 95,670.32 41,372.98 7,871.72 4,441.36 128,839.84 135,946.24 ------------- ----------- ------------ ------------ -------- -------- 25.05 ------------- 4,868.41 ------------- $ 700.00 $ 3,056.81 $ 10,918.64$ 5,912.92 $8,264.30 $3,770.33 $ 399,696.97 $ 264,497.18 $ 13,590.19 $ 13,590.19 $ 3,450.00 $ 13,590.19 20,980.63 25,413.83 1,054.75 2,523.70 ------------- ------------- $ 35,625.57 $ 31,387.53 $ 0.00 $ 0.00 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 262,331.63 210,451.04 ------------- ------------- $ 0.00 $ 0.00 $ 13,590.19 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 297,957.20$ 241,838.57 $ 0.00 $ 700.00 $ 16,647.00$ 10,918.64$ 5,912.92 $8,264.30 $3,770.33 $ 697,654.17 $ 506,335.75 =========== =======--- ======= ======== ====== ====== ========== =========== - 25 - BEN HILL COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES SPECIAL REVENUE FUND YEAR ENDED JUNE 30. 1994 REVENUES -C-H--A-PT-E-R---1-- SCHOOL STATE FOOD PRESCHOOL INNOVATIVE NEXT DRUG-FREE SCHOOLS AND E-D--U-C-A-T-IO-N---O-F SERVICES HANDICAPPED PROGRAMS - GENERATION LOTTERY COMMUNITIES DEPRIVED FUND PROGRAM TOPS SCHOOLS PROGRAMS ACT CHILDREN ---------- ----------- ---------- ---------- ---------- ----------- ------------ State Funds Federal Funds Local and Other Funds $73,736.00$ 39,947.00$ 2,550.00$ 61,823.82 $172,785.95 665,244.52 $ 35,610.00$ 691,916.73 248,768.85 Total Revenues $987,749.37$ 39,947.00$ 2,550.00$ 61,823.82 $172,785.95$ 35,610.00$ 691,916.73 EXPENDITURES Current Instruction $ Support Services Pupil Services IQt)rovement of Instructional Services Educational Media Service General Acininistration School Acininistration Maintenance and OP.f!ration of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation $935,868.78 Canrunity Services Capital Outlay 39,947.00$ 2,718.00 $103,243.35$ 82,192.52 $ 9,733.82 29.40 140.75 73,324.08 28,120.00 10,985.00 35,581.20$ 28.80 613,319.12 60,179.63 18,479.02 Total Expenditures $935,868.78$ 39,947.00$ 2,718.00 $124,132.32 $183,636.60$ 35,610.00$ 691,977.77 Excess of Revenues over (under) Expenditures $51,880.59$ OTHER FINANCING SOURCES 0.00 $ -168.00 $-62,308.50 $-10,850.65 $ 0.00 $ -61.04 Operating Transfers In 168.00 62,308.50 10,850.65 61.04 Excess of Revenues and Other Financing Sources over (under Expenditures $51,880.59$ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 FUND BALANCE JULY 1 238,388.57 0.00 0.00 0.00 0.00 0.00 0.00 Food Inventory Donated CCJ11110dities July 1 June 30 Purchased Food July 1 June 30 -25,413.83 20,980.63 -2,523.70 1,054.75 FUND BALANCE JUNE 30 $284,367.01 ======== $ 0.00 ======== $ 0.00 ========= $ 0.00 ======= $=====0=.=0=0 $ 0.00 ========= $======0=.0=0 See notes to the general purpose financial statenents. - 26 - EXHIBIT "H" ELEMENTARY AND SECONDARY EDUCATION ACT CHAPTER 2 TITLE II - ----------------IN-N-O--V-A-T-IV-E---- MEIASETNHHEMOWATEIRCS BLOCK GRANT - PROJECT AND SCIENCE FLOW THROUGH SMILE EDUCATION INDIVIDUALS WITH DISABILITIES EDUCATION ACT TITLE VI, B FLOW THROUGH PRESCHOOL PROGRAM SCHOOL AGE PROGRAM SERVE AMERICA PROGRAM TOTALS YEAR ENDED JUNE 30, 1994 JUNE 30, 1993 $ 32,667.00$ $ 32,667.00$ $ 350,842.77$ 102,586.00 700.00 $ 19,769.83 $ 79,892.00$ 38,610.00 $20,069.19 $32,421.04 1,616,900.31 1,694,491.75 248,768.85 251,525.10 700.00 $ 19,769.83 $ 79,892.00$ 38,610.00 $20,069.19 $32,421.04$ 2,216,511.93 $ 2,048,602.85 $ 32,660.87 $ 3,771.08$ 57,550.55$ 21,992.56 $32,421.04$ 1,025,397.29 $ 971,075.56 2,751.03 $ 4,474.00 6.13 2,408.56 255.45 16,617.44 16,616.38 73,324.08 77,116.85 140.75 434.42 59,430.97 28,120.00 22,086.00 $20,069.19 --------- 22,086.00 18,479.02 935,868.78 20,069.19 10,985.00 ------------- 20,806.60 17,058.35 921,188.03 ------------- $ 32,667.00$ 4,474.00$ 6,179.64$ 79,892.00$ 38,610.00 $20,069.19 $32,421.04$ 2,228,203.34$ 1,992,744.96 $ 0.00 $ -3,774.00 $ 13,590.19$ 0.00 $ 0.00 $ 0.00 $ 0.00 $ -11,691.41 $ 55,857.89 324.00 73,712.19 8,442.08 $ 0.00 $ -3,450.00 $ 13,590.19$ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 62,020.78$ 64,299.97 0.00 3,450.00 0.00 0.00 0.00 0.00 0.00 241,838.57 149,601.07 -25,413.83 20,980.63 -2,523.70 1,054.75 25,413.83 2,523.70 $==========0=.0=0= $=========0=.0=0= $==1=3=,5=9=0=.1=9 $ 0.00 ======== $ 0.00 ============ $ 0.00 ====-== $=====0=.=0=0 $===2=9=7=,9=5=7=.2=0$===2=4=1=,=8=3=8=.5=7= - 27 - ASSETS Cash and Cash Equivalents Investments Accounts Receivable BEN HILL COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30, 1994 REGULAR 1993 BOND ISSUE FUND GEORGIA STATE FINANCING PROJECT PROJECT 93/92S-609-005A 93/92S-609-005B $ 26,618.74$ 1,593,158.62 2,119,552.68 $ $ 647,480.86 52,732.32 249,218.32 Total Assets $ 26,618.74$ 3,712,711.30$ 647,480.86$ 301,950.64 LIABILITIES AND FUND EQUITY LIABILITIES Cash Overdraft Contracts Payable Retainages Payable Total Liabilities FUND EQUITY $ 206,953.40 5,706.63 290,677.86 $ 25,903.00 --------------- --------------- $ 503,337.89 $ 25,903.00 --------------- --------------- Fund Balances Reserved For Purposes of Bond Issue For State Capital Outlay Projects Unreserved Undesignated Total Fund Equity $ 3,712,711.30 $ 144,142.97 $ 276,047.64 ------------- --------------- --------------- $ 3,712,711.30 $ 144,142.97 $ 276,047.64 $ 26,618.74 0.00 0.00 0.00 ------------- ------------- --------------- --------------- $ 26,618.74 $ 3,712,711.30 $ 144,142.97 $ 276,047.64 ------------- ------------- --------------- --------------- Total Liabilities and Fund Equity $ 26,618.74$ 3,712,711.30$ 647,480.86$ 301,950.64 ============= ============= =============== =============== See notes to the general purpose financial statements. - 28 - EXHIBIT "I" AND INVESTMENT COMMISSION ------------------------------- PROJECT PROJECT 94-609-003 95/94S-609-002 HAZARD AND DEPRECIATION RESERVE FUND TOTALS ---------------------------JUNE 30, 1994 JUNE 30, 1993 $ $ 376,675.31 0.00 $ 45,419.60$ 1,717,929.28$ 1,803,201.31 2,119,552.68 2,447,089.58 1,273,374.49 $ 376,675.31 $ 0.00 $ 45,419.60$ 5,110,856.45$ 4,250,290.89 ============= ============== ============= ============= ============= $ 335,782.25 5,706.62 35,186.44 ------------- $ 376,675.31 ------------- $ 542,735.65 11,413.25 351,767.30 ------------- $ 905,916.20 ------------- $ 0.00 $ $ 0.00 $ $3,712,711.30$ 3,833,611.57 420,190.61 346,006.00 $4,132,901.91 $ 4,179,617.57 0.00 $ 45,419.60 72,038.34 70,673.32 0.00 $ 45,419.60$ 4,204,940.25$ 4,250,290.89 $ 376,675.31 $ 0.00 $ 45,419.60$ 5,110,856.45$ 4,250,290.89 ============= ============== ============= ============= ============= - 29 - BEN HILL COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES CAPITAL PROJECTS FUND YEAR ENDED JUNE 30, 1994 REGULAR 1993 BOND ISSUE FUND GEORGIA STATE FINANCING -------------------------------- PROJECT PROJECT 93/92S-609-005A 93/92S-609-005B REVENUES State Funds Local and Other Funds Total Revenues EXPENDITURES $ 0.00 $ 3,098,573.01 $ 249,218.32 $ 121,631.76 ----------- ------------ --------------- --------------- $ 0.00 $ 121,631.76 $ 3,098,573.01 $ 249,218.32 ----------- ------------ --------------- --------------- Current Support Services Business Administration Purchased Professional Development Other Expenditures Capital Outlay Bond Issuance Cost Land and Land Improvements Building and Building Improvements $ 0.00 $ 9,782.71 $ $ 196.24 287.50 311,599.55 3,219,792.11 272,269.18 ----------- ------------ --------------- --------------- Total Expenditures $ 0.00 $ 196.24 $ 3 , 541 , 174 . 37 $ 272,556.68 ----------- ------------ --------------- --------------- Excess of Revenues over (under) Expenditures$ 0.00 $ 121,435.52$ -442,601.36 $ -23,338.36 OTHER FINANCING SOURCES (USES) Proceeds from General Obligation Bonds Par Value Operating Transfers In Operating Transfers Out $ $ -242,335.79 540,124.33 Total Other Financing Sources (Uses) $ -242,335.79 $ 540,124.33 Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses FUND BALANCE JULY 1 $ 0.00 $ -120,900.27 $ 26,618.74 3,833,611.57 97,522.97 $ 46,620.00 -23,338.36 299,386.00 FUND BALANCE JUNE 30 $ 26,618.74 $3,712,711.30$ 144,142.97 $ 276,047.64 =========== ============ =============== =============== See notes to the general purpose financial statements. - 30 - EXHIBIT "J" AND INVESTMENT COMMISSION ------------------------------- HAZARD AND PROJECT PROJECT DEPRECIATION 94-609-003 95/94S-609-002 RESERVE FUND TOTALS ---------------------------YEAR ENDED ---------------------------JUNE 30, 1994 JUNE 30, 1993 $ 412,915.31 $ $ 412,915.31 $ 0.00 $ 0.00 $ $ 3,760,706.64 1,365.02 122,996.78$ 1,365.02 $3,883,703.42$ 3,516.44 3,516.44 $ 9,472.76$ 270,682.79 556,270.82 ------------- $ 836,426.37 $ $ -423,511.06 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 19,542.97 196.24 $ 582,282.34 4,048,332.11 168,614.00 65,787.40 424,043.03 0.00 $4,650,353.66$ 658,444.43 1,365.02$ -766,650.24 $ -654,927.99 $ 423,511.06 ------------- $ 423,511.06 ------------- $ 0.00 $ 0.00 $ 4,000,000.00 $ 963,635.39 835,836.43 -242,335.79 -349,006.00 ------------- ------------- $ 721,299.60 $ 4,486,830.43 ------------- ------------- 0.00 $ 0.00 1,365.02$ -45,350.64 $ 3,831,902.44 44,054.58 4,250,290.89 418,388.45 $ 0.00 $ 0.00 $ 45,419.60$ 4,204,940.25$ 4,250,290.89 ============= ============== ============= ============= ============= - 31 - BEN HILL COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET FIDUCIARY FUND TYPES JUNE 30, 1994 EXHIBIT "K" ASSETS Cash and Cash Equivalents Accounts Receivable NONEXPENDABLE TRUST FUND ENDOWMENT FUND CIJ4BEE-MCCALL FUND EXPENDABLE TRUST FUNDS DENTAL RESERVE FUND FITZGERALD HIGH SCHOOL COLLEGE PREPARATORY TRUST FUND SELF-INSURED EMPLOYEE BENEFIT FUND UNEMPLOYMENT COMPENSATION FUND TOTALS ---------------------------JUNE 30, 1994 JUNE 30, 1993 $ 2,768.50$ 2,113.29$ 1,227.60$ 25,613.60$ 31,722.99$ 45,678.55 2,420.39 2,420.39 Total Assets $ 2,768.50$ 2,113.29$ 3,647.99$ 25,613.60$ 34,143.38$ 45,678.55 FUND EQUITY Fund Balances Reserved For Endowment Corpus Unreserved Undesignated $ 2,000.00 $ 2,000.00$ 2,000.00 768.50 $ 2,113.29$ 3,647.99$ 25,613.60 32,143.38 43,678.55 Total Fund Equity $ 2,768.50$ 2,113.29$ 3,647.99$ 25,613.60$ 34,143.38$ 45,678.55 See notes to the general purpose financial statements. - 32 - BEN Hill COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES FIDUCIARY FUND TYPE - EXPENDABLE TRUST FUNDS YEAR ENDED JUNE 30. 1994 EXHIBIT "l" DENTAL RESERVE FUND FITZGERALD HIGH SCHOOL COLLEGE PREPARATORY TRUST FUND SELF-INSURED EMPLOYEE BENEFIT FUND UNEMPLOYMENT COMPENSATION FUND TOTALS YEAR ENDED ---------------------------JUNE 30, 1994 JUNE 30, 1993 REVENUES Local and Other Funds $ 118,164.77 $ 0.00 $ 649.35 $ 118,814.12 $ 149,778.70 EXPENDITURES Current Instruction Support Services General Acininistration $ 3,355.99 $ 28.31 $ 3,384.30 $ 12,338.47 $ 127,049.06 127,049.06 131,877.40 ------------- ------------- ------------- ------------- ------------- Total Expenditures $ 127,049.06 $ 3,355.99 $ 28.31 $ 130,433.36 $ 144,215.87 ------------- ------------- ------------- ------------- ------------- Excess of Revenues over (under) Expenditures $ -8,884.29 $ -3,355.99 $ 621.04 $ -11,619.24 $ 5,562.83 FUND BALANCE JULY 1 10,997.58 7,003.98 24,992.56 42,994.12 37,431.29 FUND BALANCE JUNE 30 $ 2,113.29 $ 3,647.99 $ 25,613.60$ 31,374.88$ 42,994.12 See notes to the general purpose financial statements. - 33 - BEN HILL COUNTY BOARD OF EDUCATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE YEAR ENDED JUNE 30, 1994 SCHEDULE "1" Page 1 FUNDING AGENCY PROGRAM/GRANT -------------- FEDERAL FUNDS RECEIVED IN FEDERAL CFDA AWARDS PERIOD (NET REVENUE EXPENDITURES NUMBER IN PERIOD OF REFUNDS) IN PERIOD IN PERIOD ------------- ------------- ------------- ------------- Agriculture, U.S. Department of Through Georgia Department of Education Food and Nutrition Program Food Services School Breakfast Program 1993 Grant 1994 Grant National School Lunch Program 1993 Grant 1994 Grant Food Distribution Program (1) 10.553 $ 4,076.00 10.553 $ 86,300.43 93,395.54$ 86,300.43 (2) *10.555 4,549.98 *10.555 508,879.53 503,480.41 508,879.53 $ 865,804.22(3) 10.550 70,064.56 N/A 70,064.56 70,064.56 ------------- ------------- ------------- ------------- Total U. S. Department of Agriculture $ 665,244.52$ 605,501.93 $ 665,244.52$ 935,868.78 ------------- ------------- ------------- ------------- Education, U. S. Department of Through Georgia Department of Education Drug-Free Schools and Ccmnunities Act 1993 Grant 84.186 $ 23,862.27 1994 Grant 84.186 $ 35,610.00 18,400.00$ 35,610.00 $ 35,610.00 Elementary and Secondary Education Act Chapter 1 Education of Deprived Children 1993 Regular *84.010 113,636.40 1993 Carry-Over *84.010 37,221.00 37,221.00 37,221.00 37,221.00 1994 Regular *84.010 686,581.00 541,504.00 654,695.73 654,756.77(3) Chapter 2 Block Grant - Flow Through 1992 Carry-Over 84.151 1,600.00 1,600.00 1,600.00 1,600.00 1993 Regular 84 .151 33,133.00 1994 Regular 84.151 31,067.00 31,067.00 31,067.00 31,067.00 Innovative Programs 1993 Regular 84.151 700.00 4,474.00(3) Education for Economic Security Act Title II Eisenhower Mathematics and Science Education 1993 Regular 84.164 19,244.00 3,122.83 3,122.83 1994 Regular 84.164 16,647.00 16,647.00 3,056.81 Individuals with Disabilities Education Act Title VI, B Flow Through 1993 Regular 84.027 6,627.68 1993 Carry-Over 84.027 1,000.00 1,000.00 1,000.00 1,000.00 1994 Regular 84.027 78,892.00 69,548.00 78,892.00 78,892.00 Preschool Program 1993 Regular 84.173 7,769.13 1993 Carry-Over 84.173 7,521.00 7,521.00 7,521.00 7,521.00 1994 Regular 84.173 31,089.00 31,089.00 31,089.00 31,089.00 Vocational Education - Basic Grants to States High School Program Basic Grant 1993 Grant 84.048 7,405.00 1994 Grant 84.048 23,246.50 23,246.50 23,246.50 (4) Consumer and Homemaking Education 1994 Contract 84.049 419.00 419.00 419.00 (4) ------------- ------------- ------------- ------------- Total U. S. Department of Education $ 950,893.50$ 974,292.98$ 922,831.06 $ 889,410.41 ------------- ------------- ------------- ------------- - 34 - BEN HILL COUNTY BOARD OF EDUCATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE YEAR ENDED JUNE 30, 1994 SCHEDULE "l" Page 2 OTHER FEDERAL ASSISTANCE CFDA NUMBER AWARDS IN PERIOD FEDERAL FUNDS RECEIVED IN PERIOD (NET OF REFUNDS) FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD Defense, U.S. Department of Direct Department of the Anny R.O.T.C. Program 1993 Grant 1994 Grant $ 10,253.86 $ 33,551.95 28,328.75$ 33,551.95 (4) Total U. S. Department of Defense $ 33,551.95 $ 38,582.61 $ 33,551.95 Education, U. S. Department of Through Georgia Department of Education Serve America Program 1993 Grant 1994 Grant $ 21,495.29$ 15,586.17$ 15,586.17 $ 18,272.00 13,064.54 16,834.87 16,834.87 Total U. S. Department of Education $ 18,272.00$ 34,559.83 $ 32,421.04 $ 32,421.04 Health and Human Services, U. S. Department of Through Georgia Department of HU11an Resources School Age Program 1994 Grant 93.037 $ 26,000.00$ 11,804.89$ 20,069.19$ 20,069.19 Total Federal Financial Assistance $1,693,961.97 $1,664,742.24$ 1,674,117.76$ 1,877,769.42 ============ =====s=-===== s============ ===-==::zz:==== Major Programs are identified by an asterisk (*) in front of the CFDA nunber. (1) The amounts shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated camDdities distributed to the system by the Georgia Department of Education. (2) Expenditures for the School Breakfast Program were not maintained separately and are included in the 1994 National School Lunch Program. (3) Expenditures for this program include State, and/or Local anq Other Funds. Expenditures are not maintained by fund source. (4) Expenditures on this program were not maintained by fund source. See notes to the general purpose financial statements. - 35 - BEN HILL COUNTY BOARD OF EDUCATION ANALYSIS OF CASH AND CASH EQUIVALENTS JUNE 30 1 1994 SCHEDULE "2" NONINTEREST BEARING ACCOUNTS NationsBank of Georgia, N. A., Fitzgerald, Georgia INTEREST BEARING ACCOUNTS The Bank of Fitzgerald, Fitzgerald, Georgia Certificates of Deposit No. 20575 (3.45%) No. 20576 (3.45%) Bank South, Fitzgerald, Georgia N.O.W. Account (2.00%) NationsBank of Georgia, N. A., Fitzgerald, Georgia Certificate of Deposit No. 22053 N.O.W. Account (1.95%) N.O.W. Account (2.45%) (3.55%) $ 2,279.84 $ 601,983.86 135,574.97 -141,679.67 2,768.50 527,008.43 2,165,604.42 3,291,260.51 $ 3,293,540.35 ============= See notes to the general purpose financial statements. - 36 - BEN HILL COUNTY BOARD OF EDUCATION INVESTMENTS JUNE 30 1 1994 U. S. GOVERNMENT OBLIGATIONS NationsBanc Capital Markets, Incorporated Charlotte, North Carolina Federal Home Loan Bank No. 30002620 due August 2, 1994 (4.27%) SCHEDULE "3" $ ,2,119,552.68 ============= See notes to the general purpose financial statements. - 37 - BEN HILL COUNTY BOARD OF EDUCATION ACCOUNTS RECEIVABLE JUNE 30. 1994 SCHEDULE "4" Ben Hill County Middle School Lost and Damaged Books Out of County Tuition GOVERNMENTAL FUND TYPES FIDUCIARY ----------------SP-E-C--IA-L---------C-A-P-IT-A-L----------D-E-B-T---- GENERAL REVENUE PROJECTS SERVICE FUND TYPE E-X--PE-N-D-A--B-L-E - FUND FUND FUND FUND TRUST FUND TOTAL ----------- ------------ ------------ ----------- ----------- ------------ $ 38.59 2,380.50 $ 38.59 2,380.50 Ben Hill County Prima~ School Lost and Damaged Bo s Out of County Tuition 30.00 275.00 30.00 275.00 Ben Hill Count~ Tax Carmissioner County Wide end Tax County Wide School Tax 34,265.88 $ 3,074.59 3,074.59 34,265.88 Carmunities in Schools Transportation Reimbursement 431.46 431.46 Dataprint6vincorporated Vendor erpayment 17,086.53 17,086.53 Defense, U. S. Del:rtment of De~artment oft Army .O.T.C. Program 5,223.20 5,223.20 Education, Georgia Department of Food Services National School Lunch Program Lottery Programs Canputers in Classrooms Media Center and Library Equipment Safe Schools Grant Next Generation Schools Federal Programs Drux-Free Schools and Carmunities ESE - Chapter 1 Education of Deprived Children ESEA - Chapter 2 Innovative - Project Smile ESEA - Title II Eisenhower Mathematics and Science Education Individuals with Disabilities Education Act Title VI, B - Flow Through Serve America Program $ 5,399.12 52,768.00 63,465.00 28,120.00 40,000.00 17,210.00 113,191.73 700.00 16,647.00 9,344.00 3,770.33 5,399.12 52,768.00 63,465.00 28,120.00 40,000.00 17,210.00 113,191.73 700.00 16,647.00 9,344.00 3,770.33 Family and Children Services, Ben Hill Count~.Department of Parent Aide rogram 1,108.00 1,108.00 Fitzgerald High School Lost and Damaged Books Out of County Tuition 815.14 4,530.00 815.14 4,530.00 Georgia State Financing and Investment Conmission Reillilursement on Construction Projects $1,273,374.49 1,273,374.49 HL111an Resources, Georgi a Department of School Age Program 8,264.30 8,264.30 Various Sources 1 Emplo ee Benefit Overpayment Payro l Deduction Overpayment $ 2,420.39 2,420.39 13,678.17 ----------- ------------ ------------ ----------- ----------- 13,678.17 ------------ $ 79,862.47 ========= $==3=5=8=,8=7=9=.=4=8 $=1=,2=7=3=,=3=7=4=.4=9= $===3=,0=7=4=.=5=9 $ 2,420.39 =========== $=1=,7=1==7=,6=1==1=.4=2= See notes to the general purpose financial statements. - 38 - BEN HILL COUNTY BOARD OF EDUCATION DEBT SERVICE REQUIREMENTS TO MATURITY JUNE 30 1 1994 SCHEDULE "5" PAYMENTS DUE IN FISCAL YEAR ENDING JUNE 30 -------------- 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 CHANGES IN GENERAL LONG-TERM DEBT Bonds Payable at July 1, 1993 Bonds Issued During Period Bonds Retired During Period Bonds Payable at June 30, 1994 MATURITY DATES Semi-Annual Interest Payment Dates Annual Debt Retirement Date TOTAL 1993 ISSUE DEBT ---------------------------- SERVICE INTEREST PRINCIPAL ------------- ------------- ------------- $ 372,495.00$ 172,495.00$ 200,000.00 371,395.00 166,395.00 205,000.00 374,630.75 159,630.75 215,000.00 371,997.50 151,997.50 220,000.00 378,637.50 143,637.50 235,000.00 379,120.00 134,120.00 245,000.00 378,707.50 123,707.50 255,000.00 382,360.00 112,360.00 270,000.00 384,940.00 99,940.00 285,000.00 386,402.50 86,402.50 300,000.00 386,702.50 71,702.50 315,000.00 390,952.50 55,952.50 335,000.00 393,700.00 38,700.00 355,000.00 395,062.50 20,062.50 375,000.00 ------------- ------------- ------------- $5,347,103.25$ 1,537,103.25$ 3,810,000.00 -----------=- --=-----=---- ---=====---=- TOTAL $ 4,000,000.00 0.00 190,000.00 $ 3,810,000.00 ============= DEC 1 - JUN 1 JUN 1 See notes to the general purpose financial statements. - 39 - BEN HILL COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30. 1994 SCHEDULE "6" AGENCY/FUNDING GOVERNMENTAL FUND TYPES GENERAL FUND SPECIAL REVENUE FUND CAPITAL PROJECTS FUND TOTAL GRANTS Education, Georgia Department of Quality Basic Education General and Career Education Programs Special Education Programs Remedial Education Program Media Center Programs Staff Development Programs Indirect Cost Pupil Transportation Regular Bus Replacement Middle School Incentive Special Instructional Assistance In-School Suspension Hid-term Adjustment Local Fair Share Educational Equalization Funding Grant Food Services Vocational Education Other State Programs Innovative Programs Next Generation Schools State Preschoo1 Supervision and Assessment of Student and Beginning Teachers and Performance-Based Certification Teachers' Retirement Lottery Programs Algebra Classrooms Computers in Classrooms Media Center and Li-brary Equipment Next Generation Schools Safe Schools Grant $ 6,105,202.00 653,970.00 182,727.00 261,938.00 82,633.00 1,796,917.00 256,090.00 77,526.00 254,585.00 280,481.00 66,288.00 10,894.00 -849,415.00 984,476.00 $ 4,531.00 350.00 7,065.74 Financing and Investment Commission, Georgia State Reimbursement on Construction Projects CONTRACT Education, Georgia Department of Leadership Development Program OTHER Education, Georgia Department of Reimbursement for Scan Forms 1,000.00 Family and Children Services, Ben Hill County Department of Parent Training Program 5,843.50 73,736.00 2,550.00 52,090.00 39,947.00 2,290.95 71,000.00 63,465.00 7,910.00 28,120.00 $ 6,105,202.00 653,970.00 182,727.00 261,938.00 82,633.00 1,796,917.00 256,090.00 77,526.00 254,585.00 280,481.00 66,288.00 10,894.00 -849,415.00 984,476.00 73,736.00 4,531.00 2,550.00 52,090.00 39,947.00 350.00 7,065.74 2,290.95 71,000.00 63,465.00 7,910.00 28,120.00 $3,760,706.64 3,760,706.64 9,733.82 9,733.82 1,000.00 5,843.50 $10,183,102.24 $ 350,842.77 $3,760,706.64 $14,294,651.65 ============= ============ ============ ============= See notes to the general purpose financial statements. - 40 - BEN HILL COUNTY BOARD OF EDUCATION SCHEDULE OF LOCAL AND OTHER REVENUE YEAR ENDED JUNE 30. 1994 SCHEDULE "7" Taxes County Wide Bond Tax County Wide School Tax Railroad Car Tax Real Estate Transfer Tax GOVERNMENTAL FUND TYPES FIDUCIARY --------------------------------------------------- FUND TYPE SPECIAL CAPITAL DEBT ----------- GENERAL REVENUE PROJECTS SERVICE EXPENDABLE FUND FUND FUND FUND TRUST FUND TOTAL ------------ ----------- ----------- ----------- ----------- ------------ $2,879,761.25 154.44 6,204.86 $ 402,223.76 21.06 846.12 $ 402,223.76 2,879,761.25 175.50 7,050.98 Other Canpensation for Loss of Assets Contributions to Dental Reserve Fund General Fund Indirect Cost Special Revenue Fund Insurance Premi1111s Interest Earned Refund of Bond Issue Cost Sales Breakfast Lunches Training Fees Transportation Fees Tuition Other 4,658.73 15,820.59 60,611.56$ 6,328.87 $117,676.55 5,320.23 357.85 431.46 15,357.86 704.25 9,893.86 231,642.74 903.38 $ 10,000.00 108,164.77 4,047.25 649.35 4,658.73 10,000.00 15,820.59 108,164.77 189,313.58 5,320.23 9,893.86 231,642.74 357.85 431.46 15,357.86 1,607.63 $2,984,062.85$ 248,768.85$ 122,996.78$ 407,138.19 $118,814.12 $3,881,780.79 ========== ======== =======-= ========== ======== ========== See notes to the general purpose financial statements. - 41 - BEN HILL COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30. 1994 SCHEDULE "B" EXPENDITURES ------------ Operating Costs Salaries Employee Benefits Travel of Employees Professional and Technical Services Compensation and Travel of Board Members Water, Sewer and Cleaning Services Repair and Maintenance Services Rents Insurance Communications Commodity Hauling Shared Services Other Purchased Services Supplies Energy Food Usage Books, Textbooks and Periodicals Dues and Fees Federal Indirect Costs Other Expenditures Nonoperating Costs Land and Land Improvements Building and Building Improvements Equipment Total Expenditures SPECIAL GENERAL REVENUE FUND FUND TOTAL ------------- ------------- ------------- $ 8,671,697.92 $ 1,019,740.47 $ 9,691,438.39 2,550,798.22 294,094.61 2,844,892.83 29,274.20 10,557.72 39,831.92 137,119.22 16,522.14 153,641.36 10,117.70 10,117.70 15,404.46 2,097.60 17,502.06 43,857.99 16,686.51 60,544.50 75,668.80 386.25 76,055.05 44,992.00 44,992.00 40,242.25 124.90 40,367.15 5,264.05 5,264.05 8,751.40 8,751.40 1,245.30 300.00 1,545.30 349,453.42 152,223.75 501,677.17 326,548.37 326,548.37 510,969.23 510,969.23 89,352.87 89,352.87 10,450.46 421.00 10,871.46 15,820.59 15,820.59 2,287.90 1,804.17 4,092.07 225,000.00 225,000.00 137,093.26 10,985.00 148,078.26 226,769.08 170,205.35 396,974.43 ------------- ------------- ------------- $12,996,124.82$ 2,228,203.34 $15,224,328.16 ------------- =------=----- -====-=--==-- See notes to the general purpose financial statements. - 42 - EXPENDITURES ------------ Operating Costs Supplies Nonoperating Costs Equipment Total Expenditures BEN HILL COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT LOTTERY PROGRAMS YEAR ENDED JUNE 30, 1994 SCHEDULE "9" MEDIA CENTER COMPUTERS AND NEXT SAFE ALGEBRA IN LIBRARY GENERATION SCHOOLS CLASSROOMS CLASSROOMS EQUIPMENT SCHOOLS GRANT TOTAL ----------- ----------- ------------ ----------- ----------- ----------- $ 2,290.95$ 37,726.57 $ 25,738.60 $ 65,756.12 34,265.00 47,585.48 $ 7,910.00$ 28,120.00 117,880.48 ----------- ----------- ------------ ----------- ----------- ----------- $ 2,290.95$ 71,991.57 $ 73,324.08$ 7,910.00$ 28,120.00$ 183,636.60 ======== ========== =--========a..= ==-======== =========== =========== See notes to the general purpose financial statements. - 43 - BEN HILL COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT FIDUCIARY FUND TYPE - EXPENDABLE TRUST FUNDS YEAR ENDED JUNE 30. 1994 EXPENDITURES Operating Costs Salaries Employee Benefits Professional and Technical Services Unemployment Compensation Claims Dental Claims Administrative Fees Bank Charges Total Expenditures SCHEDULE "10" $ 1,860.00 199.99 1,296.00 28.31 117,765.73 9,078.00 205.33 $ 130,433.36 =========:1:=== See notes to the general purpose financial statements. - 44 - BEN HILL COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30, 1994 SCHEDULE "11" Minimum Expenditure Requirements (Total Allotment) Expenditures on Combined Program Basis Salaries Operations Less: Expenditures for Media Center Program in Excess of Total Media Allotment Expenditures for Staff Development Programs in Excess of Total Staff Development Allotment for: Cost of Instruction Expenditures per Audit Amount of Underexpenditure for Total Allotment THIRTEEN WEIGHTED AND MEDIA CENTER PROGRAMS STAFF DEVELOPMENT PROGRAM $7,214,731.00$ 82,633.00 $ 7,907,159.23 458,665.93 $ 80,662.10 $8,365,825.16$ 80,662.10 -65,053.33 -1,234.20 $ 8,300,771.83 $ 79,427.90 $ 0.00 $ 3,205.10 See notes to the general purpose financial statements. - 45 - BEN HILL COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - BY PROGRAM GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30. 1994 GENERAL AND CAREER EDUCATION PROGRAMS Kindergarten (*) Grades 1 - 3 (*) Sub-Total - K-3 Grades 4 - 5 (*) Grades 6 - 8 (*) Grades 9 - 12 (*) High School Laboratories (*) Vocational Education Laboratories (*) Total General and Career Education Programs SPECIAL EDUCATION PROGRAMS Relular Pro~rams c!~:gg~~ 1J1