Audit report, Carroll County Board of Education, Carrollton, Georgia, year ended June 30, 1994

~
~ E2.(., C..3
l G\ 'I '3 -~Y
STATE OF GEORGIA DEPARTMENT OF AUDITS
254 WASHINGTON STREET ATLANTA. GEORGIA 30334

AUDIT REPORT CARROLL COUNTY BOARD OF EDUCATION
CARROLLTON,GEORGIA YEAR ENDED JUNE 30, 1994

CARROLL 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

EXIIlBITS

GENERAL PURPOSE FINANCIAL STATEMENTS

COMBINED STATEMENTS-OVERVIEW

A

COMBINED BALANCE SHEET

ALL FUND TYPES AND ACCOUNT GROUP

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 NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

7

ADDITIONAL FINANCIAL INFORMATION

COMBINING STATEMENTS

SPECIAL REVENUE FUND

E

COMBINING BALANCE SHEET

20

F

COMBINING STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

22

CAPITAL PROJECTS FUND

G

COMBINING BALANCE SHEET

24

H

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES

26

FIDUCIARY FUND TYPES

I

COMBINING BALANCE SHEET

28

J

COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES

AGENCY FUNDS

29

SCHEDULES

1 SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE

30

2 ANALYSIS OF CASH AND CASH EQUIVALENTS

32

3 INVESTMENTS

33

. CARROLL COUNTY BOARD OF EDUCATION -TABLE OF CONTENTS-

SECTION I

FINANCIAL

ADDITIONAL FINANCIAL INFORMATION

SCHEDULES

4 ACCOUNTS RECEIVABLE

34

5 DEBT SERVICE REQUIREMENTS TO MATURITY

35

SCHEDULE OF REVENUE

6

STATE FUNDS

36

7

LOCAL AND OTHER FUNDS

37

SCHEDULE OF EXPENDITURES BY OBJECT

8

GOVERNMENTAL FUND TYPES

39

9

LOTTERY PROGRAMS

40

IO

FIDUCIARY FUND TYPE

EXPENDABLE TRUST FUND

42

ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS

GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS

II

OVERALL

43

12

BY PROGRAM

44

13 SCHEDULE OF COMPENSATION AND TRAVEL OF BOARD MEMBERS

46

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

CARROLL COUNTY BOARD OF EDUCATION -TABLE OF CONTENTS -
SECTION III 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
SECTION IV FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS
SECTIONV PERTINENT VIEWS OF RESPONSIBLE OFFICIALS SCHEDULE OF PERTINENT VIEWS OF RESPONSIBLE OFFICIALS

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
May 26, 1995

Honorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation
and Superintendent and Members of the Carroll County Board of Education
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 D) ofthe Carroll County Board of Education, 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 ofrelated 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 Carroll County Board of Education as of June 30, 1994, and the results of its operations 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 Carroll County Board of Education taken as a whole. The combining statements (Exhibits E through J) and the financial schedules (Schedules 1 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 Carroll County Board of Education. 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 of the State, as provided for by Official Code of Georgia Annotated Section 50-6-24.
Respectfully submitted,
~~a
Claude L. Vickers State Auditor
CLV:gp 94ARL-13

CARROLL COUNTY BOARD OF EDUCATION - 1-

CARROLL COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUP JUNE 30 1994

ASSETS Cash and Cash Equivalents Investments Accounts Receivable Inventories
Food Donated Commodities Purchased Food
Amount Available in Debt Service Fund Amount to be Provided in Future Years
For Payment of Bond Debt
Total Assets

GENERAL FUND

GOVERNMENTAL FUND TYPES

SPECIAL

CAPITAL

REVENUE

PROJECTS

FUND

FUND

$ 7,161,987.88 $

697,899.94 $ 1,303,968.58

225,158.64

325,158.40

401,987.56

45,358.30 29,461.56

$ 7,387,146.52 $ 1,097,878.20 $ 1,705,956.14

LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts Payable Salaries Payable Expired Grant Balances Payable Contracts Payable Retainages Payable Deferred Revenue Funds Held for Others General Obligation Bonds Payable
Total Liabilities
FUND EQUITY
Fund Balances Reserved For Continuation of Federal Programs For Debt Service For Expired Grant Balances/Questioned Costs For Inventories Food Donated Commodities Purchased Food For State Capital Outlay Projects
Unreserved Designated - Renovation and Restoration Undesignated
Total Fund Equity
Total Liabilities and Fund Equity

$

11,982.29 $

97,834.47

470,814.49

5,559.92

$

303,357.65

75,766.35

12,674.98

$

11,982.29 $

586,883.86 $

379 124.00

$

56,967.09

$

$

56,967.09 $

7,318,197.14 $ 7,375,164.23 $

45,358.30 29,461.56
$
74,819.86 $

919 435.10 919,435.10

436,174.48 510,994.34 $

407,397.04 1,326,832.14

$ 7,387,146.52 $ 1,097,878.20 $ 1,705,956.14

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

EXHIBIT "P/'

DEBT SERVICE
FUND

FIDUCIARY FUND TYPES TRUST AND AGENCY FUNDS

ACCOUNT GROUP GENERAL LONG-TERM DEBT

TOTALS (Memorandum Onl}1 JUNE 30 1994 JUNE 30, 1993

$

54,120.10 $

331,168.96

$ 9,549,145.46 $ 7,960,215.24

1,363,808.88

1,363,808.88

711.01

953,015.61

579,792.28

45,358.30 29,461.56

49,533.54 19,781.57

$

1,418,639.99

1,418,639.99

1,835,000.00

56 360.01

56,360.01

$ 1 418,639.99 $

331,168.96 $

1,475,000.00 $ 13,415,789.81 $ 10,444,322.63

$

109,816.76 $

94,850.45

470,814.49

448,976.43

5,559.92

7,295.21

303,357.65

729.28

75,766.35

37,323.96

12,674.98

$

12,383.60

12,383.60

11,859.92

$

1475000.00

1 475,000.00

1835000.00

$

12,383.60 $

1475000.00 $ 2 465,373.75 $ 2 436,035.25

$ 1,418,639.99
$ 1,418,639.99 0.00 $
$ 1418639.99 $ $ 1,418,639.99 $

318 785.36 318 785.36

$

349.99

$ 1,418,639.99

1,847,440.81

56,967.09

23,570.93

45,358.30 29,461.56 919,435.10 $ 2,469,862.04 $
8480 554.02 $ 10 950.416.06 $

49,533.54 19,781.57
1 946.76
1,942,623.60
80,173.00 5 985 490.78
8,008,287.38

331,168.96 $

1 475,000.00 $ 13,415,789.81 $ 10,444,322.63

-3-

CARROLL COUNTY BOARD OF EDUCATION

.

COMBINED STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES

GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUND

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 Communny Service Operations Other Operations of Non-Instructional Services
CapnBI Outlay Debi Service
Principal Retirement Interest Paying Agent Fees
Total Expendnures
Excess of Revenues over (under) Expendnures
OTHER FINANCING SOURCES {USES)
Operating Transfers In Operating Transfers Out
Total Other Financing Sources (Uses)
Excess of Revenues and Other Financing Sources over (under) Expendnures and Other Financing Uses
FUND BALANCE JULY 1
Food Inventory- Net Change in Period Donated commoctnies Purchased Food
Residual Equny Transfer

GENERAL FUND

GOVERNMENTAL FUND

SPECIAL

CAPITAL

REVENUE

PROJECTS

FUND

FUND

$ 31,801,596.90 $ 204,364.24
13298019.13

2,045,105.66 $ 3,913,079.60 1470527.98

$ 45 303 980.27 $ 7 428 713.24 $

528,304.97 402300.00 930604.97

28,343,012.41 $ 2,377,440.83

1,298,917.46 687,774.32
1,103,880.24 468,276.46
2,538,241.49 309,667.30
3,251,404.85 2.264,801.54
331,431.44 34,336.04
316,819.83 107,635.54

889,668.67 254,881.03
39,211.55 326,303.38
233.13
211,091.62 49,492.19 18,924.34 38,381.00
3,299,551.87 145,479.13
$ 1,519,801.43

$ 41 056198.92 $ 7,650658.74 $ 1519801.43 4 247781.35 $ -221 945.50 $ -589196.46

$

948.09 $

-2 293 345.96

$ -2 292 397.87 $

3,866.94 $ 1,899,479.02 -948.09
3866.94 $ 1898530.93

$ 1,955,383.48 $ 5.418,013.02

-218,078.56 $ 1,309,334.47

725,335.88

17,497.67

1767.73

4,175.24 9,679.99 -1767.73

FUND BALANCE JUNE 30

$ 7,375,164.23 $

510,994.34 $ 1,326 832.14

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

EXHIBIT"B"

TYPES
DEBT SERVICE
FUND

TOTAL

FIDUCIARY FUND TYPE EXPENDABLE TRUST FUND

TOTALS
{Memorandum Onl:t} YEAR ENDED
JUNE30 1994 JUNE30 1993

$ 34,375,007.53

34,375,007.53 $ 32,039,623.35

4,117,443.84

4,117,443.84

3,988,059.25

$

64388.20 15 235 235.31 $

9413.72 15 244 649.03 12 268 382.99

64388.20 $ 53 727 686.68.$

9413.72 $ 53 737100.40 $ 48 296 065.59

$ 30,720,453.24

30,720,453.24 $ 29,761,161.43

2,188,586.13 942,655.35
1,143,091.79 794,579.84 $
2,538,474.62 309,667.30
3,462,496.47 2,314,293.73
350,355.78 72,717.04
3,299,551.87 145,479.13 316,819.83
1,627,436.97

44,531.75 36,096.61

2,188,586.13 942,655.35
1,143,091.79 839,111.59
2,538,474.62 309,667.30
3,462,496.47 2,314,293.73
350,355.78 72,717.04
3,299,551.87 145,479.13 352,916.44
1,627,436.97

2,017,972.61 565,760.55
1,113,457.40 1,036,956.32 2,393,864.89
234,792.49 2,962,903.27 2,154,142.95
339,653.64 12,932.00
2,932,106.60 92,073.02 300,437.00
1,498,298.93

$ 360,000.00 133,037.50 151.52

360,000.00 133,037.50
151.52

360,000.00 133,037.50
151.52

340,000.00 157,687.50

$ 493189.02 $ 50719848.11 $ 80628.36 $ 50,800 476.47 $ 47,914,400.60

$ -428 800.B2 $ 3 007 838.57 $ -71214.64 $ 2 936 623.93 $ 381664.99

s 1,904,294.05 $ -2 294 294.05 -390 000.00 $

390,000.00 $ 2,294,294.05 $ -2 294 294.05

390000.00 $

0.00 $

294,261.74 -294261.74
0.00

$ -428,800.B2 S 1,847,440.81

2,617,838.57 $ 8,008,287.38

318,785.36 $ 0.00

2,936,623.93 $ 8,008,287.38

381,664.99 7,652,357.16

-4,175.24 9,679.99
0.00

-4,17524 9,679.99
0.00

-27,235.47 1,500.70

$ 1 418,639.99 $ 10,631,630.70 $ 318,785.36 $ 10,950,416.06 $ 8,008,287.38

-5-

CARROL\ COUNTY BQARP QF SPUCATION COMBINE Q STATEMENT QF RE;Yl=:NUES fXPENPITURl;S ANQ CHANGES IN FUNQ BAJ ANCES
ACTUAi ANP BUDGET GOVERNMENTAL FLJNP JYPES
YEAR fNPEP JUNE 30 1994

EXHIBIT"C"

REVENUES
State Funds Federal Funds Local and other Funds
Total Revenues
EXPENDITl,!RES
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 Servioes Food Servioes ()peflltion Community Service Operations Other Operations of Non-Instructional Services
Capital Outlay Debt Service
Total Expenditures
Excess of Revenues over (under) Expenditures
QT!::tER FINAN~IN~ OUR~ES (UFS}
Other Sources 0thef Uses
Total Other Financing Sources (Uses)
Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing
u...
FU!!D M,Le,NQE JULY 1 1993
A~USIMENI
Prior Year (Net)
FQQQ l!!VENTQRY - !!ET QHANGE IN PERIOD
Donated Commodities Purchased Food

ACTUAL PER
EXHIBIT"B"

ADJUSTMENTS

ACTUAL PER
BUDGET BASIS

BUDGET

VARIANCE FAVORABLE (UNFAVORABLE)

34,375,007.53 $ 4,117,443.84 15,235,235.31
53,727,686.68 $

0.00 $ 34,375,007.53 $ 32,976,430.00 $ 4,117,443.84 3,516,457.00 15,235,235.31 12.437,625.46
0.00 $ 53,727,686.68 $ 48,930,512.46 $

1,398,577.53 600,986.84
2,797,609.85
4,797,174.22

30,no,453.24 $
2,188,686.13 942,655.35
1,143,091.79 794,579.84
2,538,474.62 309,667.30
3,462,496.47 2,314,293.73
350,355.78 n,717.04
3,299,551.87 145,479.13 316,819.83
1,627,436.97 493,189.02
50,719,848.11 $
3,007,838.57 $

0.00 $ 30,no,453.24 $ 31,061,017.20 $

2,188,686.13 942,655.35
1,143,091.79 794,579.84
2,538,474.62 309,667.30
3,462,496.47 2,314,293.73
350,355.78 72,717.04 3,299,551.87 145,479.13 316,819.83 1,627,436.97 493,189.02

2,175,848.70 906,137.20
1,093,093.04 1,236,953.94 2,518,748.36
295,370.58 3,308,102.75 2,303,704.50
312,541.91 47,692.00 2,868,n2.38
2,075.00 215,654.90 544,850.00 493,037.50

0.00 $ 50,719,848.11 $ 49,373,549.96 $

0.00 $ 3,007,838.57 $ -443,037,50 $

340,563.96
-12,737.43 -36,518.15 -49,998.75 442,374.10 -1s.ns.2s -14,296.n -154,393.n -10,589.23 -37,813.87 -25,025.04 -440,829.49 -143,404.13 -101, 164.93 -1,082,686.97
-151.52
-1,346,298.15
3,450,876.07

1,904,294.05 $ -2,294,294.05
-390,000.00 $

0.00 $ 1,904,294.05 $ -2,294,294.05
0.00 $ -390,000.00 $

519,850.00 $ -569,850.00
-50,000.00 $

1,384,444.05 -1.n4,444.05
-340,000.00

2,617,838.57 $ 8,008,287.38

0.00 $ 2,617,838.57 $ -493,037.50 $

-69,315.11

7,938,972.27 7,790,534.29

3,110,876.07 148,437.98

-15,101.00

15,101.00

-4,175.24

4,175.24

0.00

0.00

9,679.99

-9,679.99

0.00

0.00

FUNQ aeiLAN~E J!JNE 30 1994

$ 10,631,630.70 $

-74,819.86 $ 10,556,810.84 $ 7,282,395.79 $ 3,274,415.05

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

CARROLL COUNTY BOARD OF EDUCATION

EXIDBIT "D"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30 1994

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Carroll County Board ofEducation (Board) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. 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 of the 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 of the Carroll County Board ofEducation.
Based upon the application of the above criteria, the Carroll 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 Carroll County, Georgia, excluding that area encompassed by the City ofCarrollton. 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, 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 ofits 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.
- 7-

CARROLL COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30 1994

Note 1: 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 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, 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 ofeducation.
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-term principal, interest and paying agent fees.
FIDUCIARY FUND TYPES - the trust and agency funds used to account for assets held by a government unit in a trustee capacity or as an agent for individuals, private organizations, other government units and/or other funds. These funds include:
EXPENDABLETRUSTFUND Self-Insured Employee Benefit Fund - the fund used to account for the Workers' Compensation contributions and expenditures.
AGENCY FUNDS - the funds used to account for assets held for other funds, governments, or individuals.
- 8-

CARROLL COUNTY BOARD OF EDUCATION

EXIIlBIT "D"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30 1994

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 the expendable trust fund 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 ofavailable 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.
Agency funds are purely custodial in nature and do not involve measurement of results of operations.
Governmental funds and the expendable trust fund are accounted for using the modified accrual basis of accounting under which:
Revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount ofthe transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Those revenues considered susceptible to accrual are property taxes, intergovernmental grants and investment income. Property taxes are considered available ifthey 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 of personnel 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 ofEducation 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
- 9-

CARROLL COUNTY BOARD OF EDUCATION

EXIIlBIT "D"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE30 1994

Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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.
Agency funds are accounted for using the modified accrual basis of accounting in recognizing assets and liabilities.
BUDGET
The Carroll County Board of Education 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 of this 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. 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 EQUNALENTS
COMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits (including certificates of deposit, savings and N. 0.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 Joan associations, or insured State chartered building and loan associations. The placement of proceeds 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:

- 10 -

CARROLL COUNTY BOARD OF EDUCATION

EXIIlBIT "D"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30 1994

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 Office of Treasury and Fiscal Services,

(7) Repurchase agreements, and

(8) Obligations of other political subdivisions of the 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 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 Carroll County Board of Commissioners fixed the property tax levy for the 1993 tax year (calendar year) on October 12, 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 Carroll 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.

The tax millage rate levied for the 1993 tax year (calendar year) for the Carroll County Board ofEducation was as follows (a mill equals $1 per thousand dollars of assessed value):

School Operations

18 39 mills

- 11 -

CARROLL COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE30 1994

Note l: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 offund balance which indicates that these amounts do not constitute "available spendable resources" even though they are a component of net current assets.
COMPENSATED ABSENCES
Compensated absences represent obligations of the Board relating to employees' rights to receive compensation for future absences based upon service already rendered. This obligation relates only to vesting accumulating leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the individual funds for the current portion of this obligation as this amount is deemed immaterial to the general purpose financial statements.
Additionally, the dollar value of accumulated compensated absences at June 30, which will be payable from future resources has not been recorded in the General Long-Term Debt Account Group as this liability is also deemed to be immaterial to the fair presentation of these financial statements.
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 of interfund transactions:
Reimbursements ofexpenditures initially made from a fund that are properly applicable to another fund, are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed.
Residual equity transfers are recorded for non recurring or non routine permanent transfers of equity.
Operating transfers are recorded for all interfund transactions other than residual equity transfers and reimbursements.
- 12 -

CARROLL COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE30 1994

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 of operations in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this 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 of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee ofinsurance, or by collateral in an amount of not less than 110 percent of the public funds being secured after the deduction ofthe amount of deposit insurance. OCGA Section 45-8-11 provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts.
Acceptable security for deposits consists of any one of or any combination of the following:
(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia,
(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation,
(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State ofGeorgia,
(4) Bonds, bills, notes, certificates of indebtedness or other obligations ofthe counties or municipalities ofthe State ofGeorgia,
(5) Bonds ofany public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose,
(6) Industrial revenue bonds and bonds of development authorities created by the laws ofthe State of Georgia, and
(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm
- 13 -

CARROLL COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE30 1994

Note 2: DEPOSITS AND INVESTMENTS

Credit Banlcs, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association.

CATEGORIZATION OF DEPOSITS At June 30, 1994, the bank balances were $11,404,728.73. The amounts of the total bank balances are classified into three categories of credit risk:

Category I - 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
I -2 3
Total
CATEGORIZATION OF INVESTMENTS Investments are classified as to risk by the three categories described below:

Bank Balance
$ 329, 104.2510,463, 755.75 61 I 868.73
$11 404 728 73

Category I - Insured or registered, or securities held by the Board or the Board's agent in the Board's name.
Category 2 - Uninsured or unregistered, with securities held by the counterparty's trust department or agent in the Board's name
Category 3 - Uninsured or unregistered, with securities held by the counterparty, or by its trust department or agent but not in the Board's name.

At June 30, 1994, the carrying amount of the Board's total investments was $1,363,808.88 and this entire amount consisted ofU. S. Treasury Bills 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 $1,363,808.88.

Note3: NON-MONETARYTRANSACTIONS

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
- 14 -

CARROLL COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30 1994

Note 4: RISK MANAGEMENT

The Board has established a limited risk management program for Workers' Compensation. Estimated claims are budgeted by management based on known claims and prior experience. Each fund contributes their pro rata share to the Workers' Compensation fund and claims are paid from this fund during the fiscal year. During fiscal year 1994, a total of $36,096.61 was paid in claims. An excess coverage insurance policy covers individual claims in excess of$225,000.00.

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. During fiscal year 1994, a total of$8,223.00 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

$1,835,000.00

Deductions

360 000.00

Balance June 30, 1994

$ I 475 000 00

At June 30, 1994, payments duei by fiscal year which includes principal and interest for these items:

Fiscal Year Ended June 30

General Obligation
Bonds

1995 1996 1997 1998 1999

$ 53,468.75 473,162.50 464,887.50 435,887.50 305 693.75

Total Principal and Interest

$ 1 733 100 00

- 15 -

CARROLL COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30 1994

Note 6: SIGNIFICANT COMMITMENTS

At June 30, 1994, the Board had encumbrances in the amount of$534,682.32 for the unperformed portion of purchase orders, contracts and other commitments for goods and services associated with the Lottery Programs. Lottery funds in the amount of $506,056.34 are available to fund these encumbrances. Encumbrances outstanding do not constitute expenditures or liabilities in the current year because these commitments will be honored during the subsequent fiscal year. These encumbrances are identified by Lottery Program as follows:

Algebra Classrooms Computers in Classrooms Distant Learning Media Center and Library Equipment Safe Schools Grant

$ 11,449.05 107,474.42 20,904.58 242,513.55 152 340.72

$ 534 682 32

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 Available From State

95/94S-622-006 95/94S-622-007 95/94S-622-008 95/94S-622-009

$ 26,275.46 86,541.25 30,513.16
243 288.43

$ 9,310.90 84,052.16 36,585.34
442 522.o4

$ 386 (118 30 $ 572 47044

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 Board believes that such disallowances, if any, will be immaterial to its overall financial position.

- 16 -

CARROLL COUNTY BOARD OF EDUCATION

EXIIlBIT "D"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE30 1994

Note 8: ACCUMULATED EMPLOYEES' LEAVE
All employees who are eligible for retirement and who have a minimum of three years of service with the school system earn annual and sick leave at rates of .84 days and one and one-fourth days per month of service, respectively. Maximum accumulations may be twenty days for annual leave and sixty days for sick leave. An employee will be paid for unused accumulated annual leave at their current rate of pay only if the employee leaves the system in good standing. An employee will be paid for unused accumulated sick leave upon retirement at the daily rate paid to a substitute teacher. See Note 1 - Compensated Absences
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 of years 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 IO years of service) and compensation up to the time ofdisability or death.
Members become fully vested after ten years of service. If a member terminates with Jess than ten years of service, no vesting of employer contributions occurs, but the member's contributions are refunded with interest.
The Board's payroll for employees covered by TRS for the year ended June 30, 1994, was $27,826,504.33; total payroll was $31,782,663.11.
TRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Board who are covered by TRS are required to contribute 6% oftheir gross earnings to TRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board of
- 17 -

CARROLL COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30 1994

Note 9: RETIREMENT PLANS

trustees as advised by their independent actuary. For fiscal year 1994 that rate for employer contributions was 11.81%. The interest rate assumption (rate ofreturn on investments) was 7.50%.

Total contributions made during fiscal year 1994 amounted to $4,955,910.62, ofwhich $3,286,310.15 was made by the Board and $1,669,600.47 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. S 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 Unfunded pension benefit obligation

12 821 722 000.00
$ I 090 292 000 oo

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 $3,286,310.1 S was actuarially determined and represented .6301% oftotal contributions made by all participating employers.

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.

- 18 -

CARROLL COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATE:MENTS

JUNE 30 1994

Note 9: RETIRE:MENT PLANS
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 Publi_c School Employees Retirement System of Georgia (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 of service 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 of creditable 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 contributions and interest are made to the beneficiary. Ifthere are more than ten years of service, the beneficiary shall receive for life halfofwhat the employee would have received upon retirement.
Members become fully vested after ten years of service. If a member tenninates with less than ten years of service, no vesting ofemployer contributions occurs, but the member's contributions are refunded with interest.
There were 317 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 of Georgia is required by statute to make employer contributions actuarially detennined and approved and certified by the PSERS' Board of Trustees. Total contributions from employees ofthe Board made during fiscal year 1994 amounted to $10,532.00. 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.
Note 10: SURETY BONDS
The School Superintendent, Mr. M. Leon Golden, is bonded in the amount of$100,000.00 with the United States Fidelity and Guaranty Company, Baltimore, Maryland, their Bond No. 02-0170-10805-93-1, on which premium was paid through May 11, 1995.

- 19 -

~BQLL ~Nrt QARQ QE EQUQATIQN t:;QM61NIN~ aAi ~t:;E ~H&ET el;~l RrnNU,; E!J~Q JUNE30 1994

~
Cash and Cash Equivalents
Accounts Receivable
Inventories Food Donated Commodities Purohased Food

ELEMENTARY AND

SCHOOL FOOD
SERVICES FUND

SEVERELY EMOTIONALLY
DISTURBED

AFTER SCHOOL PROGRAM
FUND

LOTTERY PROGRAMS

CHAPTER1

EDUCATION OF EDUCATION OF

CHILDREN IN

DEPRIVED

STATE SCHOOLS CHILDREN

534,756.78 $ 189,191.88 $

0.00

0.25

35,233.49

20,213.62

2,145.30 $

179,235.75

45,358.30 29,461.56

Total Assets

$ 644,810.13 $ 189,191.88 $

0.00 $ 20,213.62 $

2,145.55 $

179,235.75

L~IL!IlliaS AN!, FUND EQUITY

LIABILITIES

Cash Overdraft Aocounts Payable Salaries Payable Expired Grant Balances Payable Deferred Revenue

10,282.94 $ 1SO,n7.17

34,385.66 126,611.94
999.96

Total Liabilities

$ 161,010.11 $ 161,997.56

FUNQEQLIITY

Fund Balances
Reserved For Continuation d Federal Programs For Inventories
Food Donated Commodities Purchased Food

45,358.30 29,461.56

Unreserved Undesignated

74,819.86 408,980.16 $

27,194.32 $

Total Fund Equity

483,800.02 $ 27,194.32 $

7,538.64 $
12,674.98 20,213.62 $

0.00 $ 0,00 $

0.00 $
o.oo $

$ 620.98 1,523.82
0.75

2,365.00 37,878.57 137,166.74
1,825.44

2,145.55 $

179,235.75

0.00 $ 0.00 $

0.00 0.00

Total Liabilities and Fund Equity $ 644.810.13 $ 189,191.88 $

0.00 $ 20,213.62 $

2,145.55 $

179,235.75

See notes to the general purpose financial statements.

-20-

EXHIBIT"E"

SECONDARY EDUCATION ACT
mLEn-

EISENHOWER

CHAPTER2

MATHEMATICS

BLOCK GRANT- AND SCIENCE

FLOW THROUGH EDUCATION

INDIVIDUALS WITH

DISABILITIES EDUCATION ACT

TITLE VI, B

FLOW

PRESCHOOL

THROUGH

PROGRAM

JOB TRAINING

PARTNERSHIP

TOTALS

ACT

JUNE 30, 1994 JUNE 30, 1993

1,425.30

40.53

ns,414.74 $ 920,019.98

3,335.19 $

64,601.69

3,354.00 $

17,039.36

325,158.40

287,122.88

45,358.30 29,461.56

49,533.54 19,781.57

1,425.30 $

3,335.19 $

64,601.69 $

3,394.53 $

17,039.36 $ 1,125,393.00 $ 1 276,457.97

1,425.30 1,425.30 $

3,335.19 $

1,432.33 13,299.35 $ 49,870.01

3,335.19 $

64,601.69 $

48727 1,598.79 1,308.47
3,394.53 $

12,843.64 $ 879.70
3,316.02
17,039.36 $

27,514.80 97,834.47 $ 470,814.49
5,559.92 12,674.98
614,398.66 $

94,850.45 448,976.43
7,295.21
551,122.09

---~o_.oo_s _ _ _-0=.00 $ -=~ _ _ ___,,0-,=00,_$ _ _ _ 0.00 $

0.00 $ 0.00 $

o.oo $
0.00 $

349,99

45,358.30 29,461.56

74,819.86 $

0.00

436,174.48

0.00 $ 510,994.34 $

49,533.54 19,781.57
69,665.10 655,670.78 725,335.88

1,425.30 $

3,335.19 $

64,601.69 $

3,394.53 $

17,039.36 $ 1,125,393.00 $ 1,276,457.97

-21-

Q!BRQLL ~~ ~ p QE E~A~
QQMBINING STAT~MENT QE REl11,N!,!~ ~~NDITUR~S AND CHANGES IN FUND BA! AN!:;ES
~!:;!& R!M;N!,!~ Fl,!NQ
YEAR ENPEP JUNE 30 1994

ELEMENTARY AND

SCHOOL FOOD
SERVICES FUND

SEVERELY EMOTIONAllY
DISTURBED

AFTER SCHOOL PROGRAM
FUND

LOTTERY PROGRAMS

CHAPTER1

EDUCATION OF EDUCATION OF

CHILDREN IN

DEPRIVED

STATE SCHOOLS CHILDREN

REVENUES

State Funds Federal Funds Local and Other Funds

226,032.00 $ 1,653,199.89 1,194,397.10

1,183,979.00 173,099.04 131,566.01 $

144,564.87

635,094.66 $

13,543.50 $ 1,213,975.31

Total Revenues

3,073,628.99 $ 1,488,644.05 $ 144,564.87 $ 635,094.66 $

13,543.50 $ 1,213,975.31

l;XPENPITURES

Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Community Service Operations

$ 3,298,745.68

493,989.22 378,971.38 194,976.72 230,921.56 186,624.68

144,203.98

466,383.32 $
55,013.42 8,421.54
39,211.55
23,444.50 41,017.34
797.00 805.99

13,543.50 $ 1,109,945.16 2,567.46
10,419.50 72,118.85
18,924.34

TalalExpenditures

$ 3,298,745.68 $ 1,485,483.56 $ 144,203.98 $ 635,094.66 $

13,543.50 $ 1,213,975.31

Excess of Revenues over (under) Expenditures

$ -225,116.89 $

3,160.49 $

360.89 $

0.00 $

0.00 $

0.00

QTt:!~R FINANCING l!Ql.!R!:;El!

Operating Tra..- In

3,866.94

Exeess of Revenues and Other Financing Sources over (undef) Expenditures

-221,249.95 $

3,160.49 $

360.89 $

0.00 $

0.00 $

0.00

FUNP ~ C E !!UL::! 1

699,545.22

24,033.83

1,406.84

0.00

0.00

0.00

Food lnvenloly- Nat Change in Period Donated CommodPurchased Food
Residual Equity Transfer

-4,175.24 9,679.99

-1,767.73

EUNQ ~~E JUNl.i 30

483,800.02 $

27,194.32 $

0.00 $

0.00 $

0.00 $

0.00

See notes to the general purpose financial statements.

-22-

EXHIBIT"P

SECONDARY EDUCATION ACT

TITLEII-

EISENHOWER

CHAPTER2

MATHEMATICS

BLOCK GRANT AND SCIENCE

FLOW THROUGH EDUCATION

INDIVIDUALS WITH

DISABILmEs EDUCATION ACT

TITLEVl,B

FLOW

PRESCHOOL

THROUGH

PROGRAM

JOB TRAINING PARTNERSHIP
ACT

TOTALS YEAR ENDED JUNE 30, 1994 JUNE 30, 1993

s2.n1.ss $ s2.n1.ss $

36,201.16 $ 36,201.16 $

498,078.69 $ 498,078.69 $

111,157.53 $ 111,157.53 $

161,052.92

2,045,105.66 $ 3,913,079.60 1,470,527.98

1,385,009.00 3,749,532.05 1,338,076.94

161,052.92 $ 7,428,713.24 $ 6,472,617.99

52,530.66 240.90
52,771.56 $

36,493.51 57.64
36,551.15 $

67,959.97 $
386,559.78 4,124.92 11,162.08
980.94 7,223.85 18,792.00 1,275.15 498,078.69 $

12,833.21 $ 66,556.63
444.84 11,238.35
41.50 1,251.00 18,792.00
111,157.53 $

160,255.79 $ 2,377,440.63 $ 2,146,019.55

564.00 233.13

889,666.67 254,881.03
39,211.55 326,303.38
233.13 211,091.62
49,492.19 18,924.34 38,381.00 3,299,551.87 145,479.13

766,471.88 67,579.43
327,415.31
86,980.05 14,106.90 18,196.84 12,932.00 2,868,664.70 92,073.02

161,052.92 $ 7,650,658.74 $ 6,400,439.68

o.oo $

-349.99 $

0.00 $

0.00 $

0.00 $ -221,945.50 $

72,178.31

0.00 $ 0.00

-349.99 $ 349.99

0.00 $ 0.00

o.oo $
0.00

3,866.94

41,273.45

0.00 $ -218,078.56 $ 113,451.76

0.00

725,335.88

637,618.89

-4,175.24 9,679.99 -1,767.73

-27,235.47 1,500.70

0.00 $

0.00 $

0.00 $

0.00 $

0.00 $ 510,994.34 $ 725,335.88

-23-

CARROLL COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30 1994

ASSETS Cash and Cash Equivalents Accounts Receivable

REGULAR

PROJECT 91/91 S-622-007

GEORGIA PROJECT 95/94S-622-005

$ 407,397.04 $

0.00 $

126,317.41

Total Assets

$ 407,397.04 $

0.00 $

126,317.41

LIABILITIES AND FUND EQUITY
LIABILITIES
Contracts Payable Retainages Payable
Total Liabilities
FUND EQUITY
Fund Balances Reserved For State Capital Outlay Projects Unreserved Undesignated
Total Fund Equity

$ 407,397.04 $ $ 407,397.04 $

$ 0.00 0.00 $

126,317.41 0.00
126,317.41

Total Liabilities and Fund Equity

$ 407,397.04 $

0.00 $

126,317.41

See notes to the general purpose financial statements. -24-

EXHIBIT"G"

STATE FINANCING AND INVESTMENT COMMISSION

PROJECT

PROJECT

PROJECT

95/948-622-006 95/94S-622-007 95/948-622-008

PROJECT 95/94S-622-009

TOTALS JUNE 30, 1994 JUNE 30, 1993

$

770,254.13 $ 1,303,968.58 $

55,550.91

$

83,798.10 $

155,200.84 $

144,863.66

18,124.96

401,987.56

$

83,798.10 $

155,200.84 $

144,863.66 $

788,379.09 $ 1,705,956.14 $

55,550.91

$

30,719.50 $

57,300.75 $

18,879.97 $

196,457.43 $ 303,357.65 $

729.28

14,449.06

22,252.15

17,236.52

21,828.62

75,766.35

37,323.96

$

45,168.56 $

79,552.90 $

36,116.49 $

218,286.05 $ 379,124.00 $ _ _3"-'8"-0, ~5~3.""2~4

$

38,629.54 $

75,647.94 $

108,747.17 $

570,093.04 $ 919,435.10 $

1,946.76

0.00

0.00

0.00

0.00

407,397.04

15,550,91

$

38,629.54 $

75,647.94 $

108,747.17 $

570,093.04 $ 1,326,832.14 $ _ _1_7~,4_9_7._6_7

$

83,798.10 $

155,200.84 $

144,863.66 $

788,379.09 $ 1,705,956.14 $==5=5=,5=5=0._9=1

-25-

CARROLL COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES
CAPITAL PROJECTS FUND YEAR ENDED JUNE 30 1994

REVENUES
State Funds Local and other Funds
Total Revenues
EXPENDITURES
Capital Outlay Land and Land Improvements Building and Building Improvements Equipment
Total Expenditures
Excess of Revenues over (under) Expenditures
OTHER FINANCING SOURCES (USES)
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

REGULAR

PROJECT 91/91 S-622-007

GEORGIA PROJECT 95/94S-622-005

$ $ 402,300.00
$ 402,300.00 $

0.00 $

126,317.41

0.00 $

126,317.41

$ 99,072.73 470,141.42 $
$ 569,214.15 $
$ -166,914.15 $

$ 998.67
998.67 $
-998.67 $

140,352.48
140,352.48 -14,035.07

$ 558,760.28 $
$ 558,760.28 $
$ 391,846.13 $ 15,550.91

$ -948.09
-948.09 $

140,352.48 140,352.48

-1,946.76 $ 1,946.76

126,317.41 0.00

FUND BALANCE JUNE 30

$ 407,397.04 $

0.00 $

126,317.41

See notes to the general purpose financial statements. -26-

EXHIBIT"H"

STATE FINANCING AND INVESTMENT COMMISSION

PROJECT

PROJECT

PROJECT

95/94S-622-006 95/94S-622-007 95/94S-622-008

PROJECT 95/94S-622-009

TOTALS YEAR ENDED JUNE 30, 1994 JUNE 30, 1993

$

83,798.10 $

155,200.84 $

144,863.66 $

18,124.96 $ 528,304.97 $

15,708.00

402,300.00

$

83,798.10 $

155,200.84 $

144,863.66 $

18,124.96 $ 930,604.97 $

15,708.00

$

99,072.73 $

72,004.25

$

153,251.44 $

237,613.11 $

181,984.57 $

236,387.01

1,419,730.03

1,158,641.89

998.67

222,161.01

$

153,251.44 $

237,613.11 $

181,984.57 $

236,387.01 $ 1,519,801.43 $ 1,452,807.15

$

-69,453.34 $

-82,412.27 $

-37,120.91 $

-218,262.05 $ -589, 196.46 $ -1,437,099.15

$

108,082.88 $

158,060.21 $

145,868.08 $

788,355.09 $ 1,899,479.02 $

252,988.29

-948.09

$

108,082.88 $

158,060.21 $

145,868.08 $

788,355.09 $ 1,898,530.93 $ 252,988.29

$

38,629.54 $

75,647.94 $

108,747.17 $

570,093.04 $ 1,309,334.47 $ -1,184,110.86

0.00

0.00

0.00

0.00

17,497.67

1,201,608.53

$

38,629.54 $

75,647.94 $

108,747.17 $

570,093.04 $ 1,326,832.14 $

17,497.67

-27-

CARROLL COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET FIDUCIARY FUND TYPES JUNE 30 1994

EXHIBIT"!"

Cash and Cash Equivalents

EXPENDABLE TRUST FUND
SELF-INSURED EMPLOYEE BENEFIT FUND WORKERS'
COMPENSATION FUND

AGENCY FUNDS

TOTALS JUNE 30, 1994

$

318,785.36 $

12,383.60 $

331168.96

LIABILITIES AND FUND EQUITY
LIABILITIES
Funds Held for Others
FUND EQUITY
Fund Balances Unreserved Undesignated

$ $ _ _-'3-'-18-'-',7'-'8'--'5~.3~6

12,383.60 $

12,383.60

0.00

318,785.36

Total Liabilities and Fund Equity

$

318,785.36 $

12,383.60 $==3=3=1,=16=8=.9=6

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

CARROLL COUNTY BOARD OF EDUCATION COMBINlt:,!G STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FIDUCIARY FUND TYPE - AGENCY FUNDS YEAR ENDED JUNE 30 1994

EXHIBIT"J"

SPECIAL ACTIVITIES ACCOUNT
ASSETS Cash

BALANCE JULY 1 1993

ADDITIONS

DEDUCTIONS

BALANCE JUNE 30 1994

$

415.53 $

2,810.00 $

2,795.92 $

429.61

LIABILITIES Funds Held for Others

$

415.53 $

2,810.00 $

2,795.92 $

429.61

QUINTON PRINCE SCHOLARSHIP FUND

ASSETS Cash

$

11,444.39 $

1,009.60 $

500.00 $

11,953.99

LIABILITIES Funds Held for Others

$

11,444.39 $

1,009.60 $

500.00 $

11,953.99

TOTALS -AGENCY FUNDS
ASSETS Cash

$

11,859.92 $

3,819.60 $

3,295.92 $

12,383.60

LIABILITIES Funds Held for Others

$

11,859.92 $

3,819.60 $

3,295.92 $

12,383.60

See notes to the general purpose financial statements.

-29-

QARROLI QO!,!NTY ;!Ql',BQ QE EQUQATION l,CHEQ!.!LF QF FEQ!aRAL EINA!:jQIAL ASSll,TANQE
Yi;AR ENDED J!,!NE 30 1994

SCHEDULE "1"

FUNDING AGENCY PROGRAM/GRANT

CFDA NUMBER

AWARDS IN PERIOD

FEDERAL FUNDS RECEIVED IN PERIOD(NET OF REFUNDS)

FEDERAL REVENUE IN PERIOD

EXPENDITURES IN PERIOD

Agriculture, U. S. Department of Through Georgia Department of Education Food and Nutrition Program Child and Adult care Food Program 1994 Contract Food Services School Breakfast Program 1994Grant National School Lunch Program 1993 Grant 1994 Grant Food Distribution Program (1)

10.558 $

22,940.95 $

22,940.95 $

22,940.95 $

22,940.95

10.553
10.555 10.555 10.550

291,046.39
1,112,860.15 226352.40

285,183.95
9,040.67 1,083,489.10
NIA

291,046.39
1,112,860.15 226,352.40

(2)
3,049,452.53 (3) 226352.40

Total U. S. Department of Agriculture

1 653199.89 $

1 400 654.67 $ 1653199.89

3298745.88

Education, U. S. Department of Through Georgia Department of Education Elementary and Secondary Education Act Chapter 1 Education of Children in State Schools 1993 Regular 1993 carry-Over 1994Regular Severely Emotionally Disturbed 1994Regular Education of Deprived Children 1993 Regular 1993 carry-a1994Regular State Program Improvements 1992 carry-a1993Regular Chapter 2 Block Grant - Flcr.Y Through 1993 Regular 1993 Corry-Over 1994Regular Innovative Programs 1993Regular Title II Eisenhower Mathematics and Science Education 1993Regular 1994Regular Individuals with Disabilities Education Act TllieVl,B Flcr.YThrough 1993Regular 1993 Carry-OVer 1994Regular Preschool Program 1993Regular 1993 Carry-over 1994Regular Severely Emotionally Disturbed 1993 carry-Over 1994Regular

84.009 84.009 $ 84.009

$ 1,791.00 12,036.00

84.009

1,770.00

84.010 84.010 84.010

153,790.00 1,094,473.00

84.218 84.218

84.151 84.151 84.151
84.151

59.00 69,441.00

84.164 84.164

36,392.00

84.027 84.027 84.027
84.173 84.173 84.173
84.027 84.027

123,074.00 513,776.00
56,899.00 112,065.00
77,329.00 107,815.00

1,997.43 1,791.00 $ 9,607.95

1,791.00 $ 11,752.50

1,770.00

1,770.00

145,732.50 153,790.00 882,775.00

153,790.00 1,060, 185.31

-632.65 -3,382.41

1,791.00 11,752.50
1,770.00
153,790.00 1,060,185.31

1,440.37 59.00
54,137.86
15,110.78

59.00 52,712.56
12,192.84

59.00 52,712.56
12,134.60 (3)

17,416.03 29,101.97

3,764.00 32,437.16

4,113.99 32,437.16

64,439.55 123,074.00 310,403.00
6,193.78 56,899.00 52,213.00
77,329.00 95,000.00

123,074.00 375,004.69
56,899.00 54,258.53
77,329.00 94,000.04

123,074.00 375,004.69
56,899.00 54,258.53
77,329.00 94,000.04

- 30 -

CARROU COUNTY BOARD Of fDUCATION SCHEDUl E OF FEDERAL FINANCIAL ASSISTANCE
YEAR ENDED JUNE 30 1994

SCHEDULE "1"

FUNDING AGENCY PROGRAM/GRANT

CFDA ~

Education, U. S. Department of Through Georgia Department of Education
Vocational Education Basic Grants to States High School Program
Basic Grant 1994Grant
Community Based Organizations Vocational Educational Support Program 1993 Contract 1994 Contract
Tech-Prep Education 1994Granl

84.048
84.174 84.174 84243

AWARDS IN PERIOD

FEDERAL FUNDS RECEIVED IN PERIOD (NET OF REFUNDS)

FEDERAL REVENUE IN PERIOD

EXPENDITURES IN PERIOD

149,229.77 $
15,000.00 30062.51

149,229.77 $ 149,229.77

335.31 12,682.01
30 062.51

12,879.12 $ 30 062.51

(4)
12,879.12 (1l

Total U.S. Department of Education

$ 2555 002.28

2 288 575.76 $ 2 303191.03 $ 2124190.50

Labor, U.S. Department of Through Griffin Regional Educational Service Agency Job Training Partnership Act 92-02-EEP-003 92-02-YCP-002 93-IIC-BS-PWM-04 IIB-SPR-93-001 IIC-EEP-93--002

17.250 17.250 17.250 17.250 17.250

$
25,535.32 7,184.08
128333.52

22,947.80 18,052.75 19,183.34 $
7,184.08 117646.14

25,535.32 $ 7,184.08
128 333.52

25,535.32 7,184.08
128333.52

Total U. S. Department of Labor

$ 161 052.92 $

185 014.11 $ 161 052.92 $

161 052.92

Total Federal Financial Assistance

$ 4 369255.09 $

3 874 244.54 $ 4117 443.84 $ 5583989.30

Major Programs are Identified by an asterisk (") in front of the CFDA number.

(1) The amounts shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the system during the current fiscal year.
(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 and other Funds. Expenditures are not maintained by fund source.
(4) Expenditures on this program were not maintained by fund scuroe.

See notes to the general purpose financial statements.

31

CARROLL COUNTY BOARD OF EDUCATION ANALYSIS OF CASH AND CASH EQUIVALENTS
JUNE 30 1994

SCHEDULE ''2''

INTEREST BEARING ACCOUNTS
Carrollton Federal Bank, Carrollton, Georgia
Certificate of Deposit No. 2100000132 (4.15%) Certificate of Deposit No. 2900050380 (4.98%) Passbook Savings Account (3.00%)
Citizens Bank and Trust, Carrollton, Georgia
Certificate of Deposit No. 22074 (3.73%) N.O.W. Account (2.53%)
Southtrust Bank of Georgia, NA, Atlanta, Georgia
N.O.W. Account (4.40%)
Trust Company Bank, Atlanta, Georgia
Money Market Account (2.68%)
West Georgia National Bank, Carrollton, Georgia
Money Market Account (2.76%) N.O.W. Account (2.57%) N.O.W. Accounts (5.49%)
OTHER
Petty Cash

$

10,000.00

10,256.43

7,197.72

52,470.00 519,246.62

8,265,934.17

1,650.10

48,837.37 140,304.51 493,188.54 $ 9,549,085.46

60.00 $ 9,549,145.46

See notes to the general purpose financial statements. - 32 -

CARROLL COUNTY BOARD OF EDUCATION INVESTMENTS JUNE 30 1994
U. S. GOVERNMENT OBLIGATIONS
Southtrust Securities, Incorporated Birmingham, Alabama
U.S. Treasury Bill No. 912794S47 due June 1, 1995 (5.074%)

SCHEDULE "3" $ 1,363,808.88

See notes to the general purpose financial statements. - 33 -

CARROLL COUNTY BOARD OF EDUCATION ACCOUNTS RECEIVABLE JUNE 30 1994

SCHEDULE "4"

GENERAL FUND

GOVERNMENTAL FUND TYPES

SPECIAL

CAPITAL

REVENUE PROJECTS

FUND

FUND

DEBT SERVICE
FUND

TOTAL

Carroll County Tax Commissioner County Wide Bond Tax County Wide School Tax

$ 224,961.53

$

711.01 $

711.01

224,961.53

Education, Georgia Department of Food Services School Breakfast Program National School Lunch Program Vocational Education Community Based Organizations Lottery Programs Computers in Classrooms Distant Learning Media Center and Library Equipment Federal Programs ESEA - Chapter 1 Education of Children in State Schools Education of Deprived Children ESEA-Trtlell Individuals with Disabilities Education Act- Trtle VI, B Flow Through Preschool Program

$ 5,862.44 29,371.05
197.11
2,898.78 8,938.77 8,376.07
2,145.30 179,235.75
3,335.19
64,601.69 3,354.00

5,862.44 29,371.05
197.11
2,898.78 8,938.77 8,376.07
2,145.30 179,235.75
3,335.19
64,601.69 3,354.00

Georgia State Financing and Investment Commission Reimbursement on Construction Projects

$ 401,987.56

401,987.56

Griffin Regional Educational Service Agency Job Training Partnership Act

17,039.36

17,039.36

$ 225,158.64 $ 325,158.40 $ 401,987.56 $

711.01 $ 953,015.61

See notes to the general purpose financial statements.

- 34 -

CARROLL COUNTY BOARD OF EDUCATION DEBT SERVICE REQUIREMENTS TO MATURITY
JUNE 30 1994

SCHEDULE "5"

PAYMENTS DUE IN FISCAL YEAR ENDING JUNE 30
1995 1996 1997 1998 1999

TOTAL DEBT SERVICE

1974 ISSUE (*l

INTEREST

PRINCIPAL

$

53,468.75 $

473,162.50

464,887.50

435,887.50

305,693.75

53,468.75 93,162.50 $ 64,887.50 35,887.50 10,693.75

380,000.00 400,000.00 400,000.00 295,000.00

$ 1,733,100.00 $ 258,100.00 $ 1,475,000.00

(*) Principal and Interest due July 1, 1994, was paid prior to June 30, 1994, and has been excluded from this schedule.

CHANGES IN GENERAL LONG-TERM DEBT Bonds Payable at July 1, 1993 Bonds Retired During Period

$ 1,835,000.00 360,000.00

Bonds Payable at June 30, 1994

$ 1,475,000.00

MATURITY DATES Semi-Annual Interest Payment Dates Annual Debt Retirement Date

JAN 1-JUL 1 JUL 1

See notes to the general purpose financial statements. - 35 -

CARROLL COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30 1994

SCHEDULE"S"

AGENCY/FUNDING
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 Mid-term Adjustment - 1993 Fiscal Year Local Fair Share Educational Equalization Funding Grant Food Services Vocational Education Other State Programs Mentor Teacher Program Preschool Handicapped Program Severely Emotionally Disturbed Special Education Low Incidence Grant Supervision and Assessment of Student and Beginning Teachers and PerformanceBased Certification Teachers' Retirement Lottery Programs Algebra Classrooms Computers in Classrooms Distant Leaming Media Center and Library Equipment Pre-Kindergarten Program sate Schools Grant
Financing and Investment Commission, Georgia State Reimbursement on Construction Projects
Georgia Public Telecommunication Commission Lottery Program
Distant Leaming

GOVERNMENTAL FUND TYPES

SPECIAL

CAPITAL

GENERAL

REVENUE

PROJECTS

FUND

FUND

FUND

$ 17,039,688.00 4,286,926.00 540,950.00 759,167.00 259,945.00 5,244,093.00

1,244,353.00 318,504.00 156,754.00
1,075,807.00 232,773.00 37,838.00
-2,630,174.00 2,980,313.00
$ 52,893.62

226,032.00

12,960.00 124,483.00
23,634.00

1,183,979.00

20,300.00 20,389.28

3,247.50 226,163.88
8,938.77 39,211.55 271,905.00 61,952.96

$ 528,304.97

23,675.00

TOTAL
17,039,688.00 4,286,926.00
540,950.00 759,167.00 259,945.00 5,244,093.00
1,244,353.00 318,504.00 156,754.00
1,075,807.00 232,773.00 37,838.00
-2,630,174.00 2,980,313.00
226,032.00 52,893.62
12,960.00 124,483.00 1,183,979.00
23,634.00
20,300.00 20,389.28
3,247.50 226,163.88
8,938.77 39,211.55 271,905.00 61,952.96
528,304.97
23,675.00

$ 31,801 596.90 $ 2 045,105.66 $ 528,304.97 $ 34,375 007.53

See notes 1D the general purpose financial statements.

- 36 -

!,ARROLL !:,O!,!NTY llQABQ QF ~Q!,!!,ATIQN SQ!:JEQULE OF LOCAi AND QT!jl;;R B~Vf:!jUE
YEAR ENDED J!,!NE 30 1994

SCHEDULE'7"

Taxes County Wide Bond Tax County Wode School Tax
Railroad ca, Tax
Real Estate Transfer Tax
Other Interest Earned Parking Fees Reimbursements For Salaries Local School Supplements Rents Sales Breakfast Lunches School Assets Tumon Other

GENERAL FUND

GOVERNMENTAL FUND TYPES

SPECIAL

CAPITAL

REVENUE PROJECTS

FUND

FUND

DEBT SERVICE
FUND

FIDUCIARY FUND TYPE EXPENDABLE TRUST FUND

TOTAL

12,671,472.07 10,551.99 54,448.30

$ 3,065.43

$

3,065.43

12,671,472.07

10,551.99

54,448.30

291,684.28 $ 20,550.50

21,515.76

61,322.77 $

8,738.72

383,261.53 20,550.50

130,544.56 45,600.00

16,306.05 21,685.14 35,176.24

27,79421 1,141,268.06
$ 144,564.87 135,385.08

402,300.00

675.00

130,544.56 45,600.00
27,794.21 1,141,268.06
418,606.05 166,250.01 171,236.32

$ 13,298,019.13 $ 1,470,527.98 $ 402,300.00 $ 64,388.20 $

9,413.72 $ 15,244,649.03

See notes to the general purpose financial statements.

37

CARROLL COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT
GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30 1994

SCHEDULE "8"

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 Property Services Insurance Communications Tuition Commodity Hauling Shared Services Other Purchased Services Supplies Energy Food Usage Books, Textbooks and Periodicals Dues and Fees Other Expenditures
Nonoperating Costs Building and Building Improvements Equipment
Total Expenditures

GENERAL FUND

SPECIAL REVENUE
FUND

TOTAL

$ 28,170,937.75 $ 3,611,725.36 $ 31,782,663.11

7,539,186.95

958,286.88

8,497,473.83

64,987.80

37,929.08

102,916.88

315,920.82

161,080.46

477,001.28

16,656.51

16,656.51

153,573.85

7,112.50

160,686.35

157,230.20

66,933.76

224,163.96

118,636.16

240.00

118,876.16

3,939.52

3,939.52

150,220.00

150,220.00

85,479.36

15,286.81

100,766.17

5,414.00

5,414.00

15,655.12

15,655.12

100,371.38

100,371.38

114,848.21

40,287.22

155,135.43

1,488,658.80

505,939.57

1,994,598.37

1,284,798.50

47,949.83

1,332,748.33

1,604 ,669.27

1,604,66927

264,190.40

16,523.26

280,713.66

46,856.36

2,912.50

49,768.86

29,165.50

80,749.08

109,914.58

42,298.00 902,828.85

477,378.04

42,298.00 1,380,206.89

$ 41,056,198.92 $ 7,650,658.74 $ 48,706,857.66

See notes to the general purpose financial statements. - 39 -

CARROLL COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT
LOTTERY PROGRAMS YEAR ENDED JUNE 30 1994

EXPENDITURES
Operating Costs Salaries Employee Benefits Travel of Employees Other Purchased Services Supplies Energy Books, Textbooks and Periodicals Dues and Fees Other Expenditures
Nonoperating Costs Equipment
Total Expenditures

ALGEBRA CLASSROOMS

COMPUTERS IN
CLASSROOMS

DISTANT LEARNING

$

3,247.50 $

46,344.78 $

8,938.77

179,819.10

$

3,247.50 $ 226,163.88 $

8 938.77

See notes to the general purpose financial statements. - 40 -

SCHEDULE "9"

MEDIA CENTER AND
LIBRARY EQUIPMENT

PRE-KINDERGARTEN PROGRAM

SAFE SCHOOLS
GRANT

G.P.T.C. DISTANT LEARNING

TOTAL

$

$

15,514.49

23,697.06

$

39,211.55 $

126,061.92 31,281.15 5,321.77 757.95 $ 72,596.36 1,136.40 6,735.75 832.50 2,531.20

19,194.00 42,758.96

$

126,061.92

31,281.15

5,321.77

19,951.95

189,400.86

1,136.40

6,735.75

832.50

2,531.20

24,650.00

$

23,675.00

251,841.16

271,905.00 $

61,952.96 $

23,675.00 $

635,094.66

- 41 -

CARROLL COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT FIDUCIARY FUND TYPE - EXPENDABLE TRUST FUND
YEAR ENDED JUNE 30 1994

SCHEDULE "10"

EXPENDITURES
Operating Costs Professional and Technical Services Insurance Workers' Compensation Claims Other Expenditures
Total Expenditures

$

5,325.00

37,532.00

36,096.61

1,674.75

$ =====8=0,~62:;,;8;;;.3;;;;,,6

See notes to the general purpose financial statements. - 42 -

CARROLL 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 Programs 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

$ 22,626,731.00 $

259,945.00

$ 25,426,893.43 1,450,704.71 $
$ 26,877,598.14 $

259,945.00 259,945.00

-334,545.24

$ 26,543,052.90 $

-33,396.16 226,548.84

$

0.00 $

33,396.16

See notes to the general purpose financial statements. - 43 -

CARROi I CQLJNTY BQARQ Of f[")l JQATIQN ANAi vs1s 9E uINIMI ,u EXPENPITIJRE Rfg111BE""FNTS - ex PBQGRAM
GNfRAI FLJND -QUA\ ITY 9ASIQ fQI IQATIQN PROORAMS
YEAR fNDf;P JUNE 30 1994

GfNfRAL AND CARfl;R l;OUCATJQN PROGRAMS Kindergarten (1 Grades 1 3 (1 Sub-Total - K--3 Grades 4 - 5 (1 Grades 6- 8 (") Grades 9-12 (1 H~h School LaboralO<ieo (") Vocational Education Laboratories (") Total General and Career Education Programs
SPECIAL fDUCATION PROGRAM Regular Programs Cat~l(1 ~11(1 Cat~lll(1 ~IV(") Itinerant Supplemental Speech Sub-Total - Regular ~V(Gifted)(") Total Special Education Programs
Rl;MfQIA\ fQlJCATIQN PROGRAM(.,
MfQIA GENTER PROGRAMS
Total Thirteen Weighted and Media Center
STAFF DEVEi QPMENT PROGRAMS (1) Cost d Instruction -IOevelopment
Tolal staff OeYelopment
C, Identifies Thirteen Weighted Programs. Note (1) $30,247.05 of the alkllment for Professional
Development has been transferred to Cost of Instruction as authorized by OCGA 20-2-182
See notes to the general purpose financial statements.

ORIGINAL

ALLOTMENTS FROM DEPARTMENT OF EDUCATION

REQUIRED

......!L ORIGINAL

MID-TERM

TOTAL REQUIRED

1,797,361.00 4,643 447.00 6,440,808.00 2,265,097.00 3,761,492.00 2,376,046.00 1,117,791.00 1,078 454.00 $ 17 039,688.00

1,617,624.90 $

4,179102.30

90 $ 5,796,727.20 $

90

2,038,587.30

90

3,385,342.80

90

2,138,441.40

90

1,006,011.90

90

970,608.60

$ 15 335,719.20 $

0.00 $ 1,617,624.90 4179102.30
0.00 $ 5,796,727.20 2,038,587.30 3,385,342.80 2,138,441.40 1,006,011.90 970,608.60
0.00 $ 15 335 719.20

3,854,169.00

3,468,752.10 $

0.00 $ 3,468,752.10

$ 3,854,169.00 90 $ 3,468,752.10 $

432 757.00 90

389,481.30

4,286,926.00

3,858,233.40 $

540,950.00 90 $

486 855.00 $

759167.00 90 $

883 250.30 $

$ 22,626,731.00

$ 20 364,057.90 $

0.00 $
0.00 $ 0.00 $ 0.00

3,468,752.10 389 481.30
3,858,233.40 486,855.00 683,250.30

0.00 $ 20,364,057.90

88,545.05 100 $ 171,399.95 100

88,545.05 $ 171,399.95

0.00 $

88,545.05 171 399.95

259,945.00

259,945.00 $

0.00 $

259,945.00

$ 22,886,676.00

s 20,624,002.90 s_ _ _.;;o;,;;.o.;;.o s 20,624,002.90

. 44.

SCHEDULE "12"

REQUIRED ALLOTMENT

SALARIES ACTUAL

DISlRIBtJTION BY RESPECTIVE PORTIONS

AMOUNT OF UNDEREXPENDlruRE
FOR REQUIRED ALLOTMENT

REQUIRED ALLOTMENT

OPERATIONS

AMOUNT OF

UNOEREXPENDITURE

FOR REQUIRED

ACTUAL

ALLOTMENT

1,576,918.80 $ 1,859,876.87

40,706.10 $

42,637.82

4 051 478.70

5,340,677.53

127 623.60

169,316.13

5,628,397.50 $ 7,200,554.40 $

0.00

168,329.70 $

211,953.95 $

0.00

1,978,245.90

2,726,429.78

0.00

60,341.40

71,053.14

0.00

3,288,323.70

4,315,565.52

0.00

97,019.10

136,375.72

0.00

2,047,446.90

2,563,951.97

0.00

90,994.50

136,116.39

0.00

963,372.60

1,199,106.56

0.00

42,639.30

254,904.00

0.00

848 474.10

1 053 933.32

0.00

122134.50

130 361.65

0.00

$ 14 754 260.70 $ 19 059 541.55 $

0.00

581 458.50 $

940,764.85 $

0.00

160,862.40 $ 672,228.00 2,358,318.60 169,591.50
7,671.60 10 826.10

204,357.27 1,000,694.68 2,863,015.08
272,319.61

7,943.40 $ 13,862.70 61,856.10 5,591.70

7,422.40 12,559.47 276,338.96
8,923.26

$ 3,379,498.20 $ 4,340,386.64 $

0.00

89,253.90 $

305,244.09 $

0.00

379 087.20

583 705.17 $

0.00

10 394.10

15115.23 $

0.00

3 758 585.40 $ 4 924 091.81

99648.00 $

320,359.32

478 602.90 $

527 311.18 $

0.00

8,252.10 $

11 817.19 $

0.00

532 378.80 $

915 948.89 $

0.00

150 871.50 $

177 763.35 $

0.00

$ 19,523,827.80 $ 25,426,893.43 $

0.00

840,230.10 $ 1,450,704.71 $

0.00

$ 19,523,827.80 $ 25,426,893.43 $

88,545.05 $ 171 399.95

121,941.21 $ 138 003.79

0.00 33 396.16

259,945.00 $

259,945.00 $

33,396.16

0.00

1,100,175.10 $ 1,710,649.71 $

33,396.16

- 45 -

CARROLL COUNTY BOARD OF EDUCATION SCHEDULE OF COMPENSATION AND TRAVEL OF BOARD MEMBERS
YEAR ENDED JUNE 30 1994

SCHEDULE "13"

BOARD MEMBER ADDRESS
Dr. Norman Padgett, Chairman c)
308 Sally Ann Street Bowdon, Georgia 30108
Mrs. Dianne Camp() P. 0. Box613 Villa Rica, Georgia 30180
Dr. Evangelio Gonzalez c)
611 North Avenue Villa Rica, Georgia 30180
Mr. Wesley Huddleston ci
6 Timberidge Place Carrollton, Georgia 30117
Mr. Richard Miller() 260 Foggy Bottom Drive Carrollton, Georgia 30117
Mr. Ed Smith() 1153 Magnolia Drive Villa Rica, Georgia 30180

COMPENSATION

TRAVEL

$

2,925.00 $

142.60

2,500.00

2,500.00

2,925.00

126.23

2,700.00

137.68

2,700.00

$

16,250.00 $

406.51

c) Denotes Board Members Serving as of June 30, 1994

See notes to the general purpose financial statements. - 46 -

SECTION II COMPLIANCE

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

DEPARTMENT OF AUDITS
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400
May 26, 1995

Honorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation
and Superintendent and Members of the Carroll County Board ofEducation
COMPLIANCE REPORT BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS _PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
Ladies and Gentlemen:
We have audited the general purpose financial statements of the Carroll County Board ofEducation as of and for the year ended June 30, 1994, and have issued our report thereon dated May 26, 1995. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perfonn the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement.
Compliance with laws, regulations, contracts, and grants applicable to Carroll County Board ofEducation is the responsibility of the Board's management. As part of obtaining reasonable assurance about whether the general purpose financial statements are free of material misstatement, we perfonned tests of the Board's compliance with certain provisions oflaws, regulations, contracts, and grants. However, the objective of our audit of the financial statements was not to provide an opinion on overall compliance with such provisions. Accordingly, we do not express such an opinion.
The results of our tests indicate that, with respect to the items tested, the Carroll County Board of Education complied, in all material respects, with the provisions referred to in the preceding paragraph. With respect to items not tested, nothing came to our attention that caused us to believe that the Board had not complied, in all material respects, with those provisions.

94CRL-10

This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record.
Respectfully submitted,
~/~
Claude L. Vickers State Auditor
CLV:gp 94CRL-10

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

DEPARTMENT OF AUDITS
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400
May 26, 1995

Honorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation
and Superintendent and Members of the Carroll County Board of Education

SINGLE AUDIT REPORT ON COMPLIANCE WITH THE GENERAL REQUIREMENTS APPLICABLE TO FEDERAL FINANCIAL ASSISTANCE PROGRAMS

Ladies and Gentlemen:

We have audited the general purpose financial statements of the Carroll County Board of Education as of and for the year ended June 30, 1994, and have issued our report thereon dated May 26, 1995. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements.

We have applied procedures to test the Carroll County Board of Education's compliance with the following requirements applicable to each ofits Federal financial assistance programs, which are listed in the Schedule of Federal Financial Assistance, for the year ended June 30, 1994:

(I) Political Activity

(5) Allowable Costs/Cost Principles

(2) Civil Rights

(6) Audit Follow-Up/Resolution

(3) Cash Management

(7) Administrative Requirements

(4) Federal Financial Reports

Our procedures were limited to the applicable procedures described in the Office of Management and Budget's "Compliance Supplement for Single Audits ofState and Local Governments" and other additional procedures as deemed necessary. Our procedures were substantially less in scope than an audit, the objective ofwhich is the expression of an opinion on the Board's compliance with the requirements listed in the preceding paragraph. Accordingly, we do not express such an opinion.

94CRL-40

With respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the second paragraph ofthis report. With respect to items not tested, nothing came to our attention that caused us to believe that Carroll County Board ofEducation had not complied, in all material respects, with those requirements.
This report is intended for the information of management, the Federal cognizant audit agency and other Federal granter agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record.
:t=~
Claude L. Vickers State Auditor
CLV:gp 94CRL-40

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

DEPARTMENT OF AUDITS
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400
May 26, 1995

Honorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation
and Superintendent and Members ofthe Carroll County Board ofEducation

SINGLE AUDIT OPINION ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO MAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS

Ladies and Gentlemen:

We have audited the general purpose financial statements ofthe Carroll County Board of Education as of and for the year ended June 30, 1994, and have issued our report thereon dated May 26, 1995. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements.

We have also audited the Carroll County Board of Education's compliance with the requirements governing:

(1) Types of Services Allowed or Unallowed

(5) Applicable Special Tests and Provisions

(2) Eligibility
(3) Matching, Level of Effort, and/or Earmarking

(6) Other Requirement Claims for Advances and Reimbursements

(4) Reporting

These requirements are applicable to the major Federal financial assistance programs, which are identified in the Schedule of Federal Financial Assistance, for the year ended June 30, 1994. The management of the Carroll County Board of Education is responsible for the Board's compliance with those requirements. Our responsibility is to express an opinion on compliance with those requirements based on our audit.

94CRL-80

We conducted our audit of compliance in accordance with generally accepted auditing standards; Government
Auditing Standards issued by the Comptroller General ofthe United States; and Office ofManagement and Budget (0MB) 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 material noncompliance with the requirements referred to above occurred. An audit includes examining, on a test basis, evidence about the Board's compliance with those requirements. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the Carroll County Board ofEducation complied, in all material respects, with the requirements as disclosed in the second paragraph that are applicable to its major Federal financial assistance programs for the year ended June 30, 1994.
This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter ofpublic record.
"o=~
Claude L. Vickers State Auditor
CLV:gp 94CRL-80

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

DEPARTMENT OF AUDITS
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400
May 26, 1995

Honorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation
and Superintendent and Members of the Carroll County Board ofEducation

SINGLE AUDIT REPORT ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO NONMAIOR FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS

Ladies and Gentlemen:

We have audited the general purpose financial statements of the Carroll County Board of Education as of and for the year ended June 30, 1994, and have issued our report thereon dated May 26, 1995. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements.

In connection with our audit ofthe fiscal year 1994 general purpose financial statements ofthe Carroll County Board of Education and with our consideration of the Board's internal control structure used to administer Federal financial assistance programs, as required by Office ofManagement and Budget (0MB) Circular A128, "Audits ofState and Local Governments", we selected certain transactions applicable to certain nonmajor Federal financial assistance programs for the year ended June 30, 1994. As required by 0MB Circular A-128, we have performed auditing procedures on the selected transactions to test compliance with the requirements governing:

( 1) Types of Services Allowed or Unallowed

(2) Eligibility

Our procedures were substantially less in scope than an audit, the objective of which is the expression of an opinion on the Carroll County Board ofEducation's compliance with these requirements. Accordingly, we do not express such an opinion.

94CRL-120

With respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the second paragraph. With respect to items not tested, nothing came to our attention that caused us to believe that the Carroll County Board ofEducation had not complied, in all material respects, with those requirements.
This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record.
~;i~~
Claude L. Vickers State Auditor
CLV:gp 94CRL-120

SECTION III INTERNAL CONTROL

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

DEPARTMENT OF AUDITS
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400
May 26, 1995

Honorable Zell Miller, Governor Members of the General Assembly Members of the State Board ofEducation
and Superintendent and Members of the Carroll County Board ofEducation
REPORT ON INTERNAL CONTROL STRUCTURE IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
Ladies and Gentlemen:
We have audited the general purpose financial statements of the Carroll County Board ofEducation as of and for the year ended June 30, 1994, and have issued our report thereon dated May 26, 1995. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements.
We conducted our audit in accordance with generally accepted auditing standards, and Government Auditing Standards issued by the Comptroller General of the United States._ Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement.
In planning and performing our audit ofthe general purpose financial statements ofthe Carroll County Board of Education for the year ended June 30, 1994, we considered the internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the general purpose financial statements and not to provide assurance on the internal control structure.
The management ofthe Carroll County Board ofEducation is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation ofgeneral purpose financial statements in accordance with generally accepted accounting principles. Because ofinherent limitations in any internal control structure, errors or irregularities may nevertheless occur and not
94ICL-3

be detected. Also, projection of any evaluation of the structure to future periods is subject to risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate.

For the purposes of this report, we have classified the significant internal control structure policies and procedures in the following categories:

(1) Cash and Cash Equivalents (2) Investments (3) Inventories (4) Revenue/Receivables/Receipts (5) Procurement

(6) Expenditures/Liabilities/ Disbursements
(7) Employee Compensation (8) General Ledger
(9) General Fixed Assets

For all ofthe internal control categories listed above, we obtained an understanding of the design ofrelevant policies and procedures and whether they have been placed in operation, and we assessed control risk.

We noted certain matters involving the internal control structure and its operation that we consider to be reportable conditions under standards established by the American Institute of Certified Public Accountants. Reportable conditions involve matters corning to our attention relating to significant deficiencies in the design or operation of the internal control structure that, in our judgment, could adversely affect the entity's ability to record, process, summarize, and report financial data consistent with the assertions of management in the general purpose financial statements.

As described in the Schedule ofFindings and Improper or Questioned Costs, reportable conditions were noted in the following control categories:

(1) General Ledger

(2) General Fixed Assets

A material weakness is a reportable condition in which the design or operation of one or more ofthe specific internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the general purpose financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions.

Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses as defined above. However, we believe that all of the reportable conditions disclosed above are also considere<i to be material weaknesses.

94ICL-3

These conditions were considered in detennining the nature, timing, and extent of the procedures to be performed in our audit of the Carroll County Board of Education's financial statements and this report does not affect our report thereon dated May 26, 1995.
This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter ofpublic record.
Respectfully submitted,
ti~~
Claude L. Vickers State Auditor
CLV:gp 94ICL-3

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

DEPARTMENT OF AUDITS
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400
May 26, 1995

Honorable Zell Miller, Govern~r Members of the General Assembly Members ofthe State Board ofEducation
and Superintendent and Members ofthe Carroll County Board ofEducation
SINGLE AUDIT REPORT ON THE INTERNAL CONTROL STRUCTURE USED IN ADMINISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS
Ladies and Gentlemen:
We have audited the general purpose financial statements ofthe Carroll County Board of Education as of and for the year ended June 30, 1994, and have issued our report thereon dated May 26, 1995. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. We have also audited the Board's compliance with requirements applicable to major Federal financial assistance programs and have issued our opinion thereon dated May 26, 1995.
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 Office of Management and Budget (0MB) Circular A-128, "Audits ofState 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 and about whether the Carroll County Board ofEducation complied with laws and regulations, noncompliance with which would be material to a major Federal financial assistance program.
In planning and performing our audit for the year ended June 30, 1994, we considered the Board's internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the general purpose financial statements and on its compliance with requirements applicable to major Federal financial assistance programs and to report on the internal control structure in accordance with 0MB Circular A-128. This report addresses our consideration ofinternal control structure policies and procedures relevant to compliance with requirements applicable to Federal financial assistance programs. We have addressed internal control structure policies and procedures relevant to our audit of the general purpose financial statements in a separate report dated May 26, 1995.
94ICL-5

The management ofthe Carroll County Board ofEducation is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, that transactions are executed in accordance with management's authorization and recorded properly to pennit the preparation of general purpose financial statements in accordance with generally accepted accounting principles, and that Federal financial assistance programs are managed in compliance with applicable laws and regulations. Because ofinherent limitations in any internal control structure, errors, irregularities or instances of noncompliance may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness ofthe design and operation of policies and procedures may deteriorate.

For the purposes of this report, we have classified the significant internal control structure policies and procedures used in administering Federal financial assistance programs in the following control categories:

GENERAL REQUIREMENTS

SPECIFIC REQUIREMENTS

(1) Political Activity (2) Civil Rights (3) Cash Management (4) Federal Financial Reports

(1) Types of Services Allowed or Unallowed
(2) Eligibility
(3) Matching, Level of Effort, and/or Earmarking

(5) Allowable Costs/Cost Principles

(4) Reporting

(6) Audit Follow-Up/Resolution (7) Administrative Requirements

(5) Applicable Special Tests and Provisions
(6) Other Requirement Claims for Advances and Reimbursements

For all of the internal control structure categories listed above, we obtained an understanding of the design ofrelevant policies and procedures and whether they have been placed in operation, and we assessed control risk.

During the year ended June 30, 1994, the Carroll County Board of Education expended 73% of its total Federal financial assistance under major Federal financial assistance programs.

We performed tests of controls, as required by 0MB Circular A-128, to evaluate the effectiveness of the design and operation of internal control structure policies and procedures that we considered relevant to preventing or detecting material noncompliance with general requirements and specific requirements as described above that are applicable to each of the Board's major Federal financial assistance programs, which

94ICL-5

are identified in the Schedule ofFederal Financial Assistance. Our procedures were less in scope than would be necessary to render an opinion on these internal control structure policies and procedures. Accordingly, we do not express such an opinion.
Our consideration of the internal control structure policies and procedures used in administering Federal financial assistance would not necessarily disclose all matters in the internal control structure that might constitute material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a reportable condition in which the design or operation of one or more ofthe internal control structure elements does not reduce to a relatively low level the risk that noncompliance with laws and regulations that would be material to a Federal financial assistance program may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control structure and its operation that we consider to be material weaknesses as defined above.
This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record.
~~=~
Claude L. Vickers State Auditor
CLV:gp 94ICL-5

SECTION IV FINDINGS AND IMPROPER OR QUESTIONED COSTS

CARROLL COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS
YEAR ENDED JUNE 30 1994
PRIOR YEAR
AUDIT FOLLOW-UP/RESOLUTION Improper Expenditure Financial Statements Amount: $50,000.00 Finding Deleted Audit Control Number 6221-93-01
The audit report for the year ended June 30, 1990, reported improper expenditures of $50,000.00 by the Board to the Carroll County Educational Foundation, Incorporated. This questioned cost had not been resolved at June 30, 1994. Appropriate action should be taken by the Board to secure reimbursement of the $50,000.00 for deposit to the Board's General Fund.
This finding will not be repeated in future audit reports, however, this does not relieve the Board of its responsibility to secure reimbursement of these funds.
AUDIT FOLLOW-UP/RESOLUTION Improper Expenditures Financial Statements Amount: $24,046.78 Finding Deleted Audit Control Nmber 6221-93-02
The audit report for the year ended June 30, 1990, reported improper expenditures of $24,046.78 by the Board's General Fund to fund deficit balances incurred by various schools in operating an After School Program. This questioned cost had not been resolved at June 30, 1994. Appropriate action should be taken by the Board to secure reimbursement of the $24,406.78 for deposit to the Board's General Fund.
This finding will not be repeated in future audit reports, however, this does not relieve the Board of its responsibility to secure reimbursement of these funds.
AUDIT FOLLOW-UP/RESOLUTION Improper Expenditure Financial Statements Amount: $100.00 Finding Deleted Audit Control Number 6221-93-03
The audit report for the year ended June 30, 1990, reported an improper expenditure of $100.00 by the Board's General Fund for Chamber of Commerce Dues. This questioned cost had not been resolved at June 30, 1994. Appropriate action should be taken by the Board to secure reimbursement ofthe $100.00 for deposit to the Board's General Fund.

CARROLL COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS
YEAR ENDED JUNE 30 1994
PRIOR YEAR
AUDIT FOLLOW-UP/RESOLUTION Improper Expenditure Financial Statements Amount: $100.00 Finding Deleted Audit Control Number 6221-93-03
This finding will not be repeated in future audit reports, however, this does not relieve the Board of its responsibility to secure reimbursement of these funds.
AUDIT FOLLOW-UP/RESOLUTION Failure to Meet Expenditure Requirements Financial Statements Amount: $23,570.93 Audit Control Number 6221-93-05
The audit report for the year ended June 30, 1993, stated that the Carroll County Board of Education had an underexpenditure of Quality Basic Education (QBE) funds of $23,570.93 for the Staff Development Professional Development Stipends Program. For the year under review, no adjustment was made_to the Board's local fair share by the Georgia Department ofEducation to refund this underexpenditure as required. The underexpenditure of$23,570.93 should be returned to the Georgia Department ofEducation through an increase in the Board's local fair share for QBE programs in a subsequent fiscal year.
PRIOR YEAR/CURRENT YEAR
GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Reportable Condition - Material Weakness Audit Control Number 6221-93-04
The audit report for the year ended June 30, 1993, noted that the management of the Carroll County Board ofEducation had chosen not to maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. In the year under review, the Board did not establish a General Fixed Assets Account Group within the formal accounting records. This condition results in the general purpose financial statements of the Board being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the Board to establish accounting controls and procedures to provide for maintenance of a General Fixed Assets Account Group. These subsidiary records should include an inventory of land, buildings and equipment owned by the Board and should include but may not be limited to date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of all additions and deletions to the General Fixed Assets Account Group.

CARROLL COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS
YEAR ENDED JUNE 30 1994
CURRENT YEAR
EXPENDITURES/LIABILITIES/DISBURSEMENTS Failure to Meet Expenditure Requirements Financial Statements Nonmaterial Noncompliance Amount: $33,396.16 Audit Control Number 6221-94-01
For the year under review, the Board reported to the Georgia Department ofEducation on DE Form 0420 "General Fund QBE Program Expenditure Summary" expenditures totaling $121,941.21 for the Staff Development - Cost ofInstruction Program. A review ofthe underlying source documentation for the Quality Basic Education (QBE) Program disclosed that the Board expended more than 15 percent of its initial allotment offunds for Professional Development Stipends for StaffDevelopment - Cost ofinstruction Program purposes resulting in an underexpenditure of$33,396.16 for the minimum required allotment of$171,399.95 for the StaffDevelopment - Professional Development Stipends Program.
This questioned cost resulted from management's reliance on incorrect information received from the Georgia Department ofEducation, resulting in a violation ofOfficial Code ofGeorgia 20-2-182. The underexpenditure of$33,396.16 should be returned to the Georgia Department ofEducation through an increase in the Board's local fair share for the QBE programs in a subsequent fiscal period.
GENERAL LEDGER Failure to Maintain Separate Accountability Financial Statements Reportable Condition - Material Weakness Nonmaterial Noncompliance Audit Control Number 6221-94-02
In the year under review, the capital outlay projects funded in part by the Georgia State Financing and Investment Commission, were not maintained and designated by project name and number as required by Chapter 70 ofthe Georgia Financial Accounting Handbook for Local School Systems (GFAH). This condition occurred because management disregarded the provisions ofGFAH. As a result, extensive audit procedures were used to prepare the combining financial statements on a project basis utilizing source documentation available. The Board should take appropriate action to restructure its accounting records and maintain them in compliance with the instructions contained in Chapter 70 of GFAH.

SECTIONV PERTINENT VIEWS OF RESPONSIBLE OFFICIALS

CARROLL COUNTY BOARD OF EDUCATION SCHEDULE OF PERTINENT VIEWS OF RESPONSIBLE OFFICIALS
YEAR ENDED JUNE 30 1994
GENERAL LEDGER Failure to Maintain Separate Accountability Financial Statements Reportable Condition - Material Weakness Nonmaterial Noncompliance Audit Control Number 6221-94-02
Said finding resulted from a grouping of like projects into one cluster, corrective action has already been executed. In the future, all projects will be individually identified and reported, and will be maintained in separate funds (as required by Chapter 70 ofthe GFAH). In Fy 94 the projects were identified by facility, but were maintained under one fund. In FY 95, said projects were separated into their own funds.
Note: The Carroll County Board ofEducation has elected not to provide comments for inclusion in this report other than the above.