Audit report, Carroll County Board of Education, Carrollton, Georgia, year ended June 30, 1995

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AUDIT REPORT CARROLL COUNTY BOARD OF EDUCATION
CARROLLTON,GEORGIA YEAR ENDED JUNE 30, 1995

CARROLL COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS -

Page

SECTION I

FINANCIAL

INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE

EXHIBITS

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

ALL GOVERNMENTAL FUND TYPES

4

C

STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL

(NON-GAAP BASIS)

GENERAL AND SPECIAL REVENUE FUNDS

6

D

STATEMENT OF REVENUES, EXPENSES AND

CHANGES IN FUND BALANCES

FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUND

7

E

STATEMENT OF CASH FLOWS

FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUND

9

F NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

10

ADDITIONAL FINANCIAL INFORMATION

COMBINING STATEMENTS

SPECIAL REVENUE FUND

G

COMBINING BALANCE SHEET

24

H

COMBINING STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

26

CAPITAL PROJECTS FUND

I

COMBINING BALANCE SHEET

28

J

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES

30

FIDUCIARY FUND TYPES

K

COMBINING BALANCE SHEET

32

L

COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES

AGENCY FUNDS

33

CARROLL COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS -

SECTION I

FINANCIAL

ADDITIONAL FINANCIAL INFORMATION

SCHEDULES

1 SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE

34

2 CASH AND CASH EQUNALENTS

36

3 ACCOUNTS RECEIVABLE

37

4 DEBT SERVICE REQUIREMENTS TO MATURITY

38

SCHEDULE OF REVENUE

5

STATE

39

6

LOCAL AND OTHER

40

SCHEDULE OF EXPENDITURES BY OBJECT

7

GENERAL AND SPECIAL REVENUE FUNDS

41

8

LOTTERY PROGRAMS

42

ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS

GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS

9

OVERALL

45

10

BY PROGRAM

46

11 SCHEDULE OF COMPENSATION AND TRAVEL OF BOARD MEMBERS

48

SECTION II
COMPLIANCE
COMPLIANCE REPORT BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
SINGLE AUDIT REPORT ON COMPLIANCE WITH THE GENERAL REQUIREMENTS APPLICABLE TO FEDERAL FINANCIAL ASSISTANCE PROGRAMS
SINGLE AUDIT OPINION ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO MAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS
SINGLE AUDIT REPORT ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS

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

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
August 16, 1996

Honorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation
and Superintendent and Members ofthe Carroll County Board ofEducation
INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE
Ladies and Gentlemen:
We have audited the general purpose financial statements (Exhibits A through F) of the Carroll County Board of Education as of and for the year ended June 30, 1995, as listed in the table of contents. These financial statements are the responsibility of the 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.
95ARL-13*

* The Board did not report compensated absences within the general purpose financial statements as
required by generally accepted accounting principles.
* 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, 1995, a portion of salaries and the corresponding employer's cost of related benefits earned for contractual services completed prior to June 30, 1995. Also funds received, subsequent to June 30, 1995, 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, 1994, were improperly recorded in the year ended June 30, 1995. 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, 1995, and the results of its operations and the cash flows of its nonexpendable trust fund for the year then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated August 16, 1996, on our consideration of the Board's internal control structure and a report dated August 16, 1996, on its compliance with laws and regulations.
Our audit was conducted for the purpose offorming an opinion on the general purpose financial statements ofthe Carroll County Board ofEducation taken as a whole. The combining statements (Exhibits G through L) and the financial schedules (Schedules 1 through 11 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 ofEducation. Such information has been subjected to the auditing procedures applied in the audit ofthe general purpose financial statements and, in our opinion, except for the effects of the matters referred to in the third paragraph, such information is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole.
95ARL-13*

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,
d'~~-J Claude L. Vickers State Auditor
CLV:dt 95ARL-13*

CARROLL COUNTY BOARD OF EDUCATION - 1-

QABRQLI. QQ!,!NTY !;!OARD QF EDUQAIIQN QOMBINED BALANCE SHEET
AI.L F!.,!NQ TYPES At:jD ACCOUt:jT GROUP
JUNE 30 1995

~
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 Capital Lease Agreements

GENERAL FUND

GOVERNMENTALFUNDTYPES

SPECIAL

CAPITAL

REVENUE

PROJECTS

FUND

FUND

$ 11,032,141.79 $ 394,984.57 $

647,631.00

493,569.66

513,367.82

9,069.75

43,922.32 30,272.83

Total Assets

$ 11,525}11.45 $ 982,547.54 $

656}00.75

LIABl!.!IIE ANQ FUNQ EQUITY
LIABILmE
Accounts Payable Salaries Payable Expired Grant Balances Payable Contracts Payable Retainages Payable Deferred Revenue Funds Held for others Capital Lease Agreements General Obligation Bonds Payable
Total Liabilities
FUNDEOUIJY
Fund Balances Reserved For Debt Service For Endowment Corpus For Expired Grant Balances/Questioned Costs For Inventories
Food
Donated Commodities Purchased Food For State Capital Outlay Projects
Unreserved Designated for Self-Insurance Undesignated
Total Fund Equity

$

1,465.98 $ 111,595.88

492,624.97

1,830.09

$

20,067.55

$

1,465.98 $ 6061050.94 $

201067.55

$

56,967.09

$

43,922.32

30,272.83

$

$

56,967.09 $

74,195.15 $

535,966.21 1019311312.17
$ 11,524,245.47 $

302,301.45 376.496.60 $

881466.49 88,466.49
548,166.71 6361633.20

Total Liabilities and Fund Equity

$ 11 ,525}11.45 $ 982,547.54 $

656,700.75

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

EXHIBIT"A"

DEBT SERVICE
FUND

FIDUCIARY FUND TYPES TRUST AND AGENCY FUNDS

$ 1,006,053.30 $

42,623.58

608.98

ACCOUNT GROUP GENERAL
LONG-TERM DEBT

TOTALS (Memorandum Onl}'.) JUNE 30, 1995 JUNE 30, 1994

$ 13,123,434.24 $ 9,549,145.46

1,363,808.88

1,016,616.21

953,015.61

43,922.32 30,272.83

45,358.30 29,461.56

$

1,006,662.28

1,006,662.28

1,418,639.99

$ 110061662.28 $

421623.58 $

88,337.72 561,581.88

88,337.72 561,581.88

56,360.01 293,664.64

116561581.88 $ 1518701827.48 $ 1317091454.45

$

113,061.86 $

109,816.76

492,624.97

470,814.49

1,830.09

5,559.92

303,357.65

20,067.55

75,766.35

12,674.98

$

14,546.56

14,546.56

12,383.60

$

561,581.88

561,581.88

293,664.64

1,0951000.00

1,095,000.00

11475,000.00

$

14,546.56 $

116561581.88 $ 2,298,712.91 $ 2,759,038.39

$ 1,006,662.28 $
$ 1,006,662.28 $ 0.00
$ 110061662.28 $ $ 110061662.28 $

27,965.70
27,965.70 111.32
28,0TT.02 421623.58 $

$ 1,006,662.28 $ 1,418,639.99

27,965.70

56,967.09

56,967.09

43,922.32 30,272.83 88,466.49

45,358.30 29,461.56 . 919,435.10

$ 1,254,256.71 $ 2,469,862.04

535,966.21 11,781,891.65

318,785.36 8,161,768.66

$ 13,572,114.57 $ 10,950,416.06

1!656,581.88 $ 1518701827.48 $ 13?091454.45

-3-

CARROLL COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30 1995

BE~NUES
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 Enterprise Operations Commuity Service Operations Other Operations of Non-Instructional Services
Capital Outlay Debt Service
Principal Interest Paying Agent Fees
Total Expenditures
Excess of Revenues over (under) Expenditures
OTHER FINANCING SOURCES (USES}
Capital Leases Operating Transfers In Operating Transfers Out
Total Other Financing Sources (Uses)
Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses
FUND BALANCE JULY 1
Food Inventory - Net Change in Period Donated Commodities Purchased Food
FUND BALANCE JUNE 30

GENERAL FUND

SPECIAL REVENUE
FUND

CAPITAL PROJECTS
FUND

$ 32,212.742.79 $ 3.108.446.23 $ 192,292.53 4,193,446.33
13,970,856.24 1,292,440.03
$ 46,375,891.56 $ 81594,332.59 $

591,658.33 20,115.00 611?73.33

$ 29,044,552.48 $ 2,949,452.51

1.376,332.28 593,572.11
1,153,733.33 642,323.35
2,766,103.64 434,399.77
3,504,965.71 2,641,199.90
321,584.65 11,796.18 29,728.60
193,540.75 200,792.34 438,731.51 35,141.22

944,863.75 266,280.25 240,319.23 369,888.18 20,174.67
357,335.08 31,171.13
84,500.59 3,457,974.04
1,500.94
25,372.00 $

474,332.76 11,509.46

694,851.16

$ 43,874,340.04 $ 8,748,832.37 $ $ 2,5011551.52 $ -154,499.78 $

694,851.16 -83,077.83

$

742,250.00

1,071,285.87 $

-484?91.51

$ 1,328,744.36 $

20,626.75 $ 464,164.76 -1 10711285.87
20,626.75 $ -6071121.11

$ 3,830,295.88 $ -133,873.03 $ -690,198.94

7,693,949.59

510,994.34 1,326,832.14

-1,435.98 811.27

$ 11,524,245.47 $ 31sr496.so $ 636,633.20

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

EXHIBIT "B"

DEBT SERVICE
FUND

TOTALS (Memorandum Only)
YEAR ENDED JUNE 30, 1995 JUNE 30, 1994

$ 35,912,847.35 $ 34,375,007.53

4,385,738.86

4, 117,443.84

$

75,264.63 15,358,675.90 15,244,649.03

$

75,264.63 $ 55,657,262.11 $ 53,737,100.40

$ 31,994,004.99 $ 30,720,453.24

2,321,196.03 859,852.36
1,394,052.56 1,012,211.53 2,786,278.31
434,399.77 3,862,300.79 2,672,371.03
321,584.65 96,296.77
3,487,702.64 193,540.75 202,293.28 438,731.51 755,364.38

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

$ 380,000.00 106,937.50 304.84

854,332.76 118,446.96
304.84

360,000.00 133,037.50
151.52

$ 487,242.34 $ 53.805,265.91 $ 50,800,476.47

$ -411 977.71 $ 1,851,996.20 $ 2,936,623.93

$

742,250.00

1,556,077.38 $ 2,294,294.05

-1,556,077.38 -2,294,294.05

$

742,250.00 $

0.00

$ -411,977.71 $ 2,594,246.20 $ 1,418,639.99 10,950,416.06

2,936,623.93 8,008,287.38

-1,435.98 811.27

-4,175.24 9,679.99

-5-

CARROLL COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (NON-GAAP BASIS) GENERAL AND SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30. 1995

EXHIBIT"C"

GENERAL FUND

ACTUAL

(BUDGET

BUDGET

BASIS}

REVENUES

State Funds Federal Funds Local and Other Funds

$ 32, 162,552.00 $ 32,212,742.79 192,292.53
11,374,684.00 13,970,856.24

Total Revenues

$ 43,537,236.00 $ 46,375,891.56

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 Enterprise Operations Community Service Operations Other Operations of Non-Instructional Services
Capital Outlay Debt Service

$ 30,239,199.32 $ 29,044,552.48

1,626,930.13 616,872.22
1,155,334.46 632,789.05
2,715,604.80 316,181.49
3,451,708.37 2,389,910.27
320,486.83 20,291.00 22,272.19
260,974.00 25,000.00

1,376,332.28 593,572.11
1,153,733.33 642,323.35
2,766,103.64 434,399.77
3,504,965.71 2,641,199.90
321,584.65 11,796.18 29,728.60
193,540.75 200,792.34 438,731.51 35,141.22 485,842.22

Total Expenditures

$ 43,793,554.13 $ 43,874,340.04

Excess of Revenues over (under) Expenditures

$ -256,318.13 $ 2,501,551.52

OTHER FINANCING SOURCES (USES)

Other Sources Other Uses

$ 1,813,535.87

$ -577,289.00

-484,791.51

Total Other Financing Sources (Uses)

$ -577,289.00 $ 1,328,744.36

Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses $ -833,607.13 $ 3,830,295.88

FUND BALANCE JULY 1, 1994

7,655,816.55 7,693,949.59

Adjustments

SPECIAL REVENUE FUND

ACTUAL

(BUDGET

BUDGET

BASIS}

$ 1,582,266.00 $ 3,108,446.23 3,501,857.00 4,193,446.33 1,215,111.00 1,292,440.03
$ 6,299,234.00 $ 8,594,332.59

$ 2,000,643.00 $ 2,949,452.51

689,040.00 214,806.00
336,491.00

944,863.75 266,280.25 240,319.23 369,888.18
20,174.67

30,580.00 13,373.00

357,335.08 31,171.13

36,063.00

84,500.59

2,974,313.00 3,457,974.04

3,925.00

1,500.94

25,372.00

$ 6,299,234.00 $ 8,748,832.37

$

0.00 $ -154,499.78

$ 20,626.75

$ 20,626.75

$

0.00 $ -133,873.03

508,897.29

436,174.48

-1.425.30

FUND BALANCE JUNE 30, 1995

$ 6,822,209.42 $ 11,524,245.47

$ 507,471.99 $ 302,301.45

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

CARROLL COUNTY BOARD OF EDUCATION

EXHIBIT "D"

STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCES

FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUND

YEAR ENDED JUNE 30, 1995

OPERATING REVENUES None Recorded
OPERATING EXPENSES None Recorded Operating Income
NONOPERATING REVENUES Interest Earned Total Income
FUND BALANCE JULY 1, 1994 Initial Contribution from Benefactor

CARROLL COUNTY BOARD OF EDUCATION TEACHER DEVELOPMENT
SCHOLARSHIP FUND

$

0.00

0.00

$

0.00

111.32

$

111.32

0.00

27,965.70

FUND BALANCE JUNE 30, 1995

$ = = = = = =2=8,0=77.0=2

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

CARROLL COUNTY BOARD OF EDUCATION STATEMENT OF CASH FLOWS
FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUND YEAR ENDED JUNE 30, 1995

EXHIBIT"E"

Cash Flows from Noncapital Financing Activities: Initial Contribution from Benefactor
Cash Flows from Investing Activities: Interest Received on Investments
Net Increase (Decrease) in Cash Cash and Cash Equivalents - July 1, 1994

CARROLL COUNTY BOARD OF EDUCATION TEACHER DEVELOPMENT
SCHOLARSHIP FUND

$

27,965.70

111.32

$

28,077.02

0.00

Cash and Cash Equivalents - June 30, 1995

$ ========28='=07=7=.0=2

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

CARROLL COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATE!\.1ENTS

JUNE 30, 1995

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Carroll County Board of Education (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 ofthe departures from generally accepted accounting principles disclosed in these notes, the financial statements of the Board have been prepared in conformity with generally accepted accounting principles as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting standards.
The more significant ofthe Board's accounting policies are described below.
REPORTING ENTITY
In evaluating how to define the government unit for financial reporting purposes, management has considered the criteria set forth in GASB Codification of Governmental Accounting and Financial Reporting Standards, Section 2100, "Defining the Financial Reporting Entity". The primary government consists of all the organizations that compose the legal entity of the Carroll County Board of Education.
Based upon the application of the above criteria, the Carroll County Board of Education 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 of Carrollton . 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 of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities.
A fund is a separate accounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources.
General Fixed Assets are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the Board. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types.
- 10 -

CARROLL COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1995

Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Although "school activity accounts" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To 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 provided by a board of education.
SPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are primarily received from the Georgia Department of Education and from the Federal government to accomplish specific objectives and are required to be accounted for separately. Also included are proceeds received from State, Federal, Local and Other sources for operations of the school food services fund. This fund could be accounted for as an enterprise fund; however, the Board chooses not to provide for depreciation, but to maintain the fund on a modified accrual basis and to report the fund as a special revenue fund under governmental fund types, which is acceptable under generally accepted accounting principles for governmental entities.
CAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities.
DEBT SERVICE FUND - the fund used to account for the accumulation ofresources for, and the payment of, general long-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:
NONEXPENDABLETRUSTFUND Carroll County Board of Education Teacher Development Scholarship Fund - the fund used to account for an endowment of which the corpus is to be invested and preserved intact with the resultant income to be used to assist West Georgia College juniors or seniors who have committed to a career in education, or to veteran teachers who are returning to school to upgrade their teaching credentials.
- 11 -

CARROLL COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATE:MENTS

JUNE 30, 1995

Note 1: SUM:M:ARY OF SIGNIFICANT ACCOUNTING POLICIES

AGENCY FUNDS - the funds used to account for assets held for other funds, governments, or individuals.

ACCOUNT GROUP

GENERAL LONG-TERM DEBT ACCOUNT GROUP - used to account for general obligation bonds outstanding and material capital lease obligations.

BASIS OF ACCOUNTING

The accounting and financial reporting treatment applied to a fund is determined by its measurement focus.

All governmental funds are accounted for using a current financial resources measurement focus. With this

measurement focus, only current assets and current liabilities generally are included on the balance sheet.

Operating statements of these funds present increases (i.e., revenues and other financing sources) and

decreases (Le., expenditures and other financing uses) in net current assets. Their reported fund balance is

considered a measure of available spendable resources.



Liabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group.

Nonexpendable trust funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and liabilities associated with the operation of this fund are included on the balance sheet. Operating statements present increases (e.g., revenues) and decreases (e.g., expenses) in net total assets.

Agency funds are purely custodial in nature and do not involve measurement of results of operations.

Governmental funds are accounted for using the modified accrual basis of accounting under which:

Revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount ofthe transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Those revenues considered susceptible to accrual are property taxes, intergovernmental grants and investment income. Property taxes are considered available if they are collected and remitted by the collecting agent to the Board within 60 days afterfiscal 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 1995, a substantial number of personnel of the Board were employed for a one hundred and ninety day period beginning in late August 1994 and

- 12 -

CARROLL COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1995

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ending in early June 1995. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 1994 and ending in August 1995. State grants to fund the State's share of these contracts were disbursed from the Georgia Department of Education to the Board in the same twelve months. As ofJune 30, 1995, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 1995, had not been made. Payments for these two months were made and recorded as expenditures by the Board subsequent to June 30, 1995. Also, the State's portion ofthe compensation paid in July and August 1995 was received and recorded as revenue in the fiscal year subsequent to June 30, 1995. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1994, were recorded in the year ended June 30, 1995. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed.
The accrual basis of accounting, as required by generally accepted accounting principles, is utilized by nonexpendable trust funds. Under the accrual basis of accounting, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred.
Agency funds are accounted for using the modified accrual basis of accounting in recognizing assets and liabilities.
RESTATEMENT OF PRIOR YEAR FUND BALANCE
In prior years, the risk financing activities for the Board's worker's compensation liabilities were reported as an expendable trust fund. This fund had a fund balance of$318,785.36 at June 30, 1994. For fiscal year 1995, this fund has been reported as a part ofthe General Fund. The fund balance at July 1, 1994 has been restated as appropriate.
BUDGET
The Carroll County Board ofEducation's budget is a complete financial plan for the Board's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level ofbudget control was established by the Board at the fund level. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles.
The budget process begins when the Board's administration prepares a tentative 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 of the Quality Basic Education Act, OCGA Section 20-2-167, to the Georgia Department ofEducation. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end.
- 13 -

CARROLL COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1995

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Statement ofRevenues, Expenditures and Changes in Fund Balances - Budget and Actual presents actual and budgeted data for the General Fund and Special Revenue Fund. To facilitate comparison with the budget, the following adjustments have been made to actual revenues, expenditures and fund balance as reflected on Exhibit "B" of this report:

Excess ofRevenues and Other Financing Sources over (under) Expenditures and Other Financing Uses
Fund Balance July 1, 1994
Adjustments: Inventories July 1, 1994 Food Donated Commodities Purchased Foods
Fund Balance June 30, 1995 (Budget Basis)

Special Revenue
Fund
$ -133,873.03 510,994.34
-45,358.30 -29,461.56
$ 302,301 45

CASH AND CASH EQUIVALENTS

COMPOSITION OF DEPOSITS Cash and cash equivalents consist ofdeposits (including certificates of deposit, savings and N.O.W. accounts) in authorized financial institutions. Georgia Laws authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. The placement of proceeds from bond issues in certificates of deposit is limited to financial institutions located within this State.

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.

- 14 -

CARROLL COUNTY BOARD OF EDUCATION

EXI-IlBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1995

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

PROPERTY TAXES

The Carroll County Board of Commissioners fixed the property tax levy for the 1994 tax year (calendar year) on October 4, 1994 (levy date). Taxes were due on December 20, f994. The lien date for property taxes was January 1, 1994. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 1995 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% oftaxes collected as a fee for tax collection, and remits the balance of taxes collected to the Board.

The tax millage rate levied for the 1994 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

INVENTORIES

FOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost. Donated food commodities are recorded as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time of purchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations of fund balance which indicates that these amounts do not constitute "available spendable resources" even though they are a component of net current assets.

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.

However, the dollar value ofaccumulated compensated absences at June 30, which will be payable from future resources is material to the general purpose financial statements and has not been recorded in the General Long-Term Debt Account Group as required by generally accepted accounting principles.

- 15 -

CARROLL COUNTY BOARD OF EDUCATION

EXIIlBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1995

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
GENERAL OBLIGATION BONDS
The Board issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the General Long-Term Debt Account Group.
INTERFUND TRANSACTIONS
The Board has the following types of interfund transactions:
Reimbursements ofexpenditures/expenses initially made from a fund that are properly applicable to another fund, are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed.
Operating transfers are recorded for all interfund transactions other than reimbursements.
MEMORANDUM ONLY - TOTAL COLUMNS
Total columns on the general purpose financial statements are captioned 11Memorandum Only11 to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results ofoperations or cash flows in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. Certain reclassifications have been made to the comparative data to conform to the current year classifications.
Note 2: DEPOSITS
COLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee ofinsurance, or by collateral. The aggregate of the face value of such surety bond and the market value ofsecurities shall be equal to not less than 110 percent of the public funds being secured after the deduction of the amount of deposit insurance. OCGA Section 45-8-11 provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts.
Acceptable security for deposits consists of any one of or any combination of the following:
(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia,
- 16 -

CARROLL COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1995

Note 2: DEPOSITS

(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation,

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

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

(5) Bonds ofany public authority created by the laws of the 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 of the State of Georgia, and

(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association.

CATEGORIZATION OF DEPOSITS At June 30, 1995, the bank balances were $15,157,495.82. 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, 1995, as follows: Risk Category I 2 3 Total

Bank Balance
$ 1,365,193.54 11,312,627.17 2,479,675.11
$ 15 157 495 82

- 17 -

CARROLL COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1995

Note 3: NON-MONETARY TRANSACTIONS

The Board receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories

Note 4: RISK MANAGEMENT

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

The Board has obtained commercial insurance for risk of loss associated with torts and assets and errors or omissions, however the policy excludes coverage for discrimination claims. The Board has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Board's insurance coverage in any ofthe past three years.

The Board has elected to self-insure for all losses related to natural disaster. The Board has not experienced any losses related to natural disaster in the past three years.

The Board has established a limited risk management program for workers' compensation claims. A premium is charged by the General Fund to each user fund on the basis of the percentage of that fund's payroll to total payroll in order to cover estimated claims budgeted by management based on known claims and prior experience. The Board accounts for claims with expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. These losses include an estimate of claims that have been incurred but not reported. An excess coverage insurance policy covers individual claims in excess of $225,000.00 loss per occurrence, up to the statutory limit.

Changes in the workers' compensation claims liability during the last two fiscal years are as follows:

Beginning ofYear Liability

Claims and Changes in Estimates

Claims Paid

End of Year Liability

1994 1995

$

0.00 $ 36,096.61 $ 36,096.61 $

0.00

$

0.00 $ 193,540.75 $ 193,540.75 $

0.00

The Board is self-insured with regard to unemployment compensation claims. The Board accounts for claims within the General Fund with expenditures and liability being reported when it is probable that a loss has occurred, and the amount ofthat loss can be reasonably estimated.

- 18 -

CARROLL COUNTY BOARD OF EDUCATION

EXIDBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1995

Note 4: RISK MANAGEMENT

Changes in the unemployment compensation claims liability during the last two fiscal years are as follows:

Beginning ofYear Liability

Claims and Changes in Estimates

Claims Paid

End of Year Liability

1994 1995

$

0.00 $

8,223.00 $

8,223.00 $

0.00

$

0.00 $

2,381.00 $

2,381.00 $

0.00

Note 5: GENERAL LONG-TERM DEBT

CAPITAL LEASES The Carroll County Board of Education has entered into various lease agreements as lessee for school buses and copiers. These lease agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at the present value of the future minimum lease payments as of the date of their inception.

The changes in General Long-Term Debt during the fiscal year ended June 30, 1995, were as follows:

Balance July 1, 1994 Retroactive Restatement ofPrior
Year Balances Balance July 1, 1994
Restated Additions Deductions Balance June 30, 1995

General

Capital

Obligation

Leases

Bonds

Total

$

0.00 $ 1,475,000.00 $ 1,475,000.00

293,664.64

293,664.64

$ 293,664.64 $ 1,475,000.00 $ 1,768,664.64

742,250.00

742,250.00

474J32.76

380,000.00

854,332.76

$ 561 581 88 $ 1025000 00 $ 1 656 581.88

At June 30, 1995, payments due, by fiscal year which includes principal and interest for these items are as follows:

Fiscal Year Ended June 30
19% 1997 1998 1999
Total Principal and Interest
Deduct: Imputed Interest
Net Present Value ofFuture Minimum Lease Payments

General

Capital

Obligation

Total

Leases

Bonds

Debt

$ 205,860.42 $ 39,693.75 $ 245,554.17

203,761.15

464,887.50

668,648.65

203,586.21

435,887.50

639,473.71

305,693.75

305,693.75

$ 613,207.78 $ I246162 50 $ 1 852 370,28

51,625.90

$ 56) 58] 88
- 19 -

CARROLL COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATE:MENTS

JUNE 30, 1995

Note 6: SIGNIFICANT COMMIT:MENTS

The following is an analysis of significant outstanding construction or renovation contracts executed by the Board as ofJune 30, 1995, together with funding available:

Project 96-622-009 Mt. Zion High Renovations

Unearned Executed Contracts

Fundinfc Availab e From State

$ 79,396.44 $ 154,654.25 192,464.76

$ 271,861.20 $ 154,654.25 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.
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 rates of .84 days and one and one-fourth days per month of service, respectively. Maximum accumulations are 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: RETIRE:MENT 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 in accordance with State statute. A member is eligible for service retirement after 30 years of creditable service, regardless ofage, or after 10 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
- 20 -

CARROLL COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1995

Note 9: RETIREMENT PLANS
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 of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death.
Retirement benefits also include death and disability benefits. A disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The death benefit is the amount that would be payable to the member's beneficiary had the member retired on the date of death on either a service retirement allowance or a disability retirement allowance, whichever is larger. The benefit is based on the member's creditable service (minimum of 10 years of service) and compensation up to the time of disability or death.
Members become fully vested after ten years of service. If a member terminates with less 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, 1995, was $29,711,767.37; total payroll was $33,946,634.90.
TRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Board who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. For fiscal year 1995 that rate for employer contributions was 11.81%. The interest rate assumption (rate of return on investments) was 7.50%.
Total contributions made during fiscal year 1995 amounted to $4,994,553.46, of which $3,508,959.70 was made by the Board and $1,485,593.76 was made by employees. These contributions represented 11.81% (Board) and 5~ (employees) of covered payroll.
TRS FUNDING STATUS AND PROGRESS The amount of the total pension benefit obligation is based on a standardized measurement established by Statement No. 5 ofthe Governmental Accounting Standards Board (GASB) that, with some exceptions, must be used by a PERS. The standardized measurement is the actuarial present value of credited projected benefits. This valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date, and is adjusted for the effects of projected salary increases. A standardized measure 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.

- 21 -

CARROLL COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1995

Note 9: RETIREMENT PLANS

Total unfunded pension benefit obligation of TRS as of June 30, 1994, was as follows:

Total pension benefit obligation

$15,313,743,000.00

Net assets available for benefits, at cost

14,254,785,000.00

Unfunded pension benefit obligation

$ 1.058.958.000.00

The measurement ofthe total pension benefit obligation is based on an actuarial valuation as of June 30, 1994. 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, 1995 were $565,117,811.00. The Board's contribution for the year ended June 30, 1995 of$3,508,959.70 was actuarially determined and represented .6209% of total contributions made by all participating employers.

Ten year historical trend information is presented in the 1995 TRS Component Unit Financial Report. This information is useful in assessing TRS's accumulation of sufficient assets to pay pension benefits as they become due.

PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA (PSERS)

PSERS PLAN DESCRIPTION Substantially all bus drivers, maintenance, custodial, and lunchroom personnel employed by local school systems are covered by the Public School Employees Retirement System of Georgia (PSERS). All employer's contributions are made by the State of Georgia in accordance with State statute.

PSERS provides in accordance with State statute 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 ofage 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 ofyears 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. If there are less than ten years of service, a lump sum refund
ofthe employee's contributions and interest are made to the beneficiary. If there are more than ten years of
service, the beneficiary shall receive for life half of what the employee would have received upon retirement.

Members become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting ofemployer contributions occurs, but the member's contributions are refunded with interest.

- 22 -

CARROLL COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1995

Note 9: RETIREMENT PLANS
There were 334 employees covered under PSERS for the year ended June 30, 1995.
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 determined and approved and certified by the PSERS' Board of Trustees. Total contributions from employees ofthe Board made during fiscal year 1995 amounted to $10,744.00. Total contribution for all school systems made by the State of Georgia to PSERS for fiscal year ended June 30, 1995, was $9,162,000.00.
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, 1996.

- 23 -

~ Cuh and Cash Equivalents Acc:ounts Receivable Inventories
Food Donated Commodities Purchased Food
TocalAssels

QABBQLL QQUtill'. aQARQ QF EDUCAII~ QQMalNIN~ ALANQI;; H!;;l;;T
Pl;;Q!AL BE~NUE FUNQ
JUNE 30, 1995

ELEMENTARY AND

SCHOOL FOOD
SERVICES FUND

STATE PRESCHOOL SEVERELY HANDICAPPED EMOTIONALLY
PROGRAM DISTURBED

LOTTERY PROGRAMS

CHAPTER 1

EDUCATION OF EDUCATION OF

CHILDREN IN

DEPRIVED

STATE SCHOOLS CHILDREN

$ 415,923.40 $

0.00 S 192,326.64

$

0.00

32,288.29

$ 105,732.18

$ 185,831.63

43,922.32 30,272.83

$ 522,406.84 $

0.00 $ 192,326.64 $ 105,732.18 $

0.00 $ 185,831.63

L!MIL!I!ES ANQ E!,!ND EQUITY

UABILmES

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

s 19,354.40 154,818.46

T0C81 Liabilities

$ 174,172.86

FUND EQUITY

Fund Balances Reserved For Inventories Food Donated Commodities Purchased Food

$ 43,922.32 30,272.83

Unreserved Undesignated

$ 74,195.15 274,038.83 $

T0C81 Fund Equity

$ 348,233.98 $

Total Liabilities and Fund Equity $ 522,406.84 $

$ 105,732.18
s 35,571.76 128,492.26
s 164,064.02 $ 105,732.18

0.00 S
0.00 $

28,262.62 S
28,262.62 $

0.00 $ 0.00 $

0.00 $ 192,326.64 $ 105,732.18 $

$

5,086.49

38,467.80

140,450.26

1,827.08

$ 185,831.63

0.00 $

0.00

0.00 $

0.00

0.00 $ 185,831.63

See notes to the general purpose financial statements.

-24-

EXHIBIT"G"

SECONDARY EDUCATION ACT TITLE 11-
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, 1995 JUNE 30, 1994

$ 608,250.04 $ 725,414.74

$

5,974.51 $

7,107.31 $ 120,050.73 $

20,640.05 $ 35,743.12

513,367.82

325,158.40

43,922.32 30,272.83

45,358.30 29,461.56

$

5,974.51 $

7,107.31 $ 120,050.73 $

20,640.05 $ 35,743.12 $ 1,195,813.01 $ 1,125,393.00

$

5,974.51 $

7,107.31 $

59,435.47 $

6,925.45 $ 23,004.06 $ 213,265.47 $

27,514.80

13,312.22

2,814.52

2,075.18

111,595.88

97,834.47

47,300.04

10,900.07

10,663.88

492,624.97

470,814.49

3.00

0.01

1,830.09

5,559.92

12,674.98

$

5,974.51 $

7,107.31 $ 120,050.73 $

20,640.05 $ 35,743.12 $ 819,316.41 $ 614,398.66

$ 43,922.32 $ 30,272.83

45,358.30 29,461.56

$ 74,195.15 $

74,819.86

$

0.00 $

0.00 $

0.00 $

0.00 $

0.00

302,301.45

436,174.48

$

0.00 $

0.00 $

0.00 $

0.00 $

0.00 $ 376,496.60 $ 510,994.34

$

5,974.51 $

7,107.31 $ 120,050.73 $

20,640.05 $ 35,743.12 $ 1,195,813.01 $ 1,125,393.00

-25-

CARRQb!, COUNTY BOARD QF !;DUCATION COM~ININ!;? TA~!;NT QF B~NUES, !;XPENDITUR!;S AND CHANGES IN FUNQ BALANCl;S
P!;CIAL REVENUE FUNQ
YEAA ENDEQ JUNE 30, 1995

ELEMENTARY AND

SCHOOL FOOD
SERVICES FUND

STATE PRESCHOOL HANDICAPPED PROGRAM

SEVERELY EMOTIONALLY
DISTURBED

LOTTERY PROGRAMS

CHAPTER 1

EDUCATION OF EDUCATION OF

CHILDREN IN

DEPRIVED

STATE SCHOOLS CHILDREN

REVENUE
State Funds Federal Funds Local and Other Funds
Tolal Revenues

$ 232,562.00 $ 1,853,823.-40 1,211,413.07
$ 3,297.798.47 $

126,659.00 $ 1,215,607.00 $ 1,533,618.23

229,329.65

$

81,026.96

126,659.00 $ 1,525,963.61 $ 1,533,618.23 $

10,8n.oo s 1,175,994.34

s 10,8n.oo

1,175,994.34

~eENOITURE

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 Semce Operations
Capital Outlay

$ $ 3,447,990.04

110,835.51 $ 622,117.06 $ 847,542.24 $

15,823.49

231,081.83 204,716.09
264,189.72
202,790.61

200,510.88 16,942.-40
2-40,319.23 5,964.35
20,174.67 153,9-40.72 15,971.26

2,192.69 9,984.00

25,372.00

10,877.00 $

1,085,365.61 2,422.97 500.00
72,310.58 174.50

15,220.68

Total Expenditures Excess ol Revenues over (under) Expenditures

$ 3,447,990.04 $ $ -150,191.57 $

126,659.00 $ 1,524,895.31 $ 1,538,914.44 $

0.00 $

1,068.30 $ -5,296.21 $

10,877.00 $ 0.00 $

1,175,994.34 0.00

QT!:IER Fl!'.:W:JQI~ SQ!.!RQE Operating Transfers In

15,250.24

5,296.21

Excess of Revenues and Other Financing Sources

over (under) Expenditures

$ -134,941.33 $

0.00 $

1,068.30 $

0.00 $

0.00 $

0.00

E!.!!::iQ BALANQE JULY 1

483,800.02

0.00

27,194.32

0.00 .

0.00

0.00

Food lnventOl'f - Net Change in Period Donated Commodities Purchased Food
Residual Equity Transfer

-1,435.98 811.27

E!.!ND BALANQE JUNE ~

$ 348,233.98 $

0.00 $ 28,262.62 $

0.00 $

0.00 $

0.00

See notes to the general purpose financial statements.

-26-

EXHIBIT"H"

SECONDARY EDUCATION ACT TITLE II-
EISENHOWER CHAPTER2 MATHEMATICS BLOCK GRANT - AND SCIENCE FLOW THROUGH EDUCATION

INDMDUALS WITH

DISABILITIES EDUCATION ACT

TITLEVl,B

FLOW

PRESCHOOL

THROUGH

PROGRAM

JOB TRAINING

TOTALS

PARTNERSHIP _ _ _YE:..=..;AR:...:..-=E.;.;;N=.;DE=-=D=-----

ACT

JUNE 30, 1995 JUNE 30, 1994

$ 3,108,446.23 $ 2,169,588.66

$

57,419.87 $

37,467.84 $ 549,069.85 $ 129,714.39 $ 149,749.99 4,193,446.33 3,913,079.60

1,292,440.03 1,470,527.98

$

57,419.87 $

37,467.84 $ 549,069.85 $ 129,714.39 $ 149,749.99 $ 8,594,332.59 $ 7,553,196.24

$

57,267:.37

$

75,939.87 $

22,800.08 $ 116,707.77 $ 2,949,452.51 $ 2,469,137.94

$ 152.50

37,447.87 10027

415,126.87 6,174.12
22,784.17
252.40 10,268.98
17,022.50
1,500.94

79,897.71 499.77
4,386.59
176.85 4,930.89
17,022.50

33,04222

944,863.75 266,280.25 240,319.23 369,888.18 20,174.67 357,335.08 31,171.13
84,500.59 3,457,974.04
1,500.94 25,372.00

922,454.56 254,881.03 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

$

57,419.87 $

37,548.14 $ 549,069.85 $ 129,714.39 $ . 149,749.99 $ 8,748,832.37 $ 7,775,141.74

$

0.00 $

-80.30 $

0.00 $

0.00 $

0.00 $ -154,499.78 $ -221,945.50

80.30

20,626.75

3,866.94

$

0.00 $

0.00 $

0.00 $

0.00 $

0.00 $ -133,873.03 $ -218,078.56

0.00

0.00

0.00

0.00

0.00

510,994.34

725,335.88

-1,435.98 81127

-4,175.24 9,679.99 -1,767.73

$

0.00 $

0.00 $

0.00 $

0.00 $

0.00 $ 376,496.60 $ 510,994.34

-27-

ASSETS Cash and Cash Equivalents Accounts Receivable
Total Assets

CARROLL COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30, 1995

REGULAR

PROJECT 95/94S-622-005

PROJECT 95/94S-622-006

GEORGIA STATE PROJECT
95/94S-622-007

$ 559,164.51 $

0.00 $

0.00 $

0.00

$ 559,164.51 $

0.00 $

0.00 $ _ _ _ _ _0_.00_

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
Total Liabilities and Fund Equity

$ 10,997.80 $ 10,997.80

$ 548,166.71 $ $ 548,166.71 $
$ 559,164.51 $

0.00 $ 0.00 $
0.00 $

0.00 $ _ _ _ _~0-;.;;.00.c.. 0.00 $ _ _ _ _ _0._00_
0.00 $ _ _ _ _ _0._00_

See notes to the general purpose financial statements.

- 28-

EXHIBIT"!"

FINANCING AND INVESTMENT COMMISSION

PROJECT

PROJECT

PROJECT

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

96-622-009

PROJECT 622-001

PROJECT 622-002

TOTALS JUNE 30, 1995 JUNE 30, 1994

$

0.00 $

.0.00 $

88,466.49 $

0.00 $

0.00 $ 647,631.00 $ 1,303,968.58

9,069.75

9,069.75

401,987.56

$

0.00 $

0.00 $

0.00 $

0.00 $ 656,700.75 $ 1,705,956.14

$ _ _ _9.._,06_9._75_ $ _ _ _9~,06_9._75_

$
$ _ _2_0.._,06_7_.5_5

$

20.067.55 $

303,357.65 75,766.35
379,124.00

$

88,466.49

$

88,466.49 $ 919,435.10

$

0.00 $ _ _ _ _0_.00_

0.00 $

0.00 $ ____o._oo_

548,166.71

407,397.04

$

0.00 $

0.00 $

88,466.49 $

0.00 $

0.00 $ 636,633.20 $ 1,326,832.14

$

0.00 $

0.00 $

0.00 $

0.00 $ 656,700.75 $ 1,705,956.14

- 29-

CARROLL COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES
CAPITAL PROJECTS FUND YEAR ENDED JUNE 30. 1995

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
FUND BALANCE JUNE 30

REGULAR

PROJECT 95/94S-622-005

GEORGIA STATE

PROJECT

PROJECT

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

$ $ 20,115.00
$ 20,115.00 $

0.00 $ 0.00 $

9.310.90 $ 9,310.90 $

84.052.16 84,052.16

$ 144,870.81 $
$ 144,870.81 $ $ -124,755.81 $

0.00 $

26,275.46 $

0.00 $ 0.00 $

26,275.46 $ -16,964.56 $

86,541.25
86,541.25 -2,489.09

$ 265,525.48 $

-126,317.41 $

$ 265,525.48 $ -126,317.41 $

-21,664.98 $ -21,664.98 $

$ 140,769.67 $ -126,317.41 $

407,397.04

126,317.41

-38,629.54 $ 38,629.54

-73,158.85 -73,158.85
-75,647.94 75,647.94

0.00 $

0.00 $ _ _ _ _ _0_.00_

See notes to the general purpose financial statements.

- 30-

FINANCING ANO INVESTMENT COMMISSION

PROJECT

PROJECT

PROJECT

95/948-622-008 95/948-622-009

96-622-009

PROJECT 622-001

PROJECT 622-002

TOTALS YEAR ENDED JUNE 301 1995 JUNE 30, 1994

$

36,585.34 $ 419,281.18 $

$

36,585.34 $ 419,281.18 $

9,069.75 $ 9,069.75 $

16,612.00 $ 16,612.00 $

16,747.00 $ 16,747.00 $

591,658.33 $ 20,115.00
611,773.33 $

528,304.97 402,300.00
930,604.97

$

31,235.49 $ 249,619.81 $

$

31,235.49 $ 249,619.81 $

$

5,349.85 $ 169,661.37 $

112,882.26 $
112,882.26 $ -103,812.51 $

21,637.78 $
21,637.78 $ -5,025.78 $

21,788.30 $
21,788.30 $ -5,041.30 $

$ 694,851.16

99,072.73 1,419,730.03
998.67

694,851.16 $ 1,519,801.43

-83,077.83 $ -589,196.46

$ $ -114,097.02 $ -739,754.41
$ -114,097.02 $ -739,754.41 $

$ -108,747.17 $ -570,093.04 $

108,747.17

570,093.04

192,279.00 $ 192,279.00 $

5,025.78 $ 5,025.78 $

5,041.30 $ 467,871.56 $ 1,899,479.02

-1,074,992.67

-948.09

5,041.30 $ -607,121.11 $ 1,898,530.93

88,466.49 $ 0.00

0.00 $ 0.00

0.00 $ -690,198.94 $ 1,309,334.47

0.00 1,326,832.14

17 497.67

$

0.00 $

0.00 $

88466.49 $

0.00 $ .

0.00 $ 636,633.20 $ 1,326,832.14

-31 -

CARROLL COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET FIDUCIARY FUND TYPES JUNE 30. 1995

EXHIBIT K"

ASSETS Cash and Cash Equivalents

NON EXPENDABLE TRUST FUND
CARROLL COUNTY BOARD OF EDUCATION TEACHER
DEVELOPMENT SCHOLARSHIP FUND

AGENCY FUNDS

TOTALS
JUNE 30, 1995 JUNE 30, 1994

$

2s.on.02 $

14,546.56 $

42,623.58 $ _ _1_2._38_3_.60_

LIABILITIES AND FUND EQUITY

LIABILITIES

Funds Held for Others

FUND EQUITY

Fund Balances

Reserved

For Endowment Corpus

$

Unreserved

Undesignated

Total Fund Equity

$

Total Liabilities and Fund Equity

$

$

14546.56 $

14,546.56 $_---'1=2.;;..38;;;.;;3.;.;;.6_0_

27.965.70

$

27,965.70

111.32 $ _ _ _ _ _0_.00_

111.32

2son.02 $

o.oo $ _.._;;2;;.;so;.;.n.;,.;."'"02~

2s,on.02 $

14,546.56 $

42,623.58 $ _ _1_2_,3_8_3._60_

See notes to the general purpose financial statements.

-32-

CARROLL COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FIDUCIARY FUND TYPE - AGENCY FUNDS YEAR ENDED JUNE 30. 1995

EXHIBIT"L"

QUINTON PRINCE SCHOLARSHIP FUND
ASSETS Cash and Cash Equivalents

BALANCE JULY 1, 1994

ADDITIONS

DEDUCTIONS

BALANCE JUNE 30, 1995

$

11,953.99 $

243.53 $

0.00 $ ==1=2=,1=9=7.=52=

LIABILITIES Funds Held for Others

$

11,953.99 $

243.53 $

0.00 $ ==1=2=,1=9=7.=52=

SPECIAL ACTMTIES ACCOUNT
ASSETS Cash and Cash Equivalents

$

429.61 $

11,200.00 $

9,280.57 $ ===2=,34==9.=04=

LIABILITIES Funds Held for Others

$

429.61 $

11,200.00 $

9,280.57 $ ===2=,34==9.=04=

TOTALS-AGENCY FUNDS
ASSETS Cash and Cash Equivalents

$

12,383.60 $

11,443.53 $

9,280.57 $ ==1=4=,54=6.=56=

LIABILITIES Funds Held for Others

$

12,383.60 $

11,443.53 $

9,280.57 $ ==1=4=,54=6.=56=

See notes to the general purpose financial statements.

-33-

CARROLL COUNTY BOARD OF EDUCATION
SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE
YEAR ENDED JUNE 30 1995

FUNDING AGENCY PROGRAM/GRANT

CFDA

AWARDS

NUMBER 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 1995 Contract Food Services School Breakfast Program 1994 Grant 1995 Grant National School Lunch Program 1994Grant 1995 Grant Food Distribution Program (1)

10.558 $ 33,572.02 $

33,572.02 $ 33,572.02

(2)

* 10.553 * 10.553
* 10.555 * 10.555
10.550

350,743.47
1,225,308.17 2441199.74

5,862.44 345,485.64
29,371.05 1,198,2n.11
NIA

350,743.47

(2)

1,225,308.17 $ 3,203,790.30 (3)

2441199.74

2441199.74

Total U. S. Department of Agriculture

$ 118531823.40 $

116121568.86 $ 118531823.40 $ 314471990.04

Education,U.S.Departmentof

Through Georgia Department of Education

Elementary and Secondary Education Act

Chapter 1

Education of Children in State Schools

1994 Regular

84.009

$

1994 Carry-Over

84.009 $

1,337.00

1995 Regular

84.009

9,540.00

Severely Emotionally Disturbed

1995 Regular

84.009

1,914.00

Education of Deprived Children

1994 Regular

* 84.010

1994 Carry-Over

* 84.010

58,980.00

1995 Regular

* 84.010 1,158,902.00

Chapter2

Block Grant - Flow Through

1994 Regular

84.151

1994 Carry-Over

84.151

16,728.00

1995 Regular

84.151

59,153.00

Title II

Eisenhower Mathematics and Science

Education

1994 Regular

84.164

1995 Regular

84.164

33,513.00

Individuals with Disabilities Education Act

TltleVI, B

Flow Through

1994 Regular

* 84.027

1994 Carry-Over

* 84.027

148,227.00

1995 Regular

* 84.027

545,832.00

Preschool Program

1994 Regular

84.173

1994 Carry-Over

84.173

57,806.00

1995 Regular

84.173

116,200.00

Severely Emotionally Disturbed

1994 Regular

* 84.027

1994 Carry-Over

* 84.027

58,814.00

1995 Regular

* 84.027

180,633.00

Vocational Education - Basic Grants to States

High School Program

Basic Grant

1995 Grant

84.048

136,481.43

2,144.55 1,337.00 $ 9,540.00

1,337.00 $ 9,540.00

1,914.00

1,914.00

1n,410.31 58,980.00 933,009.79

58,980.00 1,117,014.34

1,337.00 9,540.00 1,914.00
58,980.00 1,117,014.34

-1,425.30 16,728.00 34,717.36

16,728.00 40,691.87

16,728.00 40,691.87

7,290.03 26,405.69

3,954.84 33,513.00

3,954.84 33,593.30 (3)

64,601.69 148,227.00 280,795.12
2,045.53 56,353.01 52,721.34
-999.96 58,814.00 168,601.65

148,227.00 400,842.85
57,806.00 71,908.39
58,814.00 168,601.65

148,227.00 400,842.85
57,806.00 71,908.39
58,814.00 168,601.65

102,079.04

136,481.43

(4)

- 34 -

CARROLL COUNTY BOARD OF EDUCATION
SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE
YEAR ENDED JUNE 30 1995

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

Education, U. S. Department of

Through Georgia Department of Education

Vocational Education - Basic Grants to States

High School Program

Community Based Organizations

Vocational Educational Support Program

1994 Contract

84.174

1995 Contract

84.174 $

Consumer and Homemaking Education

1995 Contract

84.049

Tech-Prep Education

1995Grant

84.243

$ 16,597.48
290.00
91137.20

197.11 16,597.48 $
4426.13

16,597.48 $ 290.00
91137.20

16,597.48 (4) {4)

Total U.S. Department of Education

$ 216101085.11 $

21222,510.57 $ 2,3521379.05 $ 212061550.72

Federal Emergency Management Agency Through Office of the Governor Disaster Assistance

83.516 $

21290.70 $

2,290.70 $

2,290.70

(4)

Health and Human Services, U. S. Department of

Through Georgia Department of Human Resources

Child Care Assistance

93.575 $

401000.00 $

171561.39 $ 27,495.72 $

27,495.72

Labor, U.S. Department of Through Griffin Regional Educational Service Agency Job Training Partnership Act IIC-EEP-93-002 93-IIC-BS/PWM-04 Through West Central Georgia Private Industry Council Job Training Partnership Act IIC-EEP-93-002 IIB-94-001 93-IIC-BS/PWM-04 94-IIC-YCP-04 94-IIC-EDEMP-06 95-SYP-04

17.250 17.250
17.250 $ 17.250 17.250 17.250 17.250 17.250

$
17,170.32 6,635.08 3,863.76 53,298.00 73,247.00 22,429.00

10,687.38 6,351.98

16,769.78 $ 6,226.20 3,659.50 34,846.71 52,504.68

16,769.78 $ 6,226.20 3,659.50 51,609.19 70,252.19 11233.13

16,769.78 6,226.20 3,659.50 51,609.19 70,252.19 11233.13

Total U.S. Department of Labor

$ 176,643.16 $

1311046.23 $ 149,749.99 $

149,749.99

Total Federal Financial Assistance

$ 4,682,842.37 $

Major Programs are identified by an asterisk(*) in front of the CFDA number.

31985I9TT.75 $ 41385?38.86 $ 51831 ?86.47

(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 and the Child and Adult Care Food Program were not maintained separately and are included in the 1995 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 source.

See notes to the general purpose financial statements.

- 35 -

CARROLL COUNTY BOARD OF EDUCATION CASH AND CASH EQUIVALENTS JUNE 30, 1995

SCHEDULE ''2"

INTEREST BEARING ACCOUNTS
Carrollton Federal Bank, Carrollton, Georgia
Certificates of Deposit No. 2100000132 (4.15%) No. 2900050380 (4.98%)
N.O.W. Account (1.51%) Passbook Savings Account (2. 75%)
Citizens Bank and Trust, Carrollton, Georgia
N.O.W. Account (3.30%)
South Trust Bank of Georgia, N.A, Atlanta, Georgia
N.O.W. Accounts (Variable)
Sun Trust Bank of Atlanta, N.A, Atlanta, Georgia
Certificate of Deposit No. 52077 (6.50%) Money Market Account (Variable)
West Georgia National Bank, Carrollton, Georgia
N.O.W. Account (2.47%) Money Market Account (3.10%)
OTHER
Petty Cash

$

10,000.00

10,474.34

3,077.02

7,791.20

399,855.38

11,472,548.36

25,000.00 1,006,053.30

138,239.96 50,344.68 $ 13,123,384.24

50.00

$ 13,123,434.24

See notes to the general purpose financial statements. - 36 -

CARROLL COUNTY BOARD Of EDUCATION ACCOUNTS RECEIVABLE JUNE 30. 1995

SCHEDULE"3"

GENERAL FUND

GOVERNMENTAL FUND TYPES

SPECIAL

CAPITAL

REVENUE

PROJECTS

FUND

FUND

DEBT SERVICE
FUND

TOTAL

Carroll County Clerk rA Superior Court County Wide School Tax

$

38,349.19

$

38,349.19

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

340,588.90

$

608.98

608.98

340,588.90

Education, Georgia Department rA Food Services School Breakfast Program National School Lunch Program Vocational Education State Funds Federal Funds Other State Programs Alternative Programs Apprenticeship Program Lottery Programs Alternative School Program Distant Leaming Instructional Technology Federal Programs
ESEA Chapter 1 Education rA Deprived Children
ESEA Chapter 2 Block Grant Flow Through
ESEA Title II Eisenhollver Mathematics and Science Education
Individuals with Disabilities Education Act TltleVI, B Flow Through Preschool Program

$
5,172.28 39,403.46 21,333.14 38,397.47

5,257.83 27,030.46
95.649.43 6,390.75 3,692.00

185,831.63 5,974.51 7,107.31

120,050.73 20,640.05

5,257.83 27,030.46
5,172.28 39,403.46
21,333.14 38,397.47
95,649.43 6,390.75 3,692.00
185,831.63
5,974.51
7,107.31
120,050.73 20,640.05

Georgia State Financing and Investment Commission Reimbursement on Construction Projects

$

9,069.75

9,069.75

Human Resources, Georgia Department rA Child Care Assistance

9,934.33

9,934.33

Various Sources Overpayment rA Various Employee Withholding Accounts

390.89

390.89

West Central Georgia Private Industry Council Job Training Partnership Act

35,743.12

35,743.12

$ 493.569.66 $ 513,367.82 $

9.069.75 s_ _ _608_._98_ s 1.01s.s1s.21

See notes to the general purpose financial statements.

37

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

CARROLL COUNTY BOARD OF EDUCATION DEBT SERVICE REQUIREMENTS TO MATURITY
JUNE 30, 1995

SCHEDULE "4"

TOTAL DEBT SERVICE

1974 ISSUE{*}

INTEREST

PRINCIPAL

$

39,693.75 $

39,693.75

464,887.50

64,887.50 $ 400,000.00

435,887.50

35,887.50

400,000.00

305,693.75

10,693.75

295,000.00

$ 1,246, 162.50 $ 151,162.50 $ 1,095,000.00

(*) Principal and Interest due July 1, 1995, was paid prior to June 30, 1995, and has been excluded from this schedule.
CHANGES IN GENERAL LONG-TERM DEBT Bonds Payable at July 1, 1994 Bonds Retired During Period
Bonds Payable at June 30, 1995

TOTAL $ 1,475,000.00
380,000.00
$ 1,095,000.00

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.

- 38 -

CARROLL COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE
YEAR ENDED JUNE 30. 1995

SCHEDULE 5"

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 School Counselors Grades 4 and 5 Mid-term Adjustment Local Fair Share Educational Equalization Funding Grant Food Services Vocational Education Other State Programs Alternative Programs Apprenticeship Program At-Risk Summer School Program Environmental Science Program Mentor Teacher Program Preschool Handicapped Program Remedial Summer School Program Severely Emotionally Disturbed Special Education Low Incidence Grant Teachers' Retirement Lottery Programs Algebra Classrooms Alternative School Program Distant Leaming Instructional Technology Media Center and Library Equipment Pre-Kindergarten Program Safe Schools Grant
Georgia State Financing and Investment Commission Reimbursement on Construction Projects
Governor, Office of the Disaster Assistance
CONTRACT Education, Georgia Department of Implementation of School-Based Leadership Development Activities in those Schools in the Governor's School Leadership Institute

GOVERNMENTAL FUND TYPES

SPECIAL

CAPITAL

GENERAL

REVENUE

PROJECTS

FUND

FUND

FUND

TOTAL

$ 17.570,293.00 4.688,760.00 549,716.00 780,228.00 263,870.00 5.310.646.00

1.290.748.00 354.354.00 178.253.00
1.204, 107.00 243,894.00 42,240.00 470,182.00
-3,496,734.00 2,419,090.00
$ 46,626.20

232,562.00

115,298.00 65,272.05 39,348.41
1,000.00 19,780.00
18,747.23
16,158.00 19,619.60

126,659.00 1,215,607.00

10,648.50 126,687.43 28,905.08 105,816.05 240,049.13 869,290.00 152,222.04

$ 17.570,293.00 4,688.760.00 549,716.00 780,228.00 263,870.00 5.310.646.00
1.290.748.00 354,354.00 178,253.00
1,204,107.00 243,894.00 42,240.00 470,182.00
-3,496,734.00 2,419,090.00
232,562.00 46,626.20
115,298.00 65,272.05 39,348.41
1,000.00 19,780.00 126,659.00 18,747.23 1,215,607.00 ,16,158.00 19,619.60
10,648.50 126,687.43 28,905.08 105,816.05 240,049.13 869,290.00 152,222.04

246.30

$

591,658.33

591,658.33 246.30

1,000.00

1,000.00

See notes to the general purpose financial statements.

$ 32,212?42.79 $ 311oai446.23 s

591,658.33 $ 35,912,847.35

- 39 -

CARROLL COUNTY BOARD OF EDUCATION SCHEDULE OF LOCAL AND OTHER REVENUE
YEAR ENDED JUNE 30. 1995

SCHEDULE6"

Taxes County Wide Bond Tax County Wide School Tax Railroad Car Tax Real Estate Transfer Tax
Other Contributions for Self-Insured Employee Benefits from Other Funds For Workers' Compensation Interest Earned Lost and Damaged Books Reimbursements for Salaries Rents Sales Lunch and Breakfast School Assets Tuition other

GENERAL FUND

GOVERNMENTALFUNDTYPES

SPECIAL

CAPITAL

REVENUE

PROJECTS

FUND

FUND

DEBT SERVICE
FUND

TOTAL

$ 12,907,041.12 11,660.60 61,156.55

$

7.986.54 $

7,986.54

12,907,041.12

11,660.60

61,156.55

58,535.00 423,853.45 $
2,138.94 338,829.28 51,085.00

16,394.95 $

19,700.22 50,161.44 46,694.64

1, 182.365.20 93,679.88

20,115.00

67,278.09

58,535.00 527,641.49
2,138.94 338,829.28 51,085.00
1,182,365.20 19,700.22 50,161.44
140,374.52

$ 13,970,856.24 $ 1,292,440.03 $ 20,115.00 $ 75,264.63 $ 15,358,675.90

See notes to the general purpose financial statements.

- 40 -

CARROLL COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT GENERAL AND SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30, 1995

SCHEDULE "7"

EXPENDITURES
Operating Costs Salaries Employee Benefits Travel of Employees Professional and Technical Services Compensation and Travel of Board Members Water, Sewer and Cleaning Services Repair and Maintenance Services Rents Insurance Communications Tuition Commodity Hauling Shared Services Other Purchased Services Supplies Energy Food Usage Books, Textbooks and Periodicals Dues and Fees Other Expenditures
Nonoperating Costs Principal and Interest Building and Building Improvements Equipment

GENERAL FUND

SPECIAL REVENUE
FUND

TOTAL

$ 29,759,433.36 $ 4,187,201.54 $ 33,946,634.90

7,977,493.80

1,111,345.60

9,088,839.40

82,070.99

43,701.86

125,772.85

103,752.04

95,217.05

198,969.09

15,574.35

15,574.35

177,366.75

7,815.00

185,181.75

166,192.20

83,093.51

249,285.71

124,620.14

725.00

125,345.14

130,674.72

4,785.18

135,459.90

93,490.21

19,945.75

113,435.96

3,140.00

200.00

3,340.00

15,340.08

15!340.08

93,519.00

34,045.00

127,564.00

68,012.31

6,297.76

74,310.07

1,606,132.03

586,938.28

2,193,070.31

1,284,270.75

52,717.21

1,336,987.96

1,768,112.51

1,768,112.51

319,028.16

29,383.13

348,411.29

82,645.17

7,602.84

90,248.01

256,592.49

88,578.49

345,170.98

485,842.22 1,044,489.35

6,750.00 599,036.58

485,842.22 6,750.00
1,643,525.93

Total Expenditures

$ 43,874,340.04 $ 8,748,832.37 $ 52,623,172.41

See notes to the general purpose financial statements. - 41 -

CARROLL COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT
LOTTERY PROGRAMS
YEAR ENDED JUNE 30, 1995

EXPENDITURES
Operating Costs Salaries Employee Benefits Travel of Employees Professional and Technical Services Insurance Communications 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

ALGEBRA CLASSROOMS

ALTERNATIVE SCHOOL
PROGRAM

DISTANT LEARNING

$

85.00

$

10,648.50

42,113.91 $ 22,799.12

2,880.17 1,738.65

79,869.70

6,750.00 1,055.46

$

10,648.50 $ 126,687.43 $ 30,604.58

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

SCHEDULE "8"

INSTRUCTIONAL TECHNOLOGY

MEDIA CENTER AND
LIBRARY EQUIPMENT

PRE-KINDERGARTEN PROGRAM

SAFE SCHOOLS
GRANT

TOTAL

$

$

65,496.48 $

59,642.82

43,527.50

180,676.41

$

109,023.98 $ 240,319.23 $

595,901.86 144,549.94
7,935.03 1,830.60
891.28 1,402.65 1,938.26 $ 57,662.66 7,961.62 9,984.00 9,709.32 1,157.00 4,337.78

$ 2,232.70

595,901.86 144,549.94
7,935.03 1,830.60
891.28 1,402.65 4,255.96 258,363.49 7,961.62 9,984.00 12,589.49 1,157.00 6,076.43

24,028.00

150,108.02

6,750.00 479,265.09

869,290.00 $ 152,340.72 $ 1,538,914.44

- 43 -

CARROLL COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL
GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30, 1995

SCHEDULE "9"

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 per Audit
Amount of Underexpenditure for Total Allotment

THIRTEEN WEIGHTED AND MEDIA CENTER
PROGRAMS

100% TEST FOR OPERATIONS PORTION OF THIRTEEN WEIGHTED PROGRAMS

$ 24,057,641.00 $

783,193.00

$ 26,398,150.44 1,050,831.23 $ _ __,;8:.;:;6..:..17,.;;..04.:..:4.:.;:;.9.;;..3
$ 27,448,981.67

-352,651.33 $ 27,096,330.34

$

0.00 $==========0.=00=

See notes to the general purpose financial statements. - 45 -

CARROLL COUNTY BOARD Of EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - BY PROGRAM
GENERAL FUND - QUALITY BASIC EQUCATION PROGRAMS
YEAR ENDED JUNE 30 1995

GENERAL At:IP CABEEB EOUCATION PROGRAMS
Kindergarten r>
Grades 1 - 3 r) Sub-Total - K-3
Grades 4 - 5 r) Grades 6 - 8 r) Grades 9 - 12 r) High School Laboratories r) Vocational Education Laboratories (")
Total General and career Education Programs SPEC/AL EDUCATION PROGRAMS
Regular Programs category I r) category II (") category Ill r) category IV r) SUb-Total - Regular category V (Gifted) r) Tolal Special Education Programs
REMEDIAL EDUCATION PROGRAM Total Thirteen Weighted Programs
MEDIA CENTER PROGRAMS
Salaries Operations
Total Media Center Program
Total Thirteen Weighted and Media Center Programs
STAFF DEVELOPMENT PROGRAMS Cost r:l Instruction Professional Development
Total Slaff Development r) Identifies Thirteen Weighted Programs.

ALLOTMENTS FROM DEPARTMENT OF EDUCATION

REQUIRED

ORIGINAL

"'

ORIGINAL

MID-TERM

$ 1,770,681.00

$ 1,593,612.90

4,839,395.00

4,355,455.50 $

$ 6,610,076.00 90 $ 5,949,068.40 $

2,225,307.00 90

2,002,776.30

4,020,738.00 90

3,618,664.20

2,341,406.00 90

2,107,265.40

1,289,052.00 90

1, 160, 146.80

1,083,714.00 90

975,342.60

$ 17,570,293.00

$ 15,813,263.70 $

468,644.00 468,644.00
468,644.00

S. 4,194,170.00

$ 3,774,753.00 S

0.00

$ 4,194,170.00

494,590.00

$ 4,688,760.00

$

549,716.00

$ 22,808,769.00

90 $ 3,774,753.00 $

90

445,131.00

$ 4,219,884.00 $

90 $

494,744.40 $

$ 20,527,892.10 $

0.00
0.00 0.00 468,644.00

$

613,928.00 90 $

552,535.20 $

0.00

166,300.00 90

149,670.00

$

780,228.00

$

702,205.20 $

0.00

$ 23,588,997.00

$ 21,230,097.30 S

468,644.00

$

61,985.00

201,885.00

$

61,985.00 $

201,885.00

1,538.00

$

263,870.00 100 $

263,870.00 S

1,538.00

See notes to the general purpose financial statements.

- 46 -

SCHEOULE"10"

TOTAL REQUIRED

ACTUAL EXPENDITURES

SALARIES

OPERATIONS

TOTAL

AMOUNT OF UNDEREXPENDITURE
FOR REQUIRED ALLOTMENT

$ 1,593,612.90 $ 1,952,207.21 $

43,377.02 $ 1,995,584.23

4,824,099.50

5,383,150.84

168,431.65

5,551,582.49

$ 6,417,712.40 $ 7,335,358.05 $

211,808.67 $ 7,547,166.72 $

0.00

2,002,776.30

2,777,412.44

83,547.00

2,860,959.44

0.00

3,618,664.20

4,347,294.39

118,049.24

4,465,343.63

0.00

2,107,265.40

2,557,487.83

142,468.64

2,699,956.47

0.00

1,160,146.80

1,420,720.02

58,460.80

1,479,180.82

0.00

975,342.60

1,027,760.48

145,563.49

1,173,323.97

0.00

$ 16,281,907.70 $ 19,466,033.21 $

759,897.84 $ 20,225,931.05

$ 3,774,753.00 $

203,688.35 $ 932,189.39 3,341,677.30 248,621.57

10,595.36 $ 11,712.51 50,499.02 9,009.74

214,283.71 943,901.90 3,392, 176.32 257,631.31

$ 3,774,753.00 $ 4,726, 176.61 $

81,816.63 $ 4,807,993.24

0.00

445,131.00

680,797.25

18,668.78

699,466.03

0.00

$ 4,219,884.00 $ 5,406,973.86 $

100,485.41 $ 5,507,459.27

s

494,744.40 $

576,050.34 $

6,661.68 $

582,712.02

0.00

s $ 20,996,536.10

25,449,057.41 $

867,044.93 $ 26,316,102.34

$

552,535.20 $

949,093.03

s

949,093.03

0.00

149,670.00

s

183,786.30

183,786.30

0.00

$

702,205.20 $

949,093.03 $

183,786.30 $ 1,132,879.33

$ 211698,741.30 $ 261398, 150.44 $ 11050,831.23 $ 271448.981.67 $

0.00

$

63,523.00

201,885.00

$

265,408.00

$

194,695.40 $

194,695.40

70,825.77

70,825.77

$

265,521.17 $

2ss.s21.11 s _ _ _ _ _ _o_.oo_

- 47 -

CARROLL COUNTY BOARD OF EDUCATION SCHEDULE OF COMPENSATION AND TRAVEL OF BOARD MEMBERS
YEAR ENDED JUNE 30, 1995

SCHEDULE "11"

BOARD MEMBER ADDRESS
Dr. Norman Padgett, Chairman (*) 308 Sally Ann Street Bowdon, Georgia 30108
Ms. Dianne Camp (*)
P. 0. Box613
Vdla Rica, Georgia 30180
Dr. Evangelia Gonzalez (*) 611 North Avenue Villa Rica, Georgia 30180
Mr. Wesley Huddleston 6 Timber Ridge Place Carrollton, Georgia 30117
Mr. Richard Miller (*) 260 Foggy Bottom Drive Carrollton, Georgia 30116
Ms. Diane Quimby (*) 1377 Bowdon Junction Road Carrollton, Georgia 30117
Mr. Ed Smith (*) 1153 Magnolia Drive Vdla Rica, Georgia 30180

COMPENSATION

TRAVEL

$

3,125.00

2,500.00

2,400.00

400.00

2,600.00 $

49.35

2,000.00

2,500.00

(*) Denotes Board Members Serving as of June 30, 1995

$

15,525.00 $ =====4==9==.3=5

See notes to the general purpose financial statements.

- 48 -

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
August 16, 1996

Honorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation
and Superintendent and Members ofthe Carroll County Board ofEducation
COMPLIANCE REPORT BASED ON AN AUDIT OF THE FINANCIAL STATE1\1ENTS PERFOR1\1ED 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, 1995, and have issued our report thereon dated August 16, 1996. 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.
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 performed 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 ofour tests disclosed no instances of noncompliance that are required to be reported herein under Government Auditing Standards.

95CRL-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,

CLV:dt 95CRL-10

Claude L. Vickers
State Auditor

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

DEPARTMENT OF AUDITS
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400
August 16, 1996

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

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 ofEducation as of and for the year ended June 30, 1995, and have issued our report thereon dated August 16, 1996. 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 ofEducation's compliance with the following requirements applicable to each ofits Federal financial assistance programs, which are listed in the Schedule. ofFederal Financial Assistance, for the year ended June 30, 1995:

(1) 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 ofManagement and Budget's "Compliance Supplement for Single Audits of State 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.

95CRL-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 of this 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 grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record.
Respectfully submitted,

CLV:dt 95CRL-40

~wt,;r:~_;
Claude L. Vickers
State Auditor

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

DEPARTMENT OF AUDITS
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400
August 16, 1996

Honorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation
and Superintendent and Members of the 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 of the Carroll County Board ofEducation as of and for the year ended June 30, 1995, and have issued our report thereon dated August 16, 1996. 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 ofEducation's compliance with the requirements governing:

(1) Types of Services Allowed or Unallowed

(5) Applicable Special Tests and Provisions

(2) Eligibility
(3) Matching, Level ofEffort, 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, 1995. The management of the Carroll County Board ofEducation 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.

We conducted our audit ofcompliance in accordance with generally accepted auditing standards; Government Auditing Standards, issued by the Comptroller General of the United States; and Office ofManagement and

95CRL-80

Budget (0MB) Circular A-128, "Audits of State and Local Governments". Those standards and O:MB 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, 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 of public record.
Respectfully submitted,

CLV:dt 95CRL-80

Claude L. Vickers State Auditor

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

DEPARTMENT OF AUDITS
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400
August 16, 1996

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 REPORT ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS

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, 1995, and have issued our report thereon dated August 16, 1996. 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 1995 general purpose financial statements of the Carroll County Board of Education and with our consideration of the Board's control structure used to administer Federal financial assistance programs, as required by Office of Management and Budget (0MB) Circular A-128, "Audits ofState and Local Governments"., we selected certain transactions applicable to certain nonmajor Federal :financial assistance programs for the year ended June 30, 1995. As required by 0MB Circular A-128, we have performed auditing procedures on the selected transactions to test compliance with the requirements governing:

(I) 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 of Education's compliance with these requirements. Accordingly, we do not express such an opinion.

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 of Education had not complied, in all material respects, with those requirements.

95CRL-120

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,
t??~~ Claude L. Vickers State Auditor
CLV:dt 95CRL-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
August 16, 1996

Honorable Zell Miller, Governor Members ofthe General Assembly Members ofthe 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, 1995, and have issued our report thereon dated August 16, 1996. 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 perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement.
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 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.

95ICL-3

In planning and perfonning our audit ofthe general purpose financial statements of the Carroll County Board ofEducation for the year ended June 30, 1995, we obtained an understanding of the internal control structure. With respect to the internal control structure, we obtained an understanding of the design of relevant policies and procedures and whether they have been placed in operation, and we assessed control risk in order to detennine our auditing procedures for the purpose of expressing our opinion on the general purpose financial statements and not to provide an opinion on the internal control structure. Accordingly, we do not express such an opinion.
We noted a certain matter involving the internal control structure and its operation that we consider to be a reportable condition under standards established by the American Institute of Certified Public Accountants. Reportable conditions involve matters coming 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, a reportable condition was noted in the following control category:
General Fixed Assets
A material weakness is a reportable condition in which the design or operation of one or more of the 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 the reportable condition disclosed above is also considered to be a material weakness.
This condition was considered in determining the nature, timing, and extent of the procedures to be performed in our audit ofthe Carroll County Board ofEducation's financial statements and this report does not affect our report thereon dated August 16, 1996.
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.
Respectfully submitted,

CLV:dt 95ICL-3

~~,.;,:~
Claude L. Vickers State Auditor

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

DEPARTMENT OF AUDITS
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400
August 16, 1996

Honorable Zell Miller, Governor Members of the General Assembly Members of the 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 ofEducation as of and for the year ended June 30, 1995, and have issued our report thereon dated August 16, 1996. 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 requirements applicable to major Federal financial assistance programs and have issued our opinion thereon dated August 16, 1996.
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, 1995, we considered the Board's internal control structure in order to determine our auditing procedures for the purpose of expressing our opinions on the Board's 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 August 16, 1996.
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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 permit 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 ofthe structure to future periods is subject to the 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 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 ofEffort, 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, 1995, the Carroll County Board of Education expended 81 % 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

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described above that are applicable to each of the Board's major Federal financial assistance programs, which 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.
Respectfully submitted,
~--,;r:~.J
Claude L. Vickers State Auditor
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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, 1995
PRIOR YEAR
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, reported that the Carroll County Board ofEducation had an underexpenditure of Quality Basic Education (QBE) funds of $23,570.93 for the Staff Development Professional Development Program. For the year under review, no adjustment was made to the Board's local fair share by the Georgia Department of Education to refund this underexpenditure as required. The underexpenditure of $23,570.93 should be returned to the Georgia Department of Education through an increase in the Board's local fair share for the QBE programs in a subsequent fiscal period.
AUDIT FOLLOW-UP/RESOLUTION Failure to Meet Expenditure Requirements Financial Statements Amount: $33,396.16 Audit Control Number 6221-94-01 .
The audit report for the year ended June 30, 1994, reported that the Carroll County Board ofEducation had an underexpenditure of Quality Basic Education (QBE) funds of $33,396.16 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$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.
AUDIT FOLLOW-UP/RESOLUTION Failure to Maintain Separate Accountability Financial Statements Finding Resolved Audit Control Number 6221-94-02
The audit report for the year ended June 30, 1994, disclosed that the capital outlay projects funded in part by the Georgia State Financing and Investment Commission (GSFIC), were not designated by project name and number as required by Chapter 70 of the Georgia Financial Accounting Handbook for Local School Systems (GFAH). For the year under review, the Board maintained the capital outlay projects funded in part by the GSFIC by project name and number as required.
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CARROLL COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS
YEAR ENDED JUNE 30, 1995
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, 1994, 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 subsidiaiy 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.
Note: The Carroll County Board ofEducation was provided an opportunity to include pertinent comments from the Board's management concerning these audit findings, conclusions and recommendations. The Board has elected not to provide comments for inclusion in this report.
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