Chattahoochee County Board of Education, Cusseta, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2002

GA .

'- .

A8'bo

..

.1\ l
E'~l,.
c.5

l, ' ., '-

., ' ,.

;l.0014.~/-

"' :

', . ,' . .,, ; srArE'. OF GE' ORGIA '- -

,,,-.:-DEP,ARTMENT c>'F:AU.CITS'ANo:AccouNts

-I

'



'
. '
'

C
.-,

.J ' J

" ' .'

,,

- - ,, ,'

., '',,,

.,

- '.
. ,, .

._,
,,,

,,,,
,.

J _,,,

,

. ._
'

<',

.--

.. , l,

'\

~

:,
...

-, \ .
...,

,. .

cHAITAHOOCHEE.CO'UNTY BOARD OF EDUCATION

'



'

I



('

,

' -

, '

' ' CU,S, SETA,-. G,, E.O... 'RG.,I-A.

, '

REPORT'ON AUDIT

. ',

- 'OF THE FINANCIA(STATEMENTS

.,

.:FOR THE FtSCALYEAR ENDED JuNt3o, 2002:.

---~.,. - ...

\

, ,,

: ....,

,;,-

'".

\

.,

,".:.

.. ',

, .
' . . 'I ., '

,- . -"

.
I I

..-,,.

' ,

. , -

Russell

t
W.

Hlnto~.,

-~-,

State Auditor

,.
''

' '.

~
,, ,
I

, , '

-..

' '"

'

, ,1..----------,,---,,--------------------------..:.--''.'.I,.---'-.,;. r:

_,

'a

,.

'

'

, '

,

' .
CHATIAHOOCHEE COUNTY BOARD OF EDUCATION
- TABLE OF CONTENTS -

SECTION I

FINANCIAL

INDEPENDENT AUDITOR'S COMBINED REPORT ON GFNERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS

EXHIBITS

GENERAL-PURPOSE FINANCIAL STATEMENTS

COMBINED STATEMENTS - OVERVIEW

A

COMBINED BALANCE SHEET

ALL FUND TYPES AND ACCOUNT GROUP

B

COMBINED STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES

ALL GOVERNMENTAL FUND TYPES

C

COMBINED STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL

(NON-GAAP BASIS)

GENERAL AND SPECIAL REVENUE FUNDS

D NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

ADDITIONAL FINANCIAL INFOR.\1ATION

COMBINING AND INDIVIDUAL FUND STATEMENTS

SPECIAL REVENUE FUND

E

COMBINING BALANCE SHEET

F

COMBINING STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

CAPITAL PROJECTS FUND

G

COMBINING BALANCE SHEET

H

COMBINING STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

I

FIDUCIARY FUND TYPE

STATEMENT OF CHANGES IN ASSETS AND LIABILI f!ES

AGENCY FUND

SCHEDULES

SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 2 SCHEDULE OF STATE REVENUE 3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS

Page
2
4 6
7
18 20 22 23 24 25 27 29

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS -

SECTION I

FINANCIAL

ADDillONAL FINANCIAL INFORMATION

SCHEDULES

ALLOTMENTS AND EXPENDITURES

GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE)

4

BY PROGRAM

30

5

BY SITE

31

SECTION II
COMPLIANCE AND INTERNAL CONTROL REPORTS
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACII MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133

SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS

SECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS

SECTION I FINANCIAL

Ru:-.st 1,1 W. HINTON
STATE AUDI TOH
(0:04) 65G 2174

DEPARTMENT OF AUDITS AND ACCOUNTS
254 Washington Sire-ct, SW ~ulle 214
Atlanta, Gcorg1<1 30334-8400
May 30, 2003

Honorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education
and Supenntendent and Members of the Chattahoochee County Board of Education
INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITTJRES OF FEDERAL AWARDS
Ladies and Gentlemen
We have audited the accompanying general-purpose financial statements of the Chattahoochee County Board of Education, as of and for the year ended June 30, 2002, as hsted in the table of contents These general-purpose financial statements are the respons1b1hty of the Chattahoochee County Board of Education's management Our respons1b1hty 1s to express an opm10n on these general-purpose financial statements based on our audit
We conducted our audit m accordance with aud1tmg standards generally accepted m the Umted States of Amcnca and the standards apphcable to financial audits contamed m Government Aud1tmg Standards, issued by the Comptroller General ofthe Umted States Those standards require that we plan and perform the audit to obtam reasonable assurance about whether the financial statements arc free ofmatenal misstatement An audit mcludes exammmg, on a test basis, evidence supportmg the amounts and disclosures m the financial statements An audit also mcludes assessmg the accountmg pnnc1ples used and s1gmficant estimates made by management, as well as evaluating the overall financial statement presentation We behevc that our audil provides a reasonable basts for our op1mon
As descnbed m the notes to the general-purpose financial statements, the Board of Educat10n's financial statements have been prepared usmg certain accountmg practices and pohctes which, m our opm1on, vary m some respects from generally accepted accountmg prmc1plcs These variances are descnbcd as follows

2002ARL-13

The general-purpose financial statements of the Board of Education did not contam a General Fixed Assets Account Group to account for property and eqmpment owned by the Board of Education which should be included to conform to generally accepted accountmg pnnc1ples.
The Board of Education did not recogmze as expenditures, in the year ended June 30, 2002, a port10n of salanes and the corresponding employer's cost of related benefits earned for contractual services completed pnor to June 30, 2002 Also funds received, subsequent to June 30, 2002, from the Georgia Department of Education for the State's share of these unrecorded salancs and related benefits were not recorded as revenue in the year under review. Conversely, the similar expenditures and related revenues for contractual services completed pnor to June 30, 2001, were improperly recorded in the year ended June 30, 2002. To conform to generally accepted accountmg pnnc1ples, 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 vanances or om1ss1ons have not been determined, but are believed to be matenal
1n our opin10n, except for the effects on the general-purpose financial statements of the matters referred to in the preceding paragraph, the general-purpose financial statements referred to above present fairly, in all matenal respects, the financial position of the Chattahoochee County Board of Education as ofJune 30, 2002, and the results of its operat10ns for the year then ended, in conformity with accounting pnnc1ples generally accepted in the Umted States of Amenca
1n accordance with Govenrrncnt Auditing Standards, we have also issued our report dated May 30, 2003, on our consideration of the Chattahoochee County Board of Education's internal control over financial reporting and our tests of its compliance with certain prov1s1ons of laws, regulations, contracts and grants That report 1s an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conJunctlon with this report in cons1denng the results of our audit.
Our audit was performed for the purpose of forming an op1mon on the general-purpose financial
n statements of the Chattahoochee County Board ofEducallon taken as a whole The accompanying
combining and ind1v1dual fund statements (Exh1b1ts E through and the financial schedules (Schedules 1 through 5), which includes the Schedule ofExpend111rres ofFederal Awards as reqmred by U S Office of Management and Budget Circular A-133, Aud!ls ofStates, Local Governments, and Non-Profit Orgamzatwns, are presented for purposes of additional analysis and are not a reqmred part of the general-purpose financial statements Such informat10n has been subjected to the auditing procedures apphed in the audit of the general-purpose financial statements and m our opinion, except for the effects of the matters referred to in the third paragraph, such information 1s fairly stated, m all matenal respects, m relation to the general-purpose financial statements taken as a whole.
2002ARL-13

A copy ofthis report has been filed as a permanent record m the office ofthe State Auditor and made available to the press of the State, as provided for by Official Code ofGeorgia Annotated Section 506-24.

r Respectfully submitted,

_ I ---11,__

w D. Q.Q_ -~~

~IIW Hmton State Auditor

RWH:as 2002ARL-13

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION COMBINED BAl,ANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUP
JUNE 30 2002

Cash and Cash Eq""31ents
Investments
Accounts Receivable
lnventones Food
Donated Commodrties
Purchased Food
Amount to be ProYlded In Future Years For Payment of Bond Debt

GENERAL
FUND

GOVERNMENTAL FUND TYPES

SPECIAL

CAPITAL

REVENUE

PROJECTS

FUND

FUND

s

237,431 57 S

61,385 95 $

200,845 08

874,893 89

43 847 58

110,141 92

36,52341

3 000 05 526 21

Total Assets

s

956,173 02 s

175 034 13 $

237 168 49

LIAl!IL!Illi A!jD E!lt:lP EDU[!)'.
LIABILITIES
Accoun1s Payable
5alaries Payable
Expired Grant Balances Payable Deferred Reveooe Funds Held for Others
General Obligation Borxls Payable
Total LJabirtles
FUND EDUITY
F..-.d Balances Reserwd
For Bua Replacement Funds For Inventories
Food
Dona1ed Commodrtm Purchased Food
For SPlOST f'roteds
lJnrvserved Undealgna1ed
Total F..-.d Eqwty
Total Uablh1Jes and Fi.rod Equity

s

3,030 37 s

21,187 25

83,792 10

258 21

8,892 85

s

3 030 37 s

11413041

s

31,023 00

s

3,000 05

52621
s

237 168 49

922119 65

57 377 46

000

s

953 142 85 s

s 50903n

237 168 49

s

s 958173 02

175 034 13 $

237 168 49

The notes to the geoeraJ-purpose flnanc:tal statements are an integral part of this statement - 2-

EXHIBIT"A"

DEBT SERVICE
FUND

FIDUCIARY FUND TYPE AGENCY FUND

ACCOUNT GROUP GENERAL
LONG-TERM DEBT

TOTALS

(Memorandum Only)

JUNE 30. 2002

JUNE 30. 2001

$

000 $

11,54668

$

510,989 26 $

742,614 96

674,893 89

636,558 08

190,512 89

193,161 08

- - - - - - $ _ _~2,,,20=000=00=-

3 000 05 526 21
220,000 00

1,21856 1,138 57
430 000 00

$

000 $

1154668 $

220 000 00 $ 1 599.922 30 $ 2 004 689 25

$

11,54668

$

$

1154668 $

$
220 000 00 220 000 00 $

24,217 62 $ 83,792 10
258 21 8 892 85 11,548 68 220,000 00
348 707 44 $

21,71569 80,222 53
6,678 59 2 370 92 6 626 97 430 000 00
547 814 70

$

000 $

0 00

$

000 $

000

$

31,023 00

3 000 05 $ 526 21
237 168 49

1,218 56 1,136 57 170,898 20

979 49711

1 283 621 22

s $ 1,251,214 86

1 456 874 55

$

000 $

1154866 $

s 220 000 00 $ 115991922 30

2.0041689 25

. 3.

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES. EXPENDIJVRES AND CHANGES IN FUND BALANCES
ALL GQYERNMENTAL FUND JYPES YEAR ENDED JUNE 30 2002

REVENUES
State Funds
Federal Funds Taxes Other Funds
Total Revenues
EXPENDIJVRES
Current Instruction
Support SeMces
Pupil SeMCes
Improvement of Instructional Servtees
Educabonal Macha SeMces
General Adm1mstrallon Sdiool Aclmlmstratton Busn,e" Adm1mstrabon Maintenance and Operation of Plant Student Transportation Services Other Support SeMces
Food Services Operation
Community Services Operations
Caprtal OuUay
Debt Service Pnnapal Interest Pay,ng Agent Fees
Total Expenditure,
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 Flnanang Sources over (under) Expenditures and Other Financing Uses
FUND BAIANCE JULY 1
Food Inventory - Net Change In Penod
Donated Commodrues Purchasad Food

GENERAL FUND

SPECIAL REVENUE
FUND

$ 2,739.979 88 s
91.427 34 387,462 08 215,005 40
$ 3 433 874 70 $

217,262 95 743,704 14
14 874 39
975 841 48

$ 2,253.628 79 $
131,01500 11.717 09 80.592 72
235,194 53 274 918 71 117,845 09 243.829 42 163.087 99
24,023 86
36,782 54

546,813 37
28,491 78 22,290 88
80,734 24
10,762 09 9,466 87 79 670 42 236 899 67

$ 3,572,635 74 $ 1,015,12932

$ -13876104 $

.39 287 84

s
$ -12489799 $ -12489799 $
$ -263,659 03 $ 1,216,801 68

29 845 76
29 845 76
-9 442 OB 69,17467
1 781 49 -61036

FUND BALANCE JUNE 30

$

The notes to the general-purpose financial statements are an Integral part of thls statement
4

s 953 142 65 ~--6.,o._90=3'-'1.:aa2

EXHIBIT"B"

CAPITAL PROJECTS
FUND

DEBT SERVICE
FUND

TOTALS

(Memorandum Only)

YEAR ENDED

JUNE 30, 2002

JUNE 30, 2001

s s 2,957,242 83

3,139,246 86

$

s 51,736 55

225155 00

835,13148 664,353 63

731,10429 731,600 92

3 808 94

233,688 73

92 316 99

s

55 54549 $

s 225155 00 $ 4 690 416 67

4,694,269 06

s s 2,800,442 16

2,805,053 29

s

84,327 43

159,506 78 34,007 97 80,592 72
315,928 77 274,918 71 117,84509 254,591 51 172,554 86 103,694 28 236,899 67
36,782 54 84,327 43

63,496 69 53,838 24 78,495 97 278,900 07 187,358 77 103,874 79 262,984 61 224,931 86 100,840 41 216,235 96
120,262 09

s

210,000 00

14,625 00

530 00

210 000 00 14,625 00 53000

200,000 00 23,850 00 53000

s

s 84 327 43

s 225 155 00 $ 4 897 247 49

4 720652 75

s

-28 781 94 $

000 $

s -206,830 82

-26 383 69

s

95,052 23

$

95,052 23

s

66,270 29 $

170 898 20

s

s 124,897 99

-12489799

s

000 s

76,098 64 -76 098 64
000

000 $ 000

s -206,830 82
1,456,874 55

-26,383 69 1,482,880 18

1,781 49 -610 36

103 75 274 31

s

23716849 S

000 S 1 251 214 86 S 1 456 874 55 - 5-

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION
COMBINED STATEMENT OF REVENUES EXPEND[TURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL - INON-GAAP BASIS\ GENERAL AND SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30 2002

EXHIBIT c

REVENUES
State Funds Federal Funds Taxes Other Funds
Total Revenues
EXPEND[TURES
Cooent lns1ruellon Support Services Pupil SeMces Improvement of Instructional Services Educabonal Media Services General Admlnl>trallon School Administration BUSlnesS Aclmllllstration Malntanance and Operallon of Plant Student Transportation Services Olhor SUpport SeNlces Food Services Operation Commootty Servic.es Operations
Total Expenditures
Excess of Revenues over (under) Expenditu-es
OTHER FINANCING SOURCES {USES)
Other Soun:es Other Uses
Total Other Financing Soun:es (Usas)
Exceu of Revenuaa and Other Flnancmg Sou-t:ee
over (..-i Expenditures and Olhor Financing
Usas
EU~D BALANCI; JUbY1 2QQ1
AclJUStrnenta Food 1nven1ory- Net Change In Penod
Donated Commodlilas Purchased Food

GENERAL FUND

BUDGET

ACTUAL

$ 2,550,110 00 $ 2,739,979 88

91,427 34

396,000 00

387,462 OB

215 005 40

$ 2,946,110 00 $ 3 433 674 70

$ 2 230,204 32 $ 2,253,626 79

46,629 00 13,830 00 85,519 47 199,919 26 172,522 62 97 40741 197,533 94 145,000 00 16,000 00

131,015 00 11,717 09 80,592 72
235,194 53 274,918 71 117,645 09 243,829 42 163,087 99 24 023 86

36,782 54

$ 3,208,766 02 $ 3,572,635 74

$ -262,656 02 $ -138 761 04

$ -124 897 99 $ -124,897 99

$ -262,656 02 $ -263,659 03

1146,075 64

1 216,801 88

-245 81

FUND BALANCE JUNE 30 2002

$ 88317401 $ 953.14285

SPECIAL REVENUE FUND

BUDGET

ACTUAL

$ 214 362 00 $ 21726295

582 658 00

743,70414

14 674 39

s $ 797,020 00

975 641 46

$ 422,566 00 $ 546 613 37

11,26400 1,500 00

26 491 78 22,290 88

76,18800

8073424

1100000 9 097 00
85 056 00 180,269 00

10 762 09 9,46687 79 670 42 238,899 67

$ 796,920 00 $ 1,015,129 32

$

s 100 00

-39 287 64

s 29,645 76 s 29 645 76

s 100 00 s
76,599 04 -825 34

-9 442 08 6917487
1,781 49 -610 36

$ 7587370 S 80903 72

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

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2002

Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY
The Chattahoochee County Board of Education (School D1stnct) 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 Supenntcndent appomted by the Board The School D1stnct 1s organized as a separate legal entity and has the power to levy taxes and issue bonds Its budget 1s not subject to approval by any other entity Accordmgly, the School D1stnct 1s a pnmary government and consists of all the organ1zat1ons that compose its legal entity
FUND ACCOUNTING
The School D1stnct uses funds and an account group to report on its financial pos1t10n and the results of1ts operations Fund accountmg 1s designed to demonstrate legal compliance and to aid financial management by segregatmg transactions related to certam governmental functions or activities A fund 1s a separate accounting entity with a self-balancmg set of accounts An account group 1s a financial reportmg device designed to proVJde accountability for certain assets and liabilities that are not recorded m the funds because they do not directly affect expendable available financial resources
General Fixed Assets are recorded as expenditures m the vanous funds at the time of purchase A General Fixed Assets Account Group 1s not presently mamtamed by the School D1stnct To conform to generally accepted accountmg pnnc1ples, a General Fixed Assets Account Group should be mamtained for reportmg the cost of assets acquired by governmental fund types
The general-purpose financial statements account for all State, Federal, Taxes and Other funds under control of the School D1stnct, m compliance with generally accepted accountmg pnnc1ples applicable to governmental umts, unless otherwise disclosed m these notes Funds and the account group presented m this report are as follows
GOVERNMENTAL FUND TYPES - are used to account for all or most of the School D1str1ct's educational act1v1hes. Governmental Fund Types mclude
GENERAL FUND - the fund used to account for all financial resources of the School D1stnct except those reqmred to be accounted for m another fund These transact10ns relate to resources obtamed and used for sefV!ces provided by a board of educat10n
SPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restncted to expenditures for specified purposes. These funds arc received pnmanly from the Georgia Department of Education and from the Federal government to accomplish specific educat10nal objectives
CAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acqms1hon or construction of major capital fac1ht1es
- 7-

CHATTAHOOCHEE COUNlY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30. 2002

Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
DEBT SERVICE FUND - the fund used to account for the accumulatmn ofresourccs for, and the payment of, general long-term pnnc1pal, interest and paying agent fees
FIDUCIARY FUND TYPE - the fund used to account for assets held by a government urut in a trustee capacity or as an agent for ind1v1duals, pnvate organ1zat10ns, other government umts and/or other funds This fund includes
AGENCY FUND - the fund used to account for assets held in a fiduciary capacity for other funds or ind1v1duals
ACCOUl\"T GROUP
GENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reporting device used to account for general obhgallon debt outstanding
BASIS OF ACCOUNTING
The accounting and financial reporting treatment apphed to a fund 1s determined by its measurement focus All governmental funds arc accounted for using a current financial resources measurement focus With tlus measurement focus, only current assets and current hab1hl!es generally are included on the balance sheet Opcratmg statements of these funds present mcreases (1 e , revenues and other financmg sources) and decreases (1 e, expenditures and other financmg uses) in net current assets Their reported fund balance 1s considered a measure of available spendable resources
L1ab1hlles which are expected to be financed from available spendable resources are reported as hab1h11es m the governmental funds Other hab1hlles, which are not expected to be financed from available spendable resources, are reported m the General Long-Term Debt Account Group
Agency funds arc purely custodial m nature and do not mvolve measurement ofresults ofopcrallons
Governmental funds are accounted for usmg the modified accrual basis of accountmg under which
Rc,eoues are recognized when suscepllble to accrual (1 e, when they become both measurable and available) "Measurable" means the amount of the transac!lon can be determined and "available" me.ms collect1ble wllhm the current penod or soon enough thereafter to be used to pay hab1hlles of the current penod The School D1stnct considers receivables collected wlthm sixty days after yearend to be available Property taxes, sales taxes and mterest are considered to be suscepllble to accrual Noncxchange transacllons, m which the School D1stnct gives (or receives) value without directly receivmg (or g1vmg) equal value m exchange, mcludc property taxes, local opt10n sales taxes, mtergovemmental !,'Tanis and donallons Revenue for property taxes 1s recognized m the fiscal year for which the taxes are levied Revenue from sales taxes 1s recognized in the fiscal year the resources are received or suscepllble to accrual Revenue from grants and donations 1s recognized m the !heal year m which all ehg1b1hty requirements have been sallsfied
- 8-

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO TIIE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2002

Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures are generally recogruzed when the related fund hab1hty is mcurred.
A departure from the above defirutlons 1s the accountmg treatment afforded the final two payments on General Fund teachers' and bus dnvers' contracts, and the resources available from the Georgia Department of Educallon for the State's share of these contracts Dunng fiscal year 2002, a substanllal number ofpersonnel ofthe School D1stnct were employed for a one hundred and nmety day penod begmnmg m August 2001 and endmg m early June 2002 Personnel contracts for this employment penod specify that compensation be paid m twelve equal monthly payments begmnmg m September 2001 and endmg m August 2002. State grants to fund the State's share of these contracts were disbursed from the Georgia Department of Education to the School D1stnct m the same twelve months As of June 30, 2002, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 2002, had not been made. Payments for these two months were made and recorded as expenditures by the School D1stnct subsequent to June 30, 2002. Also, the State's portion of the compensation paid m July and August 2002 was received and recorded as revenue m the fiscal year subsequent to June 30, 2002 Conversely, the srm1lar expenditures and related revenues for contractual servJces completed pnor to June 30, 2001, were recorded m the year ended June 30, 2002 Generally accepted accountmg pnnc1ples require that revenues be recorded when available and measurable and that expenditures be recorded when mcurred, rather than when funds are received or disbursed
BUDGET
The Chattahoochee County Board ofEducat10n's budget 1s a complete financial plan for the School D1stnct's fiscal year and 1s based upon estimates of expenditures together with probable fundmg sources. There 1s no statutory proh1b1t1on regardmg overexpend1ture of the budget at any level The budget for all governmental funds 1s prepared by fund, funcllon and obJect The legal level of budget control was established by the Board at the aggregate level. The budget for governmental funds was prepared on a basis other than generally accepted accountmg pnnc1ples
The budget process begins when the School D1stnct's admm1strallon prepares a tentative budget for the Board's approval. After approval ofth1s tentative budget by the Board, such budget 1s advertised at least once ma newspaper of general circulation m the locality. At the next regular meetmg of the Board after advertisement, the Board receives comments on the tentative budget, makes rev1s1ons as necessary and adopts a final school budget. This final budget 1s then submitted, m accordance with prov1s1ons of the Quahty Basic Education Act, OCGA Section 20-2-167(c), to the Georgia Department of Education The Board may mcrease or decrease the budget at any lime dunng the year. All unexpended budget authonty lapses at fiscal year-end.

-9-

,----------------------- - -

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2002

Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
CASH AND CASH EQUIVALENTS
COMPOSITION OF DEPOSITS Cash and cash equivalents consist ofcash on hand, demand deposits and short-term mvestments with ongmal matuntJes of three months or less from the date of acqu1s11Ion m authonzed financial mstltutlons Georgia Laws OCGA 45-8-14 authonze the School Distnct to deposit its funds m one or more solvent banks or msured Federal savmgs and loan associations
INVESTMENTS
COMPOSITION OF INVESTMENTS Investments made by the School D1stnct m nonparticipating mterest-earmng contracts (such as cerhficates ofdeposit) and repurchase agreements are reported at cost Part1c1pahng mterest-earrung contracts and money market mvestments with a matunty at purchase ofone year or less are reported at amortized cost. Both part1c1pahng interest-eammg contracts and money market mvestments with a matunty at purchase greater than one year are reported at fair value The Official Code of Georgia Annotated Section 36-83-4 authonzes the School D1stnct to mvest its funds and m selectmg among options for investment or among mstltutional bids for deposits, the highest rate ofreturn shall be the objective, given eqmvalent conditions of safety and IIqmdity. Funds may be mvested m the followmg:
(1) Obhgations issued by the State of Georgia or by other states,
(2) Obligations issued by the Umted States government,
(3) Obhgatlons fully insured or guaranteed by the Umted States government or a Umted States government agency,
(4) Obhgat10ns of any corporation of the Umted States government,
(5) Pnme banker's acceptances,
(6) The Local Government Investment Pool adm1rustered by the State of Georgia, Office of Treasury and Fiscal Services,
(7) Repurchase agreements, and
(8) Obhgal!ons of other pohtlcal subd1v1s1ons of the State of Georgia
RECEIVABLES
Receivables consist ofgrant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from mfonnatlon available Receivables

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMFNTS

JUNE 30, 2002

Note I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

are recorded when either the asset or revenue recogmtlon cntena has been met Receivables recorded on the general-purpose financial statements do not mclude any amounts which would necessitate the need for an allowance for uncollectlble receivables

PROPERTY TAXES

The Chattahoochee County Board ofComm1ss1oners fixed the property tax levy for the 2001 tax digest year (calendar year) on November 14, 2001 (levy date) Taxes were due on January 31, 2002 (lien date) Taxes collected within the current fiscal year or within 60 days after year-end on the 2001 tax digest are reported as revenue in fiscal year 2002 The Chattahoochee County Tax Comm1ss1oner bills and collects the property taxes for the School D1stnct, withholds 2 5% of taxes collected as a fee for tax collect10n and remits the balance of taxes collected to the School D1stnct Property tax revenues dunng the fiscal year ended June 30, 2002 for maintenance and operauons amounted to $372,497 63

The tax millage rate levied for the 2001 tax year (calendar year) for the Chattahoochee County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value)

School Operations

2,2Zmills

S\LES TAXES

Special Purpose Local Opuon Sales Tax revenue dunng the year amounted to $276,891 55 and 1s to he used for capital outlay for educauonal purposes or debt service This sales tax was authonzed by loc.il referendum and the sales tax must be re-authonzed at least every five years

INVENTORIES

FOOD INVENTORIES Invcntones of donated food commod1t1es used in the preparation of meals are reported on the Combined Balance Sheet at theu Federally assigned value Purchased foods inventones are reported on the Combined Balance Sheet at cost (first-in, first-out) Donated food commod1tles are recorded as revenues and expenditures at the time commodity items are received Purchased foods inventones arc recorded as expenditures at the lime of purchase The inventones reported on the balance sheet for donated food commodI!Ies and for purchased foods are equally offset by reservations of fund h.ilancc which indicates that these amount~ do not constitute "available spendable resources" even though they are a component of net current assets

- 11 -

CHATTAHOOCHEE COUNfY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2002

Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
GENERAL OBLIGATION BONDS
The School D1stnct issues general obhgat1on bonds to provide funds for the acqms1t10n and construction ofmaJor cap1taJ fac1ht1es Bond prem111ms and discounts, as well as issuance costs, are recognized m the financial statements dunng the year bonds are issued General obhgauon bonds are direct obligations and pledge the full faith and credit ofthe government The outstanding amount of these bonds 1s recorded m the General Long-Term Debt Account Group
INTERFUND TRANSACTIONS
The School District has the follow1I1g types of 1I1terfund transacllons
Reimbursements ofexpenditures 1mt1ally made from a fund that are properly apphcable to another fund are recorded as expenditures III the re1mburs1I1g fund and as reducllons of expenditures III the fund that 1s reimbursed
Operating transfers are recorded for all 1I1terfund transactions other than reimbursements.
MEMORANDUM ONLY - TOTAL COLUMNS
Total columns on the general-pwpose financial statements are captioned "Memorandum Only" to 1I1d1cate that they are presented only to fac1htate financial analysis Data III these columns do not present financial position or results of operations III conformity with generally accepted account1I1g pnnc1ples. Neither are such data comparable to a consolidation Interfund ehm1I1at1ons have not been made m the aggregation of tlus data
Note 2 DEPOSITS
COLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time III any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of IIISUrance, or by collateral The aggregate of the face value of such surety bond and the market value of secuntles pledged shall be equal to not less than 110 percent ofthe pubhc funds be1I1g secured after the deduction ofthe amount ofdeposit IIISUrance If a depository elects the pooled method (OCGA 45-8-13.1) the aggregate ofthe market value ofthe secuntles pledged to secure a pool ofpubhc funds shall be not Jess than 110 percent ofthe daily pool balance. OCGA Section 45-8-11 (b) provides an officer hold1I1g pubhe funds may, III his d1scret10n, waive the requirement for secunty III the case ofoperating funds placed III demand deposit check1I1g accounts.
Acceptable secunty for deposits consists of any one of or any comb1I1atlon of the follow1I1g

- 12 -

CHATIAHOOCHEE COUNTY BOARD OF EDUCATYON

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30. 2002

Note 2 DEPOSITS
(1) Surety bond signed by a surety company duly qualified and authonzed to transact business w1tlun the State of Georgia,
(2) Insurance on accounts provided by the Federal Deposit Insurance Corporahon.
(3) Bonds, bills, notes. certificates ofmdebtedness or other direct obhgat10ns of the Umted States or of the State of Georgia,
(4) Bonds. bills, notes, certificates of mdebtedness or other obhgat1ons of the counties or rnunic1paht1es of the State of Georgia,
(5) Bonds of any pubhc authonty created by the laws of the State of Georgia, prov1dmg that the statute that created the authonty authonzed the use of the bonds for this purpose,
(6) Industnal revenue bonds and bonds of development authontles created by the laws of the State of Georgia, and
(7) Bonds, bills, notes, certificates of mdebtedness, or other obhgat10ns of a subs1d1ary corporation of the Uruted States government, which are fully guaranteed by the Uruted States government both as to pnnc1pal and mterest or debt obligations issued by the Federal Land Bank, the Federal Horne Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm CredJt Banks, the Federal Horne Loan Mortgage Assoc1atlon, and the Federal Nat10nal Mortgage Association
CATEGORIZATION OF DEPOSITS At June 30, 2002, the bank balances were $1,595,592 61 The amounts ofthe total bank balances are classified mto three categones of credit nsk
Category 1 - Cash that 1s insured (e.g, Federal depository insurance) or collateral1zed with secunues held by the School D1stnct or by the School D1stnct"s agent m the School D1stnct"s name
Category 2 - Cash collateral1zed with secuntles held by the pledging financial mst1tut10n"s trust department or agent m the School D1stnct"s name
Category 3 - Uncollateral1zed deposits (This mcludes any bank balance that 1s collateral1zed with secuntles held by the pledgmg financial 1nst1tut1on. or by its trust department or agent but not m the School D1stnct"s name )
The School D1stnct"s deposits are classified by nsk category at June 30, 2002, as follows

- 13 -

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO TIIE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2002

Note 2 DEPOSITS

Risk Category
I 2 3
Total
Note 3 NON-MONETARY TRANSACTIONS

Banlc Balance
$ 200,000 00 1,395,592 6 I 0 00
$ I 595.592.61

The School D1stnct receives food commodities from the Umted States Department of Agnculture (USDA) for school breakfast and lunch programs These commod1t:tes are recorded at their Federally assigned value See Note 1 - Inventories

Note 4 RISK MANAGEMENT

The School D1stnct 1s exposed to vanous nsks of loss related to torts, theft of, damage to, and destruction of assets, errors or om1ss1ons, Job related illness or mJunes to employees, acts of God and unemployment compensation

The School D1stnct has obtamed commercial msurance for nsk ofloss associated with torts, assets and errors or om1ss1ons The School D1stnct has neither s1gn1ficantly reduced coverage for these nsks nor mcurred losses (settlements) which exceeded the School D1stnct's msurance coverage m any of the past three years

The School D1stnct has elected to self-msure for all losses related to acts of God The School D1stnct has not expenenced any losses related to this nsk m the past three years

The School D1stnct 1s self-msured with regard to unemployment compensat10n claims The School D1stnct accounts for cl.urns w1thm the same fund that the employee's salary and benefits were paid Clarms are accounted for with expendllure and hab1hty bemg reported when 111s probable that a loss has occurred, and the amount ofthat loss can be reasonably estimated

Changes m the unemployment compensation claims hab1hty dunng the last two fiscal years are as follows

2001 2002

Bcgmnmg of Year L1ab1hty

Claims and Changes m Esllmates

s

000 $

2,210 24 $

s

0 00 s

294 70 $

Claims Paid

End of Year Lrnb1hty

2,210 24 $

0 00

294 70 $

0 00

- 14 -

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2002

Note 4 RISK MANAGEMENT

The School D1stnct part1c1pates m the Georgia Education Workers' Compensation Trust, a pubhc entity nsk pool orgamzed on December I, 1991, to develop, implement and admm1ster a program of workers' compensation self-msurance for its member orgamzations The School D1stnct pays an annual premium to the Trust for its general msurance coverage. Add1t1onal msurance coverage 1s proVJded through an agreement by the Trust with the Umted States F1dehty and Guaranty Company to provide coverage for potential losses sustamed by the Trust m excess of $350,000 00 loss per occurrence, up to $2,000,000 00.

The School D1stnct has purchased surety bonds to provide add1t1onal msurance coverage as follows

Pos1t1on Covered

Amount

Supenntendent Assistant Supenntendent Assistant Fmancial Director School Food Service Manager Mamtenance Supervisor Each Pnnc1pal Each Bookkeeper Each School Secretary Each School Clerk

$ 100,000 00 $ 10,000 00 $ 20,000 00 $ 10,000 00 $ 10,000 00 $ 10,000 00 $ 10,000 00 $ 10,000 00 $ 10,000 00

Note 5 GENERAL LONG-TERM DEBT

GENERAL OBLIGATION DEBT OUTSTANDING General Obhgatlon Bonds currently outstanding are as follows

Purpose

Interest Rate

Amount

General Government - Senes 1997

45% $ 220,000.00

The changes m General Long-Term Debt dunng the fiscal year ended June 30, 2002, were as
follows

- 15 -

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO IBE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2002

Note 5: GENERAL LONG-TERM DEBT

General Obhgatlon
Bonds

Balance July I, 200 I

$ 430,000 00

Deductions Debt Retired

210,000 00

Balance June 30, 2002

$ 220.000 00

At June 30, 2002, payments due by fiscal year wluch mcludes pnnc1pal and mterest for these items are as follows

Fiscal Year Ended June 30
2003
Note 6 ON-BEHALF PAYMENTS

General Obligation
Bonds
$ 224,950.00

The School District has recogruzed revenues and expenditures m the amount of $34,166.75 for health msurance and retirement contnbutlons prud on the School D1stnct's behalf by the followmg State Agencies.

Georgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance of Non-Certified Personnel In the amount of$27,406.75
Office of Treasury and Fiscal Services Prud to the Pubhc School Employees Retirement System For Pubhc School Employees Retirement (PSERS) Employer's Cost In the amount of$6,760 00
Note 7 CONTINGENT LIABILITIES

Amounts received or receivable pnnc1pally from the Federal government arc subject to audit and review by grantor agencies This could result m requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant terms The School D1stnct believes that such d1sallowances, 1f any, will be 1mmatenal to its overall financial pos1t1on

- 16 -

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

nJNE 30, 2002

Note 8: RETIREMENT PLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS)

TRS PLAN DESCRIPTION Substan!Jally all teachers, admm1strahve and clencal personnel employed by local school d1stncts are covered by the Teachers Retirement System of Georgia (TRS), which 1s a cost-shanng multiple employer defined benefit pension plan. TRS provides service ret1rement, d1sab1hty ret1rement and survivors benefits for its members m accordance with State statute The Teachers Rehrement System of Georgia issues a separate stand alone financial audit report and a copy can be obtamed from the Georgia Department of Audits and Accounts

TRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School D1stnct who are covered by TRS are required by State statute to contnbute 5% ofthe1r gross eammgs to TRS The School D1stnct makes monthly employer contnbullons to TRS at rates adopted by the TRS Board ofTrustees m accordance with State statute and as advised by the1r mdependent actuary The reqwred employer contnbu!Jon rate 1s 9 24% and employer contnbu!lons for the current fiscal year and the precedmg two fiscal years are as follows

Fiscal Year

Percentage Contnbuted

Reqmred Contnbut1on

2002 2001 2000

100% 100% 100%

$ 237,291 59
s 270,725 96
$ 256,392 63

- 17 -

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30. 2002

ASSETS Cash and Cash Equivalents Accounts Receivable lnventones
Food Donated Commod1t1es Purchased Food
Total Assets

SCHOOL FOOD
SERVICES FUND

LOTTERY PROGRAMS

$

67,617 85 $

39,688 97

3,071 08

3,000 05 526 21

s

74 21519 $-~..:3~9.;;6;::8::,8.::,97:..

LIABILITIES AND FUND EQUITY
LIABILITiES
Cash Overdraft Accounts Payable Salanes Payable Expired Grant Balances Payable Deferred Revenue
Total L1ab1hbes
FUND EQUITY
Fund Balances Reserved For Inventories Food Donated Commodrttes Purchased Food Unreserved Undes1gnated
Total Fund Equrty
Total L1ab1htles and Fund Equity
See notes to the general-purpose financial statements
- 18 -

$

75353 $

5,580 53

12,557 94

24,957 38

258 21

8 892 85

$

1331147 s

39 688 97

$

3,000 05

526 21

57 377 46 $

0 00

$

60 903 72 $

000

$

74 215 19 $~~..:3~9.;;6;;;8~8~97;:,

EXHIBIT "E"

FEDERAL PROGRAMS

TOTALS

JUNE 30, 2002

JUNE 30, 2001

$

107,30682 $

106,774 37

$

107,070 84

110,141 92

96,975 43

3,000 05 526 21

1,21856 1 136 57

$

10707084 $

220 975 00 $ _ .....2..00..,.1,._04_9_3,..

s

45,940 87 $

45,940 87 $

28,601 05

14,853 19

21,187 25

19,057 17

46,276 78

83,792 10

80,222 53

258 21

6,678 59

8 892 85

2 370 92

s

107 070 84 $

160 071 28 $

136,930 26

$

s _ _ _ _....,o~oo~

s

000 $

3,000 05 $ 526 21

1,218 56 1,13657

57 377 46

66 819 54

60 903 72 $ _ __,6'-"9<-'1-'-74-'-6""7~

$

107 070 84 $

2201s15 oo s_.....2_00_._1_04_s_3_

- 19 -

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES
SPECIAL REVENUE FUND YEAR ENDED JUNE 30. 2002

REVENUES
State Funds Federal Funds Other Funds
Total Revenues
EXPENDITURES
Currant lnstrucllon Support Services Pupil SeMces Improvement of Instructional Services General Administration Maintenance and Operabon of Plant Student Transportation Services Other Support Services Fcod Services Operation
Total Expenditures
Excess of Revenues over (under) Expenditures
OTHER FINANCING SOURCES
Operating Transfers In
Excess of Revenues and Other Financing Sources over (under) Expendrtures
FUND BALANCE JULY 1
Food Inventory - Net Change in Penod Donated Commod1bes Purchased Food

SCHOOL FOOD
SERVICES FUND

LOTTERY PROGRAMS

$

23,312 00 $

193,950 95

187,768 30

14 874 39

$

225,954 69 $

193 950 95

$

148,550 15

5,44514

$

235 396 77

57,109 01 10,762 09
35924 135 36

$

235 396 77 $

222,360 99

$

s -9,442 08

-28,410 04

28 410 04

$

-9,442 08 $

0 00

69 174 67

0 00

1,781 49 -610 36

FUND BALANCE JUNE 30

$

60 903 72 $ = = ~ - 0...0..0...

See notes to the general-purpose financ,al statements - 20 -

EXHIBIT "P'

FEDERAL PROGRAMS

TOTALS

YEAR ENDED

JUNE 30, 2002

JUNE 30, 2001

$

217,262 95 $

260,840 26

$

555,935 84

743,704 14

688,344 42

14 874 39

16 750 93

$

555,935 84 $

975 841 48 $_~96~5=,9=35~6~1~

$

398,263 22 $

546,813 37 $

517,526 42

23,046 64 22,290 88 23,625 23
9,10763 79,535 06
1 502 90

28,491 78 22,290 88 80,734 24 10,762 09
9,466 87 79,67042 236,899 67

20,028 91 31,54115 83,852 87 11,79623
9,776 82 79,873 73 216,235 96

$

557 371 56 $ 1,015,129 32 $

970,632 09

$

-1,43572 $

-39,287 84 $

-4,69648

143572

29 845 76

3 810 19

$

000 $

-9,442 08 $

-886 29

o oo

69,174 67

69,682 90

1,781 49 -610 36

103 75 274 31

$

~-------~ 000 $

60 903 72 $

69 174 67

- 21 -

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND
JUNE 30 2002

EXHIBIT "G"

ASSETS
Cash and Cash Equivalents Accounts Receivable
Total Assets
FUND EQUITY
Fund Balances Reserved
For SPLOST Pro1ects
Unreserved Undes1gneted
Total Fund Equ:ty

REGULAR

SPECIAL PURPOSE LOCAL OPTION SALES TAX

TOTALS JUNE 30, 2002 JUNE 30, 2001

$

0 00 s

200,645 08 $ 200,645 08 $ 11688689

36 523 41

36 523 41

54011 31

$

0 00 $

s ___ 237168 49 $ 237 168 49

11_0.8_9_8_2_0_

1

s
s ____o~oo~

237,168 49 $ 0 00

237,168 49 $ 0 00

170 898 20 0 00

$

000 $

237 168 49 $ 237 168 49 $ __1:,:7.::0.::8:;::98::,:;:20::,,.

See notes to the general-purpose finanoal statements

22 -

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION

EXHIBIT "H"

COMBINING STATEMENT OF RE\/ENUES EXPENDITURES AND CHANGES IN FUND BALANCES

CAPITAL PROJECTS FUND

YEAR ENDED JUNE 30 2002

REGULAR

SPECIAL PURPOSE LOCAL OPTION
SALES TAX

TOTALS YEAR ENDED JUNE 30, 2002 JUNE 30, 2001

REVENUES
Taxes Other Funds
Total Revenues
EXPENDITURES

$

51,736 55 $

51,736 55 $

78,222 11

$

000

3 808 94

3 808 94

6 817 66

$

000 $

55 54549 $

55 545 49 $

85 039 77

Capital Ou11ay Professional and Tedlmcal SeMces Land and Land Improvements Btulchng and BuUd1ng Improvements Equipment
Total Expendrtures
Excess of Revenu., over (under) Expendrtures

$

1,800 00 $

46,50000

$ 48 300 00 $ $ -48 300 00 $

60000 $ 1,760 07 33 667 36
36 027 43 $
1951806 $

2,400 00
48,260 07 s
33,667 36
84 327 43 $
-28 781 94 $

10,717 21 99,425 30
1 BOO 00
11194251
-26 902 74

OTHER FINANCING SOURCES CUSESl

Operabng Transfers In

$

Operabng Transfers Out

Total Other Fmandng Sources (Uses) $

48,300 00 $ 48 300 00 $

46,752 23 $
46 752 23 s

95,052 23 $ 95 052 23 $

8,100 00 -84,198 84
-76 098 84

Excess of Revenues and Other Financing Sources

over (under) Expenditures and Other Financmg

Uses

$

FUND BALANCE JULY 1

0 00 s
000

66,270 29 s
170 898 20

66,270 29 s -103,001 38

170 898 20

273,899 58

FUND BALANCE JUNE 30

$

000 $ 237 168 49 $ 231 168 49 s__1'-'1_0.8._98._2_0_

See notes to the general-purpose financial statements

23

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN ASSETS AND LiABILITiES
FIDUCIARY FUND TYPE AGENCY FUND YEAR ENDED JUNE 30 2002

EXHIBIT "I"

PRINCIPAL ACCOUNTS ASSETS
Cash and Cash Equivalents
LIABILmEs Funds Held for Others

BALANCE JULY 1 2001

ADDmONS

BALANCE DEDUCTIONS JUNE 30. 2002

s

682697 $ 45 380 76 $

----- 40.661 07 $

11 546 66

$

682697 $ 45.380 76 $

4066101 s___,_,54...,.6_6_6_

See notes to the general-purpose finanaal statements

24

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
YEAR ENDED JUNE 3Q 2002

SCHEDULE "1"

FUNDING AGENCY PROGRAM/GRANT
Agnculture, u S Department of Child Nutntion Cluster Pass-Through From Georgia Department of Education Food and NutnbOn Program Food Services School Breakfast Program
National School Lunch Program
Pass-Through From Office of Sdlool Readiness Food and Nutntion Program Summer Food Sel'Vlce Program for Chlldren
Total Child Nutrrt1on Cluster
Other Programs Pass-Through From Georgia Department of Educal.Jon Food and Nubttlon Program Food DlslnbuliOn Program (1) Pass-Through From Office of School Readiness Food and Nutrition Program Ch.id and Adult care Food Program
Total U S Department of Agrtculture
Education, U S Department of Speaal Education Cluster Pass-Through From Georgla Department of Education lncllviduals With DlsabJlltles EducallOn Ad. Part B Special EducaUon Flow Ttvough capacity BUIiding Improvement Preschool
Total Special Education Cluster
Other Programs Direct Impact Aid Pass-Through From Georgia Department of Education Elementary and Secondary EducatIOn Ad Title I Accountablllty Grants Grants to Local EducaUonal Agencies Trtle II Eisenhower Profeask>nal Development Title VI Innovative Education Program Strateglea Clasa Size Reduction Pass-Tlvough From Georgia Department of Human
ReSOl.l"C8S
Safe and Drug-Free Schools and Communities
Total U S Department of Education
Health and Human SeMCes U S Department of Pass-Through From Ctuldren and Youth CoordlnaUng Council Abstinence Educ:ahOn Block Grant

CFDA NUMBER

PASSTHROUGH
ENTITY ID
NUMBER

FEDERAL REVENUE IN PERIOD

EXPENDITlJRES IN PERIOD

10 553 10 555
. 10 559

NIA

s 59 380 42

NIA

s 117,899 57

(2) 224 965 27 (3)

NIA

1 612 43

s 178,892 42 s

1,555 62 226,520 89

10 ~50 10 558

NIA

8,875 88

8 875 88

NIA

6 426 89

s 194 195 19 s

6 428 80 241,823 66

84 027 84 027 84173
. 84 041

NIA

s 60 947 77 s

NIA

2,419 00

NIA

6,100 00

s 69,565 77 $

60 947 77 2,410 00 6 100 00
69 565 77

33,19613

(4)

84348 84 010 84 281 84 298 84 340
84 186

NIA

58 57~ 00

NIA

353 383 90

NIA

11,66817

NIA

11,01000

NIA

51,733 00

58,575 00 353,383 90
1168817
1101000 53 168 72 (3)

NIA

17,58325

s 60671522 s

17,583 25 574 954 81

93 235 25

NIA

s 24 1020 BO s

24 020 80

CHATTAHOOCHEE COUNTY BOARD OF EDUCATIDN
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
YEAR ENDED JUNE 30 2002

SCHEDULE "1"

FUNDING AGENCY PROGRAM/GRANT
Ju&Hce, U S Department of Pass-Through From Chlldren and Youth Coordinating Council Part E, Stale Challenge AclJv1bes

CFDA NUMBER

PASSTHROUGH
ENTITY ID
NUMBER

FEDERAL REVENUE IN PERIOD

EXPENDITURES IN PERIOD

18 549

NIA

$ 10,200 27 $

10 200 27

Total Federal Financial AsSIStance NIA a Not Avalable

$ 835, 131 48 $, _ _,::BS~0:.,9:,::9,::9,::54;:.

Notes Jo the Schedule of ExDend1tures of Federal Awards
(1) The amo1.mts shown for the Food Drstnbubon Program represents the Federa!Jy assigned value of nonmonetary assistance for donated commodltles received and/or consumed by the system during the current ftscal year
(2) Expenditures for the School Breakfast Program were not maintained separately and are mduded In the 2002 Nabanal Sdlool Lunch Program
(3) Expenditures for this program Include State, and/or Other Foods Expendrturas are not maintained by fund &OUrce
(4) Funds earned on this program do not require reporting of expenditures
r) Major Programs are Identified by an asterisk In front of the CFDA number

Tho School DiItrld did not proV!de Federal Assistance lo any Subredpient
The ccompanymg schedule of expenditures of Federal awards includes the Federal grant acttvrty of the Chattahoochee County Board of Education and 1s presented on the mochfied acaua! basls of accounting wtuch lS the baals of aCCCM1Ung used In the presentaUon of the general-pwpose flnancial statements

See notes to the general-purpose finanaal statements

- 26-

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30 2002

SCHEDULE "2"

AGENCY/FUNDING

GOVERNMENTAL FUND TYPES

SPECIAL

GENERAL

REVENUE

FUND

FUND

GRANTS Community Affairs, Georgia Department of Local Assistance Grant

$

75,000 00

$

Educatlon, Georgia Department of Quality Basic Education Otrvct lnstructlonal Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades (4-5) Program - Eerty lrrtervenUon
Program Middle School (6-8) Program
S1uden15 with O,sabthtlel Category I Category II Cetegory Ill
Gifted Student - Category VI AllomalM! Education Program Media Center Program
20 Daya Addlllonal Instruction
Mrdterm Hold Harmless Staff and Professional Development lnchrad Cost Categorical Granll PupU Transportation
Regular Bus Replacement Speralty Nurslng Selvlces Pnnapal Supplements Educabon EquahzetJon Fundmg Grant Food Services Other State Programs Health Insurance Preschool Hlend1capped Program Statewide K-3 Reeding Program Statewide 4-8 Aller School Program Lottery Programs Assi1bve Technology computen, n the Classroom

125,951 00 67,827 00
335 674 00 162,232 00 182 548 00
89 890 00 317,795 00
12,216 00 58,814 00 136,721 00
8 043 00 10 813 00 47,890 00 1318800 33 351 00 8 304 00 463,958 00

105,332 00 31,023 00
120,449 00 27,752 00 1,889 00
185 291 00 $
27 406 75 32 245 00 12,000 00
5,781 00

23 312 00
3 931 00 11,073 94

Human Resources, Georgia Department of Family Connection

34,038 13

Office of School Readlnasa Pre-Ktndergarten Program

178,946 01

Office of Treaswy and FlscaJ Serv1ces Public School Employees Retirement

6,760 00

TOTAL
75,000 00
125,951 00 67 827 00 335,674 00 162,232 00 182 548 00
89,890 00 317 795 00
12 216 00 58 814 00 136 721 00
8,043 00 10,813 00 47 890 00 1318800 33 351 00
8 304 00 463 958 00
105 332 00 31 023 00
120 449 00 27,752 00
1 889 00 185 291 00 23 312 00
27,406 75 32 245 00 12 000 00
5,781 00
3,931 00 1107394
34,038 13
178 946 01
6 760 00

See notes to the general-purpose financial statements

$ 2,739,979 88 $ 217 262 95 $ 2,957,242 83 - 27 -

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION
SCHEDULE Of APPRO\/ED LOCAL OPTION SALES TAX PROJECTS YEAR ENDED JUNE 30 2002

SCHEDULE "3"

PROJECT
Chattahoochee County Educabon Center - Classroom building addrbons, renovation to media center, cafeteria, re-roofing main bu11dmg, covered walkway to eX1stmg playground and bus stop, addrtJonal parking fac1.hbes, heating and air condrllonlng, samtallon and communlcabons improvements, furniture needs, relocabon and correctJon of three mobile umts, furniture needs for Chattahoochee County Educabon Center and other necessary costs assoaiilted wrth School DtStrld Expansion Program

ORIGINAL ESTIMATED
COST (1)

CURRENT ESTIMATED COSTS (2)

AMOUNT EXPENDED IN CURRENT
YEAR(3)

AMOUNT EXPENDED
IN PRIOR YEARS (3)

s s 1,soo,000 oo 2,309,750 27 $

so,ss2 43 $ 212ss1097 B4

PROJECT STATUS
Ongoing

(1) The School mstnd's ongmal cost esbmate as specified m the resolution calllng for the Imposibon of the Local Opt.Jon Sales Tax
(2) The School DtStrtct's current estimate of total cost for the proj8Cl Includes all cost from proJed Incepllon to complebon
(3) The voters of Chattahoochee County approved the 1mposlt10n of a 1% sates tax to fund the above proJect and retire asSOC1ated debt Amounts expended for tt11s prOJed may include sales tax proceeds, state, local property taxes and/or other funds over the llfe of the pro,ed

See notes to the general-purpose finanaal statements

29

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION GENERAL FUND - OUAUJY BASIC EDUCATION PROGRAM IOBEI
ALLOTMENTS AND EXPENDITURES - BY PROGRAM
YEAR ENDED JUNE 30 2002

SCHEDULE "4"

DESCRIPTION
Direct lnstruc:tlonal Programs Kindergarten Program Kindergarten Program-Earty Intervention Program Prtmary Grades (1-3) Program Pnmlll)' Grades-Earty lnlefvenUon (1-3) Program Upper Elemantary Grades (4-5) Program Upper Elementary Grades-Earty ln1ervanUon (4-5) Program Middle School (&-8) Program Students with Dlsab1.hUes Ca1egoryl Gttled Student ~ Category vt Altematlve Education Program
TOTAL DIRECT INSTRUCTIONAL PROGRAMS
Media Center Program Staff and ProtaB5lonal Developmen1

ALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1)

ELIGIBLE QBE PROGRAM COSTS

SALARIES

OPERATIONS

TOTAL

$

137,465 00 $ 114TT620 $

6,656 69 $

121,436 89

74,027 00

103,083 03

426 04

103,509 07

366,360 00

447 756 15

6 411 46

456,167 63

1TT,063 00

146,111 46

14611146

196,692 00

236 277 36

7,006 72

243,264 10

96,651 00 348,646 00 226,743 00
8,779 00 1158300

20 652 09 490,431 31
236 225 67 17,236 52 12 761 45

1197550 53 20

26,652 09 502 406 61
236 225 67 17,236 52 12 634 65

$

s 1,646,209 00 $ 1 633 533 46

34,531 63 $ 1,666,065 11

52 289 00 9 064 00

72,959 36 ~ 393 15

6,796 03 4 670 85

79,755 41 9 064 00

TOTAL QBE FORMULA FUNDS

$

1 707 542 00 S 1 910 666 01 S 45 996 51 S 1,958,864 52

(1) Comprtaed or State Funds plus Local Five Min Shara

See notes to the general-purpose financial statements

- 30-

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION GENERAL FUND - QUALITY BASIC EDUCATION PROGRAM (QBE)
ALLOTMENTS AND EXPENDITURES - BY SITE YEAR ENDED JUNE 30. 2002

SCHEDULE "5"

SITE Chattahoochee County Educabon Center Chattahoochee County Middle School Central Office (Alternative Educabon Program)
TOTAL
(1) Comprised of State Funds plus Local Five Mill Share

ALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1)

ELIGIBLE QBE PROGRAM COSTS

$

1.206.005 00 $

1,294,052 84

428,621 00

574,012 27

11 58300

$

1,646,209 oo s==1_.a=s._a,.00....,5..1._1

See notes to the genera~purpose finanoal statements - 31 -

SECTION II COMPLIANCE AND INfERNAL CONTROL REPORTS

{l1~~EI L W. HINTON
<;TA.Tl: AUOITOn
(4,14i r,.<;S 2114

DEPARTMENT OF AUDITS AND ACCOUNTS
254 Wa,hmglon S1rcc1. SW Suuc 214
AtlJnta, Gcorg1.1 30334-8400
May 30, 2003

Honorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education
and Supenntendent and Members of the Chattahoochee County Board of Education
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
Ladies and Gentlemen
We have audited the financial statements ofChattahooehee County Board ofEducation as of and for the year ended June 30, 2002, and have issued our report thereon dated May 30, 2003 This report was qualified for vanous departures from generally accepted accountmg pnnc1ples, as 1dent1fied m the auditor's report on the general-purpose financial statements We conducted our audit m accordance with aud1tmg standards generally accepted m the Umted States of Amcnca and the standards applicable to financial audits contamed m Government Audltmg Standards, JSsued by the Comptroller General of the Umted States
Compliance
As part of obtammg reasonable assurance about whether Chattahoochee County Board of Education's financial statements are free of matenal misstatement, we performed tests of 1ls compliance with certain prov1s1ons of laws, regulations, contracts and grants, noncompliance with which could have a direct and matenal effect on the determmat1on of financial statement amounts However, prov1dmg an opm1on on compliance with those prov1s1ons was not an obJect1ve of our audit, and accordmgly, we do not express such an opm1on The results of our tests disclosed no mstances ofnoncomphance that are reqmred to be reported under Government Amhtmg Standards
Internal Control Over Fmancial Reportmg
In planmng and perform mg our audit, we considered Chattahoochee County Board of Education's mtcrnal control over financial rcportmg m order to delermme our aud1tmg procedures for the purpose of expressing our op1mon on the financial statements and not lo provide assurance on the internal
2002YB-41

control over financial reportmg However, we noted a certam matter mvolvmg the mternal control over fmanc1al reportmg and its operat10n that we consider to be a reportable cond1t1on Reportable cond1hons mvolve matters commg to our attention relatmg to s1gruficant defic1enc1es m the design or operation of the mternal control over financial reportmg that, m ourJudgment, could adversely affect Chattahoochee County Board of Educat10n's ab1hty to record, process, summanze and report financial data consistent with assertions of management m the financial statements The reportable condition 1s descnbed m the accompanymg Schedule ofFmdmgs and Questioned Costs as Item FS6261-02-01
A matenal weakness 1s a condition m which the design or operation of one or more of the mternal control components does not reduce to a relatively low level the nsk that misstatements m amounts that would be matenal m relation to the financial statements bemg audited may occur and not be detected Withm a timely penod by employees m the normal course of performmg their assigned functions Our consideration of the mternal control over financial reportmg would not necessanly disclose all matters m the mternal control that might be reportable conditions and, accordmgly, would not necessanly disclose all reportable conditions that are also considered to be matenal weaknesses. However, we consider item FS-6261-02-01 to be a matenal weakness
This report 1s mtended solely for the mformahon and use of the management, members of the Chattal!oochee County Board ofEducat10n, Federal awardmg agencies and pass-through entities and 1s not mtcnded to be and should not be used by anyone other than these specified parties
----...Respectfully submitted,
J.~

RWHas 2002YB-41

State Auditor

{Ui,,~t.LI W. HINTON
::. TATE AUDITOR (40,.j 656-,'1 /4

DEPARTMENT OF AUDITS AND ACCOUNTS
254 w.,_shmgton Street, S W Su11c 214 AtlJnla. Georgi 30334-8--100
May 30, 2003

Honorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education
and Supenntendent and Members of the Chattahoochee County Board ofEducatwn
REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133
Ladies and Gentlemen
Compliance
We have audited the compliance of Chattahoochee County Board of Educatwn with the types of compliance requirements descnbed m the US Office ofManagement and Budget (0MB) Circular A-I33 Compliance Supplement that are applicable to each of1ts maJor Federal programs for the year ended June 30, 2002 Chattahoochee County Board of Educatwn's maJor Federal programs are 1den1Ified m the Summary of Auditor's Results Secllon of the accompanymg Schedule ofFmdmgs and Queslloned Costs Compliance with the reqmrements oflaws, regulallons, contracts and grants applicable to each of1ts maJor Federal programs 1s the respons1b1htyofChattahoochee County Board of Educallon's management Our respons1b1hty 1s to express an opmwn on Chattahoochee County Board of Educatwn's compliance based on our audit
We conducted our audit ofcompliance m accordance with audllmg standards generally accepted m the Umted States of Amenca, the standards applicable to financial audits contamed m Government Aud1tmg Standards, issued by the Comptroller General of the Umtcd States, and 0MB Circular A133, Audas of States. Local Governments, and Non-Profit Orgamzatwns Those standards and 0MB Circular A-133 rcqmre that we plan and perform the audit to obtam reasonable assurance about whether noncomphance with the types ofcompliance reqmrements rcforred to above that could have a direct and matenal effect on a maJor Federal program occurred An audit mcludes cxarn1rung, on a test basis, evidence about the Chattahoochee County Board of Educalion's compliance with

2002SA-10

those reqwrements and performmg such other procedures as we considered necessary m the circumstances We beheve that our audit provides a reasonable basis for our opm10n Our audit does not provide a legal determmation on Chattahoochee County Board of Education's comphance with those requirements.
In our opinion, the Chattahoochee County Board of Education comphed, m all matenal respects, with the requirements referred to above that are apphcable to each of1ts maJor Federal programs for the year ended June 30, 2002.
Internal Control Over Comphancc
The management of Chattahoochee County Board of Education 1s responsible for estabhshmg and mamtammg effective mtemal control over comphance with reqmrements of laws, regulations, contracts and grants apphcable to Federal programs. In plannmg and performmg our audit, we considered Chattahoochee County Board of Education's mtemal control over comphance with requirements that could have a direct and matenal effect on a maJor Federal program m order to determme our audltmg procedures for the purpose of expressmg our opm1on on comphance and to test and report on mtemal control over comphance m accordance with 0MB Circular A-133
Our consideration ofthe mtemal control over comphance would not necessanly disclose all matters in the mtemal control that might be matenal weaknesses A matenal weakness 1s a cond1t1on m which the design or operation ofone or more ofthe mtemal control components does not reduce to a relatively low level of nsk that noncomphance with apphcable reqmrements of laws, regulations, contracts and grants that would be matenal m relation to a maJor Federal program bemg audited may occur and not be detected w1thm a timely penod by employees m the normal course of performmg their assigned functions. We noted no matters mvolvmg the mtemal control over comphance and its operation that we consider to be matenal weaknesses
This report 1s mtended solely for the mformat1on and use of the management, members of the Chattahoochee County Board ofEducation, Federal awardmg agencies and pass-through entities and 1s not mtended to be and should not be used by anyone other than these specified parties
_....R_,e;._spectfully submitted,
~~~
Hmton State Auditor
RWH.as 2002SA-I0

SECTION ID AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE
SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2002

PRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS

FINDING CONTROL NUMBER AND STATUS

FS-6261-00-0 I FS-6261-01-01

Further Act10n Not Warranted Unresolved - No Corrective Action Implemented

CORRECTIVE ACTION/RESPONSES

GENERAL FIXED ASSETS Fllllure to Mamtam General Fixed Assets Account Group Fmdmg Control Number: FS-6261-01-01

The School D1stnct does not mamtllln General Fixed Assets at 1h15 time

PRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS

FINDING CONTROL NUMBER AND STATUS

FA-6261-01-01

Previously Reported Corrective Act10n Implemented

SECTION IV FINDINGS AND QUESTIONED COSTS

CHATTAHOOCHEE COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30. 2002
I SUMMARY OF AUDITOR'S RESULTS
1 Type of Report Issued on the Fmanc1al Statements The auditor's op1mon on the Chattahoochee County Board of Educahon's financial statements was qualified for vanous departures from generally accepted accountmg pnnc1ples
2. Reportable Cond1t10ns m Internal Control Disclosed by the Audit of the Fmancial Statements The audit report for the Chattahoochee County Board of Educatton disclosed a financial statement reportable cond11ion related to the followmg control category
General Fixed Assets
The reportable cond11ion descnbed above 1s considered to be a matenal weakness
3 Noncompliance Matenal to the Fmancial Statements The audit of the Chattahoochee County Board of Educalion disclosed no instances of noncompliance that were deemed to be matenal to the financial statements
4 Reportable Cond11ions m Internal Control Over Ma10r Programs The audit report for the Chattahoochee County Board of Educauon did not disclose any reportable cond1t1ons m mternal control over maJor programs
5 Type of Report Issued on Compliance for Ma1or Programs The auditor's op1mon on the Chattahoochee County Board of Educatmn's report on compliance with reqmrements applicable to maJor programs was unqualified
6 Audit Fmdmgs Regmred to be Reported by Seclion 510(a) ofOMB Circular A-133 The Chattahoochee County Board of Educalion's audit did not disclose audit findmgs required to be reported by seclion 510(a) ofOMB Circular A-133
7 Ma1or Programs Federal awards audited as maJor programs are as follows 10 553 Food and Nutnlion Program - Food Services - School Breakfast Program 10 555 Food and Nutnlion Program-Food Services - Natmnal School Lunch Program IO 559 Food and Nutnlion Program - Summer Food Service Program for Children 84 041 Impact Aid
8 Type "A" Program Dollar Threshold The dollar threshold for type "A" programs was $300,000 00
9 Low Risk Aud1tee The Chattahoochee County Board ofEducalion qualified as a low nsk audttee as defined by Seclion 530 ofOMB Circular A-133
- I-

CHATI'AHOOCHEE COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30, 2002
II FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS GENERAL FIXED ASSETS Failure to Mamtam General Fixed Assets Account Group Reportable Cond11Jon - Matenal Weakness Repeated From Pnor Year Fmdmg Control Number FS-6261-02-01 The Chattahoochee County Board ofEducauon did not mamtam a system-wide General Fixed Assets Account Group wnhm the formal accountmg records as reqmred by generally accepted accounting pnnc1ples This cond1t1on results in the general-purpose financial statements of the School D1stnct be.mg incomplete and not m accordance with generally accepted account.mg pnnc1plcs Appropnate action should be taken by the School D1stnct to establish accounting controls and procedures to provide for maintenance of a General Fixed Assets Account Group These subs1d1aryrecords should include an inventory of land, buildings and equipment owned by the School D1stnct and should include, but may not be hm1tcd to. date acquired, acqms1t10n cost, estimated replacement cost, location and descnpt1on Detailed records should be mamtamed of all additions and deletions to the General Fixed Asset Account Group Ill FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported
-2-