Audit report, Colquitt County Board of Education, Moultrie, Georgia, year ended June 30, 1994

GA
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STATE OF GEORGIA DEPARTMENT OF AUDITS
254 WASHINGTON STREET ATLANTA. GEORGIA 30334

AUDIT REPORT COLQUITT COUNTY BOARD OF EDUCATJON
MOULTRIE, GEORGIA YEAR ENDED JUNE 30, 1994

COLQUITT COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS -

SECTION I

FINANCIAL

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

EXHIBITS

GENERAL PURPOSE FINANCIAL STATEMENTS

COMBINED STATEMENTS - OVERVIEW

A

COMBINED BALANCE SHEET

ALL FUND TYPES

3

B

COMBINED STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES

GOVERNMENTAL FUND TYPES

AND EXPENDABLE TRUST FUND

4

C

COMBINED STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES - ACTUAL AND BUDGET

GOVERNMENTAL FUND TYPES

6

D

COMBINED STATEMENT OF REVENUES, EXPENSES AND

CHANGES IN FUND BALANCES

FIDUCIARY FUND TYPE- NONEXPENDABLE TRUST FUNDS

7

E

COMBINED STATEMENT OF CASH FLOWS

FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUNDS

8

F NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

9

ADDITIONAL FINANCIAL INFORMATION

COMBINING STATEMENTS

SPECIAL REVENUE FUND

G

COMBINING BALANCE SHEET

22

H

COMBINING STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

24

CAPITAL PROJECTS FUND

I

COMBINING BALANCE SHEET

26

J

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES

28

FIDUCIARY FUND TYPES

K

COMBINING BALANCE SHEET

30

L

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES

EXPENDABLE TRUST FUND

32

COLQUITT COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS -

SECTION I

FINANCIAL

ADDITIONAL FINANCIAL INFORMATION

SCHEDULES

I SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE

34

2 ANALYSIS OF CASH AND CASH EQUIVALENTS

36

3 INVESTMENTS

37

4 ACCOUNTS RECEIVABLE

38

SCHEDULE OF REVENUE

5

STATE FUNDS

39

6

LOCAL AND OTHER FUNDS

40

SCHEDULE OF EXPENDITURES BY OBJECT

7

GOVERNMENTAL FUND TYPES

41

8

LOTTERY PROGRAMS

42

9

FIDUCIARY FUND TYPE

EXPENDABLE TRUST FUNDS

43

ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS

GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS

10

OVERALL

45

11

BY PROGRAM

46

12 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

COLQUITT COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS -
SECTION III INTERNAL CONTROL REPORT ON INTERNAL CONTROL STRUCTURE IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS SINGLE AUDIT REPORT ON THE INTERNAL CONTROL STRUCTURE USED IN ADMINISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS
SECTION IV FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS
SECTIONV PERTINENT VIEWS OF RESPONSIBLE OFFICIALS SCHEDULE OF PERTINENT VIEWS OF RESPONSIBLE OFFICIALS

SECTION! FINANCIAL

CLAUDE L. VICKERS
STATE AUDITOR (404) 6562174

DEPARTMENT OF AUDITS
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400
August 2, 1995

Honorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation
and Superintendent and Members ofthe Colquitt County Board ofEducation
INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARYINFORMATIONSCHEDULE OF FEDERAL FINANCIAL ASSISTANCE
Ladies and Gentlemen:
We have audited the general purpose financial statements (Exhibits A through F) of the Colquitt County Board of Education, as of and for the year ended June 30, 1994, as listed in the table of contents. These financial statements are the responsibility of the Board's management. Our responsibility is to express an opinion on these financial statements based on our audit.
Except as discussed in the following paragraph, 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.
We did not observe the taking of either the Federal donated commodities inventory or purchased foods inventory at June 30, 1994, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures.
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:
94ARL-13

* 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.
* School activity accounts maintained at the individual schools are not included in the general purpose financial statements. To conform to generally accepted accounting principles, these accounts should be included in the general purpose financial statements.
* The Board did not recognize as expenditures, in the year ended June 30, 1994, a portion of salaries
and the corresponding employer's cost ofrelated benefits earned for contractual services completed prior to June 30, 1994. Also funds received, subsequent to June 30, 1994, from the Georgia Department ofEducation for the State's share ofthese unrecorded salaries and related benefits were not recorded as revenue in the year under review. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1993, were improperly recorded in the year ended June 30, 1994. To conform to generally accepted accounting principles, revenues should be recorded when available and measurable and expenditures should be recorded when incurred, rather than when funds are received or disbursed.
* The Board did not record the revenues and expenditures associated with Federal donated
commodities in its general purpose financial statements. To conform to generally accepted accounting principles, these amounts should be recorded in the general purpose financial statements.
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 ofsuch adjustments, if any, on the Special Revenue Fund, as might have been determined to be necessary had we been able to satisfy ourselves as to the accuracy of the food service inventories as discussed in the third paragraph, and 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 ofthe Colquitt County Board of Education as of June 30, 1994, and the results ofits operations and the cash flows of its nonexpendable trust funds for the year then ended, in conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the general purpose financial statements ofthe Colquitt County Board ofEducation taken as a whole. The combining statements (Exhibits G through L) and the financial schedules (Schedules I through 12 which includes the Schedule of Federal Financial Assistance) are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the Colquitt 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 effect of adjustments, if any, on the Special Revenue Fund, as might have been determined to be necessary had we been able to satisfy ourselves as to the accuracy of the food service inventories as discussed in the third paragraph, and except for the effects of the matters referred to in the fourth paragraph, such information is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole.
94ARL-13

A copy ofthis report has been filed as a pennanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code ofGeorgia Annotated Section 50-6-24.
Respectfully submitted,
~~
Claude L. Vickers State Auditor
CLV:gp 94ARL-13

COLOillTT COUNTY BOARD OF EDUCATION - 1-

Q.21.~ITT Q~NTY ~ Q QE E:~JQATION
QQMel~E;Q l;lB~CE HE:la
&.LE!JNQ!l'.PE: JUNE'. 30 1994

EXHIBIT"A"

~ Cash and Cash Equivalents
-Accounts-Food
Donated Commodities Pun:haaed Food
Total-

GOVERNMENTAL FUND TYPES

SPECIAL

CAPITAL

GENERAL

REVENUE

PROJECTS

FUND

FUND

FUND

FIDUCIARY FUND TYPE TRUST FUNDS

TOTALS (Memorandum On!l} JUNE30 1994 JUNE30 1993

1,407,685.71 $ 791,n5.94 $ 24,141.44 $

877,291.41 $ 3,500,844.50 $ 2,022,481.6

907,363.10

561,357.65

1,68,nD.75

2,602,905.65

623,889.1

32,798.01

1,950.78

350.76

950,988.69

698,065.19

35,648.78 20.906.23

35,648.78 20 906.23

53,601.66 21 338.55

$ 2938937.95 $ 1173 076.96 $ 987 449.87 $

877642.17 $ 5 977106.95 $ 5398 392.71

LYIJIIG ~Q f:YNQ liQVITY
~
Cash Owtrdrall Accounts Payable SalariooPayable Ellpinld G - Balance& Payable eon,,_ Payable Oolred R.,...,.
Total Liabilities
f\JNQl;OUrTY
Fund Balances R088Mld For Bus Replaoement Funds For Continuation of Federal Program For Endowment Corpus For Expired Grant Bala~ioned
c....
For bwentories Food Oonaled Commodities
-Pun:haaedFood For S- Capital Outlay Projects
Undeaignaled
Total Fund Equity

68,426.80 315,627.03
12,282.80
23 ~.92
630 692.55

5,560.5

96,918.70

96,918.70 $ 2~2zf!1925 2 938 937.95 $

35,648.78 20,905.23
$

393197.80

62,113.55 $ 393,197.80 $

480~70.86

594J52.07

52 384.41 $ 987 449.87 $

$ 68,426.80 315,627.03 12,282.80
23 355.92
630 692.55 $

305,"33.21 96,569.14 306,658.21
8,557.34 17,40000
736617918

$ 75,000.00

$ 5,560.5 75,000.00
96,918.70

23,680.37 75,000.00 25,050.2'4

35,648.78 20,906.23 393197.80

53,601.66 21,338.55 240~37.00

75,000.00 $ 627,230.05 $ 438,907.82

802 642.17

4 719184.35

4 222 666.91

877642.17 $ 5 346 414.40 $ 4661 774.73

Tolal Liabilities and Fund Equity $ 2 938 937.95 $ 1173 076.96 $ 987 449.87 $

877,642.17 $ 5,977106.95 $ 5 398,392.71

The nole& to the general purpose financial statements are an integral part of this statement. -3-

COLQUITT COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS YEAR ENDED JUNE 30 1994

REVENUES
State Funds Federal Funds Local and Other Funds
Total Revenues
EXPENDITURES
Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Community Service Operations Other Operations of Non-Instructional Services
Capital Outlay
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
Food Inventory - Net Change in Period Donated Commodities Purchased Food
Residual Equity Transfer

GENERAL FUND

GOVERNMENTAL FUND TYPES

SPECIAL

CAPITAL

REVENUE

PROJECTS

FUND

FUND

$ 22,067,367.48 $ 54,912.75
7,143,486.29

703,082.61 3,766,332.46
584 596.58 $

$ 29 265 766.52 $ 5 054 011.65 $

26,392.65 26 392.65

$ 18,812,952.45 $ 1,872,250.22

858,393.00 700,696.60 818,620.77 259,226.32 1,987,616.94 461,880.02 2,977,521.83 1,486,433.78 101,998.85
19,411.11 125,182.07

160,274.89 49,049.10
267,370.62 189,314.70
124.90
132,476.52 24,446.24 28.55 1,318.19
2,231,769.10 17,942.28

54 989.68

6,000.00 $

$ 28,664 923.42 $ 4,952,365.31 $

$

600,843.10 $

101 646.34 $

214 859.70 214,859.70 -188467.05

$

$

-348, 127.60

$

-348, 127.60 $

7.10 $

348,120.50

7.10 $

348,120.50

$

252,715.50 $

2,683,356.62

101,653.44 $ 461,984.00

159,653.45 827,796.42

2 865.83

-17,954.88 -432.32
-2 865.83

FUND BALANCE JUNE 30

$ 2,938,937.95 $

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

542,384.41 $

987,449.87

EXHIBIT"B"

TOTAL

FIDUCIARY FUND TYPE EXPENDABLE TRUST FUNDS

TOTALS (Memorandum On!l)
YEAR ENDED JUNE 30 1994 JUNE 30 1993

$ 22,no.450.09 3,821,245.21 7 754 475.52 $
$ 34 346 170.82 $

$ 22,no,450.09 s 21,424,531.01

3,821,245.21

3,832,500.31

280 508.13

8 034 983.65

7 451,481.65

280 508.13 $ 34 626 678.95 $ 32 708 512.97

$ 20,685,202.67

1,018,667.89 749,745.70
1,085,991.39 448,541.02 $
1,987,741.84 461,880.02
3,109,998.35 1,510,880.02
102,027.40 20,729.30 2,356,951.17 17,942.28
0.00 275 849.38

$ 33,832,148.43 $

$

514,022.39 $

$ 20,685,202.67 $ 19,452,653.26

28.00 41,017.59
49,893.00

1,018,667.89 749,745.70
1,085,991.39 448,569.02
1,987,741.84 502,897.61
3,109,998.35 1,510,880.02
102,027.40 20,729.30 2,356,951.17 17,942.28 49,893.00 275 849.38

900,365.27 655,422.29 911,196.31 367,395.47 1,830,026.96 620,384.88 2,934,578.35 1,466,513.11
17,952.99
2,256,582.94
58,360.00 521 693.04

90 938.59 $ 33 923,087.02 $ 31,993,124.87

189 569.54 $

703 591.93 $

715 388.10

$

348,127.60

-348, 127.60

$

0.00

$

348,127.60 $

157,615.30

-348, 127.60

-157,615.30

$

0.00 $

0.00

$

514,022.39 $

3,973,137.04

189,569.54 $ 608,893.79

703,591.93 $ 4,582,030.83

715,388.10 3,874,659.53

-17,954.88 -432.32 0.00

-17,954.88 -432.32 0.00

-12,852.76 4,835.96

$ 4 468,n2.23 s 798,463.33 $ 5,267,235.56 $ 4,582 030.83

-5-

~LQYIIl ~Yr:!J:Y aQABQ OF EIJY~IIQt!I ~M~IN~Q !,TATl;MENT QF Bl;Yl;;NUE!, EXPl;N0ITUBES AND QHAN!al;S IN FUNQ BAbe,NCES
e&I\Jt.L ANQ ~!il:!!aEI - !aQVEBNMENTt,L Fl1NQ TYPES
VEAR ENQEQ JUNE :lQ 1994

EXHIBIT"C"

ACTUAL PER
EXHIBIT"B"

ACTUAL PER
ADJUSTMENTS BUDGET BASIS

BUDGET

VARIANCE FAVORABLE !UNFAVORABLE)

.BfllE.Nl!E!,

State Funds Federal Funds Local and other Funds

$ 22,770,450.09 $ 3,821,245.21 7,754,475.52

0.00 $ 22,770,450.09 $ 24,975,878.00 $ 3,821,245.21 3,786,839.74 7,754,475.52 6,727,000.45

-2,205,427.91 34,405.47
1,027,475.07

Total R.,..,.,ues

$ 34,346,170.82 $

0.00 $ 34,346,170.82 $ 35,489,718.19 $ -1,143,547.37

l;JIPENQII!.!BE!>

CUm!nt lnotruction
Support Service6 Pupil Service6 Improvement of lnalructional Service6 Educational Media Services General Adminialralion School Adminialralion Business Admintatration Maintenance and Operation of Plant Student Transportation Service6 Central Suppo,t Service6 other Suppo,t Service6
Food Service6 ~ Community Service Operations Cpilal OUllay

$ 20,685,202.67 $
1,018,667.89 749,745.70
1,085,991.39 448,541.02
1,987,741.84 461,880.02
3,109,998.35 1,510,880.02
102,027.40 20,729.30
2,356,951.17 17,942.28
275,849.38

0.00 $ 20,685,202.67 $ 20,679,205.02 $

1,018,667.89 749,745.70
1,085,991.39 448,541.02
1,987,741.84 461,880.02
3,109,998.35 1,510,880.02
102,027.40 20,729.30
2,356,951.17 17,942.28
275,849.38

1,028,435.98 650,014.26 919,604.85 382,928.18
1,926,335.54 560,640.30
3,032,825.85 1,532,537.37
88,155.93 22,265.00 2,413,998.54 22,056.00 3,517,155.00

-5,997.65
9,768.09 100,268.56 -166,386.54 "65,612.84 -61,406.30
98,760.28 -77,172.50 21,657.35 -13,87147
1,535 70 57,047 37
4,113n 3,241,305 6:

Total Expenditures Excea of Reven,_...,,. (under) Expenditures

$ 33,832,148.43 $ $ 514,022.39 $

0.00 $ 33,832,148.43 $ 36,976,157.82 $ 0.00 $ 514,022.39 $ -1,486,439.63 $

3,144,009 li 2,000,462 er

QI!::!EB FINe,NQIN!;z !,Ql,!RQES (1,!SE!f!)

Other Sources Other Uaes

$ 348,127.60 $ -348,127.60

0.00 $ 348,127.60 $ 150,000.00 $

-348,127.60

-150,000.00

198,12790 -198,12760

Total Other Financing Sources (Uaes) $

0.00 $

0.00 $

0.00 $

0.00 $

000

Exceu of Revenues and other Financing sources

aver (under) Expenditures and Other Financing

Uoes

$

514,022.39 $

0.00 $ 514,022.39 $ -1,486,439.63 $ 2,000,462.02

EUHC ~~N~E JYLY l 1993

3,973,137.04

-74,940.21 3,898,196.63 3,600,703.07

297,493.76

AtlJ!J~TMENT~

Prior Vear (Net)

0.00

0.00

25,744.69

-25,744.69

FQQC l~HIQRY HEI ~l:!At!l~i; lt!I el;BIQ0

Donated Commodities

-17,954.BB

17,954.BB

0.00

0.00

Pun:hued Food

-432.32

432.32

0.00

0.00

FUNQ Ml ANQE JUNE 30 111!!!!

$ 4,468,m.23 s

-56,553.01 $ 4,412,219.22 $ 2,140,006.13 $ 2,272,211.09

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

COLQUITT COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES EXPENSES AND CHANGES IN FUND BALANCES
FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUNDS YEAR ENDED JUNE 30 1994

EXHIBIT"D"

ENDOWMENT FUNDS

CLASS OF 1988

MCKEE

ODOM

SCHOLARSHIP SCHOLARSHIP SCHOLARSHIP

FUND

FUND

FUND

TOTALS (Memorandum Only)
YEAR ENDED JUNE 30, 1994 JUNE 30, 1993

OPERATING REVENUES

None Recorded

$

0.00 $

0.00 $

0.00 $

0.00 $

0.00

OPERATING EXPENSES

Current Bank Service Charges Scholarships

$

4.00 $

9.00 $

15.00 $

28.00 $

58.00

230.00

972.84

2,100.00

3,302.84

5,870.21

Operating Expenses

$

234.00 $

981.84 $

2,115.00 $

3,330.84 $

5,928.21

Operating Income (Loss) $

-234.00 $

-981.84 $

-2,115.00 $

-3,330.84 $

-5,928.21

NONOPERATING REVENUES

Interest Earned

215.41

701.20

1,849.17

2,765.78

3,232.70

Total Income (Loss)

$

-18.59 $

-280.64 $

-265.83 $

-565.06 $

-2,695.51

FUND BALANCE JULY 1

6,319.42

20,624.29

52,800.19

79,743.90

82.439.41

FUND BALANCE JUNE 30

$

6,300.83 $

20,343.65 $

52,534.36 $

79,178.84 $

79,743.90

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

CQLQUITT QO!JNTY !;!OARD QF EQ!JQATION QQMl;!INEQ !,TATEMENT QF QA!,H FLOWS EIQ!JQIARY FUNQ TYPE NONEXPl;NDABbE TRUST FUNDS
YEAR ENDEQ JUNE 30 1994

EXHIBIT"E"

Cash Flows from Operating Activities: Cash Paid for Scholarships
Net Cash Provided (Used) by Operating Activities
Cash Flows from Investing Activities: Interest Received on Investments Cash Paid for Bank Service Charges
Net Cash Provided by Investment Activities
Net Increase (Decrease) in Cash
Cash and Cash Equivalents - July 1

ENDOWMENT FUNDS

CLASS OF 1988

MCKEE

ODOM

SCHOLARSHIP SCHOLARSHIP SCHOLARSHIP

FUND

FUND

FUND

TOTALS (Memorandum On!)'.)
YEAR ENDED JUNE 30, 1994 JUNE 30, 1993

$

-230.00 $

-972.84 $

-2,100.00 $

-3,302.84 $

-6,870.21

$

-230.00 $

-972.84 $

-2,100.00 $

-3,302.84 $

-6,870.21

$

214.09 $

696.77 $

1,837.19 $

2,748.05 $

3,278.82

-4.00

-9.00

-15.00

-28.00

-68.00

$

210.09 $

687.77 $

1,822.19 $

2,720.05 $

3,220.82

$

-19.91 $

-285.07 $

-277.81 $

-682.79 $

-2,649.39

$

6,300.96 $

20,562.20 $

52,632.38 $ 79,495.54 $ 82,144.93

Cash and cash Equivalents - June 30

$

6,281.05 $

20,277.13 $

52,354.57 $ 78,912.75 $ 79,495.54

Reconciliation of Operating Income to Net Cash

PIOYided (Used) by Operating Activities:

Operating Income (Loss)

$

Net Cash PIOYided from Investing

Activities

-234.00 $ 4.00

-981.84 $ 9.00

-2,115.00 $ 15.00

-3,330.84 $ 28.00

-6,928.21 58.00

Net Cash Provided (Used) by Operating

Activities

$

-230.00 $

-972.84 $

-2,100.00 $

-3,302.84 $

-6,870.21

The notes to the general purpose financial statements are an integral part of this statement. -8-

COLQUITT COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30 1994

Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Colquitt County Board ofEducation (Board) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. With the exception ofthe departures from generally accepted accounting principles disclosed in the following paragraphs, the financial statements ofthe Board have been prepared in conformity with generally accepted accounting principles as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting standards.
The more significant of the Board's accounting policies are described below.
REPORTING ENTITY
In evaluating how to define the government unit for financial reporting purposes, management has considered the criteria set forth in GASB Codification of Governmental Accounting and Financial Reporting Standards, Section 2100, "Defining the Financial Reporting Entity". The primary government consists of all the organizations that compose the legal entity of the Colquitt County Board ofEducation.
Based upon the application ofthe above criteria, the Colquitt County Board of Education is determined to be the lowest level of government exercising oversight responsibility and control over alJ activities related to public education in Colquitt County, Georgia. The Board is not included in any other governmental "reporting entity" as defined by GASB Codification ofGovernmental 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 miJJage rate at which school taxes are levied and may incur bonded indebtedness with voter approval.
FUND ACCOUNTING
The Board uses funds to report on its financial position and the results ofits operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities.
A fund is a separate accounting entity with a self-balancing set of accounts.
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.

- 9-

COLQUITT COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30 1994

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Although "school activity accounts" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general purpose financial statements.
The general purpose financial statements account for all State, Federal, Local and Other Funds under control ofthe Board, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds presented in this report are as follows:
GOVERNMENTAL FUND TYPES - are used to account for all or most of a Board's general activities. Governmental Fund Types include:
GENERAL FUND - the fund used to account for all financial resources of the Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services traditionally provided by a board of education.
SPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are primarily received from the Georgia Department of Education and from the Federal government to accomplish specific objectives and are required to be accounted for separately. Also included are proceeds received from State, Federal, Local and Other sources for operations of the school food services fund. This fund could be accounted for as an enterprise fund; however, the Board chooses not to provide for depreciation, but to maintain the fund on a modified accrual basis and to report the fund as a special revenue fund under governmental fund types, which is acceptable under generally accepted accounting principles for governmental entities.
CAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities.
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:
NONEXPENDABLETRUSTFUNDS Class of 1988 Scholarship Fund and McKee Scholarship Fund - the funds used to account for endowments ofwhich the corpus is to be invested and preserved intact with the resultant income to be used to provide scholarships to graduating seniors of the Colquitt County High School.

- 10 -

COLQUITT COUNTY BOARD OF EDUCATION

EXIIlBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30 1994

Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Odom 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 provide scholarships to graduating seniors of the Colquitt County High School and awards to be made to fifth graders at Jack Mack Odom Elementary School.
EXPENDABLE TRUST FUNDS Goff Scholarship Fund, Millsap Scholarship Fund and Pippin Scholarship Fund - the funds used to account for scholarships to be made to graduating seniors of the Colquitt County High School.
Unemployment Compensation Fund - the fund used to account for Unemployment Compensation contributions and expenditures.
Workers' Compensation Fund - the fund used to account for Workers' Compensation contributions and expenditures.
BASIS OF ACCOUNTING
The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and expendable trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources.
Liabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds.
All 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 these funds are included on the balance sheet. Operating statements present increases (e.g., revenues) and decreases (e.g., expenses) in net total assets.
Governmental funds and expendable trust funds are accounted for using the modified accrual basis of accounting under which:

- 11 -

COLQUITT COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30 1994

Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount ofthe transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities ofthe current period. Those revenues considered susceptible to accrual are property taxes, local option sales taxes, intergovernmental grants, and investment income. Property taxes are considered available ifthey are collected and remitted by the collecting agent to the Board within 60 days after fiscal year-end.
Expenditures are generally recognized when the related fund liability is incurred.
A departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share ofthese contracts. During fiscal year 1994, a substantial number of personnel of the Board were employed for a one hundred and ninety day period beginning in late August 1993 and ending in early June 1994. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 1993 and ending in August 1994. State grants to fund the State's share of these contracts were disbursed from the Georgia Department of Education to the Board in the same twelve months. As ofJune 30, 1994, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 1994, had not been made. Payments for these two months were made and recorded as expenditures by the Board subsequent to June 30, 1994. Also, the State's portion ofthe compensation paid in July and August 1994 was received and recorded as revenue in the fiscal year subsequent to June 30, 1994. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1993, were recorded in the year ended June 30, 1994. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed.
The accrual basis of accounting, as required by generally accepted accounting principles, is utilized by nonexpendable trust funds. Under the accrual basis of accounting, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred.
BUDGET
The Colquitt County Board ofEducation has a legally authorized nonappropriated budget which is formally approved by the Board at the aggregate level. Budgets are prepared to provide a basis for funding operations and there is no legal prohibition regarding overexpenditure of the aggregate budget. The budget process begins when the Board's administration prepares a tentative aggregated budget for the Board's approval. After approval 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 ofthe Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This final budget is then submitted, in accordance with provisions of the Quality Basic Education Act, OCGA Section 20-2-167, to the Georgia Department ofEducation.

- 12 -

COLQUITT COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30 1994

Note l: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Board prepares its budget on the modified accrual basis, which is the same basis on which it presents its financial statements. The budget comparison on Exhibit "C" presents actual and budget data for all governmental funds on a combined basis. To facilitate comparison with the budget, donated and purchased food inventories as reflected on Exhibit "B" have been eliminated from fund balance.
CASH AND CASH 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.
INVESTMENTS
COMPOSITION OF INVESTMENTS Investments made by the Board are stated at cost. The Official Code of Georgia Annotated Section 36-83-4 authorizes the Board to invest its funds in the following:
(1) Obligations issued by the State ofGeorgia or by other states,
(2) Obligations issued by the United States government,
(3) Obligations fully insured or guaranteed by the United States government or a United States government agency,
(4) Obligations ofany corporation ofthe United States government,
(5) Prime banker's acceptances,
(6) The Local Government Investment Pool administered by the Office of Treasury and Fiscal Services,
(7) Repurchase agreements, and
(8) Obligations of other political subdivisions of the State of Georgia.

- 13 -

COLQUITT COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30 1994

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

RECEIVABLES

Receivables consist ofgrant reimbursements due from Federal, State or other grantors for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables.

PROPERTY TAXES

The Colquitt County Board ofCommissioners fixed the property tax levy for the 1993 tax year (calendar year) on October 8, 1993 (levy date). Taxes were due on December 20, 1993. The lien date for property taxes was January 1, 1993. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 1994 since their collection meets the criteria of GASB codification section P70.103. The Colquitt County Tax Commissioner bills and collects the property taxes for the Board of Education, withholds 2.5% of taxes collected as a fee for tax collection, and remits the balance of taxes collected to the Board.

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

School Operations

.8...ll 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. The Board uses the purchases method to account for inventories of purchased foods whereby expenditures are recorded at the time of purchase. Both the donated food commodities inventory and the purchased foods inventory reported on the balance sheet are equally offset by reservations of fund balance which indicates that they do not constitute "available spendable resources" even though they are a component of net current assets. The Federally assigned value of donated commodity items received and consumed has not been reflected as revenues and expenditures in the general purpose financial statements. To conform to generally accepted accounting principles, these amounts should be recorded in the general purpose financial statements.

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

- 14 -

COLQUITT COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30 1994

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
recorded in the individual funds for the current portion of this obligation as this amount is deemed immaterial to the general purpose financial statements.
Additionally, the dollar value of accumulated compensated absences at June 30, which will be payable from future resources has not been recorded in the General Long-Term Debt Account Group as this liability is also deemed to be immaterial to the fair presentation ofthese financial statements.
INTERFUND TRANSACTIONS
The Board has the following types ofinterfund transactions:
Reimbunements ofexpenditures/expenses initially made from a fund that are properly applicable to another fund, are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed.
Residual equity transfers are recorded for nonrecurring or nonroutine permanent transfers of equity.
Operating transfers are recorded for all interfund transactions other than residual equity transfers and reimbursements.
MEMORANDUM ONLY -TOTAL COLUMNS
Total columns on the general purpose financial statements are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations or cash flows in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data.
Note 2: DEPOSITS AND INVESTMENTS
COLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee ofinsurance, orby collateral in an amount of not less than 110 percent of the public funds being secured after the deduction ofthe amount of deposit insurance. OCGA Section 45-8-11 provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts.
Acceptable security for deposits consists of any one of or any combination of the following:
(I) Surety bond signed by a surety company duly qualified and authorized to transact business within the State ofGeorgia,
- 15 -

COLQUITT COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO TIIE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30 1994

Note 2: DEPOSITS AND INVESTMENTS

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

(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State 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, 1994, the bank balances were $6,669,709.65. The amounts of the total bank balances are classified into three categories of credit risk:

Category 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Board or by the Board's agent in the Board's name.
Category 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Board's name.
Category 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Board's name.)

The Board's deposits are classified by risk category at June 30, 1994, as follows:

Risk Category

Bank Balance

1

$ 510,405.48

2

4,766,420.60

3

1 392 883.57

Total

$ 6 669 709 65

- 16 -

COLQUITT COUNTY BOARD OF EDUCATION

EXIIlBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30 1994

Note 2: DEPOSITS AND INVESTMENTS

At June 30, 1994, the carrying amount of the Board's total investments was $1,468,720.75 and consisted entirely offunds in the Local Government Investment Pool administered by the Office of Treasury and Fiscal Services which are not required to be categorized since the Board did not own any specific identifiable securities in the pool.

Note 3: NON-MONETARY TRANSACTIONS

The Board receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. See Note 1 - Inventories

Note 4: RISK MANAGEMENT

The Board has established a limited risk management program for Workers' Compensation. Estimated claims are budgeted by management based on known claims and prior experience. Each fund contributes their pro rata share to the Workers' Compensation fund and claims are paid from this fund during the fiscal year. During fiscal year 1994, a total of $22,014.87 was paid in claims. An excess coverage insurance policy covers individual claims in excess of$1,000,000.00.

The Board has established a limited risk management program for Unemployment Compensation. Estimated claims are budgeted by management based on known claims and prior experience. Each fund contributes their pro rata share to the Unemployment Compensation fund and claims are paid from this fund during the fiscal year. During fiscal year 1994, a total of$9, 122.00 was paid in claims.

Note 5: SIGNIFICANT COMMITMENTS

At June 30, 1994, the Board had encumbrances in the amount of$291,375.33 for the unperformed portion of purchase orders, contracts and other commitments for goods and services associated with Lottery Programs. Lottery funds in the amount of $286,855.92 are available to fund these encumbrances. Encumbrances outstanding do not constitute expenditures or liabilities in the current year because these commitments will be honored during the subsequent fiscal year. These encumbrances are identified by Lottery Program as follows:

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

$

458.62

150,062.40

14,357.64

28,719.18

97 777.49

$ 291 375 33

- 17 -

COLQUITT COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30 1994

Note 5: SIGNIFICANT COMMITMENTS

The following is an analysis of significant outstanding construction or renovation contracts executed by the Board as of June 30, 1994:

Project

Unearned Executed Contracts

Hamilton Elementary Additions

$ 45 884 00

The amounts described are this note are not reflected in the general purpose financial statements.

Note 6: 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.

The Board is a defendant in various legal proceedings pertaining to matters incidental to the performance of routine Board operations. The ultimate disposition ofthese proceedings is not presently determinable, but are not believed to be material to the general purpose financial statements.

Note 7: ACCUMULATED EMPLOYEES' LEAVE

Twelve month employees ofthe Board earn two weeks annual leave. Eleven month employees ofthe Board earn one week of annual leave. Maximum accumulation allowed is four weeks. Upon retirement or termination employees are paid for unused annual leave up to the maximum accumulation allowed at their current rate of pay.

Note 8: RETIREMENT PLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS)

TRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer public employee retirement system (PERS).

TRS provides service retirement, disability retirement and survivors benefits for its members. A member is eligible for service retirement after 30 years ofcreditable service, regardless of age, or after IO years of service and attainment of age 60. A member is eligible for early retirement after 25 years of creditable service and attainment of age 55, at a reduced benefit. Retirement benefits paid to members are equal to 2% of the

- 18 -

COLQUITT COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30 1994

Note 8: RETIREMENT PLANS
average of the member's two consecutive highest paid years of service multiplied by the number ofyears of creditable service up to 40 years. The normal retirement pension is payable monthly for life. Options are available for distribution ofthe member's monthly pension at a reduced rate to a designated beneficiary on the member's death.
Retirement benefits also include death and disability benefits. A disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The death benefit is the amount that would be payable to the member's beneficiary had the member retired on the date of death on either a service retirement allowance or a disability retirement allowance, whichever is larger. The benefit is based on the member's creditable service (minimum of IO 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, 1994, was $19,060,251.46;
total payroll was $21,963,529.26.
TRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Board who are covered by TRS are required to contribute 6% of their gross earnings to TRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees as advised by their independent actuary. For fiscal year 1994 that rate for employer contributions was 11.81%. The interest rate assumption (rate ofreturn on investments) was 7.50%.
Total contributions made during fiscal year 1994 amounted to $3,394,634.05, of which $2,251,015.69 was made by the Board and $1,143,618.36 was made by employees. These contributions represented 11.81% (Board) and 6% (employees) of covered payroll.
TRS FUNDING STATUS AND PROGRESS The amount of the total pension benefit obligation is based on a standardized measurement established by Statement No. 5 ofthe Governmental Accounting Standards Board (GASB) that, with some exceptions, must be used by a PERS. The standardized measurement is the actuarial present value of credited projected benefits. This valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date, and is adjusted for the effects of projected salary increases. A standardized measure ofthe pension benefit obligation was adopted by the GASB to enable readers of PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among other PERS and among other employers.
Total unfunded pension benefit obligation ofTRS as ofJune 30, 1993, was as follows:

- 19 -

COLQUITT COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30 1994

Note 8: RETIREMENT PLANS

Total pension benefit obligation

$13,912,014,000.00

Net assets available for benefits, at cost

12 821 722 000.00

Unfunded pension benefit obligation

$ I 090 292 000 00

The measurement ofthe total pension benefit obligation is based on an actuarial valuation as ofJune 30,- 1993. Net assets available to pay pension benefits were valued as of the same date. TRS does not make separate measurements ofassets and pension benefit obligation for individual employers.

Total contributions from all employers to TRS for fiscal year ended June 30, 1994 were $521,550,000.00. The Board's contribution for the year ended June 30, 1994 of$2,251,015.69 was actuarially determined and represented .4316% of total contributions made by all participating employers.

Ten year historical trend information is presented in the 1994 TRS Component Unit Financial Report. This information is useful in assessing TRS's accumulation of sufficient assets to pay pension benefits as they become due.

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 ofGeorgia.

PSERS provides service retirement, disability retirement and survivors benefits for its members. A member is eligible for normal service retirement after 10 years ofservice and attainment ofage 65. A member applying for service retirement with 10 years of service and retires between the ages of60 and 65 receives a reduced benefit. Monthly retirement benefits paid to members are equal to $8.00 per month multiplied by the number of years of creditable service. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death.

Retirement provisions include death and disability benefits. Disability benefits are the same as if the employee had retired at age 65 as long as the employee has 15 or more years of creditable service. Death benefits are dependent upon the number ofyears of service. Ifthere are less than ten years of service, a lump sum refund ofthe employee's contributions and interest are made to the beneficiary. Ifthere 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.

There were 239 employees covered under PSERS for the year ended June 30, 1994.

- 20 -

COLQUITT COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE30 1994

Note 8: RETIREMENT PLANS
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 1994 amounted to $8,212.00. Total contribution for all school systems made by the State of Georgia to PSERS for fiscal year ended June 30, 1994, was $9,150,000.00.
Note 9: SURETY BONDS
Mr. Billy Mock, School Superintendent through January 24, 1994, was bonded in the amount of$50,000.00 with the United States Fidelity and Guaranty Company, Baltimore, Maryland, their Bond No. 02017010150890.
The School Superintendent, Mr. William Yearta, effective January 31, 1994, is bonded in the amount of $100,000.00 with the State Automobile Mutual Insurance Company, Columbus, Ohio, their Bond No. 0045008, on which premium was paid through December 31, 1994.

- 21 -

COLQUITT COUNTY ROARP OF EDUCATION CQMBININ~ RAIANCE SHEET SPECIAL RfYENUE FLINQ
JlJNf@ 1994

Cash and Cash Equivalents
, _ Accounts R-.able
Food
DonNd Commod-
Pun:hased Food
Tolal -

ELEMENTARY AND SECONDARY

SCHOOL FOOD
SERVICES _____f!!!:!Q_

LOTTERY PROGRAMS

DRUG-FREE SCHOOLS AND COMMUNmEs
Ac:T

EDUCATION OF CHILDREN IN
STATE SCHOOLS

CHAPTER 1 EDUCATION OF
DEPRIVED CHILDREN

MIGRANT ~

614,694.82 $ 222,716.25 $

0.00 $

1,059.06

4,539.37

17,630.70

12,123.22

104.10 $ 190,988.67

25,819.97

35,646.78
- - - - 20,906.23
$ 689,078.53 $ 234,839.47 $

0.00 $

1,163.18$

190,988.67 $ ~

LIABIUTil;S ANP FUNP eoYITY
- -~ Cash Owenlraft
Sala-Payable Expired Grant llalancos Payable Dolemld Revenue
Total Liabilities
FUNPl=OlJITY
Fund Baklnces Reserved For Continuation of Federal Program For Inventories Food Donated Commoditte&
-Pun:hased Food Unde&ignated
Total Fund Equity

27,530.03 124,724.63
$

483.55 234,355.92

152,25,4.66 $ 234,839.47

141.00 1,022.18

33,719.27 27,814.32 $ 129,455.06

2,667.76 17,728.71
9,962.87

1,163.18 $ 190,988.67 $ 30,359.34

35,646.78 20,906.23
56,553.01 S0,210.ss $ ~ s _ ____,o"".00"-s _ _ ____,o,,,.00""s _ _ _o_.00_ s _ _~o.~00_ $ 536,823.87 $ ~ $ _ ____,o"".00"-s _ _ ____,o"'.00=$--___,o"".00"-$---o"'.00=

Total Uabilities and Fund EquHy

190,988.67 $ ~

See notes to the general purpose financial &tatements.

-22-

EXHIBIT"G"

EDUCATION ACT
CHAPTER2 BLOCK GRANT FLOW THROUGH

MLEIIEISENHOWER MATHEMATICS AND SCIENCE EDUCATION

INDIVIDUALS WITH

DISABILITIES EDUCATION ACT

mLEVl,B

FLOW

PRESCHOOL

THROUGH

PROGRAM

JOB TRAINING PARTNERSHIP
ACT

o.oo $

5,560.5" $

1,183.40

31,523.29 $ 23,252D1 $ 23,156D5

BANQUET FUND

TOTALS JUNE 30, 1994 JUNE 30, 1993

0.00 $ 849,753.46 $ 487,971.50

324,798.01

278,826.37

----

35,646.78 20,906.23

53,601.66 21,338.55

0.00 $

5,560.5" $ 32,706.69 $

23,252.01 $

23,156.05 $-----2;22.$ 1,231,104.48 $

841,738.08

$ 6,5"8.37 24,321.!M 1,836.38

s.-.s1 $
3,260.22 13,647.12

17,963.58 465.10
.n1.31

32,706.69 $ 23,252.01 $ 23,156.05

58,027.52 68,426.80 $ 315,627.03 12,282.80 234,355.92
688,720.07 $

64,538.45 306,658.29
8,557.34
379,75".08

5,560.5"

0.00 0.00 $

5,560.5" 0.00 $
5,560.5" $

0.00 $ 0.00 $

0.00 $ 0.00 $

5,560.5"

0.00 $ _.Q,!JQ_ 0.00 $ _.Q,!JQ_$

35,646.78 $ 20,906.23 62,113.55 $
480,270.86 5"2,384.41 $

53,601.66 21,338.55 74,940.21 387,043.79 461,984.00

0.00 $

5,560.5" $ 32,706.69 $ 23,252.01 $ 23,156.05 $--1:22,$ 1,231,104.48 $ 841,738.08

-23-

COLQUITT COUNTY BQARP OF fQUCATION et;lMBINING STATEMENT OF REVENUES EXPENDITURES ANP CHANGES IN FUNQ BA.LANCES
SPEClAL RVl=NUE FUNO ve;AR ENQEP JUNE 30 1994

~
state Funds Federal Funds Local and Other Funds
Total R8Y91lues
FXPl;NQITUfUiS
I -Curn,nt Inst-Ion Support Services Pupil Services ol lnstruclional Services Educational Media Services General Administration School Administration Maintenance and Operation of Ptant Student Transportation Services ---1 Central SupportServices Other Support Services Food Services 0peqtion Community Service Openttlons Other Operations"' Services Capital Outlay
Total Expenditures
Excess ol Re,enues over (undef) Expendlt"""'
OTHER FINANCING SOURCES
Operallng Tranaters In
Excess of Revenues and Other Financing Sources over (under) "-'1dltures
RJNP RAL.ANCE JULY 1
Food Inventory Nel Chaf198 in Period Donated Commodilie& Purcha&edFood
Residual Equity Transfer

SCHOOL FOOD
SERVICES FUND

ELEMENTARY ANO SECONDARY

LOTTERY PROGRAMS

DRUG-FREE SCHOOLS ANO CCJMUNITIES
ACT

EDUCATION OF CHILDREN IN
STATE SCHOOLS

CHAPTER1 EDUCATION OF
OEPRN'ED CHILDREN

MIGRANT PROGRAM

163,470.00 $ 1,579,795.42
584,596.58

539,612.61 $

2,327,882.00 $ 539,612.61 $

2,268.67 $ 2,268.67 $

8,326.55 $ 8,326.55 $

1,493,000.67 $ 131,704.88
----
1,493,000.67 $ 131,704.88

262,230.65
41,510.74 $ 12,749.20 200,077.44

2,268.67

16,031.04

$ 2,231,769.10

1,013.54

8,326.55 $ 1,244,212.11 $ 118,024-70

8,245.80 5,684.08

119,024.48

115,521.00
28.55 304.65

92441 12,75510

6,000.00

2,231,769.10 $ 539,612.61 $

96,092.90 $

0.00 $

2,268.67 $ _ __,8"".32"'6~.55=$ 1,493,000.67 $ 131,704 88

0.00 $

0.00 $

0.00 $

0.00

96,092.90 $ 459,118.17
-17,954.88 -<432.32

0.00 $ 0.00

0.00 $ 0.00

0.00 $ 0.00

0.00 $

0.00

0.00

0.00

FUND BALANCE JUNE 30

536823.87 s--2:22.s _____o_.oo_s _ _ _ _o..,.oo..,s _ _ _ _o_.00_$--2:!!2,

See note& to the general purpose financial statements.

-24-

EXHIBIT "H"

EDUCATION ACT
CHAPTER2 BLOCK GRANT FLOW THROUGH

TITLE 11EISENHOWER MATHEMATICS AND SCIENCE EDUCATION

INDIVIDUALS WITH

DISABILmES EDUCATION ACT

mLEVl,B

FLOW

PRESCHOOL

THROUGH

PROGRAM

JOB TRAINING PARTNERSHIP
ACT

BANQUET FUND

TOTALS YEAR ENDED JUNE 30, 1994 JUNE 30, 1993

67,452.00 $ 67,-152.00 $

25,414.83$ 270,3,46.0 $ 25,414.83 $ 270,346.0 $

91,000.18 $ 91,000.18 $

0.00 $ 97,022.86
----

703,082.61 $ 3,766,332.~
584,596.58

223,109.00 3,705,123.09
686,438.38

97,022.86 $ _..QEQ.$ 5,054,011.65 $ 4,614,670.47

67,293.18 158.82
67,-152.00 $ 0.00 $

19,7&4.93 811.36

s 73,379.n
99,810.96 10,850.89
56,679.11

75,688.79 $ 1,928.46
13,382.93

11,690.54

17,942.28

19,85429 $ 270,353.50 $

5,560.54 $

-7.10 $

91,000.18 $ 0.00 $

90,387.70 $

s 0.00 $ 1,sn,2so.22 1,s12,n1.1s

6,510.26 124.90

160,274.89 '49,049.10 267,370.62 189,31'4.70
124.90 132,476.52
24,446.24 28.55
1,318.19 2.231,769.10
17,942.28

134,550.68 44,896.63 71,&41.62 175,871.19
899.17 664.53 22,660.27 4,320.99
2,202,929.95

----

6,000.00

12,354.01

97,022.86 $_..QEQ.$ 4,952,365.31 $ 4,483,710.20

0.00 $

0.00 $ 101,646.34 $ 130,960.27

0.00 $ 0.00

5,560.54 $ 0.00

7.10
0.00 $ 0.00

0.00 $ 0.00

7.10

2,615.30

0.00 $ 0.00

0.00 $ 101,653.44 $ 133,575.57

2,865.83

461,984.00

336,425.23

-2,865.83

-17,954.88 -432.32
-2,865.83

-12,852.76 4,835.96

0,00 $

5560.54 $

0.00 $

0.00 $

0,00 $ ~ $ 542,384.41 $ 461984.00

-25-

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

Cash and Cash Equivalents Investments Accounts Receivable

REGULAR

PROJECT A85-635-065

GEORGIA PROJECT 92/925-635-024

$ 30,943.64 $

0.00 $

77,785.50

561,357.65

1,950.78

Total Assets

$ 594,252.07 $

o.oo $==1.,.1..,.1.,.s,.,5..5.,..o

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

$

s s_ _ _ 594,252.01

.;;.;o.""oo"-

77,785.50 0.00

$ 594,252.07 $

0.00 $ _ _-'-77'-',7'-"8'-=5-"'.5cc...0

$ 594,252.07 $

0.00 $===77.,,,7.,.8=5=.5=0

See notes to the general purpose financial statements.

-26-

EXHIBIT"!"

STATE FINANCING AND INVESTMENT COMMISSION

PROJECT

PROJECT

PROJECT

93/94-635-024 94-635-025 94/94S-635-016

PROJECT 94/94S-635-017

TOTALS JUNE 30, 1994 JUNE 30, 1993

$

13,289.15 $ 149,201.15 $

76,670.00 $ 76,252.00 $ 424,141.44 $ 846,190.58

561,357.65

1,950.78

1,505.84

$

13,289.15 $ 149,201.15 $

76 670.00 $ 76,252.00 $ 987,449.87 $ 847,696.42

$

2,500.00

17,400.00

$ _ _1~9~,9_0_0.~00~

$

13,289.15 $ 149,201.15 $

0.00

0.00

$

13,289.15 $ 149,201.15 $

76,670.00 $ 0.00
76,670.00 $

76,252.00 $ 0.00
76,252.00 $

393,197.80 $ 594,252.07 987,449.87 $

240,237.00 587,559.42 827,796.42

$

13,289.15 $ 149201.15 $

76,670.00 $ 76,252.00 $ 987 449.87 $ 847,696.42

-27 -

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

REVENUES
State Funds Local and Other Funds
Total Revenues
EXPENDITURES
Capital Outlay Land and Land Improvements Building and Building Improvements
Total Expenditures
Excess of Revenues over (under) Expenditures
OTHER FINANCING SOURCES (USES)
Operating Transfers In Operating Transfers Out
Total Other Financing Sources (Uses)
Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses
FUND BALANCE JULY 1

REGULAR

PROJECT A8!Hl35-065

GEORGIA PROJECT 92/92S-635-024

$ $ 26,392.65
$ 26,392.65 $

0.00 $

0.00

0.00 $ _ _ _ _..:0.:.:.0c:..0

$ 48,075.00 $ $ 48,075.00 $ $ -21 ,682.35 $

605.00 $ 605.00 $ -605.00 $

1,493.50 1,493.50 -1,493.50

$ 239,759.00 -211,384.00
$ 28,375.00

$

6,692.65 $

587,559.42

$ $ -605.00 $ 605.00

31,875.00 31,875.00 30,381.50 47,404.00

FUND BALANCE JUNE 30

$ 594,252.07 $

0.00 $

77 785.50

See notes to the general purpose financial statements.

-28-

EXHIBIT"J"

STATE FINANCING AND INVESTMENT COMMISSION

PROJECT

PROJECT

PROJECT

PROJECT

93/94-635-024 94-635-025 94/94S-635-016 94/94S-635-017

TOTALS YEAR ENDED JUNE 30, 1994 JUNE 30, 1993

$

0.00 $

0.00 $

$

0.00 $

0.00 $

0.00 $ 0.00 $

0.00 $ 0.00 $

0.00 $ 26,392.65
26,392.65 $

67,865.00 25,230.43
93,095.43

$

4,234.85 $ 52,089.85 $ 108,361 .50 $

$

4,234.85 $ 52,089.85 $ 108,361.50 $

$

-4,234.85 $ -52,089.85 $ -108,361.50 $

0.00 $ 0.00 $ 0.00 $

$ 214,859.70
214,859.70 $
-188,467.05 $

193,000.00 129,190.00
322,190.00
-229,094.57

$

4,630.00 $ 21,957.00 $ 185,031.50 $

76,252.00 $ 559,504.50 $ 155,000.00

-211,384.00

$

4,630.00 $ 21,957.00 $ 185,031.50 $

76,252.00 $ 348,120.50 $ 155,000.00

$

395.15 $ -30,132.85 $

12,894.00

179,334.00

76,670.00 $ 0.00

76,252.00 $ 0.00

159,653.45 $ 827,796.42

-74,094.57 901,890.99

$

13,289.15 $ 149,201.15 $

76,670.00 $

76,252.00 $ 987,449.87 $ 827,796.42

-29-

ASSETS cash and cash Equivalents Ac:c:cuu Receivable
Total Assets
fUNQEOUITY Fund Balances
Reserved For Endowment COIJ)US
Unreserved Undesignated
Total Fund Equity

COLOIJITT COt INTY BOARD OF EDUCATION COMBINING BALANCE SHEET
FIDUCIARY FUND TYpfs
JUNf 30 1994

NONEXPENDABLE TRUST FUNDS

CLASS OF 1988

MCKEE

ODOM

SCHOLARSHIP SCHOLARSHIP SCHOLARSHIP

FUND

FUND

FUND

$

6,281.05 $

20,277.13 $

52,354.57

19.78

66.52

179.79

$

6300.83 $

20343.65 $

52534.36

$

6,000.00 $

19,000.00 $

50,000.00

300.83

1343.65

2534.36

6300.83 $

20343.65 $

52534.36

See noles to the general purpose financial statements.

-30-

EXHIBIT"K"

GOFF SCHOLARSHIP
FUND

EXPENDABLE TRUST FUNDS

SELF-INSURED

EMPLOYEE BENEFIT FUNDS

MILLSAP

PIPPIN

UNEMPLOYMENT

WORKERS'

SCHOLARSHIP SCHOLARSHIP COMPENSATION COMPENSATION

FUND

FUND

FUND

FUND

TOTALS JUNE 30, 1994 JUNE30 1993

$

13,693.93 $

1,141.48 $

13,411.49 $

82,739.38 $

687,392.38 $ 877,291.41 $ 688,319.38

41.99

42.68

350.76

318.31

$

13735.92 $

1141.48 $

13454.17 $

82739.38 $

687 392.38 $ 877642.17 $ 688 637.69

13 735.92 $ _ _ _1~1~4~1-~48~ $

13454.17 $

82739.38 $

687392.38

75,000.00 $

75,000.00

802642.17

613637.69

13 735.92 $ _ _ _1_1_4_1._,48_ $

13454.17 $

82739.38 $

687392.38 $ 877642.17 $ 688637.69

-31-

COLQUITT COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES
FIDUCIARY FUND TYPE - EXPENDABLE TRUST FUNDS YEAR ENDED JUNE 30 1994

REVENUES
Local and Other Funds
EXPENDITURES
Current Support Services General Administration Business Administration Other Operations of Non-Instructional Services Total Expenditures
Excess of Revenues over (under) Expenditures FUND BALANCE JULY 1
FUND BALANCE JUNE 30

GOFF SCHOLARSHIP
FUND

MILLSAP SCHOLARSHIP
FUND

PIPPIN SCHOLARSHIP
FUND

$

1,474.79 $

1,031.78 $

458.02

$

14.00 $

1,000.00

$

1,014.00 $

$

460.79 $

13,275.13

14.00 $
1,000.00 1,014.00 $
17.78 $ 1,123.70

0.00
0.00 458.02 12,996.15

$

13,735.92 $

1141.48 $

13,454.17

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

EXHIBIT"L"

SELF-INSURED

EMPLOYEE BENEFIT FUNDS

UNEMPLOYMENT

WORKERS'

COMPENSATION COMPENSATION

FUND

FUND

TOTALS YEAR ENDED JUNE 30, 1994 JUNE 30, 1993

$

1,887.91 $

275,655.63 $

280,508.13 $

242,613.97

$

28.00 $

2,414.00

$

41,017.59

41,017.59

38,994.22

$

9,122.00

38,771.00

49,893.00

46,005.99

$

9,122.00 $

79,788.59 $

90,938.59 $

87,414.21

$

-7,234.09 $

195,867.04 $

189,569.54 $

155,199.76

89,973.47

491,525.34

608,893.79

453,694.03

$

82,739.38 $

687,392.38 $

798,463.33 $

608 893.79

-33-

@LQUITT@UNTY l!QARD OF fD!.!!:,!,TION ~Hf!l!.!Lf QF FEQERAI Fl!!!ANCl!!,L ~SlfilAN!.la
YEAR FNQEQ JUNE 30 1994

SCHEDULE 1

FUNDING AGENCY PRQGRAM/GR!!,NT

Agriculture, U.S. Department of

Direct

Summer Food Serviceo Program for Children

1993 Grant

1994 Grant

Through Georgia Department of Education

Food and Nutrition Program

Brea- FoodServiceo School

Program

1993Grant

1994Grant

National School Lunch Program

1993Grant

1994Grant

Food Dialribution Program

Total U.S. Department of Agriculture

Education, U. S. Department of Through Georgia Department of Education Elementary and Secondary Education Ad Chapter 1 Education of Children in State Schools 1993 Reguiar 1993 Carry.0-1994 Reguiar Education of llepriwd Children 1992 Carry.o-1993 Reguiar 1993 Carry-0wr 1994 Reguiar Chapter2 Block Grant Flow Through 1994 Regular Tdlell Eieenhower Mathematics and Science Education 1993 Regular 1994Regular Individuals with Disabiltties Education Ad TdleVI, B Flow Through 1993 Regular 1993 carry.o-1994 Regular Preschool Program 1993 Regular 1993 carry-Over 1994Regular Vocational Education Basic Grants to States High School Program Basic Grant 1993Grant 1994Grant consumer and Homemaking Education 1994 Contract Tech-Prep Education 1993Grant 1994Granl

CFDA NUMBER

AWARDS IN PERIOD

FEDERAL FUNDS RECEIVED IN PERIOD(NET OFREFUNDSl

FEDERAL REVENUE IN PERIOD

EXPENDITURES IN PERIOD

10.559 $ 10.559

78.00 $ 95,274.32

66,911.00 $ 27,703.00

55,462.17 $ 33,278.52

52,239.18 (3) 33,356.52 (3)

10.553 10.553

335,018.04

10.555 10.555 10.550

1, 156,036.69 161 028.30

$ 1 747 435.35 $

25,527.21

335,018.04

335,018.04

(2)

10,119.93 1,143,781.51
N/A

1, 156,036.69 !11

1 609 060.69 $ 1579795.42 $

2,146,173.40 (3) !11
2231769.10

84.009 84.009 $ 84.009

$ 744.00 15,930.00

84.010 84.010 84.010 84.010

1,575.00
196,288.00 1,413,644.00

1,290.12 744.00 $
7,478.45

744.00 $ 7,582.55

744.00 7,582.55

1,575.00 149,754.70 196,288.00 1,104,149.00

1,575.00
196,288.00 1,295,137.67

1,575.00
196,288.00 1,295,137.67

84.151

67,452.00

67,452.00

67,452.00

67,452.00

84.164 84.164

35,160.00

2,685.84 24,000.00

1,414.83 24,000.00

1,414.83 18,439.46

84.027 84.027 84.027
84.173 84.173 84.173

49,033.00 251,020.00
29,456.00 71,577.00

35,782.95 49,033.00 191,626.49
12,973.31 29,456.00 38,292.17

49,033.00 221,313.40
29,456.00 61,544.18

49,040.10 (3) 221,313.40
29,456.00 61,544.18

84.046 84.046
84.049
84.243 84.243

20,106.79 19,800.36
12,755.60

37,661.44

20,106.79

20,106.79

(4)

19,800.36

19,800.36

(4)

33,403.06

12,755.60

12,755.60

(4)

34.

COLQUITT COUNTY RQARP QJ: EDUCATION SCHEDULE QF FEQERAI FINANCIAL AS,Rf$TANCE
YEAR ENDED JUNE 30 1994

SCHEDULE "1"

FUNDING AGENCY PROGRAM/GRANT

CFDA NUMBER

AWARDS IN PERIOD

FEDERAL FUNDS RECEIVED IN PERIOD(NET OF REFUNDS)

FEDERAL REVENUE IN PERIOD

EXPENDITURES IN PERIOD

Education, U.S. Department of Through Benien County Board of Education dlb,la Southern Pine Migrant Education ~ Elementary and Secondary Education Act Chal)ter1 Migratory Education Program 1993 Regular 1993SUmmer 1994 Regular
_,,_,,,,1994Summer
Through Southwest Georgia Regional Educational
'"II-Free Schoola and Communijies Act

84.011 84.011 84.011 $ 84.011
84.186

$ 72,100.00 84,454.88
1 045.82

-2,344.37 57,970.59 $ 72,014.67

43,833.11 $ 62,051.80 25,819.97

43,833.11 62,051.80 25,819.97

1 045.82

2 268.67

2 268.67

Total U.S. Department of Education

$ 2 342142.45 $

2 164 994.99 $ 2142,176.93 $ 2 083960.74

Health and Human Services, U. S. Department of Through Georgia Department of Human Reooun:es lncluoive Schoola Project
Labor, u. s. Department of
"!prougllSoothweo!Georgia Regional DelleloprnentCenter Job Training Partnership Act Contract No. 92.A-106 Contract No. 93-8-60 Contract No. 93-125CR Contract No. 93-8-74

93.630 $

7400.00 $

17.250 17.250 17.250 17.250

$
44,842.00 51055.00

2 250.00 $

2250.00

(4)

3,823.62 40,195.66 $ 37,018.81
2 491.00

34,357.00 $ 40,760.20 21 905.66

34,357.00 40,760.20 21905.66

Total U. S. Department of Labor

$

95897.00 $

83529.09 $

97022.86 $

97022.86

Total Federal Financial Assistance

$ 4 192 874.80 $

s 3859834.n 3 821 245.21 $ 4412 752.70

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

(1)

-neeThe amounts lhown for the Food Distribution Program represents the Federally assigned value of nonmonetary for donated commodtties di81ributed to the system by the Georgia Department of Education. The value

of theee commodities is not included in the system's financial statements.

(2) Expendttu""' for the School Breakfast Program were 1101 maintained separately and are included in the 1994

National School Lunch Program.

(3) Expendttures for this program include State, and/or Local and Other Funds.

Expenditures are not maintained by fund source.

(4) Expendttures on this program_,., 1101 maintained by fund source.

See 1101es to the general l)Ulj)O&<! financial statements.

- 35 -

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

SCHEDULE "2"

NONINTEREST BEARING ACCOUNTS
American Banking Company, Moultrie, Georgia
Moultrie National Bank, Moultrie, Georgia
INTEREST BEARING ACCOUNTS
American Banking Company, Moultrie, Georgia
N.O.W. Accounts (2.65%)
Moultrie National Bank, Moultrie, Georgia
Certificates of Deposit No. 911955 (3.75%) No. 911957 (3.75%) No. 911958 (3.75%) No. 911959 (3.75%) No. 911960 (3.75%)
Passbook Savings Accounts (3.25%) N.O.W. Account (2.75%)
NationsBank of Georgia, N.A., Moultrie, Georgia
Bonus Checking Account (1.95%)

$

9,546.36

623,639.97

$ 1,103,813.09
11,870.00 11,676.31
5,500.00 50,000.00 18,500.00
9,558.34 506,171.66
1,150,568.77 2,867,658.17
$ 3,500,844.50

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

COLQUITT COUNTY BOARD OF EDUCATION INVESTMENTS JUNE 30 1994
INVESTMENT POOL Office of Treasury and Fiscal Services Local Government Investment Pool (4.194%)

SCHEDULE "3" $ 1,468,720.75

See notes to the general purpose financial statements. - 37 -

COLQUITT COUNTY BOARD OF EDUCATION ACCOUNTS RECEIVABLE JUNE30 1994

SCHEDULE "4"

Agriculture, U. s. Department of
summer Food Service Program for Children
Colquitt County Tax Commissioner County Wide School Tax
Education, Georgia Department of Food Services National School Lunch Program Lottery Program Pre-Kindergarten Program Federal Programs ESEA- Chapter 1 Education of Deprived Children Education of Children in State Schools Individuals with Disabilities Education Act-TllleVI, B Flow Through Preschool Program
Revenue, Georgia Department of Local Option Sales Tax
Southern Pine Migrant Education Agency Migratory Education Program
Southwest Georgia Regional Development Center Job Training Partnership Ad.
Various Sources Interest Earned

GOVERNMENTAL FUND TYPES

SPECIAL

CAPITAL

GENERAL

REVENUE PROJECTS

FUND

FUND

FUND

FIDUCIARY FUND TYPE TRUST FUND

TOTAL

$ 5,575.52

$ 5,575.52

$ 67,876.13

67,876.13

12,255.18 12,123.22

190,988.67 104.10

31,523.29 23,252.01

552,830.15

25,819.97

23,156.05

3,182.86

$ 1,950.78 $

12,255.18 12,123.22

190,988.67 104.10

31,523.29 23,252.01

552,830.15

25,819.97

23,156.05

350.76

5,484.40

$ 623.889.14 $ 324,798.01 $ 1,950.78 $

350.76 $ 950,988.69

See notes to the general purpose financial statements.

- 38 -

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

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 Limited English Speaking Special Instructional Assistance In-School Suspension Mid-term Adjustment Local Fair Share Educational Equalization Funding Grant Food Services Vocational Education other State Programs Governor's Emergency Funds (1) Innovative Programs Preschool Handicapped Program Supervision and Assessment of Student and Beginning Teachers and PerformanceBased Certification Teachers' Retirement Lottery Programs Algebra Classrooms Computers in Classrooms Media Center and Library Equipment Pre-Kindergarten Program Safe Schools Grant
OTHER Education, Georgia Department of Reimbursement for SIS Project Reimbursement for Meeting Expenses

GOVERNMENTAL FUND TYPES

SPECIAL

GENERAL

REVENUE

FUND

FUND

TOTAL

$ 12,480,594.00 2,036,601.00 645,742.00 552,271.00 179,843.00 3,781,571.00
783,957.00 268,093.00
24,511.00 612,421.00
99,597.00 429,178.00 -1,976,645.00 1,920,474.00
$ 109,494.13
15,000.00 4,860.00 75,021.00

$ 12,480,594.00 2,036,601.00 645,742.00 552,271.00 179,843.00 3,781,571.00

163,470.00

783,957.00 268,093.00
24,511.00 612,421.00
99,597.00 429,178.00 -1,976,645.00 1,920,474.00 163,470.00 109,494.13

15,000.00 4,860.00 75,021.00

1,750.00 20,713.35

1,948.33 110,334.72 200,077.44 211,221.08
16,031.04

1,750.00 20,713.35
1,948.33 110,334.72 200,077.44 211,221.08
16,031.04

2,000.00 321.00

2,000.00 321.00

$ 22,067,367.48 $

703,082.61 $ 22,770,450.09

(1) Band Uniforms for the Colquitt County School's 50th Regiment Band

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

COLQUITT COUNTY BOARD OF EDUCATION SCHEDULE OF LOCAL AND OTHER REVENUE
YEAR ENDED JUNE 30 1994

SCHEDULE "6"

GOVERNMENTAL FUND TYPES

SPECIAL

CAPITAL

GENERAL

REVENUE PROJECTS

FUND

FUND

FUND

FIDUCIARY FUND TYPE EXPENDABLE TRUST FUNDS

TOTAL

Taxes County Wide School Tax Local Option Sales Tax Railroad Car Tax Real Estate Transfer Tax

$ 3,590,471.71 3,304,960.51 138.80 17,038.87

$ 3,590,471.71 3,304,960.51 138.80 17,038.87

Other Banquets Canning Operations Commodity Rebates Compensation for Loss of Assets
Contributions to Self-Insured
Employee Benefit Fund from Other Funds For Workers' Compensation
Donations Indirect Cost
Special Revenue Fund Interest Earned Sales
Breakfast Lunches School Assets Supplies and Materials
Less: Purchases other Tuition Other

68,196.79 6,954.93 $
11,811.73

2,373.50

68,196.79 6,954.93 2,373.50
11,811.73

19,603.05 63,771.39
14,091.03 136,382.89 -135,031.76
37,371.66 7,724.69

$
$ 26,392.65 39,917.78 375,756.05
153,154.96 13,394.29

263,619.53 2,000.00
14,888.60

263,619.53 2,000.00
19,603.05 105,052.64
39,917.78 375,756.05
14,091.03 136,382.89 -135,031.76 153,154.96
37,371.66 21,118.98

$ 7,143,486.29 $ 584,596.58 $ 26,392.65 $ 280,508.13 $ 8,034,983.65

See notes to the general purpose financial statements.

- 40 -

COLQUITT COUNTY BOARD OF EDYCATION SCHEDULE OF EXPENDITURES BY OBJECT
GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30 1994

SCHEDULE "7"

EXPENDITURES
Operating Cos1s 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 Ren1s Property Services Insurance Communications Tuition Commodity Hauling Shared Services Other Purchased Services Supplies Energy Food Usage Books, Textbooks and Periodicals Dues and Fees Federal Indirect Cos1s Other Expenditures
Nonoperating Cos1s Land and Land lmprovemen1s Building and Building lmprovemen1s Equipment
Total Expenditures

GENERAL FUND

SPECIAL REVENUE
FUND

TOTAL

$ 19,699,530.06 $ 4,273,716.12 104,752.50 95,683.60 42,128.58 56,233.68 946,352.82 30,150.28
87,195.66 78,564.65
13,632.00
1,073,356.51 946,949.08 30,372.39 327,626.22 54,518.25
97,553.38

2,230,285.80 $ 462,274.48 25,341.15 52,910.19
28,056.99
2,458.20
272.70 10,800.00 11,646.05
98,693.54 483,728.09
24,812.96 949,276.89
4,369.38 4,002.75 19,603.05 4,444.51

21,929,815.86 4,735,990.60 130,093.65 148,593.79 42,128.58 . 56,233.68
974,409.81 30,150.28 2,458.20 87,195.66 78,837.35 10,800.00 11,646.05 13,632.00 98,693.54
1,557,084.60 971,762.04 979,649.28 331,995.60 58,521.00 19,603.05 101,997.89

38,657.63 16,332.05 651,617.96

6,000.00 533,388.58

44,657.63 16,332.05 1,185,006.54

$ 28,664,923.42 $ 4,952,365.31 $ 33,617,288.73

See notes to the general purpose financial statemen1s. - 41 -

COI.Q!JITT COUNTY BOAf!!l QI: E!lUCATION CHEDULE OF EXPENC11TURES l!Y OBJECT
LQ!IliR)'. ffiQ!aBll!tl VEAR l;NQEQ JUN!; 30 1994

SCHEDULE "8"

EXPENDITURES
Opel'aling Costs Salaries Employee Benefits Travel cl Employees Professional and Technical Servic:es Other Purchased Servic:es Supplies Dues and Fees Other Expenditures
Nonoporating Costs Land and Land Improvements Equipment

ALGEBRA CLASSROOMS

COMPUTERS IN
CLASSROOMS

MEDIA CENTER AND
LIBRARY EQUIPMENT

PRE-KINDERGARTEN PROGRAM

SAFE SCHOOLS
GRANT

TOTA!.

1.948.33 $ 25,240.94 $

84,206.04

85093.78

115871.40

57,182.17 13,517.82 4,38020

23,969.41 1,013.54
60,137.19 $ 192.75 16.00

10,661.04

57,182.17 13,517.82 4,38020
23,969.41 1,013.54
182,193.54 192.75 16.00

6,000.00 44 812.00

5370.00

6,000.00 251147.18

Total~itures

1 948.33 $ 110334.72 $ 200077.44 $

211,221.08 $ 16031.04 $ 539612.61

See notes to the general purpose financial statements.

- 42 -

COLQUITT COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT FIDUCIARY FUND TYPE - EXPENDABLE TRUST FUNDS
YEAR ENDED JUNE 30 1994
EXPENDITURES
Operating Costs Salaries Employee Benefits Travel of Employees Professional and Technical Services Supplies Insurance Dues and Fees Bank Charges Unemployment Claims Workers' Compensation Claims Scholarships
Total Expenditures

SCHEDULE "9"
$ 33,713.40 4,499.34 1,949.85 225.00 30.00
15,240.78 2,115.35 28.00 9,122.00
22,014.87 2,000.00
$ 90,938.59

See notes to the general purpose financial statements.

- 43 -

t7 ti
'?\-""--0\ g

COLQUITT COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL
GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30 1994

SCHEDULE "10"

Minimum Expenditure Requirements (Total Allotment)
Expenditures on Combined Program Basis Salaries Operations
Less: Expenditures for Media Center Programs in Excess of Total Media Allotment Expenditures for Staff Development Programs in Excess of Total Staff Development Allotment for: Cost of Instruction
Expenditures per Audit
Amount of Underexpenditure for Total Allotment

THIRTEEN WEIGHTED AND MEDIA CENTER
PROGRAMS

STAFF DEVELOPMENT
PROGRAM

$ 16,053,241.00 $

181,035.00

$ 16,963,426.67 1,122,519.13 $
$ 18,085,945.80 $

184,671.85 184,671.85

-204,346.93

$ 17,881,598.87 $

-31,318.81 153,353.04

$

0.00 $

27,681.96

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

CQI QIJITTCO\JNTYRQARDOFfOUCATIQN ANAi YI OF MINIJJ.l llA EXPfNQmJRf RFQUIRfMfNT - BY PROGRAM
GfNfRAI Fl JNQ - QUA! ITV AIC fQUC!ATIQN ffiOGRAMS
YEAR fNQEQ lllNf ;,n 1994

GENERAi ANP CARffR fpt JCAIIQN PRQGRAM
Kinde!garten(") G,_1-3(")
Sub-Total - K-3
High School L.aboratones (") Vocational Education Laboratories (j
Total General and career Education Programs PfCIAj fplJCATION pROGRAMS
Regular Programs Calegoiy I(") Categoiy II(") Calegoiy Ill(") Calegoiy IV (") Itinerant Supplemental Speech Sub-Total - Regular Calegoiy V (GIiied) (") Total Special Education Programs
RfMfQIAL EQl.JCATIQN PBQGRAM {j
MfPIA CENTER PROGRAMS
Total Thirteen Weighted and Media Center
STAFF DEVELOPMENT PROGRAMS (1) Cost of Instruction Professional De,eiopmenl
Total Staff Development
(j Identifies Thirteen Weighted Programs Note: (1) $20,914.65 of the allotment for Professklnal
Development h8s been transferred to Cost of Instruction as authorized by OCGA 20-2-182.
See notes to the general purpose financial statements

ORIGINAL

ALLOTMENTS FROM DEPARTMENT OF EDUCATION

REQUIRED

_!._

ORIGINAL

MID-TERM

TOTAL REQUIRED

1,252,463.00

1,127,216.70 s

3 317 4'38.00

2 985 694.20

$ 4,569,901.00 90 s 4,112,910.90 $

1,606,441.00 90

1,445,796.90

3,170,426.00 90

2,853,383.40

1,621,212.00 90

1,459,090.80

722,872.00 90

650,584.80

789 742.00
s 12 480 594.00

90

710,767.80

s 11 232 534.60 s

82,256.00 $ 1,209,472.70

37,336.00
119,592.00 s

3 023 030.20 4,232,502.90

61,700.00

1,507,496.90

21,473.00

2,874,856.40

5,927.00

1,465,017.80

12,274.00

662,858.80

16,279.00

727 046.80

237 245.00 $ 11 469n9.60

1,860,361.00

1,674,324.90 s

67,350.00 s 1,741,674.90

1,860,361.00 90 $ 1,674,324.90 s

176 240.00 2 036,601.00
645,742.00

90
90 s

158 616.00
1832940.90 s 581,167.80 s

552 271.00 90

497 043.90

67,350.00 s 1,741,674.90

32,335.00
99,685.00 s

190 951.00 1 932,625.90

-10,733.00 $

570 434.80

11,836.00 $ 508 879.90

s 15,715,208.00

s 14,143,687.20 s

338,033.00 $ 14 481,720.20

61,326.65 100 $ 118 516.35 100

61,326.85 S 118 516.35

1,192.00 S

62,518.65 118,516.35

179,843.00

179,843.00 $

1,192.00 $

181,035.00

$ 15,895,051.00

$ 14,323,530.20 $

339,225.00 $ 14 662,755.20

- 46 -

SCHEDULE "11"

REQUIRED ALLOTMENT

SALARIES ACTUAL

DISTRIBUTION BY RESPECTIVE PORTIONS

AMOUNT OF UNDER EXPENDITURE
FOR REQUIRED ALLOTMENT

REQUIRED ALLOTMENT

OPERATIONS

AMOUNT OF

UNDEREXPENDITURE

FOR REQUIRED

ACTUAL

ALLOTMENT

1,178,775.30 $ 1,372,314.88

30,697.40 $

42,238.36

2 929 904.90

4067 592.90

93125.30

115 841.03

4,108,680.20 $ 5,439,907.78 $

0.00

123,822.70 $

158,079.39 $

0.00

1,"462,392.30

1,866,080.00

0.00

45,104.60

96,535.79

0.00

2,791,570.60

3,094,119.72

0.00

83,285.80

185,155.46

0.00

1,402,001.10

1,762,877.21

0.00

63,016.70

256,859.10

0.00

6341,458.40

719,478.81

0.00

28,400.40

41,472.05

0.00

634654.50

896 779.49

0.00

92 392.30

193 053.43

0.00

$ 11033757.10 $ 13 779 243.01 $

0.00

436 022.50 $

931,155.22 $

0.00

79,992.10 533,229.30 $ 920,280.60 159,355.80
1,862.10 3464.10

545,817.45 1,072,503.00
184,400.49

3,035.90 $ 11,014.20 24,177.60
5,263.20

93.87 15,536.90 23,067.79
5,081.88

1,698,184.00 $ 1,802,720.94 $

0.00

43,490.90 $

43,780.44 $

0.00

185 799.10

222577.17 $

0.00

5151.90

8 090.88 $

0.00

1 883,983.10 $ 2 025,298.11

48,642.80 $

51,871.32

560,681.70 $

516 495.20 $

44,186.50

9,753.10 $

13,429.01 $

0.00

395 807.70 $

642 390.35 $

0.00

113 072.20 $

126,063.58 $

0.00

$ 13 874,229.60 $ 16,963,426.67 $

44,186.50

607,490.60 S 1,122,519.13 $

0.00

$ 13,874 229.60 $ 16,963 426.67 $

44186.50

62,518.65 $ 118,516.35

93,837.46 $ 90 834.39

181,035.00 $

184,671.85 $

788,525.60 $ 1,307,190.98 $

0.00 27,681.96 27,681.96
27,681.96

47 -

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

SCHEDULE "12"

BOARD MEMBER ADDRESS
Mr. Ren Summerlin, Chairman (*) 161 Bonnie Tucker Road Moultrie, Georgia 31768
Mr. Wayne Lee (*) 338 Theron Tillman Road Coolidge, Georgia 31738
Ms. Justina Lewis (*) 702 7th Avenue, N. W. Moultrie, Georgia 31768
Mr. Jerry S. Meister(*) P. 0. Box63 Norman Park, Georgia 31771
Mr. Harry Thompson (*) 5098 Old Adel Road Moultrie, Georgia 31768
Dr. Alton J. Whiddon (*) 707 7th South Main Street Moultrie, Georgia 31768

COMPENSATION

TRAVEL

$

3,600.00 $

4,021.86

3,600.00

4,085.14

3,600.00

2,841.71

3,600.00

3,003.74

3,600.00

3,927.17

3,600.00

2,648.96

$

21,600.00 $

20,528.58

(*) Denotes Board Members Serving as of June 30, 1994

See notes to the general purpose financial statements. - 48 -

SECTION II COMPLIANCE

C!AUDE L. VICKERS
STATE AUDITOR (404) 656-2174

DEPARTMENT OF AUDITS
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400
August 2, 1995

Honorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation
and Superintendent and Members ofthe Colquitt County Board ofEducation
COMPLIANCE REPORT BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
Ladies and Gentlemen:
We have audited the general purpose financial statements ofthe Colquitt County Board ofEducation as of and for the year ended June 30, 1994, and have issued our report thereon dated August 2, 1995. This report was qualified for a scope limitation and for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements.
Except as discussed in the following paragraph, 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.
We did not observe the taking of either the Federal donated commodities inventory or the purchased foods inventory at June 30, 1994, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures.
Compliance with laws, regulations, contracts, and grants applicable to Colquitt County Board of Education is the responsibility ofthe 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.

94CRL-I0

The results ofour tests indicate that, with respect to the items tested, the Colquitt County Board of Education complied, in all material respects, with the provisions referred to in the preceding paragraph. With respect to items not tested, nothing came to our attention that caused us to believe that the Board had not complied, in all material respects, with those provisions.
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:gp 94CRL-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 2, 1995

Honorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation
and Superintendent and Members ofthe Colquitt 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 ofthe Colquitt County Board ofEducation as of and for the year ended June 30, 1994, and have issued our report thereon dated August 2, 1995. This report was qualified for a scope limitation and 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 Colquitt County Board ofEducation's compliance with the following requirements applicable to each ofits Federal financial assistance programs, which are listed in the Schedule of Federal Financial Assistance, for the year ended June 30, 1994:

(1) Political Activity

(5) Allowable Costs/Cost Principles

(2) Civil Rights

(6) Drug-Free Workplace Act

(3) Cash Management

(7) Audit Follow-Up/Resolution

(4) Federal Financial Reports

(8) Administrative Requirements

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 of which is the expression of an opinion on the Board's compliance with the requirements listed in the preceding paragraph. Accordingly, we do not express such an opinion.

94CRL-50

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 the Colquitt County Board of Education had not complied, in all material respects, with those requirements. However, the results of our procedures disclosed an immaterial instance ofnoncompliance with those requirements, which is described in the Schedule ofFindings and Improper or Questioned Costs.
This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record.
Respectfully submitted,
~~
Claude L. Vickers State Auditor
CLV:gp 94CRL-50

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

DEPARTMENT OF AUDITS
254 Washington Street. S.W., Suite 214 Atlanta, Georgia 30334-8400
August 2, 1995

Honorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation
and Superintendent and Members ofthe Colquitt County Board ofEducation

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

Ladies and Gentlemen:

We have audited the general purpose financial statements ofthe Colquitt County Board of Education as of and for the year ended June 30, 1994, and have issued our report thereon dated August 2, 1995. This report was qualified for a scope limitation and 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 Colquitt 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, 1994. The management of the Colquitt 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.

94CRL-80

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 Budget (0MB) Circular A-128, "Audits of State and Local Governments". Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether material noncompliance with the requirements referred to above occurred. An audit includes examining, on a test basis, evidence about the Board's compliance with those requirements. We believe that our audit provides a reasonable basis for our opinion.
We did not observe the taking of either the Federal donated commodities inventory or the purchased foods inventory at June 30, 1994, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures. However, this matter has no affect on the Board's compliance with the requirements listed in the second paragraph of this report.
In our opinion, the Colquitt County Board of Education complied, in all material respects, with the requirements as disclosed in the second paragraph that are applicable to its major Federal financial assistance programs for the year ended June 30, 1994.
This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record.
Respectfully submitted,
~
Claude L. Vickers State Auditor
CLV:gp 94CRL-80

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

DEPARTMENT OF AUDITS
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400
August 2, 1995

Honorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation
and Superintendent and Members ofthe Colquitt 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 ofthe Colquitt County Board of Education as of and for the year ended June 30, 1994, and have issued our report thereon dated August 2, 1995. This report was qualified for a scope limitation and 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 of the fiscal year 1994 general purpose financial statements of the Colquitt County Board of Education and with our consideration of the Board's internal control structure used to administer Federal financial assistance programs, as required by Office of Management and Budget (0MB) Circular A-128, "Audits of State and Local Governments", we selected certain transactions applicable to certain nonmajor Federal financial assistance programs for the year ended June 30, 1994. As required by 0MB Circular A-128, we have performed auditing procedures on the selected transactions to test compliance with the requirements governing:

(1) Types of Services Allowed or Unallowed

(2) Eligibility

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

94CRL-120

With respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the second paragraph. With respect to items not tested, nothing came to our attention that caused us to believe that the Colquitt 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,
~~
Claude L. Vickers State Auditor
CLV:gp 94CRL-120

SECTION III INTERNAL CONTROL

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

DEPARTMENT OF AUDITS
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400
August 2, 1995

Honorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation
and Superintendent and Members ofthe Colquitt 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 ofthe Colquitt County Board of Education as of and for the year ended June 30, 1994, and have issued our report thereon dated August 2, 1995. This report was qualified for a scope limitation and for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements.
Except as discussed in the following paragraph, 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.
We did not observe the taking of either the Federal donated commodities inventory or purchased foods inventory at June 30, 1994, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures.
In planning and performing our audit ofthe general purpose financial statements of the Colquitt County Board of Education for the year ended June 30, 1994, we considered the internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the general purpose financial statements and not to provide assurance on the internal control structure.
The management of the Colquitt County Board of Education 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,
94ICL-3

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 ofpolicies and procedures may deteriorate.

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

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

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

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

We noted certain matters involving the internal control structure and its operation that we consider to be reportable conditions under standards established by the American Institute of Certified Public Accountants. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe 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 descnbed in the Schedule ofFindings and Improper or Questioned Costs, reportable conditions were noted in the following control categories:

(1) Procurement

(2) General Fixed Assets

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

94ICL-3

Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses as defined above. However, we believe that all of the reportable conditions disclosed above are also considered to be material weaknesses.
These conditions were considered in determining the nature, timing, and extent of the procedures to be performed in our audit ofthe Colquitt County Board of Education's financial statements and this report does not affect our report thereon dated August 2, 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,
~~
Claude L. Vickers State Auditor
CLV:gp 94ICL-3

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

DEPARTMENT OF AUDITS
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400
August 2, 1995

Honorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation
and Superintendent and Members ofthe Colquitt 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 of the Colquitt County Board ofEducation as of and fortheyearendedJune 30, 1994, and have issued our report thereon dated August 2, 1995. This report was qualified for a scope limitation and 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 Colquitt County Board of Education's compliance with requirements applicable to major Federal financial assistance programs and have issued our opinion thereon dated August 2, 1995.
Except as discussed in the following paragraph, 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 ofOffice of Management and Budget (0MB) Circular A-128, "Audits of State and Local Governments". Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement and about whether the Colquitt County Board of Education complied with laws and regulations, noncompliance with which would be material to a major Federal financial assistance program.
We did not observe the taking of either the Federal donated commodities inventory or purchased foods inventory at June 30, 1994, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures.
In planning and performing our audit for the year ended June 30, 1994, we considered the Board's internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the 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
94ICL-7

Circular A-128. This report addresses our consideration of internal 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 2, 1995.

The management ofthe Colquitt 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 ofinternal control structure policies and procedures. The objectives ofan 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 of inherent limitations in any internal control structure, errors, irregularities, or instances of noncompliance may nevertheless occur and not be detected. Also, projection ofany evaluation of the structure to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate.

For the purpose 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) Drug-Free Workplace Act (7) Audit Follow-Up/Resolution (8) 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 of relevant policies and procedures and determined whether they have been placed in operation, and we assessed control risk.

During the year ended June 30, 1994, the Colquitt County Board of Education expended 78% of its total Federal financial assistance under major Federal financial assistance programs.

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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 descnbed above that are applicable to each ofthe 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.
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 ofthe internal control structure that, in our judgment, could adversely affect the Board's ability to administer Federal financial assistance programs in accordance with applicable laws and regulations.
As described in the Schedule ofFindings and Improper or Questioned Costs, a reportable condition was noted in the following control category:
Administrative Requirements
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 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.
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 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 described 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 Colquitt County Board ofEducation's compliance with requirements applicable to its major Federal financial assistance programs for the year ended June 30, 1994, and this report does not affect our report thereon dated August 2, 1995.
This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies and should not be used for any other purpose. This restriction is not intended to limit the distribution of this report which is a matter of public record.
Respectfully submitted, . /
~/~
Claude L. Vickers State Auditor
CLV:gp 94ICL-7

SECTION IV FINDINGS AND IMPROPER OR QUESTIONED COSTS

COLOlTITT COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS
YEAR ENDED JUNE 30 1994
PRIOR YEAR
AUDIT FOLLOW-UP/RESOLUTION Overpayment of Salary Financial Statements Amount: $1,000.00 Audit Control Number 6351-93-01
The audit report for the year ended June 30, 1990, reported an overpayment of$1,000.00 on an employee's 1990 contract salary. In the year under review, no reimbursement had been received. Appropriate action should be taken by the Board to secure reimbursement of$1,000.00 for deposit to the General Fund.
AUDIT FOLLOW-UP/RESOLUTION Failure to Meet Expenditure Requirements Financial Statements Amount: $24,577.53 Audit Control Number 6351-93-04
The audit report for the year ended June 30, 1993, stated that the Colquitt County Board ofEducation had an underexpenditure of Quality Basic Education (QBE) funds of$24,577.53 for the salaries portion of the Remedial Education 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. These funds 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 Meet Expenditure Requirements Financial Statements Amount: $472.71 Audit Control Number 6351-93-05
The audit report for the year ended June 30, 1993, disclosed that the Board had an underexpenditure of Quality Basic Education (QBE) funds of $472.71 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. These funds 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.

COLQUITT COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS
YEAR ENDED JUNE 30 1994
PRIOR YEAR
AUDIT FOLLOW-UP/RESOLUTION Failure to Transfer Local Matching Funds Financial Statements Audit Control Number 6351-93-06 Finding Resolved
The audit report for the year ended June 30, 1993, stated that the Colquitt County Board of Education failed to transfer local matching funds from the General Fund to the Capital Projects Fund as required for the approved State Capital Outlay Project for the 1993 fiscal year. Both the instructions in Chapter 70 of the Georgia Financial Accounting Handbook for Local School Systems and the agreement signed by the Board to receive funding through Georgia State Financing and Investment Commission require that the Board transfer local matching funds by year end and designate those funds by project name and number. In the year under review, local funds were transferred as required.
PRIOR YEAR/CURRENT YEAR
GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Reportable Condition - Material Weakness Audit Control Number 6351-93-02
The audit report for the year ended June 30, 1993, noted that the management ofthe Colquitt 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 the General Fixed Assets Account Group. These subsidiary records should include an inventory ofland, 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.
PROCUREMENT Inadequate Purchasing Procedures Financial Statements Reportable Condition - Material Weakness Nonmaterial Noncompliance Audit Control Number 6351-93-03
The audit report for the year ended June 30, 1993, indicated that the Board failed to adhere to the local Board policy DJE dated January 12, 1988, which requires competitive bids to be obtained for purchases in excess

COLQUITT COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS
YEAR ENDED JUNE 30 1994
PRIOR YEAR/CURRENT YEAR
PROCUREMENT Inadequate Purchasing Procedures Financial Statements Reportable Condition - Material Weakness Nonmaterial Noncompliance Audit Control Number 6351-93-03
of$5,000.00. A review ofthe Board's procurement system for the year under review noted the Board made no improvement in complying with their prescribed policy. Action should be taken to ensure compliance with the Board procurement policy for all future purchases.
ADMINISTRATIVE REQUIREMENTS Inadequate Inventory Records Federal Financial Assistance Major Program Reportable Condition - Material Weakness Nonmaterial Noncompliance Audit Control Number 63 51-93-07
The audit report for the year ended June 30, 1993, noted that the property management records maintained by the Board for the Elementary and Secondary Education Act - Chapter 1 - Education of Deprived Children (CFDA 84.010) Program were incomplete and failed to meet the property management standards as set forth in Chapter 8 ofthe Georgia Financial Accounting Handbook for Local School Systems (GFAH). During the year under review, the records presented for examination were again deficient and did not include all current year purchases at their acquisition cost or a detailed listing of current year deletions.
These deficiencies are the result of the Board's disregard of the proper maintenance of its property management records for this program. An inventory system should be implemented that provides for the identification of all equipment purchased. Perpetual inventory records should include historical information regarding additions and deletions made to the equipment inventory during the fiscal year when applicable. Periodic physical inventory counts should be made and reconciled to the property records to ensure the accuracy ofthe Board's inventory records.

COLQUITT COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS
YEAR ENDED JUNE 30 1994
CURRENT YEAR
EXPENDITURES/LIABILITIES/DISBURSEMENTS Failure to Meet Expenditure Requirements Financial Statements Nonmaterial Noncompliance Amount: $44,186.50 Audit Control Number 6351-94-01
For the year under review, the Colquitt County Board ofEducation had an underexpenditure of Quality Basic Education (QBE) funds of $44,186. SO for the salaries portion of the Remedial Education Program. This questioned cost was a result of management expending less than the minimum expenditure requirement for this QBE program. These funds should be returned to the Georgia Department of Education through an increase in the Board's local fair share for QBE programs in a subsequent fiscal period.
EXPENDITURES/LIABILITIES/DISBURSEMENTS Failure to Meet Expenditure Requirements Financial Statements Nonmaterial Noncompliance Amount: $27,681.96 Audit Control Number 6351-94-02
For the year under review, the Board reported to the Georgia Department ofEducation on DE form 0420 "General Fund QBE Program Expenditure Summary" expenditures totaling $93,837.46 for the Staff Development - Cost ofInstruction Program. A review ofthe underlying source documentation for the Quality Basic Education (QBE) program disclosed that the Board expended more than 15 percent of its initial allotment offunds for Professional Development Stipends for StaffDevelopment - Cost oflnstruction Program purchases resulting in an underexpenditure of$27,681.96 for the minimum required allotment of$118,516.35 for the StaffDevelopment - Professional Development Stipends Program.
This questioned cost resulted from management's reliance on incorrect information received from the Georgia Department ofEducation, resulting in a violation of Official Code of Georgia 20-2-182. These funds 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.

COLOIBTT COUNTY BOARD OF EDUCATION PERTINENT VIEWS OF RESPONSIBLE INDIVIDUALS
YEAR ENDED JUNE 30 1994

GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Reportable Condition - Material Weakness Audit Control Number 6351-93-02

We concur with this recommendation. Due to current staffing limitations and budgetary considerations

prohibiting the hiring of additional administrative staff, the Board has decided not to pursue the recording of

general fixed assets on the financial statements.



PROCUREMENT Inadequate Purchasing Procedures Financial Statements Reportable Condition - Material Weakness Nonmaterial Noncompliance Audit Control Number 6351-93-03

We concur with this finding, however bids are now requested and copies of the bids submitted are kept with our financial records. We also use state contract prices and vendors, therefore additional bids are not necessary for these purchases.

ADMINISTRATIVE REQUIREMENTS Inadequate Inventory Records Federal Financial Assistance Major Program Reportable Condition - Material Weakness Nonmaterial Noncompliance Audit Control Number 6351-93-07

We concur with this finding. This inventory deficiency has been corrected by using the management requirement for equipment funded in whole or part with State or Federal funds page 8-9 of the Georgia Financial Accounting Handbook for Local School Systems.

EXPENDITURES/LIABILITIES/DISBURSEMENTS Failure to Meet Expenditure Requirements Financial Statements Nonmaterial Noncompliance Amount: $44,186.50 Audit Control Number 6351-94-01

We concur with this finding. This finding will be resolved by Georgia Department of Education through a future increase in Board's local fair share portion of QBE Allotments.

COLOIBTT COUNTY BOARD OF EDUCATION PERTINENT VIEWS OF RESPONSIBLE INDIVIDUALS
YEAR ENDED JUNE 30 1994
EXPENDITURES/LIABILITIES/DISBURSEMENTS Failure to Meet Expenditure Requirements Financial Statements Nonmaterial Noncompliance Amount: $27,681.96 Audit Control Number 6351-94-02
We concur with this finding. This finding will be resolved by Georgia Department of Education through a future increase in Board's local fair share portion of QBE Allotments.

SECTIONV PERTINENT VIEWS OF RESPONSIBLE OFFICIALS