Colquitt County Board of Education, Moultrie, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2000

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COLQUIIT COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS -

SECTION I

FINANCIAL

INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENrS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS

EXHffiITS

GENERAL PURPOSE FINANCIAL STATEMENTS

COMBINED STATEMENTS - OVERVIEW

A

COMBINED BALANCE SHEET

ALL FUND TYPES AND ACCOUNT GROUP

2

B

COMBINED STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES

ALL GOVERNMENTAL FUND TYPES

AND EXPENDABLE TRUST FUNDS

4

C

COMBINED STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL

(NON-GAAP BASIS)

GENERAL AND SPECIAL REVENUE FUNDS

7

D

COMBINED STATEMENT OF REVENUES, EXPENSES AND

CHANGES IN RETAINED.EARNINGS/FUND BALANCES

PROPRIETARY FUND TYPE - INTERNAL SERVICE FUND

FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUNDS 8

E

COMBINED STATEMENT OF CASH FLOWS

PROPRIETARY FUND TYPE - INTERNAL SERVICE FUND

FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUNDS

10

F NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

12

ADDmONAL FINANCIAL INFORMATION

COMBINING STATEMENTS

SPECIAL REVENUE FUND

G

COMBINING BALANCE SHEET

26

H

COMBINING STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN. FUND BALANCES

28

CAPITAL PROJECTS FUND

I

COMBINING BALANCE SHEET

30

J

COMBINING STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

32

COLOUITT COUNTY BOARD OF EDUCAnON - TABLE OF CONTENTS -

SECTION I

FINANCIAL

ADDITIONAL FINANCIAL INFORMATION

EXHIBITS

COMBINING STATEMENTS- .

FIDUCIARY FUND TYPES

K

COMBINING BALANCE SHEET

34

L

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES

EXPENDABLE TRUST FUNDS

36

SCHEDULES

1 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS

38

2 SCHEDULE OF STATE REVENUE

40

3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS

41

ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS

GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS

4

OVERALL

43

5

BY PROGRAM

44

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

COLQUITT COUNTY BOARD OF EDUCATION -TABLEOFCONTENTS-
SECTION ill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS
SECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS

SECTION I FINANCIAL

~USSELL W. HINTON
STATE AUDITOR
(404) 656-2174

DEPARTMENT OF AUDITS AND ACCOUNTS
254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400
April 20, 2001

Honorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education
and .Superintendent and Members of the Colquitt County Board of Education
INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Ladies and Gentlemen:
We have audited the accompanying general purpose financial statements of the Colquitt County Board of Education, as of and for the year ended June 30, 2000, as listed in the table of contents. These general purpose financial statements are the responsibility of the Colquitt County Board of Education's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the U:nited States ofAmerica and the standards applicable to financial audits contained in 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 fmancial statements are free ofmaterial 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, ~ well as evaluating the overall financial s~atement presentation. We believe that our audit,provides a reasonable basis for our opmlOn.
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:

2000ARL-13A

* 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, 2000, a portion
of salaries and the corresponding employer's cost of related benefits earned for contractual services completed prior to June 30, 2000. Also funds received, subsequent to June 30, 2000, from the Georgia Department of Education for the State's share of these unrecorded salaries and related benefits were not recorded as revenue in theyear under review. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1999, were improperly recorded in the year ended June 30, 2000. 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 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 _on the general purpose financial statements of the matters referred to in the preceding paragraph, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Colquitt County Board of Education as of June 30, 2000, and the results of its operations and the cash flows of it~ Internal Service Funds and Nonexpendable Trust Funds for the year then ended, in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated Apri120, 2001, on our consideration of the Colquitt County Board of Education's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit.
Our audit was performed for the purpose of forming -ali opinion on the general purpose financial statements of the Colquitt County Board of Education taken as a whole. The accompanying combining statements (Exhibits G through L) and the financial schedules (Schedules 1 through 5), which includes the Schedule of Expenditures of Federal Awards as required by U. S. Office of
2000ARL-13A

Management and Budget Circular A-B3, Audits of States, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the f general purpose financial statements. Such information has been subjected to the auditing procedures applied in the audit ofthe general purpose financial statements and in our opinion, except for the effects ofthe matters referred to in the third paragraph', such information is fairly'stated, in all material respects, in relation to the general purpose financial statements taken as a whole.
I
A copy ofthis report has been filed as a permanent record in the office ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code ofGeorgia Annotated Section 50- . 6-24.
Respectfully submitted,

RWH:jb 2000ARL-13A

Ru ell W. Hinton Sta e Auditor

J
COLQUITT COUNTY BOARD OF EDUCATION

COLqUITI COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUP JUNE 3D. 2000

ASSETS
Cash and Cash Equivalents
""-
Investments
Accounts Receivable
Inventories Food Donated Commodities Purchased Food
Amount Available in Debt Service Fund
Amount to be Provided in Future Years For Payment of: Bond Debt Capital Lease Agreement

GENERAL FUND

GOVERNMENTAL FUND TYPES

SPECIAL

CAPITAL

REVENUE

PROJECTS

FUND

FUND

$

192.802.39 $ 113.146.96 $ 4,624.849.25 $

2.296.684.70

5.666.084.31

997.334.56

846.904.65

709.689.60

DEBT SERVICE
FUND
2.664.659.51
2.000.000.00
768.352.73

27.973.19 11,560.10

Total Assets

$ 3,488,821.67 $ 1,001.565.10 $ 11.200.623.16 $ 5,433.012.24

LIABILITIES AND FUND EqUITY

LIABILITIES

Accounts Payable Salaries Payable Expired Grant Balances Payable Claims Payable Contracts Payable Retainages Payable Capital Lease Agreements General Obligation Bonds Payable

Total Liabilities

FUND EqUITY

Retained Earnings

Unreserved

Fund Balances

Reserved

For Bus Replacement Funds

$

For Continuation of Federal Programs

For Continuation of State Programs

For Debt Service

ForEnd~entCorpus

For Expired Grant Balances/Questioned Costs

For Inventories

Food

Donated Commodities

Purchased Food

For Purpose of Bond Issue

For State capital Outlay Projects

Unreserved Designated for Self-Insuran~

Undesignated

Total Fund Equity

$

$ ,147,337.16 ,:649.060.29 90.593.75 $
$ 886,991.20 $

226.365.36 $

6,913.08 16,000.00

77,738.82

27,973.19 11,560.10
$

75,393.19 3.109,324.30
3.488.821.67 $

52.147.53 114.593.90 $

820.651.80 575,017.96 1,395.669.76
$
9,214,509.50 83.305.00 507.136.90
9.804.953.40 $

5,433.012.24
O.OC 5,433,012.2'

Total Liabilities ,and Fund Equity

- $ 3,488.821.67 $ 1.001 ;585.10 $

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

11.200.623.16 $

- 2-

5,433,012.2'

EXHIBIT "A"

PROPRIETARY FUND TYPE INTERNAL
SERVICE FUND

FIDUCIARY FUND TYPES TRUST FUNDS

$

1,788.86 $

9,933.86

938,185.36

177.053.30

1,075.85

ACCOUNT GROUP GENERAL
LONG-TERM DEBT

TOTALS

(Memorandum Only)

JUNE 30, 2000

JUNE 30, 1999

$ 7,807,180.83 $ 6,764.594.99

11,080,007.67

13.271,575.19

3.325,357.61

2.269,315.60

$

5,433,012.24

27,973.19 11.560.10
5,433.012.24

29,464.32 7.265.15
1.830,024.52

9,316.987.76 478,776.60

9,316,987.76 478,776.60

12,919,975.48 527,433.04

$

939,974.22 $

188,063.01 $

15,228,776.60 $ 37,480,856.00 $ 37,619,648.29

$

34,472.59

$

34,472.59

$

147,337.16 .$

436,687.72

649.060.29

596,524.03

90,593.75

7.996.46

34,472.59

34,771.52

820,651.80

575,017.96

$

478.776.60

478.776.60

527,433.04

14,750,000.00

14,750,000.00

14,750,000.00

$

15,228.776.60 $ 17,545,910.15 $ 16,353,412.77

$

905,501.63

$

75,000.00

0.00

113.063.01

$

905.501.63 $

188,063.01

$

905,501.63 $ 1,091,805.18

226,365.36 6,913.08 16,000.00
5,433,012.24 75.000.00 77.738.82

186.756.66 2,500.00
1,830.024.52 75,000.00 77,738.82

27.973.19 11,560.10 9.214,509.50 83.305.00

29,464.32 7,265.15
14,272.840.71 50,486.00

75,393.19 3,781,673.74 .

80.681.50 3,561,672.66

$ 19,934,945.85 $ 21 ,266,235.52

$

939,974.22 $

188,063.01 $

15,228,776.60 $ 37,480,856.00 $ 37,619,648.29

-3-

COLQUITT COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS YEAR ENDED JUNE 30, 2000

EXHIBIT "B"

TYPES DEBT
SERVICE
FUND

TOTAL

FIDUCIARY FUND TYPE EXPENDABLE TRUST FUNDS

TOTALS

(Memorandum Only)

YEAR ENDED

JUNE 30, 2000

JUNE 30, 1999

$ 36,301,915.03

5,844,579.75

$ 4,198,966.75

13,855,795.14

. 75,155.97

2,721,285.13 $

$ 4,274,122.72 $ 58,723,575.05 $

$
29,516.38 29,516.38 $

36,301,915.03 $ 5,844,579.75 13,855,795.14 2,750,801.51
58,753,091.43 $

34,562,978.99 5,272,681.34 11,234,547.46 1,869,905.72
52,940,113.51

$ 32,975,754.31

$ 32,975,754.31 $ 31,186,149.49

2,548,797.44 1,260,858.89 1,126,604.41
723,073.91 $ 2,904,997.83
880,392.60 4,367,911.48 1,955,385.41
159,909.07 104,396.15 3,384,917.63
16,835.87 45,887.93 6,691,220.69

2,821.33

2,548,797.44 1,260,858.89 1,126,604.41
725,895.24 2,904,997.83
880,392.60 4,367,911.48 1,955,385.41
159,909.07 104,396.15 3,384,917.63
16,835.87 45,887.93 6,691,220.69

2,413,579.22 1,039,167.48 1,123,475.80
658,670.30 2,795,801.43
892,091.24 4,405,283.50 1,799,667.08
217,652.86 115,133.80 3,311,627.21
17,009.18 36,164.53 1,604,749.96

$

671,125.00

10.00

84,956.44 701,376.66
10.00

84,956.44 701,376.66
10.00

61,065.36 23,387.64

$

671,135.00 $ 59,933,286.72 $ .- 2,821.33 $ 59,936,108.05 $ 51,700,676.08

$ 3,602,987.72 $ -1,209,711.67 $

26,695.05 $ -1,183,016.62 $ 1,239,437.43

$

36,300.00

617,597.90

-617,597.90

$

36,300.00

$ 3,602,987.72 $ -1,173,411.67 $

1,830,024.52

20,011,989.06

-1,491.13 4,294.95

$

39,812.50

$

36,300.00

617,597.90

-617,597.90

14,750,000.00 588,498.40 639,695.13 -679,235.51

$

36,300.00 $ 15,338,770.52

26,695.05 $ 50,444.16

-1,146,716.62 $ 20,062,433.22

16,578,207.95 3,489,751.78

-1,491.13 4,294.95

-1,798.55 -3,727.96

$ 5,433,012.24 $ 18,841,381.21 $

7.7,139.21 $ 18,918,520.42 $ 20,062,433.22

-5-

COLQUITT COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL - (NON-GAAP BASIS) GENERAL AND SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30. 2000

EXHIBIT C

GENERAL FUND

ACTUAL

(BUDGET

BUDGET

BASIS)

REVENUES

State Funds Federal Funds Taxes Other Funds

$ 32.449.616,05 $ 33.628.379,93

8.939.000,00 205,828.21

9.656,828,39 1.051.149.49

Total Revenues

$ 41.594,444.26 $ 44.336.357.81

EXPENDITURES

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

$ 28,530.665,76 $ 28,624,221,55

1.925.072.56 1.160.602.78 1.102,407.41
~29.605.63
2,805,194.90 840.088.54
4.007.436.96 1.796,245.03
160.013.07 59.801.04 59.675,00

2,134,866,66 1,141,535.65 1.125.327.74
386,773,37 2.904,997,83
880.204.28 4.249,972.71 1,899.856.27
159.909.07 71,391.94 57,501.18 16,835.87

77,320.79 103.208.38

Total Expenditures

$ 42.776.808,68 $ 43.833,923.29

Excess of Revenues .over (under) Expenditures

$ -1.182,364,42 $ 502,434,52

OTHER FINANCING SOURCES IUSES)

Other Sources Other Uses

$ 26,539.68

$ -537.640.45

-617,597,90

Total Other Financing Sources (Uses)

$ -537.640.45 $ -591,058.22

Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses $ -1,720.004.87 $

-88,623.70

FUND BALANCE JULY 1, 1999

2,644,102.16

3,577,445,37

Food Inventory - Net Change in Period Donated Commodities Purchased Food

SPECIAL REVENUE FUND

ACTUAL

(BUDGET

BUDGET

BASIS)

$ 1,895,939,39 $ 1,963.845,50

5.000.348,87

5.844,579,75

739.000.00

888.695.60

$ 7.635.288.26 $ 8,697.120.85

$ 3,473.368.46 $ 4.351,532.76

418.341.00 99,487,00 1,280.00
340.173.21

413.930.78 119.323.24
1.276.67 336.300.54

280.00 123.741.59 76,784,76

188.32 117,938.77 55,529.14

35.299.00 3.223,159.96

33,004,21 3.327,416.45

53.053.00

45.887.93

11.999.72

$ 7.844,967.98 $ 8,814.328,53

$ -209.679.72 $ -117.207.68

$ 89.717.77

$ 89,717.77

$ -209,679.72 $ 147,113,84

-27,489.91 139.279.99

-1.491.13 . 4.294.95

FUND BALANCE JUNE 30, 2000

$ 924.097.29 $ 3.488.821.67

$ -62.565.88 $ 114.593.90

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

COLQUrTI COUNTY BOARDOF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES INRETAINED EARNINGS/FUND BALANCES
PROPRIETARY FUND TYPE -INTERNAL SERVICE FUND FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUNDS
YEAR ENDED JUNE 30. 2000

OPERATING REVENUES Charges for Services
OPERATING EXPENSES. Current Support Services Administration Scholarships Workers' Compensation Claims Total Operating Expenses ,?perating Income (Loss)
NONOPERATING REVENUES (EXPENSES) Bank Service Charges Interest Earned Total Nonoperating Revenues/ (Expenses) Net Income (Loss) Before . Operating Transfer
OPERATING TRANSFERS IN Transfers From Other Funds Net Income (Loss) for the Year
RETAINED EARNINGS/ FUND BALANCE JULY 1

PROPRIETARY FUND TYPE INTERNAL SERVICE FUND

FIDUCIARY FUND

NONEXPENDABLE TRUST

CLASS OF 1988

MCKEE

SCHOLARSHIP

SCHOLARSHIP

FUND

FUND

$

0.00 $

0,00 $

0=.;.""'00::...

$ $ _ _=-51;.&:,5::,::3:::,:8.:::,:50::..

$

51,538.50 $

$

-186,303.55 $

-1.13 $ 279.46

-1.55 2,330.31

278.33 $ ...:...._-"2:&;,3:,:2:::,8.:.:,.76:...

-41.67 $.

-495.24

$

-186,303.55 $

-41.67 $

1,091,805.18

r 6,433.84

-495.24 52,342.38

RETAINED EARNINGS/ FUND BALANCE JUNE 30

$

905,501.63 $

6,392.17 $ ===5=1"",84=.0:7.=14=

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

EXHIBIT"D"

TYPE FUNDS
ODOM SCHOLARSHIP
FUND

TOTALS

(Memorandum Only)

YEAR ENDED

JUNE 30, 2000

JUNE 30, 1999

$

0.00 $

0.00 $ _ _..;.;:15:.;:6""'.7..:;5.:.;8...:.,14.:..

$

108,126.62 $

111,288.92

$

.2,910.00

6,054.00

5,838.00

129,715.43

76,578.63

$

2,910.00 $

243,896.05 $

193,705.55

$

-2,910.00 $

-243,896.05 $

-36,947.41

$

-9.35 $

-12.03 $

-10.00

2,382.94

56,531.21

37,116.67

$

2,373.59 $

56,519.18 $ _ _....:3::.:.7.1.:,1~0~..6::.67:....

$

-536.41 $

-187,376.87 $

- - 159.26

39,540.38

$

-536.41 $

-187,376.87 $

39,699.64

53,220.90

1,203,802.30

1,164,102.66

$

52,684.49 $ 1,016,425.43 $ 1,203,802.30

-9-

COLQUITT COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF CASH FLOWS PROPRIETARY FUND TYPE -INTERNAL SERVICE FUND FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUNDS
YEAR ENDED JUNE 30, 2000

PROPRIETARY FUND TYPE INTERNAL SERVICE
FUND

F.IDUCIARY FUND

NONEXPENDABLE TRUST

CLASS OF 1988

MCKEE

SCHOLARSHIP
- FUND

SCHOLARSHIP 'FUND

Cash Flows from Operating Activities:

Cash Received from Contributions to

Self-Insurance Employee Benefits

Cash Paid for Administrative Costs

$

Cash Paid for Scholarships

Cash Paid for Worker's Compensation Claims

-108,126.62
$
-130,014.36

\.

-320.00 $

-2,824.00

Net Cash Provided (Used) by Operating Activities

$

-238,140.98 $

-320,00 $

-2,824.00

Cash Flows from Noncapital Financing

Activities:

Operating Transfers-In from Other Funds

$

0.00 $

0.00 $

0.00

Net Cash Provided (Used) by Noncapital

Financing Activities

$

0.00 $

0.00 $

0.00

Cash Flows from Investing Activities: Interest Received on Investments Purchase/Sale of Investments (Net)
I Cash Paid for Bank Service Charges

$

51,538.50 $

-121,947.07

267.75 $
-500.00 -1.13

2,250.82 -500.00 -1.55

Net Cash Provided by Investment Activities

$

-70,408.57 $

-233.38 $

1,749.27

Net Increase (Decrease) in Cash

$

-308,549.55 $

-553.38 $

-1,074.73

Cash and Cash Equivalents - July 1

$

310,338.41 $

909.09 $

, 3,624.13

Cash and Cash Equivalents - June 30

$

1,788.86 $

355.71 $ =========2=,54===:9..4..:.=0

Reconciliation of Operating Income to Net Cash Provided (Used) by Operating Activities: Operating Income (Loss) Increase (Decrease) in Claims Payable

$

-237,842.05 $

-298.93

-320.00 $

-2,824.00

" Net Cash Provided (Used) by Operating Activities

$

-238,140.98 $

-320.00 $ ===:=-2=,8=2=4=,0==0

\
The notes to the general purpose financial statements are an integral part of this statement.
.- 10-

EXHIBIT"E"

TYPE FUNDS
ODOM SCHOLARSHIP
FUND

TOTALS

(Memorandum Only)

YEAR ENDED

JUNE 30, 2000

JUNE 30, 1999

$

156,758.14

$

-108,126.62

-111,288.92

$

-2,910.00

-6,054.00

-5,838.00

-130,014.36

-74,741.30

$

-2,910.00 $

-244,194.98 $

-35,110.08

$

0.00 $

0.00 $

39,540.38

$

0.00 $

0.00 $

39,540.38

$

2,304.12 $

56,361.19 $

67,425.58

-122,947.07

-285,238.29

-9.35

-12.03

-10.00

$

2,294.77 $

-66,597.91 $

-217,822.71

$

-615.23 $

-310,792.89 $

-213,392.41

$

2,995.90 $

317,867.53 $

531,259.94

$

2,380.67 $

7,074.64 $ ===3==:17:=:,8=6:.;,,7,;,;;,5=.3

$

-2,910.00 $

-243,896.05 $

-36,947,41

-298.93

1,837.33

$

-2,910.00 $

-244,194.98 $ ===-3=5=,1=:1=0;,;;;,0.8...

- 11 -

COLQUITT COUNTY BOARD OF EDUCAnON

EXHIDIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

-JUNE 30, 2000

Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY
The Colquitt County Board of Education (Board) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the Board is a primary government and consists of all the organizations that compose its legal entity.
"
FUND ACCOUNTING
The Board uses funds and an account group to report-on its fimmdal position and-the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing' set of accounts. An account. group is a financial reporting device designed to provide accountability for certain assets arid liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources.
General Fixed Assets are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the Board. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be
- maintained . for reporting the cost of assets acquired by governmental fu.nd types.
Although "school activity accounts" are mamtained 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 accountingprinciples, these accounts sHould be recorded in the general purpose financial statements.
The general purpose financial statements account for all State, Federal, Taxes and Other funds under control of the Board, in compli~ce with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows:
GOVERNMENTAL FUND TYPES - are used to account for all or most of a Board's educational activities. Governmental Fund Types include: _
GENERAL FUND - the fund used to account for all financial resources ofthe Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education.

- 12-

COLQUITT COUNTY BOARD OF EDUCATION

EXHffiIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2000

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 received primarily from the Georgia Department of Education and from the Federal government to accomplish specific educational objectives.
CAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities.
. DEBT SERVICE FUND -the fund used to account for the accumulation ofresources for, and the payment of, general long-term principal, interest and paying agent fees.
PROPRIETARY FUND TYPES - the funds used to account for activities ofthe Board similar to those found in the private sector, where cost recovery and the determination ofnet income is useful or necessary for sound fiscal management. Internal service funds are a type ofproprietary fund and are used to account for operations on a cost reimbursement basis that provide services to other funds or programs ofthe Board. '
INTERNAL SERVICE FUND - the fund used to account for Workers' Compensation contributions and expenditures.
FIDUCIARY FUND TYPES - the funds used to account for assets heid 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 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.
Odom Scholarship Fund - the fund used to account for an endowment-ofwhich the corpus is to be invested and preserved intact with the resultant income to be used to provide scholarships to graduating seniors ofthe Colquitt County High School and awards to be made to fifth graders at Jack Mack Odom Elementary School.
EXPENDABLE TRUST FUNDS Demott Scholarship Fund, Goff Scholarship Fund, Millsap Scholarship Fund and Pippin Scholarship Fund - the funds used to account for scholarships to be made to graduating seniors of Colquitt County High School.

- 13-

COLQUITT COUNTY BOARD OF EDUCATION

EXHffiIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2000

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ACCOUNT 'GROUP

"

'

GENERAL LONG-TERM DEBT ACCOUNT GROUP - Afiriancial reporting device used to

account for general obligation debt outstanding and capital lease obligations, ,

BASIS OF ACCOUNTING

,The accounting and financial reporting treatment applied to a fund is detennmed by its measurement focus. All governmental and expendable trust funds :are accounted for: using a current financ,ial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are ~ncluded on the balance sheet. Operating statements ofthese funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance'is considered a measure of available spendable resources.

Liabilities which are expected to be financed from available spendable resources are reported as

, liabilities in the governmental funds. Other liabilities, which are not expected to be financed from'

available spendable resources, are reported in the General Long-Term DebfAccount Group.

,

,

All proprietary and 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 ~d expendable trust funds are accounted Ior using the modified accrual basis of accounting under which:

Revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Those revenues considered susceptible to accrual are property taxes, local option ',sales taxes, intergovernmental grants and investment income.

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 of these. contracts. During fiscal year 2000,.a substantial number of personnel of the Board were employed for a one hundred and ninety day period beginning in early August 1999 and ending in late May 2000. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 1999 and ending in August 2000. State grants to fund the State's share of these contracts were disbursed from the Georgia Department ofEducation to the Board in the same twelve

- 14-

COLQUITT CQUNTY BOARD OF EDUCATION

EXHffiIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2000

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
months. As ofJune 30, 2000, compensation under these employment contracts had been earned, but two ofthe twelve monthly payments, due for July and August 2000, had not been made, Payments for these two months were made and recorded as expenditures by the Board subsequent to June 30, 2000, Also, the State's portion ofthe compensation paid in July and August 2000 was received and recorded as revenue in the fiscal year subsequent to June 30, 2000, Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1999, were recorded in the year ended June 30, 2000. 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 proprietary and 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's budget is a complete financial plan for the Board's fiScal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level ofbudget control was established by the Board at the aggregate level. Proprietary fund budgets were prepared and utilized as a management tool to assess the operations of the internal service funds. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles.,
The budget process begins when the Board's administration prepares a tentative budget for the Board's approval., After approval ofthis tentative budget by the Board, such budget is advertised at least once in a newspaper of general 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(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-~:nd.
CASH AND CASH EQUIVALENTS
COMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits in authorized financial institutions. Georgia Laws OCGA 45-8-14 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.

- 15 -

--
COLQUITT COUNTY BOARD OF EDUCATION NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS
JUNE 30, 2000

EXHffiIT "F"

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

., INVESTMENTS

COMPOSITION OF INVESTMENTS, Investments made by the Boardin nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. Both participating interest-earning.contracts and money market investments with a maturity at .purchase greater than one year are reported at fair value. The Official Code of Georgia Annotated . Section36-83-4 authorizes the Board to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following:

(1) Obligations issuyd by the State of Georgia or by other states, '

(2) Obligations issued by the United States government,

(3) Obligations fully insured or guaranteed by the United States government or a United States government agency,

(4) Obligations of any corporation of the United States government,

.(5) PriIl1e banker's acceptances,
(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services,

(7) Repurchase agreements, and

(8) Obligations of other political subdivisions of the State of Georgia.

RECEIVABLES

;,

Receivables consist of grant reimbursements due on Federal, State or other grants 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 whic;:h would necessitate the need for an allowance for uncollectible receivables. , .

. ' - 16-

COLOUITT COUNTY BOARD OF EDUCAnON

EXHIBIT "F"

, NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

,JUNE 30, 2000

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

PROPERTY TAXES

The Colquitt County Board of Commissioners fixed the property tax levy for the 1999 tax year (calendar year) on August 27, 1999 (levy date). Taxes were due on December 10,1999. The lien date for property taxes was January 1, 1999. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 2000. 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 1999 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..2 mills

SALES TAXES

Local Option Sales Tax revenue during the fiscal year amounted to $4,296,321.84 and was recorded in the General Fund. Local Option Sales Tax is to be used for the maintenance and operation of the Board.

Special Purpose Local Option Sales Tax is to be used for capital outlay for educational purposes and debt service. Special Purpose Local Option Sales Tax revenue during the fiscal year amounted to $4,198,966.75 and was recofded in the Debt Service Fund. The State will terminate collection of this tax once an additional $17,610,821.23has been collected or on December 31,2003, whichever occurs first.

INVENTORIES

FOOD INVENTORIES

Inventories <if 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 (first-in; first-out). 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.

.

- 17 ;.

. ' COLQUITT COUNTY BOARD OF EDUCAnON.

EXHmIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2000

Notel: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
COMPENSATED ABSENCES
"Compensated absences represent obligations of the Board relating to employees' rights to receive compensation,for future absences based upon service already rendered. This obligation relates only to vesting accumulating leave in-which payment is probable and can be reasonably estimated. No .liability has been recorded in the individual funds for the current portion of this obligation as this 'amount is deemed immaterial to the general purpose financial statements.
Additionally, the dollar value of accumulated compensated absences at June 30, which will be payable from future resources has not been recorded in the General Long-Term pebt Account Group as this liability is also deemed to be immaterial to the fair presentation ofthese fmancial statements.
GENERAL OBLIGATION BONDS
I
The Board issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. Bond premiums and discounts, as well as issuance costs, are recognized in the financial statements during the year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit ofthe goveInment. The outstanding amount ofthese bonds is recorded in the General Long-Term Debt Account Group.
INTERFUND TRANSACTIONS
.The Board has the following types of interfund transactions: '
.'
Reimbursements of expenditures/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 0: expenditures/expenses in the fund that is reimbursed.
Operating transfers are recorded for all interfund transactions other than reimbursements.
MEMORANDUM ONLY - TOTAL COLUMNS
Total columns on the general purpose finailcial statements are captioned "Memorandum Only" t( . indicate that they are presented only to facilitate financial analysis. Data in these columns dono present financial position, results ofoperations or cash flows in conformity with generally accepte{ .accounting principles. Neither are such data comparable to a consolidation. Interfund elimination have not been made in the aggregation of this data.

- 18-

COLOUTIT COUNTY BOARD OF EDUCATION

EXHffiIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2000

J
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 s~ ofmoney which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face
value of such surety bond and the market value of securities pledged shall be equal to not less than
11 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance;
If a depository elects the pooled method (OCGA 45-8-13.1) the aggregate ofthe market value ofthe
securi~iespledged to secure a pool ofpublic funds shall be not less than 11 percent ofthe daily pool balance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive the requirement for security in the case ofoperating funds placed in demand deposit checking ,accounts.
Acceptable security for deposits consists of anyone of or any combination of the following:

(1) Surety bond signed by a surety company duly qualified and authorized to transact business

within the State of Georgia,

'

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

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

(4) Borids, bills, notes, certificates of indebtedness or other obligations of the counties or

municipalities of the State of Georgia,

'

(5) Bonds of any public authority ~reated 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 or 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, 2000, the bank balances were $14,035,663.25. The amounts ofthe total bank balances are classified into three categories of credit risk:

- 19-

. COLQUITT COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2000

Note 2: DEPOSITS AND INVESTMENTS

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 insti~tion'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, 2000, ~ follows:

Risk Category .

Bank Balance

1

$ 588,527.91

2

8,135,151.27 .

3

5,311,984.07

. Total

$14,035,663.25

CATEGORIZATION OF INVESTMENTS
''At June 30, 2000, the carrying value of the Board's total inves~ents was $8,902,954.37 which is

materially the same as fair value. This investment consisted entirely of funds invested in the Local

Government Irtyestment Pool administered by the State of Georgia, 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. The investment policy ofthe State ofGeorgia, Office ofTreasury

and Fiscal Services for the Local Government Investment Pool (primary Liquidity Portfolio) does

not provide for investment in derivatives or similar investments. A description of the Primary

Liquidity Portfolio is as follows:

.

.

The Primary Liquidity Portfolio consists of Georgia Fund 1, which is a combination local and state

government investment pool, and Fund 6. Georgia Fund 1 is a stable net asset value investment pool

which follows Standard and Poor's criteria for AAAm rated money market funds. The pool is not

registered with the SEC as an investment company but does operate Georgia Fund 1 in a mannel

consistent with Rule 2a-7 ofthe Investment Company Act of 1940 arid is considered to be a Rule 2ac

7 like pool. The pool's primary objectives are safety of capital, investment income, liquidity anc..

diversification while maintaining principal ($1.00 per share value). Net asset value is calculatec..

weekly to ensure stability. The pool distributes earnings (net of management fees) on a monthl)

basis and values participant's shares sold and redeemed based on $1.00 per share. Pooled cash anc

cash equivalents and investments are reported at cost which approximates fair value. The pool doe~

riot issue any legally binding guarantees to support the value ofthe shares. Participation in the poo

'is voluntary and deposits consist of funds from local governments; operating and trust funds 0

Georgia's state agencies, colleges and universities; and current operating funds of the ~tate 0

Georgia's General Fund.

.. .

. - 20 ..

COLOUITT COUNTY BOARD OF EDUCATION

EXHffiIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2000

Note 2: DEPOSITS AND INVESTMENTS

Investments in Georgia Fund 1 and Fund 6 are directed toward short-tenn instruments such as U. S. Treasury obligations, securities issued or guaranteed as to principal and interest by the U. S. Government or any of its agencies or instrumentalities, banker's. acceptances and repurchase agreements. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2000, was 23 days; The average investment duration for Fund 6 on June 30, 2000, was .80 year.

Note 3: NON-MONETARY TRANSACTIONS

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

Note 4: RISK MANAGEMENT

The Board is exposed to various risks ofloss related to torts; theft of, damage to, and destruction of

assets; errors or omissions; job related illness or injuries to ~mployees.; natural disaster and

unemployment compensation.

.

The Board has obtained commercial insurance for risk ofloss associated with torts, assets, errors or

omissions. The Board has neither significantly reduced coverage for these risks nor incurred losses

(settlements)

which

exceeded

the

Board's

insurance

coverage .

in

any

ofthe

past

,three

years.

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

The Board haS established a limited risk management program for workers' compensation claims. A premium is charged when needed by the Internal Service Fund to each user fund on the basis ofthe percehtage of that fund's payroll to total payroll in order to cover estimated claims budgeted by: management based on known claims and prior experience. The Board accounts for claims with expense and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. An excess coverage insurance policy covers individual claims in excess of$I,OOO,OOO.OO loss per occurrence, up to the statutory limit.

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

1999 2000

Beginning of Year Liability

Claims and Changes in .
Estimates

Claims Paid

End ofYear Liability

$ 32,934.19 $ 76.578.63 $ 74.741.30 $ 34,771.52 $ 34,771.52 $ 129,715.43 $ 130,014.36 $ 34.472.59

- 21 -

COLOUITT COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JuNE 30, 2000

Note 4: RISK MANAGEMENT

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

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

follows:

.

1999 2000

Beginning of Year Liability

Claims and Changes in Estimates

Claims ' Paid

End of Year Liability

$

0.00 $

3,042.00 $

3,042.00 $

0.00

$

0.00 $

5,288.31 $

5,288.31 $

0.00

The Board has purchased surety bonds to provide additional insurance coverage as follows:

Position Covered

Amount

Superintendent Each Employee (per Loss)

$ 100,OQO~00 $ 300,000.00

Note 5: GENERAL LONG-TERM DEBT

CAPITAL LEASES'

The Colquitt County Board ofEducatioIi has entered into various lease agreements as lessee for air,

conditioning equipment and computers. These lease agreements qualify as capital leases for

accounting purposes and, therefore, have been recorded at the present value ofthe future minimum .

': lease payments' as of the date of their inception.

..

GENERAL OBLIGATION DEBT OUTSTANDING , General Obligation Bonds currently outstanding are as follows:

Purpose
General Government - Series 1998 General Government - Series 1999
/

Interest Rates

Amount'

3.9%' 3.9%

.$ 9,000,000.00 . 5,750,000.00

$ 14,750,000.00

The changes in General Long-Term Debt during the fiscal year ended June 30, 2000, were as follows:

. '- 22-

COLQUITT COUNfY BOARD OF EDUCAnON

EXHffiIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2000

Note 5: GENERAL LONG-TERM DEBT

Balance July 1, 1999

Capital Leases

General Obligation
Bonds

Total

$ 527,433.04 $14,750,000.00 $15,277,433.04

Additions Capital Leases
Deductions Debt Retired
Balance June 30, 2000

36,300.00

36,300.00

84,956.44

84,956.44

$ 478,776.60 $14,750,000.00 $15,228,776.60

At June 30, 2000, payments due by fiscal year which includes principal and interest for these items are as follows:

Fiscal Year Ended June 30

Capital Leases

General Obligation
Bonds

' Total Debt

2001 2002 2003 2004
2005 2006 - 2010

$ 115,208.10 $ 2,585,275.00 $ 2,700,483,10

115,208.10 3,186,772.50 3,301,980.60

101,343.60 3,285,662.50 3,387,006.10

101,343.60 3,395,892.50 3,497,236.10

101,343.60 3,889,392,50 3,990,736,10

16,890.60

1.6,890.60

Total Principal and Interest $ 551,337,60 $16.342,995 .00 $16,894.332.60

Deduct: Imputed Interest

"72.561.00

Net Present Value of Future Minimum Lease Payments $ 478,776.60

Note 6: ON-BEHALF PAYMENTS

The Board has recognized revenues and expenditures in the amount of $842,669.84 for health insurance and retirement contributio~spaid on the Board's behalfby the following State Agencies.

Georgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance ofNon-Certified Personnel In the amount of $666,894.16

- 23-

COLQUITT COUNTY BOARD OF EDUCATION

EXHffiIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2000

Note 6: ON-BEHALF PAYMENTS

Paid to the Teachers Retirement System of Georgia For Teachers Retirement System (TRS) Employer's Cost 'In the amount of $36,551.68

,

'

I

Office of Treasury and Fiscal Services

Paid to the Public School Employees Retirement System For Public School Employee~ Retirement (PSERS) Employer's Cost

In the amount of $139,224.00

'

Note 7: SIGNIFICANT COMMITMENTS

The following is an analysis 6fsignificant outstanding construction orreri6vation contracts executed
as by the Board of June 30, 2000, together ~ith funding available:

Project

Unearned Executed Contracts

Funding Available From State

Colquitt County High School Renovations

, Okapilco Elementary School Renovations

',' 995-635-003 .

,

995-635-007

$ 2,646,204:83 29,224.75 43,407.93
446.310.88

$ 78,854.40 115,829.00

$ 3,165,148.39 $' 194,683.40

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

Note 8: 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 positi(:ln.

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

- 24-

COLQUITT COUNTY BOARD OF EDUCATION

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2000

Note 9: ACCUMULATED EMPLOYEES' LEAVE

Twelve month employees ofthe Board earn two weeks leave annually. Eleven month employees of the Board earn one week ofleave annually. Maximum accumulation allowed is four weeks. Upon retirement or termination of employment employees are paid for unused leave, up to the maximum accumulation allowed, at their current rate of pay. See Note 1 - Compensated Absences

Note 10: 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 defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts.

TRS CONTRIBUTIONS REQUIRED AND MADE Employees of the Board who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS.. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their . Independent actuary. The required employer contribution rate is 11.29% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows:

Fiscal Year-

Percentage Contributed

Required Contribution

2000 1999 1998

100% 100% 100%

$ 3,459,7<>0:60 $ 3,471,046.40 $ 3,200,436.20

- 25-

COLQUITI COUNTY BOARD'OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 2000

ASSETS
Cash and Cash Equivalents' ",
Accounts Receivable
Inventories Food Donated Commodities , Purchased Food
..
Total Assets

LIABILITIES AND FUND EQUITY
"
LIABILITIES

Cash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable

Total Liabilities

FUND EqUITY

'\ \

Fund Balances Reserved For Continuation of Federal Programs For Continuation of State Programs For Inventories Food Donated Commodities Purchased Food Unreserved Undesignated

Total Fund Equity

SCHOOL FOOD
. SERVICES FUND

LOTTERY PROGRAMS.

$

244,220.79 ~

247,635.24 .

14,182.33

0.27

27,973.19 11,560.10

$

297,936.41 $

" .... '

247.635.51

$

32,264.25 $ ,

. -..173.991.34

$

206.255.59 $

45.140.97 186,494.54
231.635.51

$

16,000.00

$

27,973.19

11,560.10

52,147.53

0.00

$

91,680.82 $

16,000.00

Total Liabilities and Fund Equity See notes to the general purpose financial statements.
- 26-

$

297,936.41 $ ====2=4=7=,6=35=,=51=

EXHIBIT "G"

FEDERAL PROGRAMS

TOTALS

JUNE 30, 2000

JUNE 30, 1999

$

491,856.03 $

493,299.76

$

834,722.25

848,904.85

706,751.23

27.973.19" 11,560.10

29,464.32 7,265.15

$

834,722.25 $ 1.380,294.17 $ 1,236.780.46

$

378.709.07 $

69,931.94

288,574.41

90,593.75

$ - 827,809.17 $

378,709.07 $ 147,337.16 . 649,060.29 90,593.75
1.265,700.27 $

369,313.17 123,666.81 596,524.03
7,996.46
1.097.500.47

$

6.913.08 $

6,913.08 $

2.500.00

16,000.00

27,973.19 11,560.10

29,464.32 7,265.15

0.00

52,147.53

100,050.52

$

6.913.08 $

114,593.90 $

139.279.99

$

834,722.25 $ 1,380,294.17 $ 1,236,780.46

- 27-

COLQUITT COUNTY BOARD OF EDUCATION

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES

.

..

SPECIAL REVENUE FUND

YEAR ENDED JUNE 30. 2000

REVENUES
State Funds Federal Funds Other Funds
Total Revenues
EXPENDITURES
Current Instruction Support Services Pupil Services Improvement of Instructional Services' Educational Media Services General Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation Community Services Operations
Debt Service Principal Interest
Total Expenditures
Excess of Revenues over (under) Expenditures
OTHER FINANCING SOURCES (USES)
Capital Leases Operating Transfers In
Total Other Financing Sources (Uses)
Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses
FUND BALANCE JULY 1
Food Inventory - Net Change in Period Donated Commodities Purchased Food
FUND BALANCE JUNE 30
See notes to the general purpose financial statements. - 28-

SCHOOL FOOD
SERVICES FUND

LOTTERY PROGRAMS

. $ ! 220,552.00 $ 2,169,556.50 888,695.60
$ 3,278,804.10 $

1,743,293.50 1,743,293.50

$ 1,453,853.69
140,941.35 6,179.15
83,792.95
14,817.06 25,470.00
$ 3,327,416.45

9,760.32 2,239.40

$ 3,327A16.45 $ 1',737,053.92

$

-48,612.35 $

6,239:58

$

$

709.36

$

709.36 $

$

-47,902.99 $

136,779.99

-1A91.13 4,294.95

9,760.32 0.10
9,760.42.
16,000.00 0.00

$

91,680.82 $ ===1=6,~00..:..;0,"",,0;,..:;0

EXHIBIT"H"

FEDERAL PROGRAMS

TOTALS

YEAR ENDED

JUNE 30, 2000

JUNE 30,1999

$ 1,963,845.50 $ 1,767,095.86

$ 3,675,023.25

5,844,579.75

5,272,681.34

888,695.60

831,861.48

$ 3,675,023.25 $ 8,697,120.85 $ 7,871,638.68

$ 2,897,679.07 $ 4,351,532.76 $ 3,761,191.80

272,989.43 113,144.09
1,276.67 252,507.59
188.32 103,121.71 30,059.14 33,004.21
45,887.93

413,930.78 119,323.24
1,276.67 336,300.54
188.32 117,938.77 55,529.14 33,004.21 3,327,416.45 45,887.93

436,961.44 58,755.80 8,599.95
318,255.40 172.53
115,265.03 57,936.74 32,874.14 3,261,788.64 36,164.53

9,760.32 2,239.40

$ 3,749,858.16 $ 8,814,328.53 $ 8,087,966.00

$

-74,834.91 $

-117,207.68 $

-216,327.32

$

9,760.32

$

79,247.99

79,957.45 $

79,391.55

$

79,247.99 $

89,717.77 $

79,391.55

$

4,413.08 $

-27,489.91 $ -136,935.77

2,500".00

139,279.99

281,742.27

-1,491.13 4,294.95

-1,798.55 -3,727.96

$

6,913.08 $

114,593.90 $ ==1=:3;=9=,2=79=.9=9=

- 29-

COLQUITT COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30, 2000

ASSETS Cash and Cash Equivalents Investments Accounts Receivable
Total Assets
LIABILITIES AND FUND EQUITY LIABILITIES
Cash Overdraft Accounts Payable Contracts Payable Retainages Payable
Total Liabilities FUND EQUITY
Fund Balances Reserved For Purposes of Bond Issue For State Capital Outlay Projects Unreserved Undesignated . Total Fund Equity .
Total Liabilities and Fund Equity

REGULAR

BOND PROCEEDS

$

507,138.90 $ 4,475,841.95

5,666,084.31

507,138.90 . $ 10,141,926,26

)
I.

"$

558,643.85

368,772.91

$

927,416.76

...

$ 9,214,509.50

$

507,138.90

0.00

~

507,138,90 $ 9,214,509.50

$

507,138.90 $ 10,141,926.26

See notes to the general purpose financial statements.
\.
- 30 -.

EXHIBIT "I"

GEORGIA STATE FINANCING AND . INVESTMENT
COMMISSION

LOTIERY PROJECT

TOTALS

JUNE 30, 2000

JUNE 30.1999

$

83,305.00 $ 5.066.285.85 $ 4,719,736.61

5,666.084.31

10.058.523.48

'- $

709,689.60

709,689.60

"

$

709,689.60 $

83,305.00 $ 11,442.059.76 $ 14,778,260.09

$

.241,436.60

262,007.95 206.245.05

$

709,689.60

$

241,436.60

$

820,651.80

575.017.96

$ 1,637,106.36 $

313,020.91 313;020.91

\

$ 9.214,509.50 $ 14.272.840.71

$

83.305.00

83.305.00

50,486.00

$

0.00

0.00

507,138.90

141,912.47

$

0.00 $

83,305.00 $ 9,804.953.40 $ 14,465.239.18

$

709,689.60 $

83,305.00 $ 11,442,059.76 $ 14,778,260.09

- 31 -

.

COLQUITT COUNTY BOARD OF EDUCATION

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES

CAPITAL PROJECTS FUND

YEAR ENDED JUNE 30, 2000

, FUND BALANCE JUNE 30

$

507,138,90 $ ==9=,2:=1=:4=,5=09==:,:::50,=

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

EXHIBIT "J"

GEORGIA STATE FINANCING AND
INVESTMENT COMMISSION

LOTTERY PROJECT

TOTALS

YEAR ENDED

JUNE 30, 2000

JUNE 30,1999

$

709,689.60 $

$

709,689.60 $

0.00 $ 0.00 $

709,689.60 $ 706,284.07

564,076.00 362,197.90

1,415,973.67 $ _ _9::..:2=-=6~,2:..;..7.:::;..:.3=.;90~

$

$

2,121,621.41

$

2,121,621.41 $

$ -1,411,931.81 $

0.00 $

$
5,250.00 . 6,608,649.90

0.00 $ 6,613,899.90 $ 0.00 $ -5,197,926.23 $

213,362.30
512.00 1,253,330.70
329,242.38
1,796,447.38
-870,173.48

$

1,372,415.81 $

$

1,372,415.81 $

$

-39,516.00 $

39,516.00

72,335.00 $ 72,335.00 $

$ 1,809,570.26 -1 ,271 ,929.81
537.640.45 $

14,750,000.00 660,789.58 -100,486.00
15,310.303.58

72,335.00 $ -4,660.285.78 $ 14,440,130.10

10,970.00

14,465,239.18

25.109.08

$

0.00 $

83,305.00 $ 9.804,953.40 $ 14,465,239.18

- 33-

COLQUITT COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET FIDUCIARY FUND TYPES JUNE 30, 2000

ASSETS Cash and Cash Equivalents Investments Accounts Receivable

.NONEXPENDABLE TRUST FUNDS

ENDOWMENT FUNDS

CLASS OF 1988

MCKEE

ODOM

. SCHOLARSHIP . SCHOLAR$HIP SCHOLARSHIP

FUND

FUND

'FUND

. DEMOn SCHOLARSHIP.
FUND

$

355.71 $

2,549.40 $

2,380.67 $

1,000.00

6,000.00

49,000.00

50,000.00

25,175.54

36.46

297.74

303.82

152.98

Total Assets '

$

6,392.17 $

51,847,14 $

52,684.49 $ ===26:.=,3==:2=8=.5=2

FUND EQUITY
Fund Balances Reserved For Endowment Corpus' $ Unreserved . Undesignated

6,000.00 $ . 392.17

19,000.00 $ 32,847.14

50,000.00 2,684.49 $ _----=2:.;:6;,r,,::,3;.=2;:.,:8.;:.,:52=_

Total Fund Equity

$

6,392.17 $. 51,847.14 $

52,684.49 $ ======2=6=,3=:28=.5:=2=

..

See notes to the general purpose financial statements. - 34-

EXHIBIT"K"

EXPENDABLE TRUST FUNDS

GOFF SCHOLARSHIP

MILLSAP SCHOLARSHIP

FUND

FUND

PIPPIN SCHOLARSHIP
FUND

TOTALS

JUNE 30, 2000

JUNE 30,1999

$

1,429.51 $

1,218.57 $

1,000.00 $

9,933.86 $

14,833.71

34,754.49

12,123.27

177,053.30

146,946.31

211.18

73.67

1,075.85

661.26

$

36,395.18 $

1,218.57 $

13,196.94 $

188,063.01 $ ===16=:2"",,4,;.,;4;,,;,1=.2;;;:.8

$

36,395.18 $

1,218.57 $

$ 13,196.94

75,000.00 $
113,063.01

75,000.00 87,441.28

$

36,395.18 $

1,218.57 $

13,196.94 $ . 188,063.01 $ ===16=:2;;:.4=4=1=.2:=8

- 35-

COLQUln COUNTY BOARD OF EDUCATION

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES'

FIDUCIARY FUND TYPE - EXPENDABLE TRUST FUNDS

.

YEAR ENDED JUNE 30, 2000

REVENUES
Other Funds
EXPENDITURES
,,
Current Support Services General Adm'inistration
Excess of Revenues over (under) Expenditures
FUND BALANCE JULY 1

DEMon SCHOLARSHIP
FUND

GOFF SCHOLARSHIP
FUND

$'

26,328.52 $~

1,590.83

. ;.. ~.'

$

0.00 $

1,811.00-

$

26,328.52 $

-220.17

0.00

36,615.35

FUND BALANCE JUNE 30 ,

$

26,328.52 $ =====3:=6:,3=95:=.::::=18=

/

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

EXHIBIT "L"

MILLSAP SCHOLARSHIP
FUND

PIPPIN SCHOLARSHIP
FUND

TOTALS

YEAR ENDED

JUNE 30, 2000

JUNE 30, 1999

$

1,015.24 $

581.79 $

29,516.38 $ _ _--=3"-=,5c=.85;::...;..;;.;05~

$

1,009.00 $

1.33 $

2,821.33 $ _ _--=3..l.,,;,4=20.;;.;;.=20~

$

6.24 $

580.46 $

26,695.05 $

164.85

1,212.33

12,616.48

50,444.16

50,279.31

$

1,218.57$

13,196.94 $

77,139.21 $ ===5:=O:!:::,4=44='::i::i16=

- 37-

COLQUITI COUNTY BOARD OF EPUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
YEAR ENDED JUNE 30 2000

SCHEDULE "1"

FUNDING AGENCY PROGRAM/GRANT

Agriculture, U. S. Department of, Child Nutrition Cluster Pass-Through From Georgia Depart.ment of Education Food and Nutrition Program Food Services School Breakfast Program National School Lunch Program
- , Pass-Through From Office of School Readiness Food and Nutrition Program Summer Food Service Program for Children

Total Child Nutrition Cluster

Other Programs Pass-Through From Georgia Department of Education Food and Nutrition Program Food Distribution Program

Total U. S. Department of Agriculture.,

Education, U. S. Department of Special Education Cluster , Pass-Through From Georgia Department of Education Individuals with Disabilities Education Act Part B - Special Education Flow Through Preschool Capacity Building Improvement Grant

Total Special Education Cluster

Other Programs

Pass-Through From Georgia Department of Education

Elementary and Secondary Education Act

Tille I

\

Grants to Local Educational Agencies

Tille II

Eisenhower Professional Development

Tille III

Technology Literacy Challenge Fund Grants

Tille VI

Class Size Reduction

Innovative Education Program Strategies

Goals 2000

State and Local Education Systemic Improvement Grants

Vocational Education - Basic Grants to States

High School Program

Basic Grant

Pass-Through From Sou1hwest Georgia Regional

Mental Health, Mental Retardation and

Substance Abuse ~oard

Safe and Drug- Free Schools

Pass-Through From Board of Regents of the University System

of Georgia

Title II

Teacher Quality Enhancement Grants

Pass-Through From Berrien County Board of Education

d/b/a Sou1hem Pine Migrant Education Agency

Elementary and'Secondary Education Act

Tille I

Migrant Education

Total U. S. Department of Education

Labor, U. S. Department of Pass-Through From Georgia Department of Labor' Job Training Partnership Act

CFDA NUMBER
10.553 10.555 10.559
10.550 .
84.027 84.173 84.173
84.010 84.281 84.318 84.340 84.298 84.276 84.048 84.186 84.336
84.011
17.250

PASSTHROUGH
ENTITY 10
NUMBER
NlA $ N/A NlA
$
NlA $
NlA $ NlA NlA
'$
N/A N/A N/A N/A . NlA NlA NlA
NlA
N/A
N/A $
N/A $

FEDERAL REVENUE IN PERIOD

EXPENDITURES IN PERIOD

549,007.89 1,538,100.83 $

(2) 3,244,002.71 (3)

82,447.78 2,169,556.50 $

83,413.74 (3) 3,327,416.45

(1)
2,169,556.50 $

(1) 3.327,416.45

512,597.32 $ 36,238.28 10,684.75
559,520.35 $

512,597.32 36,238.28 10,684.75
559,520.35

1,918,830.31 49,360.63 122,704.93 ' 251,933.10 64,178.00 95,088.35
86,630.29

1,918,830.31 49,360.63 122,704.93 251,933.10' '64,178.00 95,088.35
86,630.29

20,000.00

20,000.00

10,000.00

3,086.92

344,905.18 3,523,151.14 $

344,905.18 3,516,238.06

110,516.02 $

110,973.97 (3)

- 38-

- - - - ------ --

COLQUITT COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
YEAR ENDED JUNE 30, 2000

SCHEDULE "1"

FUNDING AGENCY PROGRAM/GRANT
Derense, U,S, Department of Direct . Department of the Navy R.O.T.C. Program Troops to Teachers
Total U. S. Department of Defense

CFDA NUMBER

PASSTHROUGH
ENTITY 10
NUMBER

FEDERAL REVENUE IN PERIOD

EXPENDITURES IN PERIOD

$

41,356.09 $

120,146.13 (3)

2,500.00

$

41,356.09 $ _ _"",12::2:.1.:,6""4""6.,,,,,1,.,3

Total Federal Financial Assistance
= N/A Not Available

$

5,844,579.75 $ _....;,7.:,0;,;,n.;orlr:;.2;,;,,74;;;.,;;;,6;,;,,1

Notes to the Schedule of Expendjtures of Federal Awards

(1) Commodities valued in the amount of $116,416.79 were received during the current fiscal year and were not recorded in the Board's financial statements.
(2) Expenditures for the School Breakfast Program were not maintained separately and are included in the 2000 National School Lunch Program.
(3) Expenditures for this program include State; and/or Other Funds. Expenditures are not maintained by fund source.

Major Programs are identified by an asterisk (0) in front of the CFDA number.

The Board did not provide Federal Assistance to any Subrecipienl.

The accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Colquitt County Board of Education and is presented on the modified accrual basis of accounting which is the same basis of accounting used in the presentation of the general purpose financial statements.

See notes to the general purpose financial statements.

39

COLQUITI COUN1Y BOARD OF EDUCATION .SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30. 2000

SCHEDULE "2"

AGENCY/FUNDING

GOVERNMENTAL FUND TYPES

SPECIAL

- CAPITAL

GENERAL

REVENUE

PROJECTS

FUND

FUND

FUND

TOTAL

GRANTS Education, Georgia Department of Quality Basic Education General and Career Education Programs $ Special Education Programs Remedial Education Program Media Center Programs Staff Development Programs Indirect Cost Pupil Transportation Regular Bus ReplaCement Limited English Speaking Middle School Incentive Program Special Instructional Assistance In-School Suspension Mid-term Adjustment Migrant Education Counselors Grades 4 and 5 Technology Specialist - Local Five Mill Share Educational Equalization Funding Grant Food Services Vocational Education Other State Programs Alternative Program At-Risk Summer School Program Health Insurance Innovative Programs Preschool Handicapped Program Remedial Summer School Program Teachers'Retirement Lottery Programs Assistive Technology Computers in Classroom

17,981,616.00 4,012,567.00
702,568.00 771,456.00 213,037.00 4,706,271.00
888,287.00 296,229.00 198,258.00 616,630,00 845,169.00 103;955.00 261,758.00
8,719.00 69,710.00 115,370.00 -2,580,856.00 . 2,995,855.00
$ 87,583.04
165,561.00 22,304.32 666,894.16
5,000.00 119,881.00 13,374.73 36,551.68

220,552.00
31,695.27 180,503.00

$ 17,981,616.00 4,012,567.00 702,568.00 771,456.00 213,037.00 4,706,271.00
888,287.00 296,229.00 198,258.00 616,630.00 845,169;00 103,955.00 261,758.00
8,719.00 69,710.00 115,370.00 -2,580,856.00 2,995,855.00 220,552.00 87,583.04
165,561.00 22;304.32
666,894.16 5,000.00
119,881.00 13,374.73 36,551.68
31,695.27 180,503.00

Georgia Stite Financing and Investment Commission Reimbursement on Construction Projects .

$

709,689.60

709,689.60

Office of School Readiness Pre-Kindergarten Program

1,531,095.23

1,531,095.23

Office of Treasury and Fiscal Services Public School Employees Retirement

139,224.00

139,224.00

Office of the Governor Governor's Emergency Fund (1)

10,000.00

10,000.00

CONTRACTS
Education, Georgia Department of
Reading Challenge Grant
Reading First Program
)

90,000.00 65,407.00

90,000.00 65,407.00

$ 33,628,379.93 $ 1,963,845.50 $

709,689.60 $ 36,301,915.03

(1) The purpose of these funds is for purchase of equipment a!1d uniforms for Colquitt County High School Band.

see notes to the general purpose financial statements.

-40-

COLQUITT COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS
YEAR ENDED JUNE 30, 2000

SCHEDULE "3"

PROJECT

ORIGINAL ESTIMATED
COST (1)

CURRENT ESTIMATED
COSTS (2)

AMOUNT EXPENDED IN CURRENT
YEAR (3)(4)

AMOUNT EXPENDED
IN PRIOR YEARS

The acquiring of real property for new facilities; renovating, repairing, improving and equipping existing school buildings, other building and facilities, including furniture and equipment, acquiring property for new school facilities and system-wide technology acquisitions and improvements. The expenditure limit for the project
is $23,600,000.00

$ 23,600,000.00 $ 23,600,000.00 $

6,613,649.90 $

573,635.91

(1) The Board's original cost estimate as specified in the resolution calling for the imposition of the local Option Sales Tax.
(2) The Board's current estimate of total cost for the project. Includes lIli cost from project inception to completion.
(3) The voters of Colquitt County approved the imposition of a 1% sales tax to fund the above project and retire associated debt. Amounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the project.
(4) In addition to the expenditures shown above, the Board has incurred interest to provide advance funding
for the above projects totaling $671,125.00.

See notes to the general purpose financial statements.

41 -

I,

COLQUITI COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL
GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30, 2000

SCHEDULE "4"

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

FOURTEEN WEIGHTED AND MEDIA CENTER
PROGRAMS

100% TEST FOR OPERATIONS PORTION OF FOURTEEN WEIGHTED PROGRAMS

$

23,681,240.00 $

690,372.00

$

25,119,744.52

1,494,899.62 $

1,328,623.35

$

26,614,644.14

-281,249.44

$

26,333,394.70

$

0.00 $

0.00

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

COLQUITT COUNTY BOARD OF EDUCATION

,ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - BY PROGRAM

. "GENERAL FUND - QUALIty BASIC EDUCATION PROGRAMS

.

YEAR ENDED JUNE 30. 2000

. i~

GENERAL AND CAREER EDUCATION PROGRAMS
.Kindergarten (*)
Grades 1 - 3 (*)
Sub-Total - K-3
Grades 4 5 (*)
Grades 6 - 8 (*)
Grades 9 - 12 (*) High School Laboratories (*)
Vocational Education Laboratories (*)
Total General and Career Education Programs
SPECIAL EDUCATION PROGRAMS
RegUlar Programs Category I (*) Category II (*) Category III (*) Category IV (*) Category V (*)
Sub-Total - Regular
Category VI (Gifted) (*) Total Special Education Programs
REMEDIAL EDUCATION PROGRAM (*)
Total Fourteen Weighted Programs
MEDIA CENTER PROGRAMS
Salari~s
. Operations Total Media Center Programs

ALLOTMENTS FROM GEORGIA DEPARTMENT OF

REQUIRED

ORIGINAL

%

ORIGINAL

MID-TERM

$ 1,955,317.00

$ 1,759,785.30 $

5,262,626.00

4,736,363.40

$ 7,217,943.00 90 $ 6,496,148.70 $

2,079,396.00 90

1,871,456.40

3,721,179.00 90

3,349,061.10

2,488,147.00 90

2,239,332.30

1,371,581.00 90

1,234,422.90 .

1,103,370.00 90

993,033.00

$ 17,981,616.00

$ 16,183,454.40 $

20,398.00 -104,699.00
-84,301.00 35,554.00 348,163.00 -94,975.00 22,843.00 12,786.00 240,070.00

$ 3,488,768.00

$ 3,139,891.20 $

-33,436.00

$ 3,488,768.00 90 $ 3,139,891.20 $

'523,799.00 90

471,419.10

$ 4,012,567.00

$ 3,611,310.30 $

$

702,568.00 90 $

632,311.20 $

$ 22,696,751.00

$ 20,427,075.90 $

-33,436.00
-33,436.00 0.00
206,634.00

$

618,770.00 90 $

556,893.00 $

152,686.00 100

152,686.00

$

n1,456.00

$

709,579.00 $

4,641.00 1,758.00
6,399.00

Total Fourteen Weighted and Media Center Programs

$ 23,468,207.00

$ 21,136,654.90 $

213,033.00

STAFF DEVELOPMENT PROGBAMS Cost of Instruction Professional Development
Total Staff Development Programs (*) Identifies Fourteen Weighted Programs.
See notes to the general purpose financial statements.

$

69,129.00

143,908.00

$

69,129.00 $

143,908.00

$

213,937.00 100 $

213,037.00 $

929.00 0.00
929.00

- 44 -

SCHEDULE "5"

. EDUCATION TOTAL
REQUIRED

ACTUAL EXPENDITURES

SALARIES

OPERATIONS

TOTAL

AMOUNT OF UNDEREXPENDITURE
FOR REQUIRED ALLOTMENT

$ 1,780,183.30 $ 1,868,958.92 $

57,871.90 $ 1,926,830.82

4,631,664.40

5,409,092.44

208,879.58

5,617,972.02

$ 6,411,847.70 $ 7,278,051.36 $

266,751.48 $ 7,544,802.84 $

0.00

1,907,010.40

2,632,530.02

154,738.24

2,787.268.26

0.00

3,697.224.10

4,319,701.21

282,863.50

4,602,564.71

0.00

2,144.357.30

2,601,126.21

283J109.n

2,884,535.98

0.00

1,257,265.90

1,432,322.10

78,708.88

1.511.030.98

0.00

1,005,819.00

1,113,791.06

122,133.14

1,235,924.20

0.00

$ 16,423,524.40 $ 19,377,521.96 $ 1,188,605.01 $ 20,566,126.97

$ 3,106,455.20, $

$ 1,171.720.30 1,786,746.23
347,365.30 253,419.82

17.41 $ 23,187.65 43,063.60
6,773.51 12,898.37

17.41 1,194.907.95 1,829.809.83
354,138.81 266,318.19

$ 3,106,455.20 $ 3,559,251.65 $

85.940.54 $ 3.645,192.19

0.00

471,419.10

508,419.53

12,nO.55

521,190.08

0.00

$ 3,577,874.30 $ 4,067,671.18 $

98,711.09 $ 4,166,382.27

$

632,311.20 $

781.723.21 $

41,307.25 $

823,030.46

0.00

$ 20,633,709.90 $ 24,226,916.35 $ 1,328,623.35 $ 25,555,539.70

$

561,534.00 $

892,828.17

$

892,828.17

0.00

154,444.00

$

166,276.27

166,276.27

0.00

-

$

715,978.00 $

892,828.17 $

166,276.27 $ 1,059,104.44

$ 21,349,687.90 $ 25,119,744.52 $ 1,494,899.62 $ 26,614,644.14 $

0.00

$

70,058.00

143,908.00

$ ====2;;.1;,;;;3=,9;,;;;6=6.=0;;;.0

$

192,495.08 $

192,495.08

22,432.32

22,432.32

$

214,927.40 $

214,927.40 $==========0;,;;;.0.0...

45 -

...~

SECTIONll COMPLIANCE AND INTERNAL CONTROL REPORTS

JSSELL W. HINTON
STATE AUDITOR (404) 656-2174

DEPARTMENT OF AUDITS AND ACCOUNTS
254 Washington Street, S.W.. Suite 214 Atlanta, Georgia 30334-8400
April 20, 2001

Honorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education
and Superintendent and Members of the Colquitt County Board of Education
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
Ladies and Gentlemen:
We have audited the financial statements of Colquitt County Board of Education as of and for the year ended June 30, 2000, and have issued our report thereon dated April 20, 2001. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States.
Compliance
As part of obtaining reasonable assurance about whether Colquitt County Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions oflaws, regulations, contracts and grants, noncompliance with which could have a direCt and material effect on the determination offinancial statement amounts. However, providing an opinion on compliance with those provisions was not an objective ofour audit, and accordingly, we do not express such an opinion. The results ofour tests disclosed no instances ofnoncompliance that are required to be reported under Government Auditing Standards.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered Colquitt County Board ofEducation's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal
2000YB-40A

control over financial reporting. However, we noted a certain matter involving the internal control over financial reporting and its operation that we consider to be a reportable condition. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe internal control over financial reporting that, in ourjudgment, could adversely affect Colquitt County Board ofEducation's ability to record, process, summarize and report financial data consistent with assertions of management in the financial statements. The reportable condition i$ described in the accompanying Schedule ofFindings and Questioned Costs as item FS-6351-00-01.
A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions~ Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions, and accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However,the reportable condition described above is considered to be a material weakness.
This report is intended solely for the information and use ofmanagement, members ofthe Colquitt County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than th~se specified parties.
Respectfully submitted,

RWH:jb 2000YB-40A

Ru sell W. Hinton State Auditor

JSSELL W. HINTON
STATE AUDITOR
(404) 6562174

DEPARTMENT OF AUDITS AND ACCOUNTS
254 Washington Street. S.W.. Suite 214 Atlanta. Georgia 30334-8400
April 20, 2001

Honorable Roy E. Barnes, Governor Members ofthe General Assembly Members of the State Board of Education
and Superintendent and Members of the Colquitt County Board of Education
REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH' OMB CIRCULARA-133
Ladies and Gentlemen:
Compliance
We have audited the compliance of Colquitt County Board of Education with the types of compliance requirements described in the U.S. Office ofManagement and Budget (OMB) Circular A-133 Compliance Supplement that are applicable'to each ofits major Federal programs for the year ended June 30, 2000. Colquitt County Board ofEducation's major Federal programs are identified in the accompanying Schedule ofFindings and QuestiQned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major Federal programs is the responsibility of Colquitt County Board ofEducation's management. Our responsibility is to ~xpress an opinion on Colquitt County Board of Education's compliance based on our audit.
We conducted our audit ofcompliance in accordance with auditing standards generally accepted in the United States ofAmerica; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States; and OMB Circular A133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types ofcompliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Colquitt County Board of Education's compliance with those requirements and performing s~ch other procedures as we-considered necessary in the circwnstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal d,etermination on Colquitt County Board of Education's compliance with those requirements.
2000SA-I0A

In our opinion, the Colquitt County Board of Education complied, in all material respects, with the req~irements referred to above that are applicable to each ofits major Federal programs for the year ended June 30, 2000.
Internal-Control Over Compliance
The management of Colquitt County Board of Education is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and performing our audit, we considered Colquitt County Board ofEducation's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose ofexpressing our opinion on compliance and to test and report on internal control over compliance in accordance with OMB Circular A-B3.
Our consideration ofthe internal control over compliance would not necessarily disclose all matters in the .internal control that might be material weaknesses. A material weakness is a condition in which the design or operation ofone or more ofthe internal control components does not reduce to a relatively low level of risk that noncompliance with applicable requirements of laws, regulations, contracts and grants that would be material in relation to a major Federal program being audited may occur and not be detected within a timely period by employees in the normal course ofperforming their assigned functions. We noted no matters involving,the internal control over compliance and its operation that we consider to be material weaknesses.
This report is intended solely for the information and use ofmanagement, members ofthe Colquitt County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties.
Respectfully submitted,

RWH:jb 2000SA-IOA

Rus 11 W. Hinton State Auditor

SECTIONm AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS

COLQUITT COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE
SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2000

PRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS

FINDING CONTROL NUMBER AND STATUS

FS-6351-98-01 FS-6351-98-02 FS-6351-99-01 FS-6351-99-02 FS-6351-99-03

Unresolved - See Corrective Action/Responses Further Action Not Warranted Previously Reported Corrective Action Implemented Previously Reported Corrective Action Implemented U!U'esolved - See Corrective Action/Responses

CORRECTIVE ACTIONIRESPONSES

EXPENDITURESILIABILITIESfDISBURSEMENTS Failure to Meet Expenditure Requirements Amount: $77,738.82 Finding Control Number: FS-6351-98-01

Funds will be returned to the Georgia Department ofEducation through an increase in the

Local Five Mill Share in a subsequent fiscal year.

.

GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Finding Control Number: FS-6351-99-03

The Board has decided not to pursue the recording ofgeneral fixed assets in the accounting records because of the costs related tbgetting these values established.

SECTION IV FINDINGS AND QUESTIONED COSTS

COLQUITT COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30, 2000

I SUMMARY OF AUDITOR'S RESULTS

1. Type of Report Issued on the Financial Statements The auditor's opinion on the Colquitt County Board ofEducation's financial statements was qualified for various departures from generally accepted accounting principles.

2. Reportable Conditions in Internal Control Disclosed by the Audit ofthe Financial Statements The audit report for the Colquitt County Board of Education disclosed a financial statement reportable condition related to the following control category.

General Fixed Assets

The reportable condition described above is considered to be a material weakness.

3. Noncompliance Material to the Financial Statements The audit of the Colquitt County Board of Education disclosed no instances of noncompliance that were deemed to be material to the fmancial statements.

4. Reportable Conditions in Internal Control Over Major Programs The audit report for the Colquitt County Board ofEducation did not disclose any reportable conditions in internal control over major programs.

5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Colquitt County Board of Education's report on compliance with requirements applicable to major programs was unqualified.

6. Audit Findings Required to be Reported by Section .51OCa) ofOMB Circular A-133

The Colquitt County Board ofEducation's audit did not disclose audit findings required to ~e

reported by section .5lO(a) ofOMB Circular A-133.

.

7. Major Programs Federal awards audited as major programs are as follows: 84.010 Elementary and Secondary Education Act - Title I - Grants to Local Educational Agencies 84.011 Elementary and Secondary Education Act - Title I - Migrant Education 84.027 Individuals with Disabilities Education Act - Part B - Special Education - Flow Through 84.173 Individuals with Disabilities Education Act - Part B - Special Education Preschool 84.173 Individuals with Disabilities Education Act - Part B - Special Education Capacity Building Improvement Grant

8. Type "A" Program Dollar Threshold The dollar threshold for type "A" programs was $300,000.00.

- 1-

, COLQUITT COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30, 2000
I SUMMARY OF AUDITOR'S RESULTS 9. Low Risk Auditee
The Colquitt County Board ofEducation.was:audited as a low risk auditee based on a waiver granted by the U. S. Department of Education.
n FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS
GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Reportable Condition - Material WeakIiess Repeated From Prior Year Finding Control Number: FS-6351-00-01 ' The Colquitt County Board of Education did not maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generaUy accepted accounting principles. This condition results in the general purpose financial statements of the Board being incomplete and not in accordance with generaUy accepted accounting principles. Appropriate action should be taken by the Board to establish accounting controls: and procedures to provide for
maintenance ofaGeneral Fixed Assets Account Group. These subsidiary records should include an
inventory of land, buildings and equipment owned by the Board and should include but may not be limited to date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of aU 'additions and deletions to the General Fixed Assets Account Group. ill ' FEDERAL AWARD FINDINGS AND -OUESTIONED COSTS No matters were reported.'
,I
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