GA A.~oo ~RI E2'=7 c12 , J994_q5 STATE OF GEORGIA DEPARTMENT OF AUDITS 254 WASHINGTON STREET ATLANTA. GEORGIA 30334 AUDIT REPORT COLUMBIA COUNTY BOARD OF EDUCATION APPLING, GEORGIA YEAR ENDED JUNE 30, 1995 COLUMBIA 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 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 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (NON-GAAP BASIS) . GENERAL AND SPECIAL REVENUE FUNDS 7 D STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS PROPRIETARY FUND TYPE - INTERNAL SERVICE FUND 8 E STATEMENT OF CASH FLOWS PROPRIETARY FUND TYPE - INTERNAL SERVICE FUND 9 F NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 10 ADDITIONAL 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 COLUMBIA COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - SECTION I FINANCIAL ADDITIONAL FINANCIAL INFORMATION SCHEDULES 1 SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE 34 2 CASH AND CASH EQUIVALENTS 36 3 INVESTMENTS 37 4 ACCOUNTS RECEIVABLE 39 5 DEBT SERVICE REQUIREMENTS TO MATURITY 40 SCHEDULE OF REVENUE 6 STATE 44 7 LOCAL AND OTHER 45 SCHEDULE OF EXPENDITURES BY OBJECT 8 GENERAL AND SPECIAL REVENUE FUNDS 47 9 LOTTERY PROGRAMS 48 ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS 10 OVERALL 51 11 BY PROGRAM 52 12 SCHEDULE OF COMPENSATION AND TRAVEL OF BOARD MEMBERS 54 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 COLUMBIA COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - SECTION ID 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 PERTINENT VIEWS OF RESPONSIBLE OFFICIALS SECTION I FINANCIAL CLAUDE L. VICKERS STATE AUDITOR (404) 656-2174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 April 16, 1996 Honorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation and Superintendent and Members ofthe Columbia 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 Columbia County Board of Education, as of and for the year ended June 30, 1995, as listed in the table of contents. These financial statements are the responsibility of the Board's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the provisions of the Office of Management and Budget Circular A-128, "Audits of State and Local Governments". Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As described in the notes to the general purpose financial statements, the Board's financial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described as follows: 95ARL-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 aggregate effects on the general purpose financial statements of these variances or omissions have not been determined, but are believed to be material. In our opinion, except for the effects on the general purpose financial statements of the matters referred to in the preceding paragraph, the general purpose financial statements present fairly, in all material respects, the financial position of the Columbia County Board of Education as of June 30, 1995, and the results of its operations and the cash flows of its proprietary fund for the year then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated April 16, 1996, on our consideration of the Board's internal control structure and a report dated April 16, 1996, on its compliance with laws and regulations. Our audit was conducted for the purpose of forming an opinion on the general purpose financial statements ofthe Columbia County Board ofEducation taken as a whole. The combining statements (Exhibits G through J) and the financial schedules (Schedules 1 through 12 which includes the Schedule of Federal Financial Assistance) are presented for purposes ofadditional analysis and are not a required part of the general purpose financial statements ofthe Columbia County Board ofEducation. Such information has been subjected to the auditing procedures applied in the audit ofthe general purpose financial statements and, in our opinion, except for the effects of the matters referred to in the third paragraph, such information is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. A copy ofthis report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated Section 50-6-24. Respectfully submitted, c:f~ Claude L. Vickers State Auditor CLV:jy 95ARL-13* COLUMBIA COUNTY BOARD OF EDUCATION - 1- ~OLUMBIA COUNTY BOARD OF EDUCAIION COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT ~ROUP JUNE 30. 1995 ASSETS Cash and Cash Equivalents Investments Accounts Receivable Prepaid Items Inventories Food Donated Commodities Purchased Food Amount Available in Debt Service Fund Amount to be Provided in Future Years For Payment of: Bond Debt Capital Lease Agreements Total Assets GENERAL FUND GOVERNMENTAL FUND TYPES SPECIAL CAPITAL REVENUE PROJECTS FUND FUND $ 2,866,447.86 $ 438,095.90 $ 8,493,596.94 10,349,772.67 818,694.47 9,018,875.51 5,427,688.98 203,170.09 1,274,788.55 64,487.28 47,073.86 30,643.66 $ 18,708,396.79 $ 1,537,677.98 $ 18,787,261.00 LIABILITIES AND FUND EQUITY LIABILITIES Accounts Payable Salaries Payable Expired Grant Balances Payable Contracts Payable Retainages Payable Deferred Revenue Capital Lease Agreements General Obligation Bonds Payable Total Liabilities FUND EQUITY Retained Earnings Unreserved Fund Balances Reserved For Debt Service For Expired Grant Balances/Questioned Costs For Inventories Food Donated Commodities Purchased Food For Purposes of Bond Issue For State Capital Outlay Projects Unreserved Undesignated Total Fund Equity Total Liabilities and Fund Equity $ 2,702,006.90 $ 6,166,560.03 9,67828 1,000.00 66,878.60 $ 292,596.32 14,589.62 2,528.00 1,512,960.21 705,493.49 $ 8,879,245.21 $ 374,064.54 $ 2,220,981.70 $ 104,055.44 $ 47,073.86 30,643.66 $ 14,754,929.86 1,061,349.44 $ 104,055.44 $ s n,111.s2 15,816,279.30 9,725,096.14 1,085,895.92 750,000.00 $ 9,829,151.58 $ 1z163,613.44 $ 16,566,279.30 $ 18,708,396.79 $ 1,537,677.98 $ 18,787,261.00 The notes to the general purpose financial statements are an integral part of this statement. -2- DEBT SERVICE FUND PROPRIETARY FUND TYPE INTERNAL SERVICE FUND FIDUCIARY FUND TYPES EXPENDABLE TRUST FUND $ 444,579.16 $ 988.31 $ 1,098,515.65 47,617.06 ACCOUNT GROUP GENERAL LONG-TERM DEBT $ TOTALS (Memorandum Onl~l JUNE 3011995 JUNE 301 1994 12,243,708.17 $ 2,036,451.88 21,285,858.30 35,871,940.78 6,953,264.68 5,130,678.81 64,487.28 74,615.00 $ 1,146,132.71 47,073.86 30,643.66 1,146,132.71 72,510.81 28,531.46 1,039,669.39 $ 1,146,132.71 $ 444,579.16 $ 57,283,867.29 965?54.29 57,283,867.29 965?54.29 59,390,330.61 749.831.97 988.31 $ 59,395,754.29 $ 100,020i790.24 $ 104,3941560.71 $ 56,708.50 $ 56,708.50 $ $ 1,146,132.71 387,870.66 $ 1,146,132.71 $ 0.00 $ 11146, 132.71 $ 387,870.66 0.00 $ 3871870.66 $ $ 1,146,132.71 $ 444,579.16 $ $ 2,828,122.00 $ 2,488,344.91 6,459, 156.35 5,829,356.05 24,267.90 164,799.01 1,512,960.21 858,115.01 705,493.49 166,228.51 1,000.00 604,092.81 $ 965,754.29 965,754.29 749,831.97 5814301000.00 5814301000.00 6014301000.00 $ 591395?54.29 $ 701926?54.24 $ 711290?68.27 988.31 988.31 $ 387,870.66 1,146,132.71 $ 104,055.44 1,039,669.39 104,055.44 47,073.86 30,643.66 14,754,929.86 110611349.44 72,510.81 28,531.46 22,032,663.63 106?28.48 $ 17,532,055.63 $ 23,384,159.21 111561 ,980.37 9?19,633.23 $ 2910941036.00 $ 331103,792.44 988.31 $ 59,395,754.29 $ 100,020,790.24 $ 1041394,560.71 -3 - COLUMBIA COUNTY BQARP Of EDUCATION COMBINED STATEMENT Of REVENUES, EXPENPJIURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS YEAR ENPEP JUNE 30, 1995 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 Enterprise Operations Community Services Operations Other Operations of Non-Instructional Services Capital Outlay Debt Service Principal Interest Escrow Agent Paying Agent Fees Total Expenditures Excess of Revenues over (under) Expenditures OTHER FINANCING SOURCES (USES} Accrued Interest on Bonds Sold Proceeds from General Obligation Bonds Par Value Premium on Bonds Sold Refunding Bond Issuance Cost Proceeds of Refunding Bonds Par Value Discount on Bonds Sold Payments to Refunding Bond Escrow Agent Capital Leases Operating Transfers In Operating Transfers Out Total Other Financing Sources (Uses) Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses FUND BALANCE JULY 1 (Restated - See Note 1) GENERAL FUND GOVERNMENTAL FUND SPECIAL CAPITAL REVENUE PROJECTS FUND FUND s $ 43,123,731.24 $ 1,n5,ns.s1 215.297.99 2,747,089.54 21.713.266.85 2,215,468.83 $ 65.052.296.08 $ 6,738,337.18 $ 1,960,610.24 1,386,067.21 3.346.6n.45 $ 43,088,310.03 $ 1,795,4195.82 1,896,594.43 1,456,457.26 1,685,797.11 819,379.96 3,957,077.74 837,248.59 5,876,360.25 2,802,625.58 414,203.20 282.75 8,080.27 35,615.63 1,154.50 402,043.66 403,717.63 107,634.68 362,993.45 86,984.19 16,048.99 9,260.90 5,000.00 16,049.n 4,093,m.22 2,531.50 8,281.44 $ 743,059.67 38,100.29 9.274,79126 $ 64,062,390.92 $ 6,907.770.59 $ 9.274.791.26 $ 989,905.16 $ -169,433.41 $ -5.928,113.81 $ 970,140.12 -394,911.32 $ 575,228.80 $ 355,001.00 $ 355,001.00 $ 1,565,133.96 $ -169,433.41 $ -5,573,112.81 8,264,017.62 1.333.046.85 22.139.392.11 FUND BALANCE JUNE 30 The notes to the general purpose financial statements are an integral part of this statement -4- $ 9,829,151.58 $ 1,1631613.44 $ 1615661279.30 EXHIBIT"B" TYPES DEBT SERVICE FUND TOTAL FIDUCIARY FUND TYPE EXPENDABLE TRUST FUNDS TOTALS (Memorandum On~} YEAR ENDED JUNE 301 1995 JUNE 301 1994 $ 46,860,120.29 2,962,387.53 $ 5,386,319.99 30,701,122.88 $ $ 5,386,319.99 $ 80,523,630.70 $ $ 46,860,120.29 $ 2,962,387.53 988.31 30,702,111.19 40,336,536.40 2,929,420.04 24,520.122.76 988.31 $ 80,524,619.01 $ 67,786,079.20 $ 44,883,805.85 $ 2,300,312.06 1,564,091.94 2,048,790.56 906,364.15 3,957,077.74 837,248.59 5,892,409.24 2,811,886.48 419,203.20 16,332.52 4,101,852.49 35,615.63 3,686.00 402,043.66 9,283,072.70 $ 2,000,000.00 3,270,764.38 2,743,059.67 3,308,864.67 9,092.29 9,092.29 $ 5,279,856.67 $ 85,524,809.44 $ $ 106,463.32 $ -5,001,178.74 $ $ 970,140.12 355,001.00 -394,911.32 $ 930,229.80 $ 106,463.32 $ -4,070,948.94 $ 1,039,669.39 32,776,125.97 $ 1,146,132.71 $ 28,705,177.03 $ 0.00 $ 44,883,805.85 $ 40,397,345.97 2,300,312.06 1,564,091.94 2,048,790.56 906,364.15 3,957,077.74 837,248.59 5,892,409.24 2,811,886.48 419,203.20 16,332.52 4,101,852.49 35,615.63 3,686.00 402,043.66 9,283,072.70 1,973,353.48 1,327,189.70 1,648,952.71 624,464.84 3,586, 311.61 1,072,668.82 5,128,644.41 2,548,209.10 317,143.81 17,903.49 3,517,020.99 40,908.69 2,820.17 471,475.62 3,390,151.49 2,743,059.67 3,308,864.67 9,092.29 2,050,017.20 2,080,892.66 89,500.00 15 987.14 0.00 $ 85,524,809.44 $ 70,300,961.90 988.31 $ -5,000,190.43 $ -2,514,882.70 $ 46,004.30 23,045,000.00 493,891.00 -253,575.44 19,385,000.00 -68,512.00 -19,044,118.40 $ 970,140.12 355,001.00 178,823.00 -394,911.32 -178,823.00 $ 930,229.80 $ 23,603,689.46 988.31 $ -4,069,960.63 $ 0.00 32,776,125.97 21,088,806.76 12,014,985.68 988.31 $ 28,706,165.34 $ 33,103,792.44 .5. COLUMBIA COUNTY BOARD OF EDUCATION TATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL - (NON-GAAP BASIS} GENERAL AND SPECIAL REVENUE FUNDS YEAR ENDED JUNE 30, 1995 EXHIBrrc GENERAL FUND ACTUAL (BUDGET BUDGET BASIS} REVENUES State Funds Federal Funds Local and Other Funds $ 42,n6,014.00 $ 43,123,731.24 100,000.00 215,297.99 2018151806.00 21 ?131266.85 Total Revenues $ 63,691 1820.00 $ 65,0521296.08 EXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Enterprise Operations Community Service-Operations Other Operations of Non-Instructional Services Capital Outlay Debt Service $ 46,027,354.00 $ 43,088,310.03 2,154,896.00 1,515,338.00 2,007,270.00 662,168.00 3,907,492.00 897,459.00 5,673,150.00 3,006,850.00 444,087.00 283.00 1,034.00 33,297.00 434,817.00 1,896,594.43 1,456,457.26 1,685,797.11 819,379.96 3,951,on.14 837,248.59 5,876,360.25 2,802,625.58 414,203.20 282.75 8,080.27 35,615.63 1,154.50 402,043.66 781,159.96 Total Expenditures $ 66,765,495.00 $ 64,062,390.92 Excess of Revenues over (under) Expenditures $ -3,073,675.00 $ 989,905.16 OTHER FINANCING SOURCES (USES) Other Sources Other Uses $ 960,539.00 $ -1,515,540.00 970,140.12 -394,911.32 Total Other Financing Sources (Uses) $ -555,001.00 $ 575,228.80 Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses $ -3,628,676.00 $ 1,565,133.96 FUND BALANCE JULY 1, 1994 8,264,017.62 8,264,017.62 SPECIAL REVENUE FUND ACTUAL (BUDGET BUDGET BASIS} $ 1,141,737.00 $ 1,n5,na.a1 2,706,566.00 2,747,089.54 211641196.00 2~151468.83 $ 6,0121499.00 $ 617381337.18 $ 1,587,628.00 $ 1,795,495.82 459,290.00 129,998.00 23,300.00 97,259.00 12,000.00 403,717.63 107,634.68 362,993.45 86,984.19 16,334.00 19,480.00 23,600.00 3,904,286.00 16,048.99 9,260.90 5,000.00 16,049.n 4,093,n2.22 2,605.00 2,531.50 7,380.00 8,281.44 $ 6,283,160.00 $ 61so11no.5s $ -270,661.00 $ -1691433.41 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ -270,661.00 $ -169,433.41 1,333,046.85 1,333,046.85 FUND BALANCE JUNE 30, 1995 $ 4,635,341.62 $ 9,829,151.58 $ 1,062,385.85 $ 1,163,613.44 The notes to the general purpose financial statements are an integral part of this statement. -7- COLUMBIA COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS PROPRIETARY FUND TYPE - INTERNAL SERVICE FUND YEAR ENDED JUNE 30, 1995 EXHIBIT"D" OPERATING REVENUES Charges for Services OPERATING EXPENSES Current Supplies Other Purchased Services Workers' Compensation Claims Total Operating Expenses Operating Income NONOPERATING REVENUE Interest Earned Net Income (Loss) Before Operating Transfers from Other Funds Operating Transfer from other Funds Total Income RETAINED EARNINGS - JULY 1 (Restated - See Note 1) PROPRIETARY FUND TYPE INTERNAL SERVICE FUND $ 160,089.68 $ 60.96 11,585.51 148,443.21 $ 160,089.68 $ 0.00 20,293.87 $ 20,293.87 39,910.32 $ 60,204.19 327,666.47 RETAINED EARNINGS - JUNE 30 $ 387,870.66 The notes to the general purpose financial statements are an integral part of this statement. -8- COLUMBIA COUNTY BOARD OF EDUCATION STATEMENT OF CASH FLOWS PROPRIETARY FUND TYPE - INTERNAL SERVICE FUND YEAR ENDED JUNE 30, 1995 Cash Flows from Operating Activities: Cash Received from Charges for Services Cash Paid for Annual Assessment Fees Cash Paid for Supplies Cash Paid for Worker's Compensation Claims Net Cash Provided (Used) by Operating Activities: Cash Flows from Noncapital Financing Activities: Operating Transfers In Cash Flows from Investing Activities: Interest Received on Investments Net Increase (Decrease) in Cash Cash and Cash Equivalents - July 1 (Restated - See Note 1) Cash and Cash Equivalents - June 30 Reconciliation of Operating Income to Net Cash Provided (Used) by Operating Activities: Increase in Claims Payable Net Cash Provided (Used) by Operating Activities EXHIBITE PROPRIETARY FUND TYPE INTERNAL SERVICE FUND $ 160,089.68 -11,585.51 -60.96 -91,734.71 $ 56,708.50 $ 39,910.32 $ 20,293.87 $ 116,912.69 $ 327,666.47 s _ _4_4_4_._51_e_.1_e_ $ ___5_6_,_7_0_8_.5_0 s___5_s_1. _0_8_.s_o The notes to the general purpose financial statements are an integral part of this statement. -9- COLUMBIA COUNTY BOARD OF EDUCATION EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATE1\1ENTS JUNE 30, 1995 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Columbia County Board ofEducation (Board) was established under the laws ofthe State of Georgia and operates under the guidance of a school board and Superintendent, both elected by the voters. With the exception ofthe departures from generally accepted accounting principles disclosed in these notes, the financial statements of the Board have been prepared in conformity with generally accepted accounting principles as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting standards. The more significant of the Board's accounting policies are described below. REPORTING ENTITY In evaluating how to define the government unit for financial reporting purposes, ma_nagement 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 Columbia County Board of Education. Based upon the application of the above criteria, the Columbia County Board ofEducation is determined to be the lowest level of government exercising oversight responsibility and control over all activities related to public education in Columbia County, Georgia. The Board is not included in any other governmental "reporting entity" as defined by GASB Codification of Governmental Accounting and Financial Reporting Standards. Board members were elected by the public and have decision making authority, the power to designate management, except for the Superintendent who was also elected, the ability to significantly influence operations, and primary accountability for fiscal matters. The Board determines the millage rate at which school taxes are levied and may incur bonded indebtedness with voter approval. FUND ACCOUNTING The Board uses funds and an account group to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. General Fixed Assets are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the Board. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. - 10 - COLUMBIA COUNTY BOARD OF EDUCATION EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Although "schoolactivity accounts" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general purpose financial statements. The general purpose financial statements account for all State, Federal, Local and Other Funds under control ofthe Board, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: GOVERNMENTAL FUND TYPES - are used to account for all or most of a Board's general activities. Governmental Fund Types include: GENERAL FUND - the fund used to account for all financial resources of the Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. SPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are primarily received from the Georgia Department of Education and from the Federal government to accomplish specific objectives and are required to be accounted for separately. Also included are proceeds received from State, federal, Local and Other sources for operations of the school food services fund. This fund could be accounted for as an enterprise fund; however, the Board chooses not to provide for depreciation, but to maintain the fund on a modified accrual basis and to report the fund as a special revenue fund under governmental fund types, which is acceptable under generally accepted accounting principles for governmental entities. CAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. DEBT SERVICE FUND - the fund used to account for the accumulation ofresources for, and the payment of, general long-term principal, interest and paying agent fees. PROPRIETARY FUND 1YPE- the funds used to account for activities of the Board similar to those found in the private sector, where cost recovery and the determination of net 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 of the Board. INTERNAL SERVICE FUND - the fund used to account for the Board's Worker's Compensation risk financing and insurance related activities. FIDUCIARY FUND 1YPE - the trust fund used to account for assets held by a government unit in a trustee capacity. This fund includes: - 11 - COLUMBIA COUNTY BOARD OF EDUCATION EXIIlBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30. 1995 Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES EXPENDABLE TRUST FUND Columbia County Trust Fund - the fund used to account for donations and earnings which may be expended for the New High School, Lakeside High School Athletic Stadium, General Educational Improvements and Evans High School Vocational Technical Programs. ACCOUNT GROUP GENERAL LONG-TERM DEBT ACCOUNT GROUP - used to account for general obligation bonds outstanding and material capital lease obligations. BASIS OF ACCOUNTING The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and the expendable trust fund are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. Liabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group. The proprietary fund is accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and liabilities associated with the operation of this fund are included on the balance sheet. The operating statement presents increases (e.g., revenues) and decreases (e.g., expenses) in net total assets. The Board applies all applicable Governmental Accounting and Financial Reporting Principles in accounting and reporting for its proprietary operations. Governmental funds and the expendable trust fund are accounted for using the modified accrual basis of accounting under which: Revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount ofthe transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Those revenues considered susceptible to accrual are property taxes, intergovernmental grants and investment income. Property taxes are considered available if they 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. - 12 - COLUMBIA COUNTY BOARD OF EDUCATION EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEl\IBNTS JUNE 30, 1995 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A substantial number of personnel of the Board were employed for a one hundred and ninety day period beginning in late August of 1994 and ending in early June 1995. Employment contracts for these employment periods typically specify that compensation be paid in twelve equal monthly payments beginning in September 1994 and ending in August 1995. State grants to fund the State's share ofthese contracts are disbursed to the Board in the same twelve month period. In accordance with generally accepted accounting principles, salary and fringe benefit expenditures and the related revenue from the State to fund these contracts are recorded in the fiscal period covered by these financial statements. The accrual basis of accounting, as required by generally accepted accounting principles, is utilized by the proprietary fund. Under the accrual basis ofaccounting, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. RESTATEMENT OF PRIOR YEAR FUND BALANCE In prior years, the risk financing activities for the Board's worker's compensation liabilities were reported as an expendable trust fund. This fund had a fund balance of$327,666.47 at June 30, 1994. For fiscal year 1995, this fund has been reported as a Proprietary Fund. The fund balance at July 1, 1994 has been restated as appropriate. BUDGET The Columbia 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 of budget control was established by the Board at the aggregate level. The Proprietary fund budget was prepared and utilized as a management tool to assess the operations ofthe internal service fund. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles. The budget process begins when the Board's administration prepares a tentative budget for the Board's approval. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper ofgeneral circulation in the locality. At the next regular meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This final budget is then submitted, in accordance with provisions ofthe Quality Basic Education Act, OCGA Section 20-2-167, 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-end. CASH AND CASH EQUIVALENTS COMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits (including certificates of deposit, savings and N. 0.W. accounts) in authorized financial institutions. Georgia Laws authorize the Board to deposit its funds in one or more - 13 - COLUMBIA COUNTY BOARD OF EDUCATION EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 selecting among avenues of investment or among institutional bids for deposits, the highest rate of return shall be objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: (1) Obligations issued by the State of Georgia or by other states, (2) Obligations issued by the United States government, (3) Obligations fully insured or guaranteed by the United States government or a United States government agency, (4) Obligations of any corporation ofthe United States government, (5) Prime 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 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 Columbia County Board of Commissioners fixed the property tax levy for the 1994 tax year (calendar year) on October 14, 1994 (levy date). Taxes were due on December 29, 1994. The lien date for property - 14 - COLUMBIA COUNTY BOARD OF EDUCATION EXIIlBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES taxes was January 1, 1994. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 1995 since their collection meets the criteria of GASB codification section P70. l 03. The Columbia 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. Tax millage rates levied for the 1994 tax year (calendar year) for the Columbia County Board ofEducation were as follows (a mill equals $1 per thousand dollars of assessed value): School Operations School Bonds 14.76 mills 3.75 mills 1821mills 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 (first-in - first-out). Purchased foods inventories are reported on the Combined Balance Sheet at cost (first-in, first-out). The Board uses the consumption method to account for both inventories. Donated food commodities are recorded as an asset and as revenue when received, and expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenditures are recorded as the inventory items are used. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations of fund balance which indicates that these amounts do not constitute "available spendable resources" even though they are a component. of net current assets. PREPAID ITEMS Payments made to vendors for services that will benefit periods subsequent to June 30, 1995, are recorded as prepaid items. 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 ofthis obligation as this amount is deemed immaterial to the general purpose financial statements. - 15 - COLUMBIA COUNTY BOARD OF EDUCATION EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. GENERAL OBLIGATION BONDS The Board issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the General Long-Term Debt Account Group. INTERFUND TRANSACTIONS The Board has the following types of interfund transactions: Reimbursements ofexpenditures initially made from a fund that are properly applicable to another fund, are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. Operating transfers are recorded for all interfund transactions other than reimbursements. MEMORANDUM ONLY - TOTAL COLUMNS Total columns on the general purpose financial statements are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations 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 ofthis data. Certain reclassifications have been made to the comparative data to conform to the current year classifications. Note 2: DEPOSITS AND INVESTMENTS COLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee ofinsurance, or by collateral. The aggregate ofthe face value of such surety bond and the market value ofsecurities shall be equal to not less than 110 percent ofthe public funds being secured after the deduction of the amount of deposit insurance. OCGA Section 45-8-11 provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts. - 16 - COLUMBIA COUNTY BOARD OF EDUCATION EXIIlBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 2: DEPOSITS AND INVESTMENTS Acceptable security for deposits consists of any one of or any combination of the following: (1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, (2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, (3) Bonds, bills, notes, certificates of indebtedness or other direct obligations ofthe 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 of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, (6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and (7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. CATEGORIZATION OF DEPOSITS At June 30, 1995, the bank balances were $15,697,745.48. 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, 1995, as follows: - 17 - COLUMBIA COUNTY BOARD OF EDUCATION EXIIlBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 2: DEPOSITS AND INVESTMENTS Risk Category Bank Balance 1 $ 500,000.00 2 13,116,869.24 3 2,080,876.24 Total $15.697 745.48 CATEGORIZATION OF INVESTMENTS Investments are classified as to risk by the three categories described below: Category 1 - Insured or registered, or securities held by the Board or the Board's agent in the Board's name. Category 2 - Uninsured or unregistered, with securities held by the counterparty's trust department or agent in the Board's name. Category 3 - Uninsured or unregistered, with securities held by the counterparty, or by its trust department or agent but not in the Board's name. Funds invested in an investment pool managed by another government are not required to be categorized unless the investing entity owns specific, identifiable investment securities in the pool. At June 30, 1995, the carrying amount of the Board's total investments was $21,285,858.30 and the market value ofthese investments, excluding investments in the State of Georgia, Local Government Investment Pool, were $8,099,823.74. The investments are classified as to risk categories as follows: Type oflnvestment U. S. Government Local Government Investment Pools Risk Categories 2 3 Carrying Amount Market Value $ 8 099 823 74 $ 000 $ = = ~0= 00 $ 8,099,823.74 $8,099,823.74 13.186,034.56 Total Investments $21J85 858 30 $ 8099 823 74 The carrying amounts shown above includes amounts maintained in an investment pool by the State of Georgia, Office of Treasury and Fiscal Services in which the Board owns no identifiable securities. The investment policy of the State of Georgia, Office of Treasury and Fiscal Services for the Local Government Investment Pool does not provide for investment in derivatives or similar investments. - 18 - COLUMBIA COUNTY BOARD OF EDUCATION EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 3: NON-MONETARY TRANSACTIONS The Board receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories Note 4: RISK MANAGEMENT The Board is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illnesses or injuries to employees; natural disaster; and unemployment compensation. The Board participates in the Georgia School Boards Association Risk and Insurance Management System, a public entity risk pool organized on July 1, 1994 to develop and administer a plan to reduce risk ofloss on account ofgeneral liability, motor vehicle liability, or property damage, including safety engineering and other loss prevention and control techniques, and to administer one or more group self-insurance funds, including the processing and defense of claims brought against members of the System. The Board pays an annual premium to the System for its general insurance coverage. Additional coverage is provided through agreements by the System with two companies according to their specialty for property, boiler and machinery, general liability and automobile risks. Payment of excess insurance for the System varies by line of coverage. Property and blanket bond coverage was purchased to cover 100% of specific losses in excess of$100,000.00 per occurrence, up to $100,000.000.00 for each occurrence. Boiler and machinery coverage was purchased to cover 100% of specific losses in excess of$100,000.00 per occurrence. General liability coverage was purchased to cover 100% of specific losses in excess of $250,000.00 per occurrence. Auto liability was purchased to cover 100% of specific losses in excess of $100,000.00 per occurrence after member deductible. The Board has established a limited risk management program for workers' compensation claims. A premium is charged by the Internal Service Fund to the General Fund in order to cover estimated claims budgeted by management based on known claims and prior experience. The Board accounts for claims with expenditures and liabilities being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. These losses include an estimate of claims that have been incurred but not reported. An excess coverage insurance policy covers individual claims in excess of $250,000.00 loss per occurrence, up to the statutory limit. Changes in the workers' compensation claims liability during the last two fiscal years are as follows: Beginning of Year Liability Claims and Changes in Estimates Claims Paid EndofYear Liability 1994 1995 $ 0.00 $ 64,166.02 $ 64,166.02 $ 0.00 $ 0.00 $ 148,443.21 $ 91 734.71 $ 56,708.50 - 19 - COLUMBIA COUNTY BOARD OF EDUCATION EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 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 expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. Changes in the unemployment compensation claims liability during the last two fiscal years are as follows: Beginning ofYear Liability Claims and Changes in Estimates Claims Paid EndofYear Liability 1994 1995 $ 0.00 $ 20,793.12 $ 20,793.12 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 Note 5: OPERATING LEASES Columbia County Board of Education has entered into various leases as lessee for office equipment. These leases are considered for accounting purposes to be operating leases. Lease expenditures for the year ended June 30, 1995, amounted to $23,095.00. Future minimum lease payments for these leases are as follows: Year Ending 1996 1997 Total Amount $ 15,830.00 3,193.00 $ 19 023.00 Note 6: GENERAL LONG-TERM DEBT CAPITAL LEASES The Columbia County Board of Education has entered into various lease agreements as lessee for office equipment and buses. 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 ofthe date of their inception. The changes in General Long-Term Debt during the fiscal year ended June 30, 1995, were as follows: - 20 - COLUMBIA COUNTY BOARD OF EDUCATION EXIDBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 6: GENERAL LONG-TERM DEBT Balance July 1, 1994 Additions Deductions Balance June 30, 1995 Capital Leases General Obligation Bonds Total $749,831.97 $60,430,000.00 $61,179,831.97 970,140.12 970,140.12 754217.80 2,000,000.00 2,754217.80 $ 965 754 29 $58 430 QQQ 00 $~9395 754 29 At June 30, 1995, payments due, by fiscal year which includes principal and interest for these items are as follows: Fiscal Year Ended June 30 1996 1997 1998 1999 2000 2001 and thereafter Total Principal and Interest Deduct: Imputed Interest Net Present Value ofFuture Minimum Lease Payments Note 7: PRIOR YEAR DEFEASEMENT OF DEBT Capital Leases General Obligation Bonds Total Debt $ 471,424.30 $5,354,037.50 $5,825,461.80 354,334.16 5,419,772.50 5,774,106.66 143,401.33 5,511,847.50 5,655,248.83 101,168.56 5,588,567.50 5,689,736.06 5,681,782.50 5,681,782.50 64,510,305.00 64,51 OJ05.00 S 1,070,328.35 S92 066312 SQ $93 136640 85 104,574.06 $ 965 754 29 In fiscal years 1986, 1993 and 1994, the Board defeased certain general obligation bonds by placing the proceeds ofnew bonds in an irrevocable trust to provide for all future debt service payments on the old bonds. Accordingly, the trust account assets and the liability for the defeased bonds are not included in the Board's general purpose financial statements. At June 30, 1995, $33,810,000.00 ofbonds defeased are outstanding and are considered defeased. Note 8: SIGNIFICANT COMMITMENTS The following is an analysis of significant outstanding construction or renovation contracts executed by the Board as of June 30, 1995, together with funding available: - 21 - COLUMBIA COUNTY BOARD OF EDUCATION EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 8: SIGNIFICANT COMMITMENTS Project Unearned Executed Contracts Funding Available From State Brookwood Elementary Classroom Addition Classroom Addition to Columbia Middle School Classroom Additions to Lakeside Middle and Riverside Middle School Evans High School Band Room Harlem High School Athletic Stadium John Pierce Blanchard Athletic Stadium Lakeside High School Athletic Stadium New Columbia County Elementary School #1 New Columbia County Elementary School #2 New Columbia Middle/High School New High School Athletic Stadium Washington Road Multi-Campus Site Development Westmont Elementary Addition $ 173,307.52 483,332.02 343,048.42 63,048.83 5,503.00 5,503.00 318,526.42 3,571,734.62 4,243,201.83 10,650,305.17 12,800.00 1,439,400.95 1,892.37 $ 1,754,778.00 5,792,143.76 $21.311,604.15 $7,546 921 76 The amounts described in this note are not reflected in the general purpose financial statements. Note 9: 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 10: ACCUMULATED EMPLOYEES' LEAVE The Board's administrative staff and certain other full-time employees earn one day per month of annual leave. Annual leave may be accumulated to a maximum of 20 days, and an amount based on unused leave, up to the maximum accumulation, is paid at their current rate of pay to employees upon retirement or termination of employment. See Note 1 - Compensated Absences - 22 - COLUMBIA COUNTY BOARD OF EDUCATION EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATE1\1ENTS JUNE 30, 1995 Note 11: RETIRE1\1ENT PLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) TRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer public employee retirement system (PERS). TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. A member is eligible for service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. A member is eligible for early retirement after 25 years of creditable service and attainment of age 55, at a reduced benefit. Retirement benefits paid to members are equal to 2% of the average of the member's two consecutive highest paid years of service multiplied by the number of years of creditable service up to 40 years. The normal retirement pension is payable monthly for life. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death. Retirement benefits also include death and disability benefits. A disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The death benefit is the amount that would be payable to the member's beneficiary had the member retired on the date of death on either a service retirement allowance or a disability retirement allowance, whichever is larger. The benefit is based on the member's creditable service (minimum of 10 years of service) and compensation up to the time of disability or death. Members become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting of employer contributions occurs, but the member's contributions are refunded with interest. The Board's payroll for employees covered by TRS for the year ended June 30, 1995, was $39,523,173.45; total payroll was $45,173,977.98. TRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Board who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. For fiscal year 1995 that rate for employer contributions was 11.81%. The interest rate assumption (rate of return on investments) was 7.50%. Total contributions made during fiscal year 1995 amounted to $6,643,853.70, of which $4,667,687.92 was made by the Board and $1,976,165.78 was made by employees. These contributions represented 11.81% (Board) and 5% (employees) of covered payroll. - 23 - COLUMBIA COUNTY BOARD OF EDUCATION EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 11: RETIREMENT PLANS 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 of June 30, 1994, was as follows: Total pension benefit obligation $15,313,743,000.00 Net assets available for benefits, at cost 14,254,785,000.00 Unfunded pension benefit obligation $ 1.058,958,000.00 The measurement ofthe total pension benefit obligation is based on an actuarial valuation as of June 30, 1994. Net assets available to pay pension benefits were valued as of the same date. TRS does not make separate measurements of assets and pension benefit obligation for individual employers. Total contributions from all employers to TRS for fiscal year ended June 30, 1995 were $565,117,811.00. The Board's contribution for the year ended June 30, 1995 of $4,667,687.92 was actuarially determined and represented .8260% of total contributions made by all participating employers. Ten year historical trend information is presented in the 1995 TRS Component Unit Financial Report. This information is useful in assessing TRS's accumulation of sufficient assets to pay pension benefits as they become due. PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA (PSERS) PSERS PLAN DESCRIPTION Substantially all bus drivers, maintenance, custodial, and lunchroom personnel employed by local school systems are covered by the Public School Employees Retirement System of Georgia (PSERS). All employer's contributions are made by the State of Georgia in accordance with State statute. - 24 - COLlThIBIA COUNTY BOARD OF EDUCATION EXHIBIT "F" NOTES TO THE GENERAL PURPOSE FINANCIAL STATE1\.1ENTS JUNE 30, 1995 Note 11: RETIRE1\.1ENT PLANS PSERS provides in accordance with State statute service retirement, disability retirement and survivors benefits for its members. A member is eligible for normal service retirement after 10 years of service and attainment ofage 65. A member applying for service retirement with 10 years of service and retires between the ages of 60 and 65 receives a reduced benefit. Monthly retirement benefits paid to members are equal to $8.00 per month multiplied by the number ofyears of creditable service. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death. Retirement provisions include death and disability benefits. Disability benefits are the same as if the employee had retired at age 65 as long as the employee has 15 or more years of creditable service. Death benefits are dependent upon the number ofyears of service. Ifthere are less than ten years of service, a lump sum refund of the employee's contributions and interest are made to the beneficiary. Ifthere are more than ten years of service, the beneficiary shall receive for life 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 451 employees covered under PSERS for the year ended June 30, 1995. PSERS CONTRIBUTIONS REQUIRED AND MADE Covered employees are required by State statute to contribute $4.00 a month for the nine month school year. Unlike TRS, the Board makes no contribution to PSERS. The State of Georgia is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS' Board of Trustees. Total contributions from employees ofthe Board made during fiscal year 1995 amounted to $14,460.00. Total contribution for all school systems made by the State of Georgia to PSERS for fiscal year ended June 30, 1995, was $9,162,000.00. Note 12: SURETY BONDS The School Superintendent, Dr. Lynn Cadle, is bonded in the amount of $50,000.00 with the American Manufacturers Mutual Insurance Company, Long Grove, Illinois, their Bond No. 3SE877830, on which premium was paid through July 1, 1995. - 25 - ~ Cash and Cash Equivalenl& 111118&1ments Accounts Receivable Inventories Food Donated Commodities Purchased Food TOlal Assets LIABILITIES ANO FUND EQUITY LIABILITIES Cash 01/erdraft Accounts Payable Salaries Payable Expired Grant Balances Payable Deferred Revenue Total Liabilities FUND EQUITY Fund Balances Reserved For Inventories Food Donated Commodities Purchased Food Unreserved Undesignated Total Fund Equity Total Liabilities and Fund Equity !.QJ.UMl;!IA s:;Q!Jtil)'. l!QARQ QE ~UCATION ~MBINING BALANCE SHI;;!;! PECIAL R~NUI;; El.!!:IQ Jl,!NE3Q 1995 ELEMENTARY SCHOOL FOOD SERVICES FUND LOTTERY PROGRAMS DRUG-FREE SCHOOLSAN0 COMMUNITIES ACT s 449,793.73 S 8,159.48 S 8,792.61 CHAPTER 1 EOUCATION OF EOUCATION OF CHILDREN IN DEPRIVED STATE SCHOOLS CHILDREN s 4,385.65 818,694.47 12,025.27 s 1,315.84 99,403.75 47,073.86 30,643.66 $ 1,358,230.99 $ 8159.48 $ 8,792.61 S 1 315.84 $ 103 789.40 $ 17,219.57 $ 177,397.98 8,159.48 $ $ 194,617.55 S 8,159.48 S $ 646.31 8,146.30 8,792.61 S 1,012.47 259.91 $ 43.46 1 315.84 S 27,992.30 73,527.91 2,269.19 103,789.40 s 47,073.86 30,643.66 $ 77,717.52 1,085,895.92 $ $ 1,163,613.44 $ 0.00 $ 0.00 $ $ 1,358,230.99 $ 8,159.48 $ 0.00 $ 0.00 $ 8,792.61 $ 0.00 $ 0.00 0.00 $ 0.00 1,315.84 $ 103,789.40 See notes to the general purpose financial statements. -26- EXHIBIT "G" AND SECONDARY EDUCATION ACT CHAPTER2 BLOCK GRANT - INNOVATIVE FLOW THROUGH PROGRAM TITLE IIEISENHOWER MATHEMATICS AND SCIENCE EDUCATION $ 0.00 $ 0.00 INDIVIDUALS WITH DISABILITIES EDUCATION ACT mLEVl B FLOW PRESCHOOL THROUGH PROGRAM $ 8,531.22 JOB TRAINING PARTNERSHIP ACT TOTALS JUNE 301 1995 JUNE 30, 1994 $ 479,662.69 $ 1,411,146.13 818,694.47 ns,602.02 $ 2,690.44 $ 60,465.79 $ 27,269.00 203,170.09 238,218.27 47,073.86 30,643.66 72,510.81 28,531.46 $ 0.00 $ 0.00 $ 2,690.44 $ 60,465.79 $ 8,531.22 $ s 27,269.00 $ 1,579,244.n 2,5271008.69 $ 2,690.44 $ 13,479.48 $ 24,384.40 $ 41,566.79 $ 86,041.26 10.m.33 s 936.27 887.43 66,878.60 75,955.91 29,137.00 2,398.52 1,988.61 292,596.32 265,861.01 7,071.98 5,196.43 8.56 14,589.62 162,010.85 604 092.81 $ 2,690.44 $ 60,465.79 $ 8 531.22 $ 27,269.00 $ 415,631.33 $ 1,193,961.84 $ 47,073.86 $ 72,510.81 30,643.66 28,531.46 $ n,111.s2 s 101,042.27 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 1,085,895.92 1,232,004.58 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 1,163,613.44 $ 1,333,046.85 $ 0.00 $ 0.00 $ 2,690.44 $ 60,465.79 $ 8,531.22 $ s 27,269.00 $ 1,579,244.n 2,527,008.69 -27- COLUMBIA CQUNJY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES SPECIAL REVENUE FUND VEAR ENDED JUNE 30 1995 REVENUES state Funds Federal Funds Local and Other Funds Total Revenues EXPENDITURES current Instruction Support Services Pupil Services lmprowment rJ Instructional Services Educational Media Services General Administration Maintenance and Operation rJ Plant student Transportation Services Central Support Services other Support Services Food Services Operation Community Service Operations C&pilal Outlay Total Expenditures Excess rJ Revenues Oller (under) Expenditures OTHER FINANCING SOURCES Operating Transfels In Excess rJ Revenues and Other Financing Sources 0118r (under) Expenditures FUND BALANCE JULY 1 FUND BALANCE JUNE 30 SCHOOL FOOD SERVICES FUND LOTTERY PROGRAMS DRUG-FREE SCHOOLS AND COMMUNITIES ACT ELEMENTARY CHAPTER1 EDUCATION OF EDUCATION OF CHILDREN IN DEPRIVED STATE SCHOOLS CHILDREN $ 289,914.00 $ 1,485,864.81 1,445,305.98 $ 2,189,118.83 s 3,924,338.81 S 1,485,864.81 $ 67,627.00 S 67,627.00 S 4,060.38 S 4060.38 S 686,315.56 25,ne.oo 712,094.56 $ 953,367.91 135,434.98 $ 14,992.86 336,123.12 14,638.76 14,954.99 S 4,093,772.22 8,070.75 8 281.44 s s s 4,0931n2.22 11485,864.81 S -169,433.41 S 0.00 $ 53,421.62 $ 9,205.38 s 2,887.34 77.54 5,000.00 1,095.50 $ - - - ~ - - 67,627.00 4060.38 $ 0.00 S 0.00 $ 556,333.24 35,940.56 58,948.66 s1.no.s1 1,122.51 7,979.02 712,094.56 0.00 $ -169,433.41 $ 1,333,046.85 0.00 $ 0.00 0.00 $ 0.00 o.oo s _ _ _ _ _o_.oo_s 0.00 $ 0.00 0.00 0.00 o.oo s _ _ _ _o_._oo_ See notes to the general purpose financial statements. -28- EXHIBIT "H'' AND SECONDARY EDUCATION ACT CHAPTER2 BLOCK GRANT - INNOVATIVE FLOW THROUGH PROGRAM TmE II- EISENHOWER MATHEMATICS ANDSCIENCE EDUCATION INDIVIDUALS WITH DISABILITIES EDUCATION ACT TITLEVI B FLOW PRESCHOOL THROUGH PROGRAM JOB TRAINING PARTNERSHIP ACT TOTALS YEAR ENDED JUNE 301 1995 JUNE 301 1994 $ 1,775,778.81 $ 922,390.71 $ 70,413.00 $ 6,000.00 S 19,308.44 $ 339,773.81 S 46,918.57 $ 61,366.80 2,747,089.54 2,682,244.25 571.00 2,215,468.83 2,051,573.80 $ 10 413.oo s _ _....;5""5"--'1-'1'-".oo~s s _ _ 1s,308.44 ..3a;.3;aa9:;,.a7.;.7.; 3.81 $ 46,918.57 $ 61,366.80 $ 6?38,337.18 $ 5,656,208.76 $ 44,205.27 $ 1,625.97 $ 163,615.96 $ 20,708.26 $ 55,639.21 $ 1,795,495.82 $ 1,358,843.75 25,986.33 221.40 1,883.87 3,061.16 $ 19,224.44 84.00 151,415.51 2,202.18 884.00 19,226.16 994.00 22,733.75 883.44 100.00 2,493.12 1,436.00 82.32 5,645.27 403,717.63 107,634.68 362,993.45 86,984.19 16,048.99 9,260.90 5,000.00 16,049.77 4,093,772.22 2,531.50 8 281.44 333,770.00 64,253.50 44,240.46 72,451.44 134,399.23 7,213.97 5,000.00 17,665.07 3,515,558.57 1,374.11 30 066.38 $ 70 413.00 $ 6 571.00 $ 19 308.44 $ 339?73.81 $ 46,918.57 $ 61,366.80 $ 6,907?70.59 $ 5,584,836.48 $ 0.00 $ 0.00 $ 0.00 $ 0.00 S 0.00 $ 0.00 $ -169,433.41 $ 71,372.28 3 577.00 $ 0.00 $ 0.00 $ o.oos 0.00 $ 0.00 $ 0.00 $ -169,433.41 $ 74,949.28 0.00 0.00 0.00 0.00 0.00 0.00 1,333,046.85 1,258,097.57 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 1163 613.44 $ 1,333,046.85 - 29 ASSETS Cash and Cash Equivalents Investments Accounts Receivable COLUMBIA COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30. 1995 REGULAR 1994 BOND ISSUE FUND GEORGIA STATE FINANCING AND INVESTMENT COMMISSION PROJECT 94-636-026 $ 750,000.00 $ 7,366,791.34 $ 131,101.60 9,018,875.51 1,209,788.55 Total Assets $ 150,000.00 s 16,385,666.85 s .....==-=1=,3...4..o..,8=9=-o._15= 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 $ 2,528.00 1,103,823.10 $ 524,385.89 $ 1,630,736.99 $ 307,626.30 174 607.60 482,233.90 $ 14,754,929.86 $ $ 14,754,929.86 $ $ 750,000.00 0.00 $ 750,000.00 $ 14,754,929.86 $ 858,656.25 858,656.25 0.00 858,656.25 Total Liabilities and Fund Equity $ 750,000.00 $ 16,385,666.85 $-====1..:,,3.;,,4..0.~,8=9=0.~1=5 See notes to the general purpose financial statements. - 30- EXHIBIT"!" LOTTERY PROJECT 96/95S-636-021 LOTTERY PROJECT 96/95S-636-023 TOTALS JUNE 30, 1995 JUNE 30, 1994 $ 202,198.00 $ 43,506.00 $ 8,493,596.94 $ 136,027.48 9,018,875.51 23,120,003.46 65,000.00 1,274,788.55 $ 267,198.00 $ 43,506.00 $ 18,787,261.00 $ 23,256,030.94 $ 101,510.81 6,500.00 $ 108,010.81 $ $ 2,528.00 1,512,960.21 705,493.49 $ 2,220,981.70 $ 80,127.64 12,167.67 858,115.01 166,228.51 1,116,638.83 $ 159,187.19 $ $ 159,187.19 $ 0.00 $ 159,187.19 $ $ 43,506.00 43,506.00 $ 14,754,929.86 $ 1,061,349.44 15,816,279.30 $ 22,032,663.63 106,728.48 22,139,392.11 0.00 43,506.00 $ 750,000.00 16,566,279.30 $ 0.00 22,139,392.11 $ 267,198.00 $ 43,506.00 $ 18,787,261.00 $ 23,256,030.94 - 31 - COLUMBIA COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES CAPITAL PROJECTS FUND YEAR ENDED JUNE 30, 1995 REVENUES State Funds Local and Other Funds Total Revenues EXPENDITURES Current Support Services Business Administration Bond Issuance Cost Capital Outlay Salaries Employee Benefits Repairs and Maintenance Services Professional and Technical Services Land and Land Improvements Building and Building Improvements Total Expenditures Excess of Revenues over (under) Expenditures OTHER FINANCING SOURCES (USES) Proceeds from General Obligation Bonds Par Value Discount on Bonds Sold Operating Transfers In Operating Transfers Out Total Other Financing Sources (Uses) Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses FUND BALANCE JULY 1 FUND BALANCE JUNE 30 REGULAR 1994 BOND ISSUE FUND GEORGIA STATE FINANCING AND INVESTMENT COMMISSION PROJECT 94-636-026 $ 0.00 $ 1,895,610.24 $ 1,386,067.21 $ 0.00 $ 1,386,067.21 $ 1,895,610.24 $ 0.00 $ 2,343.69 170.87 1,357.05 751,427.44 $ 121,642.32 6,165,058.32 378,704.76 1,746,076.00 $ 0.00 $ 7,041,999.69 $ 2,124,780.76 $ 0.00 $ -5.655,932.48 $ -229, 170.52 $ 750,000.00 $ 152,803.00 $ -1,774,604.29 $ 750,000.00 $ -1,621,801.29 $ $ 750,000.00 $ -7,277,733.77 $ 0.00 22,032,663.63 981,098.29 981,098.29 751,927.77 106,728.48 $ 750,000.00 $ 14,754,929.86 $ ______0s_a_.s_se....;;;;.2.s. See notes to the general purpose financial statements. - 32- EXHIBIT*JN LOTTERY PROJECT 96/95S-636-021 LOTTERY PROJECT 96/95S-836-023 TOTALS YEAR ENDED JUNE 30, 1995 JUNE 30, 1994 $ 65,000.00 $ 0.00 $ 1,960,610.24 1,386,067.21 $ _ _ _ _1_8_9_,5_3_2_.2_1 $ 65,000.00 $ _ _ _ _ _o._oo_ $ 3,346,6n.45 $ _ _ _ _18_9..._,5_3_2_.2_1 $ $ 43,010.81 65,000.00 $ 108,010.81 $ $ -43,010.81 $ 0.00 $ $ 2,343.69 170.87 1,357.05 1,173,143.01 121,642.32 7,976,134.32 0.00 $ 9,274,791.26 $ 0.00 $ -5,928,113.81 $ 388,490.53 313;236.78 817,334.21 2,139,679.44 3,658,740.96 -3,469,208. 75 $ 202,198.00 $ $ 202,198.00 $ $ 159,187.19 $ 0.00 $ 43,506.00 $ 2,129,605.29 -1,TT4,604.29 43,506.00 $ 355,001.00 $ 43,506.00 $ -5,573,112.81 $ 0.00 22,139,392.11 23,045,000.00 493,891.00 23,538,891.00 20,069,682.25 2,069,709.86 $ 159,187.19 $ 43,506.00 $ 16,566,279.30 $ _ _ _22_.1_39_,3_9_2_.1_1 - 33- COLUMBIA COUNTY BOARD OF EDUCATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE YEAR ENDED JUNE 30 1995 FUNDING AGENCY PROGRAM/GRANT CFDA NUMBER AWARDS IN PERIOD FEDERAL FUNDS RECEIVED IN PERIOD(NET OF REFUNDS) FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD Agriculture, U. S. Department of Through Georgia Department of Education Food and Nutrition Program Child and Adult Care Food Program 1995 Contract Food Services School Breakfast Program 1994 Grant 1995 Grant National School Lunch Program 1994Grant 1995 Grant Food Distribution Program (1) 10.558 $ 10,034.16 $ 10.553 10.553 . 10.555 * 10.555 * 10.550 153,001.56 984,329.n 2971940.49 10,034.16 $ 10,034.16 (2) 4,387.56 150,030.56 7,413.07 975,275.50 N/A 153,001.56 (2) s 984,329.n 2971940.49 3,769,013.86 (3) 324?58.36 Total U.S. Department of Agriculture $ 114451305.98 $ Education, U. S. Department of Direct P. L. 81-874 1989 Grant 1990 Grant 1995 Grant Through Georgia Department of Education Drug-Free Schools and Communities Act 1994Grant 1994 Carry-Over 1995 Grant Elementary and Secondary Education Act Chapter 1 Education of Children in State Schools 1994 Regular 1994 Carry-Over 1995 Regular Education of Deprived Children 1994 Regular 1994 Carry-Over 1995 Regular Chapter2 Block Grant - Flow Through 1995 Regular Innovative Programs 1993 Regular 1995 Regular Title II Eisenhower Mathematics and Science Education 1994 Regular 1995 Regular Individuals with Disabilities Education Act Title VI, B Flow Through 1993 Carry-Over 1994 Regular 1994 Carry-Over 1995 Regular Preschool Program 1994 Regular 1994 Carry-Over 1995 Regular 84.041 $ 84.041 84.041 84.186 84.186 84.186 84.009 84.009 84.009 * 84.010 * 84.010 * 84.010 84.151 84.151 84.151 84.164 84.164 * 84.027 * 84.027 * 84.027 * 84.027 84.173 84.173 84.173 3,302.58 $ 500.72 74,909.00 782.00 66,845.00 3,129.00 3,180.00 104,976.00 680,630.00 70,413.00 6,000.00 37,534.00 80,437.00 389,538.00 17,117.00 63,000.00 111471140.85 $ 114451305.98 $ 4I093In2.22 3,302.58 $ 500.72 74,909.00 3,302.58 500.72 74,909.00 10,685.99 782.00 66,845.00 782.00 $ 66,845.00 (5) (5) (5) 782.00 66,845.00 -2,788.16 2,788.00 25,623.75 104,976.00 484,205.00 70,413.00 11,202.00 6,000.00 3,129.00 931.38 104,976.00 581,339.56 70,413.00 6,000.00 3,129.00 931.38 104,976.00 607,118.56 (3) 70,413.00 6,571.00 (3) 20,021.00 16,618.00 19,308.44 19,308.44 -2.28 71,534.49 74,310.00 212,070.00 7,215.44 17,115.00 35,000.00 80,406.72 259,367.09 17,115.00 29,803.57 80,406.72 259,367.09 17,115.00 29,803.57 - 34 - COLUMBIA COUNTY BOARD OF EDUCATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE YEAR ENDED JUNE 30 1995 FUNDING AGENCY PROGRAM/GRANT CFDA AWARDS NUMBER IN PERIOD FEDERAL FUNDS RECEIVED IN PERIOD(NET OF REFUNDS) FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD Education, U. S. Department of Through Georgia Department of Education Vocational Education - Basic Grants to States High School Program Basic Grant 1994Grant 84.048 $ 2,312.00 $ 2,312.00 $ 2,312.00 (4) 1995 Grant 84.048 16,739.50 16,739.50 16,739.50 (4) Consumer and Homemaking Education 1994 Contract 84.049 848.00 848.00 848.00 (4) Tech-Prep Education 1995 Grant 84.243 10.421.00 101421.00 101421.00 (4) Total U.S. Department of Education $ 11632,613.80 $ 113431647.03 $ 113491449.56 $ 11266.766.76 Labor, U. S. Department of Through East Central Georgia Consortium Job Training Partnership Act 09-93-16-47-073 09-93-20-13-073 09-94-16-48-073 09-94-20-13-073 17.250 17.250 17.250 $ 17.250 $ 26,881.00 571569.00 8,117.42 34,097.81 $ 12,573.43 21,532.93 $ 21,972.21 171861.66 21,532.93 21,972.21 171861.66 Total U.S. Department of Labor $ 84A5o.oo $ 54.788.66 $ 61.366.80 $ 611366.80 OTHER FEDERAL ASSISTANCE Defense, U.S. Department of Direct Department of the Army R.O.T.C. Program 1994 Grant 1995 Grant Total Other Federal Assistance $ 16,089.80 $ 1061265.19 751402.09 $ 1061265.19 (4) $ 106.265.19 $ 91A91.89 $ 106.265.19 Total Federal Financial Assistance $ 3,268,634.97 $ Major Programs are identified by an asterisk (*) in front of the CFDA number. 2,637'68.43 $ 2,962,387.53 $ 5i421 1905_1a (1) The amounts shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the system during the current fiscal year. (2) Expenditures for the Child and Adult Care Food Program and the School Breakfast Program were not maintained separately and are included in the 1995 National School Lunch Program. (3) Expenditures for this program include State, and/or Local and Other Funds. Expenditures are not maintained by fund source. (4) Expenditures on this program were not maintained by fund source. (5) Funds earned on this program do not require reporting of expenditures. See notes to the general purpose financial statements. - 35 - COLUMBIA COUNTY BOARD OF EDUCATION CASH AND CASH EQUIVALENTS JUNE 30, 1995 SCHEDULE "2" NONINTEREST BEARING ACCOUNTS First Union National Bank, Martinez, Georgia INTEREST BEARING ACCOUNTS Allied Bank and Trust, Thomson, Georgia Certificate of Deposit No. 01-0007496 (5.00%) Money Market Account (2.25%) Super N.O.W. Accounts (2.25%) First Union National Bank, Thomson, Georgia Trust Account (1.91 %) Overnight Sweep Account (5.60%) Georgia Bank and Trust, Augusta, Georgia Certificates of Deposit No. 403101681 (5.00%) No. 403101950 (6.25%) Super N.O.W. Account (3.55%) SunTrust Bank, Augusta, Georgia Money Market Account (6.17%) $ -3,207,249.97 $ 19,871.05 255,317.00 1,511,516.75 988.31 6,062,000.00 312,983.49 81,959.10 49,636.57 7,156,685.87 15,450,958.14 $ 12,243,708.17 See notes to the general purpose financial statements. - 36 - COLUMBIA COUNTY BOARD OF EDUCATION INVESTMENTS JUNE 30, 1995 U.S. GOVERNMENT OBLIGATIONS First Union National Bank, Martinez, Georgia Federal Home Loan Bank Note No. 313384HR3 due July 3, 1995 (6.052%) Federal Home Loan Mortgage Corporation Note No. 313396HT3 due July 5, 1995 (5.972%) Note No. 313396KP7 due August 18, 1995 (6.054%) INVESTMENT POOL State of Georgia, Office of Treasury and Fiscal Services Local Government Investment Pool (6.032%) SCHEDULE "3" $ 3,043,507.95 3,037,546.71 2,018,769.08 13,186,034.56 $ 21,285,858.30 See notes to the general purpose financial statements. - 37 - COLUMBIA COUNTY BOARD OF EDUCATION ACCOUNTS RECEIVABLE JUNE 30, 1995 Columbia County Tax Commissioner County Wide Bond Tax County Wide School Tax Community Affairs, Georgia Department of Local Assistance Grant Defense. U. S. Department of Department of the Army R.O.T.C. Program East Central Georgia Consortium Job Training Partnership Act Education, Georgia Department of Quality Basic Education Deferred Summer Salaries Fiscal Year 1995 Food Services School Breakfast Program National School Lunch Program Lottery Program Exceptional Growth Capital Outlay Construction Project Reimbursement on Construction Project Federal Programs Elementary and Secondary Education Act Chapter 1 Education of Children in State Schools Education of Deprived Children Trtle II - Eisenhower Mathematics and Science Education Individuals with Disabilities Education Act Title VI, B - Flow Through Georgia State Financing and Investment Commission Reimbursement on Construction Projects Lakeside Middle School Reimbursement for Expenses Treasury, U. S. Department of Overpayment of Tax GENERAL FUND GOVERNMENTAL FUND TYPES SPECIAL CAPITAL REVENUE PROJECTS FUND FUND DEBT SERVICE FUND TOTAL $ 185,981;46 $ 47,617.06 $ 47,617.06 185,981.46 999.62 999.62 30,863.10 $ 27,269.00 30,863.10 27,269.00 5,206,643.00 2,971.00 9,054.27 $ 65,000.00 1,315.84 99,403.75 2,690.44 60,465.79 1,209,788.55 121.61 3,080.19 5,206,643.00 2,971.00 9,054.27 65,000.00 1,315.84 99,403.75 2,690.44 60,465.79 1,209,788.55 121.61 3,080.19 $ 5,427,688.98 $ 203,170.09 $ 1,274,788.55 $ 47,617.06 $ 6,953,264.68 See notes to the general purpose financial statements. - 39 - PAYMENTS DUE IN FISCAL YEAR ENDING JUNE 30 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 ~LUM~l6 ~UNI)'. BOARD OF EDU~I!ON DEIIl ~EB:ill~E BEQUIREMEt:m IO M6IUBIIY JUNE 30, 1995 TOTAL DEBT SERVICE TOTAL INTEREST TOTAL PRINCIPAL 1994-AISSUE INTEREST PRINCIPAL $ 5,354,037.50 $ 3,279,037.50 $ 2,075,000.00 $ 1,403,907.50 $ 5,419,772.50 3,159,772.50 2,260,000.00 1,395,092.50 5,511,847.50 3,026,847.50 2,485,000.00 1,382,on.50 5,588,567.50 2,878,567.50 2,710,000.00 1,364,612.50 5,681,782.50 2,746,782.50 2,935,000.00 1,342,112.50 205,000.00 280,000.00 360,000.00 450,000.00 545,000.00 5,857,370.00 5,959,100.00 6,045,530.00 6,145,085.00 6,249,162.50 2,607,370.00 2,449,100.00 2,275,530.00 2,085,085.00 1,874,162.50 3,250,000.00 3,510,000.00 3,no,ooo.oo 4,060,000.00 4,375,000.00 1,314,045.00 1,279,920.00 1,239,757.50 1,191,697.50 1,134,810.00 650,000.00 765,000.00 890,000.00 1,025,000.00 1, 170,000.00 s,n1,2s1.50 4,438,945.00 4,548,152.50 4,650,240.00 4,757,985.00 1,641,257.50 1,413,945.00 1,243,152.50 1,040,240.00 817,985.00 4,130,000.00 3,025,000.00 3,305,000.00 3,610,000.00 3,940,000.00 1,068,705.00 992,230.00 904,187.50 789,ns.oo 661,525.00 1,330,000.00 1,505,000.00 1,695,000.00 1,900,000.00 2,125,000.00 4,008,415.00 2,981,875.00 3,097,187.50 568,415.00 346,875.00 182,187.50 3,440,000.00 2,635,000.00 2,915,000.00 s12,ns.oo . 346,875.00 182,187.50 2,370,000.00 2,635,000.00 2,915,000.00 $ 92,066,312.50 $ 33,636,312.50 $ 58,430,000.00 $ 18,506,287.50 $ 22,815,000.00 CHANGES IN GENERAL LONG-TERM DEBT Bonds Payable at July 1, 1994 Bonds Retired During Period TOTAL 1994-A ISSUE 1994 ISSUE 1993 ISSUE $ 60,430,000.00 $ 23,045,000.00 $ 9,905,000.00 $ 9,255,000.00 2,000,000.00 230,000.00 85,000.00 110,000.00 Bonds Payable at June 30, 1995 $ 58,430,000.00 $ 22,815,000.00 $ 9,820,000.00 $ 9,145,000.00 MATURITY DATES Semi-Annual Interest Payment Dates Annual Debt Retirement Date APR 1-0CT1 APR 1 APR 1-0CT1 APR 1 APR 1-0CT 1 APR 1 See notes to the general purpose financial statements. - 40 - SCHEDULE "5" Page 1 1994 ISSUE INTEREST PRINCIPAL 1993 ISSUE INTEREST PRINCIPAL 1992 ISSUE INTEREST PRINCIPAL $ 475,947.50 $ 85,000.00 $ 401,475.00 $ 115,000.00 $ 41s,sn.so $ 4n,1so.oo 90,000.00 397,737.50 120,000.00 414,382.50 60,000.00 60,000.00 469,160.00 95,000.00 393,597.50 125,000.00 411,682.50 65,000.00 465,265.00 100,000.00 389,035.00 945,000.00 408,595.00 465,000.00 461,065.00 535,000.00 352,852.50 990,000.00 386,042.50 490,000.00 438,060.00 412,980.00 384,405.00 353,585.00 320,215.00 570,000.00 635,000.00 670,000.00 710,000.00 750,000.00 312,062.50 264,887.50 213,n5.oo 159,930.00 101,340.00 1,110,000.00 1,175,000.00 1,210,000.00 1,260,000.00 1,315,000.00 361,542.50 334,762.50 308,012.50 279,122.50 248,047.50 515,000.00 500,000.00 535,000.00 565,000.00 600,000.00 284,215.00 245,015.00 202,765.00 156,865.00 108,160.00 800,000.00 845,000.00 900,000.00 955,000.00 1,010,000.00 38,220.00 780,000.00 213,847.50 176,700.00 136,200.00 93,600.00 48,300.00 635,000.00 675,000.00 710,000.00 755,000.00 805,000.00 55,640.00 1,070,000.00 $ 5.306.102.50 $ 9.820.000.00 $ 3.024.712.50 $ 9.145.000.00 $ 4.237.710.00 $ 7.435,000.00 1992 ISSUE 1991 ISSUE 19901SSUE 1986 ISSUE 1976 ISSUE 19671SSUE $ 7,490,000.00 $ 1,825,000.00 $ 1,255,000.00 $ 2,780,000.00 $ 4,820,000.00 $ 40,000.00 55,000.00 315,000.00 285,000.00 625,000.00 260,000.00 20,000.00 $ 7,435,000.00 $ 1.510,000.00 $ 970,000.00 $ 2.155.000.00 $ 4.560,000.00 $ 20,000.00 APR 1-0CT1 APR 1 APR 1 ~OCT1 APR 1 APR 1-0CT1 APR 1 APR 1-0CT1 APR 1 APR 1-0CT1 APR 1 APR 1-0CT1 APR 1 - 41 PAYMENTS DUE IN FISCAL YEAR ENDING JUNE 30 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 COLUMBIA COUNTY BOARD OF EDUCATION DEBT SERVICE REQUIREMENTS TO MATUR[TY JUNE3Q 1995 1991 ISSUE INTEREST PRINCIPAL 1990 ISSUE INTEREST PRINCIPAL $ 91,460.00 $ 340,000.00 $ 65,035.00 $ 300,000.00 71,400.00 370,000.00 45,235.00 325,000.00 49,200.00 400,000.00 23,460.00 345,000.00 24,800.00 400,000.00 $ 236,860.00 $ 115101000.00 $ 133?30.00 $ 970,000.00 CHANGES IN GENERAL LONG-TERM DEBT Bonds Payable at July 1, 1994 Bonds Retired During Period Bonds Payable at June 30, 1995 1965 ISSUE $ 15,000.00 15,000.00 s_ _ _ _o_._oo_ MATURITY DATES Semi-Annual Interest Payment Dates Annual Debt Retirement Date APR 1-0CT1 APR 1 See notes to the general purpose financial statements. -42- SCHEDULE -s Page2 1986 ISSUE INTEREST PRINCIPAL 1976ISSUE INTEREST PRINCIPAL 1967 ISSUE INTEREST PRINCIPAL $ 141,995.00 $ 98,780.00 51,590.00 670,000.00 $ 715,000.00 no,000.00 281,465.00 $ 264,385.00 246,085.00 226,260.00 204,910.00 280,000.00 $ 300,000.00 325,000.00 350,000.00 375,000.00 880.00 $ 20,000.00 181,660.00 156,550.00 129,580.00 100,750.00 69,750.00 405,000.00 435,000.00 465,000.00 500,000.00 540,000.00 36,270.00 585,000.00 $ 292,365.00 $ 2,155,000.00 $ 1,897,665.00 $ 4,560,000.00 $ 880.00 $ 20,000.00 -43- COLUMBIA COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 1995 SCHEDULE 6" 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 $ 27,813,721.00 Special Education Programs 2,959,1n.oo Remedial Education Program 568,921.00 Media Center Programs 1, 171,685.00 Staff Development Programs 380,630.00 Indirect Cost 8,087,284.00 Pupil Transportation Regular 1,099,379.00 Bus Replacement 316,543.00 Limited English Speaking 20,480.00 Middle School Incentive 1,104,789.00 Special Instructional Assistance 102,366.00 In-School Suspension 264,695.00 School Counselors Grades 4 and 5 76,512.00 Mid-term Adjustment 1,421,012.00 Local Fair Share -5,938,932.00 Deferred Summer Salaries - Fiscal Year 1994 -4,708,824.00 Deferred Summer Salaries - Fiscal Year 1995 5,206,643.00 Educational Equalization Funding Grant 2,849,638.00 Food Services $ Vocational Education 6,412.00 Other State Programs Alternative Programs 83,200.00 At-Risk Summer School Program 10,761.75 Environmental Science Program 2,402.94 Innovative Programs 4,860.00 Mentor Teacher Program 2,530.00 Preschool Handicapped Program 145,820.00 Remedial Summer School Program 11,942.96 Special Education Low Incidence Grant 23,069.38 Teachers' Retirement 27,013.59 Lottery Programs Algebra Classrooms Alternative School Program Distant Leaming Exceptional Growth Capital Outlay Construction Project Instructional Technology Media Center and Library Equipment Pre-Kindergarten Program 289,914.00 2,396.72 125,000.00 41,410.22 $ 246,162.75 336,123.12 734,n2.oo $ 27,813,721.00 2,959, 1 n . o o 568,921.00 1,171,685.00 380,630.00 8,087,284.00 1,099,379.00 316,543.00 20,480.00 1,104,789.00 102,366.00 264,695.00 76,512.00 1,421,012.00 -5,938,932.00 -4,708,824.00 5,206,643.00 2,849,638.00 289,914.00 6,412.00 83,200.00 10,761.75 2,402.94 4,860.00 2,530.00 145,820.00 11,942.96 23,069.38 27,013.59 2,396.72 125,000.00 41,410.22 65,000.00 65,000.00 246,162.75 336,123.12 734,n2.oo Community Affairs, Georgia Department of Local Assistance Grant 9,999.62 9,999.62 Georgia State Financing and Investment Commission Reimbursement on Construction Projects 1,895,610.24 1,895,610.24 $ 43,123,731.24 $ 1,n5,n8.81 $ 1,960,s10.24 $ 46,8so,120.2e See notes to the general purpose financial statements. - 44 - COLUMBIA COUNTY BOARD OF EDUCATION SCHEDULE OF LOCAL AND OTHER REVENUE YEAR ENDED JUNE 3Q 1995 SCHEDULE '7" GENERAL FUND GOVERNMENTAL FUND TYPES SPECIAL CAPITAL REVENUE PROJECTS FUND FUND DEBT SERVICE FUND FIDUCIARY FUND TYPE EXPENDABLE TRUST FUND TOTAL Taxes County Wide Bond Tax County Wide School Tax Railroad Car Tax Real Estate Transfer Tax $ 20,440,935.45 4,589.33 155,672.82 $ 5,258,256.38 1,165.32 39,552.68 $ 5,258,256.38 20,440,935.45 5,754.65 195,225.50 Other Community Service Activities Donations Bankers First Junior League of Augusta, Incorporated Monsanto Company Trust Company Bank Westinghouse Corporation Other Indirect Cost Special Revenue Fund Interest Eamed Lost and Damaged Books Rents Salary Reimbursements - Various Schools Sales Breakfast Lunches School Assets Tuition Other 72,890.55 1,000.00 5,041.97 1,000.00 1,250.00 2,800.00 1,124.00 77,:385.77 718,603.94 $ 17,752.59 20,287.00 39,947.13 56,628.03 $ 1,062.982.85 2,424.15 145,830.84 4,731.31 429,994.41 1,693,859.24 34,987.15 323,084.36 $ 87,345.61 980.00 8.31 72,890.55 1,000.00 5,041.97 1,000.00 1,250.00 2,800.00 2,104.00 77,:385.77 1,925,568.74 17,752.59 20,287.00 39,947.13 429,994.41 1,693,859.24 325,508.51 145,830.84 39,718.46 $ 21,713,266.85 $ 2,215,468.83 $ 1,386,067.21 $ 5,386,319.99 $ 988.31 $ 30,702,111.19 See notes to the general purpose financial statements. - 45 - COLUMBIA COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT GENERAL AND SPECIAL REVENUE FUNDS YEAR ENDED JUNE 30, 1995 SCHEDULE "8" GENERAL FUND SPECIAL REVENUE FUND TOTAL EXPENDITURES Operating Costs Salaries $ Employee Benefits Travel of Employees Professional and Technical Services Compensation and Travel of Board Members Water, Sewer and Cleaning Services Repair and Maintenance Services Rents Property Services Insurance Communications Tuition Commodity Hauling Shared Services Other Purchased Services Supplies Energy Food Usage Books, Textbooks and Periodicals Dues and Fees Federal Indirect Costs Other Expenditures 42,758,830.25 $ 11,324,738.63 145,302.34 508,306.55 13,375.10 168,872.71 1,302,950.80 68,485.39 1,959.94 141,259.41 221,594.00 8,190.00 119,483.00 27,386.24 2,261,730.03 1,629,221.38 3,584.00 575,998.51 60,398.03 13,924.93 2,412,804.04 $ 569,921.31 22,662.20 172,005.08 10,048.35 54,516.61 9,891.73 2,307.75 23,061.28 5,000.00 13,526.50 737,235.49 60,455.91 2,083,762.18 25,986.33 10,919.00 77,385.77 11,274.57 45,171,634.29 11,894,659.94 167,964.54 680,311.63 13,375.10 178,921.06 1,357,467.41 78,377.12 1,959.94 141,259.41 223,901.75 8,190.00 23,061.28 124,483.00 40,912.74 2,998,965.52 1,689,677.29 2,087,346.18 601,984.84 71,317.03 77,385.77 25,199.50 Nonoperating Costs Principal and Interest Land and Land Improvements Equipment 781,159.96 1,925,639.72 7,383.94 597,622.55 781,159.96 7,383.94 2,523,262.27 Total Expenditures $ 64,062,390.92 $ 6,907,770.59 $ 70,970,161.51 See notes to the general purpose financial statements. - 47 - COLUMBIA COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT LOTTERY PROGRAMS YEAR ENDED JUNE 30.1995 EXPENDITURES Operating Costs Salaries Employee Benefits Travel of Employees Professional and Technical Services Rents Communications Other Purchased Services Supplies Dues and Fees Other Expenditures Nonoperating Costs Professional and Technical Services Land and Land Improvements Equipment Building and Building Improvements ALGEBRA CLASSROOMS ALTERNATIVE SCHOOL PROGRAM DISTANT LEARNING INSTRUCTIONAL TECHNOLOGY $ 270.00 $ 2,396.72 55,476.00 $ 34,026.28 $ 103,479.75 69,254.00 7,383.94 142,683.00 Total Expenditures $ 2,396.72 $ 125,000.00 $ 41,410.22 $ ____2_46,_J,_162......,.7.5.. (1) Expenditures associated with this Lottery program are reflected in the Capital Projects Fund. See notes to the general purpose financial statements. - 48 - SCHEDULE "9" MEDIA CENTER AND LIBRARY EQUIPMENT PRE-KINDERGARTEN PROGRAM LOTTERY PROJECT (1) 96/955-636-021 TOTAL $ $ 19,172.70 157,266.42 159,684.00 $ 336,123.12 $ 382,831.33 107,365.08 8,094.87 10,531.41 9,891.73 2,3/J7.75 6,299.96 134,954.51 53/J.OO 10,060.91 $ 61,904.45 $ 382,831.33 107,365.08 8,094.87 29,974.11 9,891.73 2,3/J7.75 163,566.38 33/J,333.26 53/J.OO 10,060.91 43,010.81 65,000.00 43,010.81 7,383.94 433,525.45 65,000.00 734 n2.oo s _ _ _1_os_.0_1_0_.s_1 $ 1,593,875.62 - 49 - COLUMBIA COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30, 1995 SCHEDULE "1 O" Minimum Expenditure Requirements (Total Allotment) Expenditures on Combined Program Basis Salaries (1) (2) Operations Less: Expenditures for Media Center Programs in Excess of Total Media Allotment Expenditures per Audit THIRTEEN WEIGHTED AND MEDIA CENTER PROGRAMS 100% TEST FOR OPERATIONS PORTION OF THIRTEEN WEIGHTED PROGRAMS $ 33,930,137.00 $ 1,350,275.00 $ 38,954,812.62 2,289,672.81 $ _ _2..:...,0_4..;..:.1,6.;..;3;..;;.6.;..;..1=.2 $ 41,244,485.43 -472,643.73 $ 40,771,841.70 Amount of Underexpenditure for Total Allotment $ Note: (1) Salary accruals (July and August 1995 Deferred Salaries) reported as expenditures in the General Purpose Financial Statements are not included on this analysis in order to comply with program guidelines. (2) Salary accruals (July and August 1994 Deferred Salaries) reported as expenditures in the prior year General Purpose Financial Statements are included on this analysis as required by program guidelines. 0.00 $ = = = = = =0.0=0 See notes to the general purpose financial statements. - 51 - COLUMBIA COUNTY BOARD Of EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS BY PROGRAM GENERAL FUND OUAUIY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30 1995 GENEBAL ~D ~BEER EDUCATION PROGRAMS Kindergarten (") Grades 1 3 (") SUb-Total K-3 Grades 4 - 5 (") Grades6-8 (") Grades 9 - 12 (") High School Laboratories (") Vocational Education Laboratories r) Total General and career Education Programs SPECIAL E~TION PROGRAMS Regular Programs categOI)' I (") categOI)' II (") categOI)' Ill (") categOI)' IV (") SUb-Total Regular categoiy V (Gilled) (") Total Special Education Programs REMEDIAL EQUCATION PROGRAM (j Total Thirteen Weighted Programs MEDIA CENTER PROGRAMS 5alaries Operations Total Media Center Programs Total Thirteen Weighted and Media Center Programs STAFF DEVELOPMENT PROGRAMS Cost d Instruction Professional Development Total Staff Development (") Identifies Thirteen Weighted Programs. (1) Salary accruals (July and August 1995 Deferred Salaries) reported as expenditures in the General Purpose Financial Statements are not included on this analysis in order to comply with program guidelines. ALLOTMENTS FROM DEPARTMENT OF EDUCATION REQUIRED ORIGINAL ..lL ORIGINAL MID-TERM $ 2,511,435.00 7,127,551.00 $ 9,638,986.00 3,836,249.00 6,433,067.00 3,173,507.00 3,421,039.00 1,310,873.00 $ 27,813,721.00 $ 2,260,291.50 $ 6,414,795.90 90 $ 8,675,087.40 $ 90 3,452,624.10 90 5,789,760.30 90 2,856, 156.30 90 3,078,935.10 90 1,179,785.70 $ 25,032,348.90 $ 0.00 1,186,908.00 1,186,908.00 0.00 0.00 229,725.00 0.00 0.00 1,416,633.00 $ 2,607,858.00 $ 2,347,072.20 $ 0.00 $ 2,607,858.00 90 $ 2,347,072.20 $ 351,319.00 90 316,187.10 $ 2,959,177.00 $ 2,663,259.30 $ $ 568,921.00 90 $ 512,028.90 $ $ 31,341,819.00 $ 28,207,637.10 $ 0.00 0.00 0.00 0.00 1,416,633.00 $ 910,734.00 90 $ 819,660.60 $ 0.00 260,951.00 90 234,855.90 0.00 $ 1,171,685.00 $ 1,054,516.50 $ 0.00 $ 32,513,504.00 $ 29,262,153.60 $ 1,416,633.00 $ 251,018.00 129,612.00 $ 251,018.00 $ 129,612.00 4,379.00 0.00 $ 380,630.00 100 $ 380,630.00 $ 4,379.00 (2) Salary accruals (July and August 1994 Deferred Salaries) reported as expenditures in the prior year General Purpose Financial Statements are included on this analysis as required by program guidelines. See notes to the general purpose financial statements. 52 - SCHEDULE 11 TOTAL REQUIRED ACTUAL EXPENDITURES SALARIES (1)(2) OPERATIONS TOTAL AMOUNT OF UNDEREXPENDITURE FOR REQUIRED ALLOTMENT s s 2,260,291.50 s 3,399,568.30 101,004.58 $ 3,500,572.88 7,601,703.90 8,634,344.77 196,992.98 8,831,337.75 $ 9,861,995.40 $ 12,033,913.07 $ 297,997.56 $ 12,331,910.63 $ 0.00 3,452,624.10 4,526,494.87 124,540.81 4,651,035.68 0.00 5,789,760.30 6,893,058.95 331,268.84 7,224,327.79 0.00 3,085,881.30 4,169,591.96 486,275.75 4,655,867.71 0.00 3,078,935.10 3,377,646.71 173,628.24 3,551,274.95 0.00 1,179,785.70 1,509,994.76 369,005.06 1,878,999.82 0.00 $ 26,448,981.90 $ 32,510,700.32 $ 1,782,716.26 $ 34,293,416.58 $ 2,347,072.20 $ 1,163,006.21 $ 448,428.52 1,816,514.20 587,882.64 7,165.37 $ 13,511.94 186,205.99 4,801.55 1,170,171.58 461,940.46 2,002,720.19 592,684.19 s $ 2,347,072.20 4,015,831.57 $ 211,684.85 $ 4,227,516.42 0.00 316,187.10 501,841.01 21,813.28 523,654.29 0.00 $ 2,663,259.30 $ 4,517,672.58 $ 233,498.13 $ 4,751,170.71 $ s 512,028.90 530,147.68 $ 25,421.73 $ 555,569.41 0.00 $ 29,624,270.10 $ 37,558,520.58 $ 2,041,636.12 $ 39,600,156.70 $ 819,660.60 $ 1,396,292.04 $ 1,396,292.04 0.00 234,855.90 $ 248,036.69 248,036.69 0.00 $ 1,054,516.50 $ 1,396,292.04 $ 248,036.69 $ 1,644,328.73 $ 30,678,786.60 $ 38,954,812.62 $ 2,289,672.81 $ 41,244,485.43 $ 0.00 $ 255,397.00 129,612.00 s_ _385_._009_.oo_ $ 256,712.99 $ 256,712.99 129,605.58 129,605.58 $ 386,318.57 $ 386,318.57 s_______o_.oo_ - 53 - COLUMBIA COUNTY BOARD OF EDUCATION SCHEDULE OF COMPENSATION AND TRAVEL OF BOARD MEMBERS YEAR ENDED JUNE 30, 1995 SCHEDULE "12'' BOARD MEMBER ADDRESS Mr. Larry Ogletree, Chairperson (*) 5087 Windmill Lake Drive Evans, Georgia 30809 Mr. Michael N. Annis, Vice-Chairperson (*) 4464 Graystone Way Evans, Georgia 30809 Mr. Jim Beazley 120 Sigman Road Martinez, Georgia 30907 Ms. Mary E. Sanders (*) 282 South Bell Street Harlem, Georgia 30814 Ms. Jean Smith (*) 4436 Forrest Drive Martinez, Georgia 30907 Ms. Beth Trotter (*) 2034 Pheasant Creek Road Martinez, Georgia 30907 (*) Denotes Board Members Serving as of June 30, 1995 COMPENSATION TRAVEL $ 2,700.00 $ 128.35 2,200.00 317.46 1,200.00 2,400.00 1,200.00 419.04 2,700.00 110.25 $ 12,400.00 $ ===9=7=5=.1=0 See notes to the general purpose financial statements. - 54 - SECTION II COMPLIANCE CLAUDE L. VICKERS STATE AUDITOR (404) 656-2174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 April 16, 1996 Honorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation and Superintendent and Members of the Columbia County Board ofEducation COMPLIANCE REPORT BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Ladies and Gentlemen: We have audited the general purpose financial statements of the Columbia County Board of Education as of and for the year ended June 30, 1995, and have issued our report thereon dated April 16, 1996. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. Compliance with laws, regulations, contracts, and grants applicable to Columbia County Board ofEducation 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. The results of our tests disclosed no instances of noncompliance that are required to be reported herein under Government Auditing Standards. 95CRL-10 This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. Respectfully submitted, ~ Claude L. Vickers State Auditor CLV:jy 95CRL-10 CLAUDE L. VICKERS STATE AUDITOR (404) 656-2174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 April 16, 1996 Honorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation and Superintendent and Members of the Columbia 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 Columbia County Board of Education as of and for the year ended June 30, 1995, and have issued our report thereon dated April 16, 1996. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. We have applied procedures to test the Columbia County Board of Education's compliance with the following requirements applicable to each of its Federal financial assistance programs, which are listed in the Schedule ofFederal Financial Assistance, for the year ended June 30, 1995: (1) Political Activity (5) Allowable Costs/Cost Principles (2) Civil Rights (6) 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 of Management and Budget's "Compliance Supplement for Single Audits ofState and Local Governments" and other additional procedures as deemed necessary. Our procedures were substantially less in scope than an audit, the objective of which is the expression of an opinion on the Columbia County Board of Education's compliance with the requirements listed in the preceding paragraph. Accordingly, we do not express such an opinion. 95CRL-40 With respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the second paragraph ofthis report. With respect to items not tested, nothing came to our attention that caused us to believe that Columbia 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:jy 95CRL-40 CLAUDE L. VICKERS STATE AUDITOR (404) 656-2174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 April 16, 1996 Honorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation and Superintendent and Members ofthe Columbia County Board ofEducation SINGLE AUDIT OPINION ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO MAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS Ladies and Gentlemen: We have audited the general purpose financial statements of the Columbia County Board ofEducation as of and for the year ended June 30, 1995, and have issued our report thereon dated April 16, 1996. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. We have also audited the Columbia County Board ofEducation's compliance with the requirements governing: (I) Types of Services Allowed or Unallowed (5) Applicable Special Tests and Provisions (2) Eligibility (3) Matching, Level of Effort, and/or Earmarking (6) Other Requirement Claims for Advances and Reimbursements (4) Reporting These requirements are applicable to the major Federal financial assistance programs, which are identified in the Schedule of Federal Financial Assistance, for the year ended June 30, 1995. The management of the Columbia 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. 95CRL-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 Columbia County Board ofEducation's compliance with those requirements. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the Columbia 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, 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, L~ Claude L. Vickers State Auditor CLV:jy 95CRL-80 CLAUDE L. VICKERS STATE AUDITOR (404) 656-2174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 April 16, 1996 Honorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation and Superintendent and Members of the Columbia 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 Columbia County Board ofEducation as of and for the year ended June 30, 1995, and have issued our report thereon dated April 16, 1996. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. In connection with our audit of the fiscal year 1995 general purpose financial statements of the Columbia County Board of Education and with our consideration of the Board's control structure used to administer Federal financial assistance programs, as required by Office ofManagement and Budget (0MB) Circular A128, "Audits of State and Local Governments", we selected certain transactions applicable to certain nonmajor Federal financial assistance programs for the year ended June 30, 1995. As required by 0MB Circular A-128, we have performed auditing procedures on the selected transactions to test compliance with the requirements governing: (I) Types of Services Allowed or Unallowed (2) Eligibility Our procedures were substantially less in scope than an audit, the objective of which is the expression of an opinion on the Columbia County Board ofEducation's compliance with these requirements. Accordingly, we do not express such an opinion. 95CRL-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 Columbia County Board of Education 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. Rez:~ CLV:jy 95CRL-120 Claude L. Vickers State Auditor SECTION III INTERNAL CONTROL CLAUDE L. VICKERS STATE AUDITOR (404) 656-2174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 April 16, 1996 Honorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation and Superintendent and Members ofthe Columbia County Board ofEducation REPORT ON INTERNAL CONTROL STRUCTURE IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Ladies and Gentlemen: We have audited the general purpose financial statements of the Columbia County Board of Education as of and for the year ended June 30, 1995, and have issued our report thereon dated April 16, 1996. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. We conducted our audit in accordance with generally accepted auditing standards, and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. The management ofthe Columbia County Board ofEducation is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives 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, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation ofgeneral purpose financial statements in accordance with generally accepted accounting principles. Because ofinherent limitations in any internal control structure, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate. 95ICL-3 In planning and performing our audit of the general purpose financial statements of the Columbia County Board ofEducation for the year ended June 30, 1995, we obtained an understanding ofthe internal control structure. With respect to the internal control structure, we obtained an understanding of the design of relevant policies and procedures and whether they have been placed in operation, and we assessed control risk in order to determine our auditing procedures for the purpose ofexpressing our opinion on the general purpose financial statements and not to provide an opinion on the internal control structure. Accordingly, we do not express such an opinion. We noted a certain matter involving the internal control structure and its operation that we consider to be a reportable condition under standards established by the American Institute of Certified Public Accountants. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation of the internal control structure that, in our judgment, could adversely affect the entity's ability to record, process, summarize, and report financial data consistent with the assertions of management in the general purpose financial statements. As described in the Schedule ofFindings and Improper or Questioned Costs, a reportable condition was noted in the following control category: General Fixed Assets A material weakness is a reportable condition in which the design or operation of one or more of the internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the general purpose financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses as defined above. However, we believe that the reportable condition disclosed above is also considered to be a material weakness. This condition was considered in determining the nature, timing, and extent of the procedures to be performed in our audit ofthe Columbia County Board ofEducation's financial statements and this report does not affect our report thereon dated April 16, 1996. 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, ~/4 Claude L. Vickers State Auditor CLV:jy 95ICL-3 CLAUDE L. VICKERS STATE AUDITOR (404) 656-2174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 April 16, 1996 Honorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation and Superintendent and Members of the Columbia 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 Columbia County Board of Education as of and for the year ended June 30, 1995, and have issued our report thereon dated April 16, 1996. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financia1statements. We have also audited the Columbia County Board of Education's compliance with requirements applicable to major Federal financial assistance programs and have issued our opinion thereon dated April 16, 1996. We conducted our audit in accordance with generally accepted auditing standards; Government Auditing Standards, issued by the Comptroller General of the United States; and the provisions of Office of Management and Budget (0MB) Circular A-128, "Audits ofState and Local Governments". Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement and about whether the Columbia County Board ofEducation complied with laws and regulations, noncompliance with which would be material to a major Federal financial assistance program. In planning and performing our audit for the year ended June 30, 1995, we considered the Board's internal control structure in order to determine our auditing procedures for the purpose of expressing our opinions on the Board's general purpose financial statements and on its compliance with requirements applicable to major Federal financial assistance programs and to report on the internal control structure in accordance with 0MB Circular A-128. This report addresses our consideration ofinternal control structure policies and procedures 95ICL-5 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 April 16, 1996. The management ofthe Columbia County Board ofEducation is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives 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 ofinherent limitations in any internal control structure, errors, irregularities or instances of noncompliance may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate. For the purposes of this report, we have classified the significant internal control structure policies and procedures used in administering Federal financial assistance programs in the following control categories: GENERAL REQUIREMENTS SPECIFIC REOUIREl\ffiNTS (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 ofrelevant policies and procedures and whether they have been placed in operation, and we assessed control risk. During the year ended June 30, 1995, the Columbia County Board of Education expended 78% of its total Federal financial assistance under major Federal financial assistance programs. 95ICL-5 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. Our consideration of the internal control structure policies and procedures used in administering Federal financial assistance would not necessarily disclose all matters in the internal control structure that might constitute material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a reportable condition in which the design or operation of one or more ofthe internal control structure elements does not reduce to a relatively low level the risk that noncompliance with laws and regulations that would be material to a Federal financial assistance program may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control structure and its operation that we consider to be material weaknesses as defined above. This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. Reszb:~ CLV:jy 95ICL-5 Claude L. Vickers State Auditor SECTION IV FINDINGS AND IMPROPER OR QUESTIONED COSTS COLUMBIA COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS YEAR ENDED JUNE 30, 1995 PRIOR YEAR AUDIT FOLLOW-UP/RESOLUTION Failure to Meet Expenditure Requirements Financial Statements Amount: $32,745.63 Audit Control Number 6361-93-05 The audit report for the year ended June 30, 1993, reported that the Board had an underexpenditure of Quality Basic Education (QBE) funds of$32,745.63 for the Staff Development - Professional Development Stipends Program. For the year under review, no adjustment was made to the Board's local fair share by the Georgia Department ofEducation to refund this underexpenditure as required. The underexpenditure of$32,745.63 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: $71,309.81 Audit Control Number 6361-94-01 The audit report for the year ended June ~O, 1994 reported that the Board had an underexpenditure of Quality Basic Education (QBE) funds of$71,309.81 for the StaffDevelopment - Professional Development Stipends Program. For the year under review, no adjustment was made to the Board's local fair share by the Georgia Department ofEducation to refund this underexpenditure as required. The underexpenditure of$71,309.81 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. PRIOR YEAR/CURRENT YEAR GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Reportable Condition - Material Weakness Audit Control Number 6361-93-03 The audit report for the year ended June 30, 1994, noted that the management of the Columbia County Board ofEducation had chosen not to maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. In the year under review, the Board did not establish a General Fixed Assets Account Group within the formal accounting records. This condition results in the general purpose financial statements of the Board being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the Board to establish accounting controls and procedures to provide for maintenance of a General Fixed Assets Account Group. These subsidiary records should include an inventory ofland, buildings and equipment owned by the COLUMBIA COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS YEAR ENDED JUNE 30, 1995 PRIOR YEAR/CURRENT YEAR GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Reportable Condition - Material Weakness Audit Control Number 6361-93-03 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. EXPENDITURES/LIABILITIES/DISBURSEMENTS Improper Lease Agreements Financial Statements Nonmaterial Noncompliance Audit Control Number 6361-93-04 The audit report for the year ended June 30, 1992, noted that the Board had entered into various multi-year lease purchase agreements for office and communications equipment that did not include the renewal provision requirements of Official Code of Georgia Annotated Section 20-2-506, which is quoted as follows: "(a) Except as otherwise provided in this Code section, each county, independent, or area school system in this state shall be authorized to enter into multi-year lease, purchase, or lease purchase contracts of all kinds for the acquisition ofgoods, materials, real and personal property, services, and supplies, provided that any such contract shall contain provisions for the following: ( 1) The contract shall terminate absolutely and without further obligation on the part of the school system at the close of the calendar year in which it was executed and at the close of the succeeding calendar year for which it may be renewed as provided in this Code section; (2) The contract may provide for automatic renewal unless positive action is taken by the school system to terminate such contract, and the nature of such action shall be determined by the school system and specified in the contract;...." During the year under review, the management of the Columbia County Board of Education chose not to amend these lease agreements to include the termination and renewal provisions noted above. The Board should establish the necessary controls, and procedures to ensure that lease, purchase, or lease purchase agreements meet all of the requirements of Georgia Laws prior to entering into those types of agreements. SECTIONV PERTINENT VIEWS OF RESPONSIBLE OFFICIALS COLUMBIA COUNTY BOARD OF EDUCATION PERTINENT VIEWS OF RESPONSIBLE OFFICIALS YEAR ENDED JUNE 30, 1995 AUDIT FOLLOW-UP/RESOLUTION Failure to Meet Expenditure Requirements Financial Statements Amount: $32,745.63 Audit Control Number 6361-93-05 We concur with this finding. This finding originated with the Board relying and acting on incorrect information provided by the Georgia Department of Education. It is being resolved by the Georgia Department ofEducation through adjustments to the Board's FY '96 QBE allotment. AUDIT FOLLOW-UP/RESOLUTION Failure to Meet Expenditure Requirements Financial Statements Amount: $71,309.81 Audit Control Number 6361-94-01 We concur with this finding. This finding originated with the Board relying and acting on incorrect information provided by the Georgia Department of Education. It is being resolved by the Georgia Department of Education through adjustments to the Board's FY '97 QBE allotment. GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Reportable Condition - Material Weakness Audit Control Number 6361-93-03 We concur with this finding. The Board is currently working to establish a system-wide General Fixed Assets Account Group. The staff is in the process of locating past records, entering current records and making adjustments as needed. Current workloads continue to slow progress. EXPENDITURES/LIABILITIES/DISBURSEMENTS Improper Lease Agreements Financial Statements Nonmaterial Noncompliance Audit Control Number 6361-93-04 We concur with this finding. However, it should be noted that the lease purchase agreements referred to will expire in FY '96. Since it is unlikely that the finance companies involved would be willing to amend the leases at this point, the Board has decided to wait for these leases to end without taking action. All new leases do include the termination and renewal provisions required by the State of Georgia.