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

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. STATE OF GEORGIA ...

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DEPARTMENT OF AUDITS AND ACCOUNTS

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19QQ'- 2000

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COOK COUNTY SOARD OF EDUCATION
ADEL, GEORGIA REPORT ON AUDIT OF THE FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2000
Russell W. Hinton
state Auditor

COOK COUNTY BOARD OF EDUCATION

,

1

-TABLEOFCONTENTS:zI

SECTION I

FINANCIAL

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

EXHffiITS

GENERAL PURPOSE FINANCIAL STATEMENTS

COMBINED STATEMENTS ~ OVERVIEW

A

COI\1BrnED BALANCE SHEET

ALL FUND TYPES AND ACCOUNT GROUP

B

COMBINED STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES

ALL GOVERNMENTAL FUND TYPES

C

COMBINED. STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL

(NONGAAP BASIS)

GENERAL AND SPECIAL REVENUE FUNDS

D NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

ADDmONAL FINANCIAL INFORMATION

COMBINING AND INDIVIDUAL FUND STATEMENTS

SPECIAL REVENUE FUND

E

COMBINING BALANCE SHEET

F

C01vlBINING STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

DEBT SERVICE FUND

G

COMBINING BALANCE SHEET

H

COMBINING STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

I

FIDUCIARY FUND TYPE

STATEMENT OF CHANGES IN ASSETS AND LIABILITIES

AGENCY FUND

Pa&me
2 4 7
8
20
22
24
25
26

COOK COUNTY BOARD OF EDUCATION

d

IIIdJ

-TABLEOFCONTENTS-

SECTION I

FINANCIAL

ADDmONAL FINANCIAL INFORMATION

SCHEDULES

1 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS

27

2 SCHEDULE OF STATE REVENUE

29

3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS

30

ANALYSIS OF

EXPENDITURE REQUIREMENTS

GENERAL FUND .. QUALITY BASIC EDUCATION PROGRAMS

4

OVERALL

31

5

BY PROGRAM

32

SECTIONll

COMPLIANCE AND INTERNAL CONTROL REPORTS

REPORT ON COI\1PLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL

REPORTING BASED ON AN AUDIT OF FINANCIAL STATE:MENTS PERFORMED IN

ACCORDANCE

WITH

GOVERNMENT

AUDITING w_.. ..,. .IIIIVSF ,

STANDARDS

a:zI :zIss

L

REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH
OMB CIRCULAR A-133

SECTION ill

AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS

S

Y SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS

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

SECTION I
FINANCIAL
\

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

DEPARTMENT OF AUDITS AND ACCOUNTS
254 Washington Strcet~ S~W~, Suite 214
Atlanta~ Georgia 30334-R400
March 8,2001

Honorable Roy E. Barnes, Governor Members ofthe General Assembly
Members ofthe State Board of Education
and Superintendent and Members of the Cook County Board of Education

SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS

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Ladies and Gentlemen:

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We have audited the accompanying general purpose financial statements ofthe Cook County Board of Education, as of and for the year ended June 30, 2000, as listed in the table of contents. These general purpose financial statements are the responsibility ofthe Cook County Board ofEducation's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Govemp1ent AuJ!.iting Stand.ards, 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 financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As described in the notes to the general purpose financial statements, the Board's financial statements
have been prepared using certain accounting practices and policies which, in our opinion, vary in
some respects from generally accepted accounting principles. These variances are described as
follows:

* The general purpose financial statements ofthe Board did not contain a General Fixed
Assets Account Group to account for property ~d equipment owned by the Board which should be included to confonn to generally accepted accounting principles.

2000ARL-13

* School activity accounts maintained at the individual schools are not included in the
general purpose financial statements. To confonn to generally accepted accounting principles, these accounts should be included in the general purpose financial
statements.
* The Board did not recognize as expenditures, in the year ended June 30, 2000, a portion of salaries and the corresponding employer's cost of related benefits earned for contractual services completed prior to June 30, 2000. Also funds received, subsequent to June 30, 2000, from the Georgia Department of Education for the State's share of these unrecorded salaries and related benefits were not recorded as revenue in the year under review. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1999, were improperly recorded in the year ended June 30, 2000. To conform to generally accepted accounting principles, revenues should be recorded when available and measurable and expenditures should be recorded when incurred, rather than when funds are received or disbursed.
The aggregate effects on the general purpose financial statements of these variances or omissions have not been determined, but are believed to be material.
In our opinion, except for the effects on the general purpose financial statements of the matters referred to in the preceding paragraph, the general purpose financial statements referred to above present fairly, in all material respects, the financial position ofthe Cook County Board ofEducation as ofIune 30, 2000, and the results of its operations for the year then ended, in confonnity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated March 8, 2001, on our consideration ofthe Cook County Board ofEducation's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit perfonned in accordance with Government Auditin.&.Standards and should be read in conjunction with this report in considering the results of our audit.
Our audit was perfonned for the purpose of fonning an opinion on the general purpose financial. statements ofthe Cook County Board ofEducation taken as a whole. The accompanying combining and individual fund statements (Exhibits E through I) and the financial schedules (Schedules 1 through 5), which includes the Schedule of Expenditures of Federal Awards as required by U. S. Office ofManagement and Budget Circular A-133, Audits ofStates, Local Governments, and NonProfit Organizations, are presented for purposes ofadditional analysis and are not a required part of the general purpose financial statements. Such information has been subjected to the auditing procedures applied in the audit ofthe general purpose financial statements and in our opinion, except for the effects ofthe matters referred to in the third paragraph, such infonnation is fairly stated, in all material respects, in relation to the general purpose financial statements taken as a whole.
2000ARL-13

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


RWH:jb 2000ARL-13

Russell W. Hinton State Auditor

COOK COUNTY BOARD OF EDUCAnON

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COOK COUNTY BOARD OF EDUCATION

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COMBINED BALANCE SHEET



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ALL FUND TYPES AND ACCOUNT GROUP

.111 L

~UNE 3D, ~.0.90

ASSETS
Cash and Cash Equivalents
Investments
Accounts Receivable
Due from Other Funds
Inventories Food Donated Commodities
Purchased Food
Amount Available in Debt Service Fund
Amount to be Provided in Future Years
For Payment of: Bond Debt
Capital Lease Agreements

GENERAL FUND
'"

-- GOVERNMENTAL FUND TYPES ~

SPECIAL

CAPITAL

REVENUE

PROJECTS

FUND ~ _.-.

__

_

_II1II

FUND _

$ 636,697.42 $ 407,159.97 $

2,795.93

1,735,847.69

155,074.62

340,500.34

26,345.36 14.458.25

Total Assets

$ 2,5271619.73 $ _ _78_8,463.92 $ _ _.2..l795.93

LIABILITIES AND FUND EQUITY
LIABILITIES zI
Accounts Payable Salaries Payable Expired Grant Balances Payable Retainages Payable
Due to Other Funds
Funds Held for Others
Capital Lease Agreements
General Obligation Bonds Payable
Total liabilities
FU['JQ EQUITY
Fund Balances Reserved
For Bus Replacement Funds For Continuation of Federal Programs
For Continuation of State Programs
For Debt Service
For Inventories Food
Donated Commodities
Purchased Food For Purpose of Bond Issue
Unreserved Undesignated
Total Fund Equity

$ 193,565.16 $

86,864.76

250,413.18

33.222.99

$

370,500.93

$

24,605.00

51 t066.64

$ 26.345.36
14,458.25
$

2J58,382~93

377J159.38_

$ 2,334,054.57 $ 417,962.99 $

Total Liabilities and Fund Equity The notes to the general purpose financial statements are an integral part of this statement.
-2-

2,795.93 0.00
2]795.93 ,.

EXHIBIT "Att

.... __

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DEBT.

SERVICE

FUND

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RF7

FF

FIDUCIARY
-- FUND TYPE AGENCY -FUND

$

5,661.98 $

4,977.29

1,042.782.20

258,322.47

ACCOUNT

GROUP t_
GENERAL

LONG-TERM

DEBT

lIP'

. . . .G&2

TOTALS

_ _jMe,.r:noran~um Onl}!)

_fZF qzn

_t}!.JNE 3D, 2000

~~N1E 301. 11~~9

$ 1t 057,292.59 $

769,966.37

2t 778,629.89
755,201.91

6,230,843.36 581,743.90

348,090.00

$ 1,306,766.65

26,345.36 14,458.25
1,306,766.65

18,532.87 12,255.48
1,227,284.00

-
$ -=---.:11f306J 766.65 $

3t073.233.35 154,049.31

3.073.233.35 154,049.31

4.557,716.00 299,942.99

6,281.77 $ 4&5~..04~ia~1 $ 9r165,977.31 $ 14,046,374.97

$

280,429.92 $

339,749.44

250,413.18

214,194.13

33,222.99

10,920.51

545,108.45

348,090.00

$

6,281.77

6.281.77

3,976.71

$

154.049.31

154,049.31

299,942.99

4 r380,OOO.OQ.

41~80LOQQ.:Q9_

51785,000.00

$

6,281.77 $ 4,534,049.31 $ 5,104,397.17 $ 7,546~~~.23

$ 1,306,766.65
0.00 $ 1,306J66.65

$

24,605.00

$

1,000.00

51,066.64

1,306,766.65

1,227.284.00

26,345.36 14,458.25
2,795.93

18,532.87 12.255.48 2, 187,263.48

2&35,542.31

3,053,056.91

$ 4,061,580.14 $ 6,499J392.74

-3-

COOK

COU ___ n NTY

BOARD .~

OF

EDUCATION .~

CQMBIN~Q STATEMENT OF ~l;yr;.NUESJ ~XPENDITURE_~NDCHANG.E~ IN FUND ~~bC\tj,CES

ALL GOVERNM-E-- NTAL FUND TYPES
Y~AR E~PED JUNE 3D, 2000

REVENUES u.__
State Funds Federal Funds Taxes 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
Capital Outlay Debt Service
Principal Interest
Total Expenditures
Excess of Revenues over (under) Expenditures
OTHER FINANCING SOURCES (USES}
Operating Transfers In Operating Transfers Out
Total Other Financing Sources (Uses)
Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses
FUND BALANCE JULY 1 (Restated - See Note 1)
Food Inventory - Net Change in Period Donated Commodities Purchased Food

GENERAL FUND

SPECIAL REVENUE
FUND

$ 12,643,712.52 $
3,683,126.84 327,001.51
$ 16,6534 840.87 $

878,059.63
2,242,542.11
287,905.02
3,4084 506.76

$ 10,330,407.26 $ 1,699t 551 .47

992,800.00
465,988a21 347,071.13
351.822.14
1,105,203.11
105.900.10
1,539,249~93
749.597.28 30,829.28 12.871.99
474.71 768,121.01

164,809.81 126,257.49
3,245.39 116,028.64
20,325.64
27,526.11 3,600.25
112,303.71
1,170,465.45

145,893.68
- ,- 14,846.80
$ 1~,961 ,076.63 $

3,4441113.96

$ _. -307,235.76 $ _ _-3-....,;;5_,6__07_._20_

$ $ _ _-34..~..4.._0_1._00_

34 1401.00

$ ,,-34,401.00 $ _~3_4..,.4..._0_1._00_

$ -341,636.76 $ 2,675,691.33

-1,206.20
409,153.93

7,812.49

..



2,202.77

FUND BALANCE JUNE 30

_ -_. _...... --- - - - _.. ..

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

_ ---_..- --_.. _... ..... - .

EXHIBIT "B"

CAPITAL

PROJECTS

FUND

1

P

DEBT SERVICE
FUND

TOTALS

_ _ _(Memorandum Onl)1

_

YEAR ENDED

JUNE 301 2000

JUNE 30t 1999

$ $ _ _16_0.~...3..._59_._10_

$
1,693,692.73 45,879.92

13,521,772.15 $ 2,242,542.11
5,376,819.57
821,145.55

12,635,404.24
1,978,238.37 5,213,940.87
972 r097.65

$ 12,029,958.73 $ 10,809,402.15

$

2,344,826~65

$ 1,405,000.00 2554 090.0.

1, 157 ,609~81
592,245.70
350,316.52
467,850.78 1, 1 2 5 , 5 2 8 . 7 5
105,900.10 1,566,776.04 ... 753,197.53
30,829.28 125,175.70 1,170,940.16 3,112,947.66
1,550,893.68
269,936.80

1 ,045,243.49
443,457.62 308,833.08
439,552.94 1,077,647.91
101,552.98
1,349,428.94
748,203.17 29,791 ~06 177,783.42
1,021 ,469.11
5,772,464.18 1,372,551.75
3334 056.23

$ 2,344,826.65 $ 1,660,090.00 $ 24L~j 0r,1 07.24 $ 25,030,438.03

$ -2,184,467.55 $ L __ 79J482.65 $ -2,447,827.8q $ -4)230,756.90

$

34,401.00 $

25,988.09

-34 z401.00

-25,988.09

$

_ _9 0.00 $

........_ WI _

0.0_ 0

$ -2, 184,467.55 $ 2, 187,263.48

79.482.65 $ 1,227,284.00

-2.447,827.86 $ 6,499,392.74

-4.230,756.90 10,721,449.45

7,812.49

.. ~ 2,20?77,



IP'

2,540.62 I a 6,159.57

$ gr

4,061 ,580.14 $
---------_._------- ---
-5-

Co~K COUNTY BOARD of EDUCATioN
CoMBINED STATEMENT.OF REVENUES, EXPENDITUR~S AND CHAN~ES IN FUND BALANCES
BUDGET AND ACTlJA~ -jNoN-GAAP BASIS} GENERAL AND SPECIAL REVENUE FUNDS
YEAR f=NDED JUNf; 301 2000

EXHIBIT "C"

-GENERAL FUND ACTUAL

(BUDGET

BUDGET

~AS) _

REVENUES

State Funds Federal Funds
Taxes Other Funds
Total Revenues

$ 12,070.274.00 $ 12,643.712.52

3,421 ,158.00
- 197,500.00

3.683.126.84
327,001.51

EXPENDITURES

Current
Instru clio n
Support Services Pupil Services Improvement of tnstructional 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 Capital Outlay Debt Service
Total Expenditures

S 1Ot051 ,960.00 $ 10.330,407.26

824,754.90 411,597.00 354,492.00
341,815.00
1,O80,302~OO
105,833.00
1.448.247.00
758.320.00 29.676.00 55,013.00
411,040.00

992,800.00
465,988.21 347,071.13
351,822.14 1,105.203. 11
105,900.10 1,539,249.93
749.597.28 30,829.28
121871~99
474.71 768,121.01 160J 740.48

Excess of Revenues over (under) Expenditures

$

OTHER FINANCING SQURCES (USE~l

-3074 235.76

Other Sources Other Uses

S

357.276~OO

42,001.00 $

-3..4...,..4..-01-.0_0-

Total Other Financing Sources (Uses)

$

315,275.00 $

Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses $

131,157.10 $ -341,636.76

FUND BALANCE Ju.b.Y 1a.j999 (Restated - See Note 1)

2.675,691.33

Adjustments Food Inventory - Net Change in Period
Donated Commodities Purchased Food

13,469.07

SPECIAL REVENUE FUND 77_ ACTUAL

(BUDGET

BUDGET

BASrS)

$ 784.464.00 $ 878,059.63

2.1071416.56

2.242.542.11

274,103.0.0

$ 3,165,983.56 $ 3,408,506.76

$ 1,685,418 ~27 $ 1,699,551.47

330,416600 59,509.21 13,032.00
122,826.85
750.00

164.809.81
126,257.49 3,245.39
116,028664 20,325664

1,400.00 4.561.00

27,526.11 3,600.25

123,060.03 993,412.00

112,303.71 1t 170,465.45

$

_ -168J 401.80 $ _ _-.3.....5.....1.6_0_7_.2....

$

42,001.00 $

34.401.00

$

42,001.00 $

34....1. 4_~_1_.0_0_

$ -126,400.80 $ 509.056.56 1,670.41

-1,206.20 409,153.93
7.812.49 2,202.,;1.~

$ 2,324,016.56 $ 2,334.054657

S _ _38_~326.17 $ _ _4_1_7J96~.99l

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

COOK COUNTY BOARD OF EDUCATION

EXHffiIT "D"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTSJUNE 30, 2000

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES



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REPORTING ENTITY

The Cook County Board of Education (Board) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the Board is a primary government and consists of all the organizations that compose its legal entity.

FUND ACCOUNTING

The Board uses funds and an account group to report on its 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 confonn 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.

Although "school activity accounts" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To confonn 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, Taxes and Other funds under control of the Board, in compliance with generally accepted accounting principles applicable to governmental units, unless othetwise disclosed in these notes. Funds and the account group presented in this report are as follows:

GOVERNMENTAL FUND TYPES - are used to account for all or most of a Board's educational activities. Governmental Fund Types include:

GENERAL FUND - the fund used to account for all financial resources ofthe Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education.

~8-

COOK COUNTY BOARD OF EDUCATION

EXHffiIT "D"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS I JUNE 30, 2000

Note 1: dJIR* SUMMA_ RY OF SIGNIFICANT ACCOUNTING POLICIE__ S
SPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are received primarily from the Georgia Department of Education and from the Federal government to accomplish specific educational objectives.
CAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities.
DEBT SERVICE FUND - the fund used to account for the accumulation ofresources for, and the payment of, general long-tenn principal, interest and paying agent fees.
FIDUCIARY FUND TYPE - the fund used to account for assets held by a government unit in a trustee capacity or as an agent for individuals, private organizations, other government units and/or other funds. This fund includes:
AGENCY FUND - the funds used to account for assets held in a fiduciary capacity for other funds, governments, or individuals.
ACCOUNT GROUP
GENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reporting device used to account for general obligation debt outstanding and capital lease obligations.
BASIS OF ACCOUNTING
The accounting and financial reporting treatment applied to a fund is detennined by its measurement focus. All governmental funds are accounted for using a current fmancial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements ofthese funds present increases (i.e., revenues and other financing sources) and decreases (Le., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources.
Liabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Tenn Debt Account Group.
Agency funds are purely custodial in nature and do not involve measurement ofresults ofoperations..
Governmental funds are accounted for using the modified accrual basis ofaccounting under which:

-9 ..

COOK COUNTY BOARD OF EDUCATION Ib

EXHIBIT "D"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

L

,

JUNE 30, 2000

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

JL b

.-....

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

Expenditures are generally recognized when the related fund liability is incurred.

A departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share of these contracts. During fiscal year 2000, a substantial number of personnel of the Board were employed for a one hundred and ninety day period beginning in late August 1999 and ending in early June 2000. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 1999 and ending in August 2000. State grants to fund the State's share of these contracts were disbursed from the Georgia Department ofEducation to the Board in the same twelve months. As ofJune 30, 2000, compensation under these employment contracts had been earned, but two ofthe twelve monthly payments, due for July and August 2000, had not been made. Payments
for these two months were made and recorded as expenditures by the Board subsequent to June 30, 2000. Also, the State's portion ofthe compensation paid in July and August 2000 was received and
recorded as revenue in the fiscal year subsequent to June 30, 2000. Conversely, the similar
expenditures and related revenues for contractual services completed prior to June 30, 1999, were
recorded in the year ended June 30, 2000. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed.

Agency funds are accounted for using the modified accrual basis ofaccounting in recognizing assets and liabilities.

RESTATEMENT OF PRIOR YEAR FUND BALANCE

In prior years, the financial activities ofBrothers Helping Others, Mental Retardation and Substance
Abuse Fund were reported as a Special Revenue Fund. This fund had a fund balance of$3,976.71 at June 30, 1999. For fiscal year 2000, this fund has been reported as an agency fund. The fund balance at July 1, 1999 has been restated as appropriate.

BUDGET

The Cook County Board of Education's budget is a complete financial plan for the Board's fiscal year and is based upon estimates ofexpenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all

- 10-

COOK COUNTY BOARD OF EDUCATION

-

...

............

F

VI _azt

IKI_

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

:Is

9

....

'7RIIIIZ

L

V"

.IUNE ~O, 2000

EXHIBIT ltD"

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time ofpurchase. 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.
GENERAL OBLIGATION BONDS
The Board issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. Bond premiums and discounts, as well as issuance costs, are recognized in the financial statements during the year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit ofthe government. The outstanding amount ofthese bonds is recorded in the General Long-Term Debt Account Group.
INTERFUND TRANSACTIONS
The Board has the following types of interfund transactions:
Reimbursements 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 ofoperations in confonnity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. Certain reclassifications have been made to the comparative data to conform to the current year classifications.
Note 2: DEPOSITS 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 ofmoney 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 of securities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. Ifa depository elects the pooled method (OCGA 45-8-13.1) the aggregate ofthe market value ofthe securities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool
- 13 -

COOK COUNTY BOARD OF EDUCATION

,

t

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

MIcas

a:zI&&

IlIA'

J i&Fd d.

dKI

P

JUNE 30, 2000

EXHmIT "D"

Note 2: DEPOSITS AND INVESTMENTS
balance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive the requirement for security in- the case ofoperating funds placed in demand deposit checking
accounts.
Acceptable security for deposits consists of anyone of or any combination of the following:
(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia,
(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation,
(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia,
(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the 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 or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Fann Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association.
CATEGORIZATION OF DEPOSITS
At June 30, 2000, the bank balances were $3,343,573.30. The amounts ofthe 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, 2000, as follows:
- 14-

COOKv COUN, T__ Y BOARD OF EDUCATION

NOTES TO THE GENERAL PURPOSE FmANCIAL STATEMENTS

- :kI....

Q"'" PI b.....

-.aI

"""IIIW'"

IJIIII

'PSI



lSI

A

JUNJ; 30. 2000

EXHIBIT "n"

Note 2: DEPOSITS AND INVESTMENT-S
Risk Cate"gory

Bank Balance

1

$ 378,350.25

2

1,349,490.00

3

1~6152733.0~

Total

CATEGORIZATION OF INVESTMENTS At June 30, 2000, the carrying value of the Board's total investments was $2,778,629.89 which is materially the same as fair value. This investment consisted entirely of funds invested in the Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services which are not required to be categorized since the Board did not own any specific identifiable securities in the pool. The investment policy ofthe State ofGeorgia, Office ofTreasury and Fiscal Services for the Local Government Investment Pool (Primary Liquidity Portfolio) does not provide for investment in derivatives or similar investments. A description of the Primary Liquidity Portfolio is as follows:
<
The Primary Liquidity Portfolio consists ofGeorgia Fund 1, which is a combination local and state government investment pool, and Fund 6. Georgia Fund 1 is a stable net asset value investment pool which follows Standard and Poor's criteria for AAAm rated money market funds. The pool is not registered with the SEC as an investment company but does operate Georgia Fund 1 in a manner consistent with Rule 2a-7 ofthe Investment Company Act of 1940 and is considered to be a Rule 2a7 like pool. The pool's primary objectives are safety of capital, investment income, liquidity and diversification while maintaining principal ($1.00 per share value). Net asset value is calculated weekly to ensure stability. The pool distributes earnings (net of management fees) on a monthly basis and values participant's shares sold and redeemed based on $1.00 per share. Pooled cash and cash equivalents and investments are reported at cost which approximates fair value. The pool does not issue any legally binding guarantees to support the value ofthe shares. Participation in the pool is voluntary and deposits consist of funds from local governments; operating and trust funds of Georgia's state agencies, colleges and universities; and current operating funds of the State of Georgia's General Fund.

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

- 15 -

COOK COlJNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2000

Note 3: NON-MONETARY TRANSACTIONS

L

I&tzbdE

FT.

51..-

~iiiiiiIII& 17

...

The Board receives food commodities from the United States Department ofAgriculture (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 illness or injuries to employees; natural disaster and unemployment compensation.

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

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

The Board is self-insured with regard to unemployment compensation claims. A premium is charged when needed by the General Fund to each user fund on the basis of the percentage of that fund's payroll to total payroll in order to cover estimated claims budgeted by management based on known claims and prior experience. The Board accounts for claims with expenditure 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:

1999 2000

Beginning of Year
Liabilit)'_

Claims and Changes in Estimates


$

0.00 $

0.00 $

$

0.00 $

5, 16~~Q!> $

7k 1 I

Claims Paid

End of Year
Liability _

-- 0.00 $--_--...........0....0-0..

5,163.00 $

O. .~. .O~O

The Board participates in the Georgia Education Workers' Compensation Trust, a public entity risk pool organized on December 1, 1991, to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The Board pays an annual premium to the Trust for its general insurance coverage. Additional insUrance coverage is provided through an agreement by the Trust with the United States Fidelity and Guaranty Company to provide coverage for potential losses sustained by the Trust in excess of $250,000.00 loss per occurrence, up to
$2,000,000.00.

- 16-

COOK COUNTY BOARD OF EDUCATION

L

,.

d&&

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS



M

L





d



~c30,2000

EXHffiIT "D"

Note 4: RISK MANAGEMENT

r_

g.

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

Positio_ n Cove11II, red

A m o u n t ____Iss

Superintendent Scheduled Employees

$ 10,000.00 $ 40,000.00

Note 5: GENERAL LONG~TERM DEBT

CAPITAL LEASES The Cook County Board of Education has entered into various lease agreements as lessee for an energy management system and various equipment. These lease agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at the present value of the future
minimum lease payments as of the date of their inception.

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

_______P_um_Qs_e

_

Interest Rates

Amount &

General Government - Series 1997

4.0% - 5.2% $ ; 4,380I QQO.00

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

Balance July 1, 1999
Deductions Debt Retired .
Balance June 30, 2000

Capital Leases
$ 299,942.99

General Obligation
- Bonds
$ 5,785,000.00

- Total
$ 6,084,942.99

145:1893.68 1,405:1000.00 _1 :1550,893.68
$=_ 1~4,Q4Q!J 1 $ ,!t3BO,000&0 $ 4,53~l.Q49.31

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

- 17 -

COOK COUNTY BOARD OF EDUCATION

--

__

1

EXHffiIT "0"

NOTES TO TIlE GENERAL PURPOSE FINANCIAL STATEMENTS

I

I

1

JUNE 30-, 20QO

Note 5: GENERAL LO..N."'-_G. -TER-M---D. EBT-

Fiscal Year Ending June 30
2001 2002 2003 2004

Capital
Leases

General
Obligation Bonds

Total

Debt



Q



$ 76,306.58 $ 1,721,317.50 $ 1,797,624.08

34,090.08 1,898,780.00 1,932,870.08

34,090.08 1,097,820.00 1,131,910.08

2,5.,567.56 .

25 2567.56

Total Principal and Interest

Deduct: Imputed Interest

Net Present Value of Future Minimum Lease Payments $; l5~,Q~9.31

Note 6: ON-BEHALF PAYMENTS

The Board has recognized revenues and expenditures in the amount of $275,281.58 for health insurance and retirement contributions paid on the Board's behalfby the following State Agencies.

Georgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance ofNon-.Certified Personnel In the amount of $206,159.32

Paid to the Teachers Retirement System of Georgia For Teachers Retirement System (TRS) Employer's Cost In the amount of$19,242.26

Office of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of $49,880.00

Note 7: CONTINGENT LIABILITIES

Amounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant tenns. The Board believes that such disallowances, if any, will be immaterial to its overall financial position.

.. 18 ..

COOK COUNTY BOARD OF EDUCATION

EXHmIT "D"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

ruNE 30, 2000

No. te,. 8:

RETIREMENT PLANS

1 F

_Ild

1

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 ofGeorgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts.

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

Fiscal Year
2000
1999 1998

Percentage
Contributed
100% 100% 100%

Required
Contribution 2iiiiiII& ,
$ 1,223,254.31 $ 1,207,073.90
$ 1,101,765.84

- 19-

COOK COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND
JUNE 3D, 2000

ASSETS
Cash and Cash Equivalents
Accounts Receivable'
Inventories Food Donated Commodities
Purchased Fa.cd
Tatal Assets
LIABILITIES AND FUND EQUITY
LIABILITIES
Cash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable
Total Liabilities
FUND EQUITY Fund Balances Reserved For Continuation of Federal Programs For Inventories Food Donated Commodities Purchased Food Unreserved Undesignated Total Fund Equity
Total Liabilities and Fund Equity
See notes to the general purpose financial statements.
- 20-

SCHOOL . FOOD SERVICES
FUND

LOTTERY PROGRAMS

$

441 ,372.68 $

118,752.06

5,516.88

0.12

'26,345.36
14,458.25

$

487,693.17 $ ======1=1==8=,7==5=2=.=1=8==

$

8,932.88 $

42,020.40

60,797.30

76,731.78

*

$

69,730.18 $ _...-.1.1-.8-,7--5-2-.1--8-

$

26,345.36

14,458.25

377,159.38 $ - - - - -0.0-0

$

417,962.99 $ - - - - -0.0-0

$ =======14==8==7=,6==93==_::=:17== $ ========11==8==,7=5=2'==-.:=18==

EXHIBIT "E"

FEDERAL PROGRAMS

TOTALS

I

JUNE 30, 2000

JUNE 30, 1999

$

560,124.74 $

512,883.95

$ 334,983.34

340t 500.34

193,383.55

26,345.36
14,458.25

18,532.87
12,255.48

. Y _1_ $

334,983.34

$

===n9=41=,=42=8:.6=9=

$

737,055.85
======I===~

$ 152,964.77 $

152,964.77 $

35,911.48

86.864.76

112,884.10

250,413.18

-

33,222.99 _---.- 3-3~222,99

24,704.73
78,082.55 214,194.13
10,920.51

$ 334,983.34 $'

523,465.70 $ --_.-.3.2.7.-,9-0-1-.-9-2-

$

1,000.00

$

26,345.36

14,458.25

18,532~87
12,255.48

$ -. - - - 0-.0-0 _ _3_7_7j 59.38

377,365.58

$

0.00 $

417,962.99 $ _ _4_0_9,153.93

F

$ ======3:=3=4=9=,8~==.3==4= $

941 ,428.69 $ =d==7=3=7=,0==55==_==85==

~ 21 ..

COOK COUNTY BOARD OF EDUCATION CQMBINING STATEMENT OF REVENUES, EXPE_NDITURES AND CHANGES IN FUND BALANCE~
SPECIAL REVENUE FUND
YEAR ENDED JUNE 3D, 200Q

REVENUES
State Funds
Federal Funds
Other Funds
Total Revenues
EXPENDITURES
T'W'
Current Instruction
Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Maintenance and Operation of Plant Student Transportation Services
Other Support Services
Food Services Operation
Total Expenditures
Excess of Revenues over (under) Expenditures
OTHER FINANCING SOURCES (USES}
Operating Transfers In Operating Transfers Out
Total Other Financing Sources (Uses)
Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses
FUND BALANCE JULY 1 (Restated)
Food Inventory - Net Change in Period
Donated Commodities Purchased Food

FUND BALANCE JUNE 30



*

See notes to the general purpose financial statements.
- 22-

SCHOOL FOOD
SERVICES FUND

LOTTERY PROGRAMS

$

82,938.00 $

796,602.39

287,905.02

795,121.63

$ 1,167,445.41 $ _ _79_5..,..1.._2_1._63_

$

684,291.85

44,210.30
1,079.86

$ 1,167,651.61

_ _ _ I

18,078.74
14,718.79
27,526.11
1,895.99
506.15 2 t813.84

$ 1,167,651.61 $

795,121.63

_w

--------

$

-206.20 $ _.........---0_..0.0.-

k

$

-206.20 $

408,153.93

7,812.49
_ _,~202.7~_

0.00 0.00

VI d btl



$

417,962.99

L F,

_6

$

= = = k



= =0=.00=

EXHIBIT "Ftt

FEDERAL PROGRAMS

TOTALS

YEAR ENDED

JUNE 30, 2000

JUNE 30, 1999

$
$ 1,445,939.72
__ .J. ,.
$ 1,445,939.72 $

,878,059.63 .$
2,242,542.11 287,905.02


704,031.81 1,978,238.37
268,4,04.15

3.408,506.76

$

-

-

-

2-,-9

- -50, b

6-7-4-.3-3-

$ 1,015,259.62 $ 1,699,551.47 $ 1,330,630.92

120,599.51
125,177.63 3,245.39
97,949.90
5,606.85

1,704.26
111,797.56

11' I

r

164,809.81 126,257.49
3,245.39
116,028.64
20,325.64
27,526.11
3,600.25
112,303.71 1,1,70,465.45

163,833..79
41,198.79 20,139.49
103,679.08
20,033.41 18,308.54
3,519.69 123,679.86
1,013,145.21
,. F

$ 1,181,340.7~.. $ _ _.3--L.444 ,1_13_.9_6_ $ ~_2,8381168.78

.$

35,401.00 $

?..... ,-3__ n....... ,6-07-.2-0- $ ......-_1_1_2~,~_05_.5_5_

$

34,401.00 $

34,401.00 $

25,259.98



iiiIIIII&

-728.11

,

IT

$

, 3_4..,.4..._Q_1._00_ $

3_~_,4__01_.0_0, $ _ _t_d2l_4-,--,5_31_e8_?_

$

-1,000.00 $

-1,206.20 $

137,037.42

1,000.00

409,153.93

263,416.32

.- ..

7,812.49
___--~,?02. 77

2,540.62

6,159.57

d at.

..

$

0.00 $ =======4==1=7==,9==6=2=.=9=9== $ LA: : I

409,153.93 L :1 _

- 23 ..

COOK COUNTY BOARD OF EDUCATION

'lid lilt

n

....

COMBINING BALANCE SHEET

..

..

TIl'

bj

."

ilE&&l&tzL



1

DEBT SERVICE FUND

&

-

JUNE 3P~2000

EXHIBIT "G"

ASSETS

PROPERTY TAXES FOR BOND DEBT

SPECIAL PURPOSE LOCAL OPTION SALES TAX

TOTALS _

d*

JUNE 30, 2000

JUNE 3D, 1999

Cash and Cash Equivalents $

5,661.98'

$

5,661.98 $

5,630.09

Investments

$ 1,042,782.20

1,042,782.20

958,252.28

Accounts Receivable

-

4.28

T 258,318~19

258,322.47

TataI Assets

- - - - - - _.. _ - - - - - - ' - - '...

1,301 100.39 $ _ .. - ~ ~ -_...

t .... _-----_. - - - - - - - - - -

1,306,]66.6.5 $
._-------

FUND EQUITY
Fund Balances Reserved For Debt Service Unreserved Undesignated

$

5,666.26 $

- - - -0.0-0

1,301,100.39 $



T. ,

o~oo

1,306,766.65 $ 0.00

1,227,284.00 0.00

$ Total Fund Equity $ 5,666.26 -_..._--- ._.._---_.

1,301,,100.39 $

1,306J66.65 $

1,227;84.00

See notes to the general purpose financial statements.
- 24-

CQOtS. ~OUNTY BOARD OF EDUQ~T'ON
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CI-jANGES IN FUND BALANC"ES
-. DEBT SERVICE FUND
YEA8.ENDED JUNE 30, 2000

EXHIBIT "H"

REVENUES *_ _ Elf Jlllllll"wr
Taxes
Other Funds

PROPERTY TAXES FOR BOND DEBT

SPECIAL

PURPOSE

LOCAL OPTION

SALES TAX

_ _111

J

-

TOTALS .......

_ ..Y_uEAR ENDED

w

,JUNE 30, 2000 Jb Jl)NE 30, 1999

$

33.57 $ 1t693t659~ 16 $ 1,693,692.73 $ 1,730,330.44

45!879~92

45,879.92

35,1,135.94

Total Revenues

$ _..

3_~_57_ $ 473~L~39.08 $ j.LI39J 572.65 $ 1,765,466.38

EXPENDITURES

F

I

FlZRf F'IP" ~

Debt Service Principal Interest
Total Expenditures

$

0.00 $ 1,405.000.00 $ 1,405t OOO.00 $ 1,235,000.00

255J 090.00

255,090.00

309,867.50

$

0._00- $ 1,660,090~OO $ 1,660,090.0J)_ $ __ 1544,867.50

Excess of Revenues over (under) Expenditures $

33.57 $

79,449.08 $

79,482.65 $ . 220,598.88

FUND BALANCE JULY 1

1JO.06,685.12.

FUND BALANCE JUNE 30

IJ "'xl U _

-

$

1.301 t 100.3,~ $. 1130J~6.65 $ ====1=,2==2==7=~f.==~==;O==O==

See notes to the general purpose financial statements.

- 25-

COOK COUNTY BOARD OF EDUCATION

azI L

~azI*

illlll:L IIIIIW

I I I . 2iiiiiIII

:.-I

STATEMENT OF CHANGES IN ASSETS AND LIABILITIES

- --

*1_

_

1

FIDUCIARY FUND TYPE - AGENCY FUND

1E&& , -.-sn

Ai

YEAR END~D J~NE 30, ~9qO

EXHIBIT "I"

BALANCE
JULY 1,1999

ADDITIONS

_

1_

zmz

DEDUCTIONS

BALANCE
JUNE 3D, 2000

BROTHERS HELPING OTHERS



F

L

'"

Vii

..... &L

ASSETS

Cash and Cash Equivalents

$

Accounts Receivable

3,976.71 $
0.00

12,858.51 .$ 1r304~48

11,857.93 $

4,977.29
1J304~48

Total Assets

$

3,976.71 $

I HI I .;

-==__ $ $ 14,162.99

11,857.93

......._ . . .

_._ _

6,281.77
d1

LIABILITIES Funds Held for Others

$ _. 3)976.71 $

11,857.93 $ ----====6-,=28-g=1a,.=7=7

..
.
See notes to the general purpose financial statements.
26

CooK CQUNTY BQARD of r;OUCATION
SCHEDULE OF EXPENQITURES of FE;>ERAL AWA~DS
YEAR ENQED JUNE 3D, 2000

FUNDING AGENCY
- PROGRAM/GRANT
Agriculture. U. S. Department of Child Nutrition Cluster
Pass-Throug~ From Georgia Department of Education
Food and Nutrition Program
Food Services
School Breakfast Program
National School lunch Program

CFDA
NUMBER
d&& AszI5zI:zI!IlIII'.-.rxI ......-: bL

PASSTHROUGH
ENTITY
ID
NUMBER

FEDERAL
REVENUE
IN PERIOD

EXPENDITURES IN PERIOD

. 10.553 10.555

N/A

$

N/A

154,982.73
590,587.38 $

(2)
1,116.619.33 (3)

Total Child Nutrition Cluster

$

1.116,619.33

Other Programs Pass-Through From Georgia Department of Education
Food and Nutrition Program
Food Distribution Program (1)

10.550

NJA

51,032.28

51,032.28

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

$ 'IIaI

-796,6'02.39 S

1f 167,651.61

84.173 84.027 84.173

NJA $ NJA NJA
$

52.887.05 $ 301.956.60
69,570.45
424.414.10 $

52.887.05 301.956.60
69,570.45 mn...-.::al
424.414.10

Other Programs Pass..Through From Berrien County Board of Education
d/b/a Southern Pine Mountain Migrant Education Agency
Elementary and Secondary Education Act
Title I Migrant Education
Pass-Through From Georgia Department of Education Elementary and Secondary Education Act Title I Grants to Local Educational Agencies
Title II Eisenhower Professional Development
Title III
Technology Literacy Challenge Fund Grants Elementary and Secondary Education Act
Title VI Innovative Education Program Strategies Class Size Reduction
Goals 2000
State and Local Education Systemic Improvement Grants
Vocational Education - Basic Grants to States
High School Program Basic Grant
Tech-Prep Education
PassThrough From South Georgia Regional Board
Mental Health, Mental Retardation and Substance Abuse Safe and DrugFree Schools
Total U. S. Department of Education

84.011
84.010 84.281
84~318
84.298 84.340 84.276
84.048 84.243
84.186

N/A

17,569.27

17.569.27

N/A

581,731.09

581.731.09

N/A

7t 186.14

8,186.14

N1A

124t972~OO

, 124.972.00

N/A

22.609~OO

22.609.00

NJA

82,263.00

82,263.00

N/A

133.415.12

133.415.12

N/A

35,401.00

69,802.00 (3)

N/A

1,350.00

1,350.00

NJA

- 15,029.00

$ 1.445.939.72 $

15,029.00
1t~81,340.72

Total Federal Financial Assistance

$

= NlA Not Available

27-

COOK COUNTY BoARD QF EDUcATioN
SCHEDULE OF EXPENDITURES Of FEDERAL AWARDS
YEAR ENDED JUNE 30. 2000
Notes to the Schedute of ~~ndituresof Federal Awards
(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 year9
(2) Expenditures for the School Breakfast Program were not maintained separately and are included in the 2000 National School Lunch Program~
(3) Expenditures for this program include State, and/or Other Funds. Expenditures are not maintained by fund source~
Major Programs are identified by an asterisk (.) in front of the CFDA number9
The Board did not provide Federal Assistance to any Subrecipient
The accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Cook County Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the general purpose financial statements.

SCHEDULE "1-

See notes to the general purpose financial statements.

COQ.K COUNTY ElOARD OF EDUCATION
- SCHEDULE OF STATE REVENUE YEAR E~DED JUr:JE 30& 2000

SCHEDULE "2"

AGENCY/FUNDI NG
GRANTS Board of Regents, University System of Georgia Valdosta State University
K-12 Professional Development Enhancement Grant $
Community Affairs, Georgia Department of Local Assistance Grants
Education, Georgia Department of Quality Basic Education General and Career Education Programs Special Education Programs Remedial Education Program Media Center Programs Staff Development Programs Indired Cost Pupil Transportation Regular Bus Replacement Middle School Incentive Program Spedallnstructional Assistance In-School Suspension Mid-term Adjustment
Migrant Education
Counselors Technology Specialist Local Five Mill Share Educational Equalization Fonnula Food Services Vocational Education Other State Programs Apprenticeship Program At-Risk Summer School Program Environmental Science Program Health Insurance Mentor Teachers Presdlool Handicapped Program Teachers'Retirement Lottery Programs Assistive Technology Computers in the Classroom
Human Resources. Georgia Department of Family Connection
Office of School Readiness Pre-Kindergarten Program
Office of Treasury and Fiscal Services Public Sdlool Employees Retirement
CONTRACT Education. Georgia Department of Georgials Reading Challenge Grant

GOVERNMENTAL FUND TYPES

JIlt

_

. . . .~

. . . . . .WIl'Jllll1JllZl1III~

&

VV

SPECIAL

GENERAL

REVENUE

FUND

FUND

19,550.00

$

37.500.00

7,030,045.00 1,092,647.00
337,736.00
299,605.00 77,994.00
1,871,931.00
325,207.00
104t 663.00 258,679.00 247,815.00
70,736.00 109,186.00
9.744.00 30,988.00 28,842.00 -1,040,632.00 1,013,614.00
$
176,469.00
2.000.00 14,158.73
750.00 206.159.32
4,212.00 74.530.00 19,242.26
47.812.21
49,880.00

14.540.12 68,376.00
712,205.51

122,649.00



L

TOTAL
19,550.00
37,500.00
7,030.045.00 1,092,647.00
337,736.00 299,605.00
77,994.00 1,871.931.00
325,207.00 104,663.00. 258,679.00 247,815.00
70.736.00 109,186.00
9.744.00 30.988.00 28.842.00 -1 ,040,632.00 1,013,614.00 82,938.00 176,469.00
2,000.00 14,158.73
750.00 206,159.32
4,212~OO 74,530~OO
19,242.26
14.540.12 68,376.00
47.812.21
712.205.51
49.880.00
122!649~OO

See notes to the general purpose finandal statements.

-29-

878,059.63 $ 13,521 ,772.15

3d

J

II

COOK COUNTY BOARD OF EDUCATION

L

,

_"IIIII5I'P

SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS

p

'5IJIIiFIIII

F

xp

A '

YEAR ENDED JUNI; ~30, 2000

SCHEDULE "3"

PROJECT 11II

ORIGINAL
ESTIMATED
~TQT(.1 ..... ) _

CURRENT ESTIMATED
COSTS(~2)_

AMOUNT
EXPENDED
IN CURRENT
YEAR (3)__

AMOUNT EXPENDED
IN PRIOR YEARS

Acquisition, construction and equipping

of a new middle school and a new

auditorium at the new middle school,

induding the acquisition of all necessary

property

$

. . -==-=---_...._... 9,000,000.00 $ - - _9.,.0.0..0.,.0.-00-.0=0 $

3,319,625.66 $ 6,418,541.34

(1) The Board's original cost estimate as spedfied in the resolution calling for the imposition of the Local Option Sales Tax.
(2) The Board's current estimate of total cost for the project. Indudes all cost from project inception to completion.
(3) The voters of Cook County approved the imposition of a 10/0 sales tax to fund the above project and retire associated debt. Amounts expended for this project may include sales tax proceeds, state, local property taxes and/or other funds over the life of the project.

See notes to the general purpose finandal statements.

30-

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

SCHEDULE "4"

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

FOURTE"EN WEIGHTED AND MEDIA CENTER
PROGRAMS

~
1000/0 TEST FOR
OPERATIONS PORTION OF FOURTEEN WEIGHTED PROGRAMS
1

$ ------8-,-7-60-,-0-3-3-.0-0- $ -. 260,536.00

$

8,596,805.44

- 846,263.29 $

788,269.60

,

---~--

$

9,443,068.73

-36,508.81

$

9,406,559.92

aFT

d

$

0.00 $ = = = = =0.=00

..
See notes to the general purpose financial statements. - 31 -

COQK CoUNTY BOARD of EDUCAT10N
ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS BY PROGRAM GENERAL FUND - QUALITY BASIQ EDUCATION PROGRAMS YEAR ENDED JUNE 30, 2000

~ENERAL AND CAREER EDUCATION PROGRAMS
Kindergarten (.)
Grades 1 - 3 (*) Sub-Total - K3
Grades 4 - 5 (.)
Grades 6 8 (*)
High School Laboratories (*) Vocational Education Laboratories (*)
Total General and Career Education Programs SPECIAL EDUCATIQN PROG~tv1S
Regular Programs
Category I (*) Category II (*) Category III (*)
Category V f)
Sut>.Total Regular
Category VI (Gifted) (.)
Total Special Education Programs
REMEDIAL EDUCATioN PRQ.<;2RAM CJ
Total Fourteen Weighted Programs MEDIA CENTER PRQ{2RAMS
Salaries Operations
Total Media Center Programs

-ALLOTMENTS FROM GEORGIA DEPARTMENT OF REQUIRED

ORIGINAL

G/o

ORIGINAL

MIDTERM

$

731 ,255~OO

$

2,01 O,689~OO

$

923,861 ~OO 90

1.538,883.00 90

705,055.00 90

556,050~OO 90

s 7,030,045.00

$

658,129.50 $

0.00

0.00 831,474.90 1,384,994.70

507,826~80

-

- - - - - - 6,327,040.50 $

- 0.00

s

867,644.00

$

780,879~60 $

0.00

$

867t644~OO 90 $

0.00

225,003.00 90 v

$ 1,092,647.00

$

202,502.70
983,382.30 $

0_.0_0

$

337,736.00 - 90 $

- - - - - - 303,962.40 S

0.00

$ 8,460,428.00

-------- $ 7,614,385.20 $

0.00

$

241.767.00 90 S

57.838.00 100

$

299,605.00

$



217.590.30 $ 57.838.00

- - - - - - 275,428.30 $

-

Total Fourteen Weighted and Media Center Programs $

$

7 t889,813~50 2:

$ ==============0=.=0=0=

STAFF DEVELO~MENT_PROGRAMS
Cost of Instruction Professional Development

$

25.330.00

$

25,330.00 $

0.00

5rr2_ ,664.00

52,664.00

0.00

Total Staff Development Programs
(.) Identifies Fourteen Weighted Programs~

---=-== $

= 77,994~OO

100

$ =========7=7==,9==9=4=.=04=0=

$
:a.. . . . . ._ _

0.00

See notes to the general purpose financial statements.

- 32

SCHEDULE -5"

EDUCATION TOTAL
REQUIRED


ACTUAL EXPENOITURES

b

d&&&

IJI6II

SALARIES

b

F

._

OPERAliONS k

__



TOTAL

AMOUNT OF UNDEREXPENDITURE
FOR REQUIRED ALLOTMENT
..9

$
$ 2,467.749.60 $
831,474.90

507,826.80

500,445.00



n

$ 6,327,040.50 $

694,443.84 $

1,587,562. 10

d

d __

2,282,005~94 $

53,261.69 $
149,401 ~44
2021663~ 13 $

747,705.53
- ---. 1,736,963.54
2,484,669.07 S

819.573.51

95.447.30

915,020~81

1,496,236.31

155,317.78

1,651 ,554.09

952.372.44

206.818.01

668,675.69

30,211.70

698.887.39

584,725.68

67,508~86

652,234.54

--------- 6.803.589.57 $

757,966.78 S 7,561,556.35

, .,



d _. .,

$

780.879.60

S

200,458.73 $

926.86

706,246~42
_n_.... 25,632.68

$

7801879.60 $

933,264.69 $

75.00 $ 2,665.16 16,513.03
-- .. 911.56 t
20,164.75 $

200,533.73 3,592.02
722,759~45
26,544.24
953,429.44

202,502.70



b

282,296,30

5,709.74

_

"T

1M

288,006.04

$

983t382.30 S

------- 1.215.560.99 $

25,874~49 $ 1.241 ,435.48

S

303.962.40 S

299,534.76 $

- - - " " ' - r- ........--._

........................1IIIIIQIIIIIIl.9.~ ..... ' . -_._ ...F..1T-.

-------- 4,428.33 S

303,963.09

S

7,614t385~20 $

8,318,685.32 $

_



d_ 9

788.269.60 $ 9,106,954.92

0.00 0.00 0.00 0.00

0.00 0.00 0.00

$

217.590.30 $

278.120.12

'S

278,120.12

57,838.00

_ , . - -_ _-

$ 57,993.69 ., _ b

rv

_ .,

- . . .. 57,993.69

$

2

7

5

t

42


8

.

3

0

$

57,993.69 S

336, 113.81
-...'" &

S

------= $ $ 7,889,813.50 7

8,596.805~44 _ . _..... .. -- -- .... _.. _...

_. ......

846,263.29 $

9.443,068~73 $

g

i

0.00 0.00

O~OO

]

2

$

25,330.00

521664~OO

$

77,.. __9...9__ ..4_-_~.._.OO

--~

$

49.417.96 $

49,417.96

29,197~47

29,197.47

$ i

78,615.43 $

78,615.43 $

II

T . gEl 1 1

. _.- _. --- _... - ._. -_..

'. _. _. - - - - - . -_._-_...

-

33 -

SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS

RUSSELl~ W. HINTON
STATE AUDITOR
(404) 656..2'74

DEPARTMENT OF AUDITS AND ACCOUNTS
254 \\lastlingt{)ll Strccl~ S.W.~ Suile 214 Atlanla~ Gc()rgia 3()334-X4()()
March 8,2001

Honorable Roy E. Barnes, Governor
Members of the General Assembly Members of the State Board of Education
and Superintendent and Members ofthe Cook County Board of Education

REPORT ON CO r_ MPLIANCE AND O_ N INTERNAL CONTR_OL OVER FINANC_ IAL

REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN

L1

_ _ 1!Id..-1III il tM

...

iiIIL.

..-..sIIIII'

L

_

..

......-I

ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

'1'11I

_

....

Ladies and Gentlemen:

We have audited the financial statements ofCook County Board ofEducation as ofand for the year ended June 30, 2000, and have issued our report thereon dated March 8, 2001. This report was
qualified for various departures from generally accepted accounting principles, as identified in the
auditor's report on the general purpose financial statements. We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States.

Compliance

As part ofobtaining reasonable assurance about whether Cook County Board ofEducationfs financial
statements are free of material misstatement, we perfonned tests of its compliance with certain provisions oflaws, regulations, contracts and grants, noncompliance with which could have a direct
and material effect on the detennination of financial statement amounts. However, providing an
opinion on compliance with those provisions was not an objective ofour audit, and accordingly, we do not express such an opinion. The results ofour tests disclosed no instances ofnoncompliance that are required to be reported under Government Auditin~ Stanqards.

Inte1J1al Con~rol Over Fin~ncial Reporting

In planning and performing our audit, we considered Cook County Board of Education's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal

2000YB-40

control over financial reporting. However, we noted a certain matter involving the internal control over financial reporting and its operation that we consider to be a reportable condition. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe internal control over financial reporting that, in ourjudgment, could adversely affect Cook County Board of Education's ability to record, process, summarize and report financial data consistent with assertions of management in the financial statements. The reportable condition is described in the accompanying Schedule ofFindings and Questioned Costs. as item FS-6371-00-01.
A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the nonna! course of perfonning their assigned functions. Our consideration ofthe internal control over financial reporting would not necessarily disclose all matters in the internal control. that might be reportable conditions, and accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, the reportable condition noted above is considered to be a material weakness.
This report is intended solely for the infonnation and use of management, members of the Cook County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties.
Respectfully submitted,


RWH:jb
2000YB~40

Rus ell W. Hinton State Auditor

RUSSELL W. HINTON
STATE AUDITOR
(404) 6562174

DEPARTMENT OF AUDITS AND ACCOUNTS
254 Washington Street~ S~We, Suite 214
Atlanta, Georgia 30334-8400
March 8, 2001

Honorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education
and
Superintendent and Members of the Cook County Board of Education

REPORT ONCOMPLJANCE WITH REQUlREMf:NTS APP~ICABLE.TO EACH_MAJOR

PROGRAM

AND

ON
RlliBlatlt

INTERNAL

CONTROL

OVER

-- _

..

_COMPL* _IA, Q NCE_ IN

.ACCORDANCE*

WITH

OMB CIRCULAR A-I33

Ladies and Gentlemen:

COffi111i,ance

We have audited the compliance ofCook County Board ofEducation with the types of compliance requirements described in the U.S. Office of Management and Budget (OMB) Circular A-J33 Compliance Supplement that are applicable to each ofits major Federal programs for the year ended June 30, 2000. Cook County Board of Education's major Federal programs are identified in the accompanying Schedule ofFindings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major Federal programs is the responsibility ofCook County Board ofEducation's management. Our responsibility is to express an opinion on Cook County Board of Education's compliance based on our audit.

We conducted our audit ofcompliance in accordance with generally accepted auditing standards; the standards applicable to financial audits contained in Government Auditing Stand~ds, issued by the Comptroller General of the United States; and OMB Circular A-I33, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and OMB Circular A-I33 require that we plan and perfonn the audit to obtain reasonable assurance about whether noncompliance with the types ofcompliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Cook County Board ofEducation's compliance with those requirements and perfonning such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Cook County Board of Education's compliance with those requirements.

2000SA~10

In our opinion, the Cook County Board of Education complied, in all material respects, with the requirements referred to above that are applicable to each ofits major Federal programs for the year ended June 30, 2000.
Int.ernal Control Over Compliance
The management ofCook County Board ofEducation is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and performing our audit, we considered Cook County Board ofEducation's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with OMB Circular A-133.
OUf consideration ofthe internal control over compliance would not necessarily disclose all matters in the internal control that might be material weaknesses. A material weakness is a condition in which the design or operation ofone or more ofthe internal control components does not reduce to a relatively low level of risk that noncompliance with applicable requirements of laws, regulations, contracts and grants that would be material in relation to a major Federal program being audited may occur and not be detected within a timely period by employees in the nonnal course of performing their assigned functions. We noted no matters involving the internal control over compliance and its operation that we consider to be material weaknesses.
This report is intended solely for the information and use of management, members of the Cook County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties.
Respectfully submitted,

RWH:jb
2000SA-IO

Ru ell W. Hinton State Auditor

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

COOK COUNTY BOARD OF EDUCATION
T

AUDITEE'S RESPONSE

:III

ad.

SUMMARY SCl{~DULEQt. !>..RIQ~..YEAR, FINDINGS ANQ. QUESTIONED CO~rs

YEAR E~ED,J1lNE 30, 2000

PRIOR YEAR FINANCIAL STATEMENT FINDThTGS AND QUES.TIONED COSTS

FINDING CONTROL NUMBER AND STATUS

FS--63 71-98~0 1 FS-63 71-99-0 1

Further Action Not Warranted Unresolved - See Corrective Action/Responses

CORRECTIVE ACTIONIRESPONSES

GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Finding Control Number: FS-6371-99-01

Due to current staffing limitations and budgetary considerations prohibiting the hiring of additional administrative staft: the Board has decided not to pursue the recording of General Fixed Assets on the financial statements. We are, however, reviewing fixed asset programs presently available to detennine which one will best suit the requirements ofthe audit department and also the cost to our Board.

..
SECTION IV FINDINGS AND QUESTIONED COSTS

COOK- COUNTY BOARD OF EDUCATION SCHEDUL~ OF FINDINGS AND QUESTIONED COSTS

YEAR ENDED JUNE 30 2000 zsp



J

,.".. I

" pmq... p

II FINANCIAL STATEME~TFINDINQS AND QUESTIONED COSTS

GENERAL FIXED ASSETS

Failure to Maintain General Fixed Assets Account Group

Reportable Condition - Material Weakness

Repeated From Prior Year



. Finding Control Number: FS-6371-00-01

The Cook County Board ofEducation did not maintain a system-wide General Fixed Assets Account Group within the fornial accounting records as required by generally accepted accounting principles. This condition results in the general purpose financial statements ofthe 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 ofa General Fixed Assets Account Group. These subsidiary records should include an inventory of land, buildings and equipment owned by the Board and should include, but may not be limited to, date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained for all additions and deletions to the General Fixed Assets Account Group.

III FEDERAL AWARD FINDINGS AND QUESTIONED COSTS

No matters were reported.