GA A<3oo -RI E ;).fo EJ. 1qq4_95 STATE OF GEORGIA DEPARTMENT OF AUDITS 254 WASHINGTON STREET ATLANTA. GEORGIA 30334 AUDIT REPORT EFFINGHAM COUNTY BOARD OF EDUCATION SPRINGFIELD, GEORGIA YEAR ENDED JUNE 30, 1995 EFFINGHAM 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 4 C STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (NON-GAAP BASIS) GENERAL AND SPECIAL REVENUE FUNDS 7 D NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 8 ADDITIONAL FINANCIAL INFORMATION COMBINING STATEMENTS SPECIAL REVENUE FUND E COMBINING BALANCE SHEET 22 F COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 24 CAPITAL PROJECTS FUND G COMBINING BALANCE SHEET 26 H COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 28 SCHEDULES 1 SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE 30 2 CASH AND CASH EQUIVALENTS 32 3 INVESTMENTS 33 4 ACCOUNTS RECEIVABLE 35 5 DEBT SERVICE REQUIREMENTS TO MATURITY 36 EFFINGHAM COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - SECTION I FINANCIAL ADDITIONAL FINANCIAL INFORMATION SCHEDULES SCHEDULE OF REVENUE 6 STATE 38 7 LOCAL AND OTHER 39 SCHEDULE OF EXPENDITURES BY OBJECT 8 GENERAL AND SPECIAL REVENUE FUNDS 41 9 LOTTERY PROGRAMS 42 ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS 10 OVERALL 45 11 BY PROGRAM 46 12 SCHEDULE OF COMPENSATION AND TRAVEL OF BOARD MEMBERS 48 SECTION II COMPLIANCE COMPLIANCE REPORT BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS SINGLE AUDIT REPORT ON COMPLIANCE WITH THE GENERAL REQUIREMENTS APPLICABLE TO FEDERAL FINANCIAL ASSISTANCE PROGRAMS SINGLE AUDIT OPINION ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO MAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS SINGLE AUDIT REPORT ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS EFFINGHAM COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - SECTION III INTERNAL CONTROL REPORT ON INTERNAL CONTROL STRUCTURE IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS SINGLE AUDIT REPORT ON THE INTERNAL CONTROL STRUCTURE USED IN ADMINISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS SECTION IV FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS SECTIONV PERTINENT VIEWS OF RESPONSIBLE OFFICIALS PERTINENT VIEWS OF RESPONSIBLE OFFICIALS SECTION I FINANCIAL L. CLAUDE VICKERS STATE AUDITOR (404) 656-2174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 August 15, 1996 Honorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation - and Superintendent and Members ofthe Effingham County Board ofEducation INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE Ladies and Gentlemen: We have audited the general purpose financial statements (Exhibits A through D) of the Effingham 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 perfonn 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: 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. 95ARL-13* School activity accounts maintained at the individual schools are not included in the general purpose financial statements. To conform to generally accepted accounting principles, these accounts should be included in the general purpose financial statements. The Board did not recognize as expenditures, in the year ended June 30, 1995, a portion of salaries and the corresponding employer's cost of related benefits earned for contractual services completed prior to June 30, 1995. Also funds received, subsequent to June 30, 1995, from the Georgia Department ofEducation 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, 1994, were improperly recorded in the year ended June 30, 1995. To conform to generally accepted accounting principles, revenues should be recorded when available and measurable and expenditures should be recorded when incurred, rather than when funds are received or disbursed. The Board did not record inventories of purchased foods and Federal donated commodities in its general purpose financial statements. In addition, the Board did not record the related revenues and expenditures associated with Federal donated commodities in its general purpose financial statements. To conform to generally accepted accounting principles, these amounts should be recorded in the general purpose financial statements. The aggregate effects on the general purpose financial statements of these variances or omissions have not been determined, but are believed to be material. In our opinion, except for the effects on the general purpose financial statements of the matters referred to in the preceding paragraph, the general purpose financial statements present fairly, in all material respects, the financial position of the Effingham County Board of Education as of June 30, 1995, and the results of its operations 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 August 15, 1996, on our consideration ofthe Board's internal control structure and a report dated August 15, 1996, on its compliance with laws and regulations. Our audit was conducted for the purpose offorming an opinion on the general purpose financial statements ofthe Effingham County Board ofEducation taken as a whole. The combining statements (Exhibits E through H) 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 Effingham 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. 95ARL-13* A copy ofthis report has been filed as a permanent record in the office ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code of Georgia Annotated Section 50-6-24. Respectfully submitted, ~~ .;r: ~-.J Claude L. Vickers State Auditor CLV:dt 95ARL-13* EFFINGHAM COUNTY BOARD OF EDUCATION - 1- EFFINGHAM COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUP JUNE 30. 1995 ASSETS Cash and Cash Equivalents Investments Accounts Receivable Amount Available in Debt Service Fund Amount to be Provided in Future Years For Payment of: Bond Debt Capital Lease Agreements Sanitary Sewer Agreement Total Assets GENERAL FUND GOVERNMENTAL FUND TYPES SPECIAL CAPITAL REVENUE PROJECTS FUND FUND $ 582,548.59 $ 411,605.33 $ 5,613.84 913,040.11 11,083,534.96 168,421.09 297,2TT.20 2,882,046.93 $ 1,664,009.79 $ 708,882.53 $ 13,971,195.73 LIABILITIES AND FUND EQUITY LIABILITIES Accounts Payable Salaries Payable Expired Grant Balances Payable Contracts Payable Retainages Payable Deferred Revenue General Obligation Bonds Payable Capital Lease Agreements Sanitary Sewer Agreement Total Liabilities FUND EQUITY Fund Balances Reserved For Debt Service For Expired Grant Balances/Questioned Costs For Purposes of Bond Issue For Purposes of GSBA Lease For State Capital Outlay Project Unreserved Undesignated Total Fund Equity Total Liabilities and Fund Equity $ 48,559.46 $ 260,460.40 196,884.71 23,529.22 1,127,196.24 532,917.58 $ 268,973.39 $ 1,920,574.22 $ 4,454.83 $ 4,454.83 1,659,554.96 $ $ 1,664,009.79 $ $ $ 439,909.14 439,909.14 $ 9,684,855.38 2,110,425.13 255,341.00 12,050,621.51 0.00 12,050,621.51 $ 1,664,009.79 $ 708,882.53 $ 13,971,195.73 The notes to the general purpose financial statements are an integral part of this statement. -2- EXHIBIT"A" DEBT SERVICE FUND ACCOUNT GROUP GENERAL LONG-TERM DEBT TOTALS ~Memorandum Onll} JUNE 30, 1995 JUNE 30, 1994 $ 16,948.23 $ 1,016,715.99 $ 676,101.95 241.95 11,996,817.02 18,356,736.09 21,4n.72 3,369,222.94 522,664.98 $ 38,667.90 38,667.90 45,534.41 17,511,332.10 6,180,000.00 515,000.00 17,511,332.10 6,180,000.00 515,000.00 17,754,465.59 40,515.72 560,000.00 $ 38,667.90 $ 24,245,000.00 $ 40,627,755.95 $ 37,956,018.74 $ 309,019.86 $ 49,728.49 196,884.71 201,981.27 23,529.22 1,127,196.24 532,917.58 2,316.00 $ 17,550,000.00 17,550,000.00 17,800,000.00 6,180,000.00 6,180,000.00 40,515.72 515,000.00 515,000.00 560,000.00 $ 24,245,000.00 $ 26,434,547.61 $ 18,654,541.48 $ 38,667.90 $ 38,667.90 0.00 $ 38,667.90 $ 38,667.90 $ 45,534.41 4,454.83 4,454.83 9,684,855.38 16,884,692.38 2,110,425.13 255,341.00 $ 12,093,744.24 $ 16,934,681.62 2,099,464.10 2,366,795.64 $ 14,193,208.34 $ 19,301,4n.26 $ 38,667.90 $ 24,245,000.00 $ 40,627,755.95 $ 37,956,018.74 -3- EFFINGHAM COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES YEAR ENDED 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 Other Operations of Non-Instructional Services Capital Outlay Debt Service Principal Interest Paying Agent Fees Total Expenditures Excess of Revenues over (under) Expenditures QTHER FINANCING SOURCES (!JSES} Accrued Interest on Bonds Sold Proceeds from General Obligation Bonds Par Value Premium on Bonds Sold 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 Residual Equity Transfer FUND BALANCE JUNE 30 GENERAL FUND SPECIAL REVENUE FUND CAPITAL PROJECTS FUND $ 18,712,448.28 $ 824,771.02 94,446.57 1,801,303.02 7,193,610.00 899,106.85 $ $ 26,000,504.85 $ 3,525,180.89 $ 785,161.04 785,161.04 $ 16,666,341.96 $ 1,260,030.73 775,142.49 196,305.87 795,346.55 662,762.94 1,619,510.63 188,342.04 2,088,867.85 1,688, 120.36 29,357.20 148,423.98 1,097,294.64 181,439.96 33,771.54 113,067.84 43,627.81 26,382.68 $ 3,730.59 4,355.03 284,605.48 29,133.37 1,974,266.76 1,950.00 11,437,062.00 85,515.72 46,540.67 110,452.50 500.00 $ 26,087,872.90 $ 3,671,756.31 $ 11,832,619.98 $ -87,368.05 $ -146,575.42 $ -11,047,458.94 $ 6,180,000.00 $ 15,047.77 33,388.07 $ -48435.84 $ -48435.84 $ 15047.77 $ 6,213,388.07 $ -135,803.89 $ -131,527.65 $ -4,834,070.87 1,794,551.30 576,699.17 16,884,692.38 5,262.38 -5,262.38 $ 1,664,009.79 $ 439,909.14 $ 12,050,621.51 The notes to the general purpose financial statements are an integral part of this statement. .4. EXHIBIT "B" DEBT SERVICE FUND TOTALS (Memorandum Only) YEAR ENDED JUNE 301 1995 JUNE 30.1994 $ 19,537,219.30 $ 18,190,017.36 1,895,749.59 1,916,587.73 $ 997,896.99 e,s1s1n4.88 6,900,861.88 s s $ 997,896.99 31.308.743.n 27JXJ7.466.n $ 17,926,372.69 $ 16,430,512.33 956,582.45 230,0n.41 908,414.39 706,390.75 1,645,893.31 472,947.52 2,092,598.44 1,692,475.39 29,357.20 29,133.37 1,974,266.76 148,423.98 12,536,306.64 819,671.56 239,100.15 780,571.86 558,351.31 1,424,578.14 394,512.31 2,056,800.75 1,491,206.84 73,046.63 1,571,191.06 120,76528 1,364,907.10 $ 250,000.00 748,957.50 5,806.00 335,515.72 905,950.67 6,306.00 317,643.16 111,84823 736.55 $ 1,004,763.50 $ 42.597.012.69 $ 27,755,443.06 $ -6.886.51 $ -11,288,268.92 $ -747,976.29 $ 44,367.94 17,000,000.00 78,860.10 $ 6,180,000.00 48,435.84 16,270.00 -48,435.84 -16,270.00 $ 6,180,000.00 $ 17.123,248.04 $ -6,886.51 $ -5,108,268.92 $ 16,375,271.75 45,534.41 1e,301,4n26 2,926,205.51 0.00 $ 381667.90 $ 1411931208.34 $ 1e1301 14n26 -5- EFFINGHAM COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL - (NON-GAAP BASIS) GENERAL AND SPECIAL REVENUE FUNDS YEAR ENDED JUNE 30, 1995 EXHIBITc REVENUES State Funds Federal Funds Local and Other Funds Total Revenues EXPENDITURES Current Instruction Support Services Pupil Services lmprovemeot 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 Other Operations of Non-Instructional Services Capital Outlay Debt Service Total Expenditures Excess of Revenues over (under) Expenditures OTHER FINANCING SOURCES (USES) Other Sources Other Uses Total Other Financing Sources (Uses) Excess of Revenues and Other Financing Sources aver (under) Expenditures and Other Financing Uses FUND BALANCE JULY 1, 1994 Residual Equity Transfer GENERAL FUND ACTUAL (BUDGET BUDGET BASIS} $ 19,840,354.00 $ 18,712,448.28 94,446.57 5,597,172.00 7,193,610.00 $ 25,437,526.00 $ 26,000,504.85 $ 16,772,109.00 $ 16,666,341.96 853,906.00 162,577.00 826,407.00 657,822.00 1,579,782.00 178,456.00 2,053,194.00 1,669,670.00 23,000.00 775,142.49 196,305.87 795,346.55 662,762.94 1,619,510.63 188,342.04 2,088,867.85 1,688,120.36 29,357.20 1,208,090.00 148,423.98 1,097,294.64 132,056.39 $ 25,985,013.00 $ 26,087,872.90 $ -547,487.00 $ -87,368.05 s 0.00 $ -48,435.84 s 0.00 $ -48,435.84 $ -547,487.00 $ -135,803.89 1,978,870.31 1,794,551.30 5,262.38. SPECIAL REVENUE FUND ACTUAL (BUDGET BUDGET BASIS} $ 328,692.00 $ 824,771.02 1,531,544.00 1,801,303.02 869,307.00 899,106.85 $ 2,729,543.00 $ 3,525,180.89 $ 873,576.00 $ 1,260,030.73 89,336.00 20,967.00 44,752.00 181,439.96 33,771.54 113,067.84 43,627.81 26,382.68 2,000.00 3,730.59 4,355.03 13,901.00 29,133.37 1,649,086.00 1,974,266.76 35,000.00 1,950.00 $ 2,728,618.00 $ 3,671,756.31 $ 925.00 $ -146,575.42 $ 0.00 $ 15,047.77 $ 0.00 $ 15,047.77 $ 925.00 $ -131,527.65 576,247.99 576,699.17 -5,262.38 FUND BALANCE JUNE 30, 1995 $ 1,431,383.31 $ 1,664,009.79 $ 577,172.99 $ 439,909.14 The notes to the general purpose financial statements are an integral part of this statement. -7- EFFINGHAM COUNTY BOARD OF EDUCATION EXIIlBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Effingham County Board ofEducation (Board) was established under the laws of the State ofGeorgia and operates under the guidance ofa 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 ofthe Board's accounting policies are described below. REPORTING ENTITY In evaluating how to define the government unit for financial reporting purposes, management has considered the criteria set forth in GASB Codification of Governmental Accounting and Financial Reporting Standards, Section 2100, "Defining the Financial. Reporting Entity". The primary government consists of all the organizations that compose the legal entity ofthe Effingham County Board ofEducation. Based upon the application ofthe above criteria, the Effingham County Board ofEducation is determined to be the lowest level ofgovernment exercising oversight responsibility and control over all activities related to public education in Effingham 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 ofits operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set ofaccounts. 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. - 8- EFFINGHAM COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Although "school activity accounts" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general purpose financial statements. The general purpose financial statements account for all State, Federal, Local and Other Funds under control ofthe Board, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds 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. ACCOUNT GROUP GENERAL LONG-TERM DEBT ACCOUNT GROUP - used to account for general obligation bonds outstanding, material capital lease obligations, and sanitary sewer agreement. BASIS OF ACCOUNTING The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. - 9- EFFINGHAM COUNTY BOARD OF EDUCATION EXHIBIT D 11 11 NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. Governmental funds 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. A departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share ofthese contracts. During fiscal year 1995, a substantial number of personnel of the Board were employed for a one hundred and ninety day period beginning in late August 1994 and ending in early June 1995. Personnel contracts for this employment period 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 of these contracts were disbursed from the Georgia Department of Education to the Board in the same twelve months. As ofJune 30, 1995, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 1995, had not been made. Payments for these two months were made and recorded as expenditures by the Board subsequent to June 30, 1995. Also, the State's portion ofthe compensation paid in July and August 1995 was received and recorded as revenue in the fiscal year subsequent to June 30, 1995. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1994, were recorded in the year ended June 30, 1995. 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. BUDGET The Effingham 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 - 10 - EFFINGHAM COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES prepared by fund, function and object. The legal level ofbudget control was established by the Board at the aggregate level. 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 ofEducation. 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 ofdeposits (including N. 0.W. accounts) in authorized financial institutions. Georgia Laws authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. The placement of proceeds from bond issues in certificates of deposit is limited to financial institutions located within this State. INVESTMENTS COMPOSITION OF INVESTMENTS Investments made by the Board are stated at cost. The Official Code of Georgia Annotated Section 36-83-4 authorizes the Board to invest its funds in the following: (1) Obligations issued by the State of Georgia or by other states, (2) Obligations issued by the United States government, (3) Obligations fully insured or guaranteed by the United States government or a United States government agency, (4) Obligations of any corporation of the United States government, (5) Prime banker's acceptances, (6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, - 11 - EFFINGHAM COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (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 infonnation 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 Effingham County Board of Commissioners fixed the property tax levy for the 1994 tax year (calendar year) on October 6, 1994 (levy date). Taxes were due on December 20, 1994. The lien date for property 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 P70.103. The Effingham 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 Effingham County Board ofEducation were as follows (a mill equals $1 per thousand dollars of assessed value): School Operations School Bonds 15.88 mills 2.50 mills 18.38 mills INVENTORIES FOOD INVENTORIES Inventories of purchased foods and donated food commodities used in the preparation of meals are not reported on the Combined Balance Sheet. In addition, the value ofdonated commodity items received and consumed has not been reflected as revenues and expenditures in the general purpose financial statements. To conform to generally accepted accounting principles, these amounts should be recorded in the general purpose financial statements. - 12 - EFFINGHAM COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 ofinterfund 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. Residual equity transfers are recorded for nonrecurring or nonroutine permanent transfers of equity. Operating transfers are recorded for all interfund transactions other than residual equity transfers and reimbursements. MEMORANDUM ONLY -TOTAL COLUMNS Total columns on the general purpose financial statements are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations 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. 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 of the public funds being secured after the deduction ofthe amount of deposit insurance. OCGA Section 45-8-11 provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts. Acceptable security for deposits consists of any one of or any combination of the following: (1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, - 13 - EFFINGHAM COUNTY BOARD OF EDUCATION EXIIlBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 2: DEPOSITS AND INVESTMENTS (2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, (3) Bonds, bills, notes, certificates ofindebtedness or other direct obligations of the United States or of the State ofGeorgia, (4) Bonds, bills, notes, certificates ofindebtedness or other obligations of the counties or municipalities ofthe State ofGeorgia, (5) Bonds ofany public authority created by the laws of the State ofGeorgia, providing that the statute that created the authority authorized the use ofthe bonds for this purpose, (6) Industrial revenue bonds and bonds of development authorities created by the laws ofthe State of Georgia, and (7) Bonds, bills, notes, certificates ofindebtedness, or other obligations ofa 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 $2,634,987.67. The amounts of the total bank balances are classified into three categories ofcredit 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: Risk Categ01y 1 2 3 Total Bank Balance $ 100,000.00 2,534,987.67 0.00 $2,634,987.67 - 14 - EFFINGHAM COUNTY BOARD OF EDUCATION EXIIlBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 2: DEPOSITS AND INVESTMENTS 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 ofthe Board's total investments was $11,996,817.02 and the market value ofthese investments, excluding investments in the State of Georgia, Local Government Investment Pool, were $11,273,336.51. The investments are classified as to risk categories as follows: Type ofInvestment Risk Categories I 2 3 Carrying Amount Market Value U. S. Government Securities Investment Portfolio Account $ 10,096,268.32 $ 987,508.59 0.00 $ 0.00 $ 10,096,268.32 $10,285,827.92 987,508.59 987,508.59 Total $ 11 083 776 91 $ 000 $ 000 $ ll,083,776.91 $11273 336 51 Local Government Investment Pools 913,040.11 Total Investments $ 11996817 02 Undetenninable 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. Note 3: NON-MONETARY TRANSACTIONS The Board receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. See Note 1 - Inventories - 15 - EFFINGHAM COUNTY BOARD OF EDUCATION . EXIDBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 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 has obtained commercial insurance for risk ofloss associated with torts, assets, errors or omissions and natural disaster. 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 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 ofthat loss can be reasonably estimated. Changes in the unemployment compensation claims liability during the last two fiscal years are as follows: Beginning of Year Liabilicy Claims and Changes in Estimates Claims Paid End of Year Liability 1994 1995 $ 0.00 $ 583.00 $ 583.00 $ 0.00 $ 0.00 $ 3 862.67 $ 3,862.67 $ 0.00 The Board participates in the Georgia School Boards Association Workers' Compensation Fund, a public entity risk pool organized on July 1, 1992 to develop, implement, and administer a program of workers' compensation self-insurance for its member organizations. The Board pays an annual premium to the Fund for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Fund with the Safety National Casualty Corporation to provide coverage for potential losses sustained by the Fund in excess of $250,000.00 loss per occurrence, up to the statutory limit. Also, should losses within the retained limit of$250,000.00 aggregate to more than eighty-five percent (85%) of the standard experience rated premium during the policy term, the policy with Safety National Casualty Corporation will pay the next $1,000,000.00 ofloss. Note 5: GENERAL LONG-TERM DEBT CAPITAL LEASES The Effingham County Board ofEducation entered into an agreement on October 1, 1994, with the Georgia School Boards Association, (GSBA), Incorporated for the construction and subsequent lease of various school facilities. Under the terms of the lease agreement, the Board will make semi-annual payments through January 15, 2005. The lease includes an annual renewal clause. The Effingham County Board of Education has entered into a lease agreement as lessee for gymnasium equipment and an agreement with the City of Springfield to finance a sanitary sewer system to serve the schools. - 16 - EFFINGHAM COUNTY BOARD OF EDUCATION EXHIBIT D 11 11 NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 5: GENERAL LONG-TERM DEBT These lease agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at the present value ofthe future minimum lease payments as of the date of the inception. The changes in General Long-Term Debt during the fiscal year ended June 30, 1995, were as follows: Balance July 1, 1994 Additions Deductions Balance June 30, 1995 CaQital Leases GSBA Other Sanitary Sewer Agreement General Obligation Bonds Total $ 0.00 $ 40,515.72 $ 560,000.00 $17,800,000.00 $ 18,400,515.72 6,180,000.00 6,180,000.00 40,515.72 45,000.00 250,000.00 335,515.72 $ 6 ]8Q QQQ QQ $ QQQ $ 515 QQQ QQ $ 11 550 QQQ QQ $ 24~45 QQQ,QQ 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 CaQital Leases GSBA Sanitary Sewer Agreement General Obligation Bonds Total Debt $ 821,357.50 $ 90,110.00 $ 1,587,402.50 $ 2,498,870.00 818,817.50 91,410.00 1,784,475.00 2,694,702.50 819,337.50 87,285.00 1,935,210.00 2,841,832.50 822,587.50 88,105.00 1,927,082.50 2,837,775.00 818,207.50 88,485.00 1,919,945.00 2,826,637:50 4,110,337.52 268,185.00 16,947,825.00 21,326.347.52 $ 8,210,645.02 $ 713,580.00 $ 26 ]Q] 94Q QQ $ 35 Q26 165 Q2 2,030,645.02 198,580.00 $ 6 ]8Q QQQ QQ $ 515QQQQQ - 17 - EFFINGHAM COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 6: SIGNIFICANT COMMITMENTS The following is an analysis of significant outstanding construction contracts executed by the Board as of June 30, 1995: Project Unearned Executed Contracts GSBA Lease/Ebenezer Elementary School South Effing!iam High School South Effingham Micldle School Sandhill Elementary School $ 719,360.60 7,282,607.74 3,950,112.32 475,305.75 $ 12,427,386.41 The amounts described in this note are not reflected in the general purpose financial statements. 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 terms. The Board believes that such disallowances, if any, will be immaterial to its overall financial position. The Board is a defendant in a legal proceeding pertaining to a matter incidental to the performance of routine Board operations. The ultimate disposition ofthis proceeding is not presently determinable, but is not believed to be material to the general purpose financial statements. Note 8: RETIREMENT PLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) TRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer public employee retirement system (PERS). TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. A member is eligible for service retirement after 30 years of creditable service, regardless ofage, 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 highe$t paid y~ars 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. - 18 - EFFINGHAM COUNTY BOARD OF EDUCATION EXIDBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 8: RETIREMENT PLANS 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 ofemployer 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 $15,913,398.00~ total payroll was $18,556,313.90. 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 $2,675,042.20, ofwhich $1,879,372.30 was made by the Board and $795,669.90 was made by employees. These contributions represented 11.81% (Board) and 5% (employees) of covered payroll. TRS FUNDING STATUS AND PROGRESS The amount of the total pension benefit obligation is based on a standardized measurement established by Statement No. 5 ofthe Governmental Accounting Standards Board (GASB) that, with some exceptions, must be used by a PERS. The standardized measurement is the actuarial present value of credited projected benefits. This valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date, and is adjusted for the effects of projected salary increases. A standardized measure ofthe pension benefit obligation was adopted by the GASB to enable readers of PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among other PERS and among other employers. Total unfunded pension benefit obligation ofTRS as ofJune 30, 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 - 19 - EFFINGHAM COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEl\ffiNTS JUNE 30, 1995 Note 8: RETIREMENT PLANS The measurement ofthe total pension benefit obligation is based on an actuarial valuation as ofJune 30, 1994. Net assets available to pay pension benefits were valued as of the same date. TRS does not make separate measurements ofassets and pension benefit obligation for individual employers. Total contributions from all employers to TRS for fiscal year ended June 30, 1995 were $565,117,811.00. The Board's contribution for the year ended June 30, 1995 ofSI,879,372.30 was actuarially determined and represented .3326% oftotal 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 ofGeorgia in accordance with State statute. 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 IO 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 ofthe 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 ifthe employee had retired at age 65 as long as the employee has 15 or more years of creditable service. Death benefits are dependent upon the number ofyears of service. Ifthere are less than ten years of service, a lump sum refund ofthe employee's contributions and interest are made to the beneficiary. Ifthere are more than ten years of service, the beneficiary shall receive for life half of what the employee would have received upon retirement. Members become fully vested after ten years of service. Ifa member terminates with less than ten years of service, no vesting ofemployer contnbutions occurs, but the member's contributions are refunded with interest. There were 217 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 ofGeorgia is required by statute to make - 20 - EFFINGHAM COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 8: RETIREMENT PLANS employer contnbutions actuarially determined and approved and certified by the PSERS' Board of Trustees. Total contnbutions from employees ofthe Board made during fiscal year 1995 amounted to $7,380.00. 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 9: SURETY BOND The School Superintendent, Dr. J. Michael Moore, is bonded in the amount of$100,000.00 with the Western Surety Company, Sioux Falls, South Dakota, their Bond No. 68322916, on which premium was paid to January 1, 1996. - 21 - ~ Cash and Cash EquiYalenta Accounts Receivable ~EEIN!:zt:l!M COUlfiY DQABC! QE ~C!!.!~IIQt!! COMalNIN~ aAL.ANQE 1:!EEI seEQI&, BE~NUE E!.!NC! JUNE 30, 1995 ELEMENTARY SCHOOL FOOD SERVICES FUND LOTTERY PROGRAMS COMMUNITY EDUCATION STATE PRESCHOOL HANDICAPPED PROGRAM CHAPTER 1 EDUCATION OF DEPRIVED CHILDREN $ 537,765.90 $ 0.00 $ 0.00 $ 6,547.01 18,907.62 $ 7,700.00 90,000.00 TotalAsllta $ 556,673.52 $ 7,700.00 $ 0.00 $ 0.00 $ 96,547.01 LIABILIIIE ANl2 E!.!Nl2 EgU(!Y LIAalLIIIES Cash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable Unearned Revenue Total Liabilities E!.!NC! EO!.!!IY Fund Balances Unra.ved Undesignated Total Liabilities and Fund Equity $ $ 20,936.33 95,828.05 7,700.00 $ 116,764.38 $ 7,700.00 $ 15,302.95 57,714.84 23,529.22 $ 96,547.01 "39,909.1