STATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS CA Atooo -RI E:Zlo I.'7 ~bOO-~DOl I IRWIN COUNTY BOARD OF EDUCATION OCILLA, GEORGIA REPORT ON AUDIT OF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2001 Russell W. Hinton State Auditor IRWIN 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 EXPENDITURES OF FEDERAL AWARDS 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 COMBINED 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 18 F COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 20 CAPITAL PROJECTS FUND G COMBINING BALANCE SHEET 22 H COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 24 SCHEDULES 1 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 26 2 SCHEDULE OF STATE REVENUE 28 3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS 29 ALLOTMENTS AND EXPENDITURES GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) 4 BY PROGRAM 30 5 BY SITE 31 IRWIN COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - SECTION TI COMPLIANCE AND INTERNAL CONTROL REPORTS REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 SECTION ID AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS SECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS SECTION I FINANCIAL Russu.1. \Y. H1,.,Tors. STATE AUDITOR 14G4i 656-2174 DEPARTI\iIENT OF AUDITS AND ACCOUNTS :2."i4 \\'Jsliingtnn Strccl. S.W.. Suite::'. l-l :\tlanta. (icorgia l.(Ln-l-X-lO(l March 25, 2002 Honorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education and Superintendent and Members of the Irwin County Board of Education INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS Ladies and Gentlemen: We have audited the accompanying general-purpose financial statements ofthe Irwin County Board of Education, as of and for the year ended June 30, 2001, as listed in the table of contents. These general-purpose financial statements are the responsibility ofthe Irwin 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 auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the 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 op1mon. As described in the notes to the general-purpose financial statements, the Board of Education'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: 2001ARL-13 * The general-purpose financial statements of the Board of Education did not contain a General Fixed Assets Account Group to account for property and equipment owned by the Board of Education which should be included to conform to generally accepted accounting principles. * School activity accounts maintained at the individual schools are not included in the general-purpose financial statements. To conform to generaliy accepted accounting principles, these accounts should be included in the general-purpose financial statements. * The Board of Education did not recognize as expenditures, in the year ended June 30, 2001, a portion of salaries and the corresponding employer's cost of related benefits earned for contractual services completed prior to June 30, 2001. Also funds received, subsequent to June 30, 2001, 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, 2000, were improperly recorded in the year ended June 30, 2001. 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 Irwin County Board ofEducation as of June 30, 2001, and the results of its operations for the year then ended, in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued our report dated March 25, 2002, on our consideration of the Irwin County Board ofEducation's internal control over financial reporting and our tests of its compliance with certain provisions oflaws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. Our audit was performed for the purpose of forming an opinion on the general-purpose financial statements ofthe Irwin County Board ofEducation taken as a whole. The accompanying combining statements (Exhibits E through H) and the financial schedules (Schedules 1 through 5), which includes the Schedule ofExpenditures ofFederal Awards as required byU. S. OfficeofManagement and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes of additional 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 2001ARL-13 audit of the 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 stated, in all material respects, in relation to the general-purpose financial statements taken as a whole. A copy ofthis report has been filed as a permanent record in the office ofthe State Auditor and made available to the press of the State, as provided for by Official Code ofGeorgia Annotated Section 506-24. Respectfully submitted, RWH:as 2001ARL-13 State Auditor IRWIN COUNTY BOARD OF EDUCATION IRWIN COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUP JUNE 30, 2001 ASSETS Cash and Cash Equivalents Investments Accounts Receivable Inventories Food Donated Commodities Purchased Food Amount to be Provided in Future Years For Payment of Capital Lease Agreements GOVERNMENTAL FUND SPECIAL GENERAL REVENUE FUND FUND $ 1,107,533.99 $ 9,606.11 74,651.38 30,432.07 119,034.00 181,093.54 3,404.99 3,235.89 Total Assets $ 1,301 ,219.37 $ ====2==2=7'=7=72=.6=0= LIABILITIES AND FUND EQUITY LIABILITIES Accounts Payable Salaries Payable Expired Grant Balances Payable Contracts Payable Retainages Payable Deferred Revenue Capital Lease Agreements Total Liabilities FUND EQUITY Fund Balances Reserved For Athletic Field Donation For Bus Replacement Funds For Continuation of Federal Programs For Inventories Food Donated Commodities Purchased Food For SPLOST Projects Unreserved Designated for Canning Plant Operations Deficit Undesignated Total Fund Equity $ 7,464.86 $ 36,127.18 153,742.04 7,065.38 30,838.00 $ 7,464.86 $ _ _2_2_7~,7_72_._60_ $ 74,651.38 $ 4,502.65 1,214,600.48 $ 1,293,754.51 $ 3,404.99 3,235.89 -6,640.88 0.00 Total Liabilities and Fund Equity $ 1,301,219.37 $ =====2=2=7'=7=72==60== The notes to the general-purpose financial statements are an integral part of this statement. -2- - - - -- - - -- - --- -- --------- - - - - - --- ----------- -- --- ---------------------------------------- EXHIBIT "A" TYPES CAPITAL PROJECTS FUND $ 69,062.55 85,362.11 ACCOUNT GROUP GENERAL LONG-TERM DEBT TOTALS (Memorandum Only) JUNE 30, 2001 JUNE 30, 2000 $ 1,186,202.65 $ 1,691,010.51 105,083.45 69,749.41 385,489.65 320,497.09 - - - - - - $ _ _2=.;9:..;.7.!.;:,3:.::;8~3-=9-'--1 3,404.99 3,235.89 297,383.91 3,267.73 2,843.84 276,815.06 $ 154 424.66 $ 297,383.91 $ 1,980,800.54 $ 2,364,183.64 $ 43,592.04 $ 42,066.62 153,742.04 159,594.73 7,065.38 28,974.51 149,158.90 25,071.90 30,838.00 $ 297,383.91 297,383.91 276,815.06 $ 297,383.91 $ 532,621.37 $ 681,681.72 $ 154,424.66 0.00 $ 154,424.66 $ 74,651.38 $ 69,749.41 84,487.56 10,172.00 3,404.99 3,235.89 154,424.66 3,267.73 2,843.84 142,512.50 4,502.65 -6,640.88 1,214,600.48 2,676.53 1,366,792.35 $ 1,448,179.17 $ 1,682,501.92 $ 154,424.66 $ 297,383.91 $ 1,980,800.54 $ 2,364,183.64 . 3- IRWIN COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30, 2001 REVENUES 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 Enterprise Operations Community Services Operations Capital Outlay Debt Service Principal Interest Total Expenditures Excess of Revenues over (under) Expenditures OTHER FINANCING SOURCES (USES) 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 Food Inventory - Net Change in Period Donated Commodities Purchased Food GENERAL FUND SPECIAL REVENUE FUND $ 9,354,296.62 $ 2,649,488.79 347145.10 $ 12,350,930.51 $ 538,762.42 1,840,366.45 208 987.04 2,588,115.91 $ 8,563,211.79 $ 1,409,704.33 544,330.72 371,231.58 221,027.60 306,502.40 857,003.77 43,304.33 842,909.42 693,270.91 5,693.39 27,301.50 25,133.83 107,346.05 139,010.75 17,439.16 15,743.41 33.48 153,436.15 804,945.93 18,404.11 3,750.00 129,347.50 22 457.75 $ 12,671,130.60 $ $ -320,200.09 $ 2,651,409.26 --63 293.35 $ 232,878.99 $ -130 740.75 $ 102 138.24 $ 34,690.96 34 690.96 $ -218,061.85 $ 1,511,816.36 -28,602.39 28,073.08 137.26 392.05 FUND BALANCE JUNE 30 $ The notes to the general-purpose financial statements are an integral part of this statement. -4 - 1,293,754.51 $=====0..0.0. == ------------------------------------------------------------------------------------------------- . EXHIBIT "B" CAPITAL PROJECTS FUND TOTALS (Memorandum Only) YEAR ENDED JUNE 30, 2001 JUNE 30, 2000 s 18,170.40 $ 9,911,229.44 $ 9, 112.274.30 1,840,366.45 1,594,258.63 163,097.50 2,812,586.29 3,209,908.04 619.91 556 752.05 502,818.32 $ 181 887.81 $ 15,120,934.23 $ 14,419,259.29 $ 9,972,916.12 $ 8,669,819.86 $ 266,125.42 651,676.77 510,242.33 221,027.60 323,941.56 857,003.77 43,304.33 858,652.83 693,304.39 5,693.39 180,737.65 830,079.76 22,154.11 266,125.42 883,405.34 473,789.65 201,046.42 272,467.59 706,207.51 46,412.77 796,469.56 579,454.04 141,961.72 787,938.68 250.00 48,979.96 278,729.00 129,347.50 22 457.75 415,542.25 42,720.20 $ 266,125.42 $ 15,588,665.28 $ 14,345,194.55 $ -84.237.61 $ -467 731.05 $ 74 064.74 $ 232,878.99 $ 121,390.00 $ 96,049.79 130,740.75 132,121.36 -130 740.75 -132,121.36 $ 96 049.79 $ 232.878.99 $ 121,390.00 $ 11,812.18 $ -234,852.06 $ 195,454.74 142,612.48 1,682,501.92 1,491,747.87 137.26 392.05 -1,073.14 -3 627.55 $ 154 424.66 $ 1 448 179.17 $ 1,682,501.92 -5- IRWIN COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL - (NON-GMP BASIS) GENERAL AND SPECIAL REVENUE FUNDS YEAR ENDED JUNE 30. 2001 EXHIBIT "C" GENERAL FUND ACTUAL (BUDGET BUDGET BASIS) REVENUES State Funds Federal Funds Taxes Other Funds $ 9,206,389.00 $ 9,354,296.62 2,253.150.00 56 187.00 2.649.488. 79 347 145.10 Total Revenues $ 11,515,726.00 $ 12,350,930.51 EXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Community Services Operations Debt Service $ 8,161,103.00 $ 8,563,211.79 405,875.00 297,685.00 231,930.00 327,330.00 848,445.00 44,853.00 759,941.00 520,688.00 22,700.00 20,058.00 544,330.72 371,231.58 221,027.60 306,502.40 857,003.77 43,304.33 842,909.42 693,270.91 5,693.39 27,301.50 25,133.83 18,404.11 151,805.25 Total Expenditures $ 11,640,608.00 $ 12,671,130.60 Excess of Revenues over (under) Expenditures $ -124,882.00 $ -320,200.09 OTHER FINANCING SOURCES {USES) Other Sources Other Uses $ 232,878.99 $ -173,300.00 -130 740.75 Total Other Financing Sources (Uses) $ -173 300.00 $ 102,138.24 Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses $ -298, 182.00 $ -218,061.85 FUND BALANCE JULY 1. 2000 1,643,035.66 1,511,816.36 Adjustments Food Inventory - Net Change in Period Donated Commodities Purchased Food -45,129.99 FUND BALANCE JUNE 30, 2001 $ 1,299/23.67 $ 1,2931754.51 SPECIAL REVENUE FUND ACTUAL (BUDGET BUDGET BASIS) $ 510,758.00 $ 538,762.42 1,520,516.00 1,840,366.45 242 953.00 208 987.04 $ 2,274,227.00 $ 2,588,115.91 $ 1,209,374.00 $ 1.409,704.33 97,951.00 88,077.00 107,346.05 139,010.75 14,875.00 17.439.16 17,804.00 8],009.00 782.407.00 15,743.41 33.48 153,436.15 804,945.93 3,750.00 $ 2,297,497.00 $ 2,651,409.26 $ -23,270.00 $ -63,293.35 $ 23,300.00 $ 34,690.96 $ 23,300.00 $ 34,690.96 $ 30.00 $ -28,602.39 61,943.55 28,073.08 -39,360.33 137.26 392.05 $ 22,613.22 $ 0.00 The notes to the general-purpose financial statements are an integral part of this statement. . 7. IRWIN COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2001 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES REPORTING ENTITY The Irwin County Board ofEducation (School District) was established under the laws ofthe State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The School District 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 School District is a primary government and consists of all the organizations that compose its legal entity. FUND ACCOUNTING The School District 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 School District. 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. 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, Taxes and Other funds under control of the School District, 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 School District's educational activities. Governmental Fund Types include: GENERAL FUND - the fund used to account for all financial resources of the School District 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- IRWIN COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2001 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are received primarily from the Georgia Department of Education and from the Federal government to accomplish specific educational objectives. CAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. ACCOUNT GROUP GENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reporting device used to account for capital lease obligations. BASIS OF ACCOUNTING The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements ofthese funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. Liabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group. Governmental funds are accounted for using the modified accrual basis ofaccounting under which: Revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. The School District considers receivables collected within sixty days after yearend to be available and therefore susceptible to accrual. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, local option sales taxes, intergovernmental grants and donations. Revenue for property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year the resources are received or susceptible to accrual. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. Expenditures are generally recognized when the related fund liability is incurred. -9- IRWIN COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 200 l Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 2001, a substantial number ofpersonnel of the School District were employed for a one hundred and ninety day period beginning in August 2000 and ending in early June 2001. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 2000 and ending in August 2001. State grants to fund the State's share of these contracts were disbursed from the Georgia Department of Education to the School District in the same twelve months. As of June 30, 2001, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 2001, had not been made. Payments for these two months were made and recorded as expenditures by the School District subsequent to June 30, 2001. Also, the State's portion of the compensation paid in July and August 2001 was received and recorded as revenue in the fiscal year subsequent to June 30, 2001. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 2000, were recorded in the year ended June 30, 2001. 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 Irwin County Board ofEducation's budget is a complete financial plan for the School District's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure ofthe budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level of budget control was established by the Board at the aggregate level. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles. The budget process begins when the School District'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 ofthe Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This final budget is then submitted, in accordance with provisions of the Quality Basic Education Act, OCGA Section 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. CASH AND CASH EQUIVALENTS COMPOSITION OF DEPOSITS Cash and cash equivalents consist ofcash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Georgia Laws OCGA 45-8-14 authorize the School District to deposit its funds in one or more solvent banks or insured Federal savings and loan associations. - 10 - ------------------------------------------------------------------------ ----- IRWIN COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2001 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES INVESTMENTS COMPOSITION OF INVESTMENTS Investments made by the School District in nonparticipating interest-earning contracts (such as certificates ofdeposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code ofGeorgia Annotated Section 36-83-4 authorizes the School District to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: (1) Obligations issued by the State of Georgia or by other states, (2) Obligations issued by the United States government, (3) Obligations fully insured or guaranteed by the United States government or a United States government agency, (4) Obligations of any corporation 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, (7) Repurchase agreements, and (8) Obligations of other political subdivisions of the State of Georgia. RECEIVABLES Receivables consist of grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general-purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. - 11 - IRWIN COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2001 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES PROPERTY TAXES The Irwin County Board of Commissioners fixed the property tax levy for the 2000 tax year (calendar year) on September 26, 2000 (levy date). Taxes were due on December 20, 2000 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 2001. The Irwin County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues during the fiscal year ended June 30, 2001 for maintenance and operations amounted to $2,613,784.41. The tax millage rate levied for the 2000 tax year (calendar year) for the Irwin County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): School Operations 16.69 mills SALES TAXES Special Purpose Local Option Sales Tax is to be used for capital outlay for educational purposes. The School District collected revenue from two separate sales tax referendums during the fiscal year. Sales tax revenues on the first referendum during fiscal year 2001, which terminated on June 30, 2000 amounted to $43,569.73 and were recorded in the Capital Projects Fund. Collections on the second referendum began on April 1, 2001, and sales tax revenues during the fiscal year amounted to $119,527.77. These amounts were recorded in the Capital Projects Fund. The State will terminate collection of this second tax once an additional $2,877,472.23 has been collected or on March 31, 2006, whichever occurs first. INVENTORIES FOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost (first-in, first-out). Donated food commodities are recorded 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. INTERFUND TRANSACTIONS The School District has the following types of interfund transactions: - 12 - - - - -- ---- ---- --- - --- -- --- ------------- - --------- - ---- .. -- - --- IRWIN COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2001 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Reimbursements of expenditures initially made from a fund that are properly applicable to another fund are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. Operating transfers are recorded for all interfund transactions other than reimbursements. MEMORANDUM ONLY -TOTAL COLUMNS Total columns on the general-purpose financial statements are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. DEFICIT FUND BALANCES Funds reporting a deficit fund balance position at June 30, 2001, are as follows: Fund Type/Fund Name Deficit Balances Special Revenue Fund School Food Services Fund $ 6,640.88 The School District will monitor expenditures in subsequent period in order to eliminate this deficit. Note 2: DEPOSITS 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 of insurance, 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 11 Opercent of the public funds being secured after the deduction ofthe amount ofdeposit insurance. If a depository elects the pooled method (OCGA 45-8-13.1) the aggregate ofthe market value ofthe securities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool balance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive the requirement for security in the case ofoperating funds placed in demand deposit checking accounts. Acceptable security for deposits consists of 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 - IRWIN COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2001 Note 2: DEPOSITS (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 Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. CATEGORIZATION OF DEPOSITS At June 30, 2001, the bank balances were $2,646,388.03. 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 School District or by the School District's agent in the School District's name. Category 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the School District'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 School District's name.) The School District's deposits are classified by risk category at June 30, 2001, as follows: Risk Category Bank Balance 1 $ 300,000.00 2 2,167,783.56 3 178,604.47 Total $ 2,646,388.03 - 14 - IRWIN COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2001 Note 3: NON-MONETARY TRANSACTIONS The School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories Note 4: RISK MANAGEMENT The School District 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 School District has obtained commercial insurance for risk ofloss associated with torts, assets, errors or omissions and job related illness or injuries to employees. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the School District's insurance coverage in any of the past three years. The School District has elected to self-insure for all losses related to natural disaster. The School District has not experienced any loss related to this risk in the past three years. The School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the General Fund with expenditure and liability being reported when it is probable that a loss has occurred, and the amount ofthat loss can be reasonably estimated. The Irwin County Board of Education has not incurred any liabilities for unemployment compensation during the past two fiscal years. The School District has purchased surety bonds to provide additional insurance coverage as follows: Position Covered Amount Superintendent Each Principal $ 100,000.00 $ 10,000.00 Note 5: GENERAL LONG-TERM DEBT CAPITAL LEASES The Irwin County Board ofEducation has entered into various lease agreements as lessee for school buses and 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. - 15 - IRWIN COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2001 Note 5: GENERAL LONG-TERM DEBT Balance July 1, 2000 Additions Capital Leases Deductions Cancellations Debt Retired Balance June 30, 2001 Capital Leases $ 276,815.06 232,878.99 82,962.64 129,347.50 $ 297,383.91 At June 30, 2001, payments due by fiscal year which includes principal and interest for these items are as follows: Fiscal Year Ended June 30 Capital Leases 2002 2003 2004 2005 $ 109,268.13 99,602.39 76,474.17 54,180.27 Total Principal and Interest $ 339,524.96 Deduct: Imputed Interest 42,141.05 Net Present Value of Future Minimum Lease Payments $ 297,383.91 Note 6: ON-BEHALF PAYMENTS The School District has recognized revenues and expenditures in the amount of $158,410.28 for health insurance and retirement contributions paid on the School District's behalf by the following State Agencies. Georgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance of Non-Certified Personnel In the amount of $129,988.28 - 16 - --------- - --- -- - - - - - - -- - - -~ -- --- - - - - - - - - - - -- ------ -- -----------~----------- -------- IRWIN COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS JUNE 30, 2001 Note 6: ON-BEHALF PAYMENTS 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 $28,422.00 Note 7: CONTINGENT LIABILITIES Amounts received or receivable principally from the Federal government are subject to audit and review by granter agencies. This could result in requests for reimbursement to the granter agency for any expenditures which are disallowed under grant terms. The School District believes that such disallowances, if any, will be immaterial to its overall financial position. The School District is a defendant in various legal proceedings pertaining to matters incidental to the performance ofroutine School District operations. The ultimate disposition ofthese proceedings 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 districts are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. TRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 11.29% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: Fiscal Year Percentage Contributed Required Contribution 2001 2000 1999 100% 100% 100% $ 966,774.92 $ 891,026.89 $ 880,743.49 - 17 - IRWIN COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 2001 ASSETS Cash and Cash Equivalents Investments Accounts Receivable Inventories Food Donated Commodities Purchased Food SCHOOL FOOD SERVICES FUND LOTTERY PROGRAMS $ 10,659.44 $ 50,611.63 30,432.07 2,390.59 3,404.99 3,235.89 Total Assets LIABILITIES AND FUND EQUITY LIABILITIES Cash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable Deferred Revenue Total Liabilities FUND EQUITY Fund Balances Reserved For Continuation of Federal Programs For Inventories Food Donated Commodities Purchased Food Unreserved Deficit Undesignated Total Fund Equity $ 50,122.98 $ =====50=,6=1=1.6=3= $ 9,259.76 $ 9,964.30 40,863.22 40,489.66 157.67 $ 50,122.98 $ 50,611.63 $ 3,404.99 3,235.89 -6,640.88 $ $ 0.00 $ 0.00 0.00 Total Liabilities and Fund Equity See notes to the general-purpose financial statements. - 18 - $ 50,122.98 $ ====50=,6=11=.63= - - - - - ------ --- --- - - -- --- - ------------------- --------- -- - --- ---- . . EXHIBIT "E" FEDERAL PROGRAMS OTHER PROGRAMS TOTALS JUNE 30, 2001 JUNE 30, 2000 $ 61,271.07 $ 160,877.64 30,432.07 $ 144,019.70 $ 34,683.25 181,093.54 109,365.58 3,404.99 3,235.89 3,267.73 2,843.84 $ 144,019.70 $ 34,683.25 $ 279,437.56 $ ====27=6,=35=4.=79= $ 16,981.71 $ 16,903.12 72,389.16 6,907.71 30,838.00 $ 144,019 70 $ 34,683.25 $ 34,683.25 $ 51,664.96 $ 36,127.18 153,742.04 7,065.38 30,838.00 279,437.56 $ 19,357.15 40,355.32 159,594.73 28,974.51 248,281.71 $ 10,172.00 $ 3,404.99 3,235.89 3,267.73 2,843.84 -6,640.88 $ 0.00 $ 0.00 11,789.51 $ 0.00 $ 0.00 $ 0.00 $ 28,073.08 $ 144 019.70 $ 34,683.25 $ 279,437.56 $ ====27=6,=35=4.=79= - 19 - IRWIN COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES SPECIAL REVENUE FUND YEAR ENDED JUNE 30. 2001 REVENUES State Funds Federal Funds Other Funds Total Revenues EXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services General Administration Maintenance and Operation of Plant Student Transportation Other Support Services Food Services Operation Community Services Operations Total Expenditures Excess of Revenues over (under) Expenditures OTHER FINANCING SOURCES Operating Transfers In Excess of Revenues and Other Financing Sources over (under) Expenditures FUND BALANCE JULY 1 Food Inventory - Net Change in Period Donated Commodities Purchased Food FUND BALANCE JUNE 30 SCHOOL FOOD SERVICES FUND LOTTERY PROGRAMS $ 54,646.00 $ 362,016.42 491,861.20 206,741.04 $ 753,248.24 $ 362,016.42 $ 265,846.15 64,223.69 $ 708.87 13,024.18 15,743.41 801,766.94 3,178.99 $ 802,475.81 $ 362,016.42 $ -49,227.57 $ 0.00 30 797.18 $ -18,430.39 $ 0.00 17,901.08 0.00 137.26 392.05 $ 0.00 $ = = = = = 0.0= 0 See notes to the general-purpose financial statements. - 20 - - - --- - -------- --------- -- -- --- - -- -- ---- ----- -- ------ ---------------------------------------------------- EXHIBIT "F" FEDERAL PROGRAMS OTHER PROGRAMS TOTALS YEAR ENDED JUNE 30, 2001 JUNE 30, 2000 $ $ 1,347,112.50 -1 504.00 $ 1,345,608.50 $ 122,100.00 $ 1,392.75 3 750.00 127,242.75 $ 538,762.42 $ 1,840,366.45 208,987.04 2,588,115.91 $ 523,985.40 1,594,258.63 213 518.11 2,331 762.14 $ 1,094,359.18 $ 43,122.36 139,010.75 3,706.11 33.48 75,692.40 $ 1,355,924.28 $ $ -10,315.78 $ 49,499.00 $ 77,743.75 3,750.00 130,992.75 $ -3,750.00 $ 1,409,704.33 $ 107,346.05 139,010.75 17,439.16 15,743.41 33.48 153,436.15 804,945.93 3 750.00 2,651,409.26 $ -63,293.35 $ 1,160,647.71 204,127.25 119,507.25 29,648.74 29,676.90 113,747.95 766,494.69 10,000.00 2,433,850.49 -102,088.35 143.78 $ -10,172.00 $ 10,172.00 3,750.00 34,690.96 23,300.00 0.00 $ 0.00 -28,602.39 $ 28,073.08 -78,788.35 111,562.12 137.26 392.05 -1,073.14 -3,627.55 $ 0.00 $ 0.00 $ 0.00 $ ====28=,0=73=.08= - 21 - IRWIN COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30, 2001 ASSETS Cash and Cash Equivalents Accounts Receivable REGULAR SPECIAL PURPOSE LOCAL OPTION SALES TAX $ 0.00 $ 69,062.55 85,362.11 Total Assets LIABILITIES AND FUND EQUITY LIABILITIES Contracts Payable Retainages Payable Total Liabilities FUND EQUITY Fund Balances Reserved For SPLOST Projects Unreserved Undesignated Total Fund Equity $ 0.00 $ ===15=4,4=24=.6=6 $ 154,424.66 $ _ _ _0;;.;..o;c..;o;.... 0.00 $ 0.00 $ _ _1_54.....__42_4_.6_6_ Total Liabilities and Fund Equity $ 0.00 $ ==1==54===4==24==.6==6= See notes to the general-purpose financial statements. - 22 - EXHIBIT"G" LOTTERY PROJECT TOTALS JUNE 30, 2001 JUNE 30, 2000 $ 0.00 $ 69,062.55 $ 151,479.05 85 362.11 165,364.23 $ 0.00 $ 154,424.66 $ ===3=16=,8=43=.28= $ 149,158.90 25,071.90 $ _ _1....;.7....;.4=,2'-"-30==80c.... $ s _ _ _o"--.o"""'o'- $ 0.00 $ 154,424.66 $ 142,512.50 0.00 99.98 154 424.66 $ _ _1_4_2_,6_12_.4_8_ $ 0.00 $ 154,424.66 $ ===3=16=,8=43=.28= - 23 - IRWIN COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES CAPITAL PROJECTS FUND YEAR ENDED JUNE 30, 2001 REVENUES State Funds Taxes Other Funds Total Revenues EXPENDITURES Current Support Services Business Administration Capital Outlay Building and Building Improvements 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 FUND BALANCE JUNE 30 REGULAR SPECIAL PURPOSE LOCAL OPTION SALES TAX $ 0.00 $ 163,097.50 619.91 $ 0.00 $ 163 717.41 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 163 717.41 $ -99.98 $ -151,805.25 $ -99.98 $ -151,805.25 $ -99.98 $ 11,912.16 99.98 142,512.50 $ 0.00 $ 154 424.66 See notes to the general-purpose financial statements. - 24 - - ---------------- -- ---- -- ---- -- --- -- -------------- ---- - - - -- - - - ---- ----------- ____.,. __________________________ -~- EXHIBIT"H" LOTTERY PROJECT TOTALS YEAR ENDED JUNE 30, 2001 JUNE 30, 2000 $ 18,170.40 $ $ 18 170.40 $ 18,170.40 $ 163,097.50 619.91 163,533.60 595,585.83 4 897.03 181 887 .81 $ _ ___;7.....;;6....;.4,c;;;.0..;...16"-'-.4..;..;6:;_ $ 266,125.42 $ $ 266,125.42 $ $ -247,955.02 $ $ 266,125.42 266,125.42 $ -84 237.61 $ 9,485.43 278,729.00 327,191.91 23,254.01 638,660.35 125,356.11 $ 247,955.02 $ $ 247,955.02 $ 247,955.02 $ -151 905.23 96 049.79 $ 321,893.02 -213,071.66 108,821.36 $ 0.00 $ 11,812.18 $ 234,177.47 0.00 142 612.48 -91 564.99 $ 0.00 $ 154 424.66 $ 142,612.48 - 25 - IRWIN COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30, 2001 SCHEDULE "1" FUNDING AGENCY PROGRAM/GRANT CFDA NUMBER PASSTHROUGH ENTITY ID NUMBER FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD Agriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food and Nutrition Program Food Services School Breakfast Program National School Lunch Program 10.553 10.555 NIA $ 95,680.43 NIA 356,099.81 $ (2) 762,394.85 (3) Total Child Nutrition Cluster $ 451,780.24 $ 762,394.85 Other Programs Pass-Through From Georgia Department of Education Food and Nutrition Program Food Distribution Program (1) Agricultural Risk Management Project 10.550 NIA OFA NIA 40,080.96 57,839.00 40,080.96 66,507.00 Total U.S. Department of Agriculture $ 549,700.20 $ 868,982.81 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 Grant Flow Through Preschool 84.173 84.027 84.173 NIA $ 5,251.00 $ NIA 226,308.28 NIA 41,883.64 5,251.00 226,308.28 41,883.64 Total Special Education Cluster $ 273,442.92 $ 273,442.92 Other Programs Pass-Through From Georgia Department of Education Elementary and Secondary Education Act Title I Accountability Grants 84.348 NIA Grants to Local Educational Agencies 84.010 NIA Title II Eisenhower Professional Development 84.281 NIA Title Ill Technology Literacy Challenge Fund Grants 84.318 NIA Title VI Innovative Education Program Strategies 84.298 NIA Class Size Reduction 84.340 NIA Goals 2000 State and Local Education Systemic Improvement Grants 84.276 N/A Safe and Drug-Free Schools and Communities 84.186 NIA Vocational Education - Basic Grants to States High School Program Basic Grant 84.048 NIA Pass-Through From Abraham Baldwin Agricultural College Gaining Early Awareness and Readiness for Undergraduate Programs 84.334 NIA Pass-Through From Berrien County Board of Education d/b/a Southern Pine Migrant Education Agency Elementary and Secondary Education Act Title I Migrant Education 84.011 NIA 54,937.00 450,008.54 16,000.00 114,728.00 16,115.00 63,461.00 139,106.00 7,817.00 47,530.00 81,971.21 54,937.00 450,008.54 16,000.00 114,728.00 16,115.00 63,604.78 (3) 139,106.00 7,817.00 47,530.00 81,971.21 10,116.83 10,116.83 Total U.S. Department of Education $ 1,275,233.50 $ 1,275,377.28 - 26- --------------------------------------------------------' '---- IRWIN COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30, 2001 SCHEDULE "1" FUNDING AGENCY PROGRAM/GRANT CFDA NUMBER Health and Human Services, U. S. Department of Pass-Through From Georgia Department of Human Resources Substance Abuse Prevention Program Teen Pregnancy Prevention 93.959 93.558 Total U. S. Department of Health and Human Services PASSTHROUGH ENTITY ID NUMBER FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD NIA $ NIA $ 14,040.00 $ 1,392.75 14,040.00 1,392.75 15.432. 75 $ _ _ _15~.4_3_2_7. _5_ Total Federal Financial Assistance $ 1,840,366.45 $ ==2==15=9=,.7.9..2=.8=4= NIA= Not Available Notes to the Schedule of Expenditures of Federal Awards ( 1) The amounts shown for the Food Distribution Program represent the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the system during the current fiscal year. (2) Expenditures for the School Breakfast Program were not maintained separately and are included in the 2001 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 number. The School District did not provide Federal Assistance to any Subrecipient. The accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Irwin 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. See notes to the general-purpose financial statements. -27- IRWIN COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2001 SCHEDULE "2" AGENCY/FUNDING GRANTS Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Middle Grades (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Category I Category II Category Ill Category IV Category V Gifted Student - Category VI Remedial Education Program Alternative Education Program Media Center Program Staff and Professional Development Indirect Cost Categorical Grants Pupil Transportation Regular Bus Replacement Nursing Services Principal Supplements Vocational Supervisors Mid-term Adjustment Hold-Harmless Education Equalization Funding Grant Food Services Vocational Education Other State Programs At-Risk Summer School Program Health Insurance Mentor Teacher Mentoring Program Preschool Handicapped Program Remedial Summer School Special Education Low Incidence Lottery Programs Computers in the Classroom Exceptional Growth-Capital Outlay Human Resources, Georgia Department of Family Connection Resource Mothers Office of School Readiness Pre-Kindergarten Program Office of Treasury and Fiscal Services Public School Employees Retirement CONTRACTS Education, Georgia Department of After School Programs Georgia"s Reading Challenge Reading First Program GOVERNMENTAL FUND TYPES SPECIAL CAPITAL GENERAL REVENUE PROJECTS FUND FUND FUND TOTAL $ 276,976 00 220.566.00 896,165.00 566,466.00 556,170.00 896,775.00 900,309.00 351,254.00 6,449.00 199,457.00 616,965.00 64,945.00 17,900.00 160,049.00 189,682.00 76,223.00 178,426.00 48,268.00 1,213,222.00 $ 276,976.00 220,566.00 896,165.00 566,466.00 556,170.00 896,775.00 900,309.00 351,254.00 6,449.00 199,457.00 616,965.00 64,945.00 17,900.00 160,049.00 189,682.00 76,223.00 178,426.00 48,268.00 1,213,222.00 311,116.00 78,830.00 53,641.00 7,870.00 12,631.00 150,891.00 792,711.00 $ 213,349.00 54,646.00 2,940.72 129,988.28 3,260.00 4,000.00 20,535.00 3,724.14 14,819.00 39,442.00 $ 18,170.40 311,116.00 78,830.00 53,641.00 7,870.00 12,631.00 150,891.00 792,711.00 54,646.00 213,349.00 2,940.72 129,988.28 3,260.00 4,000.00 20,535.00 3,724.14 14,819.00 39,442.00 18,170.40 22,100.00 100,000.00 22,100.00 100,000.00 322,574.42 322,574.42 28,422.00 28,422.00 37,035.48 27,340.00 24,926.00 37,035.48 27,340.00 24,926.00 See notes to the general-purpose financial statements. $ 9,354,296.62 $ 538,762.42 $ 18,170.40 $ 9,911,229.44 -28- - ------------ --- ------------- - -- - - . ------ ---- -- -- - . -------- --- --- - -- - -- - -----~------- IRWIN COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS YEAR ENDED JUNE 30, 2001 SCHEDULE "3" PROJECT Construction of a 400 seat auditorium at the middle/high school; addition of ten (10) classrooms at the middle/high school with the enlargement of the media center; purchase of six (6) school buses and pay off existing lease purchase agreement on all existing leased buses; repair, restoration. and renovation of restrooms. carpet. roof and other areas at the elementary school and the middle/high school; repair and renovation of old high school gym roof. bleachers. floor. and restrooms; and construction of football stadium at middle/high school and other athletic facilities ORIGINAL ESTIMATED COST (1) CURRENT ESTIMATED COSTS (2) AMOUNT EXPENDED IN CURRENT YEAR (3) AMOUNT EXPENDED IN PRIOR YEARS (3) $ 2,997,000.00 $ 2,997,000.00 $ 0.00 $ 0.00 PROJECT STATUS Ongoing (1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. (2) The School District"s current estimate of total cost for the project. Includes all cost from project inception to completion. (3) The voters of Irwin County approved the imposition of a 1% sales tax to fund the above project Amounts expended for the 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 financial statements. - 29 - IRWIN COUNTY BOARD OF EDUCATION GENERAL FUND - QUALITY BASIC EDUCATION PROGRAM /QBE) ALLOTMENTS AND EXPENDITURES - BY PROGRAM YEAR ENDED JUNE 30, 2001 SCHEDULE "4" DESCRIPTION Direct Instructional Programs Kindergarten Program Kindergarten Program,Early Intervention Program Primary Grades (1-3) Program Primary Grades-Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Middle Grades (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Category I Category II Category Ill Category IV Category V Gifted Student - Category VI Remedial Education Program Alternative Education Program TOTAL DIRECT INSTRUCTIONAL PROGRAMS Media Center Program Staff and Professional Development ALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) ELIGIBLE QBE PROGRAM COSTS SALARIES OPERATIONS TOTAL $ 303,641.00 $ 508,896.00 $ 6,874.04 $ 515,770.04 241,800.00 191,941.44 6,505.42 198,446.86 982,440.00 1,151,208.70 28,606.71 1,179,815.41 621,000.00 479,777.17 4,637.86 484,415.03 609,713.00 678,439.08 18,796.12 697,235.20 983,109.00 1,062,187.62 42,806.93 1,104,994.55 986,983.00 1,457,641.30 45,270.33 1,502,911.63 385,070.00 477,306.14 59,218.76 536,524.90 992,911.00 13,860.26 226.02 14,086.28 200,873.37 5,123.40 205,996.77 645,900.89 17,115.61 663,016.50 63,417.10 559.34 63,976.44 10,620.42 10,620.42 175,457.00 162,352.96 4,883.11 167,236.07 207,943.00 204,282.50 2,021.19 206,303.69 83,561.00 126,106.75 2,594.99 128,701.74 $ 6,573,628.00 $ 7,434,811.70 $ 245,239.83 $ 7,680,051.53 195,603.00 52,914.00 176,913.30 14,411.71 41,303.99 38,502.29 218,217.29 52,914.00 TOTAL QBE FORMULA FUNDS $ 6,822,145.00 $ 7,626,136.71 $ 325,046.11 $ 7,951,182.82 (1) Comprised of State Funds plus Local Five Mill Share. See notes to the general-purpose financial statements. - 30- IRWIN COUNTY BOARD OF EDUCATION GENERAL FUND - QUALITY BASIC EDUCATION PROGRAM (QBE) ALLOTMENTS AND EXPENDITURES - BY SITE YEAR ENDED JUNE 30. 2001 SCHEDULE "5" SITE Irwin County Middle School Irwin County Elementary School Irwin County High School Educational Center (Alternative Center) Central Office (Alternative Education Program) TOTAL (1) Comprised of State Funds plus Local Five Mill Share. ALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) ELIGIBLE QBE PROGRAM COSTS $ 1,386,382.00 $ 1,382,441.06 3,314,808.00 3,648,951.61 1,788,877.00 2,371,782.80 276,876.06 83,561.00 $ 6,573,628.00 $ ==7==,6=8=0=,0=5=1=5=3 See notes to the general-purpose financial statements. - 31 - SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS Rt:SSELI \\". H1"TO" STATE AUDITOR (4C41 656-217.:l DEPARTMENT OF AUDITS AND ACCOUNTS 2.'i..i \\\1.,11:nt'tnn Stn:c1. S.W.. Suite 21 ,\t L.1nL.1.