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1999-2000 
 
STATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS 
 
 
 
 
 
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1776 
 
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LAURENS COUNTY BOARD OF EDUCATION 
 
 
 
DUBLIN, GEORGIA 
 
 
 
REPORT ON AUDIT 
 
OF THE FINANCIAL STATEMENTS 
 
FOR THE FISCAL YEAR ENDED JUNE 30, 2000 
 
 
 
Russell W. Hinton State Auditor 
 
 LAURENS 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 
 
B 
 
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND 
 
CHANGES IN FUND BALANCES 
 
ALL GOVERNMENTAL FUND TYPES 
 
C 
 
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND 
 
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL 
 
(NON-GAAP BASIS) 
 
GENERAL AND SPECIAL REVENUE FUNDS 
 
D NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 
 
ADDIDONAL FINANCIAL INFORMATION 
 
COMBINING AND INDIVIDUAL FUND STATEMENTS 
 
SPECIAL REVENUE FUND 
 
E 
 
COMBINING BALANCE SHEET 
 
F 
 
COMBINING STATEMENT OF REVENUES, EXPENDITURES 
 
AND CHANGES IN FUND BALANCES 
 
CAPITAL PROJECTS FUND 
 
G 
 
COMBINING BALANCE SHEET 
 
H 
 
COMBINING STATEMENT OF REVENUES, EXPENDITURES 
 
AND CHANGES IN FUND BALANCES 
 
DEBT SERVICE FUND 
 
I 
 
COMBINING BALANCE SHEET 
 
J 
 
COMBINING STATEMENT OF REVENUES, EXPENDITURES 
 
. AND CHANGES IN FUND BALANCES 
 
K 
 
FIDUCIARY FUND TYPES 
 
STATEMENT OF CHANGES IN ASSETS AND LIABILfl'IES 
 
AGENCYFUND 
 
Page 
2 
4 6 7 
20 
22 
24 
26 28 29 
30 
 
 LAURENS COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - 
 
Page 
 
SECTION I 
 
FINANCIAL 
 
ADDITIONAL FINANCIAL INFORM.ATION 
 
SCHEDULES 
 
1 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 
 
31 
 
2 SCHEDULE OF STATE REVENUE 
 
33 
 
3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS 
 
34 
 
ANALYSIS OF M ~i EXPENDITURE REQUIREMENTS 
 
GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS 
 
4 
 
OVERALL 
 
35 
 
5 
 
BYPROGRAM 
 
36 
 
SECTION II 
COMPLIANCE AND INTERNAL CONTROL REPORTS 
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 
REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULARA-133 
 
SECTION ID AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS 
Y SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS 
 
SECTIONN 
. 
FINDINGS AND QUESTIONED COSTS 
SCHEDULE OF FINDINGS AND QUESTIONED COSTS 
 
 SECTION I FINANCIAL 
 
 
 
 
 
 
 RussELL W. HINTON 
STATE AUDITOR 
(404) 656-2174 
 
DEPARTMENT OF AUDITS AND ACCOUNTS 
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 
June 26, 2001 
 
Honorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education 
and Superintendent and Members of the .Laurens County Board of Education 
INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 
Ladies and Gentlemen: 
We have audited the accompanying general purpose financial statements of the Laurens County Board of Education, as of and for the year ended June 30, 2000, as listed in the table of contents. These general purpose financial statements are the responsibility of the Laurens County Board of Education's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. 
we conducted our audit in accordance with auditing standards generally accepted in the 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 ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our op1 n1 on. 
 
As described in the notes to the general purpose financial statements, the Board's financial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described as follows: 
 
2000ARL-13A 
 
 * The general purpose financial statements ofthe 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 confom1 to generally accepted accounting principles. 
* School activity accounts maintained at the individual schools are not included in the 
general purpose financial statements. To confo11n to generally accepted accounting principles, these accounts should be included in the general purpose financial statements. 
* The Board did not recognize as expenditures, in the year ended June 30, 2000, a portion 
of salaries and the corresponding employer's cost of related benefits earned for contractual services completed prior to June 30, 2000. Also funds received, subsequent to June 30, 2000, from the Georgia Department of Education for the State's share of these unrecorded salaries and related benefits were not recorded as revenue in the year under review. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1999, were improperly recorded in the year ended June 30, 2000. To confo11n 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 dett;;Ill1ined, but are believed to be material. 
In our opinion, except for the effects on the general purpose financial statements of the matters 
referred to in the preceding paragraph, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Laurens County Board of Education as ofJune 30, 2000, and the results ofits operations for the year then ended, in conforntlty  with accounting principles generally accepted in the United States of America. 
In accordance with Government Auditing Standards, we have also issued our report dated June 26, 
2001, on our consideration of the Laurens County Board of Education's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit perfo1med 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 perfo11ned for the purpose of fu1n1ing an opinion on the general purpose financial statements of the Laurens County Board of Education taken as a whole. The accompanying combining and individual fund statements (Exhibits E through K) and the financial schedules (Schedules 1 through 5), which includes the Schedule ofExpenditures ofFederal Awards as required 
by U.S. Office of Management 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 ofthe general purpose financial statements. Such info1mation has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and in our opinion, except for the effects ofthe matters referred to in the third paragraph, such info11nation is 
2000ARL-13A 
 
 fairly stated, in all material respects, in relation to the general pmpose financial statements taken as a whole. 
 
A copy ofthis report has been filed as a pe11nanent record in the office ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code ofGeorgia Annotated Section 50- 
6-24. 
 
RWH:gp 
2000ARL-13A 
 
Respectfully submitted, 
 
lD.~-:J- 
e11 W. Hinton State Auditor 
 
 
 ,------- - -- 
  
 
LAURENS COUNTY BOARD OF EDUCATION 
 
 LAURENS COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET 
ALL FUND TYPES AND ACCOUNT GROUP JUNE 30. 2000 
 
ASSETS 
Cash and Cash Equivalents 
Investments 
Investments Held by Trustee 
Accounts Receivable 
Inventories Food Donated Commodities Purchased Food 
Amount Available in Debt Service Fund 
Amount to be Provided in Future Years For Payment of: Bond Debt Capital Lease Agreements 
 
GENERAL FUND 
 
GOVERNMENTAL FUND TYPES 
 
SPECIAL 
 
CAPITAL 
 
REVENUE 
 
PROJECTS 
 
FUND 
 
FUND 
 
$ 222,679.73 $ 3,076,275.68 
 
$ 
 
2.77 
 
1,951.16 
 
315,141.21 
 
247,695.86 
 
605,561.16 
 
17,441.56 5,966.20 
 
Total Assets 
 
$ 
 
315,143.98 $ 493,783.35 $ 3,683,788.00 
 
LIABILITIES AND FUND EQUITY 
LIABILITIES 
Cash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable Contracts Payable Retainages Payable Funds Held for Others Capital Lease Agreements 
- General Obligation Bonds Payable 
Total Liabilities 
FUND EQUITY 
Fund Balances Reserved For Bus Replacement Funds For Continuation of Federal Programs For Continuation of State Programs For Debt Service For Expired Grant Balances/Questioned Costs For Inventories Food Donated Commodities Purchased Food For Purpose of Bond Issue For SPLOST Projects For State Capital Outlay Projects Unreserved Deficit Undesignated 
Total Fund Equity 
 
$ 
 
900,417.51 
 
545,418.42 $ 
 
92,456.33 $ 
 
171.406.28 
 
334,959.94 
 
7.353.80 
 
1,370,879.n 
 
742,640.96 
 
$ 1,445,835.93 $ 
 
434,TT0.07 $ 2,284,927.01 
 
$ 
 
3.106.95 
 
14.962.20 
 
$ 
 
8.713.44 
 
 
-1, 139,405.39 0.00 
$ -1, 130,691.95 $ 
 
17,441.56 5,966.20 
$ 
 
359,855.08 959,166.41 
79.839.50 
 
17,536.37 
s 5g,013.28 
 
0.00 1,398,860.99 
 
Total Liabilities and Fund Equity 
 
$ 
 
315,143.98 $ 
 
493,783.35 $ 3,683,788.00 
 
The notes to the general purpose financial statements are an integral part of this statement. -2- 
 
   
 
EXHIBIT "A" 
 
DEBT SERVICE 
FUND 
 
FIDUCIARY FUND TYPE AGENCY FUNDS 
 
ACCOUNT GROUP GENERAL 
LONG-TERM DEBT 
 
TOTALS 
 
(Memorandum Only) 
 
JUNE 30, 2000 
 
JUNE 30, 1999 
 
$ 3,930,754.38 
 
$ 7,229,709.79 $ 
 
4,705,724.68 
 
1,953.93 
 
10,129,330.14 
 
$ 
 
327,798.66 
 
327,798.66 
 
336,888.30 
 
1,505,286.53 
 
1,388,872.35 
 
17,441.56 5,966.20 
 
17,501.20 6,333.85 
 
 
 
$ 
 
4,267,642.68 
 
4,267,642.68 
 
3,733,597.27 
 
9,587,357.32 3 617.75 
 
9,587,357.32 3 474 617.75 
 
11,741,402.73 407 126.75 
 
$ 
 
$ 
 
900,417.51 $ 
 
373,106.92 
 
809,281.03 
 
 96,174.47 
 
334,959.94 
 
333,647.50 
 
7,353.80 
n 1,370,879. 
 
493,131.60 
 
742,640.96 
 
84,146.30 
 
$ 
 
327,798.66 
 
327,798.66 
 
$ 
 
3,474,617.75 
 
3,474,617.75 
 
407,126.75 
 
13,855,000.00 
 
13,855,000.00 
 
15,475,000.00 
 
$ 
 
327,798.66 $ 
 
17,329,617.75 $ 21,822,949.42 $ 17,262,333.54 
 
$ 4,267,642.68 
0.00 $ 4,267,642.68 $ 4.267.642.68 $ 
 
$ 
 
$ 
 
3,106.95 
 
14,962.20 
 
4,267,642.68 
 
8,713.44 
 
163,260.36 664.72 
3,733,597.27 
 
17,441.56 5,966.20 359,855.08 959,166.41 79,839.50 
 
17,501.20 6,333.85 10,913,265.16 
 
-1,139,405.39 17,536.37 
 
-161,305.05 194,237.92 
 
$ 4,594,825.00 $ 14,867,555.43 
 
-3- 
 
 LAURENS COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 
ALL GOVERNMENTAL FUND TYPES 
YEAR ENDED JUNE 30, 2000 
 
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 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 
 
$ 21,673,757.51 $ 
6,964,201.99 253,409.90 
$ 28,891,369.40 $ 
 
2,232,731.82 3,414,045.42 
497,195.43 
6,143,972.67 
 
$ 20,656,996.86 $ 2,738,410.77 
 
1,413,561.84 447,525.03 676,909.95 448,101.44 
2, 173,008.08 144,574.20 
1,740,869.83 2,044,445.18 . 
63,818.00 7,195.65 2,633.13 
10,439.14 
 
418,715.74 239,690.27 
228,825.56 3,814.55 
35,840.97 148,386.68 27,109.35 
440.50 7,606.28 2,450,769.15 
446.97 3,213.00 
 
132,509.00 25,778.39 
 
$ 29,988,365.72 $ __6=,3=0=3=,2;.;;.69:;.;..7.;..,;9a_ 
 
$ -1,096,996.32 $ _ _-.;..;15=9=,2=97a.;...;.;12;:_ 
 
$ 
 
9,349.06 
 
 
$ _ ___,;a9.;;,34~9.;;..06a.... 
 
$ -1,087,647.26 $ -43,044.69 
 
-159,297.12 218,737.69 
 
-59.64 -367.65 
 
FUND BALANCE JUNE 30 
 
$ -1,130,691.95 $ _ _ _5_9,,_,0_13_.2_s~ 
 
The notes to the general purpose financial statements are an integral part of this statement. -4- 
 
 EXHIBIT "B" 
 
CAPITAL PROJECTS 
FUND 
 
DEBT SERVICE 
FUND 
 
TOTALS 
 
(Memorandum Only) 
 
YEAR ENDED 
 
JUNE 30, 2000 
 
JUNE 30, 1999 
 
$ 
 
292,965.10 
 
$ 24, 199,454.43 $ 23,002,752.95 
 
3,414,045.42 
 
3,033,208.98 
 
957,610.14 $ 2,618,322.05 
 
10,540,134.18 
 
9,951,517.57 
 
451,279.81 
 
206,379.92 
 
1,408,265.06 
 
1,490,957.51 
 
$ 1,701,855.05 $ 2,824,701.97 $ 39,561,899.09 $ 37,478,437.01 
 
$ 14,461,259.22 
$ 
$ 14,461,259.22 $ $ -12,759,404.17 $ 
 
 
$ 23,395,407.63 $ 21,338,259.24 
 
1,620,000.00 661,307.50 
 
1,832,277.58 687,215.30 676,909.95 676,927.00 
2, 176,822.63 180,415.17 
1,889,256.51 2,071,554.53 
64,258.50 14,801.93 2,453,402.28 
446.97 14,474,911.36 
 
1,752,509.00 687,085.89 
 
1,416,868.45 621,839.65 599,427.94 545,221.13 
2,104,761.11 170,814.30 
1,711,823.64 1,552,745.24 
122,588.84 13,826.51 
2,052,250.55 1,912.29 
1,921,458.50 
439,288.24 852,806.70 
 
2,281,307.50 $ 53,034,202.23 $ 35,465,892.33 
- 
543,394.47 $ -13,472,303.14 $ _~2.~01~2~.5~44i,.6!;8BL 
 
$ 3,200,000.00 
 
$ 
 
- - - - - - $ _ ____,:9.,34a..=9:..::;.0.;a..6 
 
$ 3,200,000.00 $ 
 
-9 349.06 $ 
 
3,200,000.00 $ 9,349.06 -9,349.06 
 
224,980.00 42,753.23 -42,753.23 
 
3,200,000.00 $ _ _=22"""4"",9=so=.o=o~ 
 
$ -9,559,404.17 $ 10,958,265.16 
 
534,045.41 $ -10,272,303.14 $ 
 
3,733,597.27 
 
14,867,555.43 
 
2,237,524.68 12,640,435.71 
 
-59.64 -367.65 
 
-5,387.73 -5,017.23 
 
$ 1,398,860.99 $ 4,267,642.68 $ 4,594,825.00 $ 14,867,555.43 
 
-5- 
 
 LAURENS COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 
BUDGET AND ACTUAL - (NON-GAAP BASIS) GENERAL AND SPECIAL REVENUE FUNDS 
YEAR ENDED JUNE 30, 2000 
 
EXHIBIT "C" 
 
GENERAL FUND 
 
ACTUAL 
 
(BUDGET 
 
BUDGET 
 
BASIS) 
 
REVENUES 
 
State Funds Federal Funds Taxes Other Funds 
 
$ 21,306,887.22 $ 21,673,757.51 
 
6,696,300.00 289,000.00 
 
6,964,201.99 253,409.90 
 
Total Revenues EXPENDITURES 
 
$ 28,292,187.22 $ 28,891,369.40 
 
 
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 
Capital Outlay Debt Service 
 
$ 19,777,899.20 $ 20,656,996.86 
 
1,066,944.50 487,271.00 648,007.00 365,107.00 
1,988,406.00 168,468.00 
1,644,913.00 1,674,866.00 
100,000.00 7,347.00 2,300.00 
 
1,413,561.84 447,525.03 676,909.95 448,101.44 
2,173,008.08 144,574.20 
1,740,869.83 2,044,445.18 
63,818.00 7,195.65 2,633.13 
 
295,000.00 
 
10,439.14 158,287.39 
 
Total Expenditures 
 
$ 28,226,528.70 $ 29,988,365.72 
 
Excess of Revenues over (under) Expenditures 
 
$ 
 
65,658.52 $ -1,096,996.32 
 
OTHER FINANCING SOURCES 
 
Other Sources 
 
9,349.06 
 
Excess of Revenues and Other Financing Sources 
 
over (under) Expenditures 
 
$ 
 
65,658.52 $ -1,087,647.26 
 
FUND BALANCE JULY 1, 1999 
 
22,944.62 
 
-43,044.69 
 
Adjustments Food Inventory - Net Change in Period 
Donated Commodities Purchased Food 
 
1,909.00 
 
FUND BALANCE JUNE 30, 2000 
 
$ 
 
SPECIAL REVENUE FUND 
 
ACTUAL 
 
(BUDGET 
 
BUDGET 
 
BASIS) 
 
$ 2,078,013.52 $ 2,232,731.82 
2,369,023.00 3,414,045.42 
 
511,950.00 
 
497,195.43 
 
$ 4,958,986.52 $ 6,143,972.67 
 
$ 1,798,316.19 $ 2,738,410.77 
 
397,948.85 143,783.00 
 
418,715.74 239,690.27 
 
203,577.00 
40,158.00 114,085.00 24,130.00 
1,500.00 2,197,222.00 
2,500.00 
 
228,825.56 3,814.55 
35,840.97 148,386.68 27,109.35 
440.50 7,606.28 2,450,769.15 
446.97 3,213.00 
 
$ 4,923,220.04 $ 6,303,269.79 $ 35,766.48 $ -159,297.12 
 
$ 35,766.48 $ -159,297.12 
 
222,435.98 
 
218,737.69 
 
-59.64 -367.65 
 
$ 258,202.46 $ _ _5_9_.0_1_3.2..8_ 
 
The notes to the general purpose financial statements are an integral part of this statement. 
-6- 
 
 LAURENS COUNTY BOARD OF EDUCATION 
 
EXHIBIT "D" 
 
NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 
 
JUNE 30. 2000 
 
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
REPORTING ENTITY 
The Laurens County Board of Education (Board) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the Board is a primary government and consists of all the organizations that compose its legal entity. 
FUND ACCOUNTING ' 
The Board uses funds and an account group to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. 
General Fixed Assets are recorded as expenditures in the various funds at the time ofpurchase. 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. 
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 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 ofa Board's educational activities. Governmental Fund Types include: 
GENERAL FUND - the fund used to account for all financial resources ofthe Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. 
 
-7- 
 
 LAURENS COUNTY BOARD OF EDUCATION 
 
EXHIBIT "D" 
 
NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 
 
JUNE 30, 2000 
 
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
 
SPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are received primarily from the Georgia Department of Education and from the Federal government to accomplish specific educational objectives. 
 
CAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the 
 
acquisition or construction of major capital facilities. 
 
 
 
DEBT SERVICE FUND - the fund used to account for the accumulation ofresources for, and the payment of, general long-term principal, interest and paying agent fees. 
FIDUCIARY FUND TYPE - the funds used to account for assets held by a government unit in a trustee capacity or as an agent for individuals, private organizations, other government units and/or other funds. These funds include: 
 
AGENCY FUNDS - the funds used to account for assets held in a fiduciary capacity for other funds, governments, or individuals. 
ACCOUNT GROUP 
 
GENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reporting device used to account for general obligation debt outstanding and capital lease obligations. 
BASIS OF ACCOUNTING 
 
The accounting and financial reporting treatment applied to a fund is 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-Te1111 Debt Account Group. 
Agency funds are purely custodial in nature and do not involve measurement ofresults ofoperations. 
Governmental funds are accounted for using the .modified accrual basis ofaccounting under which: 
 
-8- 
 
 LAURENS COUNTY BOARD OF EDUCATION 
 
EXHIBIT "D" 
 
NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 
 
JUNE 30, 2000 
 
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
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 dete1mined and ''available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Those revenues considered susceptible to accrual are property taxes, local option sales taxes, intergovernmental grants and investment income. 
Expenditures are generally recognized when the related fund liability is incurred. 
A departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share of these contracts. During fiscal year 2000, a substantial number of personnel of the Board were employed for a one hundred and ninety day period beginning in late August 1999 and ending in early June 2000. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 1999 and ending in August 2000. State grants to fund the State's share of these contracts were disbursed from the Georgia Department ofEducation to the Board in the same twelve months. As ofJune 30, 2000, compensation under these employment contracts had been earned, but two ofthe twelve monthly payments, due for July and August 2000, had not been made. Payments for these two months were made and recorded as expenditures by the Board subsequent to June 30, 2000. Also, the State's portion ofthe compensation paid in July and August 2000 was received and recorded as revenue in the fiscal year subsequent to June 30, 2000. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1999, were recorded in the year ended June 30, 2000. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed. 
BUDGET 
 
The Laurens County Board ofEducation's budget is a complete fmancial plan for the Board's fiscal year and is based upon estimates ofexpenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is 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 ofthis tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality. At the next regular meeting 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 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. 
-9- 
 
 LAURENS COUNTY BOARD OF EDUCATION 
 
EXHIBIT "D" 
 
NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 
 
JUNE 30. 2000 
 
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
CASH AND CASH EQUIVALENTS 
COMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits in authorized financial institutions. Georgia Laws OCGA 45-8-14 authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. 
INVESTMENTS 
COMPOSITION OF INVESTMENTS Investments made by the Board in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase 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 of Georgia Annotated Section 36-83-4 authorizes the Board to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: 
(1) Obligations 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 ofgrant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from infotmation available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables 
 
- 10 - 
 
 LAURENS COUNTY BOARD OF EDUCATION 
 
EXHIBIT "D" 
 
NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 
 
JUNE 30, 2000 
 
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
 
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 Laurens County Board of Commissioners fixed the property tax levy for the 1999 tax year (calendar year) on September 1, 1999 (levy date). Taxes were due on December 1, 1999. The lien date for property taxes was January 1, 1999. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 2000. The Laurens County Tax Commissioner bills and collects the property taxes for the Board of Education, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the Board. 
 
The tax millage rate levied for the 1999 tax year (calendar year) for the Laurens County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): 
 
School Operations 
 
13.13 mills 
 
SALES TAXES 
 
Special Purpose Local Option Sales Tax is to be used for capital outlay for educational purposes and debt service. Special Purpose Local Option Sales Tax revenue during the fiscal year amounted to $3,569,758.88 and was recorded in the Capital Projects and Debt Service Funds. The State will ter1ninate collection of this tax once an additional $13,062,818.41 has been collected or on December 31, 2002, 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. 
 
GENERAL OBLIGATION BONDS 
 
The Board issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. Bond premiums and discounts, as well as issuance costs, are recognized in the financial statements during the year bonds are issued. General obligation bonds are direct 
 
- 11 - 
 
 LAURENS COUNTY BOARD OF EDUCATION 
 
EXHIBIT "D" 
 
NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 
 
JUNE 30. 2000 
 
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
 
obligations and pledge the full faith and credit ofthe government. The outstanding amount ofthese bonds is recorded in the General Long-Tt:1111 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. 
 
Operating transfers are recorded for all interfund transactions other than reimbursements. 
 
MEMORANDUM ONLY -TOTAL COLUMNS 
 
Total columns on the general purpose financial statements are captioned ''Memorandum Only'' to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results ofoperations in confutmity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. Certain reclassifications have been made to the comparative data to confo11n to the current year classifications. 
 
DEFICIT FUND BALANCES 
 
Funds reporting a deficit fund balance position at June 30, 2000, are as follows: 
 
- 
Fund Type/Fund Name 
 
Deficit Balances 
 
Governmental Fund Type General Fund 
 
$-1,139,405.39 
 
The Laurens County Board ofEducation Deficit Financing Plan consists ofcontrolling expenditures and increasing revenues through an increase in property taxes. 
 
Note 2: DEPOSITS AND INVESTMENTS 
 
COLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum ofmoney which has not been secured by surety bond, by guarantee ofinsurance, or by collateral. The aggregate ofthe face value ofsuch surety bond and the market value ofsecurities pledged shall be equal to not less than 11Opercent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. Ifa depository elects the pooled method (OCGA 45-8-13.1) the aggregate ofthe market value ofthe 
 
-12 - 
 
 LAURENS COUNTY BOARD OF EDUCATION 
 
EXHIBIT "D" 
 
NOTES TO THE GENERAL PURPOSE FIN.\NCIAL STATEMENTS 
 
JUNE 30, 2000 
 
Note 2: DEPOSITS AND INVESTMENTS 
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, . 
(2) Insurance on accounts provided by the F~deral 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 ofthe 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 ofthe 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 Inte11nediate Credit Bank, the Centr_al Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. 
CATEGORIZATION OF DEPOSITS 
At June 30, 2000, the bank balances were $10,415,743.19. The amounts ofthe total bank balances 
are classified into three categories of credit risk: 
Category 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with 
securities held by the Board or by the Board's agent in the Board's name. Category 2 - Cash collateralized with securities held by the pledging financial institution's 
trust department or agent in the Board's name. Category 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized 
with securities held by the pledging financial institution, or by its trust department or agent but not in the Board's name.) 
 
- 13 - 
 
 LAURENS COUNTY BOARD OF EDUCATION 
 
EXHIBIT "D" 
 
NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 
 
JUNE 30. 2000 
 
Note 2: DEPOSITS AND INVESTMENTS 
 
The Board's deposits are classified by risk category at June 30, 2000, as follows: 
 
Risk Category 
 
Bank Balance 
 
1 
 
$ 4,252,095.28 
 
2 
 
4,244,456.29 
 
3 
 
1,919. 191.62 
 
Total 
 
$10,415.743.19 
 
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. 
 
At June 30, 2000, the carrying value of the Board's total investments was $329,752.59. The investments are classified as to risk categories as follows: 
 
Type of Investment 
U. S. Government 
Local Government Invest111ent Pools Total Investments 
 
Risk Categories 
 
Carrying 
 
1 
 
2 
 
---=-3_ _ . Amount 
 
Fair Value 
 
$ 327,798.66 $ 
 
o.oo s.==~o.o..o.. s s 327,798.66 327,798.66 
 
1,953.93 
 
 
1,953.93 
 
$ 329.752.59 $ 329,752.59 
 
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 ofthe State ofGeorgia, Office ofTreasury and Fiscal Services for the Local Government Investment Pool (Primary Liquidity Portfolio) does not provide for investment in derivatives or similar investments. A description ofthe Primary Liquidity Portfolio is as follows: 
 
The Primary Liquidity Portfolio consists of Georgia Fund 1, which is a combination local and state government investment pool, and Fund 6. Georgia Fund 1 is a stable net asset value investment pool which follows Standard and Poor's criteria for AAAm rated money market funds. The pool is not registered with the Securities and Exchange Commission as an investment company but does operate Georgia Fund 1 in a manner consistent with Rule 2a-7 ofthe Investment Company Act of 1940 and 
 
- 14 - 
 
 LAURENS COUNTY BOARD OF EDUCATION 
 
EXHIBIT "D" 
 
NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 
 
JUNE 30. 2000 
 
Note 2: DEPOSITS AND INVESTMENTS 
is considered to be a 2a-7 like pool. The pool's primary objectives are safety ofcapital, investment income, liquidity and diversification while maintaining principal ($1.00 per share value). Net asset value is calculated weekly to ensure stability. The pool distributes earnings (net of management fees) on a monthly basis and values participant's shares sold and redeemed based on $1.00per share. Pooled cash and cash equivalents and investments are reported at cost which approximates fair value. The pool does not issue any legally binding guarantees to support the value of the shares. Participation in the pool is voluntary and deposits consist of funds from local governments; operating and trust funds ofGeorgia's state agencies, colleges and universities; and current operating funds of the State of Georgia's General Fund. 
Investments in Georgia Fund 1 and Fund 6 are directed toward short-tt:rm instruments such as U.S. Treasury obligations, securities issued or guaranteed as to principal and interest by the U. S. Government or any of its agencies or instrumentalities, banker's acceptances and repurchase agreements. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2000, was 23 days. The average investment duration for Fund 6 on June 30, 2000, was .80 year. 
Note 3: NON-MONETARY TRANSACTIONS 
The Board receives food commodities from the United States Department ofAgriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned 
value. See Note 1 - Inventories 
Note 4: RISK MANAGEMENT 
The Board is exposed to various risks ofloss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; natural disaster and unemployment compensation. 
The Board participates in the Georgia School Boards Association Risk and Insurance Management System, a public entity risk pool organized on July 1, 1994, to develop and administer a plan to reduce risk of loss on account of general liability, motor vehicle liability, or property damage, including safety engineering and other loss prevention and control techniques, and to administer one or more groups of self-insurance funds, including the processing and defense of claims brought against members of the system. The Board pays an annual premium to the system for its general insurance coverage. Additional coverage is provided through agreements by the system with other companies according to their specialty for property, boiler and machinery, general liability (including coverage for sexual harassment, molestation and abuse) and automobile risks. Payment of excess insurance for the system varies by line of coverage. 
 
- 15 - 
 
 LAURENS COUNTY BOARD OF EDUCATION 
 
EXHIBIT ''D" 
 
NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 
 
JUNE 30. 2000 
 
Note 4: RISK MANAGEMENT 
 
The Board is self-insured with regard to unemployment compensation claims. The Board accounts for claims within the same fund that the employee's salary and benefits were paid. Claims are accounted for with expenditure and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. 
 
Changes in the unemployment compensation claims liability during the last two fiscal years are as follows: 
 
1999 
2000 
 
Beginning 
of Year 
Liability 
 
Claims and Changes in Estimates 
 
Claims Paid 
 
End of Year 
Liability 
 
$ 
 
0.00 $ 
 
208.00 $ 
 
208.00 $._ _____,!0::.:,,:.0=.0 
 
$ 
 
0.00 $ 15,611.00 $ 15,611.00 $._ _ _-=O=.O=O 
 
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 United States Fidelity and Guaranty Company to provide coverage for potential losses sustained by the Fund in excess of$350,000.00 loss per occurrence, up to the statutory limit. 
 
The Board has purchased surety bonds to provide additional insurance coverage as follows: 
 
 Position Covered 
Superintendent Employee's Blanket Bond 
 
Amount  
$ 50,000.00 $ 100,000.00 
 
Note 5: GENERAL LONG-TERM DEBT 
 
CAPITAL LEASES The Laurens County Board ofEducation has entered into various lease agreements as lessee for land, building and equipment. These lease agreements qu,alify as capital leases for accounting purposes and, therefore, have been recorded at the present value ofthe future minimum lease payments as of 
the date of their inception. 
 
GENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: 
 
- 16 - 
 
 LAURENS COUNTY BOARD OF EDUCATION 
 
EXHIBIT "D" 
 
NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 
 
JUNE 30. 2000 
 
Note 5: GENERAL LONG-TERM DEBT 
Purpose 
General Government - Series 1995 General Government - Series 1997 General Government - Series 1998 
 
Interest Rates 
3.90% - 5.20% 4.00/4 - 4.35% 3.75% - 4.05% 
 
Amount 
$ 3,765,000.00 4,355,000.00 5. 735,000.00 
$13,855,000.00 
 
The changes in General Long-Terrn Debt during the fiscal year ended June 30, 2000, were as follows: 
 
Balance July I, 1999 
Retroactive Restatement of Prior Year Balances 
Balance July I, 1999 Restated 
Additions Capital Leases 
Deductions Debt Retired 
Balance June 30, 2000 
 
Capital Leases 
 
GSBA 
 
Other 
 
General Obligation 
Bonds 
 
Total 
 
$ 165,238.37 $ 235,390.60 $15,475,000.00 $15,875,628.97 
 
6 497.78 
 
6 497.78 
 
$ 165,238.37 $ 241,888.38 $15,475,000.00 $15,882,126.75 
 
3,200,000.00 
 
3,200,000.00 
 
55,134.52 
 
77 374.48 1.620.000.00 1,752,509.00 
 
$ 3,310,103.85 $ 164,513.90 $13.855.000.00 $17,329.6!7.75 
 
At June 30, 2000, payments due by fiscal year which includes principal and interest for these items are as follows: 
 
Fiscal Year Ended June 30 
2001 2002 2003 2004 2005 2006 - 2010 2011 - 2015 2016 - 2020 
Total Principal and Interest 
Deduct: Imputed Interest 
Net Present Value of Future Minimum Lease Payments 
 
Capital Leases 
 
GSBA 
 
Other 
 
General Obligation 
Bonds 
 
Total Debt 
 
$ 225,594.83 $ 265,904.88 262,705.00 326,413.75 323,247.50 
1,613,448.75 1,607,791.25 
323,741.25 
 
89,262.56 $ 3,831,267.50 $ 4,146,124.89 
 
93,760.87 4,149,525.00 4,509,190.75 
 
4,302,492.50 4,565,197.50 
 
479,907.50 
 
806,321.25 
 
499,665.00 822,912.50 
 
2,595,070.00 4,208,518.75 
 
1,607,791.25 
 
323.741.25 
 
$ 4,948,847.21 $ 183,023.43 $15,857,927.50 $20.989,798.!4 
 
1,638,743.36 
 
18,509.53 
 
$ 3,310,103.85 $ 164,513.90 
 
- 17 - 
 
 LAURENS COUNTY BOARD OF EDUCATION 
 
EXHIBIT "D" 
 
NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 
 
JUNE 30, 2000 
 
Note 6: ON-BEHALF PAYMENTS 
 
The Board has recognized revenues and expenditures in the amount of $425,508.92 for health insurance and retirement contributions paid on the Board's behalfby the following State Agencies. 
 
Georgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance ofNon-Certified Personnel In the amount of $320,171.67 
 
Paid to the Teachers Retirement System of Georgia For Teachers Retirement System (TRS) Employer's Cost In the amount of $26,407.25 
 
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 $78,930.00 
 
Note 7: SIGNIFICANT COMMITMENTS 
 
The following is an analysis ofsignificant outstanding construction or renovation contracts executed by the Board as of June 30, 2000: 
 
Project 
 
Unearned Executed Contracts 
 
Southwest Laurens Elementary Northwest Laurens Elementary 
 
$ 409,913.90 537,104.36 
 
$ 947,018.26 
 
The amounts described in this note are not reflected in the general purpose financial statements. 
 
Note 8: CONTINGENT LIABILITIES 
 
Amounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant tein1s. The Board believes that such disallowances, if any, will be immaterial to its overall financial position. 
 
- 18 - 
 
 LAURENS COUNTY BOARD OF EDUCATION 
 
EXHIBIT "D" 
 
NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 
 
JUNE 30. 2000 
 
 
Note 9: 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 ofGeorgia {TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. 
 
TRS CONTRIBUTIONS REQUIRED AND MADE Employees of the Board who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 11.29% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: 
 
Fiscal Year 
2000 1999 1998 
 
Percentage Contributed 
 
100% 
 
 
 
100% 
 
100% 
 
Required Contribution 
$2,325,491.99 $ 2,286,768.49 $2,074,991.79 
 
 
 
- 19 - 
 
 LAURENS COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 2000 
 
ASSETS 
 
Cash and Cash Equivalents 
 
Accounts Receivable 
 
Inventories  Food 
 
Donated Commodities 
 
 
 
Purchased Food 
 
Total Assets 
 
SCHOOL FOOD 
SERVICES FUND 
 
LOTTERY PROGRAMS 
 
$ 121,853.44 $ 121,660.32 
 
8,748.20 
 
23,025.44 
 
17,441.56 5,966.20 
 
$ 154,009.40 $ 144,685.76 
 
LIABILITIES AND FUND EQUITY 
LIABILITIES 
Cash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable 
Total Liabilities 
FUND EQUITY 
Fund Balances Reserved . For Continuation of Federal Programs For Continuation of State Programs For Inventories Food Donated Commodities Purchased Food Unreserved Undesignated 
Total Fund Equity 
 
Total Liabilities and Fund Equity 
See notes to the general purpose financial statements. 
-20- 
 
$ 20,167.55 $ 30,187.54 
 
92,897.72 
 
99,536.02 
 
$ 113,065.27 $ 129,723.56 
 
$ 14,962.20 
 
$ 17,441.56 5,966.20 
 
17,536.37 
 
0.00 
 
$ 40,944.13 $ 14,962.20 
 
$ $ 154,009.40 
 
----------- 
 
- 
 
- 
 
- 
 
1 
-- 
 
44,6 
---- 
 
85--.-7--6 
 
 EXHIBIT "E" 
 
FEDERAL PROGRAMS 
 
TOTALS JUNE 30, 2000 JUNE 30, 1999 
 
$ 243,513.76 $ 434,711.81 
 
$ 215,922.22 
 
247,695.86 
 
184,323.21 
 
17,441.56 5,966.20 
 
17,501.20 6,333.85 
 
$ 215,922.22 $ 514,617.38 $ 642,870.07 
 
$ 20,834.03 $ 
42,101.24 142,526.20 
7,353.80 
$ 212,815.27 $ 
 
20,834.03 92,456.33 $ 334,959.94 
7,353.80 
455,604.10 $ 
 
90,484.88 333,647.50 
424,132.38 
 
 
 
$ 
 
3,106.95 $ 
 
3,106.95 $ 
 
14,962.20 
 
664.72 
 
17,441.56 5,966.20 
 
17,501.20 6,333.85 
 
0.00 
 
17,536.37 
 
194,237.92 
 
$ 
 
3 106.95 $ 
 
59,013.28 $ 218,737.69 
 
$ 215,922.22 $ 514,617.38 $ 642,870.07 
 
- 21 - 
 
 LAURENS COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 
SPECIAL REVENUE FUND YEAR ENDED JUNE 30, 2000 
 
REVENUES 
State Funds Federal Funds Other Funds 
Total Revenues 
EXPENDITURES 
Current Instruction Support Services Pupil Services Improvement of Instructional Services 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 
Capital Outlay 
Total Expenditures 
 Excess of Revenues over (under) Expenditures 
FUND BALANCE JULY 1 
Food Inventory - Net Change in Period Donated Commodities Purchased Food 
 
SCHOOL FOOD 
SERVICES FUND 
 
LOTTERY PROGRAMS 
 
$ 154,670.00 $ 1,081,215.82 
1,620,543.40 497,195.43 
$ 2,272,408.83 $ 1,081,215.82 
 
$ 920,755.76 
77,682.74 8,577.13 
 
$ 2,449,110.38 
 
56,252.44 525.18 
801.60 1,658.77 
 
$ 2,449,110.38 $ 1,066,253.62 
 
$ -176,701.55 $ 
 
14,962.20 
 
218,072.97 
 
0.00 
 
-59.64 -367.65 
 
FUND BALANCE JUNE 30 
 
$ $ 
 
40,944.13 ----- - 
 
-- - 
 
. ---- 
 
- 
 
- 
 
- 
 
14,9 
---- 
 
6- -2- 
 
. 
 
20 
- 
 
- 
 
See notes to the general purpose financial statements. -22- 
 
 EXHIBIT "F" 
 
FEDERAL 
PROGRAMS 
 
TOTALS 
YEAR ENDED 
JUNE 30, 2000 JUNE 30, 1999 
 
$ 996,846.00 $ 
1,793,502.02 
 
2,232,731.82 $ 3,414,045.42 
497,195.43 
 
2, 183,096.05 3,033,208.98 
492,216.47 
 
$ 2,790,348.02 $ 6,143,972.67 $ 5,708,521.50 
 
$ 1,817,655.01 $ 2,738,410.77 $ 2,547,286.68 
 
341,033.00 
 
418,715.74 
 
327,152.60 
 
231,113.14 
 
239,690.27 
 
161,462.23 
 
228,825.56 
 
228,825.56 
 
201,544.92 
 
3,814.55 
 
3,814.55 
 
12,611.80 
 
35,840.97 
 
35,840.97 
 
38,544.22 
 
92,134.24 
 
148,386.68 
 
183,324.72 
 
26,584.17 
 
27,109.35 
 
24,312.29 
 
440.50 
 
440.50 
 
2,358.95 
 
6,804.68 
 
7,606.28 
 
6,100.30 
 
2,450,769.15 
 
2,052,250.55 
 
446.97 
 
446.97 
 
1,912.29 
 
3,213.00 
 
3,213.00 
 
4,200.00 
 
 
 
 
 
$ 2,787,905.79 $ 6,303,269.79 $ 5,563,061.55 
 
$ 
 
2,442.23 $ -159,297.12 $ 145,459.95 
 
664.72  
 
218,737.69 
 
83,682.70 
 
-59.64 -367.65 
 
-5,387.73 -5,017.23 
 
 
$ 
 
3,106.95 $ 
 
59,013.28 $ 218,737.69 
 
-23- 
 
 LAURENS COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30, 2000 
 
ASSETS Cash and Cash Equivalents Investments Accounts Receivable 
Total Assets 
LIABILITIES AND FUND EQUITY LIABILITIES 
Accounts Payable Contracts Payable Retainages Payable 
Total Liabilities FUND EQUITY 
Fund Balances Reserved For Purposes of Bond Issue For SPLOST Projects For State Capital Outlay Projects Unreserved Undesignated Total Fund Equity 
Total Liabilities and Fund Equity 
 
REGULAR 
 
BOND PROCEEDS 
 
$ 
 
0.00 $ 2,357,751.88 
 
1,951.16 
 
285,079.05 
 
$====o=.o=o= $ 2,644,782.09 
 
$ 171,406.28 1,370,879.77 742,640.96 
$ 2,284,927.01 
 
$ 359,855.08 
 
$ _ _ _ _0.;a.;.a.00__ 
 
0.00 
 
$ _ _ _ _.:.;0.=00;;.... $ 359,855.08 
 
$ 
 
0.00 $ 2,644,782.09 
 
 
See notes to the general purpose financial statements. - 24- 
 
 EXHIBIT "G" 
 
SPECIAL PURPOSE LOCAL OPTION SALES TAX 
 
LOTTERY PROJECT 
 
TOTALS JUNE 30, 2000 JUNE 30, 1999 
 
$ 
 
638,684.30 -$ 79,839.50 $ 3,076,275.68 $ 1,076,450.83 
 
1,951.16 10,128,888.53 
 
320,482.11 
 
605,561.16 
 
285,203.70 
 
$ 
 
959,166.41 $ 79,839.50 $ 3,683,788.00 $ 11,490,543.06 
 
 
 
$ 171,406.28 1,370,879.77 $ 742,640.96 
$ 2,284,927.01 $ 
 
493,131.60 84,146.30 
577,277.90 
 
$ 359,855.08 $ 10,913,265.16 
 
$ 
 
959,166.41 
 
959,166.41 
 
$ 79,839.50 
 
79,839.50 
 
0.00 
 
0.00 
 
0.00 
 
0.00 
 
$ 
 
959,166.41 $ 79,839.50 $ 1,398,860.99 $ 10,913,265.16 
 
$ 
 
959,166.41 $ 79,839.50 $ 3,683,788.00 $ 11,490,543.06 ~-~------ 
 
 25- 
 
 . LAURENS COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 
CAPITAL PROJECTS FUND YEAR ENDED JUNE 30, 2000 
 
REVENUES 
 
State Funds Taxes Other Funds 
 
Total Revenues 
 
EXPENDITURES 
 
Capital Outlay Land and Land Improvements Building and Building Improvements Equipment 
 
Total Expenditures 
 
Excess of Revenues over (under) Expenditures 
 
OTHER FINANCING SOURCES 
 
Capital Leases 
 
 
 
Excess of Revenues and Other Financing Sources over (under) Expenditures 
 
FUND BALANCE JULY 1 
 
 
FUND BALANCE JUNE 30 
 
REGULAR 
 
BOND PROCEEDS 
 
$ 
 
0.00 $ _ _4:..:4.::.9..7:.=,23:::.:.::.54.,_ 
 
$ 
 
0.00 $ _ __:_44..:.:9:.z.:7,~2:=.:3-~54.,_ 
 
$ $ . 3,200,000.00 
 
258,933.22 10,747,347.82 
41,852.58 
 
$ 3,200,000.00 $ 11,048,133.62 
 
$ -3,200,000.00 $ -10,598,410.08 
 
3,200,000.00 
 
$ 
 
0.00 $ -10,598,410.08 
 
0.00 
 
10,958,265.16 
 
$ 
 
0.00 $ 
 
359,855.08 
 
 
 
See notes to the general purpose financial statements. - 26- 
 
 EXHIBIT "H" 
 
SPECIAL PURPOSE LOCAL OPTION SALES TAX 
 
LOTTERY PROJECT 
 
TOTALS YEAR ENDED JUNE 30, 2000 JUNE 30, 1999 
 
$ 292,965.10 $ 
 
292,965.10 $ 
 
505,429.90 
 
$ 
 
957,610.14 
 
957,610.14 
 
1,556.27 
 
451,279.81 
 
640,617.02 
 
959,166.41 $ 292,965.10 $ 1-,701,855.05 $ 1,146,046.92 
 
$ 
 
0.00 
 
$ 
 
258,933.22 $ 
 
275,791.86 
 
$ 213,125.60 
 
14,160,473.42 
 
1,389,286.64 
 
\ 
 
41,852.58 
 
15,000.00 
 
$ _ _ _-=o."""'oo"""" $ 213,125.60 $ 14,461,259.22 $ 1,680,018.50 
 
$ 
 
959,166.41 $ 79,839.50 $ -12,759,404.17 $ -534,031.58 
 
3,200,000.00 
 
$ 
 
959,166.41 $ 79,839.50 $ -9,559,404.17 $ -534,031.58 
 
0.00 
 
0.00 
 
10,958,265.16 
 
11,492,296.74 
 
. 
 
$ 
 
959,166.41 $ 79,839.50 $ 1,398,860.99 $ 10,958,265.16 
 
- 27- 
 
 LAURENS COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET DEBT SERVICE FUND JUNE 30, 2000 
 
EXHIBIT "I" 
 
ASSETS Cash and Cash Equivalents Accounts Receivable 
 
PROPERTY TAXES 
FOR BOND DEBT 
 
SPECIAL PURPOSE LOCAL OPTION SALES TAX 
 
TOTALS JUNE 30, 2000 JUNE 30, 1999 
 
$ 3,930,754.38 $ 3,930,754.38 $ 3,194,562.04 
 
$ _ _ _1.;..;0;..;1..;.8;.;..;1_ 
 
336,786.49 
 
336,888.30 
 
539,035.23 
 
Total Assets 
 
$ 
 
101.81 $ 4,267,540.87 $ 4,267,642.68 $ 3,733,597.27 
 
FUND EQUITY 
Fund Balances Reserved For Debt Service Unreserved Undesignated 
 
$ 
 
101.81 $ 4,267,540.87 $ 4,267,642.68 $ 3,733,597.27 
 
0.00 
 
0.00 
 
0.00 
 
0.00 
 
Total Fund Equity 
 
$ 
 
101.81 $ 4,267,540.87 $ 4,267,642.68 $ 3,733,597.27 
 
 
 
See notes to the general purpose financial statements. -28- 
 
 LAURENS COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES 
DEBT SERVICE FUND YEAR ENDED JUNE 30. 2000 
 
Ej rllBIT J" 
 
 
 
REVENUES 
 
 
 
PROPERTY TAXES 
FOR BOND DEBT 
 
SPECIAL PURPOSE LOCAL OPTION SALES TAX 
 
TOTALS YEAR ENDED JUNE 301 2000 JUNE 30, 1999 
 
Taxes Other Funds 
 
$ 6,173.31 $ 2,612,148.74 $ 2,618,322.05 $ 3,362,653.32 
 
37.52 
 
206,342.40 
 
206,379.92 
 
91 176.76 
 
Total Revenues 
 
$ 6,210.83 $ 2,818,491.14 $ 2,824,701.97 $ 3,453,830.08 
 
EXPENDITURES 
 
Debt Service Principal Interest 
Total Expenditures 
 
$ 
 
0.00 $ 1,620,000.00 $ 1,620,000.00 $ 295,000.00 
 
661,307.50 
 
661,307.50 
 
827,393.55 
 
$ 
 
0.00 $ 2,281,307.50 $ 2,281,307.50 $ 1,122,393.55 
 
Excess of Revenues over (under) Expenditures 
 
$ 6,210.83 $ 
 
537,183.64 $ 543,394.47 $ 2,331,436.53 
 
OTHER FINANCING USES Operating Transfers Out 
 
-9,349.06 
 
-9,349.06 
 
-42,753.23 
 
Excess of Revenues over (under) Expenditures and Other Financing Uses 
 
$ -3,138.23 $ 
 
537,183.64 $. 534,045.41 $ 2,288,683.30 
 
FUND BALANCE JULY 1 
 
3,240.04 
 
3,730,357.23 
 
3,733,597.27 
 
1,444,913.97 
 
FUND BALANCE JUNE 30 
 
$ 
 
101.81 $ 4,267,540.87 $ 4,267,642.68 $ 3,733,597.27 
 
See notes to the general purpose financial statements. 
 
- 29- 
 
 LAURENS COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN ASSETS AND LIABILITIES 
FIDUCIARY FUND TYPE - AGENCY FUND YEAR ENDED JUNE 30, 2000 
 
EXHIBIT "K" 
 
GSBA CONSTRUCTION PROJECT 
ASSETS 
Investments Held by Trustee 
 
BALANCE JUNE 30, 1999 
 
ADDITIONS 
 
DEDUCTIONS 
 
BALANCE JUNE 30, 2000 
 
$====0=.0=0= $ 3,241,226.79 $ 2,913,428.13 $ 327,798.66 
 
LIABILITIES Funds Held for Others 
 
$====0==00= $ 3,241,226.79 $ 2,913,428.13 $ 327,798.66 
 
 
 
 
 
 
 
. 
See notes to the general purpose financial statements. 
-30- 
 
 LAURENS COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 
YEAR ENDED JUNE 30, 2000 
 
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 
 
N/A $ 408,990.60 
 
(2) 
 
NIA 
 
1,007,846.03 $ 2,323,403.95 (3) 
 
Total Child Nutrition Cluster 
 
$ 1,416,836.63 $ 2,323,403.95 
 
Other Programs 
 
Pass-Through From Georgia Department of Education 
 
Food and Nutrition Program 
 
Food Distribution Program (1) 
 
10.550 
 
N/A 
 
Pass-Through From Office of School Readiness 
 
Food and Nutrition Program 
 
Child and Adult Care Food Program 
 
10.558 
 
NIA 
 
125,706.43 78,000.34 
 
125,706.43 
(2) 
 
Total U. S. Department of Agriculture 
 
$ 1,620,543.40 $ 2,449,110.38 
 
Education, U. S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Individuals with Disabilities Education Act Part B - Special Education Flow Through Preschool Severely Emotionally Disturbed Capacity Building Improvement Grant 
 
84.027 84.173 84.027 84.173 
 
NIA $ 260,220.34 $ 
 
260,220.34 
 
NIA 
 
23,301.54 
 
23,301.54 
 
NIA 
 
137,010.00 
 
1,133,856.00 (3) 
 
NIA 
 
9,162.62 
 
9,162.62 
 
Total Special Education Cluster 
 
$ 429,694.50 $ 1,426,540.50 
 
Other Programs 
 
Pass-Through From First District Regional Educational 
 
Service Agency 
 
d/b/a Live Oak Migrant Education Agency 
 
Elementary and Secondary Education Act 
 
Title I Migrant Education 
 
84.011 
 
NIA 
 
Pass-Through From Georgia Department of Education 
 
Elementary and Secondary Education Act 
 
Title I 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 Class Size Reduction 
 
84.298 
 
NIA 
 
84.340 
 
NIA 
 
Goals 2000 
 
State and Local Education Systemic Improvement 
 
Grants 
 
84.276 
 
NIA 
 
20,709.54 
828,159.42 35,204.45 128,353.08 35,312.00 105,524.40 
73,455.00 
 
18,969.02 
828,080.05 35,204.45 127,730.74 35,312.00 105,524.40 
73,455.00 
 
- 31 - 
 
 LAURENS COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 
YEAR ENDED JUNE 30, 2000 
 
SCHEDULE "1  
 
FUNDING AGENCY PROGRAM/GRANT 
Education, U. S. Department of Other Programs Pass-Through From Georgia Department of Education Safe and Drug-Free Schools Vocational Education - Basic Grants to States High School Program Basic Grant 
Total U. S. Department of Education 
 
CFDA NUMBER 
 
PASSTHROUGH 
ENTITY ID 
NUMBER 
 
FEDERAL REVENUE IN PERIOD 
 
EXPENDITURES IN PERIOD 
 
84.186 84.048 
 
N/A $ 82,476.44 $ 
 
82,476.44 
 
N/A 
 
54,613.19  
 
54,613.19 
 
$ 1,793,502.02 $ 2,787,905.79 
 
Total Federal Financial Assistance 
N/A = Not Available 
 
$ 3,414,045.42 $ 5,237,016.17 
 
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 and the Child and Adult Care Food Program were not maintained separately and are induded in the 2000 National School Lunch Program. 
(3) Expenditures for this program indude 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 Board did not provide Federal Assistance to any Subrecipient. 
 
The accompanying schedule of expenditures of Federal awards indudes the Federal grant activity of the Laurens 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. 
 
-32- 
 
 LAURENS COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2000 
 
SCHEDULE "2" 
 
AGENCY/FUNDING 
 
GOVERNMENTAL FUND TYPES 
 
SPECIAL 
 
CAPITAL 
 
GENERAL 
 
REVENUE 
 
PROJECTS 
 
FUND 
 
FUND 
 
FUND 
 
TOTAL 
 
GRANTS Education, Georgia Department of Quality Basic Education General and Career Education Programs Special Education Programs Remedial Education Program Media Center Programs Staff Development Programs Indirect Cost Pupil Transportation Regular Bus Replacement Middle School Incentive Program Special Instructional Assistance In-School Suspension Mid-term Adjustment Counselors Grades 4 and 5 Technology Specialist Local Five Mill Share Educational Equalization Funding Grant Food Services Vocational Education Other State Programs Alternative Program At-Risk Summer School Program Health Insurance Innovative Programs Mentor Teacher Program Preschool Handicapped Program Remedial Summer School Program Severely Emotionally Disturbed Teachers' Retirement Lottery Programs Assistive Technology Computers in the Classroom Distant Leaming Exceptional Growth-Capital Outlay 
 
Georgia Department of Community Affairs Governor's Emergency Funds (1) Governor's Emergency Funds (2) Local Assistance Grants (3) 
 
$ 12,583,381.00 2,487,464.00 367,304.00 533,853.00 143,862.00 3,284,472.00 
 
$ 12,583,381.00 2,487,464.00 367,304.00 533,853.00 143,862.00 3,284,472.00 
 
843,402.00 244,976.00 410,242.00 421,324.00 139,364.00 262,997.00 
52,976.00 57,685.00 -2,491,533.00 1,269,485.00 
$ 
73,848.50 
 
154,670.00 
 
843,402.00 244,976.00 410,242.00 421,324.00 139,364.00 262,997.00 
52,976.00 57,685.00 -2,491,533.00 1,269,485.00 154,670.00 73,848.50 
 
272,607.00 16,060.64 
320,171.67 5,000.00 6,308.39 
55,606.00 9,617.06 
 
26,407.25 
 
996,846.00 
 
272,607.00 16,060.64 
320,171.67 5,000.00 6,308.39 
55,606.00 9,617.06 
996,846.00 26,407.25 
 
17,579.52 
 
17,579.52 
 
123,908.00 
 
123,908.00 
 
- 
 
6,420.00 $ 292,965.10 
 
6,420.00 292,965.10 
 
10,000.00 10,000.00 7,500.00 
 
10,000.00 10,000.00 7,500.00 
 
Office of School Readiness Pre-Kindergarten Program 
 
933,308.30 
 
933,308.30 
 
Office of Treasury and Fiscal Services Public School Employees Retirement 
 
78,930.00 
 
78,930.00 
 
CONTRACT Education, Georgia Department of Georgia Reading Challenge 
 
170,447.00 
 
170,447.00 
 
$ 21,673,757.51 $ 2,232,731.82 $ 292,965.10 $ 24,199,454.43 
(1) The purpose of these funds is to complete a concession stand and restrooms at East Laurens Middle/High School. (2) The purpose of these funds is to purchase accelerated reader books and test disks for East Laurens Elementary School. (3) The purpose of these funds is for planning for a joint school auditorium in Laurens County. 
See notes to the general purpose financial statements. 
- 33- 
 
 LAURENS COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS 
YEAR ENDED JUNE 30. 2000 
 
SCHEDULE "3" 
 
PROJECT 
Acquiring land, constructing and equipping two new elementary schools (Northwest and Southwest Laurens Elementary Schools); renovating, improving and adding to East Laurens High School; acquiring, constructing and equipping renovations to East Laurens Elementary School; making improvements to the physical education and athletic facilities at East Laurens and West Laurens High Schools; and retiring previously incurred general obligation debt. 
 
ORIGINAL ESTIMATED 
COST (1) 
 
CURRENT ESTIMATED COSTS (2) 
 
AMOUNT EXPENDED IN CURRENT 
YEAR (3) 
 
AMOUNT EXPENDED 
IN PRIOR YEARS 
 
 
$ 21,343,650.00 $ 
 
21,343,650.00 $ 12,142,566.72 $ 2,815,564.55 
 
(1) The Board's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. 
(2) The Board's current estimate of total cost for the project. Includes all cost from project inception to completion. 
(3) The voters of Laurens County approved the imposition of a 1% sales tax to fund the above project and retire associated debt. Amounts expended for this project may include sales tax proceeds, state, local property taxes and/or other funds over the life of the project. 
 
See notes to the general purpose financial statements. 
 
- 34- 
 
 LAURENS COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL 
GENERAL FUND-QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30, 2000 
 
SCHEDULE "4" 
 
Minimum Expenditure Requirements (Total Allotment) Expenditures on Combined Program Basis 
Salaries Operations 
Less: Expenditures for Media Center Programs in Excess of Total Media Allotment 
Expenditures per Audit 
Amount of Underexpenditure for Total Allotment 
 
FOURTEEN WEIGHTED AND MEDIA CENTER 
PROGRAMS 
 
100o/o TEST FOR OPERATIONS PORTION OF FOURTEEN WEIGHTED PROGRAMS 
 
$ 
 
16,234,979.oo $ _ __.;:;.50:;.:9:.z.;:3,:..:4.:;.5:..o;;..:;. o 
 
$ 
 
17,805,708.82 
 
870,990.38 $ _ _ _7.;_;5;.;;6.L0.:,.=2.;;.;8..:;.80;:;.. 
 
$ 
 
18,676,699.20 
 
-133,906.01 $ _ _1_8-'-,5_4.;..2.:.7..,-'-93.;..._19_ 
 
$ 
 
o.oo $ =====o=.o=o 
 
 
 
See notes to the general purpose financial statements. - 35 - 
 
 LAURENS COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - BY PROGRAM 
GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30, 2000 
 
GENERAL AND CAREER EDUCATION PROGRAMS 
Kindergarten (*) 
Grades 1 - 3 (*) Sub-Total - K-3 
Grades 4 - 5 (*) Grades 6 - 8 (*) 
Grades 9 - 12 (*) High School Laboratories (*) 
Vocational Education Laboratories (*) Total General and Career Education Programs 
SPECIAL EDUCATION PROGRAMS Regular Programs Category I (*) Category II (*) Category Ill (*) Category IV (*) Category V (*) Sub-Total - Regular Category VI (Gifted) (*) Total Special Education Programs 
REMEDIAL EDUCATION PROGRAM (*l Total Fourteen Weighted Programs 
MEDIA CENTER PROGRAMS 
Salaries Operations 
Total Media Center Programs 
 
ALLOTMENTS FROM GEORGIA DEPARTMENT OF 
 
REQUIRED 
 
ORIGINAL 
 
% 
 
ORIGINAL 
 
MID-TERM 
 
 
 
$ 1,324,216.00 
 
$ 1,191,794.40 $ 
 
0.00 
 
3,711,932.00 
 
3,340,738.80 
 
$ 5,036,148.00 90 $ 4,532,533.20 $ 
 
0.00 
 
1,580,006.00 90 
 
1,422,005.40 
 
262,977.00 
 
2,489,439.00 90 
 
2,240,495.10 
 
1,738,426.00 90 
 
1,564,583.40 
 
861,414.00 90 
 
775,272.60 
 
877,948.00 90 
 
790,153.20 
 
$ 12,583,381.00 
 
--------- $ 11,325,042.90 $ 
 
262,977.00 
 
$ 2,107,365.00 
 
$ 1,896,628.50 $ 
 
0.00 
 
$ 2,107,365.00 90 $ 1,896,628.50 $ 
 
0.00 
 
380,099.00 90 
 
342,089.10 
 
$ 2,487,464.00 
 
$ 2,238,717.60 $ _ _ ___;;.o"".oo.;.. 
 
$ 
 
367,304.00 90 $ 
 
- - - - - 330,573.60 $ 
 
0.00 
 
$ 15,438,149.00 
 
$ 13,894,334.10 $ _ _..;;26;,;;;2;;,.,9;;..;7..;.7;..;;..0.;..0 
 
$ 
 
429,040.00 90 $ 
 
386, 136.00 $ 
 
0.00 
 
104,813.00 100 
 
104,813.00 
 
$ 
 
533,853.00 
 
$ 
 
490,949.oo $ _ _ ____,.;;;o.;.;;;.o..;..o 
 
Total Fourteen Weighted and Media Center Programs $ 15,972,002.00 
 
$ 14,385,283.10 $ 
 
262,977.00 
 
------- 
 
----- 
 
STAFF DEVELOPMENT PROGRAMS 
Cost of Instruction Professional Development 
 
$ 
 
46,706.00 
 
$ 
 
46,706.00 $ 
 
0.00 
 
97,156.00 
 
97,156.00 
 
Total Staff Development Programs (*) Identifies Fourteen Weighted Programs. 
See notes to the general purpose financial statements. 
 
$ 
 
143,862.00 100 $ 
 
-- 
 
-------- 
 
143,862.00 $ 
 
0.00 
 
- - ----- ----- - --- - 
 
- 36 - 
 
 SCHEDULE "5" 
 
EDUCATION TOTAL 
REQUIRED 
 
ACTUAL EXPENDITURES 
 
SALARIES 
 
OPERATIONS 
 
TOTAL 
 
AMOUNT OF UNDEREXPENDITURE 
FOR REQUIRED ALLOTMENT 
 
$ 1,191,794.40 $ 1,421,694.23 $ 
 
31,132.94 $ 1,452,827.17 
 
3,340,738.80 
 
3,271,468.93 
 
137,467.38 
 
3,408,936.31 
 
$ 4,532,533.20 $ 4,693,163.16 $ 
 
168,600.32 $ 4,861,763.48 $ 
 
0.00 
 
1,684,982.40 
 
1,808,322.18 
 
93,084.39 
 
1,901,406.57 
 
0.00 
 
2,240,495.10 
 
3,059,975.81 
 
130,999.55 
 
3,190,975.36 
 
0.00 
 
1,564,583.40 
 
2,558,835.61 
 
196,309.74 
 
2,755,145.35 
 
0.00 
 
775,272.60 
 
1,070,030.36 
 
21,067.45 
 
1,091,097.81 
 
0.00 
 
790,153.20 
 
974,519.67 
 
107,217.24 
 
1,081,736.91 
 
0.00 
 
$ 11,588,019.90 $ 14,164,846.79 $ 
 
717,278.69 $ 14,882,125.48 
 
$ 1,896,628.50 
$ 
 
61,959.17 $ 686,900.62 1,237,531.62 
80,883.74 7,333.62 
 
4,647.58 $ 7,919.57 18,797.22 1,010.43 
 
 66,606.75 694,820.19 1,256,328.84 
81,894.17 7,333.62 
 
$ 1,896,628.50 $ 2,074,608.77 $ 
 
32,374.80 $ 2,106,983.57 
 
0.00 
 
342,089.10 
 
360,239.37 
 
4,681.05 
 
364,920.42 
 
0.00 
 
$ 2,238,717.60 $ 2,434,848.14 $ 
 
37,055.85 $ 2,471,903.99 
 
$ . 330,573.60 $ 
 
653,216.46 $ 
 
1,694.26 $ _ ___,;6;.;;.54.;.:.;;..91_0_7._2_ 
 
0.00 
 
$ 14,157,311.10 $ 17,252,911.39 $ 
 
756,028.80 $ 18,008,940.19 
 
$ 
 
386,136.00 $ 
 
552,797.43 
 
$ 
 
552,797.43 
 
0.00 
 
104,813.00 - - - - - - $ _ _1.;.;1~4,.;;;.,96.;;.1;.;.;.58= 
 
114,961.58 
 
0.00 
 
$ 
 
490,949.00 $ 
 
552,797.43 $ 
 
114,961.58 $ _ __;66;;.;;;.;..7:.;.,75;;;.;9;..;.;.0;.;.1 
 
$ 
 
14,648,260.10 
 
$ - 
 
- - -1-7-,80--5-,-7-0-8-.-8-2 
 
$ 
 
870,990.38 $ 
 
-1--8-,-6-76-,-6-99.2-0 $ 
 
-- 
 
0.00 
-- ------ -- - - - - 
 
 
 
$ 
 
46,706.00 
 
97,156.00 
 
$ 
 
143,862.00 
 
$ 
 
111,479.45 $ 
 
111,479.45 
 
23,669.11 
 
23,669.11 
 
$ 
 
135,148.56 $ 
 
135,148.56 $ 
 
8,713.44 
 
----- -- - - 
 
- --- - - - 
 
- 
 
- 37 - 
 
 SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS 
- 
 
 
 RussELL W. H1NTON 
STATE AUDITOR 
(404) 656-2174 
 
DEPARTMENT OF AUDITS AND ACCOUNTS 
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 
June 26, 2001 
 
Honorable Roy E. Barnes, Governor 
 
Members of the General Assembly 
 
Members of the State Board of Education 
 
and 
 
 
 
Superintendent and Members of the 
 
Laurens County Board of Education 
 
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 
 
Ladies and Gentlemen: 
 
We have audited the financial statements of Laurens County Board of Education as of and for the year ended June 30, 2000, and have issued our report thereon dated June 26, 2001. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. 
 
Compliance 
 
As part of obtaining reasonable assurance about whether Laurens County Board of Education's financial statements are free of material misstatement, we perfotmed tests of its compliance with certain provisions oflaws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the dete11nination offinancial statement amounts. However, providing an opinion on compliance with those provisions was not an objective ofour audit, and accordingly, we do not express such an opinion. The results ofour tests disclosed an instance ofnoncompliance that is required to be reported under Government Auditing Standards and which is described in the accompanying Schedule of Findings and Questioned Costs as item FS-6871-00-03. 
 
2000YB-60A 
 
 Internal Control Over Financial Reporting 
In planning and perfonning our audit, we considered Laurens County Board ofEducation's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control over financial reporting. However, we noted certain matters involving the internal control over financial reporting and its operation that we consider to be reportable conditions. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe internal control over financial reporting that, in ourjudgment, could adversely affect Laurens County Board ofEducation's ability to record, process, summarize and report financial data consistent with assertions of management in the financial statements. Reportable conditions are described in the accompanying Schedule ofFindings and Questioned Costs as itemsFS-6871-00-02 and FS-6871-00-05. 
A material weakness is a condition in which the design or operation of one or more ofthe internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of perfonning their assigned functions. Our consideration ofthe internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions, and accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, all of the reportable conditions described above are also considered to be material weaknesses. 
This report is intended solely for the information and use of management, members ofthe Laurens County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. 
Respectfully submitted, 
 
RWH:gp 
 
' 
 
2000YB-60A 
 
ell W. Hinton State Auditor 
 
 RussELL W. H1NTON 
STATE AUDITOR 
(404) 656-2174 
 
DEPARTMENT OF AUDITS AND ACCOUNTS 
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 
June 26, 2001 
 
Honorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education 
and Superintendent and Members of the Laurens County Board of Education 
REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 
Ladies and Gentlemen: 
Compliance 
We have audited the compliance of Laurens County Board of Education with the types of compliance requirements described in the U.S. Office ofManagement and Budget (0MB) Circular A-133 Compliance Supplement that are applicable to each ofits major Federal programs for the year ended June 30, 2000. Laurens County Board ofEducation's major Federal programs are identified in the accompanying Schedule ofFindings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major Federal programs is the responsibility ofLaurens County Board ofEducation's management. Our responsibility is to express an opinion on Laurens County Board of Education's compliance based on our audit. 
We conducted our audit ofcompliance in accordance with auditing standards generally accepted in the United States ofAmerica; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States; and 0MB Circular Al 33, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and 0MB Circular A-133 require that we plan and perfo1m the audit to obtain reasonable assurance about whether noncompliance with the types ofcompliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Laurens County Board of Education's compliance with those requirements and perfo1ming such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal detennination on Laurens County Board of Education's compliance with those requirements. 
2000SA-10A 
 
 In our opinion, the Laurens County Board ofEducation complied, in all material respects, with the 
 
requirements referred to above that are applicable to each ofits major Federal programs for the year 
 
ended June 30, 2000. 
 
 
 
Internal Control Over Compliance 
 
The management of Laurens County Board of Education is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and perfo11ning our audit, we considered Laurens County Board ofEducation's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to dete1n1ine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with 0MB Circular A-133. 
 
Our consideration ofthe internal control over compliance would not necessarily disclose all matters in the internal control that might be material weaknesses. A material weakness is a condition in which the design or operation ofone or more ofthe internal control components does not reduce to a relatively low level of risk that noncompliance with applicable requirements of laws, regulations, contracts and grants that would be material in relation to a major Federal program being audited may occur and not be detected within a timely period by employees in the no1111al course ofperforming their assigned functions. We noted no matters involving the internal control over compliance and its operation that we consider to be material weaknesses. 
 
This report is intended solely for the info1mation and use ofmanagement, members of the Laurens County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than th~se specified parties. 
 
 
RWH:gp 
2000SA-10A 
 
Respectfully submitted, 
- 
R ell W. Hinton State Auditor 
 
 
 
 
 
 SECTION ID 
. 
AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS 
 
 
 
 LAURENS COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE 
SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2000 
 
PRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS 
 
FINDING CONTROL NUMBER AND STATUS 
 
 FS-6871-98-01 FS-6871-98-02 FS-6871-99-01 FS-6871-99-02 
 
Further Action Not Warranted Further Action Not Warranted Unresolved - See Corrective Action/Responses Unresolved - See Corrective Action/Responses 
 
CORRECTIVE ACTION/RESPONSES 
 
CASH AND CASH EQUNALENTS GENERAL LEDGER Inadequate Separation of Duties Finding Control Number: FS-6871-99-01 
 
Due to current budgetary constraints, the Board is unable to hire the additional staff required to clear this finding. The Board feels it has provided for the most appropriate assignment of duties with the number of personnel available to perforrn the accounting functions. With staff limitations, this finding cannot be totally resolved. 
 
GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Finding Control Number: FS-6871-99-02 
 
 
Due to current staffing limitations and budgetary considerations prohibiting the hiring of additional administrative staff, the Board has decided not to pursue the recording of general fixed assets on the financial statements. 
 
PRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS 
 
FINDING CONTROL NUMBER AND STATUS 
 
FA-6871-98-01 
 
Previousty Reported Corrective Action Implemented 
 
 SECTIONN FINDINGS AND QUESTIONED COSTS 
 
 LAURENS COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS 
YEAR ENDED JUNE 30, 2000 
 
I SUMMARY OF AUDITOR'S RESULTS 
 
1. Type of Report Issued on the Financial Statements The auditor's opinion on the Laurens County Board ofEducation's financial statements was qualified for various departures from generally accepted accounting principles. 
 
2. Reportable Conditions in Internal Control Disclosed by the Audit of the Financial Statements The audit report for the Laurens County Board of Education disclosed financial statement reportable conditions related to the following control categories. 
 
 
Cash and Cash Equivalents General Fixed Assets 
 
General Ledger 
 
All ofthe reportable conditions described above are considered to be material weaknesses. 
3. Noncompliance Material to the Financial Statements The audit of the Laurens County Board of Education disclosed one instance of noncompliance deemed material to the financial statements. This noncompliance involved the Board's commingling ofSpecial Purpose Local Option Sales Tax funds with the General Fund. 
 
4. Reportable Conditions in Internal Control Over Major Programs 
The audit report for the Laurens County Board ofEducation did not disclose any reportable conditions in internal control over major programs. 
 
5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Laurens County Board ofEducation's report on compliance with requirements applicable to major programs was unqualified. 
 
6. Audit Findings Required to be Reported by Section .510(a) of 0MB Circular A-133 The Laurens County Board ofEducation's audit did not disclose audit findings req11ired to be reported by section .510(a) ofOMB Circular A-133. 
 
7. Major Programs 
 
 
 
Federal awards audited as major programs are as follows: 
 
10.553 Food and Nutrition Program - Food Services - School Breakfast Program 
 
.10.555 Food and Nutrition Program - Food Services - National School Lunch Program 
 
84.010 Elementary and Secondary Education Act- Title I - Grants to Local Educational 
 
Agencies 
 
8. Type ''A'' Program Dollar Threshold The dollar threshold for type ''A'' programs was $300,000.00. 
 
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 LAURENS COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS 
YEAR ENDED JUNE 30. 2000 
I SUMMARY OF AUDITOR'S RESULTS 
9. Low Risk Auditee The Laurens County Board ofEducation did not qualify as a low risk auditee as defined by Section .530 ofOMB Circular A-133. 
. 
II FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS 
BUDGET PREPARATION/EXECUTION Deficit Fund Balance Nonmaterial Noncompliance Finding Control Number: FS-6871-00-01 
At June 30, 2000, the liabilities and reserved fund balances exceeded assets available for the General Fund by $1,139,405.39. 0.C.G.A. 20-2-67 (b) requires that the Superintendent submit to the Georgia Department of Education both a response to this condition and a corrective action plan designed to correct the budget deficit. The Board should establish budgetary procedures to ensure that funding is available prior to committing to expenditures. 
CASH AND CASH EQUNALENTS GENERAL LEDGER Inadequate Control Procedures Reportable Condition - Material Weakness Repeated From Prior Year Finding Control Number: FS-6871-00-02 
The Board did not provide for adequate separation of duties in the perfo11nance of accounting functions and related procedures. The following deficiencies were noted: 
 
(1) The bank reconciliation function was not separated from the general ledger posting and check preparation function. In addition, for the School Food Services Fund the bank reconciliations were not reviewed by an individual independent of cash operations, and the cash receipts function was not separated from the general ledger posting function for all funds. 
(2) Journal entries were not reviewed and approved by someone independent ofthe general ledger posting and maintenance functions. 
These conditions were a result ofmanagement's decision to limit the number ofadministrative staff made responsible for accounting functions. Managetnent should periodically review this decision to deter1nine if employee duties can be reassigned to achieve a higher degree ofinternal control with existing staff. 
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 LAURENS COUNTY BOARD OF EDUCATION . SCHEDULE OF FINDINGS AND QUESTIONED COSTS 
YEAR ENDED JUNE 30. 2000 
 
II FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS 
REVENUES!RECEIV ABLES/RECEIPTS Commingling of Funds Material Noncompliance Finding Control Number: FS-6871-00-03 
The Board recorded $631,000.00 ofSpecial Purpose Local Option Sales Tax (SPLOST) funds in the Board's General Fund. According to an Attorney General Opinion dated May 17, 2001, the Board is required to keep the SPLOST proceeds in a separate fund account apart from other Board funds, and such proceeds must not in any manner be commingled with other funds of the Board. An audit adjustment was made to record the SPLOST revenue in the correct fund. The Board should establish adequate procedures to ensure the proper recording of SPLOST funds. 
EXPENDITURES/LIABILITIES/DISBURSEMENTS Failure to Meet Expenditure Requirements Nonmaterial Noncompliance Amount: $8,713.44 Finding Control Number: FS-6871-00-04 
The Board reported to Georgia Department ofEducation on DE fo1111 0420 an underexpenditure of Quality Basic Education (QBE) funds of $8,713.44 for the Staff Development Program. The underexpenditure ofthis QBE program occurred because the Board expended less than the minimum expenditure requirement for this QBE Program. These funds should be returned to the Office of Treasury and Fiscal Services. 
GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Reportable Condition - Material Weakness Repeated From Prior Year Finding Control Number: FS-6871-00-05 
The Laurens County Board of Education failed to maintain a system-wide General Fixed Assets Account Group within the fo1111al accounting records as required by generally accepted accounting principles. This condition results in the general purpose financial statements of the Board being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the Board to establish accounting controls and procedures to provide for maintenance ofa General Fixed Assets Account Group. These subsidiary records should include an inventory ofland, buildings and equipment owned by the Board and should include, but may not be limited to, date acq11ired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of all additions and deletions to the General Fixed Assets Account Group. 
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 LAURENS COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS 
YEAR ENDED JUNE 30, 2000 
ill FEDERAL AWARD FINDINGS AND QUESTIONED COSTS 
No matters were reported. 
 
 
 
 
 
 
 
 
 
 
 
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