{j)fl A 8'00 ,. R I E 2 f:, Rs \9Cz8-qq AUDIT REPORT RICHMOND COUNTY BOARD OF EDUCATION AUGUSTA, GEORGIA YEAR ENDED JUNE 30, 1999 STATE OF .GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS 254 WASHINGTON STREET ATLANTA, GEORGIA 30334-8400 RICHMOND 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 AND EXPENDABLE TRUST FUNDS 4 C COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (NON-GAAP BASIS) GENERAL AND SPECIAL REVENUE FUNDS 6 D NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 7 ADDffiONAL FINANCIAL INFORMATION COMBINING STATEMENTS SPECIAL REVENUE FUND E COMBINING BALANCE SHEET 24 F COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 26 CAPITAL PROJECTS FUND G COMBINING BALANCE SHEET 28 H COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 29 DEBT SERVICE FUND I COMBINING BALANCE SHEET 30 J COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 31 FIDUCIARY FUND TYPES K COMBINING BALANCE SHEET 32 L COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES EXPENDABLE TRUST FUNDS 34 M COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUNDS 35 RICHMOND COUNTY BOARD OF EDUCATION -TABLE OF CONTENTS- SECTION I FINANCIAL ADDITIONAL FINANCIAL INFORMATION SCHEDULES 1 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 36 2 SCHEDULE OF STATE REVENUE 39 3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS 41 4 SCHEDULE OF EXPENDITURES LOTTERY PROGRAMS 42 ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS 5 OVERALL 43 6 BY PROGRAM 44 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 INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 SECTION ill 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 RussELL W. HrNTON STATE AUDITOR (404) 656-2174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 March 16, 2000 Honorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education and Superintendent and Members of the Richmond 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 Richmond County Board of Education, as of and for the year ended June 30, 1999, as listed in the table of contents. These general purpose financial statements are the responsibility of the Richmond County Board of Education's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. Except as discussed in the following paragraph, we conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General 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 iri the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We did not observe the taking of the consumable supplies inventory at June 30, 1999, nor could we satisfy ourselves as to the accuracy of the amounts stated as inventories through alternative procedures: 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: 99ARL-13 * The general purpose financial statements of the Board did not contain a General Fixed Assets Account Group to account for property and equipment owned by the Board which should be included to conform to generally accepted accounting principles. * School activity accounts maintained at the individual schools are not included in the general purpose financial statements. To conform to generally accepted accounting principles, these accounts should be included in the general purpose financial statements. * The Board did not recognize as expenditures, in the year ended June 30, 1999, a portion of salaries and the corresponding employer's cost ofrelated benefits earned for contractual services completed prior to June 30, 1999. Also funds received, subsequent to June 30, 1999, from the Georgia Department of Education for the State's share ofthese 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, 1998, were improperly recorded in the year ended June 30, 1999. 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 of such adjustments, if any, on the General Fund, as might have been determined to be necessary had we been able to satisfy ourselves as to the accuracy of the consumable supplies inventory as discussed in the third paragraph, and 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 Richmond County Board of Education as of June 30, 1999, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued our report dated March 16, 2000, on our consideration ofthe Richmond County Board ofEducation's internal control over financial reporting and our tests ofits compliance with certain provisions of laws, regulations, contracts and grants. Our audit was performed for the purpose of forming an opinion on the general purpose financial statements of the Richmond County Board of Education taken as a whole. The accompanying combining statements (Exhibits E through M) and the financial schedules (Schedules 1 through 6), which includes the Schedule of Expenditures of Federal 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 of the general purpose financial statements. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and in our opinion, except for the effect of adjustments, if any, on the General Fund, as might have been determined to be necessary had we been able to satisfy ourselves as to the accuracy ofthe consumable supplies inventory as discussed in the third paragraph, and except for the effects of the matters referred to in the fourth paragraph, such information is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. 99ARL-13 A copy of this report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated Section 50-6-24. Respectfully submitted, RWH:gp 99ARL-13 State Auditor RICHMOND COUNTY BOARD OF EDUCATION RICHMOND COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUP JUNE 30, 1999 ASSETS Cash and Cash Equivalents Investments Accounts Receivable Inventories Consumable Supplies 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 Compensated Absences GENERAL FUND GOVERNMENTAL FUND TYPES SPECIAL CAPITAL REVENUE PROJECTS FUND FUND $ 11,283,493.60 $ 4,000,052.59 $ 65,971.10 3,438,313.65 53,312,556.06 2,929,691.92 2,942,444.85 1,250.00 3,226,101.75 34,664.47 111,585.16 117,746.88 Total Assets $ 20,877,600.92 $ 7,206,493.95 $ 53,379,777.16 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 Compensated Absences General Obligation Bonds Payable Total Liabilities FUND EQUITY Fund Balances Reserved For Debt Service For Encumbrances For Inventories Consumable Supplies Food Donated Commodities Purchased Food For Purpose of Bond Issue For Purpose of Capital Lease For State capital Outlay Projects Unreserved Undesignated Total Fund Equity $ 3,802,880.37 $ 611,073.28 $ 48,957.37 1,899,149.57 2,872.83 72,077.51 3,421,520.53 2,651,768.70 $ 3,805,753.20 $ 2,582,300.36 $ 6,122,246.60 $ 2,285,667.23 $ 158,399.00 3,211,936.94 34,664.47 111,585.16 117,746.88 $ 35,612,227.61 11,525,477.63 11,574,243.55 4,201,798.08 119,825.32 $ 17,071,847.72 $ 4,624,193.59 $ 47,257,530.56 Total Liabilities and Fund Equity $ 20.877.600.92 $ 7.206.493.95 $ 531379.m.1s The notes to the general purpose financial statements are an integral part of this statement -2- EXHIBIT"A" DEBT SERVICE FUND FIDUCIARY FUND TYPES TRUST AND AGENCY FUNDS ACCOUNT GROUP GENERAL LONG-TERM DEBT TOTALS {Memorandum Onl~l JUNE 30, 1999 JUNE 30, 1998 $ 3,579,651.60 $ 115,662.27 $ 19,044,831.16 $ 22,553,374.11 14,641,532.74 71,392,402.45 102,709,509.91 4,876,189.71 10,749,576.48 12,076,213.87 $ 23,097,374.05 3,260,766.22 111,585.16 117,746.88 23,097,374.05 2,245,357.65 126,139.55 104,397.49 15,532,414.91 74,942,625.95 19,357,818.31 856 767.56 74,942,625.95 19,357,818.31 856,767.56 106,547,585.09 19,228,540.34 790 713.11 $ 23!097,374.05 $ 1151662.27 $ 11812541585.87 $ 22219311494.22 $ 28119141246.03 $ 881,229.93 $ 4,462,911.02 6,555,016.15 1,899,149.57 1,828,018.88 74,950.34 3,421,520.53 2,717,790.02 2,651,768.70 982,831.07 $ 55,996.37 55,996.37 31,413.21 $ 19,357,818.31 19,357,818.31 19,228,540.34 856,767.56 856,767.56 790,713.11 98,040,000.00 98,040,000.00 122,080,000.00 $ 55,996.37 $ 118,254,585.87 $ 130,820,882.40 $ 155,095,552.71 $ 23,097,374.05 0.00 $ $ 23,097,374.05 $ 59,665.90 59,665.90 $ 23,097,374.05 $ 15,532,414.91 2,444,066.23 1,995,939.27 3,246,601.41 2,245,357.65 111,585.16 117,746.88 35,612,227.61 11,525,4n.63 126,139.55 104,397.49 87,434,038.41 2,171,869.50 333,594.28 15,955,532.85 16,874,942.26 $ 92,110,611.82 $ 126,818,693.32 $ 2310971374.05 $ 1151662.27 $ 11812541585.87 $ 22219311494.22 $ 28119141246.03 -3- RICHMOND COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS YEAR ENDED JUNE 30, 1999 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 Escrow Agent Paying Agent Fees Total Expenditures Excess of Revenues over (under) Expenditures OTHER FINANCING SOURCES {USES} Accrued Interest on Bonds Sold Refunding Bond Issuance Cost Premium on Bonds Sold Proceeds of Refunding Bonds Par Value Payments to Bond Escrow Agent Capital Leases Operating Transfers In Operating Transfers Out Total Other Financing Sources (Uses) Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses FUND BALANCE JULY 1 Consumable Supplies Inventory - Net Change in Period Food Inventory Net Change in Period Donated Commodities Purchased Food Residual Equity Transfer GENERAL FUND GOVERNMENTAL FUND SPECIAL CAPITAL REVENUE PROJECTS FUND FUND $ 119,984,775.93 $ 1,168,534.76 56,323,344.24 2,076,541.51 $ 179,553,196.44 $ 7,602,529.58 $ 20,823,295.69 3,277,643.19 31,703,468.46 $ 2,500.00 5,590,548.69 5,593,048.69 $ 116,993,172.59 $ 12,009,815.90 6,698,207.75 4,531,025.35 5,004,352.44 1,844,375.76 13,469,078.06 1,304,175.67 18,287,115.79 6,739,842.94 3,861,140.27 52,079.91 263,024.35 267,577.74 3,399, 183.82 1,580,026.05 8,972.20 205,142.56 75,385.52 372,937.62 44,947.05 544,295.64 12,792,717.57 252,812.36 $ 48,677,538.05 1,917,814.52 961,731.31 4000.00 $ 182,198,714.45 $ 31,286,236.29 $ 48,677,538.05 $ -2,645,518.01 $ 417,232.17 $ -43,084,489.36 $ 1,989,496.49 $ -338,972.34 $ 1,650,524.15 $ 57,596.00 337,623.62 $ -168,306.00 226,913.62 $ 169,654.72 169,654.72 $ -994,993.86 $ 17,037,998.24 990,891.23 37,952.11 644,145.79 $ -42,914,834.64 3,981,252.80 90,210,317.31 -14,554.39 13,349.39 -37,952.11 FUND BALANCE JUNE 30 $ 17.071.847.72 $ 4.624.193.59 $ 47.257.530.56 The notes to the general purpose financial statements are an integral part of this statement. -4- EXHIBIT"B" TYPES DEBT SERVICE FUND TOTAL FIDUCIARY FUND TYPE EXPENDABLE TRUST FUNDS TOTALS {Memorandum Onl:tl YEAR ENDED JUNE 30, 1999 JUNE 30, 1998 $ 127,589,805.51 21,991,830.45 $ 35,727,173.39 92,050,517.63 1,089,217.68 12,033,951.07 $ $ 36,816,391.07 $ 253,666,104.66 $ $ 127,589,805.51 $ 119,839,275.19 21,991,830.45 21,924,744.83 92,050,517.63 86,155,340.41 2,955.84 12,036,906.91 11,374,017.25 2,955.84 $ 253,669,060.50 $ 239,293,377.68 $ 129,002,988.49 $ 10,097,391.57 6,111,051.40 5,013,324.64 2,049,518.32 13,544,463.58 1,304, 175.67 18,660,053.41 6,784,789.99 3,861,140.27 596,375.55 12,792,717.57 515,836.71 48,945,115.79 $ 13,155,000.00 3,415,700.48 12,980,225.52 14 283.07 15,072,814.52 4,377,431.79 12,980,225.52 18,283.07 $ 29,565,209.07 $ 291,727,697.86 $ $ 7,251,182.00 $ -38,061,593.20 $ 0.00 $ 129,002,988.49 $ 123,500,833.22 10,097,391.57 6,111,051.40 5,013,324.64 2,049,518.32 13,544,463.58 1,304, 175.67 18,660,053.41 6,784,789.99 3,861, 140.27 596,375.55 12,792,717.57 515,836.71 48,945,115.79 9,042,974.18 5,464,367.81 4,901,367.19 2,101,027.18 12,791,821.41 1,145,462.72 18,225,144.16 7,370,842.58 2,318,999.59 974,175.91 12,497,689.23 632,946.82 30,873,845.68 15,072,814.52 4,377,431.79 12,980,225.52 18,283.07 17,147,229.77 8,441,627.86 10,578.48 0.00 $ 291,727,697.86 $ 257,440,933.79 2,955.84 $ -38,058,637.36 $ -18,147.556.11 $ 313,777.14 $ 313,777.14 -993,944.30 -993,944.30 1,394,640.80 1,394,640.80 90,115,000.00 -90,515,696.50 90,115,000.00 -90,515,696.50 2,047,092.49 507,278.34 -507.278.34 $ 313 m.14 $ 2,360,869.63 $ 7,564,959.14 $ -35,700,723.57 $ 15,532,414.91 126,761,983.26 990,891.23 -14,554.39 13,349.39 0.00 $ 313,m.14 -993,944.30 1,394,640.80 90, 115,000.00 -90,515,696.50 2,047,092.49 $ 507,278.34 -507,278.34 $ 2,360,869.63 $ 7,367,545.99 485,794.60 -485,794.60 7,367,545.99 2,955.84 $ -35,697,767.73 $ -10,780,010.12 56,710.06 126,818,693.32 137,944,584.67 990,891.23 4,930.59 -14,554.39 13,349.39 0.00 -300,704.81 -50,107.01 $ 2310971374.05 $ 9210501945.92 $ 591665.90 $ 9211101611.82 $ 12618181693.32 -5- RICHMOND 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, 1999 EXHIBIT"C" GENERAL FUND ACTUAL (BUDGET BUDGET BASIS} REVENUES State Funds Federal Funds Taxes Other Funds $ 117,051,444.21 $ 119,984,775.93 1,036,000.00 1,168,534.76 2,029,860.35 56,323,344.24 55,764,790.00 2,076,541.51 Total Revenues $ 175,882,094.56 $ 179,553,196.44 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 $ 115,773,253.18 $ 116,993,172.59 6,370,582.21 4,518,478.07 5, 136,868.26 1,643,470.58 12,739,651.00 1,330,443.00 17,973,015.00 7,069,876.00 4,346,329.00 52,569.00 6,698,207.75 4,531,025.35 5,004,352.44 1,844,375.76 13,469,078.06 1,304,175.67 18,287,115.79 6,739,842.94 3,861,140.27 52,079.91 273,993.78 809,972.00 2,877,775.00 263,024.35 267,577.74 2,883,545.83 Total Expenditures $ 180,916,276.08 $ 182,198,714.45 Excess of Revenues over (under) Expenditures $ -5,034,181.52 $ -2,645,518.01 OTHER FINANCING SOURCES {USES) Other Sources Other Uses $ 5,327,691.52 $ 1,989,496.49 -293,510.00 -338,972.34 Total Other Financing Sources (Uses) $ 5,034,181.52 $ 1,650,524.15 Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses $ 0.00 $ -994,993.86 FUND BALANCE JULY 1, 1998 0.00 16,170,340.71 Residual Equity Transfer 37,952.11 FUND BALANCE JUNE 30, 1999 $ 0.00 .$ 15,213,298.96 SPECIAL REVENUE FUND ACTUAL (BUDGET BUDGET BASIS} $ 7,821,123.00 $ 7,602,529.58 24,170,497.58 20,823,295.69 3,360,447.00 3,277,643.19 $ 35,352,067.58 $ 31,703,468.46 $ 12,423,301.25 $ 12,009,815.90 3,685,353.91 1,718,170.49 9,309.00 242,077.45 120,008.28 3,399,183.82 1,580,026.05 8,972.20 205,142.56 75,385.52 470,385.69 66,966.00 372,937.62 44,947.05 565,014.00 15,527,926.00 704,604.51 544,295.64 12,792,717.57 252,812.36 $ 35,533,116.58 $ 31,286,236.29 $ -181,049.00 $ 417,232.17 $ 349,355.00 $ 395,219.62 -168,306.00 -168,306.00 $ 181,049.00 $ 226,913.62 $ 0.00 $ 644,145.79 0.00 3,750,715.76 $ 0.00 $ 4,394,861.55 The notes to the general purpose financial statements are an integral part of this statement -6- RICHMOND COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1999 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES REPORTING ENTITY The Richmond County Board of Education (Board) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the Board is a primary government and consists of all the organizations that compose its legal entity. FUND ACCOUNTING The Board uses funds and an account group to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. General Fixed Assets are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the Board. To 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 ofthe Board, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: GOVERNMENTAL FUND TYPES - are used to account for all or most 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. SPECIAL REVENUE FUND - the fund used to account for the proceeds ofspecific 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 ofEducation and from the Federal government to accomplish specific educational objectives. -7- RICHMOND COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1999 Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 TYPES - 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: EXPENDABLE TRUST FUNDS Davidson Trust Fund - the fund used to account for the principal and earnings which may be expended to provide financial assistance to needy students of Davidson Fine Arts Magnet School. Nora Coxwell Scholarship Fund - the fund used to account for the principal and earnings which may be expended to provide scholarships for selected students. Robetta McKenzie Scholarship Fund - the fund used to account for the principal and earnings which may be expended to provide scholarships for selected students. 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, accrued compensated absences 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 and expendable trust 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. - 8- RICHMOND COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1999 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Agency funds are purely custodial in nature and do not involve measurement of results of operations. Governmental and expendable trust funds are accounted for using the modified accrual basis of accounting under which: Revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount ofthe transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities ofthe 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 1999, a substantial number of personnel ofthe Board were employed for a one hundred and ninety day period beginning in late August 1998 and ending in early June 1999. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 1998 and ending in August 1999. State grants to fund the State's share ofthese contracts were disbursed from the Georgia Department of Education to the Board in the same twelve months. As of June 30, 1999, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 1999, had not been made. Payments for these two months were made and recorded as expenditures by the Board subsequent to June 30, 1999. Also, the State's portion of the compensation paid in July and August 1999 was received and recorded as revenue in the fiscal year subsequent to June 30, 1999. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1998, were recorded in the year ended June 30, 1999. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed. Agency funds are accounted for using the modified accrual basis of accounting in recognizing assets and liabilities. BUDGET The Richmond County Board of Educ~tion's budget is a complete financial plan for the Board's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level ofbudget control was established by the Board at the fund type level. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles. -9- RICHMOND COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1999 . Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The budget process begins when the Board's administration prepares a tentative budget for the Board's approval. After approval of this tentative budget by the Board, such budget is advertised at least once in a newspaper of general 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, to the Georgia Department ofEducation. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. The Statement ofRevenues, Expenditures and Changes in Fund Balances - Budget and Actual presents actual and budgeted data for the General Fund and Special Revenue Fund. To facilitate comparison with the budget, the following adjustments have been made to fund balance as reflected on Exhibit "B" of this report: General Fund Special Revenue Fund FUND BALANCE JULY 1, 1998 $17,037,998.24 $ 3,981,252.80 Adjustments Inventories - July 1, 1998 Food Donated Commodities Purchased Foods Supplies -867,657.53 -126,139.55 -104,397.49 Fund Balance July 1, 1998 (Budget Basis) $16,170,340.71 $ 3,750,715.76 Excess ofRevenues and Other Financing Sources over (under) Expenditures and Other Financing Uses -994,993.86 644,145.79 Residual Equity Transfer 37,952.11 FUND BALANCE JUNE 30, 1999 (Budget Basis) $15.213.298.96 $ 4.394.861.55 CASH AND CASH EQUIVALENTS COMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits in authorized financial institutions. Georgia Laws authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. RICHMOND COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1999 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 of one 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 and equity investments 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 ofthe United States government, (5) Prime banker's acceptances, (6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, (7) Repurchase agreements, and (8) Obligations of other political subdivisions of the State of Georgia. RECEIVABLES Receivables consist 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. PROPERTY TAXES The Augusta-Richmond County Board of Commission Council fixed the property tax levy for the 1998 tax year (calendar year) on July 28, 1998 (levy date). Taxes were due on November 16, 1998. The lien date for - 11 - RICHMOND COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1999 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES property taxes was January 1, 1998. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 1999. The Augusta-Richmond 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 oftaxes collected to the Board. In addition, the Clerk ofthe Superior Court of Richmond County collects recording taxes for the Board of Education, withholds 6% of taxes collected as a fee for tax collection and remits the balance to the Board. Tax millage rates levied for the 1998 tax year (calendar year) for the Richmond County Board of Education were as follows (a mill equals $1 per thousand dollars of assessed value): School Operations School Bonds 18.61 mills 1.96 mills SALES TAXES =20.57 mills 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 $29,822,058.34 and was recorded in the Debt Service Fund. The State will terminate collection ofthis tax once an additional $93,598,263.96 has been collected or on June 30, 2002, whichever occurs first. INVENTORIES CONSUMABLE SUPPLIES Inventories of athletic, custodial and instructional supplies are recorded as expenditures under the consumption method and are valued at cost (weighted average). These inventories are recorded as assets at the time ofpurchase. Inventories ofmaintenance and transportation supplies are recorded as expenditures at the time ofpurchase and are valued on the Combined Balance Sheet at cost (weighted average). Inventories oftextbooks are recorded as expenditures at the time ofpurchase and are valued on the Combined Balance Sheet at cost (first-in, first-out). Inventories reported on the balance sheet are equally offset by a reservation of fund balance which indicates that these amounts do not constitute "available spendable resources" even though they are a component of net current assets. 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 of purchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations offund balance which indicates that - 12- RICHMOND COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1999 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES these amounts do not constitute "available spendable resources" even though they are a component of net current assets. COMPENSATED ABSENCES Compensated absences represent obligations of the Board relating to employees' rights to receive compensation for future absences based upon service already rendered. This obligation relates only to vesting accumulating leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the individual funds for the current portion ofthis obligation as this amount is deemed immaterial to the general purpose financial statements. 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. In addition, general obligation bonds have been issued to refund existing general obligation bonds. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount ofthese bonds is recorded in the General Long-Term Debt Account Group. RESERVED FUND BALANCES For Encumbrances - This reserve constitutes the unperformed portion ofpurchase orders, contracts and other commitments for goods and services at year end. Encumbrances outstanding are reported as a reservation of fund balance and do not constitute expenditures or liabilities in the current year because the commitments will be honored during the subsequent year. INTERFUND TRANSACTIONS The Board has the following types of interfund transactions: 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. Residual equity transfers are recorded for nonrecurring or nonroutine permanent transfers of equity. Operating transfers ate recorded for all interfund transactions other than residual equity transfers and reimbursements. - 13 - RICHMOND COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS .JUNE 30. 1999 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. Certain reclassifications have been made to the comparative data to conform to the current year classifications. Note 2: DEPOSITS AND INVESTMENTS COLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond and the market value ofsecurities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts. Acceptable security for deposits consists of any one of or any combination of the following: (1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, (2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, (3) Bonds, bills, notes, certificates ofindebtedness or other direct obligations of the United States or of the State 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 - 14- RICHMOND COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1999 Note 2: DEPOSITS AND INVESTMENTS (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, 1999, the bank balances were $26,040,144.07. The amounts of the total bank balances are classified into three categories of credit risk: Category 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Board or by the Board's agent in the Board's name. Category 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Board's name. Category 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging :financial institution, or by its trust department or agent but not in the Board's name.) The Board's deposits are classified by risk category at June 30, 1999, as follows: Risk Category Bank Balance 1 $ 100,393.65 2 25,939,750.42 3 0.00 Total $26.040.144.07 CATEGORIZATION OF INVESTMENTS Investments are classified as to risk by the three categories described below: Category 1 - Insured or registered, or securities held by the Board or the Board's agent in the Board's name. Category 2 - Uninsured or unregistered, with securities held by the counterparty's trust department or agent in the Board's name. Category 3 - Uninsured or unregistered, with securities held by the counterparty, or by its trust department or agent but not in the Board's name. Funds invested in an investment pool managed by another government are not required to be categorized unless the investing entity owns specific, identifiable investment securities in the pool. - 15 - RICHMOND COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1999 Note 2: DEPOSITS AND INVESTMENTS At June 30, 1999, the carrying value of the Board's total investments was $71,392,402.45. The investments are classified as to risk categories as follows: T)l)e of Investment U. S. Government Common Stock Total Local Government Investment Pools Total Investments Risk Categories 2 $ 468,948.92 $ $ 616,648.92 $ 616,648.92 $ 468,948.92 $ Carrying Fair 3 Amount Value 0.00 $ 468,948.92 $ 468,948.92 616,648.92 616,648.92 0.00 $ 1,085,597.84 $ 1,085,597.84 70,306,804.61 70,306,804.61 $ 71,392,402.45 $ 71,392,402.45 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 of Georgia, Office of Treasury and Fiscal Services for the Local Government Investment Pool (Primary Liquidity Portfolio) does not provide for investment in derivatives or similar investments. A description of the Primary Liquidity Portfolio is as follows: The Primary Liquidity Portfolio consists 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. However, Georgia Fund 1 operates in a manner consistent with Rule 2a-7 ofthe Investment Company Act of 1940 and is considered to be a 2a-7 like pool. The pool is not registered with the SEC as an investment company. The pool's primary objectives are safety of capital, investment income, liquidity and diversification while maintaining principal ($1.00 per share value). Net asset value is calculated weekly to ensure stability. The pool distributes earnings (net of management fees) on a monthly basis and determines participant's shares sold and redeemed based on $1.00 per share. Pooled cash and cash equivalents and investments are reported at cost which approximates fair value. The pool does not issue any legally binding guarantees to support the value of the shares. Participation in the pool is voluntary and deposits consist of funds from local governments; operating and trust funds of Georgia's state agencies, colleges and universities; and current operating funds of the State of Georgia's General Fund. Investments in Georgia Fund 1 and Fund 6 are directed toward short-term 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. Fund 6 maintains a duration of approximately one year. The weighted average maturity for Georgia Fund 1 on June 30, 1999 was 27 days. The average investment duration for Fund 6 on June 30, 1999 was 1.03 years. - 16 - RICHMOND COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1999 Note 3: NON-MONETARY TRANSACTIONS The Board receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories Note 4: RISK MANAGEMENT The Board is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; natural disaster and unemployment compensation. The Board has obtained commercial insurance for risk ofloss associated with torts, assets, errors or omissions and natural disaster. The Board has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Board's insurance coverage in any of the past three years. The Board has established a limited risk management program for workers' compensation claims. The Board accounts for all claims except School Food Services Fund claims within the General Fund 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. An excess coverage insurance policy covers individualclaims in excess of$225,000.00 loss per occurrence, up to the statutory limit. Changes in the workers' compensation claims liability during the last two fiscal years are as follows: 1998 1999 Beginning ofYear Liability Claims and Changes in Estimates $ 0.00 $ lJJ,024.04 $ $ 0.Q0 $ 14Q,840,57 $ Claims Paid EndofYear Liability 133,024.04 $ 0.00 140,840.57 $ 0.00 The Board is self-insured with regard to unemployment compensation claims. The Board 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 of that loss can be reasonably estimated. Changes in the unemployment compensation claims liability during the last two fiscal years are as follows: 1998 1999 Beginning ofYear Liability Claims and Changes in Estimates $ 3,4J4.84 $ 18,214.26 $ $ 6,641.Q0 $ 18,250.00 $ Claims Paid End ofYear Liability 15,0(28.10 $ (2,641.Q0 $ 6,641.00 18,9~0.00 - 17 - RICHMOND COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1999 Note 4: RISK MANAGEMENT The Board has purchased surety bonds to provide additional insurance coverage as follows: Position Covered Amount Superintendent Administrative Assistant Each Principal Business Manager Each Bookkeeper Each Lunchroom Manager Athletic Business Manager $ 50,000.00 $ 10,000.00 $ 5,000.00 $ 5,000.00 $ 5,000.00 $ 3,000.00 $ 1,000.00 Note 5: GENERAL LONG-TERM DEBT CAPITAL LEASES The Richmond County Board of Education has entered into various lease agreements as lessee for school buses, operating vehicles, office equipment and equipment upgrades at various schools. 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. The Richmond County Board ofEducation entered into a lease agreement on April 1, 1994, with Richmond County Public Facilities, Incorporated (RCPF), for the acquisition and construction ofschool facilities. Under the terms of the lease agreement, the Board will make semi-annual payments through November 1, 2009. The Richmond County Board of Education as entered into a lease agreement on April 2, 1999, with the Georgia School Boards Association, Incorporated (GSBA), for lighting systems, computer equipment, office equipment, school buses, operating vehicles and a career exploration lab. Under the terms of the lease agreement, the Board will make annual payments through April 1, 2006. ADVANCE REFUNDING During fiscal year 1999, the Richmond County Board of Education issued $90,115,000.00 in General Obligation Refunding Bonds to advance refund $101,000,000.00 of outstanding bonds. The bond issue of $90,115,000.00 plus premium on bonds sold of $1,394,640.80, less underwriters and bond issue cost of $993,944.30 provided net proceeds of $90,515,696.50. The total net proceeds plus additional debt service funds of$12,980,225.52 were deposited in an irrevocable trust with an escrow agent to provide for future debt service payments on the 1996 Bond issue. As a result, the 1996 Series Bonds are considered defeased, and the liability for these bonds has been removed from the General Long-Term Debt Account Group. The Richmond County Board of Education refunded the aforementioned bonds to reduce its total Debt Service payments over five years beginning subsequent to fiscal year 1998 by $2,543,397.77 and to obtain an economic gain (difference between the present values of total debt service payments and the old and new debt) of$1,433,729.35. - 18 - RICHMOND COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1999 Note 5: GENERAL LONG-TERM DEBT GENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: Purpose Interest Rates Amount General Government - Refunding - Series 1998 General Government - Refunding - Series 1993 General Government - Refunding - Series 1991 3.80% - 4.25% 2.50% - 4.70% 4.50% - 6.30% $78,920,000.00 13,825,000.00 5,295,000.00 $98.040,000.00 The changes in General Long-Term Debt during the fiscal year ended June 30, 1999, were as follows: Balance July 1, I998 Retroactive Restatement of Prior Year Balances(+/-) Balance July I, 1998 Restated Additions Capital Leases Annual Leave Earned and Utilized (Net) G. 0. Bonds Deductions Bonds Defeased Debt Retired Balance June 30, 1999 GSBA C!!I!ital Leases RCPF Other Compensated Absences General Obligation Bonds Total $ 0.00 $ 11,525,000.00 $ 7,703,822.61 $ 790,713.11 $122,080,000.00 $142,099,535.72 -282.27 -282.27 $ 0.00 $11,525,000.00 $ 7,703,540.34 $ 790,713.11 $122,080,000.00 $142,099,253.45 2,047,092.49 66,054.45 2,047,092.49 66,054.45 90,115,000.00 90,115,000.00 141,~28.76 7Q21QQQ.OO 1,070,982.76 $ 1,905,263.7J $ 10,820,000.00 $ 6,632,554.58 $ 101,000,000.00 101,000,000.00 IJ, I25,000.00 l 21072,8I4.52 856,767.56 $ 98,040,QQQ.OO $118,254,585.87 At June 30, 1999, payments due by fiscal year which includes principal and interest for these items are as follows: - 19 - RICHMOND COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1999 Note 5: GENERAL LONG-TERM DEBT Fiscal Year Ended June 30 2000 2001 2002 2003 2004 2005 -2009 Total Principal and Interest Deduct: Imputed Interest Net Present Value of Future Minimum Lease Payments GSBA Capital Leases RCPF Other General Obligation Bonds Total Debt $ 584,676.81 $ 1,340,575.00 $ 1,205,820.33 $ 26,593,938.75 $ 29,725,010.89 584,676.77 1,341,035.00 1,205,820.33 31,409,680.00 34,541,212.10 568,977.55 1,338,225.00 1,056,676.27 31,420,397.50 34,384,276.32 203,452.18 1,337,297.50 803,225.41 8,571,217.50 J0,915,192.59 61,267.49 1,337,890.00 803,225.41 2,998,460.00 5,200,842.90 122,557.70 7,972,760.00 3,212,901.64 8,171,108.75 19,479,328.09 $ 2,125,608.50 $14,667,782.50 $ 8,287,669.39 $109,164,802.50 $134,245,862.89 220,344.77 3,847,782.50 1,655,114.81 $ 1,905,263.73 $10,820,000.00 $ 6,632,554.58 Note 6: ON-BEHALF PAYMENTS The Board has recognized revenues and expenditures in the amount of$3,249,603.21 for health insurance and retirement contributions paid on the Board's behalfby the following State Agencies. Georgia Department of Education Paid to the State Merit System of Personnel Administration For Health fusurance ofNon-Certified Personnel fu the amount of $2,476,661.68 Paid to the Teachers Retirement System of Georgia For Teachers Retirement System (TRS) Employt;ir's Cost fu the amount of $214,729.53 Office of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost fu the amount of $558,212.00 Note 7: SIGNIFICANT COMMITMENTS The following is an analysis of significant outstanding construction or renovation contracts executed by the Board as of June 30, 1999, together with funding available: -20- RICHMOND COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1999 Note 7: SIGNIFICANT COMMITMENTS Project Unearned Executed Contracts Funding Available From State B-97-002 B-97-006 B-97-033 B-97-035 B-97-003 B-97-004 B-97-005 B-97-012 B-97-020 B-97-036 B-98-029 B-98-030 B-99-041 B-97-016 B-98-031 B-98-032 B-97-017 B-98-025, B-98-028, B-99-038, B-99-039, B-99-040 B-98-026 B-97-027 B-97-037 B-97-013 B-97-001 B-98-023 B-98-034 B-98-024 B-97-021 CP-9812 99-721-088 00/99S-721-106 9901 9902 9903 $ 1,312,688.65 121,437.00 233,231.82 295,116.80 988,566.50 2,282.52 104,630.84 611,952.57 1,305,920.38 3,798,480.00 1,358,535.75 46,393.46 63,227.13 70,833.83 418,245.88 51,300.72 117,993.72 98,747.80 59,932.82 49,423.26 35,156.30 1,158,287.24 16,561.94 64,716.60 596.90 4,749.25 64,300.15 27,051.11 6,950,280.00 409,860.00 31,730.00 54,100.00 42.600.00 $ 2,994,003.00 3,127,070.00 $19!968!930.94 $ 6!121!073.00 The amounts described in this note are not reflected in the general purpose financial statements. -21 - RICHMOND COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1999 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 terms. The Board believes that such disallowances, if any, will be immaterial to its overall financial position. Note 9: SUBSEQUENT EVENTS The Richmond County Board ofEducation entered into a lease agreement on February 1, 2000, in the amount of $10,285,000.00, with Richmond County Public Facilities, Incorporated (RCPF), for the acquisition of school facilities. Under the terms ofthe lease agreement, the Board will make semi-annual payments through November 1, 2024. Note 10: ACCUMULATED EMPLOYEES' LEAVE Administrative and other clerical personnel earn two days of vacation leave each month with a maximum accumulation of twenty-four days less required vacation days to be taken during the year. Maintenance and other twelve-month employees earn vacation leave ranging from ten days to twenty-two days per year depending upon the employee's length of service with a maximum accumulation of 22 days. Vacation leave vests with the employee and unused accumulated vacation leave up to the maximum accumulation is paid at the current rate of pay, to employees upon retirement or termination of employment. See Note 1 Compensated Absences The Board also has an attendance incentive program that provides for payments not to exceed 20% of the employee's daily rate ofpay based on days absent from work. No liability has been recorded for the June 30, 1998, attendance incentive liability as this amount is deemed immaterial to the general purpose financial statements. Note 11: RETIREMENT PLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) TRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer 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 Board who are covered by TRS are required by State statute to contribute 5% oftheir gross earnings to TRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS -22- RICHMOND COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1999 Note 11: RETIREMENT PLANS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 11.95% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: Fiscal Year Percentage Contributed Required Contribution 1999 1998 1997 100% 100% 100% $14,315,192.'29 $13,417,601.86 $12,429,937.42 -23 - RICHMOND COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 1999 ASSETS Cash and Cash Equivalents Accounts Receivable Inventories Consumable Supplies Food Donated Commodities Purchased Food SCHOOL FOOD SERVICES FUND LOTTERY PROGRAMS FEDERAL PROGRAMS $ 4,882,911.61 $ 484,537.29 .182,719.11 69,797.35 $ 2,689,928.39 111,585.16 117,746.88 Total Assets $ 5,294,962.76 $ 554,334.64 $ 2,689,928.39 LIABILITIES AND FUND EQUITY LIABILITIES Cash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable Total Liabilities FUND EQUITY Fund Balances Reserved For Encumbrances For Inventories Consumable Supplies Food Donated Commodities Purchased Food Unreserved Undesignated Total Fund Equity Total Liabilities and Fund Equity $ 1,599,786.22 $ 266,918.34 $ 119,444.92 224,710.02 666,079.21 426,782.05 806,288.31 4,826.00 8,107.67 59,143.84 $ 937,823.55 $ 554,334.64 $ 2,689,928.39 $ 111,585.16 117,746.88 4,127,807.17 $ 0.00 $ 0.00 $ 4,357,139.21 $ 0.00 $ 0.00 $ 5,294,962.76 $ 554,334.64 $ 2,689,928.39 See notes to the general purpose financial statements. -24- EXHIBIT"E" OTHER PROGRAMS ATHLETIC FUND TOTALS JUNE 30, 1999 JUNE 30, 1998 $ 0.00 $ 232,389.91 $ 5,599,838.81 $ 4,909,623.55 2,942,444.85 3,047,520.43 34,664.47 34,664.47 111,585.16 117,746.88 20,683.68 126,139.55 104,397.49 $ 0.00 $ 267,054.38 $ 8,806,280.17 $ 8,208,364.70 $ 1,599,786.22 $ 1,791,518.07 611,073.28 610,301.18 1,899,149.57 1,825,292.65 72,077.51 $ 4,182,086.58 $ 4,227,111.90 $ 158,399.00 $ 158,399.00 $ 119,200.66 34,664.47 34,664.47 20,683.68 111,585.16 117,746.88 126,139.55 104,397.49 $ 0.00 73,990.91 4,201,798.08 3,610,831.42 $ 0.00 $ 267,054.38 $ 4,624,193.59 $ 3,981,252.80 $ 0.00 $ 267,054.38 $ 8,806,280.17 $ 8,208,364.70 -25- RICHMOND COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES SPECIAL REVENUE FUND YEAR ENDED JUNE 30. 1999 REVENUES State Funds Federal Funds Other Funds Total Revenues EXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation Community Services Operations Capital Outlay 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 SCHOOL FOOD SERVICES FUND LOTTERY PROGRAMS FEDERAL PROGRAMS $ 958,364.00 $ 10,069,257.51 2,807,972.68 4,287,953.58 $ 2,192,612.00 10,754,038.18 143,598.33 $ 13,835,594.19 $ 4,287,953.58 $ 13,090,248.51 $ 3,698,163.29 $ 8,169,360.46 $ 7,585.72 27,139.38 12,792,717.57 252,812.36 427,712.68 85,987.47 284.33 75,404.29 401.52 2,553,615.48 1,491,264.71 8,972.20 197,272.51 65,565.11 210,466.49 44,947.05 543,894.12 $ 13,080,255.03 $ 4,287,953.58 $ 13,285,358.13 $ 755,339.16 $' 0.00 $ -195,109.62 $ -168,306.00 $ -168,306.00 $ 587,033.16 $ 3,771,311.05 -14,554.39 13,349.39 $ 57,596.00 137,513.62 $ 195,109.62 0.00 $ 0.00 0.00 0.00 FUND BALANCE JUNE 30 See notes to the general purpose financial statements. $ 4,357,139.21 $ -26- ------- 0.00 $ 0.00 EXHIBIT"F" OTHER PROGRAMS ATHLETIC FUND TOTALS YEAR ENDED JUNE 30, 1999 JUNE 30, 1998 $ 163,600.00 ----- $ $ 163,600.00 $ $ 7,602,529.58 $ 7,784,758.03 20,823,295.69 20,572,116.51 326,072.18 3,277,643.19 3,067,490.65 326,072.18 $ 31,703,468.46 $ 31,424,365.19 $ 142,292.15 $ 12,009,815.90 $ 12,112,409.55 8,713.57 $ 2,773.87 9,820.41 409,142.09 59,927.46 3,399,183.82 1,580,026.05 8,972.20 205,142.56 75,385.52 372,937.62 44,947.05 544,295.64 12,792,717.57 252,812.36 2,862,701.85 1,221,438.96 47,278.87 273,677.63 141,626.73 663,449.95 19,705.54 780,453.53 12,491,129.78 393,361.72 2,232.03 $ 163,600.00 $ 469,069.55 $ 31,286,236.29 $ 31,009,466.14 $ 0.00 $ -142,997.37 $ 417,232.17 $ 414,899.05 $ 57,596.00 $ 200,110.00 337,623.62 $ 388,808.59 -168,306.00 $ 200,110.00 $ 226,913.62 $ 388,808.59 $ 0.00 $ 57,112.63 $ 644,145.79 $ 803,707.64 0.00 209,941.75 3,981,252.80 3,528,356.98 -14,554.39 13,349.39 -300,704.81 -50,107.01 $ 0.00 $ 267,054.38 $ 4,624,193.59 $ 3,981,252.80 -27- RICHMOND COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30, 1999 EXHIBIT"G" Cash and Cash Equivalents Investments Accounts Receivable REGULAR BOND PROCEEDS GEORGIA STATE FINANCING AND INVESTMENT COMMISSION TOTALS JUNE 30, 1999 JUNE 30, 1998 $ 213,970.61 $ 11,525,477.63 $ 11,739,448.24 $ 248,315.12 $ 53,312,556.06 53,312,556.06 91,774,968.81 1,250.00 1,250.00 3,020,844.50 Total Assets $ 215,220.61 $ 53,312,556.06 $ 11,525,477.63 $ 65,053,254.30 $ 95,044,128.43 LIABILITIES AND FUND EQUITY LIABILITIES Cash Overdraft Accounts Payable Contracts Payable Retainages Payable Total Liabilities FUND EQUITY Fund Balances Reserved For Purposes of Bond Issue For Purposes of Capital Lease For State Capital Outlay Projects Unreserved Un designated Total Fund Equity $ 11,673,477.14 48,957.37 $ 88,987.72 3,332,532.81 6,407.57 2,645,361.13 $ 95,395.29 $ 17,700,328.45 $ 11,673,477.14 $ 48,957.37 3,421,520.53 2,651,768.70 1, 129,545.05 3,644.98 2,717,790.02 982,831.07 $ 17,795,723.74 $ 4,833,811.12 $ 35,612,227.61 $ $ 35,612,227.61 $ 87,434,038.41 2,171,869.50 11,525,477.63 11,525,477.63 333,594.28 $ 119,825.32 0.00 0.00 119,825.32 270,815.12 $ 119,825.32 $ 35,612,227.61 $ 11,525,477.63 $ 47,257,530.56 $ 90,210,317.31 Total Liabilities and Fund Equity $ 215,220.61 $ 53,312,556.06 $ 11,525.477.63 $ 65,053,254.30 $ 95,044,128.43 See notes to the general purpose financial statements. -28- RICHMOND COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES CAPITAL PROJECTS FUND YEAR ENDED JUNE 30. 1999 EXHIBIT "H" REVENUES State Funds Other Funds Total Revenues EXPENDITURES Capital Outlay Land and Land Improvements Building and Building Improvements Equipment Debt Service Principal 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 Reimbursement for Prior Year Expenditures Residual Equity Transfer REGULAR BOND PROCEEDS GEORGIA STATE FINANCING AND INVESTMENT COMMISSION TOTALS YEAR ENDED JUNE 30, 1999 JUNE 30, 1998 $ 2.500.00 $ 68484.61 $ 5,522,064.08 $ 70 984.61 $ 5,522,064.08 $ 0.00 $ 2.500.00 $ 5,590,548.69 474.108.00 4,532,711.29 0.00 $ 5,593,048.69 $ 5,006,819.29 $ 73,942.32 $ $ 2,339.753.42 45,130,514.04 184,444.38 581.346.69 $ 2,524,197.80 $ 45,785,803.05 $ $ -2,453,213.19 $ -40,263,738.97 $ 42.323.99 $ 311,562.90 13,650.31 116.266.31 $ 47.781.830.36 779,441.38 821.570.27 28, 189.654.04 1,096,701.10 75,000.00 367,537.20 $ 48,677,538.05 $ 30, 182,925.41 -367,537.20 $ -43,084,489.36 $ -25, 176,106.12 $ 6.218,489.43 $ 168,306.00 $ 11,559,420.55 $ 11,727,726.55 4,766,724.80 $ -11,558,071.83 -11,558,071.83 -4,693,656.87 $ 168,306.00 $ -11,558,071.83 $ 11,559,420.55 $ 169,654.72 $ 6,291,557.36 $ -2,284,907.19 $ -51,821,810.80 $ 11,191,883.35 $ -42,914,834.64 $ -18,884,548.76 2,442,684.62 87,434,038.41 333,594.28 90,210,317.31 110,345,656.60 -37,952.11 -37,952.11 -1,250, 790.53 FUND BALANCE JUNE 30 $ 1191825.32 $ 3516121227.61 $ 1115251477.63 $ 4712571530.56 $ 9012101317.31 See notes to the general purpose financial statements. -29- RICHMOND COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET DEBT SERVICE FUND JUNE 30, 1999 EXHIBIT"!" ASSETS Cash and Cash Equivalents Investments Accounts Receivable PROPERTY TAXES FOR BOND DEBT SPECIAL PURPOSE LOCAL OPTION SALES TAX TOTALS JUNE 30, 1999 JUNE 30, 1998 $ 3,445,900.35 $ 133,751.25 $ 3,579,651.60 $ 2,640,748.03 164,406.80 14,477,125.94 14,641,532.74 8,258, 109.43 171,897.94 4/04,291.77 4,876,189.71 4,633,557.45 Total Assets $ 3,782,205.09 $ 19,315,168.96 $ 23,097,374.05 $ 15,532,414.91 FUND EQUITY Fund Balances Reserved For Debt Service Unreserved Undesignated $ 3,782,205.09 $ 19,315,168.96 $ 23,097,374.05 $ 15,532,414.91 0.00 0.00 0.00 0.00 Total Fund Equity $ 3,782,205.09 $ 19,315,168.96 $ 23,097,374.05 $ 15,532,414.91 See notes to the general purpose financial statements. - 30- RICHMOND COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES DEBT SERVICE FUND YEAR ENDED JUNE 30. 1999 EXHIBIT"J" REVENUES Taxes Other Funds Total Revenues EXPENDITURES Debt Service Principal Interest Escrow Agent Paying Agent Fees Total Expenditures Excess of Revenues over (under) Expenditures OTHER FINANCING SOURCES {USES} Accrued Interest on Bonds Sold Refunding Bond Issuance Cost Premium on Bonds Sold Proceeds of Refunding Bonds Par Value Payments to Bond Escrow Agent Operating Transfers In Total Other Financing Sources (Uses) Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses FUND BALANCE JULY 1 PROPERTY TAXES FOR BOND DEBT SPECIAL PURPOSE LOCAL OPTION SALES TAX TOTALS YEAR ENDED JUNE 30, 1999 JUNE 30, 1998 $ 5.905, 115.05 $ 29.822,058.34 $ 35.727,173.39 $ 32,195,290.03 628,478.66 460,739.02 1,089,217.68 669,939.08 $ 6,533,593.71 $ 30,282,797.36 $ 36,816,391.07 $ 32,865,229.11 $ 2,392,861.25 $ 10,762,138.75 $ 13,155,000.00 $ 15,870,000.00 3,415,700.48 3,415,700.48 7,726,632.50 12,980,225.52 12,980,225.52 14,283.07 14,283.07 10,578.48 $ 5,822,844.80 $ 23,742,364.27 $ 29,565,209.07 $ 23,607,210.98 $ 710,748.91 $ 6,540,433.09 $ 7,251,182.00 $ 9,258,018.13 $ 313,777.14 -993,944.30 1,394,640.80 90, 115,000.00 -90,515,696.50 $ 313,777.14 $ 313,777.14 -993,944.30 1,394,640.80 90, 115,000.00 -90,515,696.50 $ $ 313 777.14 $ 11,959.04 11,959.04 $ 1,024,526.05 $ 6,540,433.09 $ 7,564,959.14 $ 9,269,977.17 2,757,679.04 12,774,735.87 15,532,414.91 6,262,437.74 FUND BALANCE JUNE 30 $ 3,782,205.09 $ 19,315,168.96 $ 23,097,374.05 $ 15,532,414.91 See notes to the general purpose financial statements. -31 - RICHMOND COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET FIDUCIARY FUND TYPES JUNE 30, 1999 ASSETS Cash and Cash Equivalents EXPENDABLE TRUST NORA DAVIDSON COXWELL TRUST SCHOLARSHIP FUND FUND $ 33,739.80 $ ===2=5=,1=4=3.==93::::: LIABILITIES AND FUND EQUITY LIABILITIES Funds Held for Others FUND EQUITY Fund Balances Unreserved Undesignated $ 33,739.80 $ _ _--=2_.5,'--14_3_._9_3_ Total Liabilities and Fund Equity $ 33,739.80 $===2=5=,1=4=3=93= See notes to the general purpose financial statements. -32- EXHIBIT"K" FUNDS ROSETTA MCKENZIE SCHOLARSHIP FUND AGENCY FUNDS TOTALS JUNE 30, 1999 JUNE 30, 1998 $ 782.17 $ 55,996.37 $ 115,662.27 $ 88,123.27 $ 55,996.37 $ 55,996.37 $ 31,413.21 $ _ _ _ _7_8_=2._17.;_ 0.00 59,665.90 56,710.06 $ 782.17 $ 55,996.37 $ 115,662.27 $ ===8=8=1,=23=.2=7= - 33- RICHMOND COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FIDUCIARY FUND TYPE - EXPENDABLE TRUST FUNDS YEAR ENDED JUNE 30. 1999 EXHIBIT"L" DAVIDSON TRUST FUND NORA COXWELL SCHOLARSHIP FUND ROSETTA MCKENZIE SCHOLARSHIP FUND TOTALS YEAR ENDED JUNE 30. 1999 JUNE 30, 1998 REVENUES Other Funds $ 1 671.47 $ 1,245.63 $ 38.74 $ 2,955.84 $ 3,048.42 EXPENDITURES Current Support Services Central Support $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 700.00 Excess of Revenues over (under) Expenditures $ 1,671.47 $ 1,245.63 $ 38.74 $ 2,955.84 $ 2,348.42 FUND BALANCE JULY 1 32,068.33 23,898.30 743.43 56,710.06 54,361.64 FUND BALANCE JUNE 30 $ 33,739.80 $ 25,143.93 $ 782.17 $ 59,665.90 $ _....5.s._:7_1_0._os_ See notes to the general purpose financial statements. -34- RICHMOND COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES FIDUCIARY FUND TYPE - AGENCY FUNDS YEAR ENDED JUNE 30, 1999 EXHIBIT "M" COHEN, COLONEL CLARENCE H. R.O.T.C. 1 AWARD FUND ASSETS Cash and Cash Equivalents BALANCE JULY 1, 1998 ADDITIONS DEDUCTIONS BALANCE JUNE 30, 1999 $ 716.14 $ 37.33 $ 0.00 $ 753.47 LIABILITIES Funds Held for Others PERFORMANCE BONDS ASSETS Cash and Cash Equivalents LIABILITIES Funds Held for Others TOTALS-AGENCY FUNDS ASSETS Cash and Cash Equivalents LIABILITIES Funds Held for Others $ 716.14 $ 37.33 $ 0.00 $====7=53=.4=7= $ 30,697.07 $ 68,682.17 $ 44 136.34 $ ===5=5=,2=42=.9=0= $ 30,697.07 $ 68,682.17 $ 44,136.34 $ ===5=5=,2=42=.9=0= $ 31.413.21 $ 68,719.50 $ 44,136.34 $===5=5=,9=96=.3=7= $ 31,413.21 $ 68,719.50 $ 44136.34 $ ===5=5,9=96=.3= 7 See notes to the general purpose financial statements. -35- RICHMOND COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30, 1999 SCHEDULE "1" FUNDING AGENCY PROGRAM/GRANT Agriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food and Nutrition Program Food Services School Breakfast Program 1999 Grant National School Lunch Program 1999 Grant Summer Food Service Program for Children 1999 Grant Total Child Nutrition Cluster Other Programs Pass-Through From Georgia Department of Education Food and Nutrition Program Food Distribution Program (1) Pass-Through From Office of School Readiness Food and Nutrition Program Child and Adult Care Food Program 1999 Contract Pass-Through From Office of Treasury and Fiscal Services National Forest Reserve Funds Total U.S. Department of Agriculture Education, U. S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Individuals with Disabilities Education Act Part B - Special Education Capacity Building Improvement Grant 1999 Grant Flow Through 1999 Grant Georgia Leaming Resources System 1999 Grant Preschool 1999 Grant Severely Emotionally Disturbed 1999 Grant Total Special Education Cluster Other Programs Direct Impact Aid 1999 Grant Pass-Through From Georgia Department of Education Elementary and Seoondary Education Act Title I Grants to Local Educational Agencies 1999 Grant CFDA NUMBER PASSTHROUGH ENTITY ID NUMBER FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD 10.553 10.555 10.559 N/A $ 1,949,281.16 (2) NIA 7,090,887.38 $ 12,717,679.44 NIA 362,575.59 362,575.59 $ 9,402,744.13 $ 13,080,255.03 10.550 NIA 605,104.54 605,104.54 10.558 10.665 NIA 61,408.84 (2) NIA 700.00 700.00 $ 10,069,957.51 $ 13,686,059.57 84.173 84.027 84.027 84.173 84.027 NIA $ 43,443.00 $ 43,443.00 NIA 1,290,602.73 1,290,602.73 NIA 133,000.37 228,089.37 (3) NIA 121,490.00 121,490.00 NIA 266,476.61 2,363,999.61 (3) $ 1,855,012.71 $ 4,047,624.71 84.041 784,334.92 (5) * 84.010 NIA 7,140,483.74 7,140,483.74 -36- RICHMOND COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30, 1999 SCHEDULE "1" FUNDING AGENCY PROGRAM/GRANT Education, U. S. Department of Other Programs Pass-Through From Georgia Department of Education Elementary and Secondary Education Act Title II Eisenhower Professional Development 1999 Grant Title Ill Technology Literacy Challenge Fund Grants 1999 Grant Title VI Innovative Education Program Strategies 1999 Grant Georgia Leaming Resources System Individuals with Disabilities Education Act Special Education PartD Personnel Development and Parent Training 1999 Grant Safe and Drug-Free Schools 1999 Grant Stewart B. McKinney Homeless Assistance Act Education for Homeless Children and Youth 1999 Grant Vocational Education - Basic Grants to States High School Program Basic Grant 1999 Grant Total U. S. Department of Education Justice, U. S. Department of Pass-Through From Richmond County Board of Commissioners Juvenile Delinquency Prevention and Intervention 1999 Grant Labor, U. S. Department of Pass-Through From Richmond/Burke Training Authority Job Training Partnership Act 08-97-20-11-245 08-98-20-11-245 Total U. S. Department of Labor OTHER FEDERAL ASSISTANCE Defense, U. S. Department of Direct Defense Activity for Non-Traditional Support Troops to Teachers Department of the Air Force R.O.T.C. Program Department of the Anny R.O.T.C. Program CFDA NUMBER PASSTHROUGH ENTITY ID NUMBER FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD 84.281 84.318 84.298 N/A $ 225,826.24 $ 225,826.24 N/A 137,293.36 137,293.36 N/A 238,646.59 238,646.59 84.029 NIA 84.186 N/A 84.196 NIA 4,103.86 506,682.80 17,000.00 4,103.86 506,682.80 17,000.00 84.048 NIA 312,790.29 450,303.91 (3) $ 11,222,174.51 $ 12,767,965.21 16.548 NIA $ 23,176.14 $ 23,176.14 17.250 17.250 NIA $ NIA $ 152,783.55 $ 119,597.08 272,380.63 $ 152,783.55 119,597.08 272,380.63 $ 80,521.79 (4) 38,279.95 (4) 154,779.85 (4) -37 - RICHMOND COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED JUNE 30, 1999 SCHEDULE 1 FUNDING AGENCY PROGRAM/GRANT OTHER FEDERAL ASSISTANCE Defense, U. S. Department of Direct Department of the Marines R.O.T.C. Program Department of the Navy R.O.T.C. Program Total U. S. Department of Defense Health and Human Services, U. S. Department of Pass-Through From Department of Family and Children Services Family Support Program 1999 Grant Total Other Federal Assistance CFDA NUMBER PASSTHROUGH ENTITY ID NUMBER FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD $ 49,032.00 (4) 60,886.25 (4) $ _ _.;;.;38""3"'",4;.;;9.a;.9.;.;;84.;. $ 20,641.82 $ $ 404,141.66 $ 20,641.82 20,641.82 Total Federal Financial Assistance $ 21,991,830.45 $ 26,770,223:37 NIA = Not Available Notes to the Schedule of Expenditures of Federal Awards (1) The amounts shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the system during the current fiscal year. (2) Expenditures for the Child and Adult care Food Program and the School Breakfast Program were not maintained separately and are induded in the 1999 National School Lunch Program. (3) Expenditures for this program indude State, and/or Other Funds. Expenditures are not maintained by fund source. (4) Expenditures on this program were not maintained by fund source. (5) Funds earned on this program do not require reporting of expenditures. 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 Richmond County Board of Education and is presented on the modified acaual 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. -38- RICHMOND COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30. 1999 SCHEDULE "2" AGENCY/FUNDING 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 Limited English Speaking Middle School Incentive Program Special Instructional Assistance In-School Suspension Counselors Grades 4 and 5 Technology Specialist Local Fair Share Educational Equalization Funding Grant Food Services Vocational Education Other State Programs Alternative Program At-Risk Summer School Program Environmental Science Program Georgia Leaming Resources System Governor's Emergency Funds (1) Health Insurance Innovative Programs Mentoring Program Mentor Teacher Program Pay for Performance Program Preschool Handicapped Program Remedial Summer School Program Severely Emotionally Disturbed Student Records Teachers' Retirement Year 2000 Project Lottery Programs Assistive Technology Computers in the Classroom Georgia Department of Community Affairs Local Assistance Grants Georgia Public Safety Training Center Law Enforcement Training Center Office of School Readiness Pre-1.