GA A'3oo -RI Ed-'=, Ts 1994-qs STATE OF GEORGIA DEPARTMENT OF AUDITS 254 WASHINGTON STREET ATLANTA. GEORGIA 30334 AUDIT REPORT TIFT COUNTY BOARD OF EDUCATION TIFTON, GEORGIA YEAR ENDED JUNE 30, 1995 TIFT COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - Page SECTION I FINANCIAL INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE EXHIBITS GENERAL PURPOSE FINANCIAL STATEMENTS COMBINED STATEMENTS - OVERVIEW A COMBINED BALANCE SHEET ALLFUNDTYPESANDACCOUNTGROUP 2 B COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES 4 C STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (NON-GAAP BASIS) GENERAL AND SPECIAL REVENUE FUNDS 5 D NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS 7 ADDITIONAL FINANCIAL INFORMATION COMBINING STATEMENTS SPECIAL REVENUE FUND E COMBINING BALANCE SHEET 20 F COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 22 CAPITAL PROJECTS FUND G COMBINING BALANCE SHEET 24 H COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 26 SCHEDULES 1 SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE 28 2 CASH AND CASH EQUIVALENTS 30 3 INVESTMENTS 31 4 ACCOUNTS RECEIVABLE 32 5 DEBT SERVICE REQUIREMENTS TO MATURITY 33 SCHEDULE OF REVENUE 6 STATE 34 7 LOCAL AND OTHER 35 TIFTCOUNTYBOARDOFEDUCATION - TABLE OF CONTENTS - SECTION I FINANCIAL ADDITIONAL FINANCIAL INFORMATION SCHEDULES SCHEDULE OF EXPENDITURES BY OBJECT 8 GENERAL AND SPECIAL REVENUE FUNDS 37 9 LOTTERY PROGRAMS 38 ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS 10 OVERALL 41 11 BYPROGRAM 42 12 SCHEDULE OF COMPENSATION AND TRAVEL OF BOARD MEMBERS 44 SECTION IT COMPLIANCE COMPLIANCE REPORT BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS SINGLE AUDIT REPORT ON COMPLIANCE WITH THE GENERAL REQUIREMENTS APPLICABLE TO FEDERAL FINANCIAL ASSISTANCE PROGRAMS SINGLE AUDIT OPINION ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO MAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS SINGLE AUDIT REPORT ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS SECTION ID INTERNAL CONTROL REPORT ON INTERNAL CONTROL STRUCTURE IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS SINGLE AUDIT REPORT ON THE INTERNAL CONTROL STRUCTURE USED IN ADMINISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS TIFT COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - SECTION IV FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS SECTION I FINANCIAL CLAUDE L. VICKERS STATE AUDITOR (404) 656-2174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 August 14, 1996 Honorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation and Superintendent and Members ofthe Tift County Board ofEducation INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE Ladies and Gentlemen: We have audiied the general purpose financial statements (Exhibits A through D) of the Tift County Board of Education, as of and for the year ended June 30, 1995, as listed in the table of contents. These financial statements are the responsibility of the Board's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the provisions of the Office of Management and Budget Circular A-128, "Audits of State and Local Governments". Those standards and 0MB Circular A-128 require that we plan and petfonn the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As described in the notes to the general purpose financial statements, the Board's financial statements have been prepared using certain accounting.practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described as follows: * The general purpose financial statements of the Board did not contain a General Fixed Assets Account Group to account for property and equipment owned by the Board which should be included to conform to generally accepted accounting principles. 95ARL-13* * School activity accounts maintained at the individual schools are not included in the general purpose :financial statements. To conform to generally accepted accounting principles, these accounts should be included in the general purpose financial statements. * The Board did not recognize as expenditures, in the year ended June 30, 1995, a portion of salaries and the corresponding employer's cost of related benefits earned for contractual services completed prior to June 30, 1995. Also funds received, subsequent to June 30, 1995, from the Georgia Department ofEducation for the State's share 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, 1994, were improperly recorded in the year ended June 30, 1995. To conform to generally accepted accounting principles, revenues should be recorded when available and measurable and expenditures should be recorded when incurred, rather than when funds are received or disbursed. The aggregate effects on the general purpose financial statements of these variances or omissions have not been determined, but are believed to be material. In our opinion, except for the effects on the general purpose financial statements ofthe matters referred to in the preceding paragraph, the general purpose financial statements present fairly, in all material respects, the :financial position ofthe Tift County Board ofEducation as ofJune 30, 1995, and the results ofits operations for the year then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated August 14, 1996, on our consideration ofthe Board's internal control structure and a report dated August 14, 1996, on its compliance with laws and regulations. Our audit was conducted for the purpose offorming an opinion on the general purpose financial statements ofthe Tift County Board ofEducation taken as a whole. The combining statements (Exhibits E through H) and the financial schedules (Schedules 1 through 12 which includes the Schedule of Federal Financial Assistance) are presented for purposes ofadditional analysis and are not a required part of the general purpose financial statements of the Tift County Board of Education. Such information has been subjected to the auditing procedures applied in the audit ofthe general purpose financial statements and, in our opinion, except for the effects of the matters referred to in the third paragraph, such information is fairly presented in all material respects in relation to the general purpose :financial statements taken as a whole. A copy ofthis report has been filed as a permanent record in the office ofthe State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated Section 50-6-24. Respectfully submitted, /4--~~u/ Claude L. Vickers State Auditor CLV:cm 95ARL-13* TIFT COUNTY BOARD OF EDUCATION - 1- TIFT COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUP JUNE 30, 1995 ASSETS Cash and Cash Equivalents Investments 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 $ 1,183,641.80 $ 1,271,925.31 $ 5,879.69. 2,531,366.30 15,370,709.65 125,531.19 381,219.97 16,505.98 11,504.23 Total Assets $ 3,840,539.29 $ 1,681,155.49 $ 15,376,589.34 LIABILITIES AND FUND EQUITY LIABILITIES Accounts Payable Salaries Payable Expired Grant Balances Payable Contracts Payable Retainages Payable Deferred Revenue Unearned Lottery Funds Capital Lease Agreements General Obligation Bonds Payable Total Liabilities FUND EQUITY Fund Balances Reserved For Continuation of Federal Program For Debt Service For Expired Grant Balances/Questioned Costs For Inventories Food Donated Commodities Purchased Food For Purposes of Bond Issue For State Capital Outlay Projects Unreserved Undesignated Total Fund Equity $ 259,320.17 $ 90,727.12 470.06 272,675.76 710.77 60,515.23 144,092.51 $ 2601501.00 $ 5681010.62 $ $ 31,327.10 885.40 16,505.98 11,504.23 $ 10,293,680.05 510821909.29 $ 31,327.10 $ 28,895.61 $ 15,376,589.34 31548?11.19 110841249.26 0.00 $ 3,580,038.29 $ 111131144.87 $ 151376,589.34 Total Liabilities and Fund Equity $ 3,840,539.29 $ The notes to the general purpose financial statements are an integral part of this statement. -2- 1,681, 155.49 $ 15,376,589.34 EXHIBIT"A" DEBT SERVICE FUND ACCOUNT GROUP GENERAL LONG-TERM DEBT TOTALS (Memorandum Only) JUNE 301 1995 JUNE 3011994 $ 51,633.90 $ 2,513,080.70 $ 5,504,820.93 17,902,075.95 2,938,582.00 7.93 506,759.09 535,602.02 16,505.98 11,504.23 24,358.82 12,981.66 $ 51,641.83 51,641.83 10,893,358.17 603.269.52 10,893,358.17 6031269.52 9261344.88 $ 51,641.83 $ 11,5481269.52 $ 32,498, 195.47 $ 9,942,690.31 $ 350,047.29 $ 230,328.76 273,145.82 302,166.46 61,226.00 23,285.61 31,140.90 3,667.71 54,847.85 144,092.51 $ 603,269.52 603,269.52 926,344.88 1019451000.00 1019451000.00 $ 11.5481269.52 $ 12.376.781.14 $ 11511-782.11 $ 51,641.83 $ 51,641.83 0.00 $ 51.641.83 $ 51,641.83 $ $ 885.40 $ 69.76 51,641.83 31,327.10 31,327.10 16,505.98 11,504.23 10,293,680.05 510821909.29 $ 15,488,453.88 $ 41632.960.45 $ 2011211414.33 $ 24,358.82 12,981.66 11238.430.80 1,307,168.14 71063.740.00 813701908.14 11,548,269.52 $ 32,498, 195.47 $ 9,942,690.31 -3- TIFT COUNTY BQARP OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TVPES VEAR ENDED JUNE 3Q 1995 EXHIBIT"B" REVENUES State Funds Federal Funds Local and Other Funds Total Revenues GENERAL FUND SPECIAL REVENUE FUND CAPITAL PROJECTS FUND DEBT SERVICE FUND TOTALS (Memorandum Only) YEAR ENDED JUNE 301 1995 JUNE 301 1994 $ 21,386,885.00 S 84,012.58 6.130.521.97 1,209,735.08 3,520,511.07 453.8n.98 S S 27.601.419.55 S 5.184.124.13 $ s s_ _ 289,026.96 __.1.__0_4_1__._0__1__ 1 289,026.96 S 1.041.07 $ 22,596,620.08 S 3,604,523.65 6.874.-467.98 33.075.611.71 S 21,179,0-46.53 3,788,087.-49 6.655.195.-43 31.622.329.-45 EXPENPITURES Currant lnatruction S Support Services PupilServices Improvement or Instructional Services Educational Media Services General Administration School Administration Busi,-g Administration Maintenance and Operation or Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Other Operations or Non-Instructional Services Capital Outlay Debt Service Principal Interest 17,703,688.08 $ 1,188,674.17 574,659.84 699,965.13 5"6,327.36 1,989,913.22 124,365.26 1,757,515.20 1,1-40,578.71 108,314.87 19,693.08 250,2.......75 100,710.00 183,118.72 35.101.98 1,962,684.28 179,773.74 19,938.03 265,-463.36 196,096.53 3,939.19 s 78,209.63 37,942.39 116,866.5-4 2,031,038.56 -45,104.71 139,956.6-4 Total Expenditures s s s 26.422.870.37 5.on,013.eo Excess or R-.iues over (under) Expenditures $ 1.178.549.18 $ 107.110.53 $ s 0.00 S 19,666,372.36 $ 19,879,507.35 1,368,......7.91 1,2-49,nuo 16-4,673.-45 594,597.87 965,428.-49 742,423.89 1,993,852.41 289,038.71 1,835,724.83 1,178,521.10 108,314.87 136,559.62 2,031,038.56 523,269.22 704,205.66 688,163.11 1,772,864.95 109,169.97 1,711,45-4.56 1,067,n8.15 111,205.65 16-4,809.65 2,0-49,667.54 623,90-4.89 250,2.......75 769,719.60 193,828.74 284,7.......51 788.578.34 s_ _ _-o_.oo_ s 323,075.36 35,101.98 s 32.288.462.31 30.5101440.86 -499.551.38 $ 1.041.07 $ 787.149.-40 $ 1,111,888.59 OTHER FINANCING SOURCES CUSES) Accrued Interest on Bonds Sold Proceeds from General Obligation Bonds Par Value Capilali.- Operating Transfers In Operating Transfers Out $ s -803.697.31 s $ 10,945,000.00 1,194.65 802,502.66 27,687.06 S 27,687.06 10,945,000.00 s 803,697.31 -803.697.31 926,a.....88 1,604,309.71 -1.604,309.71 Total Other Financing Sources (Uses) S Excess or Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses S -803.697.31 $ 374,851.87 S 1.194.65 $ 11.747.502.66 S 108,305.18 $ 11,247,951.28 $ 27,687.06 $ 10.972.687.06 $ 926,a.....88 28,728.13 $ 11,759,836.46 $ 2,038,233.47 FUND BALANCE JULY 1 3,205,186.42 1,014,169.96 4,128,638.06 22,913.70 8,370,908.14 6,349,417.10 Food Inventory - Net Change in Period Donated Commodities Purchased Food -7,852.84 -14n.43 -7,852.84 -1 14n.a -19,481.-43 2,739.00 FUND BALANCE JUNE 30 $ 3,580,038.29 $ 1,113,144.87 $ 15,376,589.34 $ 51,6-41.83 $ 20,121,414.33 $ 8,370,908.14 The notes to the general purpose financial statements are an integral part of this statement. -4- TIFT COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL - (NON-GAAP BASIS) ~ENERAL AND SPECIAL REVENUE FUNQS YEAR ENDED JUNE 30, 1995 EXHIBITc GENERAL FUND ACTUAL (BUDGET BUDGET BASIS} REVENUES State Funds Federal Funds Local and Other Funds $ 21,455,347.16 $ 21,386,885.00 34,978.00 84,012.58 5z728,579.00 611301521.97 Total Revenues $ 27,218,904.16 $ 271601,419.55 EXPENDITURES Current Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Other Operations of Non-Instructional Services Capital Outlay Debt Service $ 18,142,804.84 $ 17,703,688.08 1, 191,000.00 569,680.49 981,885.88 557,000.00 1,957,000.00 133,000.00 1,911,110.94 1,176,561.00 120,931.65 19,693.08 1,188,674.17 574,659.84 699,965.13 546,327.36 1,989,913.22 124,365.26 1,757,515.20 1,140,578.71 108,314.87 19,693.08 248,000.00 131,000.00 250,244.75 100,710.00 218,220.70 Total Expenditures $ 271139,667.88 $ 26,4221870.37 Excess of Revenues over (under) Expenditures $ 79,236.28 $ 1,178,549.18 OTHER FINANCING SOURCES (USES} Other Sources Other Uses $ -9021445.00 $ -803,697.31 Total Other Financing Sources (Uses) $ -902.445.00 $ -803,697.31 Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses $ -823,208.72 $ 374,851.87 FUND BALANCE JULY 1, 1994 2,485,934.11 3,205,186.42 Adjustments 170,213.50 SPECIAL REVENUE FUND ACTUAL (BUDGET BUDGET BASIS} $ 1,103,905.00 $ 1,209,735.08 3,479,307.00 3,520,511.07 4651000.00 4531877.98 $ 510481212.00 $ 5,184,124.13 $ 2,312,341.76 $ 1,962,684.28 221,312.00 20,900.95 14,534.00 194,214.24 40,368.00 179,773.74 19,938.03 265,463.36 196,096.53 3,939.19 29,835.00 87,097.00 78,209.63 37,942.39 124,515.00 116,866.54 2,077,000.00 2,031,038.56 45,000.00 45,104.71 139,956.64 $ 5,167,117.95 $ 5,077,013.60 $ -118,905.95 $ 107,110.53 $ 102,445.00 $ 1,194.65 $ 102,445.00 $ 11194.65 $ -16,460.95 $ 1,027,069.31 -27,321.28 108,305.18 976,829.48 FUND BALANCE JUNE 30, 1995 $ 1,832,938.89 $ 3,580,038.29 $ 983,287.08 $ 1,085,134.66 The notes to the general purpose financial statements are an integral part of this statement. -5- TIFT COUNTY BOARD OF EDUCATION EXIDBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Tift 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. With the exception ofthe departures from generally accepted accounting principles disclosed in these notes, the financial statements of the Board have been prepared in conformity with generally accepted accounting principles as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting standards. The more significant of the Board's accounting policies are described below. REPORTING ENTITY In evaluating how to define the government unit for financial reporting purposes, management has considered the criteria set forth in GASH' Codification ofGovernmental Accounting and Financial Reporting Standards, Section 2100, "Defining the Financial Reporting Entity". The primary government consists of all the organizations that compose the legal entity ofthe Tift County Board ofEducation. Based upon the application ofthe above criteria, the-Tift County Board ofEducation is determined to be the lowest level ofgovernment exercising oversight responsibility and control over all activities related to public education in Tift County, Georgia. The Board is not included in any other governmental "reporting entity" as defined by GASB Codification of Governmental Accounting and Financial Reporting Standards. Board members were elected by the public and have decision making authority, the power to designate management, the ability to significantly influence operations, and primary accountability for fiscal matters. The Board determines the millage rate at which school taxes are levied and may incur bonded indebtedness with voter approval. FUND ACCOUNTING The Board uses funds and an account group to report on its financial position and the results ofits operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set 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. - 7- TIFT COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note l: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Although "school activity accounts" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To confonn to generally accepted accounting principles, these accounts should be recorded in the general purpose financial statements. The general purpose financial statements account for all State, Federal, Local and Other Funds under control ofthe Board, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: GOVERNMENTAL FUND TYPES - are used to account for all or most of a Board's general activities. Governmental Fund Types include: GENERAL FUND - the fund used to account for all financial resources of the Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board ofeducation. SPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are primarily received from the Georgia Department of Education and from the Federal government to accomplish specific objectives and are required to be accounted for separately. Also included are proceeds received from State, Federal, Local and Other sources for operations of the school food services fund. This fund could be accounted for as an enterprise fund; however, the Board chooses not to provide for depreciation, but to maintain the fund on a modified accrual basis and to report the fund as a special revenue fund under governmental fund types, which is acceptable under generally accepted accounting principles for governmental entities. CAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. DEBT SERVICE FUND-the fund used to account for the accumulation ofresources for, and the payment of, general long-term principal, interest and paying agent fees. ACCOUNT GROUP GENERAL LONG-TERM DEBT ACCOUNT GROUP - used to account for general obligation bonds outstanding and material capital lease obligations. - 8- TIFT COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure ofavailable spendable resources. Liabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-'term Debt Account Group. Governmental funds are accounted for using the modified accrual basis of accounting under which: Revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount ofthe transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities ofthe current period. Those revenues considered susceptible to accrual are property taxes, intergovernmental grants and investment income. Property taxes are considered available ifthey are collected and remitted by the collecting agent to the Board within 60 days after fiscal year-end. Expenditures are generally recognized when the related fund liability is incurred. A departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share ofthese contracts. During fiscal year 1995, a substantial number of personnel of the Board were employed for a one hundred and ninety day period beginning in late August 1994 and ending in early June 1995. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 1994 and ending in August 1995. State grants to fund the State's share of these contracts were disbursed from the Georgia Department ofEducation to the Board in the same twelve months. As ofJune 30, 1995, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 1995, had not been made. Payments for these two months were made and recorded as expenditures by the Board subsequent to June 30, 1995. Also, the State's portion ofthe compensation paid in July and August 1995 was received and recorded as revenue in the fiscal year subsequent to June 30, 1995. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1994, were recorded in the year ended June 30, 1995. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed. - 9- TIFT COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BUDGET The Tift County Board ofEducation's budget is a complete financial plan for the Board's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level of budget control was established by the Board at the aggregate level. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles. The budget process begins when the 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 ofgeneral circulation in the locality. At the next regular meeting ofthe Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This final budget is then submitted, in accordance with provisions ofthe Quality Basic Education Act, OCGA Section 20-2-167, to the Georgia Department ofEducation. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. 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 act\,lal revenues, expenditures and fund balance as reflected on Exhibit "B" ofthis report: Excess ofRevenues and Other Financing Sources over (under) Expenditures and Other Financing Uses Fund Balance July 1, 1994 Adjustments: Inventories July 1, 1994 Food Donated Commodities Purchased Foods Fund Balance June 30, 1995 (Budget Basis) Special Revenue Fund $ 108,305.18 1,014,169.96 -24,358.82 -12,981.66 $ 1.085.134.66 - 10 - TIFT COUNTY BOARD OF EDUCATION EXIIlBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CASH AND CASH EQUIVALENTS COMPOSITION OF DEPOSITS Cash and cash equivalents consist ofdeposits (including N.0.W. accounts) in authorized financial institutions. Georgia Laws authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. The placement of proceeds from bond issues in certificates ofdeposit is limited to financial institutions located within this State. INVESTMENTS COMPOSITION OF INVESTMENTS Investments made by the Board are stated at cost. The Official Code of Georgia Annotated Section 36-83-4 authorizes the Board to invest its funds in the following: (I) 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 ofGeorgia, Office ofTreasury and Fiscal Services, (7) Repurchase agreements, and (8) Obligations of other political subdivisions ofthe State of Georgia. RECEIVABLES Receivables consist ofgrant reimbursements due from Federal, State or other grantors for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. - 11 - TIFT COUNTY BOARD OF EDUCATION EXlilBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30. 1995 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES PROPERTY TAXES The Tift County Board ofCommissioners fixed the property tax levy for the 1994 tax year (calendar year) on September 28, 1994 (levy date). Taxes were due on December 20, 1994. The lien date for property taxes was January l, 1994. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 1995 since their collection meets the criteria of GASB codification section P70. l 03. The Tift County Tax Commissioner bills and collects the property taxes for the Board ofEducation, withholds 2.5% oftaxes collected as a fee for tax collection, and remits the balance oftaxes collected to the Board. The tax millage rate levied for the 1994 tax year (calendar year) for the Tift County Board ofEducation was as follows (a mill equals $1 per thousand dollars ofassessed value): School Operations .lLllmills 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. 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 these amounts do not constitute "available spendable resources" even though they are a comp<:>nent 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. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the General Long-Term Debt Account Group. INTERFUND TRANSACTIONS The Board has the following types ofinterfund transactions: Reimbursements ofexpenditures initially made from a fund that are properly applicable to another fund, are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. Operating transfers are recorded for all interfund transactions other than reimbursements. - 12 - TIFT COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 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. lnterfund eliminations have not been made in the aggregation ofthis data. Note 2: DEPOSITS AND INVESTMENTS COLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee ofinsurance, or by collateral. The aggregate of the face value of such surety bond and the market value ofsecurities shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount of deposit insurance. OCGA Section 45-8-11 provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts. Acceptable security for deposits consists ofany 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 ofthe United States or of the State of Georgia, (4) Bonds, bills, notes, certificates ofindebtedness or other obligations ofthe counties or municipalities ofthe State ofGeorgia, (5) Bonds ofany public authority created by the laws of the State ofGeorgia, providing that the statute that created the authority authorized the use ofthe bonds for this purpose, (6) Industrial revenue bonds and bonds of development authorities created by the laws ofthe State of Georgia, and - 13 - TIFT COUNTy BOARD OF EDUCATION EXIIlBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 2: DEPOSITS AND INVESTMENTS (7) Bonds, bills, notes, certificates of indebtedness, or other obligations ofa subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Bank, the Federal Home Loan Banlc, the Federal Intermediate Credit Bank, the Central Banlc for Cooperatives, the Farm Credit Banlcs, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. CATEGORIZATION OF DEPOSITS At June 30, 1995, the banlc balances were $4,975,837.04. The amounts of the total banlc 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 banlc balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Board's name.) The Board's deposits are classified by risk category at June 30, 1995, as follows: Risk Category 1 2 3 Total Banlc Balance $ 210,072.70 1,168,398.06 3,597,366.28 $ 4,975,837.04 CATEGORIZATION OF INVESTMENTS At June 30, 1995, the carrying amount of the Board's total investments was $17,902,075.95 and consisted entirely of funds in the Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services which are not required to be categorized since the Board did not own any specific identifiable securities in the pool. The investment policy ofthe State of Georgia, Office ofTreasury and Fiscal Services for the Local Government Investment Pool does not provide for investment in derivatives or similar investments. Note 3: NON-MONETARY TRANSACTIONS The Board receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories - 14 - TIFT COUNTY BOARD OF EDUCATION EXIDBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 4: RISK MANAGEMENT The Board is exposed to various risks ofloss related to torts; theft of, damage to, and destruction ofassets; errors or omissions; job related illnesses or injuries to employees; natural disaster; and unemployment compensation. The Board has obtained commercial insurance for risk ofloss associated with torts and assets. The Board has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Board's insurance coverage in any ofthe past three years. The Board has elected to self-insure for all losses related to errors or omissions, which includes, among other risks, risks for sexual harassment and discrimination. In addition, the Board has elected to self-insure for all losses related to natural disaster. The Board has not experienced any losses related to these risks in the past three years. 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 expenditures 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: Beginning ofYear Liability Claims and Changes in Estimates Claims Paid EndofYear Liability 1994 $ 0.00 $ 1,697.35 $ 1,697.35 $ 0.00 1995 $ 0.00 $ 0.00 $ 0.00 $ 0.00 The Board participates in the Georgia Education and Government Workers' Compensation Trust, a public entity risk pool organized on December 1, 1991 to develop, implement, and administer a program ofworkers' 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 Continental Insurance Company to provide coverage for potential losses sustained by the Fund in excess of $250,000.00 loss per occurrence, up to $1,000,000.00. Note 5: GENERAL LONG-TERM DEBT CAPITAL LEASE The Tift County Board ofEducation has entered into a lease agreement as lessee for equipment. This lease agreement qualifies as a capital lease for accounting purposes and, therefore, has been recorded at the present value of the future minimum lease payments as ofthe date of their inception. - 15 - TIFT COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 5: GENERAL LONG-TERM DEBT The changes in General Long-Term Debt during the fiscal year ended June 30, 1995, were as follows: Balance July 1, 1994 Additions Deductions Balance June 30, 1995 General Capital Obligation Leases Bonds Total s S 926,344.88 s 0.00 926,344.88 10,945,000.00 10,945,000.00 323,075.36 323,075.36 s 603+62 52 $JO 945 000 00 SJ l 548+62 52 At June 30, 1995, payments due, by fiscal year which includes principal and interest for these items are as follows: Fiscal Year Ended June 30 1996 1997 1998 1999 2000 2001 and thereafter Total Principal and Interest Deduct: Imputed Interest Net Present Value ofFuture Minimum Lease Payments Capital Leases General Obligation Bonds Total Debt S 145,700.90 248,696.57 250,742.48 S 512,219.06 886,023.76 899,098.76 910,468.76 920,348.76 15,072,776.38 S 657,919.96 1,134,720.33 1,149,841.24 910,468.76 920,348.76 15,072,776.38 s 645,139.95 s12Joo 235 48 s12 846 015 43 41,870.43 S 603+6252 Note 6: SIGNIFICANT COMMITMENTS The following is an analysis of significant outstanding construction or renovation contracts executed by the Board as ofJune 30, 1995, together with funding available: Project Unearned Executed Contracts Fundinfc Availab e From State 92/92S-73 7-080 94/94S-737-055 94/94S-737-056 $25,437,871.75 $ 5,630,614.00 1,926,411.69 932,647.00 1,091,007.44 413,417.00 $28.455.290.88 $ 6,976,678.00 The amounts described in this note are not reflected in the general purpose financial statements. - 16 - TIFT COUNTY BOARD OF EDUCATION EXlilBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 7: CONTINGENT LIABILITIES Amounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant terms. The Board believes that such disallowances, ifany, will be immaterial to its overall financial position. The Board is a defendant in various legal proceedings pertaining to matters incidental to the performance of routine Board operations. The ultimate disposition ofthese proceedings is not presently determinable, but are not believed to be material to the general purpose financial statements. Note 8: RETIREMENT PLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) TRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer public employee retirement system (PERS). TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. A member is eligible for service retirement after 30 years ofcreditable service, regardless ofage, or after lOyears of service and attainment of age 60. A member is eligible for early retirement after 25 years of creditable service and attainment of age 55, at a reduced benefit. Retirement benefits paid to members are equal to 2% of the average of the member's two consecutive highest paid years of service multiplied by the number of years of creditable service up to 40 years. The normal retirement pension is payable monthly for life. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death. Retirement benefits also include death and disability benefits. A disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The death benefit is the amount that would be payable to the member's beneficiary had the member retired on the date of death on either a service retirement allowance or a disability retirement allowance, whichever is larger. The benefit is based on the member's creditable service (minimum of IO years of service) and compensation up to the time of disability or death. Members become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting ofemployer contributions occurs, but the member's contributions are refunded with interest. The Board's payroll for employees covered by TRS for the year ended June 30, 1995, was $18,530,387.29; total payroll was $20,602,937.01. - 17 - TIFT COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 8: RETIREMENT PLANS 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 Board ofTrustees in accordance with State statute and as advised by their independent actuary. For fiscal year 1995 that rate for employer contributions was 11.81%. The interest rate assumption (rate of return on investments) was 7.50%. Total contributions made during fiscal year 1995 amounted to $3,114,628.61, ofwhich $2,188,204.53 was made by the Board and $926,424.08 was made by employees. These contributions represented 11.81% (Board) and 5% (employees) of covered payroll. TRS FUNDING STATUS AND PROGRESS The amount of the total pension benefit obligation is based on a standardized measurement established by Statement No. 5 ofthe Governmental Accounting Standards Board (GASB) that, with some exceptions, must be used by a PERS. The standardized measurement is the actuarial present value of credited projected . benefits. This valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date, and is adjusted for the effects of projected salary increases. A standardized measure ofthe pension benefit obligation was adopted by the GASB to enable readers of PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among other PERS and among other employers. Total unfunded pension benefit obligation ofTRS as ofJune 30, 1994, was as follows: Total pension benefit obligation $15,313,743,000.00 Net assets available for benefits, at cost 14,254,785,000.00 Unfunded pension benefit obligation $ 1.058,958,000.00 The measurement ofthe total pension benefit obligation is based on an actuarial valuation as ofJune 30, 1994. Net assets available to pay pension benefits were valued as of the same date. TRS does not make separate measurements ofassets and pension benefit obligation for individual employers. Total contributions from all employers to TRS for fiscal year ended June 30, 1995 were $565,117,811.00. The Board's contribution for the year ended June 30, 1995 of$2,188,204.53 was actuarially determined and represented .3872% of total contributions made by all participating employers. Ten year historical trend information is presented in the 1995 TRS Component Unit Financial Report. This information is useful in assessing TRS's accumulation of sufficient assets to pay pension benefits as they become due. - 18 - TIFT COUNTY BOARD OF EDUCATION EXHIBIT "D" NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Note 8: RETIREMENT PLANS PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM OF GEORGIA (PSERS) PSERS PLAN DESCRIPTION Substantially all bus drivers, maintenance, custodfal, and lunchroom personnel employed by local school systems are covered by the Public School Employees Retirement System of Georgia (PSERS). All employer's contributions are made by the State of Georgia in accordance with State statute. PSERS provides in accordance with State statute service retirement, disability retirement and survivors benefits for its members. A member is eligible for normal service retirement after IO years of service and attainment ofage 65. A member applying for service retirement with 10 years of service and retires between the ages of 60 and 65 receives a reduced benefit. Monthly retirement benefits paid to members are equal to $8.00 per month multiplied by the number ofyears of creditable service. Options are available for distribution ofthe member's monthly pension at a reduced rate to a designated beneficiary on the member's death. Retirement provisions include death and disability benefits. Disability benefits are the same as ifthe employee had retired at age 65 as long as the employee has 15 or more years ofcreditable service. Death benefits are dependent upon the number ofyears of service. Ifthere are less than ten years of service, a lump sum refund ofthe employee's contributions and interest are made to the beneficiary. Ifthere are more than ten years of service, the beneficiary shall receive for life halfof what the employee would have received upon retirement. Members become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting ofemployer contributions occurs, but the member's contributions are refunded with interest. There were 190 employees covered under PSERS for the year ended June 30, 1995. PSERS CONTRIBUTIONS REQUIRED AND MADE Covered employees are required by State statute to contribute $4.00 a month for the nine month school year. Unlike TRS, the Board makes no contribution to PSERS. The State of Georgia is required by statute to make employer contributions actuarially determined and approved and certified by the PSERS' Board ofTrustees. Total contributions from employees ofthe Board made during fiscal year 1995 amounted to $6,036.00. Total contribution for all school systems made by the State of Georgia to PSERS for fiscal year ended June 30, 1995, was $9,162,000.00. Note 9: SURETY BONDS The School Superintendent, Dr. Daniel Lee McIntyre, is bonded in the amount of $100,000.00 with the Hartford Insurance Company, Hartford, Connecticut, their Bond No. 4669932, on which premium was paid through July I, 1995. - 19 - DEI COUNTY BOARD Of EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30. 1995 ASSm Cash and Cash Equivalents Accounts Receivable Inventories Food Donaled Commodities Purchased Food Total Assets LIABIUIIEANDEUNDEQUID'. UABJUIIE Cash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable Deferred Revenue Unearned L.oltery Funds Total Liabilities EUNDEQUITY Fund Balances R8MfV9d For Continuation d Federal Program For Inventories Food Donated Commodities Purchased Food Unres81Ved Undesignated Total Fund Equity Tolal Liabilities and Fund Equity SCHOOL FOOD SERVICES FUND STATE PRESCHOOL HANDICAPPED PROGRAM LOTTERY PROGRAMS DRUG-FREE SCHOOLSAND COMMUNmEs ACT EDUCATION OF CHILDREN IN STATE SCHOOLS $ 1,179,450.71 $ 0.00 $ 169,804.02 $ 0.00 24,708.82 21,111.62 $ 699.00 16,505.98 11,504.23 $ 1,232,169.74 $ 0.00 $ 190,915.64 $ 0.00 $ 699.00 $ 28,047.51 91,862.76 $ 119,910.27 $ 9,064.05 37,759.08 144,092.51 $ 190,915.64 $ 699.00 $ 699.00 $ 16,505.98 11,504.23 $ 28,010.21 1,084,249.26 $ $ 1,112,259.47 $ $ 1,232,169.74 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 190,915.64 $ 0.00 $ 0.00 $ 0.00 $ 0.00 0.00 699.00 Sae notes to the general purpose financial statements. -20- EXH1B1TE ELEMENTARY AND SECONDARY EDUCATION ACT CHAPTER1 EDUCATION OF DEPRIVED CHILDREN MIGRANT PROGRAM CHAPTER2 BLOCK GRANT - FLOW THROUGH mLEHEISENHOWER MATHEMATICS ANDSCIENCE EDUCATION INDIVIDUALS WITH DISABILITIES EDUCATION ACT mLEVl,B FLOW PRESCHOOL THROUGH PROGRAM TOTALS JUNE 30, 1995 JUNE 30, 1994 $ 254.50 $ 885.40 $ 1,350,394.63 $ 1,203,313.21 $ 212,607.74 $ 26,933.14 $ 59,220.00 $ 35,739.65 381,219.97 401,219.12 16,505.98 11,504.23 24,358.82 12,981.66 $ 212,607.74 $ 26,933.14 $ 254.50 $ 885.40 $ 59,220.00 $ 35,739.65$ 1,759,624.81 $ 1,841,872.81 $ 21,851.88 $ 14,230.43 41,985.68 2,220.98 145,344.86 8,659.56 3,425.32 1,822.17 $ $ 212,607.74 $ 26,933.14 $ 254.50 254.50 $ 8,516.53 $ 32,971.48 $ 78,469.32 $ 54,871.19 8,964;69 444.21 90,727.12 192,531.74 24,484.62 2,323.96 272,675.76 302,166.46 17,254.16 60,515.23 23,285.61 54,847.85 144,092.51 $ 59,220.00 $ 35,739.65$ 646,479.94 $ 627,702.85 $ 0.00 $ 0.00 $ $ 0.00 $ 0.00 $ $ 212,607.74 $ 26,933.14 $ $ $ 0.00 0.00 $ 254.50 $ 885.40 885.40 0.00 $ 885.40 $ 0.00 $ 0.00 $ $- 885.40 $ 69.76 16,505.98 11,504.23 24,358.82 12,981.66 $ 28,895.61 $ 37,410.24 0.00 1,084,249.26 976,759.72 0.00 $ 1,113,144.87 $ 1,014,169.96 885.40 $ 59,220.00 $ 35,739.65 $ 1,759,624.81 $ 1,841,872.81 -21 - JFI COUNJY BOARD OF EDUCATJON CQMBfMNG STATEMENT OF RE\IENUES EXPENPIIlJREs AND CHANGES IN FUND BALANCES SPECIAl- REVENUE FUND VEAR ENDED JUNE 30. 1995 REVENUES StallFundl Federal Funds Local and Olher Funds Total ReeMnUN EXPENPIIYBES CurlWlt lnltruction Support ServicN PupH ServicN Improvementd lnllructional ServicN Educalional Media ServicN General Adminilllation School Admlnlstndion Mliinlilnance and Opendion d Plant Sludent Transportation Services Cenlral Support Services Olher Support Services Food Services Opendion Capital Outlay Debt Service Principal Total Expenditures Excess d R - o v w (under) Expenditur9s Qit:IEB EJNANCI~ SOURCES Operating Transfers In Excess d Revenues and Olher F"mancing Sources ovw (under) Expenditures FUND BALANCE JULY 1 Food Inventory- Net Change in Period Donatad Commodities Pun:hasedFoocl FUND BALANCE JUNE 3Q SCHOOL FOOD SERVICES FUND STATE PRESCHOOL HANDICAPPED PROGRAM LOTTERY PROGRAMS DRUG-FREE SCHOOLSAND COMMUNITIES ACT EDUCATION OF CHILDREN IN STATE SCHOOLS $ 158,348.00 $ 1,525,304.12 "453,877.98 $ 2.138.528.10 $ 85,351.00 $ 865,038.08 $ 85,351.00 $ 865,038.08 $ '44,935.00$ 44.935.00 $ 9,-485.00 9 1-485.oo $ $ 2,031,038.56 $ 2.031 .038.56 $ $ 107,"89.54 $ 85,351.00 $ 388,676.00 65,919.1.C $ 7~7.78 263,059.18 1.C,83.c.> &4,196.17 13,068.05 1,051.66 45,104.71 102.995.&4 85,351.00 $ 966~.73$ 0.00 $ -1,19.c.65 $ $ '44,781.33 153.67 44.935.00 $ 0.00 $ $ 107,"89.54 $ 1.01.c.100.20 -7.852.&4 -1 .c77."3 1.1e.c.65 0.00 $ 0.00 0.00 $ 0.00 0.00 $ 0.00 $ 1,112,259.47 $ 0.00 $ 0.00 $ 0.00 $ 9,-485.00 9;"85.00 0.00 0.00 0.00 0.00 See notes to the general purpose financial statements. -22- EXHIBIT"F" ELEMENTARY ANO SECONDARY EDUCATION ACT CHAPTER1 EDUCATION OF DEPRIVED CHILDREN MIGRANT PROGRAM CHAPTER2 BLOCK GRANT FLOW THROUGH TITLEII EISENHOWER MATHEMATICS ANO SCIENCE EDUCATION INDIVIDUALS WITH DISABILITIES EDUCATION ACT TITLEVI, B FLOW PRESCHOOL THROUGH PROGRAM TOTALS YEAR ENDED JUNE 301 1995 JUNE 30, 1994 $ 1,334,674.42 $ 117,882.54 $ $ 1,334,674.42 $ 117,882.54 $ 51,708.50 $ 51,708.50 $ 35,516.00 $ 323,465.84 $ 35,516.00 $ 323,465.84 $ $ 77,539.65 77,539.65$ 1,209,735.08 $ 3,520,511.07 453,877.98 539,079.76 3,681,930.06 479,718.80 5,184,124.13 $ 4,700,728.62 $ 1,094,434.64 $ 117,624.58 $ 2,763.42 2,404.18 103,70721 3,939.19 2,911.70 8,69920 115,814.88 257.96 $ 1,334,674.42 $ 117,882.54 $ $ 0.00 $ 0.00 $ 14,614.50 $ 133.00 36,961.00 51,708.50 $ 0.00 $ 24,790.29 $ 9,846.83 6324 189,248.11 $ 41,929.54 70,447.05 5,666.00 16,175.14 34,700.36 $ 815.64 $ 323,465.84 $ 0.00 $ 38,460.16 $ 27,143.73 6,500.00 5,435.76 n,539.65 $ 0.00 $ 1,962,68428 $ 1,974,558.37 179,773.74 19,938.03 265,463.36 196,096.53 3,939.19 78,209.63 37,942.39 116,866.54 2,031,038.56 45,104.71 1s1,m.s1 30,292.85 4,089.45 178,767.64 4,997.95 52,643.84 21,059.88 2,22326 142,209.31 2,049,667.54 139,956.64 5,077,013.60 $ 4,658,288.00 107,110.53 $ 42,440.62 $ 0.00 $ 0.00 $ 0.00 0.00 0.00 $ 0.00 815.64 $ 69.76 0.00 $ 0.00 1,194.65 4,309.71 0.00 $ 0.00 108,305.18 $ 1,014,169.96 46,750.33 984,162.06 -7,852.84 -1,477.43 -19,481.43 2,739.00 $ 0.00 $ 0.00 $ 0.00 $ 885.40 $ 0.00 $ 0.00 $ 1,113,144.87 $ 1,014,169.96 -23- TIFT COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30. 1995 ASSETS Cash and Cash Equivalents Investments Total Assets REGULAR 1995 BOND ISSUE FUND PROJECT 92/925-737-080 GEORGIA PROJECT 93194-737-065 $ 0.00 $ 587,668.55 $ 0.00 $ 1018711359.85 s_ _ _o_.oo_s 10 s11,359.85 s 1 587,668.55 s____o_.oo_ LIABILITIES AND FUND EQUITY LIABILITIES Cash Overdraft Contracts Payable Retainages Payable Total Liabilities FUND EQUITY Fund Balances Reserved For Purposes of Bond Issue For State Capital Outlay Projects Unreserved Undesignated Total Fund Equity Total Liabilities and Fund Equity $ 577,ffl9.80 $ 5771ffl9.80 $ 10,293,680.05 $ $ 10,293,680.05 $ 5871668.55 587,668.55 $ 0.00 0.00 0.00 $ 0.00 $ 0.00 $ 1012931680.05 $ 5871668.55 $ 0.00 s____o_.oo_s 10,s11,35s.ss s 587,668.55 s_____o_.oo_ See notes to the general purpose financial statements. -24- STATE FINANCING AND INVESTMENT COMMISSION PROJECT PROJECT PROJECT 941948-737-055 941948-737-056 96-737-065 PROJECT 96-737-066 TOTALS JUNE 301 1995 JUNE 30, 1994 $ 7,'200.07 $ 5,000.00 $ 599,928.62 $ 2,761,343.17 $ 1,235,056.56 640,965.67 $ 175,028.33 2,448,299.24 15,370,709.65 1,402,103.50 $ 1,235,056.56 $ 648,225.74 $ 175,028.33 $ 2,453,299.24 $ 15,970,638.27 $ 4,163,446.67 $ 16,369.13 $ 16,369.13 $ 594,048.93 $ $ 594,048.93 $ 31,140.90 3,667.71 34,808.61 $ 1,218,687.43 $ $ 1,218,687.43 $ 648,225.74 $ 648,225.74 $ 175,028.33 $ 175,028.33 $ $ 10,293,680.05 2,453,299.24 5,082,909.29 $ 2,453,299.24 $ 15,376,589.34 $ 1,238,430.80 1,238,430.80 0.00 $ 1~18,687.43 $ 0.00 648,225.74 $ 0.00 175,028.33 $ 0.00 0.00 2,453,299.24 $ 15,376,589.34 $ 2,890,207.26 4,128,638.06 $ 1,235,056.56 $ 648,225.74 $ 175,028.33 $ 2,453,299.24 $ 15,970,638.27 $ 4,163,446.67 -25- TIFT COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES CAPITAL PROJECTS FUND YEAR ENDED JUNE 30, 1995 REGULAR 1995 BOND ISSUE FUND PROJECT 921925-737-080 GEORGIA . PROJECT 93194-737-065 REVENUES Local and Other Funds s 87,806.04 $ 80,718.69 $ 0.00 S 0.00 EXPENDITURES Current Support Services Business Administration Salaries Benefits Travel Bond Issuance Cost Capital Outlay Purchased Professional and Technical Services Land and Land Improvements Building and Building Improvements Equipment Total Expenditures s 8,333.34 1,885.52 95.75 $ 413,132.87 7,531.60 $ 430,979.08 $ 154,358.84 $ s 1541358.84 $ 90,011.25 901011.25 $ 0.00 0.00 Excess of Revenues over (under) Expenditures $ -3431173.04 $ -73.640.15 $ -901011.25 $ 0.00 OTHER FINANCING SOURCES (USES) Proceeds from General Obligation Bonds Par Value Operating Transfers In Operating Transfers Out $ 10,945,000.00 $ -215471034.22 -5771679.80 $ -4111188.00 Total Other Financing Sources (Uses) $ -215471034.22 $ 101367.320.20 $ -4111188.00 Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses $ -2,890,207.26 $ 10,293,680.05 $ -90,011.25 $ -411,188.00 FUND BALANCE JULY 1 21890,207.26 0.00 s n 16 7 9 . e o 4111188.00 FUND BALANCE JUNE 30 s____o_.o_o_ s 10.293 680.05 s 1 587 668.55 s_____o_.oo_ 1 See notes to the general purpose financial statements. -26- EXHIBITw STATE FINANCING AND INVESTMENT COMMISSION PROJECT PROJECT PROJECT 941945-737-055 941945-737-056 96-737-065 PROJECT 96-737-066 TOTALS YEAR ENDED JUNE 301 1995 JUNE 301 1994 $ 31,755.82 $ 16,480.52 $ 4,500.33 $ 67,765.56 $ 289,026.96 $ _ _1__0_4__.,_58_1_...0...8... $ $ 1,970.00 $ 2,150.00 73,827.39 35,281.78 $ 75,797.39 $ 37431.78 $ $ -44041.57 $ -20,951.26 $ 0.00 $ 0.00 $ 4,500.33 $ 0.00 $ 0.00 $ 67,765.56 $ 8,333.34 1,885.52 95.75 154,358.84 $ 4,120.00 612,253.29 7,531.60 788,578.34 $ -499,551.38 $ 23,217.81 201,053.30 224,271.11 -119,690.03 $ 1,159,101.00 $ $ 1,159,101.00 $ $ 1,115,059.43 $ 103,628.00 623,242.00 $ 623,242.00 $ 602,290.74 $ 45,935.00 $ 170,528.00 $ 2,385,533.68 10,945,000.00 4,338,404.68 $ -3,535,902.02 170,528.00 $ 2,385,533.68 $ 11,747,502.66 $ 1,600,000.00 1,600,000.00 175,028.33 $ 2,453,299.24 $ 11,247,951.28 $ 0.00 0.00 4,128,638.06 1,480,309.97 2,648,328.09 $ 1,218,687.43 $ 648,225.74 $ 175,028.33 $ 2,453,299.24 $ 15,376,589.34 $ 4,128,638.06 -27- IIEI COUNTY BOARD OF EDUCATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE YEAR ENDED JUNE 3Q 1995 SCHEDULE 1 FUNDING AGENCY PROGRAM/GRANT CFDA AWARDS 'NUMBER IN PERIOD FEDERAL FUNDS RECEIVED IN PERIOD{NET OF REFUNDS) FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD Agriculture, U.S. Department of Through Georgia Department of Education Food and Nutrition Program Food Services School Breakfast Program 1994Grant * 10.553 $ 1995Grant * 10.553 $ 314,128.66 National School Lunch Program 1994Grant * 10.555 1995 Grant * 10.555 1,056,853.51 Nutrition Education and Training Program 1995 Contract 10.564 1,398.00 Food Distribution Program (1) 10.550 152.923.95 4,178.19 310,489.57 $ 314,128.66 17,911.19 1,035,783.78 1,056,853.51 $ 1,398.00 N/A 1,398.00 152.923.95 (2) 1,878,114.61 (3) (2) 152.923.95 Total U.S. Department of Agriculture $ 1.5251304.12 $ 11369.760.73 $ 115251304.12 $ 210311038.56 Commission on National and Community Service Through Georgia Department of Education Serve America Program 1995 Grant 94.004 $ 141978:00 $ 8,879.37 $ 14,978.00 (4) Education, U. S. Department of Through Berrien County Board of Education d/b/a Southern Pines Migrant Education Agency Elementary and Secondary Education Act Chapter 1 Migratory Education Program 1994 Regular 84.011 $ 1994Summer 84.011 1995 Regular 84.011 $ 71,436.00 1995Summer 84.011 57,616.26 Through Georgia Department of Education Drug-Free Schools and Communities Act 1993 Carry-Over 84.186 1994 Grant 84.186 1995 Grant - 84.186 44,935.00 Elementary and Secondary Education Act Chapter 1 Education of Children in State Schools 1994 Regular 84.009 1994 Carry-over 84.009 899.00 1995 Regular 84.009 8,586.00 Education of Deprived Children 1993 Carry-Over * 84.010 1994 Regular * 84.010 1994Summer * 84.010 1994 Carry-over * 84.010 222,528.00 1995 Regular * 84.010 1,090,842.00 1995Summer * 84.010 71,561.00 Chapter2 Block Grant - Flow Through 1995 Regular 84.151 51,963.00 Title II Eisenhower Mathematics and Science Education 1994 Regular 84.164 1995 Regular 84.164 32,442.00 -4,151.20 44,781.02 $ 71,436.00 21,335.57 $ 69,613.83 26,933.14 -14.48 14,554.00 44,935.00 44,935.00 21,335.57 69,613.83 26,933.14 44,935.00 2,166.00 8,586.00 98,266.00 78,276.40 49,730.84 204,000.00 895,000.00 899.00 8,586.00 26,492.00 222,528.00 1,056,574.68 29,079.74 51,963.00 51,708.50 899.00 8,586.00 26,492.00 222,528.00 1,056,574.68 29,079.74 51,708.50 3,074.00 32,442.00 3,074.00 32,442.00 3,143.76 31,556.60 - 28 - TIFT COUNTY BOARD OF EDUCATION SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE YEAR ENDED JUNE 30, 1995 FUNDING AGENCY PROGRAM/GRANT CFDA NUMBER AWARDS IN PERIOD FEDERAL FUNDS RECEIVED IN PERIOD(NET OF REFUNDS) FEDERAL REVENUE IN PERIOD EXPENDITURES IN PERIOD Education, U. S. Department of Through Georgia Department of Education Individuals with Disabilities Education Act Title VI, B Flow Through 1993 carry-Over 84.027 1994 Regular 84.027 1994 carry-Over 84.027 $ 1995 Regular 84.027 Preschool Program 1993 carry-Over 84.173 1994 Regular 84.173 1994 carry-Over 84.173 1995 Regular 84.173 Vocational Education - Basic Grants to States High School Program Basic Grant 1994Grant 84.048 1995Grant 84.048 Consumer and Homemaking Education 1994 Contract 84.049 Tech-Prep Education 1994 Grant 84.243 1995 Grant 84.243 $ 56,720.00 295,488.00 4,324.00 88,900.00 17,382.35 25 n4.02 1 Total U. S. Department of Education $ 211411396.63 $ 11,876.82 19,835.97 22,500.00 $ 259,000.00 13,068.00 28,205.55 2,200.00 39,600.00 56,720.00 $ 266,745.84 4,324.00 73,215.65 56,720.00 266,745.84 4,324.00 73,215.65 9,035.43 17,382.35 17,382.35 791.10 12,389.58 25In4.02 25 n4.02 1 21056?03.40 $ 210381363.32 $ (4) (4) 119941391.31 Health and Human Services, U. S. Department of Through Georgia Department of Human Resources Developmental Disability Basic Support and Inclusion Grant 1994 Grant 93.630 $ 6181.33 OTHER FEDERAL ASSISTANCE Defense,U.S.Departmentof Direct Department of the Air Force R.O.T.C. Program 1994Grant 1995 Grant TotalU.S.DepartmentofDefense $ 6,536.30 $ 25,878.21 . 191351.81 $ 251878.21 (4) $ 251878.21 $ 251888.11 $ 251878.21 Total Federal Financial Assistance $ 3?071556.96 $ 314671412.94 $ 316041523.65 $ Major Programs are identified by an asterisk () in front of the CFDA number. (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 flSCal year. (2) Expenditures for the School Breakfast Program and the Nutrition Education and Training Program were not maintained separately and are included in the 1995 National School Lunch Program. (3) Expenditures for this program include State, and/or Local and Other Funds. Expenditures are not maintained by fund source. (4) Expenditures on this program were not maintained by fund source. See notes to the general purpose financial statements. 410251429.87 - 29 - TIFT COUNTY BOARD OF EDUCATION CASH AND CASH EQUIVALENTS JUNE 30, 1995 NONINTEREST BEARING ACCOUNTS South Georgia Banking Company, Tifton, Georgia INTEREST BEARING ACCOUNTS Citizens Bank of Tifton, Tifton, Georgia N.O.W. Account (5.20%) Tifton Bank and Trust Company, Tifton, Georgia N.O.W. Accounts (4.00%) SCHEDULE "2" $ 9,968.70 1,169,482.01 1,333,629.99 $ 2,513,080.70 See notes to the general purpose financial statements. - 30 - TIFT COUNTY BOARD OF EDUCATION INVESTMENTS JUNE 30, 1995 INVESTMENT POOL State of Georgia, Office of Treasury and Fiscal Services Local Government Investment Pool (6.032%) SCHEDULE "3" $ 17,902,075.95 See notes to the general purpose financial statements. - 31 - TIFT COUNTY BOARD OF EDUCATION ACCOUNTS RECEIVABLE JUNE 30, 1995 SCHEDULE "4" Berrien County Board of Education d/b.la Southern Pine Migratory Education Agency Migratory Education Program Defense, Department of Department of the Air Force R.O.T.C. Program Education, Georgia Department of Food Services School Breakfast Program N.ational School Lunch Program Lottery Programs Distant Leaming Instructional Technology Safe Schools Grant Federal Programs ESEA- Chapter 1 Education of Children in State Schools Education of Deprived Children Individuals with Disabilities Education Act TdleVI, B Flow Through Preschool Program Serve America Program Tift County Tax Commissioner County Wide Bond Tax County Wide School Tax GOVERNMENTAL FUND TYPES SPECIAL DEBT GENERAL REVENUE SERVICE FUND FUND FUND TOTAL $ 26,933.14 $ 26,933.14 $ 6,526.40 6,526.40 3,639.09 21,069.73 407.68 3,096.00 17,607.94 899.00. 212,607.74 6,098.63 59,220.00 35,739.65 $ 112,906.16 3,639.09 21,069.73 407.68 3,096.00 17,607.94 899.00 212,607.74 59,220.00 35,739.65 6,098.63 7.93 7.93 112,906.16 $ 125,531.19 $ 381,219.97 $====7==_93= $ 506,759.09 See notes to the general purpose financial statements. - 32 - PAYMENTS DUE IN FISCAL YEAR ENDING JUNE 30 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TIFT COUNTY BOARD OF EDUCATION DEBT SERVICE REQUIREMENTS TO MATURITY JUNE 30, 1995 SCHEDULE 5 TOTAL DEBT SERVICE 1995 BOND ISSUE INTEREST PRINCIPAL $ 512,219.06 $ 467,219.06 $ 886,023.76 621,023.76 899,098.76 609,098.76 910,468.76 595,468.76 920,348.76 580,348.76 45,000.00 265,000.00 290,000.00 315,000.00 340,000.00 933,688.76 945,188.76 959,788.76 977,168.76 981,993.76 563,688.76 545,188.76 524,788.76 502,168.76 476,993.76 370,000.00 400,000.00 435,000.00 475,000.00 505,000.00 989,723.76 994,753.76 1,002,266.26 1,011,903.76 1,023,293.76 449,723.76 419,753.76 387,26626 351,903.76 313,293.76 540,000.00 575,000.00 615,000.00 660,000.00 710,000.00 1,029,806.26 1,038,256.26 1,048,337.50 1,064,743.76 1,0711862.50 269,806.26 223,256.26 173,337.50 119,743.76 61,862.50 760,000.00 815,000.00 875,000.00 945,000.00 1,010,000.00 $ 191200,935.48 $ 812551935.48 $ 1019451000.00 CHANGES IN GENERAL LONG-TERM DEBT Bonds Payable at July 1, 1994 Bonds Issued During Period Bonds Payable at June 30, 1995 1995 Bond Issue $ 0.00 10,945,000.00 $ 10,945,000.00 MATURITY DATES Semi-Annual Interest Payment Dates Annual Debt Retirement Date See notes to the general purpose financial statements. - 33 - FEB 1 -AUG 1 FEB 1 TIFT COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 1995 SCHEDULE "6" 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 Special Instructional Assistance In-School Suspension School Counselors Grades 4 and 5 Migrant Mid-term Adjustment Local Fair Share Educational Equalization Funding Grant Food Services Vocational Education Other State Programs Alternative Programs At-Risk Summer School Program Environmental Science Program Innovative Programs Mentor Teacher Program Preschool Handicapped Program Remedial Summer School Program Special Education Low Incidence Grant Teachers' Retirement Lottery Programs Alternative School Program Distant Learning Instructional Technology Media Center and Library Equipment Pre-Kindergarten Program Safe Schools Grant Technology Installation Georgia Public Telecommunication Commission Lottery Program Distant Learning OTHER Education, Georgia Department of Student Information Systems Project GOVERNMENTAL FUND TYPES SPECIAL GENERAL REVENUE FUND FUND TOTAL $ 12,913,508.00 2, 144,480.00 496,024.00 557,715.00 182,022.00 3,828,070.00 554,865.00 185,673.00 570,628.00 137,750.00 31,264.00 7,110.00 -2,459,289.00 1,689,127.00 $ 380,965.01 72,400.00 28,993.56 1,500.00 4,089.23 1,380.00 9,541.60 17,094.00 28,974.60 $ 12,913,508.00 2,144,480.00 496,024.00 557,715.00 182,022.00 3,828,070.00 159,346.00 554,865.00 185,673.00 570,628.00 137,750.00 31,264.00 7,110.00 -2,459,289.00 1,689,127.00 159,346.00 380,965.01 85,351.00 72,400.00 28,993.56 1,500.00 4,089.23 1,380.00 85,351.00 9,541.60 17,094.00 28,974.60 147,796.00 19,322.99 164,492.74 175,000.00 372,974.92 68,257.38 12,995.64 147,796.00 19,322.99 164,492.74 175,000.00 372,974.92 68,257.38 12,995.64 4,198.41 4,198.41 3,000.00 3,000.00 See notes to the general purpose financial statements. $ 21,386,885.00 $ - 34 - 1,209,735.08 $ 22,596,620.08 TIFT COUNTY BOARD OF EDUCATION SCHEDULE OF LOCAL AND OTHER REVENUE YEAR ENDED JUNE 30, 1995 SCHEDULE '7" GOVERNMENTAL FUND TYPES SPECIAL CAPITAL GENERAL REVENUE PROJECTS FUND FUND FUND DEBT SERVICE FUND TOTAL Taxes County Wide Bond Tax County Wide School Tax Railroad Car Tax Real Estate Transfer Tax $ 5,716,401.21 5,742.24 17,925.08 $ 7.93 $ 7.93 5,716,401.21 5,742.24 17,925.08 other Commodity Rebates Compensation for Loss of Assets Donations For Salaries Georgia Young Farmers Association Lowndes County Board of Health Tift County Band Booster Association Tift County High School For Technical Preparation Program Moultrie Technical Institute Local Match For Transportation Berrien County Board of Education For Youth In-Service Project Clean Community Commission BellSouth Communications Indirect Cost Special Revenue Fund Interest Earned Lost and Damaged Books Rents Sales Lunches School Assets Shared Service Contributions Tifton-Tift County Public Library Tuition other $ 1,411.48 2,no.00 7,669.74 43,920.00 3,130.00 8,TT5.56 24.20 24.20 1,411.48 2,no.00 7,669.74 43,920.00 3,130.00 8,TT5.56 3,732.55 9,566.69 800.00 3,000.00 19,940.87 176,735.18 8,738.91 7,828.52 40,814.57 $ 289,026.96 413,039.21 27,508.14 1,500.00 57,620.00 5,805.80 1,033.14 3,732.55 9,566.69 800.00 3,000.00 19,940.87 507,609.85 8,738.91 7,828.52 413,039.21 27,508.14 1,500.00 57,620.00 5,805.80 $ 6,130,521.97 $ 453,8TT.98 $ 289,026.96 $ 1,041.07 $ 6,874,467.98 See notes to the general purpose financial statements. - 35 - TIFT COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT GENERAL AND SPECIAL REVENUE FUNDS YEAR ENDED JUNE 30, 1995 SCHEDULE s EXPENDITURES Operating Costs Salaries Employee Benefits Travel of Employees Professional and Technical Services Compensation and Travel of Board Members Water, Sewer and Cleaning Services Repair and Maintenance Services Rents Property Services Insurance Communications Commodity Hauling Shared Services Other Purchased Services Supplies Energy Food Usage Books, Textbooks and Periodicals Dues and Fees Federal Indirect Costs Other Expenditures Nonoperating Costs Principal and Interest Land and Land Improvements Building and Building Improvements Equipment GENERAL FUND SPECIAL REVENUE FUND TOTAL $ 18,384,579.95 $ 2,210,023.72 $ 20,594,603.67 4,971,52926 609,758.89 5,581,288.15 115,055.15 24,815.08 139,870.23 103,879.90 45,424.10 149,304.00 13,089.22 13,089.22 56,812.56 56,812.56 220,883.90 39,296.08 260,179.98 10,460.00 10,040.00 20,500.00 2,600.00 2,600.00 55,144.78 769.00 55,913.78 62,967.68 4,152.03 67,119.71 12,093.43 12,093.43 18,277.00 18,277.00 95,551.66 19,230.71 114,782.37 802,054.65 358,659.01 1,160,713.66 652,933.86 30,038.92 682,972.78 1,007,393.25 1,007,393.25 149,133.49 20.00 149,153.49 18,041.46 3,813.00 21,854.46 19,940.87 19,940.87 20,019.20 4,237.60 24,256.80 218,220.70 85,154.00 4,850.00 364,231.95 139,956.64 9,000.00 26,416.91 499,334.36 358,177.34 94,154.00 31,266.91 863,566.31 Total Expenditures $ 26,422,870.37 $ 5,077,013.60 $ 31,499,883.97 See notes to the general purpose financial statements. - 37 - TIFT COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES BY OBJECT LOTTERY PROGRAMS YEAR ENDED JUNE 30, 1995 EXPENDITURES Operating Costs Salaries Employee Benefits Travel of Employees Professional and Technical Services Communications Other Purchased Services Supplies Dues and Fees Other Expenditures Nonoperating Costs Principal Land and Land Improvements Building and Building Improvements Equipment Total Expenditures ALTERNATIVE SCHOOL PROGRAM DISTANT LEARNING INSTRUCTIONAL TECHNOLOGY MEDIA CENTER AND LIBRARY EQUIPMENT $ 62,298.28 $ 19,574.29 26,416.91 59,080.81 $ 90,000.00 74,492.74 $ 175,000.00 $ 147,796.00 $ 19,574.29 $ 164,492.74 s___11_s__.ooo_.oo_ See notes to the general purpose financial statements. - 38 - SCHEDULE 9" PRE-KINDERGARTEN PROGRAM SAFE SCHOOLS GRANT TECHNOLOGY INSTALLATION G.P.T.C. DISTANT LEARNING TOTAL $ 176,115.78 48,010.23 7,148.24 2,362.36 470.78 8,316.81 68,332.42 875.00 224.70 $ 176,115.78 48,010.23 7,148.24 2,362.36 470.78 8,316.81 150,204.99 875.00 224.70 .9,000.00 52,118.60 $ $ 69,004.14 12,995.64 $ 4,395.00 102,995.64 9,000.00 26,416.91 434,091.29 $ 372,974.92 $ 69,004.14 $ 12,995.64 $ 4,395.00 $ 966,232.73 - 39 - ;&7(1) +orr TIFT COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30, 1995 SCHEDULE "1 O" Minimum Expenditure Requirements (Total Allotment) Expenditures on Combined Program Basis Salaries Operations Less: Expenditures for Media Center Programs in Excess of Total Media Allotment Expencfitures per Aucflt Amount of Underexpenditure for Total Allotment THIRTEEN WEIGHTED AND MEDIA CENTER PROGRAMS 100% TEST FOR OPERATIONS PORTION OF THIRTEEN WEIGHTED PROGRAMS $ 16,111,727.00 $ 537,019.00 $ 16,400,918.26 -------- 690,715.62 $ 571,593.39 $ 17,091,633.88 -142,250.13 $ 16,949,383.75 $ 0.00 $ = = = = =0.0=0 See notes to the general purpose financial statements. - 41 - DEI COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REOU!REMENTS BY PROGRAM GENERAL FUND- OUAI..ITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30. 1995 GENERAL ~D ~EER EDUCATION PROGRAMS Kindergarten (") Grades1-3(") Sub-Total- K-3 Grades4-5(") Grades6-8(") Grades 9 12 (") High School Laboratories (") Vocational Education Laboratories (") Total General and Career Education Programs seeci&. Et!UQATION PROGRAMS Regular Programs Categoiyl (") CategoiyH (") Categoiylll (") Category IV (") Sub-Total - Regular Categoiy V (Gifted) (") Total Special Education Programs RMQ!BI. EDUCATIQN PROGRAM 0 Total Thirteen Weighted Programs MEDIA CENTER PROGRAMS Salaries Operations Total Media Center Programs Total Thirteen Weighted and Media Center Programs ALLOTMENTS FROM DEPARTMENT OF EDUCATION REQUIRED ORIGINAL 'lit ORIGINAL MID-TERM $ 1,285,950.00 $ 1,157,355.00 $ 3,125,166.00 2,812,649.40 $ 4,411,116.00 90 $ 3,970,004.40 $ 1,628,740.00 90 1,465,866.00 3,164,913.00 90 2,848,421.70 1,927,197.00 90 1.n ,4n.30 928,979.00 90 836,081.10 852,563.00 90 767,306.70 $ 12,913,508.00 $ 11,622,157.20 $ 0.00 0.00 0.00 $ 1,947,114.00 $ 1,752,402.60 $ 0.00 $ 1,947,114.00 90 $ 1,752,402.60 $ 0.00 197,366.00 90 1n,629.40 $ 2,144,480.00 $ 1,930,032.00 $ 0.00 $ 496,024.00 90 $ 446,421.60 $ 0.00 $ 15,554,012.00 $ 13,998,610.80 $ 0.00 $ 436,267.00 90 $ 392,640.30 $ 0.00 121,448.00 90 109,303.20 $ 557,715.00 $ 501,943.50 $ 0.00 $ 16,111,727.00 $ 14,500,554.30 $ 0.00 SI~ DEVELOPMENT ffiOGRAMS Cost or lnlllruclion Profesaional Development Total Staff Development (") ldenlifl86 Thirteen Weighted Programs. $ 42,854.00 $ 42,854.00 $ 0.00 139,168.00 139,168.00 0.00 $ 182,022.00 100 $ 182,022.00 $ 0.00 See notes to the general purpose financial statements. 42 SCHEDULE "11" TOTAL REQUIRED ACTUAL EXPENDITURES SALARIES OPERATIONS TOTAL AMOUNTOF UNDEREXPENDITURE FOR REQUIRED ALLOTMENT $ 1,157,355.00 $ 1,278,255.17 $ 26,153.66 $ 1,304,,408.83 2,812,649.40 3,143,063.72 79,"68.71 3,222,532.43 $ 3,970,004.40 $ 4,421,318.89 $ 105,622.37 $ 4,526,941.26 $ 0.00 1,465,866.00 1,742,625.95 42,474.08 1,785,100.03 0.00 2,848,421.70 3,083,397.62 93,611.53 3,1n,009.15 0.00 1,734,4n.30 2,025,129.19 1""",257.29 2,169,386.48 0.00 836,081.10 859,312.58 41,320.47 900,633.05 0.00 767,306.70 881,108.61 95,044.43 976,153.04 0.00 $ 11,822,157.20 $ 13,012,892.84 $ 522,330.17 $ 13,535,223.01 $ 1,752,402.80 $ 1,026.70 1,034,414.26 $ 980,554.10 42,489.36 $ 18,734.12 15,053.26 906.49 1,026.70 1,053,148.38 995,607.36 43,395.85 $ 1,752,402.80 $ 2,058,484.42 $ 34,693.87 $ 2,093,178.29 0.00 1n,629.40 274,155.91 5,"68.66 279,624.57 0.00 $ 1,930,032.00 $ 2,332,640.33 $ 40,162.53 $ 2,372,802.86 $ """6,421.60 $ 474,542.19 $ 9,100.69 $ 483,642.88 0.00 $ 13,998,610.80 $ 15,820,075.36 $ 571,593.39 $ 16,391,668.75 $ 392,640.30 $ 580,842.90 $ 580,842.90 0.00 109,303.20 $ 119,122.23 119,122.23 0.00 $ 501,943.50 $ 580,842.90 $ 119,122.23 $ 699,965.13 $ 14,500,554.30 $ 16,400,918.26 $ 690,715.62 $ 17,091,633.88 $ 0.00 $ 42,854.00 139,168.00 s_ _1_a2_..02_2_.oo_ $ 53,""""'.56 $ 53,""""'.56 137,214.93 137,214.93 $ 190,659.49 $ 190,659.49 s_ _ _ _ _ _o_.oo_ - 43 - TIFT COUNTY BOARD OF EDUCATION SCHEDULE OF COMPENSATION AND TRAVEL OF BOARD MEMBERS YEAR ENDED JUNE 30, 1995 SCHEDULE "12" BOARD MEMBER ADDRESS . Mr. Hal Henderson, Chairman (*) 2006 North Park Avenue Tifton, Georgia 31794 Ms. Nancy Davis (*) 901 East 24th Street Tifton, Georgia 31794 Mr. Tim Dorminey (*) 4425 Frazier Circle Tifton, Georgia 31794 Mr. Roy Jackson, Jr. Route 4, 8ox 2000 Tifton, Georgia 31794 Mr. Tommy Lindsey(*) P. 0. Box98 Omega, Georgia 31n5 Ms. Barbara McCoy(*) 2606 Wilson Avenue Tifton, Georgia 31794 Ms. Mary McMillion (*) 1501 South Central Avenue Tifton, Georgia 31794 Ms. Leona Mott (*) 3111 Eason Avenue Tifton, Georgia 31794 COMPENSATION TRAVEL $ 2,050.00 $ 927.61 950.00 220.26 1,150.00 134.88 400.00 1,350.00 337.90 2,000.00 469.38 1,400.00 349.19 1,350.00 (*) Denotes Board Members Serving as of June 30, 1995 $ 10,650.00 $ ====2=,4=39=.2=2 See notes to the general purpose financial statements. - 44 - SECTION IT COMPLIANCE CLAUDE L. VICKERS STAlE AUDllOR (404) 656-2174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 August 14, 1996 Honorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation and Superintendent and Members ofthe Tift County Board ofEducation COMPLIANCE REPORT BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Ladies and Gentlemen: We have audited the general purpose financial statements ofthe Tift County Board ofEducation as of and for the year ended June 30, 1995, and have issued our report thereon dated August 14, 1996. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. We conducted our audit in accordance with generally accepted auditing standards and 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 general purpose financial statements are free of material misstatement. Compliance with laws, regulations, contracts, and grants applicable to Tift County Board ofEducation is the responsibility of the Board's management. As part of obtaining reasonable assurance about whether the general purpose financial statements are free of material misstatement, we performed tests of the Board's compliance with certain provisions oflaws, regulations, contracts, and grants. However, the objective of our audit of the financial statements was not to provide an opinion on overall compliance with such provisions. Accordingly, we do not express such an opinion. The results ofour tests disclosed no instances of noncompliance that are required to be reported herein under Government Auditing Standards. 95CRL-10 This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter ofpublic record. Respectfully submitted, ~.,_~~~~ Claude L. Vickers State Auditor CLV:cm 95CRL-10 CLAUDE L. VICKERS STATE AUDITOR (404) 656-2174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 August 14, 1996 Honorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation and Superintendent and Members ofthe Tift County Board ofEducation SINGLE AUDIT REPORT ON COMPLIANCE WITH THE GENERAL REQUIREMENTS APPLICABLE TO FEDERAL FINANCIAL ASSISTANCE PROGRAMS Ladies and Gentlemen: We have audited the general purpose :financial statements ofthe Tift County Board ofEducation as ofand for the year ended June 30, 1995, and have issued our report thereon dated August 14, 1996. 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 have applied procedures to test the Board's compliance with the following requirements applicable to each ofits Federal financial assistance programs, which are listed in the Schedule ofFederal Financial Assistance, for the year ended June 30, 1995: (I) Political Activity (5) Allowable Costs/Cost Principles (2) Civil Rights (6) Drug-Free Workplace Act (3) Cash Management (7) Audit Follow-Up/Resolution (4) Federal Financial Reports (8) Administrative Requirements Our procedures were limited to the applicable procedures described in the Office ofManagement and Budget's "Compliance Supplement for Single Audits ofState and Local Governments" and other additional procedures as deemed necessary. Our procedures were substantially less in scope than an audit, the objective ofwhich is the expression of an opinion on the Board's compliance with the requirements listed in the preceding paragraph. Acc<_>rdingly, we do not express such an opinion. 95CRL-40 With respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the second paragraph ofthis report. With respect to items not tested, nothing came to our attention that caused us to believe that the Tift County Board ofEducation had not complied, in all material respects, with those requirements. This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. Respectfully submitted, CLV:cm 95CRL-40 ~vol~~ Claude L. Vickers State Auditor CLAUDE L. VICKERS STATE AUDITOR (404) 656-2174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 August 14, 1996 Honorable Zell Miller, Governor Members ofthe General Assembly Members of the State Board ofEducation and Superintendent and Members ofthe Tift County Board ofEducation SINGLE AUDIT OPINION ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO MAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS Ladies and Gentlemen: We have audited the general purpose financial statements ofthe Tift County Board ofEducation as ofand for the year ended June 30, 1995, and have issued our report thereon dated August 14, 1996. 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 have also audited the Tift County Board ofEducation's compliance with the requirements governing: (1) Types of Services Allowed or Unallowed (5) Applicable Special Tests and Provisions (2) Eligibility (3) Matching, Level ofEffort, and/or Earmarking (6) Other Requirement Claims for Advances and Reimbursements (4) Reporting These requirements are applicable to the major Federal financial assistance programs, which are identified in the Schedule ofFederal Financial Assistance, for the year ended June 30, 1995. The management of the Tift County Board of Education is responsible for the Board's compliance with those requirements. Our responsibility is to express an opinion on compliance with those requirements based on our audit. 95CRL-80 We conducted our audit ofcompliance in accordance with generally accepted auditing standards; Government Auditing Standards, issued by the Comptroller General ofthe United States; and Office ofManagement and Budget (0MB) Circular A-128, "Audits of State and Local Governments". Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether material noncompliance with the requirements referred to above occurred. An audit includes examining, on a test basis, evidence about the Tift County Board ofEducation's compliance with those requirements. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the Tift County Board ofEducation complied, in all material respects, with the requirements as disclosed in the second paragraph that are applicable to its major Federal financial assistance programs for the year ended June 30, 1995. This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. Respectfully submitted, 4~~) Claude L. Vickers State Auditor CLV:cm 95CRL-80 CLAUDE L. VICKERS STATE AUDllOR (404) 656-2174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 August 14, 1996 Honorable Zell Miller, Governor Members of the General Assembly Members ofthe State Board ofEducation and Superintendent and Members ofthe Tift County Board ofEducation SINGLE AUDIT REPORT ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS Ladies and Gentlemen: We have audited the general purpose financial statements ofthe Tift County Board ofEducation as ofand for the year ended June 30, 1995, and have issued our report thereon dated August 14, 1996. 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. In connection with our audit of the fiscal year 1995 general purpose financial statements of the Tift County Board ofEducation and with our consideration of the Board's control structure used to administer Federal financial assistance programs, as required by Office of Management and Budget (0MB) Circular A-128, "Audits of State and Local Governments", we selected certain transactions applicable to certain nonmajor Federal financial assistance programs for the year ended June 30, 1995. As required by 0MB Circular A-128, we have performed auditing procedures on the selected transactions to test compliance with the requirements governing: (1) Types of Services Allowed or Unallowed (2) Eligibility Our procedures were substantially less in scope than an audit, the objective of which is the expression ofan opinion on the Tift County Board ofEducation's compliance with these requirements. Accordingly, we do not express such an opinion. With respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the second paragraph. With respect to items not tested, nothing came to our attention that caused us to believe that the Tift County Board ofEducation had not complied, in all material respects, with those requirements. 95CRL-120 This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. _Respectfully submitted, ~...,.,;r:- ~,,) Claude L. Vickers State Auditor CLV:cm 95CRL-120 SECTION ill INTERNAL CONTROL CLAUDE L. VICKERS STATE AUDITOR (404) 656-2174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 August 14, 1996 Honorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation and Superintendent and Members ofthe Tift County Board ofEducation REPORT ON INTERNAL CONTROL STRUCTURE IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Ladies and Gentlemen: We have audited the general purpose financial statements ofthe Tift County Board ofEducation as ofand for the year ended June 30, 1995, and have issued our report thereon dated August 14, 1996. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. We conducted our audit in accordance with generally accepted auditing standards, and 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 general purpose financial statements are free of material misstatement. The management of the Tift County Board ofEducation is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation ofgeneral purpose financial statements in accordance with generally accepted accounting principles. Because ofinherent limitations in any internal control structure, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to risk that procedures may become inadequate because of changes in conditions or that the effectiveness ofthe design and operation of policies and procedures may deteriorate. 95ICL-3 In planning and performing our audit ofthe general purpose financial statements ofthe Tift County Board of Education for the year ended June 30, 1995, we obtained an understanding ofthe internal control structure. With respect to the internal control structure, we obtained an understanding ofthe design of relevant policies and procedures and whether they have been placed in operation, and we assessed control risk in order to determine our auditing procedures for the purpose of expressing our opinion on the general purpose :financial statements and not to provide an opinion on the internal control structure. Accordingly, we do not express such an opinion. We noted a certain matter involving the internal control structure and its operation that we consider to be a reportable condition under standards established by the American Institute ofCertified Public Accountants. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe internal control structure that, in our judgment, could adversely affect the entity's ability to record, process, summarize, and report :financial data consistent with the assertions of management in the general purpose :financial statements. As described in the Schedule offindings and Improper or Questioned Costs, a reportable condition was noted in the following control category: General Fixed Assets A material weakness is a reportable condition in which the design or operation of one or more ofthe internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the general purpose financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses as defined above. However, we believe that the reportable condition disclosed above is also considered to be a material weakness. This condition was considered in determining the nature, timing, and extent ofthe procedures to be performed in our audit ofthe Tift County Board ofEducation's financial statements and this report does not affect our report thereon dated ~ugust 14, 1996. This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. Respectfully submitted, f f4-,,(.#;.,: ~ . . J Claude L. Vickers State Auditor CLV:cm 95ICL-3 CLAUDE L. VICKERS STAlE AUDllOR (404) 656-2174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 August 14, 1996 Honorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation and Superintendent and Members of the Tift County Board ofEducation SINGLE AUDIT REPORT ON THE INTERNAL CONTROL STRUCTURE USED IN ADMINISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS Ladies and Gentlemen: We have audited the general purpose financial statements ofthe Tift County Board ofEducation as of and for the year ended June 30, 1995, and have issued our report thereon dated August 14, 1996. 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 have also audited the Board's compliance with requirements applicable to major Federal financial assistance programs and have issued our opinion thereon dated August 14, 1996. We conducted our audit in accordance with generally accepted auditing standards; Government Auditing Standards, issued by the Comptroller General of the United States; and the provisions of Office of Management and Budget (0MB) Circular A-128, "Audits ofState and Local Governments". Those standards and 0MB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement and about whether the Tift County Board ofEducation complied with laws and regulations, noncompliance with which would be material to a major Federal :financial assistance program. In planning and performing our audit for the year ended June 30, 1995, we considered the Board's internal control structure in order to determine our auditing procedures for the purpose ofexpressing our opinions on the Board's general purpose financial statements and on its compliance with requirements applicable to major Federal financial assistance programs and to report on the internal control structure in accordance with 0MB Circular A-128. This report addresses our consideration ofinternal control structure policies and procedures relevant to compliance with requirements applicable to Federal financial assistance programs. We have addressed internal control structure policies and procedures relevant to our audit of the general purpose :financial statements in a separate report dated August 14, 1996. 95ICL-5 The management of the Tift County Board ofEducation is responsible for establishing and maintaining an internal control structure. In fulfilling this respo11S1bility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, -assurance that assets are safeguarded against loss from unauthorized use or disposition, that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of general purpose financial statements in accordance with generally accepted accounting principles, and that Federal financial assistance programs are managed in compliance with applicable laws and regulations. Because ofinherent limitations in any internal control structure, errors, irregularities or instances of noncompliance may nevertheless occur and not be detected. Also, projection of any evaluation ofthe structure to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness ofthe design and operation of policies and procedures may deteriorate. For the purposes of this report, we have classified the significant internal control structure policies and procedures used in administering Federal financial assistance programs in the following control categories: GENERAL REQUIREMENTS SPECIFIC REQUIREMENTS (1) Political Activity (2) Civil Rights (3) Cash Management (4) Federal Financial Reports (1) Types of Services Allowed or Unallowed (2) Eligibility (3) Matching, Level ofEffort, and/or Earmarking (5) Allowable Costs/Cost Principles (4) Reporting (6) Drug-Free Workplace Act (7) Audit Follow-Up/Resolution (8) Administrative Requirements (5) Applicable Special Tests and Provisions (6) Other Requirement Claims for Advances and Reimbursements For all of the internal control structure categories listed above, we obtained an understanding ofthe design ofrelevant policies and procedures and whether they have been placed in operation, and we assessed control risk. During the year ended June 30, 1995, the Tift County Board ofEducation expended 84% ofits total Federal financial assistance under major Federal financial assistance programs. We performed tests of controls, as required by 0MB Circular A-128, to evaluate the effectiveness of the design and operation of internal control structure policies and procedures that we considered relevant to preventing or detecting material noncompliance with general requirements and specific requirements as described above that are applicable to each of the Board's major Federal financial assistance programs, which 95ICL-5 are identified in the Schedule ofFederal F~cial Assistance. Our procedures were less in scope than would be necessary to render an opinion on these internal control structure policies and procedures. Accordingly, we do not express such an opinion. Our consideration of the internal control structure policies and procedures used in administering Federal financial assistance would not necessarily disclose all matters in the internal control structure that might constitute material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a reportable condition in which the design or operation of one or more ofthe internal control structure elements does not reduce to a relatively low level the risk that noncompliance with laws and regulations that would be material to a Federal financial assistance program may occur and not be detected within a timely period by employees iJ?. the normal course of performing their assigned functions. We noted no matters involving the internal control structure and its operation that we consider to be material weaknesses as defined above. This report is intended for the information of management, the Federal cognizant audit agency and other Federal grantor agencies. This restriction is not intended to limit the distribution of this report which is a matter of public record. Respectfully submitted, ~__.c,;e~-~ Claude L. Vickers State Auditor CLV:cm 95ICL-5 SECTION IV FINDINGS AND IMPROPER OR QUESTIONED COSTS TIFT COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS YEAR ENDED JUNE 30, 1995 PRIOR YEAR AUDIT FOLLOW-UP/RESOLUTION Failure to Meet Expenditure Requirements Financial Statements Amount: $31,327.10 Audit Control Number 7371-93-02 The audit report for the year ended June 30, 1993, disclosed that the Staff Development - Professional Development Stipends Program had an underexpenditure of Quality Basic Education (QBE) funds of $31,327.10 for the required minimum allotment For the year under review, no adjustment was made to the Board's local fair share by the Georgia Department ofEducation to refund this underexpenditure as required. The underexpenditure of$31,327. 10 should be returned to the Georgia Department ofEducation through an increase in the Board's local fair share for the QBE programs in a subsequent fiscal period. AUDIT FOLLOW-UP/RESOLUTION Expenditures in Excess ofBudget Federal Financial Assistance Audit Control Number 7371-94-01 Finding Resolved The audit report for the year ended June 30, 1994, noted that the Board overspent a budget category in Individuals with Disabilities Education Act, Title VI, B - Flow Through funds (CFDA 84.027) in the amount of$11,797.73 without seeking the required prior approval of the Georgia Department ofEducation. During the year under review, the Georgia Department of Education Division for Exceptional Students reviewed this matter and determined that the budget overexpenditures were made for proper program purposes and therefore were allowable. PRIOR YEAR/CURRENT YEAR GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Reportable Condition - Material Weakness Audit Control Number 7371-93-01 The audit report for the year ended June 30, 1994, noted that the management of the Tift County Board of Education had chosen not to maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. In the year under review, the Board did not establish a General Fixed Assets Account Group within the formal accounting records. 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 - 1- TIFT COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS YEAR ENDED JUNE 30, 1995 PRIOR YEAR/CURRENT YEAR GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Reportable Condition -Material Weakness Audit Control Number 7371-93-01 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 acquired, 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. CURRENT YEAR CASH MANAGEMENT Excessive Lottery Cash Balance Financial Statements Nonmaterial Noncompliance Audit Control Number 73 71-95-0 l A review ofcash management procedures for the Lottery - Instructional Technology Program and Technology Installation Program disclosed that cash draws were made in advance ofimmediate cash needs, resulting in the accumulation ofexcessive cash balances. At June 30, 1995, these reimbursement basis programs had cash balances of$57,088.15 and$ 87,004.36, respectively. Procedures should be implemented to minimize the time elapsed between the transfer offunds from the Georgia Department ofEducation anci disbursement of such funds by the Board. The Georgia Department ofEducation should review this matter to determine if a reclaim offunds is appropriate. Note: The Tift County Board ofEducation was provided an opportunity to include pertinent comments from the Board's management concerning these audit findings, conclusions and recommendations. The Board has elected not to provide comments for inclusion in this report. -2-