Tift County Board of Education, Tifton, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2002

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STATE OF GEORG.IA:,..

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TIFT COUNTY.. BOA.RD .OF EDUCA.T'IO' N

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TIFTON, ~~EORGIA

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REPORT ON AUDIT

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OF THE FINANCIAL STATEMENTS
FOR-THE FISCAL YEAR ENDED.~UNE'30,'2002

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Ru'sseli W. Hinton:

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State Auditor

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TIFT COUNfY BOARD OF EDUCATION -TABLE OF CONTENTS-

SECTION I

FINANCIAL

INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS

EXHIBITS

GENERAL-PURPOSE FINANCIAL STATEMENTS

COMBINED STATEMENTS - OVERVIEW

A

COMBINED BALANCE SHEET

ALL FUND TYPES AND ACCOUNT GROUP

B

COMBINED STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES

ALL GOVERNMENTAL FUND TYPES

C

COMBINED STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL

(NON-GAAP BASIS)

GENERAL AND SPECIAL REVENUE FUNDS

D NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

ADDITTONAL FINANCIAL INFORMATION

COMBINING STATEMENTS

SPECIAL REVENUE FUND

E

COMBINING BALANCE SHEET

F

COMBINING STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

CAPITAL PROJECTS FUND

G

COMBINING BALANCE SHEET

H

COMBINING STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

DEBT SERVICE FUND

I

COMBINING BALANCE SHEET

J

COMBINING STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

SCHEDULES

I SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 2 SCHEDULE OF STATE REVENUE 3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS

Page
2
4 6 7
20 22
24
26
28
29
30 32 33

TIFT COUNTY BOARD OF EDUCATION -TABLE OF CONTENTS-

SECTION!

FINANCIAL

ADDITIONAL FINANCIAL INFORMATION

SCHEDULES

ALLOTMENTS AND EXPENDITURES

GENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE)

4

BY PROGRAM

5

BY SITE

Page
34 35

SECTION II
COMPLIANCE AND INTERNAL CONTROL REPORTS
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133

SECTION Ill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSl S

SECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS

SECTION I FINANCIAL

R11<,St.I I. W. HINTON
<;TATE AUDI TOR (404) e56 2174

DEPARTMENT OF AUDITS AND ACCOUNTS
254 Wa.;;hmgton Street.~ W ~u1tc 214 A1l.mt..1. Gcorg1.1 30334-8400
June 4, 2003

Honorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education
and Supenntendent and Members of the Tift County Board of Education
INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Ladies and Gentlemen
We have audited the accompanymg general-purpose financial statements ofthe Tift County Board of Educatwn, as of and for the year ended June 30, 2002, as hsted m the table of contents These general-purpose financial statements are the respons1b1hty of the Tift County Board of Education's management Our respons1b1hty 1s to express an opm1on on these general-purpose financial statements based on our audit
We conducted our audit m accordance with aud1tmg standards generally accepted m the Umted States ofArnenca and the standards applicable to financial audits contamed m Government Aud!tmg Standards, issued by the Comptroller General of the Umted States Those standards reqmre that we plan and perform the audit to obtam reasonable assurance about whether the financial statements arc free ofmatenal misstatement An audit mcludes exammmg, on a test basis, evidence supportmg the amounts and disclosures m the financial statements An audit also mcludes assessmg the accountmg pnnc1plcs used and s1gmficant estimates made by management, as well as evaluating the overall financial statement presentallon We believe that our audit provides a reasonable basis for our opm1on
As descnbcd m the notes to the general-purpose financial statements. the Board of Education's financial statements have been prepared usmg certam accounting pracl!ces and pohc1es which, m our opm1on, vary m some respects from generally accepted accounting pnnc1plcs These vananccs arc descnbed as follows

2002ARL-13

* The general-purpose financial statements of the Board of Education did not contam a General Fixed Assets Account Group to account for property and eqmpment owned by the Board of Education which should be included to conform to generally accepted accounting pnnc1ples.
* School activity accounts mamtained at the md1v1dual schools are not mcluded m the general-purpose financial statements To conform to generally accepted accountmg pnnc1ples, these accounts should be mcluded m the general-purpose financial statements
* The Board of Education did not recogmze as expenditures, m the year ended
June 30, 2002, a portion of salanes and the correspond mg employer's cost of related benefits earned for contractual services completed pnor to June 30, 2002 Also funds received, subsequent to June 30, 2002, from the Georgia Department of Education for the State's share of these umecorded salanes and related benefits were not recorded as revenue m the year under review Conversely, the s1m1lar expenditures and related revenues for contractual services completed pnor to June 30, 2001, were improperly recorded m the year ended June 30, 2002 To conform to generally accepted accountmg pnnc1ples, revenues should be recorded when available and measurable and expenditures should be recorded when mcurred, rather than when funds are received or disbursed
The aggregate effects on the general-purpose financial statements of these vanances or om1ss1ons have not been determmed, but are believed to be matenal.
In our opm1on, except for the effects on the general-purpose financial statements of the matters referred to m the precedmg paragraph, the general-purpose financial statements referred to above present fairly, mall matenal respects, the financial position of the Tift County Board ofEducation as of June 30, 2002, and the results of its operations for the year then ended, m conformity with accountmg pnnc1ples generally accepted m the Umted States of Amenca
In accordance with Government Aud1tmg Standards, we have also issued our report dated June 4, 2003, on our cons1dera!ion of the Tift County Board of Education's internal control over financial reportmg and our tests of1ts compliance with certam proV1s10ns of laws, regulations, contracts and grants That report 1s an mtegral part of an audit performed m accordance with Government Auditing Standards and should be read m conJuncuon with this report m cons1denng the results of our audit.
Our audit was performed for the purpose of formmg an op1mon on the general-purpose financial statements of the Tift County Board of Education taken as a whole The accompanying combmmg statements (Exh1b1ts E through J) and the financial schedules (Schedules I through 5), which mcludes the Schedule of Expenditures of Federal Awards as reqmred by U S Office ofManagement and Budget C1rcular A-133, Audits ofStates, Local Goiemments, and Non-Profit Orgam=allons, are presented for purposes of additional analysis and are not a requ1red part of the general-purpose financial statements Such mfow1a!ion has been subjected to the aud1tmg procedures applied m the
I
2002ARL-13

audit of the general-purpose financial statements and m our op1ruon, except for the effects of the matters referred to m the th.trd paragraph, such mformallon 1s fairly stated, m all matenal respects, m relation to the general-purpose financial statements taken as a whole
A copy ofth1s report has been filed as a permanent record m the office of the State Auditor and made available to the press ofthe State, as provided for by Official Code ofGeorgia Annotated Section 506-24

RWHas 2002ARL-13

State Auditor

TIFf COUNTY BOARD OF EDUCATION

TIFT COUNTY BOARD OF EDUCATION COMBINED B.Al/',NCE SHEET
ALL FUND TYPES AND ACCOUNT GROUP JUNE 30 2002

~ Cash and Cash Equrvelents
Investments
Accounts Recewable
lnventones Food Donated Corrmochbes Purchased Food
Amount Avallable in Debt SeMca Fund
Amount to be Pf'OVlded 1n Future Years For- Payment ot Bond Debi Capital Lease Agreements
TotalAueto

GENERAL FUND

GOVERNMENTAL FUND TYPES

SPECIAL

CAPITAL

REVENUE

PROJECTS

FUND

FUND

s 4,054 503 00 s

591 865 76 s 5,073 965 76

4 767 004 27

653,180 25

959 146 34'

1 366 349 66

44,398 89 21 962 43

s 4 707 683 25 s 1 617 373 42 s 1120731989

LlAB!UTIES AND FUND ECVITY
UABJUTIES
Caoh Overdnlft Att;tJunta Payable Salaries Payable Expired Grant Balances Payable Deferred Revenue Contracts Payable Retalnages Payable Ceprtet Leeee Agruements Gene~ Obllgetlon Bonda Payable
Total Laab11rtln
FUNPEQUIIY
Fund Balances Reae"'8d For Debt 5eMce For lnventones Food
Donated CommodrtJea Purchaaecl Food For Purpose of Bond Issue
For- SPLOST Projacta
For Staie Ceprtel Outlay Pro,octs Unreserved
Undealgnated
Toiat Fund Equrty

s

40,435 16 S 125,,411 42

439,560 25

I 275 00

10,754 78
s

1 056,610 00

485 553 00

s

4043516 $ 5TT 001 45 S 1 542 163 00

s

44 398 89

21 962 43
s

3 136 599 71

8,318 966 33

s 4 667 248 09

974 010 65

209 590 65

s 4 887 248 09 $ 1 CM0 371 97 S 9 665 156 69

Total Liabi\lles and Fund Equity

470768325 S 16'\737342 $ 1120731969

The notes to the general-purpose t'lnanaal statements ere an integral part of this statement

2-

EXHIBIT"A"

DEBT SERVICE
FUND

ACCOUNT GROUP GENERAL
LONG-TERM DEBT

TOTALS

{Memorandum O!!!J:l

JUNE 30, 2002

JUNE 30 2001

s s 9 720,334 52

5 284,582 49

s 4 789,560 24

9 556 564 51

19,046,996 52

25,355 52

3,004,031 77

1 990,144 54

s

192 320 75

44,398 89 21,96243
192 320 75

41,948 35 17 850 49
463,-482 20

10,742,679 25 429 962 52

10 742,679 25 429 962 52

20 681 517 BO 408 416 48

s 481491576 S

11 384 962 52 S 33 712 254 64 S 47 934 938 85

s 4,822 595 01
s s 4 622 595 01 s

s
429 962 52 10 935 000 00

4 622,595 01
165 646 58 s
439,560 25 1 275 00 10 754 78
1056,61000 485 553 00 429,962 52
10 935 000 00

794 374 89 367,931 41
71,338 12
13,906 78 408 416 46 21 145 000 00

s s 1136496252

18 147 157 14

221800 967 66

s

192 320 75

0 00

s

192 320 75

s

192 320 75 s

463 482 20

44,398 89 21,062 43 3 136 599 71 6 318 966 33

41,948 35 17,850 49 9 416 150 !,8 10 558 392 12 183,615 89

5 850 649 39

4 452 331 26

s s 15 565 097 50

25 133 971 19

s 4 814 915 76 s

11 364 962 52 s 33 712.254 64 s 47 934 938 85

-3-

TIFT COUNTY BOARD Of EDUCATION
COMBINED STATEMENT Of REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES
All GOVERNMENTAL FUND TYPES
YEAR ENDED JUNE 30 2002

REVENUES
State Funds Federal Funds T a x. . Other Funds
Total Revenues
EXPEND[URES
Currem lnstruc:bOn Support 5eMces Pupil SeMces Improvement of lnstructtonal Services
Educa1Jonal Media Services General Adm1n1strab0n School AdrnlmstrabOn Busrness Admmistranon Maintenance and Operation of PIBnt
Student Transportation Services Central Suppon SeMces Other Support SeMces Food Servia,s Opera1Jon Commoolt;' SeMCeS Operabons Caprtal OutlaY DebtSeMce Principal Interest Paying Agent Fees
ToUII Expenditures
Excess of Revenues over {under) Expenchtures
OTHER FINANQING SQ!!RQES (l,lSESl
Proceeds from General Obr,getJon Bonds Par Value
Capital Leases Operatng Transrer, In Operatmg Transfers Out
Total Other F,nanoog Sources (Uses)
Exce,s of Re"enues end Other Fmancing Sourcn. over (under) Expenchtures and Other Fmancmg Uses
FUND BALANCE JULY 1
Food Inventory - Net Change m Period
Donated Commodrtles
Purchased Food

GENERAL FUND

SPECIAL REVENUE
FUND

s s 32 070 472 02
10 341,176 72 809 012 94
s 43.;120,661 68 $

1 025 760 66 5 325 867 16
524 759 42
6,676,387 24

s s 30 612 976 46
1,16217062 707 725 31
1139 662 19 308 303 16
3 076 167 09 23451510
2,764 667 89 1,466,565 99
223268 65 27267 52
86 164 31

304116034
315,76811 359,902 38
42,604 62 251 921 86
1161756
23 101 54 70 659 35
74 5034' 2 662 996 50

s s 42 031 476 51 s s 1 169 165 17

6,654,657 70 21 729 54

s

s

-67 682 36

s

s -67 682 38

s s 1,12150279
3 545,745 30

67,6B2 38 67 682 38 69 411 92
944 397 57

2,450 54 4 111 94

FUND BALANCE JUNE 30
The notes to the general-purpose flnanCISI statements are an integral part of ttus statement . 4.

s 4,667.2-48 09 S 1 040 371 97

EXHIBIT"B"

CAPITAL PROJECTS
FUND

DEBT SERVICE
FUND

TOTALS

(MemoranclLm Only)

YEAR ENDED

JUNE 30, 2002

JUNE 30. 2001

$ 1 08547700

s $ 34 181 709 68

32 038 268 17

s 101 291 76

6 289 742 21

5 325 867 18 16,732,210 69

5,001,710 62 15,868 420 53

207 621 99

209 842 43

1 751 236 78

1 731 301 17

s s s s 1 394 390 75

6 499 584 84

57 991 024 31

54 639 700 49

s $ 33 854 158 80

32 230,430 57

s 7 583,929 96

1497938 73 1,067,627 69 1,182,286 81
560,225 04 3,087 984 65
234 515 10 2 787 769 43 1,537,425 34
223.268 85 101,770 96 2 662 998 50
88 184 31 7,583,929 96

1 538,884 68 1,247,178 02 1,104 728 73
716 592 32 2 966 926 74
382,057 79 2 842 750 84 1 511,751 92
249 442 68 124 885 27 2,486 849 09
85,350 56 1 540,079 79

s 321 722 94

10.210,000 00 902 686 37 5 256 00

10 531,722 94 902 686 37 5 256 00

1 462 061 51 677 886 40 8 027 00

s s s s 7 905 652 90

11 117 942 37

87 909 729 48

51 153 683 91

s s s s -6,511,262 15

~ 818 357 73

-9 918 705 17

~1

3 486 016 58

s

343,269 00

s

~ 347 196 28

s s ~ 003 927 28

s
4 347 196 28
s 4 347 196.28

s
343 269 00 441487866 ~ 414 878 68
s 343 269 00

10 000 000 00 650 477 97 6614743 -66 147 43
10 650.477 97

s s -10,515 189 43
20 180 346 12

s -271 161 45

-9,575 436 17 $ 14 136 494 55

463 482 20

25,133,97119

10,991 421 89

2 450 54 411194

10 578 92 --4 524 17

966515669 $

192 320 75 S 15,565.097 50 S 25 133 97119

. 5.

TIFT COUNTY BOARD OF EDUCATION
COMBlNEP STATEMENT OF RE\JENUES EXPENDITURES AND CHANGES IN FUND BAl..ANCES BUDGET AND ACTUAL - CNON-GAAP BASIS\
GENERAL AND SPl;C\AL REVENUE FUNDS YEAR ENPEP JUNE 30 2002

EXHIBIT "C"

REVENUES
State FWlds Federal FWlds Taxes
Other Funds
Total Revenues
EXPENDITURES
Cunt1nt lnstrucbon Support SeMCM Pup<IServic:es Improvement of lnstrucbonal SeMCes EducatJonaJ Medi8 Serncea General Admlnlstrabon
School Adm11111trabon Bug1ness Al:JmllllStnruon Mamtenence and Operabon of Plant
Sl.-,,T~SeMc:es
Central Support Servicea Other Support SelVIC8S
Food Sel'VICN Operation Commuruty SBMCe1 Operations
Total~
Excess of Revenues over (under) Expendrtures
OTHER FINANCING SOURCES CVSESl
Other Sources Other Uses
Total Othor Financr,g 5cx,ces (Uaes)
Excess of Revenues and Other Financing Sources over (under) Expenditurea and Other F1nanong Uses
FUND BALANCE JU\Y l 2001
Ad-nUI Food Inventory- Net Change In Penod
Dona1ed Commodrt>os
Purchased Food

GENERAL FUND

BUDGET

ACTUAL

s 31 248,807 00 s 32,070 472 02

9,978,183 00 393 000 00

10,341176 72 80901294

s 41 819 970 00 s 43 2201861 68

s 30 912 000 00 s 30 812,978 48

1 302 000 00 738 537 00
1,267 200 00 393,000 00
3 189 492 00 230 000 00
3 105,000 00 1 593,000 00
234 000 00 27,300 00

1182,170 62 707 725 31
1,13968219 308,303 18
3 076 167 09 234 515 10
2,764,667 89 1,466 565 99
223 268 85 27,267 52

88 344 00

88 164 31

s 43 079 873 00 s 42 031 476 51 s -1 459 903 00 s 1 189 185 17

s -74 000 OD s s -74 000 00 s

437 682 38 -'!J7 682 38

s _, 533 903 00 s 1 121 502 79

3 1&2,6~5 78

3 545,745 30

EU~D RALANCE JU~~ at! zgg;z

s 1 648 792 78 s 4 667 248 09

SPECIAL REVENUE FUND

BUDGET

ACTUAL

s 757,889 00 s 1 025 760 66

5116,TTOOO

5 325 867 16

484 200 00

524 759 42

s 6 358 859 00 s 6 876 387 24

s 2 890 958 00 s 3041,18034

125 637 00 494,626 00
36,029 00 335 178 00
5,963 00

31576811 359 902 38
42 B04 62 251 921 86
11,817 56

48 673 00

23 101 54
10 asg 35

101 ASS 00 2 428 240 00

74 503 44 2 662 998 50

s 6 456 759 00 s 6 854 657 70 s -97 900 00 s 21 729 54

s

74,000 00 s

67 682 38

s

74 000 OD s

67 882 38

s -23 900 00 s 89411 92

996,518 53

944 397 57

-15,400 79

2,450 54 411194

s 957 215 74 s 1.040 371 97

The notes to the gener1ll-purpos fimmoal statements are an integral part of this statement - 6.

TIFf COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2002

Note I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY
The Tift County Board ofEducallon (School D1stnct) was established under the laws ofthe State of Georgia and operates under the gmdance of a school board elected by the voters and a Supenntendent appomted by the Board The School D1stnct 1s organized as a separate legal entity and has the power to levy taxes and issue bonds Its budget 1s not subject to approval by any other entity Accordmgly, the School D1stnct 1s a pnmary government and consists of all the orgaruzatlons that compose its legal entity
FUND ACCOUNTING
The School D1stnct uses funds and an account group to report on its financial position and the results of1ts operahons. Fund accountmg 1s designed to demonstrate legal compliance and to aid financial management by segregatmg transactions related to certam governmental funct10ns or acuv1t1es A fund 1s a separate accountmg entity with a self-balancmg set of accounts. An account group 1s a financial reportmg device designed to provide accountability for certam assets and liab1lihes that are not recorded in the funds because they do not duectly affect expendable available financial resources.
General Fixed Assets are recorded as expenditures m the vanous funds at the time of purchase A General Fixed Assets Account Group 1s not presently mamtained by the School D1stnct To conform to generally accepted accountmg pnnc1ples, a General Fixed Assets Account Group should be mamtamed for reportmg the cost of assets acquired by governmental fund types
Although "school activity accounts" are mamtamed at the md1v1dual schools, neither the assets, hab1ht1es and fund eqwty, nor the revenues, expenditures and changes m fund balances of these accounts are reflected m these financial statements To conform to generally accepted accountmg pnnc1ples, these accounts should be recorded m the general-purpose financial statements.
The general-purpose financial statements account for all State, Federal, Taxes and Other funds under control of the School D1stnct, m comphance with generally accepted accountmg pnnc1ples applicable to governmental units, unless otherwise disclosed m these notes Funds and the account group presented m this report are as follows
GOVERNMENTAL FUND TYPES - are used to account for all or most of the School D1stnct's educallonal achVJties. Governmental Fund Types mclude
GENERAL FUND - the fund used to account for all financial resources of the School D1stnct except those reqmred to be accounted form another fund. These transactions relate to resources obtamed and used for services provided by a board of educat10n

-7-

TIFf COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2002

Note l SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for maJor capital projects) that are legally restncted to expenditures for specified purposes These funds are received pnmanly from the Georgia Department of Educa!Jon and from the Federal government to accomplish specific educa!Jonal obJect1ves
CAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acqws11Ion or construchon of maJor capital fac1h!Ies
DEBT SERVICE FUND - the fund used to account for the accumula!Ion ofresources for, and the payment of, general Jong-term pnnc1pal, interest and pa}'lng agent fees.
ACCOUNT GROUP
GENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reporting device used to account for generaJ obhgahon debt outstanding and capital lease obhgahons
BASIS OF ACCOUNTING
The accounhng and financial reporting treatment apphed to a fund 1s determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. Wtth this measurement focus, only current assets and current hab1ht1es generaJJy are included on the balance sheet. Operatmg statements ofthese funds present increases (1 e, revenues and other financmg sources) and decreases (1.e, expenditures and other financing uses) in net current assets Thelf reported fund balance 1s considered a measure of available spendable resources
L1ab1hlies which are expected to be fmanced from available spendable resources are reported as hab1hlies in the governmental funds Other hab1h!Ies, which are not expected to be financed from available spendable resources, are reported m the General Long-Term Debt Account Group.
Governmental funds are accounted for using the modified accrual basis of accounting under which
Revenues are recogmzed when suscep!Ible to accruaJ (1.e, when they become both measurable and available). "Measurable" means the amount of the transac!Jon can be determined and "available" means collechble w1thm the current penod or soon enough thereafter to be used to pay hab1hhes of the current penod The School D1stnct considers receivables collected within sixty days after yearend to be available Property taxes, sales taxes and interest are considered to be suscepllble to accrual. Nonexchange transaclions, in which the School D1stnct gives (or receives) value without dITectly receiving (or giving) equal value m exchange, include property taxes, local option sales taxes, mtergovemmental grants and donalions. Revenue for property taxes 1s recognized in the fiscal year for which the taxes are levied Revenue from sales taxes 1s recogmzed in the fiscal year the resources are received or suscep!Ible to accrual Revenue from grants and donations 1s recogruzed in the fiscal year in which all ehgib1hty requirements have been satisfied

- 8-

TIIT COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2002

Note I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures are generally recognized when the related fund hab1hty 1s mcurred
A departure from the above defiml!ons 1s the accountmg treatment afforded the final two payments on General Fund teachers' and bus dnvers' contracts, and the resources available from the Georgia Department of Educat10n for the State's share of these contracts Dunng fiscal year 2002, a substantial number ofpersonnel of the School D1stnct were employed for a one hundred and mnety day penod beginnmg m August 2001 and cndmg m early June 2002 Personnel contracts for this employment penod specify that compensation be paid m twelve equal monthly payments beginning m September 2001 and endmg m August 2002. State grants to fund the State's share of these contracts were disbursed from the Georgia Department of Education to the School D1stnct m the same twelve months As of June 30, 2002, compensallon under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 2002, had not been made Payments for these two months were made and recorded as expenditures by the School D1stnct subsequent to June 30, 2002 Also, the State's portion of the compensallon paid m July and August 2002 was received and recorded as revenue m the fiscal year subsequent to June 30, 2002 Conversely, the s1m1lar expenditures and related revenues for contractual services completed pnor to June 30, 2001, were recorded m the year ended June 30, 2002 Generally accepted accountmg pnnc1ples require that revenues be recorded when available and measurable and that expenditures be recorded when mcurred, rather than when funds are received or disbursed
BUDGET
The Tift County Board ofEducallon's budget 1s a complete financial plan for the School D1stnct's fiscal year and 1s based upon esllmates of expenditures together with probable fundmg sources There 1s no statutory proh1b1tion regardmg overexpend1ture of the budget at any level. The budget for all governmental funds 1s 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 accountmg pnnc1ples
The budget process begins when the School D1stnct's adm1mstral!on prepares a tentative budget for the Board's approval. After approval ofth1s tentative budget by the Board, such budget 1s advertised at least once ma newspaper of general circulat10n m the locality At the next regular meetmg of the Board after advertisement, the Board receives comments on the tentative budget, makes reV1s1ons as necessary and adopts a final school budget Tlus final budget 1s then submitted, m accordance with proV1s1ons of the Quality Basic Educallon Act, OCGA Section 20-2-167(c), to the Georgia Department ofEducallon The Board may mcrease or decrease the budget at any llme dunng the year All unexpended budget authonty lapses at fiscal year-end

-9-

TIFf COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30. 2002

Note I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
CASH AND CASH EQUIVALENTS
COMPOSITION OF DEPOSITS Cash and cash eqmvalents consist ofcash on hand, demand deposits and short-term investments with onginal matunt1es of three months or less from the date of acqms1tlon in authonzed financial 1nstltu1Ions. Georgia Laws OCGA 45-8-14 authonze the School D1stnct to deposit its funds in one or more solvent banks or insured Federal savings and loan associations
INVESTMENTS
COMPOSITION OF INVESTMENTS Investments made by the School D1stnct in nonparticipating interest-earnmg contracts (such as certificates of deposit) and repurchase agreements are reported at cost Part1c1pating mterest-earning contracts and money market investments with a matunty at purchase ofone year or less are reported at amortized cost. Both part1c1pating mterest-earning contracts and money market investments with a matunty at purchase greater than one year are reported at fa1.r value The Official Code of Georgia Annotated Section 36-83-4 authonzes the School D1stnct to invest its funds and in selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent cond!tmns of safety and hqu1d1ty. Funds may be invested m the following
(I) Obligations issued by the State of Georgia or by other states,
(2) Obligations issued by the Uruted States government,
(3) Obhga!Ions fully insured or guaranteed by the Uruted States government or a Uruted States government agency,
(4) Obhgatlons of any corporation of the Uruted States government,
(5) Pnme banker's acceptances,
(6) The Local Government Investment Pool adm1mstered by the State of Georgia, Office of Treasury and Fiscal Sel'V!ces,
(7) Repurchase agreements, and
(8) Obhgatlons of other poht1cal subd1v1s10ns of the State of Georgia.

- 10 -

TITT COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO TifE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2002

Note l SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

RECEIVABLES

Receivables consist ofgrant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from informat10n available Receivables are recorded when either the asset or revenue recogmtlon cntena 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 uncollect1ble receivables

PROPERTY TAXES

The Tift County Board of Comm1ss1oners fixed the property tax levy for the 2001 tax digest year (calendar year) on August 8, 200l(levy date) Taxes were due on November 15, 2001 (hen date) Taxes collected withm the current fiscal year or within 60 days after year-end on the 2001 tax digest are reported as revenue in fiscal year 2002 The Tift County Tax Comm1ss1oner bills and collects the property taxes for the School D1stnct, withholds 2.5% of taxes collected as a fee for tax collechon and remits the balance of taxes collected to the School D1stnct Property tax revenues dunng the fiscal year ended June 30, 2002 for maintenance and operations amounted to $10,063,453 73 and for school bonds amounted to $86.34.

The tax millage rate levied for the 2001 tax year (calendar year) for the Tift County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value)

School Operal!ons

13.742 mills

SALES TAXES

Special Purpose Local Option Sales Tax revenue during the year amounted to $6,390,947 63 and 1s to be used for capital outlay for educal!onal purposes or debt servJce This sales tax was authonzed by local referendum and the sales tax must be re-authonzed at least every five years

INVENTORIES

FOOD INVENTORIES lnventones of donated food commocht1es used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value Purchased foods inventones are reported on the Combined Balance Sheet at cost (first-in, first-out) Donated food commod11Ies arc recorded as revenues and expenditures at the lime commodity items are received Purchased foods inventones are recorded as expenditures at the time ofpurchase The inventones reported on the balance sheet for donated food commod11Jes and for purchased foods are equally ofTset by reservations of fund balance which indicates that these amounts do not conshtute "available spendable resources" even though they are a component of net current assets

- 11 -

TIIT COUNTI BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO TIIE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2002

Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
GENERAL OBLIGATION BONDS
The School D1stnct issues general obhgallon bonds to provide funds for the acqms1hon and construction ofmaJor capital fac1hhes Bond premiums and discounts, as well as issuance costs, are rccogmzed m the financial statements dunng the year bonds are issued General obhgat10n bonds are direct obhgat10ns and pledge the full faith and credit ofthe government The outstandmg amount of these bonds 1s recorded m the General Long-Term Debt Account Group
INTERFUND TRANSACTIONS
The School Distnct has the followmg types of mterfund transactions.
Reimbursements of expenditures 1mtJ.ally made from a fund that are properly apphcable to another fund are recorded as expenditures m the re1mbursmg fund and as reductions of expenditures m the fund that 1s reimbursed
Operating transfers are recorded for all mterfund transactions other than reimbursements
MEMORANDUM ONLY - TOTAL COLUMNS
Total columns on the general-purpose financial statements are captioned "Memorandum Only" to md!cate that they are presented only to fac1htate financial analysis. Data m these columns do not present financial position or results of operations ID conformity with generally accepted account1Dg principles Neither are such data comparable to a consohdatlon Interfund ehmmat1ons have not been made ID the aggregation of this data.
Note 2. DEPOSITS AND INVESTME1'.1TS
COLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time ID any depository for a tJ.me longer than ten days a sum of money which has not been secured by surety bond, by guarantee ofmsurance, or by collateral. The aggregate of the face value of such surety bond and the market value of secuntles pledged shall be equal to not less than 110 percent ofthe pubhc funds be1Dg secured after the deduction ofthe amount ofdeposit 1DSurance Ifa depository elects the pooled method (OCGA 45-8-13 1) the aggregate ofthe market value ofthe secunues pledged to secure a pool ofpubhc funds shall be not less than 110 percent ofthe daily pool balance. OCGA Section 45-8-11 (b) provides an officer holdmg pubhc funds may, ID his d1scret1on, waive the requirement for sccunty m the case ofoperating funds placed ID demand deposit checkmg accounts
Acceptable secunty for deposits consists of any one of or any combmatlon of the followmg

- 12 -

TIFT COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO TifE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2002

Note 2 DEPOSITS AND INVESTMENTS
(1) Surety bond signed by a surety company duly quahfied and authonzed to transact business within the State of Georgia,
(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation,
(3) Bonds, bills, notes, certificates of indebtedness or other direct obhgahons of the Umted States or of the State of Georgia,
(4) Bonds, bills, notes, certificates of indebtedness or other obhgahons of the counties or mumc1paht1es of the State of Georgia,
(5) Bonds of any pubhc authonty created by the laws of the State of Georgia, prov1dmg that the statute that created the authonty authonzed the use of the bonds for this purpose,
(6) Industnal revenue bonds and bonds of development authontles created by the laws of the State of Georgia, and
(7) Bonds, bills, notes, certificates of mdebtedness, or other obhgat1ons of a subs1d1ary corporation of the Uruted States government, which are fully guaranteed by the Umted States government both as to pnnc1pal and mterest or debt obhgahons issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credll Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association
CATEGORIZATION OF DEPOSITS At June 30, 2002, the bank balances were $10,824,547 89 The amounts of the total bank balances are classified mto three categones of credit nsk
Category l - Cash that 1s msured (e g, Federal depository msurance) or collateral1zed with secunlles held by the School D1stnct or by the School D1stnct's agent m the School D1stnct's name
Category 2 - Cash collaterahzed with secunues held by the pledging financial mstltut1on's trust department or agent m the School D1stnct's name
Category 3 - Uncollaterahzed deposits (This mcludes any bank balance that 1s collateral1zed with secunhes held by the pledgmg financial mshtuhon, or by its trust department or agent but not in the School D1stnct's name )
The School D1stnct's deposits are classified by nsk category at June 30, 2002, as follows

- 13 -

TIFT COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2002

Note 2 DEPOSITS AND INVESTMENTS

Risk Category

Bank Balance

1

$ 502,81101

2

10,321,736 88

3

000

Total

$10,824,547.89

CATEGORIZATION OF INVESTMENTS At June 30, 2002, the carrymg value of the School D1stnct's total mvestmcnts was $9,556,564 51
which 1s matenally the same as fair value This mvestment consisted entirely of funds mvested m
the Local Government Investment Pool achrurustered by the State ofGeorgia, Office ofTreasury and Fiscal Services which are not reqmred to be categonzed smce the School D1stnct did not own any specific identifiable secuntles m the pool The mvestment pohcy ofthe State ofGeorgia, Office of Treasury and Fiscal Services for the Local Government Investment Pool (Pnmary L1qmd1ty Portfolio) does not proVJde for mvestment m denvatlves or surular mvestments A descnpuon ofthe Pnmary L1qu1d1ty Portfolio 1s as follows

The Pnmary L1qu1d1ty Portfolio consists of Georgia Fund I, which 1s a combmatlon local and state government mvestment pool, and Fund 6 Georgia Fund I 1s a stable net asset value mvestment pool which follows Standard and Poor's cntena for AAAm rated money market funds The pool is not
registered with the SEC as an mvestment company but does operate Georgia Fund I m a marmer
consistent with Rule 2a-7 ofthe Investment Company Act of 1940 and 1s considered to be a Rule 2a7 hke pool. The pool's pnmary obJecllves are safety of capital, mvestment mcome, hqmd1ty and d1vers1ficat1on while mamtammg pnnc1pal ($1.00 per share value) Net asset value 1s calculated weekly to ensure stab1hty. The pool dJstnbutes eammgs (net of management fees) on a monthly basis and values part1c1pant0s shares sold and redeemed based on $1 00 per share Pooled cash and cash eqmvalents and mvestments are reported at cost which approximates fair value The pool does not issue any legally bmdmg guarantees to support the value of the shares Part1c1patlon m the pool 1s voluntary and deposits consist of funds from local governments, operatmg and trust funds of Georgia's state agencies, colleges and un1vcrs11les, and current opcratmg funds of the State of Georgia's General Fund

Investments m Georgia Fund I and Fund 6 are directed toward short-term mstruments such as U. S
Treasury obligat10ns, secunlles issued or guaranteed as to pnnc1pal and mterest by the U S Government or any of its agencies or mstrumentahties, banker's acceptances and repurchase agreements. The weighted average matunty of Georgia Fund I may not exceed 60 days. The weighted average matunty for Georgia Fund I on June 30, 2002, was O 12 years The average mvcstment duration for Fund 6 on June 30, 2002, was O75 years

- 14 -

TIFT COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2002

Note 3 NON-MONETARY TRANSACTIONS

The School D1~trict receives food commoditie~ from the United States Department of Agriculture (USDA) for school breakfast and lunch programs These commodities are recorded at their Federally assigned value See Note 1 - Inventories

Note 4 RISK MANAGEMENT

The School D1stnct is exposed to vanous nsks of loss related to torts, theft of, damage to. and destruction of assets. errors or omissions, job related illness or inJunes to employees. acts of God and unemployment compensat10n

The School D1stnct has obtained commercial insurance for risk of loss associated with tort~, assets and errors or omissions The School D1stnct has neither significantly reduced coverage for these nsks nor incurred losses (settlements) which ei.ceeded the School D1stnct's insurance coverage in any of the pa~t three year~

The School D1stnct has elected to self-insure for all losses related to acts ofGod The School D1stnct has not expenenced any losses related to this nsk in the past three years

The School District is self-insured with regard to unemployment compensation claims The School D1stnct accounts for claims Within the same fund that the employee's salary and benefits were paid Claims are accounted for With expenditure and liab1hty being reported when 111s probable that a loss has occurred. and the amount of that loss can be reasonably estimated

Changes in the unemployment compensation claims hab1hty dunng the l&t two fiscal years arc as follows:

Begmnmg of Year L1ab1hty

Claims and Changes m Estimate~

Claims Paid

End of Year L1ab1hty

2001 2002

$

I 452 00 $

4 670 57 $

4 898 57 s

1.224 00

$

I 224 00 $

3 485 00 $

4 469 00 $

240 00

Inc School D1stnct participates in the Georgia Education Workers' Compensation Trust. a public entity nsk pool organized on December I, 1991, to develop. implement and administer a program of workers' compensation self-insurance for its member organization~ The School D1~tnct pays an annual premmm to the Trust for its general insurance coverage Additional insurance coverage 1s provided through an agreement by the Trust with the Umted States Fidelity and Guaranty Company to provide coverage for potent1al losses sustained by the Trust in excess of $350.000 00 loss per occurrence, up to $2,000,000.00

I he School D1stnct has purchased surety bonds to provide add1t1onal insurance coverage as follows

- 15 -

TIFT COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30. 2002

Note 4 RISK MANAGEMENT

Pos11lon Covered

Amount

Supenntendent Each Employee

$ 100,000 00 $ 10,000 00

Note 5 GENERAL LONG-TERM DEBT

CAPITAL LEASES The Tift County Board of Educallon has entered mto vanous lease agreements as lessee for computer eqmpment These lease agreements qualify as capital leases for accountmg purposes and, therefore, have been recorded at the present value of the future mm1mum lease payments as of the date of their mcept10n

GENERAL OBLIGATION DEBT OUTSTANDING General Obhgat10n Bonds currently outstandmg are as follows

Purpose

Interest Rates

Amount

General Government - Senes I997 General Government - Senes 2001

3 70%-4 35% S 935,000 00

405%

I0,000,000 00

$ I0.935,000,00
The changes m General Long-Term Debt dunng the fiscal year ended June 30, 2002, were as follows

Capital Leases

General Obhgat10n
Bonds

Total

Balance July I, 200 I

$ 408,416 46 $21,145,000 00 $21,553,416 46

Additions Capital Leases

343,269 00

343,269 00

Deductions Debt Rellrcd

321,722 94 10,210,000 00 I0,53 I, 722 94

Balance June 30, 2002

$ ~~2-2~~-~i $ IQ,2J5 000,0Q $ I 1,J!i;! 262 ~"

At June 30, 2002, payments due by fiscal year which mcludes pnnc1pal and mterest for these Items are as follows

- 16 -

TIFT COUNTY BOARD OF EDUCATION

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2002

Note 5 GENERAL LONG-TERM DEBT

Fiscal Year Ended June 30
2003 2004 2005 2006 2007 2008 - 2012

Capital Leases

General Obhgatlon
Bonds

Total Debt

s $ 321,722 94 1,380,672 50 $ 1,702,395 44
117,51471 2,217,537 50 2,335,052 21 2,211,195.00 2,211,195 00 2,206,916 25 2,206,916 25 2,204,498 75 2,204,498 75 2,203,740 00 2,203.740 00

Total Prmc1pal and Interest $ 439,237 65 $,12A24.560.00 $)2.863 797 65

Deduct Imputed Interest

9 275 13

Net Present Value of Future
Minimum Lease Payments $ 429,962.52

Note 6 ON-BEHALF PAYMENTS

The School D1stnct has recognized revenues and expenditures m the amount of $534,465 58 for health msurance and retirement contnbutlons paid on the School D1stnct's behalf by the followmg State Agencies

Georgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance of Non-Certified Personnel In the amount of$420,774 23

Paid to the Teachers Retirement System of Georgia For Teachers Reurement System (TRS) Employer's Cost In the amount of$45,019 35

Office of Treasury and Fiscal Services Paid to the Pubhc School Employees Retirement System For Pubhc School Employees Retl!ement (PSERS) Employer's Cost In the amount of$68,672 00

Note 7 SIGNIFICANT COMMITMENTS

The followmg 1s an analysis of significant outstandmg construction or renovat10n contracts executed by the School D1stnct as of June 30, 2002

- 17 -

TIIT COUNTY BOARD OF EDUCATJON

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2002

Note 7 SIGNIFICANT COMMITMENTS

Pro1ect

Unearned Executed Contracts

J T Reddick Elementary School Ce1lmg and L1ghtmg Renovation
Norths1de Pnmary School Reroofing Tift County High School
Northeast Campus Fieldhouse G O Bailey Pnmary School Reroofing Charles Spencer Elementary School
Addition and Renovation New Elementary School

$ 14,110 00 275,220 00
141,650 00 187,100 00
1,579,510 55 3,956.3 I7 90

$ 6,153,908.45

The amounts descnbed m this note are not reflected m the general-purpose financial statements

Note 8 CONTINGENT LIABILITIES

Amounts received or receivable pnnc1pally from the Federal government are subject to audit and review by grantor agencies This could result m requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant terms The School D1stnct beheves that such d1sallowances, 1f any. will be 1mmatenal to Its overall financial pos1!lon

The School D1stnct 1s a defendant m vanous legal proceedmgs pertammg to matters mc1dental to the performance ofroutme School D1stnct opera!lons The ultimate d1spos11Ion ofthese proceedmgs 1s not presently determinable, but 1s not beheved to be matenal to the general-purpose financial statements.

Note 9 RETIREMENT PLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS)

TRS PLAN DESCRIPTION Substantially all teachers, adm1rustrat1ve and clencal personnel employed by local school d1stncts are covered by the Teachers Retirement System of Georgia (TRS), which 1s a cost-sharmg muluple employer defined benefit pension plan. TRS provides service re!lrement, d1sab1hty retirement and survivors benefits for its members m accordance with State statute The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtamcd from the Georgia Department of Audits and Accounts.

- I8 -

TIFf COUNTY BOARD OF EDUCATYON

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30. 2002

Note 9 RETIREMENT PLANS

TRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School D1stnct who are covered by TRS are requtred by State statute to contnbute 5% ofthetr gross earmngs to TRS. The School D1stnct makes monthly employer contnbuttons to TRS at rates adopted by the TRS Board of Trustees m accordance with State statute and as adV1sed by their mdependent actuary The reqmred employer contnbutton rate 1s 9 24% and employer contnbutions for the current fiscal year and the precedmg two fiscal years are as follows.

Fiscal Year

Percentage Contnbuted

Reqmred Contnbut1on

2002 2001 2000

100% 100% 100%

$2,734,252 15 $3,147,299 85 $ 2,953,134 77

- I9 -

TIFT COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET
SPECIAL REVENUE FUND
JUNE 30. 2002

ASSETS
Cash and Cash Equivalents
Accounts Receivable
lnventones Food Donated Commod1t1es Purchased Food

SCHOOL FOOD
SERVICES FUND

LOTTERY PROGRAMS

$ 1,084,032 26 $

36,223 30

31,476 08

71,922 00

44,398 89 21 962 43

Total Assets

$ 1 181 869 66 $ _ _.;;108=1_,4;;:5~3;;:0~

LIABILITIES AND FUND EQUITY
LIABILITIES
Cash Overdraft Accounts Payable Salanes Payable Expired Grant Balances Payable Deferred Revenue
Total l.Jab1lrt1es
FUND EQUITY
Fund Balances Reserved For lnventones Food Donated Commod1t1es Purchased Food Unreserved Undes,gnated
Total Fund Equity
Total Llablllties and Fund Equrty
See notes to the genera~purpose financial statements
- 20-

$

19,19390 $

122,303 79

36,057 92 72,087 38

$

14149769 $

10814530

$

44,398 89

21,962 43

974 010 65 $

0 00

$ 1 040 371 97 $

000

$ 1 181 869 66 $ =-,;,;10;;;;8:,,.1;,.4~5~3~0-

EXHIBIT "E"

FEDERAL PROGRAMS

TOTALS

JUNE 30, 2002

JUNE 30, 2001

$ 1,120,255 56 $ 1,117,64767

$

855,748 26

959,146 34

560,942 07

44,398 89 21 962 43

41,94835 17 850 49

$

855 748 26 $ 2,145,763 22 $ 1,738,388 58

$

528,389 80 $

528,389 80 $

209,178 83

70,159 60

125,411 42

151,570 75

245,169 08

439,560 25

367,403 31

1,275 00

1,275 00

65,838 12

10 754 78

10 754 78

$

855,748 26 $ 1,105,391 25 $

793 991 01

$

$ _ _ _ _~0~00~

$

0 00 $

44,398 89 $ 21,962 43

41,948 35 17,850 49

974 010 65

884 598 73

1 040 371 97 $ _-----'944"--'-'-"'3"'97'-"-57'-

$

855 748 26 $ 2, 145,763 22 $ =-"'1'"-73_8...3_8_8_5_8_

- 21 -

TIFT COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2002

REVENUES
State Funds Federal Funds Other Funds
Total Revenues
EXPENDITURES
Current lnstructton Support Services Pupil SeMces Improvement of lnstructtonal Services Educahonal Media Services General Administration School Administration Maintenance and Operation of Plant Student TransportahOn SeMces Other Support Services Food SeMces Operation
Total Expenditures
Excess of Revenues over (under} Expendrtures
OTHER FINANCING SOURCES
Operahng Transfers In
Excess of Revenues and Other Financing Sources over (under} Expenditures
FUND BALANCE JULY 1
Food Inventory - Net Change in Penod Donated Commod1t1es Purchased Food
FUND BALANCE JUNE 30

SCHOOL FOOD
SERVICES FUND

LOTTERY PROGRAMS

$

207,836 00 $

2,019, 169 00

524 759 42

$ 2,751,764 42 $

817,924 66 817 924 66

$

$ 2,662,352 50

$ 2,662,352 50 $

$

89,411 92 $

679,974 97 86,859 83 33 90 33,014 96 13,600 00 3,795 00
64600 817 924 66
000

$

89,411 92 $

o oo

944,397 57

o oo

2,450 54 411194

$ 1 040 371 97 $ _ _ _ _ _o;..0_,0;..

See notes to the general-purpose financial statements - 22 -

EXHIBIT "F"

FEDERAL PROGRAMS

TOTALS

YEAR ENDED

JUNE 30, 2002

JUNE 30, 2001

$ 1,025,76066 $

990,934 37

$ 3,306,698 16

5,325,867 16

5,001,710 62

524 759 42

497 545 83

$ 3,306,698 16 $ 6 876 387 24 $ 6,490,190 82

$ 2,361,205 37 $ 3,041,180 34 $ 2,973,732 30

228,908 28 359,86848
42,604 62 218,906 90
11,81756 9,501 54
67,064 35 74,503 44

315,76811 359,902 38 42,604 62 251,921 86
11,81756 23,101 54 70,859 35 74,503 44 2,662,998 50

302,64619 357,14313
18,423 66 257,836 78
35002 185 00 15,14921 81,51846 2,486,649 09

$ 3,374,380 54 $ 6 854 657 70 $ 6,493,633 84

$

-67,682 38 $

21,729 54 $

-3,443 02

67 682 38

67 682 38

66147 43

$

000 $

89,411 92 $

62,704 41

000

944,397 57

875,638 41

2,450 54 411194

10,578 92 -4 524 17

$

0 00 $ 1040311 91 s ___944.._.3""9""1_5_1_

- 23 -

TIFT COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET
CAPITAL PROJECTS FUND
JUNE 30, 2002

ASSETS Cash and Cash Equivalents Investments Accounts Receivable
Total Assets
LIABILITIES ANO FUND EQUITY LIABILITIES
Cash Overdraft Accounts Payable Contracts Payable Retamages Payable
Total l.lab1lrt1es FUND EQUITY
Fund Balances Reserved For Purposes of Bond Issue For SPLOST Projects For State Capital Outlay ProJects Unreserved Undes1gnated Total Fund Equity
Total L1ab1ht1es and Fund Equity

REGULAR

BOND PROCEEDS

$

134,545 66

75,044 99 $ 4,691,959 28

$

209,590 65 $ 416911959 28

$

13,196 57

1,056,610 00 485 553 00

$ 1,555,359 57

$ 3, 136,599 71

s

209.590 65

0 00

s

209.590 65 $ 3,136,599 71

$

2091590 65 $ 4,691,959 28

See notes to the general-purpose financial statements - 24 -

EXHIBIT"G"

GEORGIA STATE FINANCING AND
INVESTMENT COMMISSION

SPECIAL PURPOSE LOCAL OPTION SALES TAX

TOTALS

JUNE 30, 2002

JUNE 30, 2001

$ 5,185,136 67 $ 5,319,682 33 $

135,753 09

4,767,004 27

19,046,996 52

$

232,520 00

1,133,829 66

1,366,349 66

1,032,537 90

$

232.520 00 $ 6,318,966 33 $ 11.453,036 26 $ 20,215,287 51

$

232,520 00

$ _~2=3=2=,5=20~0=0~

$

245,716 57

$

1,056,610 00

485 553 00

$ 1 787 879 57 $

21,034 61 13,906 78
34 941 39

$ 3, 136,599 71 $ 9,416,150 88

$ 6,318,966 33

6,318,966 33

10,558,392 12

183,815 89

$

000

000

209,590 65

21 987 23

$

000 $ 6,318,966 33 $ 9,665,158 69 $ 20,180,346 12

$

232,520 00 $ 6.318.966 33 S 11.453.036 26 $ 20.215.287 51

- 25 -

TIFT COUNJY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES
CAPITAL PROJECTS FUND YEAR ENDED JUNE 30. 2002

REVENUES
State Funds Ta,ces Other Funds
Total Revenues
EXPENDITURES
Current Support Services Business Admin1st.ra11on
Capital Outlay Professional and Techmcal Services Supplies Land and Land Improvements Building and Building Improvements Equipment
Debt Service Pnncipal
Total Expenditures
Excess of Revenues over (under) Expendrtures
OTHER FINANCJNG SOURCES (USES}
Proceeds from General Obhgabon Bonds Par Value
Caprtal Leases Operabng Transfers In Operating Transfers Out
Total Other Financing Sources (Uses)
Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses
FUND BALANCE JULY 1
FUND BALANCE JUNE 30
See notes to the general-purpose financial statements
- 26 -

REGULAR

BOND PROCEEDS

$

1 99713 $

197 355 73

$

1 997 13 $

197.355 73

$

0 00

$ 1,012,716 97 44,035 95

4,693,021 21 748,678 83

32172294

$

000 $ 6,820, 175 90

$

1 997 13 $ -6,622,820 17

$

343,269 00

$

185,606 29

$

185,606 29 $

343 269 00

$

187,603 42 $ -6,279,551 17

21,987 23

9,416,150 88

$

2091500 es s__3.1.,1_36....._,5..,99._1_1_

EXHIBIT "H"

GEORGIA STATE FINANCING AND
INVESTMENT COMMISSION

SPECIAL PURPOSE LOCAL OPTION SALES TAX

TOTALS YEAR ENDED

JUNE 30, 2002

JUNE 30, 2001

$ 1,085.477 00 $
179040
$ 1,087,267 40 $

$ 101,291 76
6 478 73
107 770 49 $

1,085,477 00 101,291 76 $ 207 621 99
1 394 390 75 $

4,518,698 43 56 540 32
4,575,238 75

$

$

174,960 00

910,517 00

$ 1,085,477 00 $

$

1 79040 $

000

$

$ 1,187,676 97 44,035 95

5,603,538 21 748,678 83

321 722 94

000 $ 7,905,652 90 $

107 77049 $ -6,511,262 15 $

162,050 00
20,300 00 316,233 45 1,178,25034 242 061 51 1,918,895 30 2,656,343 45

$ 9,538,201 00

$

343,269 00

650,477 97

185,606 29

$

-185,606 29 $ -4,347, 196 28

-4,532,802 57

$

-185.606 29 $ -434719628 $ -4,003,927 28 $ 10,188,678 97

$

-183,815 89 $ -4,239,425 79 $ -10,515, 189 43 $ 12,845,022 42

18381589

10,558,392 12

20,180,346 12

7,335,323 70

$

000 $ 6,318.966 33 $ 9,665.156 69 $ 20.180,34612

- 27 -

TIFT COUNTY BOARD OF EDUCATION
COMBINING BALANCE SHEET DEBT SERVICE FUND
JUNE 30. 2002

EXHIBIT"!"

ASSETS Cash and Cash Equrvalents Investments Accounts Receivable

PROPERTY TAXES FOR BOND DEBT

SPECIAL PURPOSE LOCAL OPTION SALES TAA

TOTALS JUNE 30, 2002 JUNE 30. 2001

$

463,482 20

$ 4,789,560 24 $ 4,789,560 24

$

218

25.353 34

25,355 52

Total Assets

$

2 18 $ 418141913 58 $ 4 814 915 76 $ ___4_6_3-48aa2a;2_o_

LIABILITIES AND FUND EQUITY

LIABILITIES

Cash Overdraft

FUNDEQU)TY

Fund Balances

Reserved

For Debt Service

$

Unreserved

Undes1gnated

Totsl Fund Equity

$

$ 4 622 595 01 $ 4,622,595 01

218 $ 000 218 $

192,318 57 $ 000
192 318 57 $

192,320 75 $ 000
192 320 75 $

463 482 20 000
463 482 20

Total L1abiht,es and Fund Equity $

218 $ 41a141s13 sa s 4 a14 s1s 1s s_-'45"'3"'1_4a_2_2_0_

See notes to the genera~urpose flnanaal statements

28-

TIFT COUNTY BOARD OF EDUCATION
COMBINING STATEMENT OF REVENUES. EXPENDmJRES AND CHANGES IN FUND BALANCES DEBT SERVICE FUND
YEAR ENDED JUNE 30 2002

EXHIBIT"J"

REVENUES
Taxes other Funds
Total Revenues
EXPENDITURES
Debi Service Principal Interest Paying Agent Fees
Total Expenditure&
Excess of Revenues over (under) Expenditures
OTHER FINANCING SOURCES
Proceeds from General ObllgaUon Bonds Par Value
Operebng Transfers In
Total Other F1nancmg Sources
Excess of Revenues and Other Fmancmg Sources over (under) Expenditures
FUND BALANCE JULY 1

PROPERTY
TAXES FOR BOND DEBT

SPECIAL PURPOSE LOCAL OPTION
SALES TAX

TOTALS
YEAR ENDED JUNE 30, 2002 JUNE 30, 2001

$

86 34 $ 6,289,655 87 $ 6,289,742 21 $ 1.458 553 10

209 842 43

209 842 43

447 043 50

$

8634 $ 6,499,498 30 $ 6,499,584 84 $ 1,905,596 60

$ 10,210,000 00 $ 10,210,000 00 $ 1 220 000 00

902,886 37

902,688 37

677 886 40

s

8416

5 171 84

5 256 00

6 027 00

$

8416 $ 11117 858 21 $ 11117 942 37 s 1,903,913 40

$

2 18 $ -4 618 359 91 $ -4 618,357 73 $

1 683 20

$
s 4 347 196 28 s 4 347 196 28

s $ 4.347 196 28

4 347 196 28 $

461 799 00 461 799 00

$

s 2 18 $ -271,163 63 $ -271,161 45

463,482 20

0 00

463 482 20

463,482 20

0 00

FUND BALANCE JUNE 30

$

218 $

192,318 57 $ 192,320 75 S 463 482 20

See notes to the general-purpose finencial statements

- 29 -

TIFT COUNTY BOARD OF EDUCATION SCHEDULE OE EXPENDITURES OF FEDERAL AWARDS
YEAR ENDED JUNE 30 2002

SCHEDULE "1"

FUNDING AGENCY PROGRAWGRANT
Agriculture U S Department of Child Nutnbon Cluster Pass-Through From Georgie Department of EducaUon Food and Nubttlon Program Food Services School Breakfaat Program
Na11o""I School Lunch Program
Pesa-Through From Office of Sdlool Readlne&a Food and Nutrttlon Program FoodSe<v\ces Summer Food Service Program for Chlldren
Total Child Nutrition Cluster
Other Programs Pass--Through From Georgla Department of Educatlon
Food and Nutrition Program Food lllatrlbutlon Program (1)
Fresh Produce Program (1)
Total U S Department of Agrlcutture
Education, U S Departmen1 of Special Educatk>n Cluster Pass-Through From Georgie Department of Education lnclrvklual& wtth DlsablllUes Educabon Ad Pan B - Special Education Capacity Building Improvement Grant Flow Through Preschool
Total Special Education Cluster
Other Programs Pass-TIYough From Geocgla Department of Education Elementary and Secondary Education Ad TIiie I Gran1a to Local Educabonal Agande, Titte II El:sennower Profesaional Development TIiie 111 Technology Lrteracy Challenge Fund Grants TIiie VI Clau SLze Reduction Innovative Education Program Strategies Goal& 2000 State and Local EducaUon Systemic Improvement Grants Safe and Drug-Free Sdlools and Commum0es Stewart B McKtnney Homeless Assistance Act Educabon for Homeless Ch~dren and Youth Voca\tonal Educauon - Bask:. Grants to States H,gh School Program Ba.ate Grant

CFDA NUMBER

PASSTHROUGH
ENTITY ID
NUMBER

FEDERAL REVENUE IN PERIOD

EXPENDITURES IN PERIOD

10 553 10 555

NIA

s 422 190 92

(2)

NIA

1 413,023 81 $ 2 478 844 39 (3)

10 559

NIA

44616

2

$ 1,835,660 69 $ 2,478 844 39

10 550 10 550

NIA

156 896 69

156,696 69

NIA

26 611 42

26 611 42

$ 2,010 169 00 $ 2,662 352 50

84 027 84 027 84 173

NIA

$ 11,690 56 $

NIA

746,794 23

NIA

42 706 08

$ 801,283 77 $

11,69056 746,794 23 42 798 06
801 283 77

84 010 84 281 84 318 84 340 84 298
84 276 84186 84 196
84 048

NIA

1,565,492 24

1 565,492 24

NIA

56,142 60

56 142 60

NIA

94,245 22

94,245 22

NIA

280 424 29

280 424 29

NIA

54,802 00

54,802 00

NIA

5,329 88

5 329 68

NIA

31,302 00

31,30200

NIA

25,550 08

25 550 08

NIA

78,653 00

78,653 00

- 30 -

TIFT COUNTY BOARD OF EDUCATION
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
YEAR ENDED JUNE 30 2002

SCHEDULE "1"

FUNDING AGENCY PROGRAM/GRANT
Educabon, U S Department of Other Programs Pass-Through From Berrien County Board of Educabon d/b/a Southam Pine Migrant EducaUon Agency Elementary and Secondary Education Act Tltle I M,gram Educabon
Total U S Department of Education
OTHER FEDERAL ASSISTANCE
Defense, U S Department of Olred Department of the Au Force R O T C Program

CFDA NUMBER

PASSTHROUGH
ENTITY ID
NUMBER

FEDERAL REVENUE IN PERIOD

EXPENDITURES IN PERIOD

84 011

$ 269 840 70 $ _ _ _2~69~84~0_7~0 $ 3 263,065 58 $ - ~ 3~26~3~,06=5~5~8

$ 43 632 58 $

111,314 96 (3)

Total Federal Financial Assistance

$ 5 325 86716 $ ___s._o_36_.7_J_J_04""

NIA a Not Available
Notes to the Schedule of fmendrtures ot Federal Awards
(1) The amounts shown for the Food Dlstr1butJon and Fresh Produce Programs represent the Federally assigned value of
nonmonetary assistance for donated commodlties rea!IVed and/or consumed by the system during u,e ament fiscal year
{2) Expenditures for the School Breakfut Program and the Summer Food SeMce Program were not mamtamed separatety and are induded m the 2002 National School Lunch Program
(3) Expenchtures for lhls program mcluda State, and/or Other Funds Expenditures are not maintained by fund source
Ma1or Programs ara kSentH\ad by an asten&k t) In front of the CFDA number

The School Olstrld dld not provide Federal Assistance to any Subreclplent

The accompanymg &chedule of expenditures of Federal awards includes the Federal grant adlvlty of the Tift County Board of Educabon and ls presented on the modified acaual basis of accownmg which ls the basis of accounting used In the presentahon of the general-purpose fl:nanaal statements

See notes to the general-purpose financial -&\atements

- 31 -

TIFT COUNTY BOARD OF EPVCATION SCHEDULE OF STAIE REVENUE YEAR ENPEP JUNE 30 2002

SCHEDULE "2"

AGENCYtEUNDING

GOVERNMENTAL FUND TYPES

SPECIAL

CAPITAL

GENERAL

REVENUE

PROJECTS

FUND

FUND

FUND

TOTAL

GRANTS

Education, Georgia Depanment of

Quality Buie Education

Dlred kiltnJdlonal Cost KlndelgBlten Program Kindergarten Program - Early lntsrvenbon Program

s 1,618 473 00
n4 031 oo

Pnma,y Graon (1-3) Program

4,158,131 00

Pnma,y Gradel E1111y - . O n (1-3) Program

1 Qg7,203 00

Upper Elemen!ary Grades (4-5) Program

2 148,622 00

M-Upper Elementary Gradel - Earty ln1ervenbon (4-5) Program
Middle Grade, (6-8) Program
Sdlool (6-8) Program High Sdlool General Educa11on (9-12) Program

3811,058 00 1,208 093 00 2,631 317 00 3,127 225 00

VocoUonal Laboralory (9-12) Program

1,321,11800

Studenta wrth Olsabllrties

Category 11

1,154 182 00

Category JU

1 301 583 00

Category N

160,122 00

CotegoryV

17,604 00

G - Student Category VI

344,080 00

Remedial Education Program

104,054 00

Alternative Education Program

304 377 00

EngUlh Speaker. o1 Other L nguage1 (ESOL)

348 832.00

Media Cen1er Program

687,1'1700

Twenty Days Additional lnatruc:tion

212,078 00

Staff and Protewonal DB\ielop.1.e..t

126158 00

Mid-Term Aqustment Hokl-t-larm)ess

56,922 00

lndrract Cost

4 049 238 00

Categonca1Gran1s

Pupll Transportation

Regular

688 550 00

Bus Replacement

216,040 00

Sparally

20 000 00

NursmgSeMces

154 505 00

Pnnc,pal Supplemenls

30,494 00

Vocallonal Supar,i'" Education EquaI1Z8bon Funding Grant Food Servk:es

52,000 00
1 ~o gg,g oo s

Vocational Education

725,411 51

Other State Programs

Apprenlicell>p Program

2,000 00

Health k11urance

420,n4 23

Mentor Teachers

3 672 00

National Teadlar Certdk:abon

6 667 00

Post Secondary QpbOn Spnng

7,622 00

Prachoo1 Hand>Cappad Program

142 g31 00

S - 4-8 Aller School Program

100 318 20

Statawkle K-3 Reading Program

85,8Q1 73

Teachors' Retlromen1

5,019 35

~ry Programs

AeaoslM!Toc:lv1ology

Computers In Iha Classroom

207,636 00
10 500 00 186 922 00

s 1 618 473 00
n4,031 oo
4,158,131 00 1,097,203 00 2,148 622 00
369 058 00 1 208 093 00 2 631 317 00 3 127 225 00 132111800
1154 182 00 1 301 593 00
180 122.00 17,604 00
344 080 00 104 054 00 304 3TT 00 348,832 00 667,197 00 212 079 00 126 158 00
55 922 00 4 0 9 236 00
688,550 00 216,040 00 20 000 00 154 505 00
30 494 00 52 000 00 1 940 999 00 207,836 00 725,411 51
n, 2,000 00
420 23 3 672 00 6 867 00 7 822 00
142 931 00 100 318 20
85 891 73 45 019 35
10 500 00 1es,moo

Georgia State Financing and Investment Convnlssion RelmbwHfnent on Conatrudion Prcjecta

$ 1 085 477 00

1 oas4n oo

Office or School Readlnes Pre-Kindergarten Program

620 502 66

620 502 66

Office of Treuury and Fiscal SeMces Public School Empioyees Ratirernent

68 672 00

68 672 00

See notes to the general-pur;,oae flnanaal statements

s 32 010 ,12 02 s 1102s:7so ee s 10854n oo s 34 1e1109 66
32-

TIFT COUNTY BOARD OE EDUCATION SCHEDULE OF APPROVE LOCAL OPTION SALES TAX PROJECTS
YEAR ENDED JUNE 3Q 2002

SCHEDULE "3"

PROJECT
The repayment of pnnapal end interest on the School 01stnct Senes 1995 Bonds matunng February 1, 1998 and thereafter the acquIsrtion o:>nstrucbon and equipping of an audrtonum et the new high school the complellon of the new high school grot..ndS and secunty a new elementary school, improvements at J T Reddick Elementary School and Matt Wilson Elementary School system-wide tedlnology for all schools and Annie Belle Clark Pnmary School renovabons for system-w,de utthzation 1ndud1ng the acqu1s11:Jon of all necessary property
The cost of funding the acquisition, construction end equrpp,ng of a new elementary school and maintenance warehouse unprovements at G O Bailey Pnmary School North.side Pnmary School Len Lastinger Pnrnary School and Omega Elementary School and Middle School improvements at certain other exIsbng schools and the conVet"SIOll of Arlnie Belle Clark Pnmary School

ORIGINAL ESTIMATED
COST (1)

CURRENT ESTIMATIED COSTS (21

AMOUNT EXPENDED IN CURRENT
YEAR (3)

AMOUNT EXPENDED
IN PRIOR YEARS (3)

PROJECT STATUS

S 32 000 000 00 S 32,000 000 00 $ 10 335 677 59 S 14 B06 276 09 Ongomg

40 000 000 00 40 000 000 00

7 B07 106 65

Ongoing

S 12,000,000 00 $ 12,000,000 00 $ 18 142 786 24 S 14 808 276 09

(1) The Sdlool Distncrs ongmal cost estimate as speofied in the resolution calling for the Impos!bon of the Lcx::al Option Sales Tax
(2) The School 01stnct's current estJmate of total cost for the pr(Jfeds Includes alt cost from prOjeCt Incepb0n to complebon
(3) The voters of Tift County approved the Impos1llon of a 1% saleS tax to fund the above projects and to retire
assooated debt Amounts expended for these pnJf8CtS may include sales tax proceeds, state, tocal property taxes and/or other funds over the life of the l)fOfeCts

See notes to the general-purpose financial statements

- 33-

IIFJ COUNTY BOARD OF EDUCATION GENERAL FUND QUALITY BASIC EDUCATION PROGRAM IQBEJ
ALLOTMENTS AND EXPENDITURES BY PROGRAM YEAR ENDED JUNE 30 2002

SCHEDULE "4"

DESCRIPIION

ALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1)

ELIGIBLE QBE PROGFIAM COSTS

SALARIES

OPERATIONS

TOTAL

Direct lnstruc:bonal Programs

Kindergarten Program

s

Kindergarten Program-Earty lntervenbon Program

Primary Grades (1-3) Program

Primary Gradoo-Earty Intervention (1-3) Program

Upper Elementary Grades (4-5) Program

Upper Elementary Grades-Early lntervenbon (4-5)

Program

Mlddlo Gra<leo (6-8) Program

MLddlo School (6-8) Program

High School General Educabon (9-12) Program

Vocational Laboratory (9-12) Program

Students with Dtsabllltles

category II

category 111

ca1ogory IV

category V

GIiied Student category VI

Romedlal Education Program

AltemalJYe Educabon Program

English Speakera of Olhor Languages (ESOL)

TOTAL DIRECT INSTRUCTIONAL PROGFIAMS

s

s 1,844,046 00

1 902,358 86 $

881,910 00

635,681 OB

4,737,662 00

5,103,597 53

1,250,124 00

1,221,820 70

2 443,585 00

2,889,483 07

s 71125 64
14 052 25 153 923 73
20 907 70 126 253 97

1 979,484 50 549,733 33
5,257,521 26 1 242 728 40 301573704

447,796 00 1,376,469 00 2,998,052 00 3 563,076 00 1,505,246 00 3,023,328 00
392,037 00 118,557 00 346 799 00 397,451 00

343,771 17 1,307,467 02 2,844 083 60 4 461,831 79 1,12113571
1 467 544 99 1,720 629 53
121,266 34 45 16
519,290 04 144,795 76 330,038 27 367,055 54

6,077 51 126,455 29 182,109 23 243,008 05 101,444 62
32,793 79 21 496 67
5,196 45
3 543 34 1 421 53 24,570 11 3 029 17

349 848 68
1 433 922 31 3 128 192 83 4,704,839 84 1,222,560 33
1,500,336 76 1,742,126 40
126,462 79 45 16
522,633 38 146,217 29 354,608 38 370,084 81

s s 25,326,118 00 26,601,896 26

1,143,411 25 $ 27,745,307 51

Media Center Program Staff and Profesolonol Dovalopmant

782,972 00 143 741 00

954,281 48 89 497 86

171,69740 85 83749

1,126,17886 175 335 35

TOTAL QBE FORMULA FUNDS

s

28 252 831 00 S 27,545,675 60 S 1,401146 14 $ 29 046 821 74

(1) Comprised of Slala Funds plus Local Five Mdl Share

See notes to the genera~rpose financial statement&

34.

TIFT COUNTY BOARD OF EDUCATION GENERAL FUND - QUALITY BASIC EDUCATION PROGRAM (QBE)
ALLOTMENTS AND EXPENDITURES - BY SITE
YEAR ENDED JUNE 30 2002

SCHEDULE "5"

SITE
G O Bailey Primary School Tift County High School Eighth Street Middle School Anme Belle Clari< Pnmary School J T Reddick Elementary School Len Lasbnger Pnmary School Norths1de Pnmary School Northeast Campus, Tift County High School Omega Elementary School Matt Wilson Elementary School Charles Spencer Elementary School Tift County Night School Central Office (Altemat1ve Educabon Program) Other Aux1hary Fac1hty
TOTAL
(1) Compnsed of State Funds plus Local Five Mill Share

ALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1)

ELIGIBLE QBE PROGRAM COSTS

$

2,372,643 00 $

2,468,184 00

4,295,073 00

4,865,049 40

3,617,337 00

3,843,389 69

1,624,720 00

1,689,932 63

1,708,470 00

1,911,894 31

2,379,387 00

2,616,11241

2,371,545 00

2,537,001 63

1,836,191 00

2,319,244 38

1,645,028 00

1,782,746 12

1,828,659 00

1,988,900 28

1,300,266 00

1,535,481 08

24,24443

346,799 00

163,12715

$

25,326,118 00 $ 27,745,307 51

See notes to the general-purpose financial statements - 35 -

SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS

{u~~H I W. llr,,o:-.
STATF AUCHTOO (404)fiS6-2l7A

DEPARTMENT OF AUDITS AND ACCOUNTS
2.54 WJ~hmgton Street !-:> W Suite 214
AllantJ, Georgia 30334-84(~1
June 4, 2003

Honorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education
and Supenntendent and Members of the Till County Board of Education
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
Ladies and Gentlemen
We have audited the financial statements of Tift County Board of Education as of and for the year ended June 30, 2002, and have issued our report thereon dated June 4, 2003 This report was quahfied for vanous departures from generally accepted accounting pnnc1ples, as 1dent1fied in the auditor's report on the general-purpose financial statements We conducted our audit in accordance with auditing standards generally accepted in the Umted States of Amenca and the standard~ apphcable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the Umted States
Comphance
As part ofobtaining reasonable assurance about whether Tift County Board ofEducallon's financial statements are free of matenal misstatement, we performed tests of its comphance with certain prov1s1ons oflaws, regulations, contracts and grants, noncomphancc with which could have a duect and matenal effect on the determination of financial statement amounts However, providing an opinion on comphance with those prov1s1ons was not an obJect1ve of our audit, and accordingly, we do not express such an opinion The results ofour tests disclosed no instances ofnoncomphance that are required to be reported under Government Aud1tmg Standards
Internal Control Over Financial Reporting
In planning and performing our audit, we considered Tift County Board of Education's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal
2002YB-41

control over financial reportmg However, we noted a certam matter mvolvmg the mtemal control over financial reportmg and its operatton that we consider to be a reportable cond1tton Reportable conditions mvolve matters commg to our attention relatmg to s1groficant defic1enc1es m the design or operation ofthe mtemal control over financial reportmg that, m ourJudgment, could adversely affect Tift County Board of Education's ab1hty to record, process, summanze and report financial data consistent with assertions of management m the financial statements The reportable condition 1s descnbed m the accompanymg Schedule ofFmdmgs and Questioned Costs as item FS-7371-02-01
A matenal weakness 1s a condition m which the design or operatton of one or more of the mtemal control components does not reduce to a relattvcly low level the nsk that misstatements m amounts that would be matenal m relatton to the financial statements bcmg audited may occur and not be detected w1thm a ttmely period by employees m the normal course of performmg their assigned functions. Our cons1derallon of the mtemal control over financial reportmg would not necessanly disclose all matters m the mtemal control that might be reportable cond1t10ns and, accordmgly, would not necessanly disclose all reportable conditions that are also considered to be matenal weaknesses. However, we consider item FS-7371-02-01 to be a matenal weakness
This report 1s mtended solely for the mformatlon and use of the management, members of the Tift County Board of Education, Federal awardmg agencies and pass-through entlttes and 1s not mtcndcd to be and should not be used by anyone other than these spec1fieJ parties
RWHas 2002YB-41

{L,~H I W. HINTON
STATF AUDITOR (4C'IA) 656-2174

DEPARTMENT OF AUDITS AND ACCOUNTS
254 Washington Street, S W Su1lc 214 /\llantJ, Gcurg1J 3U334-84<Kl
June 4, 2003

Honorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education
and Supenntcndent and Members of the Ttft County Board of Education
REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133
Ladies and Gentlemen
Comphance
We have audited the compliance of Tift County Board of Educat10n with the types of comphance reqmrements descnbed in the US Office of Afanagement and Budget (0MB) Circular A-133 Comphance Supplement that are apphcable to each of1ts maJor Federal programs for the year ended June 30, 2002 Tift County Board of Educat10n's maJor Federal programs arc 1denhfied in the Summary of Auditor's Results Section of the accompanying Schedule of Findings and Questioned Costs Comphance with the reqmrements of laws, regulat10ns, contracts and grants apphcable to each of its ma1or Federal programs 1s the respons1b1hty of Tift County Board of Educallon's management Our respons1b1hty 1s to express an optmon on Tift County Board of Educat10n's comphance based on our audit
We conducted our audit ofcomphance in accordance with auditing standards generally accepted in the Umted States of Amenca, the standards apphcable to financrnl audits contained in Government Auditing Standards, issued by the Comptroller General of the Umted States, and 0MB Circular Al 33, Audas of States, Local Governments, and Non-Profit Organi:at1ons Those standards and 0MB Circular A-133 reqmre that we plan and perform the audit to obta.m reasonable assurance about whether noncompliance with the types ofcompliance reqmrcments referred to above that could have a direct and matenal effect on a maJor Federal program occurred An audit includes exammmg, on a test basis, evidence about the Tift County Board of Education's comphance with those rcqmrements and performmg such other procedures as we considered necessary m the circumstances We believe that our audit provides a reasonable basis for our op1mon Our audit does not provide a legal determinal!on on Tift County Board of Education's comphance with those reqmrcments
2002SA-10

In our opm1on, the Tift County Board of Education complied, m all matenal respects, with the reqmrements referred to above that are applicable to each of1ts maJor Federal programs for the year ended June 30, 2002
Internal Control Over Compliance
The management ofTift County Board ofEducation 1s responsible for establishmg and mamtammg effechve mtemal control over compliance with requirements of laws, regulahons, contracts and grants applicable to Federal programs. In plannmg and performmg our audtt, we considered Tift County Board of Education's mtemal control over compliance with reqmrcments that could have a d1rect and matcnal effect on a maJor Federal program m order to determme our aud1tmg procedures for the purpose of expressmg our op1mon on compliance and to test and report on mtemal control over compliance m accordance with 0MB Circular A-133
Our consideration ofthe internal control over compliance would not necessanly disclose all matters m the mtemal control that might be matenal weaknesses A matenal weakness 1s a cond1t10n m wluch the design or operation ofone or more of the mtemal control components does not reduce to a relatively low level ofnsk that noncompliance with applicable reqmrements of laws, regu\at10ns, contracts and grants that would be matenal m relation to a maJor FederaJ program bemg audited may occur and not be detected within a timely penod by employees m the normal course of performmg the1r assigned functions We noted no matters mvolvmg the mtemal control over compliance and its operation that we consider to be matenal weaknesses.
This report 1s mtended solely for the mformatlon and use of the management, members of the Tift County Board ofEducation, Federal awardmg agencies and pass-through entitles and 1s not mtendcd to be and should not be used by anyone other than these specified parties
,---------e. spectfully submitted,
w~~
ell W. Hmton Sta e Auditor
RWHas 2002SA-10

SECTION ill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS

TIFT COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE
SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30. 2002

PRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS

FINDING CONTROL NUMBER AND STATUS

FS-7371-00-0 I FS-7371-01-01

Further Acllon Not Warranted Unresolved - See Corrective Acllon/Responses

CORRECTIVE ACTION/RESPONSES

GENERAL FIXED ASSETS Failure to Maintam General Fixed Assets Account Group Fmdmg Control Number FS-7371-01-01

The Tift County Board of Education acknowledges this findmg, however, due to staffing and budget hm1tallons, the School D1stnct 1s unable to establish controls and procedures to maintain a General Fixed Assets Account Group.

SECTION IV FINDINGS AND QUESTIONED COSTS

TIFT COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30, 2002
I SUMMARY OF AUDITOR'S RESULTS
Type of Report Issued on the Fmanc1al Statements The auditor's op1mon on the Tift County Board of Educat10n's financial statements was qualified for vanous departures from generally accepted accountmg pnnc1ples
2 Reportable Cond1!lons m Internal Control Disclosed by the Audit of the Fmanc1al Statements The audit report for the Tift County Board of Educalion disclosed a financial statement reportable cond1t1on related to the followmg control category
General Fixed Assets
The reportable cond11ion descnbed above 1s considered to be a matenal weakness
3 Noncompliance Matenal to the Fmanc1al Statements The audit of the Tift County Board ofEducat10n disclosed no mstances ofnoncomphance that were deemed to be matenal to the financial statements
4 Reportable Cond1hons m Internal Control Over Ma]Or Programs The audit report for the Tift County Board of Educalion did not d1sclosc any reportable cond11ions m mternal control over maJor programs
5 Type of Report Issued on Compliance for Ma]Or Programs The auditor's op1mon on the Tift County Board of Educalion's report on compliance with requirements applicable to maJor programs was unqualified
6 Audit Fmdmgs Reqmred to be Reported by Seclion 510(a) ofOMB Circular A-133 The Tift County Board of Education's audit did not disclose audit findmgs reqmred to be reported by seclion .51 0(a) of 0MB Circular A-133
7 Ma]Or Programs Federal awards audited as maJor programs are as follows 10.553 Food and Nutnt1on Program - Food Services - School Breakfast Program I0.555 Food and Nutnlion Program - Food Services - Na!Ional School Lunch Program IO 559 Food and Nutnlion Program - Food Services - Summer Food Service Program for Children 84 027 Ind1v1duals with D1sab1ht1es Education Act - Part B - Special Educat10n Capacity Bmldmg Improvement Grant 84 027 Ind1v1duals with D1sab1hties Education Act - Part B - Special Education Flow Through 84 173 Ind1v1duals with D1sab1lities Education Act - Part B - Special Educat10n Preschool
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TIIT COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30, 2002
I SUMMARY OF AUDITOR'S RESULTS 8. Type "A" Program Dollar Threshold
The dollar threshold for type "A" programs was $300,000 00 9 Low Risk Audltee
The Tift County Board of Educat10n qualified as a low nsk audltee as defined by Section 530 ofOMB Cucular A-133 II FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS GENERAL FIXED ASSETS Failure to Mamtain General Fixed Assets Account Group Reportable Condition - Material Weakness Repeated From Pnor Year Fmding Control Number FS-7371-02-01 The Tift County Board of Education did not maintam a system-wide General Fixed Assets Account Group within the formal accounting records as reqmred by generally accepted accounting pnnc1ples This cond1t1on results in the general-purpose financial statements of the School D1stnct bemg incomplete and not m accordance with generally accepted accountmg pnnc1ples Appmpnate act10n should be taken by the School D1stnct to establish accountmg controls and procedures to provide for mamtcnance ofa General Fixed Assets Account Group These subs1d1ary records should include an inventory of land, bmldmgs and equipment owned by the School D1stnct and should include, but may not be limited to, date acquired, acquisition cost, estimated replacement cost, locat10n and descnpt10n. Detailed records should be mamtamed for all additions and deletions to the General Fixed Assets Account Group III FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported
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