COASTAL PLAIN REGIONAL LIBRARY
TIFTON, GEORGIA REPORT ON AUDIT OF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2004
STATE OF GEORGIA
DEPARTMENT OF AUDITS AND ACCOUNTS
Russell W. Hinton State Auditor
COASTAL PLAIN REGIONAL LIBRARY - TABLE OF CONTENTS -
SECTION I
FINANCIAL
INDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
EXHIBITS
BASIC FINANCIAL STATEMENTS
DISTRICT-WIDE FINANCIAL STATEMENTS
A
STATEMENT OF NET ASSETS
3
B
STATEMENT OF ACTIVITIES
4
FUND FINANCIAL STATEMENTS
C
BALANCE SHEET
GOVERNMENTAL FUND
5
D
RECONCILIATION OF THE GOVERNMENTAL FUND BALANCE SHEET
TO THE STATEMENT OF NET ASSETS
6
E
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE
GOVERNMENTAL FUND
7
F
RECONCILIATION OF THE GOVERNMENTAL FUND STATEMENT
OF REVENUES, EXPENDITURES AND CHANGES IN FUND
BALANCE TO THE STATEMENT OF ACTIVITIES
9
G
NOTES TO THE BASIC FINANCIAL STATEMENTS
10
SCHEDULES
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
19
SUPPLEMENTARY INFORMATION
SCHEDULES OF REVENUE
2
STATE
20
3
FEDERAL
21
4
LOCAL
22
5 SCHEDULE OF SALARIES AND TRAVEL
23
COASTAL PLAIN REGIONAL LIBRARY - TABLE OF CONTENTS -
SECTION II AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS
SECTION I FINANCIAL
Russell W. Hinton
STATE AUDITOR (404) 656-2174
DEPARTMENT OF AUDITS AND ACCOUNTS
270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400
July 20, 2005
Honorable Sonny Perdue, Governor Members of the General Assembly Members ofthe Board of Regents ofthe University System of Georgia
and Director and Members of the Coastal Plain Regional Library Board
INDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
Ladies and Gentlemen:
We have audited the accompanying financial statements ofthe governmental activities and the major fund (Exhibits A through G) ofthe Coastal Plain Regional Library as ofand for the year ended June 30, 2004, which collectively comprise the Library's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the Coastal Plain Regional Library's management. Our responsibility is to express opinions on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position ofthe governmental activities and the major fund ofthe Coastal Plain Regional Library, as ofJune 30, 2004, and the respective changes in financial position thereoffor the year then ended in conformity with accounting principles generally accepted in the United States of America.
2004ARL-41
The Coastal Plain Regional Library has not presented Management's Discussion and Analysis that accounting principles generally accepted in the United States has determined is necessary to supplement, although not to be part of, the basic financial statements.
As discussed in Note 2 to the basic financial statements, during fiscal year 2004, the Library completed a comprehensive inventory of its capital assets for inclusion in the basic financial statements. This change is in accordance with generally accepted accounting principles.
As described in Note 2, the Coastal Plain Regional Library has implemented a new financial reporting model as required by provisions of Governmental Accounting Standards Board Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments, as of June 30, 2004.
The Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual, as presented on page 19 is not a required part of the basic financial statements but is supplementary information required by the accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods ofmeasurement and presentation ofthe required supplementary information. However, we did not audit the information and express no opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Coastal Plain Regional Library's basic financial statements. The accompanying supplementary information which consist ofSchedules 2 through 5, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit ofthe basic financial statements, and in our opinion, is fairly stated in all material respects in relation to the basic 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 ofthe State, as provided for by Official Code ofGeorgia Annotated section 506-24.
Respectfully submitted,
RWH:as 2004ARL-41
COASTAL PLAIN REGIONAL LIBRARY
COASTAL PLAIN REGIONAL LIBRARY STATEMENT OF NET ASSETS JUNE 30, 2004
ASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net
Federal Government Capital Assets
Buildings Equipment Library Collections Less: Accumulated Depreciation
Total Assets
LIABILITIES Accounts Payable Long-Term Liabilities
Due in More Than One Year Total Liabilities NET ASSETS
Invested in Capital Assets, Net of Related Debt Un restricted
Total Net Assets
Total Liabilities and Net Assets
EXHIBIT"A"
GOVERNMENTAL ACTIVITIES
$
36,580
28,200
1,450
337,460 139,363 4,684,367 -3 591 603
$ ===1=,6=3=5=8=17=
$
3,804
12,247
$
16,051
$
1,569,587
50 179
$
1,619,766
$ ======1=6=3=5=8=1=7=
The notes to the basic financial statements are an integral part of this statement. -3-
COASTAL PLAIN REGIONAL LIBRARY STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30 2004
EXHIBIT"B"
EXPENSES
PROGRAM REVENUES
OPERATING
CHARGES FOR
GRANTS AND
SERVICES
CONTRIBUTIONS
NET (EXPENSES) REVENUES
AND CHANGES IN NET ASSETS
GOVERNMENTAL ACTIVITIES
Current Services Public Services Technical Services Support Services Maintenance and Operations Information Technology
$
300,873 $
2,424
539,768
18,779
1186
2,764 $
451,330 $ 45,009
153,221 -2,424
-539,768 26,230 -1 186
Total Governmental Activities
$=====8=6=3,=0=3=0= $
General Revenues Allotments from Participating Governments Investment Earnings Miscellaneous
2764 $
496 339 $ _ _ _ _-_3_63~,_92_7_
$
102,975
692
-28 852
Total General Revenues
$ _ _ _ _~74~8~15~
Change in Net Assets
$
-289, 112
Net Assets - Beginning of Year (Restated)
1 908 878
Net Assets - End of Year
$ ====1=6=1.9.._76=6=
The notes to the basic financial statements are an integral part of this statement. -4-
COASTAL PLAIN REGIONAL LIBRARY BALANCE SHEET
GOVERNMENTAL FUND JUNE 30. 2004
ASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net
Federal Government
Total Assets
LIABILITIES AND FUND BALANCES LIABILITIES
Accounts Payable FUND BALANCES
Unreserved Undesignated Reported in: General Fund
Total Liabilities and Fund Balances
EXHIBIT"C"
GENERAL FUND
$
36,580
28,200
1 450
$ ===66='=23=0=
$
3,804
62426 $ ======6=6,=23=0=
The notes to the basic financial statements are an integral part of this statement. -5-
COASTAL PLAIN REGIONAL LIBRARY RECONCILIATION OF THE GOVERNMENTAL FUND BALANCE SHEET
TO THE STATEMENT OF NET ASSETS JUNE 30. 2004
EXHIBIT"D"
Total Fund Balance - Governmental Fund (Exhibit "C")
Amounts reported for Governmental Activities in the Statement of Net Assets are different because:
Capital Assets used in Governmental Activities are not financial resources and therefore are not reported in the funds. These assets consist of:
Buildings Equipment Library Collections Accumulated Depreciation
Total Capital Assets
Long-Term Liabilities are not due and payable in the current period and therefore are not reported as liabilities in the funds. Long-Term Liabilities at year-end consist of:
Compensated Absences
$
62.426
$
337,460
139,363
4,684,367
-3,591,603
1,569,587
-12 247
Net Assets of Governmental Activities (Exhibit "A")
$ 1,619,766
The notes to the basic financial statements are an integral part of this statement. -6-
COASTAL PLAIN REGIONAL LIBRARY STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE
GOVERNMENTAL FUND YEAR ENDED JUNE 30. 2004
EXHIBIT"E"
REVENUES
Local Funds State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous
Total Revenues
EXPENDITURES
Current Public Services Technical Services Support Services Maintenance and Operations Information Technology
Total Expenditures
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
GENERAL FUND
$
102,975
493,189
3,150
2,764
692
174
$
602,944
$
61,519
2,424
536,956
13,155
1186
$
615,240
$
-12.296
74 722
$ ===6=2=,4=26==
The notes to the basic financial statements are an integral part of this statement. -7-
COASTAL PLAIN REGIONAL LIBRARY RECONCILIATION OF THE GOVERNMENTAL FUND STATEMENT OF
REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE TO THE STATEMENT OF ACTIVITIES JUNE 30. 2004
EXHIBIT "F"
Total Net Change in Fund Balance - Governmental Fund (Exhibit "E")
$
Amounts reported for Governmental Activities in the Statement of Activities are different because:
Capital Outlays are reported as expenditures in Governmental Funds. However. in the Statement of Activities. the cost of Capital Assets is allocated over their estimated useful lives as depreciation expense. In the current period. these amounts are:
Capital Outlay Depreciation Expense
Excess of Depreciation Expense over Capital Outlay
$ 116.131 -367,638
In the Statement of Activities. only the gain on the sale of the library collections is reported. whereas in the Governmental Funds, the entire proceeds from the sale increase financial resources. Thus, the change in net assets differs from the change in fund balances by the carrying value of the library collections sold.
Some items reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in Governmental Funds. These activities consist of:
Decrease in Compensated Absences
-12.296
-251,507 -29,026 3 717
Change in Net Assets of Governmental Activities (Exhibit "B")
$ ==-=28=9=".1=1=2
The notes to the basic financial statements are an integral part of this statement. -9-
COASTAL PLAIN REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2004
EXHIBIT "G"
Note 1: DESCRIPTION OF LIBRARY AND REPORTING ENTITY
REPORTING ENTITY
The Coastal Plain Regional Library (Library) operates pursuant to Official Code of Georgia Annotated Sections 20-5-40 through 20-5-59 to provide public library services with costs shared by participating local governmental agencies and grants from the State of Georgia.
The Library Board is comprised of eight members which are also trustees of the member library which appointed them. The Library Board membership consists ofone member appointed from the Victoria Evans Memorial Library Board, one member appointed from the Carrie Dorsey Perry Memorial Library Board, one member appointed from the Cook County Library Board, one member appointed from the Irwin County Library Board and four members appointed from the Tifton-Tift County Library Board. The Library Board is without authority to determine the amount of its funding, except by submission of budget requests to local governmental units from which the Library receives support and to the State of Georgia for State and Federal funding. Membership in the Library and participation in library services is at the discretion of each participating governmental agency. The Library Board has the power to designate management, the power to retain unreserved fund balances of local and other funds for continued operations and is the lowest level ofoversight responsibility for the Library's operations. The Coastal Plain Regional Library is therefore determined to be a joint venture.
Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The Library's basic financial statements are collectively comprised of the Library-wide financial statements, fund financial statements and notes to the basic financial statements ofthe Coastal Plain Regional Library.
Library-wide Statements: The Statement ofNet Assets and the Statement ofActivities display information about the financial activities ofthe overall Library. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through intergovernmental revenues and other nonexchange transactions.
The Statement of Activities presents a comparison between direct expenses and program revenues for each function of the Library's governmental activities.
Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the Library related to the administration and support ofthe Library's programs, such as office and maintenance personnel and accounting) are not allocated to programs.
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COASTAL PLAIN REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2004
EXHIBIT"G"
Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Program revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues are presented as general revenues.
Fund Financial Statements: The fund financial statements provide information about the Library's funds. Eliminations have been made to minimize the double counting of internal activities. The emphasis of fund financial statements is on major governmental funds.
The Library reports the following major governmental fund:
General Fund is the Library's primary operating fund. It accounts for all financial resources of the Library.
BASIS OF ACCOUNTING
The basis ofaccounting determines when transactions are reported on the financial statements. The Library-wide governmental financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the Library gives (or receives) value without directly receiving (or giving) equal value in exchange, include grants and donations. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied.
The Library uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts.
Governmental funds are reported using the current financial resources measurement focus and the modified accrual basis ofaccounting. Under this method, revenues are recognized when measurable and available. The Library considers all revenues reported in the governmental funds to be available if they are collected within sixty days after year-end. Interest is considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for compensated absences, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds.
The Library funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both
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COASTAL PLAIN REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30. 2004
EXHIBIT "G"
Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
restricted and unrestricted net assets available to finance the program. It is the Library's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues.
CHANGES IN ACCOUNTING PRINCIPLES
The Coastal Plain Regional Library has implemented a new financial reporting model as required by provisions of Governmental Accounting Standards Board Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis -for State and Local Governments, as of June 30, 2004.
The provisions of GASB Statement No. 34 require the inclusion of a Statement ofNet Assets. The elements comprising Net Assets - Beginning include the following:
Governmental Funds July 1, 2003 Capital Assets Accumulated Depreciation Compensated Absences
$
74,722
5,132,817
-3,282,697
-15,964
Net Assets Beginning (See Exhibit "B")
$ 1!908!878
CASH AND CASH EQUIVALENTS
COMPOSITION OF DEPOSITS Cash and cash equivalents consist ofcash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Georgia Laws OCGA 45-8-14 authorize the Library 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 Library in nonparticipating interest-earning contracts (such as certificates ofdeposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the Library to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following:
(1) Obligations issued by the State of Georgia or by other states,
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COASTAL PLAIN REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2004
EXHIBIT"G"
Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(2) Obligations issued by the United States government,
(3) Obligations fully insured or guaranteed by the United States government or a United States government agency,
(4) Obligations of any corporation of the United States government,
(5) Prime banker's acceptances,
(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services,
(7) Repurchase agreements, and
(8) Obligations of other political subdivisions of the State of Georgia.
RECEIVABLES
Receivables consist ofamounts due from grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables.
CAPITAL ASSETS
Capital assets purchased, including capital outlay costs, are recorded as expenditures in the fund financial statements at the time ofpurchase. On the Library-wide financial statements, all purchased capital assets are valued at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at estimated fair market value on the date donated. Disposals are deleted at depreciated recorded cost. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives ofthe assets is not capitalized. Depreciation is computed using the straight-line method.
Capitalization thresholds and estimated useful lives of capital assets reported in the Library-wide statements are as follows:
Capitalization Policy
Estimated Useful Life
Buildings and Improvements Equipment Library Collections
$
50,000
60 years
$
5,000 25 to 48 years
All
10 years
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COASTAL PLAIN REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2004
EXHIBIT"G"
Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Depreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives.
Note 3: DEPOSITS
COLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum ofmoney which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate ofthe face value of such surety bond and the market value of securities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. If a depository elects the pooled method (OCGA 45-8-13.1) the aggregate ofthe market value ofthe securities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool balance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive the requirement for security in the case ofoperating funds placed in demand deposit checking accounts.
Acceptable security for deposits consists of any one of or any combination of the following:
(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia,
(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation,
(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia,
(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia,
(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose,
(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and
(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association.
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COASTAL PLAIN REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2004
EXHIBIT"G"
Note 3: DEPOSITS
CATEGORIZATION OF DEPOSITS At June 30, 2004, the bank balances were $46,733. The bank balances were entirely covered by Federal depository insurance or by collateral held by the Library or the Library's agent in the Library's name.
Note 4: CAPITAL ASSETS
The following is a summary of changes in the Capital Assets during the fiscal year:
Capital Assets Being Depreciated Buildings and Improvements Equipment Library Collections
Less Accumulated Depreciation for: Buildings and Improvements Equipment Library Collections
Governmental Activity Capital Assets - Net
Balances July l, 2003
Increases
Decreases
Balances June 30, 2004
$ 337,460 139,363
4,655,994 $
116,131 $
$ 87,758
337,460 139,363 4,684,367
89,990 83,786 3,108,921
$ 1,850,120 $
5,624 6,529 355,485
-251,507 $
58,732
95,614 90,315 3,405,674
22,026 $ 1,569,587
Current year depreciation expense by function is as follows:
Public Services Support Services Maintenance and Operations
$ 355,485 6,529 5,624
Note 5: RISK MANAGEMENT
$==36=7=,6=3='=8
The Library is exposed to various risks ofloss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees and acts of God
The Library has obtained commercial insurance for risk ofloss associated with torts and assets. The Library has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Library's insurance coverage in any of the past three years.
The Library has elected to self-insure for all losses related to acts of God. In addition, the Library has elected to self-insure for errors or omissions, which includes, among other risks, risks for sexual harassment and discrimination. The Library has not experienced any losses related to these risks in the past three years.
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COASTAL PLAIN REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2004
EXHIBIT"G"
Note 5: RISK MANAGEMENT
The Library participates in the Association County Commissioners ofGeorgia-SelfInsured Workers' Compensation Fund, a public entity risk pool organized on July 1, 1982 to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The Library pays an annual premium to the Fund for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Fund with United States Fidelity and Guaranty Company to provide coverage for potential losses by the Fund in excess of $450,000 loss per occurrence, up to $2,000,000.
The Library has purchased surety bonds to provide additional insurance coverage as follows:
Position Covered
Amount
Library Director Assistant Director Bookkeepers
$ 100,000
$
50,000
$
25,000
Note 6: LONG-TERM DEBT
COMPENSATED ABSENCES Compensated absences represent obligations ofthe Library relating to employees' rights to receive compensation for future absences based upon service already rendered. This obligation relates only to vesting accumulating leave in which payment is probable and can be reasonably estimated. The Library uses the vesting method to compute compensated absences.
The changes in Long-Term Debt during the fiscal year ended June 30, 2004, were as follows:
Governmental Funds
Compensated Absences (1)
Balance July 1, 2003
$
15,964
Additions Annual Leave Earned
20,069
Deductions Annual Leave Earned
23,786
Balance June 30, 2004
$====12""",2"""'4"""7
(1) The portion of Compensated Absences due within one year has been determined to be immaterial to the basic financial statements.
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COASTAL PLAIN REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2004
EXHIBIT"G"
Note 7: SIGNIFICANT 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 reimbursements to the grantor agency for any expenditures which are disallowed under grant terms. The Library believes that such disallowances, if any, will be immaterial to its overall financial position.
Note 8: RETIREMENT PLANS
TEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS)
TRS PLAN DESCRIPTION Substantially all librarians and clerical personnel employed by regional and county libraries are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts.
TRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Library who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The Library makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.24% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows:
Fiscal Year
Percentage Contributed
Required Contribution
2004 2003 2002
100% 100% 100%
$
57,966
$
56,708
$
50,653
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COASTAL PLAIN REGIONAL LIBRARY GENERAL FUND
SCHEDULE OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL
YEAR ENDED JUNE 30. 2004
SCHEDULE "1"
REVENUES
Local Funds State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous
Total Revenues
EXPENDITURES
Current Public Services Technical Services Support Services Maintenance and Operations Information Technology
Total Expenditures
Net Change in Fund Balance
Fund Balance - Beginning
NONAPPROPRIATED BUDGETS
ORIGINAL
FINAL
ACTUAL AMOUNTS
$
102,985 $
102,985 $
102,975
526,481
491,288
493,189
3,150
3,100
3,100
2,764
1,400
1,400
692
300
300
174
$
634 266 $
599 073 $
602 944
$
34,998 $
34,323 $
61,519
900
900
2,424
579,948
545,430
536,956
15,420
15,420
13,155
3000
3 000
1186
$
634,266 $
599 073 $
615 240
$
0 $
0 $
-12,296
75122
75122
74 722
Fund Balance - Ending
$
75 122 $
75122 $===,;;;6~2~42;;;;6~
Notes to the Schedule of Revenues. Expenditures and Changes in Fund Balances Budget and Actual
The accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements.
See notes to the basic financial statements.
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COASTAL PLAIN REGIONAL LIBRARY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2004
AGENCY/FUNDING GRANTS Board of Regents of the University System of Georgia Office of Public Library Services Salaries Travel Library Materials Maintenance and Operations
SCHEDULE "2"
GOVERNMENTAL FUND TYPE GENERAL FUND
$
410,230
2,250
35,700
45009
$ ====4=9=3"'=1=8=9
See notes to the basic financial statements.
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COASTAL PLAIN REGIONAL LIBRARY SCHEDULE OF FEDERAL REVENUE
YEAR ENDED JUNE 30, 2004
AGENCY/FUNDING GRANT Museum and Library Services, Institute of Through Board of Regents of the University System of Georgia Library Services and Technology Act State Library Program
SCHEDULE "3"
GOVERNMENTAL FUND TYPE GENERAL FUND
$ =====3=1=5===0
See notes to the basic financial statements.
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COASTAL PLAIN REGIONAL LIBRARY SCHEDULE OF LOCAL REVENUE YEAR ENDED JUNE 30. 2004
LOCAL SOURCES Affiliate Libraries Carrie Dorsey Perry Memorial Cook County Irwin County Tifton-Tift County Victoria Evans Memorial Boards of Education Cook County Tift County
SCHEDULE "4"
GOVERNMENTAL FUND TYPE GENERAL FUND
$
19.755
17.794
10.296
41.115
10,605
2.210 1 200
$ =======10=2=,9=7=5
See notes to the basic financial statements.
- 22-
NAME
Britt, Christie M. Cole, Teresa Frizzell, Gary F. Griffis, Kathy E. Lawley, Jennifer McMillian, Annis M. Newberry, Joan W. Paulk, Sara Smith, Ruth
Totals per Report
COASTAL PLAIN REGIONAL LIBRARY SCHEDULE OF SALARIES AND TRAVEL
YEAR ENDED JUNE 30. 2004
SCHEDULE "5"
TITLE CATEGORY
Secretary Director Assistant Director Youth Service Librarian Technical Services Librarian TS Clerk Bookkeeper Public Service Librarian Account Clerk
SALARIES
TRAVEL
$
22,048
59,871 $
185
62,575
540
60,575
359
47,486
497
23,506
52,472
60,575
13
7 356
$
396,464 $ ===1=5=9=4
See notes to the basic financial statements.
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SECTION II AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS
COASTAL PLAIN REGIONAL LIBRARY AUDITEE'S RESPONSE
SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2004
PRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS
FINDING CONTROL NUMBER AND STATUS
FS-7372-93-02
Previously Reported Corrective Action Implemented