Audit report, Okefenokee Regional Library, Waycross, Georgia, year ended June 30, 1995

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STATE OF GEORGIA DEPARTMENT OF AUDITS
254 WASHINGTON STREET ATLANTA, GEORGIA 30334

AUDIT REPORT OKEFENOKEE REGIONAL LIBRARY
WAYCROSS, GEORGIA YEAR ENDED JUNE 30, 1995

OKEFENOKEE REGIONAL LIBRARY - TABLE OF CONTENTS -

SECTION I

FINANCIAL

INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION

EXHIBITS

GENERAL PURPOSE FINANCIAL STATEMENTS

COMBINED STATEMENTS - OVERVIEW

A

COMBINED BALANCE SHEET

ALLFUNDTYPESANDACCOUNTGROUP

2

B

COMBINED STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES

ALL GOVERNMENTAL FUND TYPES

4

C

STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL

GENERAL AND SPECIAL REVENUE FUNDS

5

D

COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN

FUND BALANCES

FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUNDS

6

E

COMBINED STATEMENT OF CASH FLOWS

FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUNDS

7

F NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

9

ADDITIONAL FINANCIAL INFORMATION

COMBINING STATEMENTS

SPECIAL REVENUE FUND

G

COMBINING BALANCE SHEET

18

H

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES

19

CAPITAL PROJECTS FUND

I

COMBINING BALANCE SHEET

20

J

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES

21

FIDUCIARY FUND TYPES

K

COMBINING BALANCE SHEET

NONEXPENDABLETRUSTFUNDS

22

OKEFENOKEE REGIONAL LIBRARY - TABLE OF CONTENTS -

SECTION I

FINANCIAL

ADDITIONAL FINANCIAL INFORMATION

SCHEDULES

I CASH AND CASH EQUNALENTS

23

2 ACCOUNTS RECENABLE

24

SCHEDULE OF REVENUE

3

STATE

25

4

FEDERAL

26

5

LOCAL AND OTHER

27

SCHEDULE OF EXPENDITURES BY OBJECT

6

GOVERNMENTAL FUND TYPES

28

7

LOTTERY PROGRAMS

29

8 MEMBERSHIP OF LIBRARY BOARD

30

9 SCHEDULE OF SALARIES AND TRAVEL

31

SECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS

SECTION I FINANCIAL

CLAUDE L. VICKERS
STATE AUDITOR (404) 656-2174

DEPARTMENT OF AUDITS
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400
January 26, 1996

Honorable Zell Miller, Governor Members ofthe General Assembly Members ofthe State Board ofEducation
and Director and Members ofthe Okefenokee Regional Library Board
INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
Ladies and Gentlemen:
We have audited the general purpose financial statements (Exhibits A through F) of the Okefenokee Regional Library, as of and for the year ended June 30, 1995, as listed in the table of contents. These financial statements are the responsibility ofthe Library's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
As described in the notes to the general purpose financial statements, the Library's financial statements have been prepared -using a certain accounting practice and policy which, in our opinion, varies in some respects frotn generally accepted accounting principles. This variance is described as follows:
* The general purpose financial statements of the Library did not contain a General Fixed Assets Account Group to account for property, equipment and inexhaustible collections and books owned by the Library which should be included to conform to generally accepted accounting principles.
The aggregate effects on the general purpose financial statements of this omission have not been determined, but are believed to be material.
95ARL-42

In our opinion, except for the effects on the general purpose financial statements ofthe matter referred to in the third paragraph, the general purpose financial statements present fairly, in all material respects, the financial position ofthe Okefenokee Regional Library as ofJune 30, 1995, and the results of its operations and the cash flows of its nonexpendable trust funds for the year then ended, in conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the general purpose financial statements ofthe Okefenokee Regional Library taken as a whole. The combining statements (Exhibits G through K) and the financial schedules (Schedules I through 9), as listed in the table of contents, are presented for purposes ofadditional analysis and are not a required part ofthe general purpose financial statements ofthe Okefenokee Regional Library. Such information has been subjected to the auditing procedures applied in the audit ofthe general purpose financial statements and, in our opinion, is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole.
A copy ofthis report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated Section 50-6-24.
Respectfully submitted,
ti~~
Claude L. Vickers State Auditor
CLV:cm 95ARL-42

OKEFENOKEE REGIONAL LIBRARY - 1-

OKEFENOKEE REGIONAL LIBRARY COMBINED BALANCE SHEET
ALL FUND TYPES ANO ACCOUNT GROUP JUNE 30, 1995

ASSETS Cash and Cash Equivalents Accounts Receivable Amount to be Provided in Future Years
For Payment of Compensated Absences
Total Assets

GOVERNMENTAL FUND TYPES

SPECIAL

CAPITAL

GENERAL

REVENUE

PROJECTS

FUND

FUND

FUND

$

124,619.25 $

109.77 $

140.00

6,556.11

3,992.00

$

1311175.36 $

41101.77 $

140.00

LIABILITIES ANO FUND EQUITY
LIABILITIES
Accounts Payable Deferred Revenue Compensated Absences
Total Liabilities
FUND EQUITY
Fund Balances Reserved For Endowment Corpus Unreserved Undesignated
Total Fund Equity
Total Liabilities and Fund Equity

$

7,783.62 $

4,101.77

$

7,783.62 $

4,101.77

$

123,391.74 $

$

123,391.74 $

$

1311175.36 $

0.00 $ 0.00 $

140.00 140.00

41101.77 $ = = = =14=0.0=0

The notes to the general purpose financial statements are an integral part of this statement. -2-

EXHIBIT"A"

FIDUOiARY FUND TYPE NONEXPENDABLE TRUST FUNDS

$

11,235.46

90.96

ACCOUNT GROUP GENERAL
LONG-TERM DEBT

TOTALS {Memorandum Only) JUNE 30, 1995 JUNE 30, 1994

$

136,104.48 $

219,426.68

10,639.07

12,930.58

$

16,526.47

16,526.47

14,960.72

$

11,326.42 $

16,526.47 $

163,270.02 $===24=7==,3=1=7.=9=8

____ __ $

$

1__6_,._526.47

$

16,526.47 $

11,885.39 $ 16,526.47

10,833.15 78,130.58 14,960.72

28,411.86 $ _ _ _10_3_,_,9_2_4._45_

$

8,943.02

2,383.40

$ - - - - - - - - - 11,326.42

$

11,326.42 $

$ $ 16,526.47 $

8,943.02 $

8,943.02

125,915.14

134,450.51

134,858.16 $

143,393.53

----''-----

163,270.02 $===24=7==,3=1=7.=9=8

- 3-

OKEFENOKEE REGIONAL LIBRARY COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30 1995

EXHIBIT B"

RE~ENUES
State Funds Federal Funds Local and other Funds

GENERAL FUND

SPECIAL REVENUE
FUND

CAPITAL PROJECTS
FUND

TOTALS
(Memorandum On~} YEAR ENDED
JUNE 301 1995 JUNE 301 1994

$ 348,434.28 $ 218z786.82

34,190.08 $ 18,293.07

0.00 $

382,624.38 $ 18,293.07
218z786.82

384,301.71 28,016.26
213.417.11

Total Revenues

$ 567.221.10 $

52.483.15 $

0.00 $

619z704.25 $

625.735.08

EXPENDITURES

Current
Program Services Circulation Administration Maintenance and Operations Capital Outlay

$ 124,127.35 $ 3,661.75
374,013.34 63,108.69 10z731.10

45,819.06
3,504.48 3,159.61
$

$ 0.00

169,946.41 $ 3,661.75
377,517.82 66,268.30 10z731.10

113,310.83
390,337.61 57,432.26
233.158.70

Total Expenditures

$ 575.642.23 $

52.483.15 $

0.00 $

628.125.38 $

794.239.40

Excess of Revenues over (under) Expenditures $

-8,421.13 $

0.00 $

0.00 $

-8,421.13 $ -168,504.32

FUND BALANCE JULY :!

131,812.87

0.00

140.00

131,952.87

185,433.50

Adjustment For Centralization of Affiliated Libraries' Accounts

115.023.69

FUND BALANCE JUNE 30

$ 1231391.74 $

0.00 $

140.00 $

1231531.74 $

1311952.87

The notes to the general purpose financial statements are an integral part of this statement. -4-

OKEFENOKEE REGIONAL LIBRARY. STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL GENERAL AND SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30, 1995

EXHIBIT"C"

GENERAL FUND

BUDGET

ACTUAL

REVENUES

State Funds Federal Funds Local and Other Funds

$ 351,767.93 $ 212,531.05

348,434.28 218,786.82

Total Revenues

$ 564,298.98 $ 567,221.10

EXPENDITURES

Current Program Services Circulation Administration Maintenance and Operations
Capital Outlay

$ 126,208.67 $ 3,713.93
374,258.84 58,393.61

124,127.35 3,661.75
374,013.34 63,108.69 10,731.10

Total Expenditures

$ 562,575.05 $ 575,642.23

Excess of Revenues over (under) Expenditures $

1,723.93 $

-8,421.13

OTHER FINANCING (USES}

Other Uses

-2,000.00

0.00

Excess of Revenues over (under) Expenditures

and Other Financing Uses

$

-276.07 $

-8,421.13

FUND BALANCE JULY 1, 1994

131,850.24

131,812.87

FUND BALANCE JUNE 30. 1995

$ 131,574.17 $ 123,391.74

SPECIAL REVENUE FUND

BUDGET

ACTUAL

$

10,000.00 $

34,190.08

18,293.07

18,293.07

$

28,293.07 $

52,483.15

$

55,467.70 $

45,819.06

2,778.59

3,504.48 3,159.61

$

58,246.29 $

$ -29,953.22 $

52,483.15 0.00

0.00
$ -29,953.22 $ 30,198.09

0.00
0.00 0.00

$

----- 244.87 $

0.00

The notes to the general purpose financial statements are an integral part of this statement. -5-

OKEFENOKEE REGIONAL LIBRARY COMBINED STATEMENT OF REVENUES. EXPENSES AND CHANGES IN FUND BALANCES
FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUNDS YEAR ENDED JUNE 30, 1995

EXHIBITD

OPERATING REVENUES None Recorded
OPERATING EXPENSES Current Ubrary Books and Materials Operating Income (Loss)
NONOPERATING REVENUES Interest Earned Total Income (Loss)
FUNQ BALANCE JULY l

BUNAT. FAIN
MEMORIAL FUND

ENDOWMENT FUNDS

WAYCROSS-

GEORGE UPFOLD WARE COUNTY

GATES STUDENT

LIBRARY

AWARD TRUST

MEMORIAL

FUND

TRUST FUND

TOTALS
(Memorandum On!ll YEAR ENDED
JUNE 30, 1995 JUNE 301 1994

$

0.00 $

0.00 $

0.00 $

0.00 $

0.00

$

0.00 $

$

0.00 $

8.21

$

8.21 $

596.79

614.04 $ -614.04 $
402.98 -211.06 $ 7,526.02

0.00 $ 0.00 $

614.04 $ -614.04 $

298.56 -298.56

88.61 88.61 $ 3,317.85

499.80 -114.24 $ 11,440.66

603.95 305.39 11,135.27

FUNQ BALANCE JUNE 30

s_ _ _6_05_.oo_s ______1._31_4_.96_S

3,406.46 $

11,326.42 s____1_1._4_40_.66_

The notes to the general purpose financial statements are an integral part of this statement. -6-

OKEFENOKEE REGIONAL LIBRARY COMBINED STATEMENT OF CASH FLOWS FIDUCIARY FUND TYPE NON EXPENDABLE TRUST FUNDS
YEAR ENDED JUNE 30. 1995

EXHIBIT"E"

Cash Flows from Operating Activities: Cash Paid for Library Books and Materials
Cash Flows from Investing Activities: Interest Received on Investments
Net Increase (Decrease) in Cash
Cash and Cash Equivalents July 1

BUNAT. FAIN
MEMORIAL FUND

ENDOWMENT FUNDS

WAYCROSS-

GEORGE UPFOLD WARE COUNTY

GATES STUDENT

LIBRARY

AWARD TRUST

MEMORIAL

FUND

TRUST FUND

TOTALS
(Memorandum OnM
YEAR ENDED
JUNE 30, 1995 JUNE 30, 1994

$

0.00 $

-614.04 $

0.00 $

-614.04 $

-298.56

$

8.21 $

$

8.21 $

$

596.79 $

440.71 $ -173.33 $ 7,397.33 $

88.61 $ 88.61 $ 3,317.85 $

537.53 $ -76.51 $ 11,311.97 $

475.26 176.70 11,135.27

Cash and Cash Equivalents June 30

$

605.00 $

7,224.00 $

3,406.46 $

s_ _ 11,235.46

11_.3_1_1._s1-

The notes to the general purpose financial statements are an integral part of this statement. .7.

OKEFENOKEE REGIONAL LIBRARY

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1995

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Okefenokee Regional 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. With the exception of the departure from generally accepted accounting principles disclosed in these notes, the financial statements of the Library have been prepared in conformity with generally accepted accounting principles as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles.
The more significant ofthe Library's accounting policies are described below.
REPORTING ENTITY
In evaluating how to define the government unit for financial reporting purposes, management has considered the criteria set forth in GASB Codification of Governmental Accounting and Financial Reporting Standards, Section 2100, "Defining the Financial Reporting Entity". Based upon the application of the above criteria, the Okefenokee Regional Library is determined to be a joint venture.
The Library Board consists of fifteen members; three members appointed by Appling County Public Library Board, three members appointed by Alma/Bacon County Public Library Board, three members appointed by Clinch County Public Library Board, three members appointed by Pierce County Public Library Board and, three members appointed by Waycross - Ware County Public Library Board. The 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 Board has the power to designate management, the power to retain unreserved fund balances oflocal funds for continued operations and is the lowest level of oversight responsibility for the Library's operations.
The Okefenokee Regional Library is located in Waycross, Georgia, and serves Appling, Bacon, Clinch, Pierce, and Ware Counties.
FUND ACCOUNTING
The Library uses funds and an account group to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities.
A fund is a separate accounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources.

- 9-

OKEFENOKEE REGIONAL LIBRARY

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1995

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
General Fixed Assets which includes the Library's inexhaustible collections and books, are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the Library. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types.
The general purpose financial statements account for all State, Federal, Local and Other funds under control ofthe Library, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows:
GOVERNMENTAL FUND TYPES - used to account for all or most of the Library's general activities. Governmental Fund Types include:
GENERAL FUND - the fund used to account for all financial resources of the Library except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a Library.
SPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources
(other than for major capital projects) that are legally restricted to expenditures for specified purposes. The
primary type of special revenue fund consists of proceeds received from State and Federal sources to accomplish specific objectives and are required to be accounted for separately.
CAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities.
FIDUCIARY FUND TYPE - the trust funds used to account for assets held by a government unit in a trustee capacity for individuals, private organizations, other government units and/or other funds. These funds include:
NONEXPENDABLETRUSTFUNDS Bona T. Fain Memorial Fund - the fund used to account for an endowment ofwhich the corpus is to be invested and preserved intact with the resultant income to be used to purchase library books and materials for the Okefenokee Regional Library.
George Upfold Gates Student Award Trust Fund - the fund used to account for an endowment of which the corpus is to be invested and preserved intact with the resultant income to be used to provide scholarships on an annual basis.
Waycross-Ware County Library Memorial Trust Fund - the fund used to account for an endowment ofwhich the corpus is to be invested and preserved intact with the resultant income to be used to support, improve and supplement library services.
- 10 -

OKEFENOKEE REGIONAL LIBRARY

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1995

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ACCOUNT GROUP
GENERAL LONG-TERM DEBT ACCOUNT GROUP - used to account for material compensated absences not appropriately accounted for and recorded in other fund types.
BASIS OF ACCOUNTING
The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities are generally included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources.
Liabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group.
All nonexpendable trust funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and liabilities associated with the operation of these funds are included on the balance sheet. Operating statements present increases (e.g., revenues) and decreases (e.g., expenses) in net total assets.
Governmental funds are accounted for using the modified accrual basis of accounting under which:
Revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount ofthe transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Those revenues considered susceptible to accrual are intergovernmental grants and investment income.
Expenditures are generally recognized when the related fund liability is incurred.
The accrual basis of accounting, as required by generally accepted accounting principles, is utilized by the nonexpendable trust funds. Under the accrual basis of accounting, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred.
BUDGET
The Okefenokee Regional Library's budget is a complete financial plan for the Library's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is prepared by fund, function, and object. The legal level of budget control was established by the Library at the aggregate
- 11 -

OKEFENOKEE REGIONAL LIBRARY

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1995

Note 1: SlThiMARY OF SIGNIFICANT ACCOUNTING POLICIES
level. The budget for governmental funds was prepared in accordance with generally accepted accounting principles.
The budget process begins when the Library's administration prepares a tentative aggregated budget for the Board's approval. After approval of this tentative budget by the Board, copies are sent to all local funding agencies. After funding approval is received from all local funding agencies, the Board makes revisions as necessary and adopts the.budget. The budget is then submitted to the Georgia Department of Education, Division ofPublic Library Services as a part of the Library's annual application for state aid. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year end.
CASH AND CASH EQUIVALENTS
COMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits (including certificates of deposit and N.O.W. accounts) in authorized financial institutions. Georgia Laws authorize the Library to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations.
RECEIVABLES
Receivables consist of grant reimbursements due from the State for expenditures made but not reimbursed, allotted funds from participating local governments, and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables.
COMPENSATED ABSENCES
Compensated absences represent obligations of the Library relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulating leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the individual funds for the current portion of this obligation as this amount is deemed immaterial to the general purpose financial statements.

- 12 -

OKEFENOKEE REGIONAL LIBRARY

EXHIBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATE:MENTS

JUNE 30, 1995

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
INTERFUND TRANSACTIONS
The Library has the following type of interfund transactions:
Reimbursements ofexpenditures/expenses initially made from a fund that are properly applicable to another fund are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed.
MEMORANDUM ONLY - TOTAL COLUMNS
Total columns on the general purpose financial statements are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations or cash flows in conformity with generally accepted accounting principles, nor is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation ofthis data.
Note 2: 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 of money which has not been secured by surety bond, by guarantee ofinsurance, or by collateral. The aggregate of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110 percent of the public funds being secured after the deduction of the amount of deposit insurance. OCGA Section 45-8-11 provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts.
Acceptable security for deposits consists 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 ofthe State of Georgia,
(4) Bonds, bills, notes, certificates ofindebtedness or other obligations ofthe counties or municipalities ofthe State of Georgia,
(5) Bonds of any public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use ofthe bonds for this purpose,
- 13 -

OKEFENOKEE REGIONAL LIBRARY

EXIIlBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1995

Note 2: DEPOSITS

(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 and 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 Banlcs, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association.

CATEGORIZATION OF DEPOSITS At June 30, 1995, the bank balances were $172,035.24. The bank balances were entirely covered by Federal depository insurance.

Note 3: RISK MANAGEMENT

The Library is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illnesses or injuries to employees and natural disaster.

The Library has obtained commercial insurance for risk of loss associated with torts, assets, job related illnesses or injuries to employees and natural disaster. The Library has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Library's insurance coverage in any ofthe past three years.

The Library has elected to self-insure for all losses related to errors or omissions, which includes, among other risks, risks for sexual harassment and discrimination. The Library has not experienced any losses related to errors or omissions in the past three years.

Note 4: GENERAL LONG-TERM DEBT

The changes in General Long-Term Debt during the fiscal year ended June 30, 1995, were as follows:

Compensated Absences

Balance July 1, 1994

$ 14,960.72

Additions Annual Leave Earned and Utilized (Net)

1,565.75

Balance June 30, 1995

$ 16,526.47

- 14 -

OKEFENOKEE REGIONAL LIBRARY

EXIIlBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1995

Note 5: CONTINGENT LIABILITIES
Amounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant terms. The Library believes that such disallowances, if any, will be immaterial to its overall financial position.
Note 6: ACCUMULATED EMPLOYEES' LEAVE
The Library's regular employees earn vacation leave according to their length of service ranging from one and one quarter to one and three quarter days per month with a maximum accumulation of 15 to 21 days. All unused vacation leave up to the maximum accumulation is paid to employees at their current rate of pay, upon retirement or termination of employment. See Note 1 - Compensated Absences
Note 7: RETIREMENT PLANS
TEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS)
TRS PLAN DESCRIPTION All full-time 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 public employee retirement system (PERS).
TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. A member is eligible for service retirement after 30 years of service, regardless of age, or after 10 years ofservice and attainment of age 60. A member is eligible for early retirement after 25 years of creditable service and attainment of age 55, at a reduced benefit. Retirement benefits paid to members are equal to 2% of the average of the member's two consecutive highest paid years of service multiplied by the number of years of creditable service up to 40 years. The normal retirement pension is payable monthly for life. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death.
Retirement benefits also include disability and death benefits. A disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The death benefit is the amount that would be payable to the member's beneficiary had the member retired on the date of death on either a service retirement allowance or a disability retirement allowance, whichever is larger. The benefit is based on the member's creditable service (minimum of 10 years of service) and compensation up to the time of disability or death.
Members become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting of employee contributions occurs, but the member's contributions are refunded with interest.

- 15 -

OKEFENOKEE REGIONAL LIBRARY

EXJilBIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 1995

Note 7: RETIREMENT PLANS

The Library's payroll for employees covered by TRS for the year ended June 30, 1995, was $310,810.83; total payroll was $329,668.26.

TRS CONTRIBUTIONS REQUIRED AND MADE Employees of the Library who are covered by TRS are required by State statute to pay 5% of their gross earnings to TRS. The Library makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. At June 30, 1995, the TRS Library employer contribution rate was 11.81%. The interest rate assumption (rate of return on investments) was 7.50%.

Total contributions made during fiscal year 1995 amounted to $52,240.07, of which $36,701.50 was made by the Library and $15,538.57 was made by employees. These contributions represented 11.81% (Library) and 5% (employees) of covered payroll.

TRS FUNDING STATUS AND PROGRESS The amount of the total pension benefit obligation is based on a standardized measurement established by Statement No. 5 ofthe Governmental Accounting Standards Board (GASB) that, with some exceptions, must be used by a PERS. The standardized measurement is the actuarial present value of credited projected benefits. This valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date, and is adjusted for the effects of projected salary increases. A standardized measure of the pension benefit obligation was adopted by the GASB to enable readers of PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among other PERS and among other employers.

Total unfunded pension benefit obligation ofTRS as of June 30, 1994, was as follows:

Total pension benefit obligation

$15,313,743,000.00

Net assets available for benefits, at cost

14,254,785,000.00

Unfunded pension benefit obligation

$ 1.058,958.00ff00

The measurement ofthe total pension benefit obligation is based on an actuarial valuation as of June 30, 1994. Net assets available to pay pension benefits were valued as of the same date. TRS does not make separate measurements of assets and pension benefit obligation for individual employers.

Total contributions from all employers to TRS for fiscal year ended June 30, 1995, were $565,117,811.00. The Library's contribution for the year ended June 30, 1995, of $36,701.50 was actuarially determined and represented .0064% of total contributions made by all participating employers.

- 16 -

OKEFENOKEE REGIONAL LIBRARY

EXIIlBIT- "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATE:MENTS

JUNE 30, 1995

Note 7: RETIRE:MENT PLANS
Ten year historical trend information is presented in the 1995 TRS Component Unit Financial Report. This information is useful in assessing TRS's accumulation of sufficient assets to pay pension benefits as they become due.
Note 8: SURETY BONDS
The Library Director, Ms. Susan N. Roberts, is bonded in the amount of$10,000.00 with the Ohio Casualty Insurance Company, Hamilton, Ohio, their Bond No. 3045455, on which premium was paid through January 10, 1996.

- 17 -

OKEFENOKEE REGIONAL LIBRARY COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 1995

EXHIBIT"G"

ASSETS Cash and Cash Equivalents Accounts Receivable
Total Assets

LOTTERY PROGRAMS

LIBRARY SERVICES AND CONSTRUCTION
ACT TITLE I PUBLIC LIBRARY SERVICES

TOTALS JUNE 30, 1995 JUNE 30, 1994

$

109.77 $

109.77 $ 79,482.71

$

3,992.00

3,992.00

$

3,992.00 $

109.77 $

4,101.77 $ 79,482.71

LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts Payable Deferred Revenue
Total Liabilities
FUND EQUITY
Fund Balances Unreserved Undesignated

$

3,992.00 $

$

3,992.00 $

0.00

109.77 $ 109.77 $

4,101.77 $ 4,101.77 $

1,352.13 78,130.58
79,482.71

0.00

0.00

0.00

Total Liabilities and Fund Equity

$

3,992.00 $

109.77 $

4,101.77 $ 79,482.71

See notes to the general purpose financial statements.

-18-

OKEFENOKEE REGIONAL LIBRARY COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
SPECIAL REVENUE FUND YEAR ENDED JUNE 30, 1995

EXHIBIT "H"

REVENUES
State Funds Federal Funds Local and Other Funds
Total Revenues
EXPENDITURES
Current Program Services Administration Maintenance and Operations
Total Expenditures
Excess of Revenues over (under) Expenditures
FUND BALANCE JULY 1

LOTTERY PROGRAMS

LIBRARY SERVICES AND CONSTRUCTION
ACT TITLEI PUBLIC LIBRARY SERVICES

TOTALS YEAR ENDED JUNE 30, 1995 JUNE 30, 1994

$ 34,190.08 $
$ 34,190.08 $

$ 18,293.07
18,293.07 $

34,190.08 $ 18,293.07
52,483.15 $

26,869.42 28,016.26
1,250.00
56,135.68

$ 34,190.08 $

$ 34,190.08 $

$

0.00 $

0.00

11,628.98 $ 3,504.48 3,159.61
18,293.07 $
0.00 $
0.00

45,819.06 $ 3,504.48 3,159.61
52,483.15 $
0.00 $
0.00

47,476.81 5,890.24 2,768.63
56,135.68
0.00
0.00

FUND BALANCE JUNE 30

$

0.00 $

0.00 $

- - - - - 0.00 $

0.00

See notes to the general purpose financial statements.

-19-

ASSETS Cash and Cash Equivalents
FUND EQUITY Fund Balances
Unreserved Undesignated

OKEFENOKEE REGIONAL LIBRARY COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30, 1995

EXHIBIT"!''

APPLING COUNTY CONSTRUCTION
FUND

1986 CONSTRUCTION
PROJECT WARE COUNTY
PUBLIC LIBRARY

TOTALS

JUNE 30, 1995

JUNE 30, 1994

$

120.00 $

20.00 $

140.00 $ _ _ _ _1_4_0~.0~0

$

120.00 $

20.00 $

14Q00 $====1_4_0_.o_o

See notes to the general purpose financial statements.

-20-

OKEFENOKEE REGIONAL LIBRARY COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
CAPITAL PROJECTS FUND YEAR ENDED JUNE 30, 1995

EXHIBIT"J"

REVENUES State Funds Local and Other Funds
Total Revenues EXPENDITURES
Capital Outlay Building and Building Improvements
Excess of Revenues over (under) Expenditures FUND BALANCE JULY 1

APPLING COUNTY CONSTRUCTION
FUND

1986
CONSTRUCTION PROJECT
WARE COUNTY PUBLIC LIBRARY

TOTALS YEAR ENDED JUNE 30, 1995 JUNE 301 1994

$

0.00 $

0.00 $

0.00 $

47,312.00

1,045.08

$

0.00 $

0.00 $

0.00 $

48,357.08

$

0.00 $

$

0.00 $

120.00

0.00 $ 0.00 $ 20.00

0.00 $ 0.00 $ 140.00

233,158.70 -184,801.62 184,941.62

FUND BALANCE JUNE 30

$

120.00 $

20.00 $

140.00 $ _ _ _ _1_40_._oo_

See notes to the general purpose financial statements.

-21 -

OKEFENOKEE REGIONAL LIBRARY COMBINING BALANCE SHEET
FIDUCIARY FUND TYPE NONEXPENDABLE TRUST FUNDS
JUNE 30. 1995

EXHIBIT"!<"

Cash and Cash Equivalents Accounts Receivable
Total Assets
FUND EQUITY Fund Balances
Reserved For Endowment Corpus
Unreserved Undesignated
Total Fund Equity

BUNAT. FAIN
MEMORIAL FUND

ENDOWMENT FUNDS
GEORGE UPFOLD GATES STUDENT
AWARD TRUST
FUND

WAYCROSSWARE COUNTY
LIBRARY MEMORIAL TRUST FUND

TOTALS JUNE 30, 1995 JUNE 30, 1994

$

605.00 $

7.224.00 $

3,406.46 $

11,235.46 $

11,311.97

90.96

90.96

128.69

$

605.00 $

7,314.96 $

3406.46 $

11,326.42 $ -~-11,..440_.._.66~

$

250.00 $

355.00

$

605.00 $

6,300.00 $ 1 014.96

2,393.02 $ 1 013.44

8,943.02 $ 2,383.40

8,943.02 2 497.64

7314.96 $

3,406.46 $

11,326.42 $===1==1..,440====.66=

See notes to the general purpose financial statements.

-22-

OKEFENOKEE REGIONAL LIBRARY CASH AND CASH EQUIVALENTS JUNE 30. 1995

SCHEDULE "1"

NONINTEREST BEARING ACCOUNTS
Peoples State Bank and Trust, Baxley, Georgia
Waycross Bank and Trust, Waycross, Georgia
INTEREST BEARING ACCOUNTS
Bank South, N. A, Waycross, Georgia
N.O.W. Accounts (2.25%) Certificate of Deposit No. 30268187 (5.75%)
Blackshear Bank, Blackshear, Georgia
Certificate of Deposit No. 9976 (7.00%)
First Georgia Bank, Brunswick, Georgia
Certificates of Deposit No. 58455310 (6.00%) No. 584505623 (6.50%) No. 58064517 (6.00%)
First Liberty Bank, Waycross, Georgia
N.O.W. Account (2.50%)
Peoples Bank, Blackshear, Georgia
N.O.W. Account (Variable) Certificates of Deposit
No. 8396 (5.00%) No. 8651 (4. 75%) No. 8713 (4.75%) No. 8792 (4.65%)
OTHER
Petty Cash

$

120.00

20.00 $

140.00

$ 3,722.76 6,300.00 $

10,022.76

20,000.00

$ 5,000.00 1,000.00
50,000.00

56,000.00

11,870.95

$ 4,990.77
10,000.00 3,000.00
10,000.00 10,000.00

37,990.77

135,884.48

80.00 $ 136,104.48

See notes to the general purpose financial statements. - 23 -

Education, Georgia Department of Public Libraries Salaries and Travel Lottery Program Technology Installation
Local Sources County Governments Boards of Commissioners Clinch Pierce
Various Sources Fines and Fees Interest Earned Photocopy Sales Rents Vendor Refunds

OKEFENOKEE REGIONAL LIBRARY ACCOUNTS RECEIVABLE JUNE 30, 1995

SCHEDULE "2"

GOVERNMENTAL FUND TYPES

SPECIAL

GENERAL

REVENUE

FUND

FUND

FIDUCIARY FUND TYPE
NONEXPENDABLE TRUST FUNDS

TOTAL

$

2,778.04

$

3,992.00

$

2,778.04

3,992.00

2,283.35 604.17

117.03

247.16

$

64.25

115.63

346.48

$

6,556.11 $

3,992.00 $

90.96

2,283.35 604.17
117.03 338.12
64.25 115.63 346.48

90.96 $ 10,639.07

See notes to the general purpose financial statements.

- 24 -

OKEFENOKEE REGIONAL LIBRARY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 1995

SCHEDULE "3"

AGENCY/FUNDING
GRANTS Education, Georgia Department of Public Libraries Salaries and Travel Library Materials Maintenance and Operations Lottery Programs Media Center and Library Equipment Technology Installation

GOVERNMENTAL FUND TYPES

SPECIAL

GENERAL

REVENUE

FUND

FUND

TOTAL

$

249,142.28

52,946.00

46,346.00

$

$ 249,142.28 52,946.00 46,346.00

30,198.08 3,992.00

30,198.08 3,992.00

$

348,434.28 $

34,190.08 $ 382,624.36

See notes to the general purpose financial statements. - 25 -

OKEFENOKEE REGIONAL LIBRARY SCHEDULE OF FEDERAL REVENUE
YEAR ENDED JUNE 30, 1995
SUB-GRANT Through Georgia Department of Education Library Services and Construction Act Title I - Public Library Services

SCHEDULE ",4"
GOVERNMENTAL FUND TYPE SPECIAL REVENUE FUND
$ =======18=,2=9=3=.0=7

See notes to the general purpose financial statements. -26-

OKEFENOKEE REGIONAL LIBRARY SCHEDULE OF LOCAL AND OTHER REVENUE
YEAR ENDED JUNE 30, 1995

SCHEDULE "5"

LOCAL SOURCES County Boards of Education Appling Bacon Clinch Pierce Ware
City Governments Alma Blackshear Homerville Waycross
County Governments Boards of Commissioners Appling Bacon Clinch Pierce Ware
OTHER SOURCES Donations Fines and Fees Interest Earned Lost and Damaged Books Sales and Services Library Equipment Sales Photocopy Sales Rents

GOVERNMENTAL FUND TYPE GENERAL FUND

$

4,500.00

10,156.72

8,283.33

3,750.00

8,500.00

10,729.00 8,850.00 8,283.32
36,000.00

33,600.00 5,736.72 8,283.33 7,250.04
37,000.08
3,125.86 8,161.81 7,632.83
555.05
382.43 7,543.78
462.52

$ ===2=1=8=,7=8=6=82=

See notes to the general purpose financial statements. - 27 -

OKEFENOKEE REGIONAL LIBRARY SCHEDULE OF EXPENDITURES BY OBJECT
GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30, 1995

SCHEDULE "6"

EXPENDITURES
Operating Costs Salaries Employee Benefits Travel of Employees Professional and Technical Services Property Services Supplies Library Books and Materials Utilities Communications and Insurance Dues and Fees
Nonoperating Costs Building and Building Improvements Equipment
Total Expenditures

GENERAL FUND

SPECIAL REVENUE
FUND

TOTAL

$ 324,207.53 $
88,136.33 4,543.47 7,632.93
17,501.13 10,569.91 56,585.37 35,818.33 16,248.47
850.08

5,460.73 $
5,852.86
1,741.26 2,226.52 1,192.00 3,504.48
2,184.79

329,668.26 93,989.19 4,543.47 9,374.19 19,727.65 11,761.91 60,089.85 35,818.33 18,433.26 850.08

10,731.10 2,817.58

30,320.51

10,731.10 33,138.09

$ 575,642.23 $

52,483.15 $ 628,125.38

See notes to the general purpose financial statements. - 28 -

OKEFENOKEE REGIONAL LIBRARY SCHEDULE OF EXPENDITURES BY OBJECT
LOTTERY PROGRAMS YEAR ENDED JUNE 30, 1995

SCHEDULE "7"

EXPENDITURES
Operating Costs Professional and Technical Services Supplies Communications and Insurance
Nonoperating Costs Equipment

MEDIA CENTER AND
LIBRARY EQUIPMENT

TECHNOLOGY INSTALLATION

TOTAL

$

1,680.87

1,192.00

996.70

26,328.51 $

$
3,992.00

1,680.87 1,192.00
996.70
30,320.51

Total Expenditures

$

30,198.08 $

3,992.00 $ ===34='1=9=0=.0=8

See notes to the general purpose financial statements. - 29 -

OKEFENOKEE REGIONAL LIBRARY MEMBERSHIP OF LIBRARY BOARD
YEAR ENDED JUNE 30. 1995

SCHEDULE "8"

BOARD MEMBER ADDRESS
Mr. Bill Vest, Chairman(*) 303 Wiregrass Street Homerville, Georgia 31634
Ms. Leola Griner (*) P. 0. Box264 Patterson, Georgia 31557
Ms. Elizabeth Gruver (*) P. 0. Box266 Homerville, Georgia 31634
Ms. Patricia Herefold (*) 1620 City Boulevard Waycross, Georgia 31501
Mrs. Dana Hutto (*) 215 West 4th Street Alma, Georgia 31510
Ms. Miriam Johnson (*) 401 Patterson Street Baxley, Georgia 31513
Ms. Angie Moyer (*) 512 West Pine Street Homerville, Georgia 31634
Mr. Larry Nesmith(*) 309 Phillips Street Baxley, Georgia 31513
(*) Denotes Board Members Serving as of June 30, 1995

Ms. Rachel Settle (*) 1015 Cherokee Drive Waycross, Georgia 31501
Mr. Danny Stanaland (*) Route 1 Alma, Georgia 31510
Mr. 0. T. Surrency(*)
612 Lee Street Blackshear, Georgia 31516
Mr. Lonnie Sweat, Jr.(*) 209 Gilmore Street Blackshear, Georgia 31516
Mr. J. M. Vaughn(*) Route 3, Box 820 Baxley, Georgia 31513
Ms. Jackie B. Welch 205 North Baker Alma, Georgia 31510
Ms. Bunny Winge (*) P. 0. Box212 Waycross, Georgia 31502
Ms. Johnnie Youmans Route 1, Box 37 Patterson, Georgia 31557

See notes to the general purpose financial statements. - 30 -

OKEFENOKEE REGIONAL LIBRARY SCHEDULE OF SALARIES AND TRAVEL
YEAR ENDED JUNE 30, 1995

SCHEDULE "9"

PERSONNEL

Altman, Anderson, Anderson, Barlow. Bessonette, Britton, Bryson, Bush, Coleman, Eames, Fariss, Hutchison, Johns, Lightfoot, Moody, Paquette McNeil, Roberts, Schafer, Schmitz, Seaman, Slack, Stock, Summerline, Suttlemyre, Taylor, Thatcher, Thomas, Welch, Williams, Wills, Yarborough, Yearty, Young,

Vivian P. Cheryl Theressa Patricia A. Elizabeth G. Sarah B. James C., Ill Juanita E. Wynell 0. AliceC. Charles B. Deborah A KimberlyJ. Jacquelyn A. Linda Kay Elaine D. Julie A. Susan N. Donald E. Greg Dean Joanna S. Clementina P. Maxine P. Glenda L. Vivian S. Freda Ann Sandra E. MaryW. Jane S. AliceP. Helen M. Judy M. Irene D. LyndaG.

Total Cash Basis

Accruals June 30, 1994 June 30, 1995

POSITION

SALARIES

TRAVEL

Branch Manager

$

Substitute

Substitute

Branch Manager

Substitute

Librarian

Circulation Clerk

Branch Manager

Assistant Clerk

Librarian

Substitute

Clerk

Substitute

Librarian

Clerk

Librarian

Director

Clerk

Librarian

Youth Services Clerk

Clerk

Librarian

Technical Services Manager

Assistant Clerk

Branch Manager

Office Manager

Clerk

Branch Manager

Substitute

Substitute

Clerk

Substitute

Clerk

12,272.00 99.88
724.63 1,216.80
122.19 12,953.16 $ 31,198.80 11,843.34
6,586.83 40,097.60
350.63 232.17
12.75 29,998.80
622.50 22,379.20 38,696.40
7,467.69 2,306.00 6,233.22 1,224.01 38,396.40 10,441.27 4,776.80 15,000.00 12,480.00 9,612.88 7,243.29
153.00 1,045.50
482.64 837.28 2,560.60

80.27 261.41
47.88 38.22 326.81
257.64 236.35 2,736.48
153.51 141.33
49.14 86.31

$

329,668.26 $

4,415.35

0.00 0.00

-32.34 160.46

See notes to the general purpose financial statements.

- 31 -

$

329,668.26 $===4=,54==-3...4._,7

SECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS

OKEFENOKEE REGIONAL LIBRARY SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS
YEAR ENDED JUNE 30, 1995
PRIOR YEAR
AUDIT FOLLOW-UP/RESOLUTION Excessive Cash Balances Finding Resolved Audit Control Number 7942-94-01
The audit report for the year ended June 30, 1994, noted that a review of cash management procedures for the Library Services and Construction Act (LSCA)-Title I Program (CFDA 84.034) disclosed that cash draws utilizing DE form 0147, "Quarterly Report of Expenditures and Estimated Requirement for Grant Funds", were made in advance ofimmediate cash needs, resulting in the accumulation of excessive cash balances. For the year under review, the Library implemented procedures to minimize the time elapsing between the transfer of funds from the Georgia Department ofEducation and disbursement of such funds by the Library.
AUDIT FOLLOW-UP/RESOLUTION Inadequate Inventory Records Finding Resolved Audit Control Number 7942-94-02
The audit report for the year ended June 30, 1994, noted that property management records maintained by the Library for the Library Services and Construction Act - Title I Program (CFDA 84.034) failed to meet the property management standards as set forth in 34 CFR 80.32. For the year under review, the Library implemented an inventory system that provided for the identification of all equipment purchased as outlined in 34 CFR 80.32.
PRIOR YEAR/CURRENT YEAR
GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Audit Control Number 7942-93-01
The audit report for the year ended June 30, 1994, noted that the management of the Okefenokee Regional Library had chosen not to maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. In the year under review, the Library did not establish a General Fixed Assets Account Group within the formal accounting records. This condition results in the general purpose financial statements of the Library being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the Library to establish accounting controls and procedures to provide for maintenance of a General Fixed Assets Account Group. These subsidiary records should include an inventory of land, buildings, equipment and inexhaustible collections and books owned by the Library and should include, but may not be limited to, date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of all additions to and deletions from the General Fixed Assets Account Group.