Piedmont Regional Library, Winder, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2000

STATE OF GEORGIA

DEPARTMENT OF AUDITS AND ACCOUNTS

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PIEDMONT REGIONAL LIBRARY

WINDER, GEORGIA

REPORT ON AUDIT

OF THE FINANCIAL STATEMENTS

- FOR THE FISCAL YEAR ENDED JUNE 30, 2000



Russell W. Hinton State Auditor

PIEDMONT REGIONAL LffiRARY - TABLE OF CONTENTS -

Page

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

EXHffiITS


GENERAL PURPOSE FINANCIAL STATEMENTS

COMBINED STATEMENTS - OVERVIEW

A

COMBINED BALANCE SHEET

ALL FUND TYPES AND ACCOUNT GROUP

2

B

COMBINED STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES

ALL GOVERNMENTAL FUND TYPES

4

C

COMBINED 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

8


ADDITIONAL FINANCIAL INFORMATION

G COMBINING STATEMENT FIDUCIARY FUND TYPE COMBINING BALANCE SHEET


16

SCHEDULES

SCHEDULE OF REVENUE

1

STATE

17

2

FEDERAL

18

3

LOCAL

4 SCHEDULE OF SALARIES AND TRAVEL

19
20





-


-
FINANCIAL


RUSSELL W. HINTON
STATE AUDITOR
(404) 6562174

DEPARTMENT OF AUDITS AND ACCOUNTS w.. 254 Washington Street. S. Suite 214
Atlanta. Georgia 5m54-~400
May 31,2001

Honorable Roy E. Barnes, Governor Members of the General Assembly Members of the Board of Regents of the University System of Georgia
and Director and Members of the Piedmont Regional Library Board
INDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
Ladies and Gentlemen:
We have audited the accompanying general purpose financial statements ofthe Piedmont Regional Library, as of and for the year ended June 30, 2000, as listed in the table ofcontents. These general purpose financial statements are the responsibility ofthe Piedmont Regional Library's management. Our responsibility is to express an opinion on these general purpose 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 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.
In our opinion, the general purpose financial statements referred to above present fairly, in all
material respects, the financial position of the Piedmont Regional Library as of June 30, 2000, and the results of its operations and the cash flows of its nonexpendable trust funds for the year then ended, in conformity with accounting principles generally accepted in the United States ofAmerica.

2000ARL-40A

Our audit was perfonned for the purpose of fonning an opinion on the general purpose financial statements of the Piedmont Regional Library taken as a whole. The accompanying combining statement (Exhibit G) and the financial schedules (Schedules 1 through 4), as listed in the table of contents, are presented for purposes of additional analysis and are not a required part ofthe general purpose financial statements ofthe Piedmont Regional Library. Such infonnation has been subjected to the auditing procedures applied in the audit ofthe general purpose financial statements and in our opinion, is fairly stated, 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 pennanent record in the office ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code ofGeorgia Annotated Section 50-
6-24.

Respectfully submitted,
---.....

RWH:jb
2000ARL-40A

Ru ell W. Hinton Sta e Auditor




,
PIEDMONT REGIONAL LffiRARY

PIEDMONT REGIONAL LIBRARY COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUP JUNE 30, 2000

ASSETS
Cash and Cash Equivalents
Investments
Accounts Receivable
General Fixed Assets Equipment Inexhaustible Collections and Books

GOVERNMENTAL FUND TYPES

SPECIAL

GENERAL FUND

REVENUE FUND

$

141,568.12 $

0.00

68,787.41

10,467.81

Total Assets



$

220,823.34 $===~O.~OO;;..,

LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts Payable

FUND EQUITY
Investment in General Fixed Assets Fund Balances
Reserved For Endowment Corpus
Unreserved Designated for Bookmobile Replacement Undesignated
Total Fund Equity

$

4: : .:,: . : 82: .:;: 3.:.3: :.~9





$

24,000.00

192,539.95 $

$

216,539.95 $

--..:O~.O::..::O:..... O~.~OO:.....

Total Liabilities and Fund Equity

$

220,823.34 $ ====;;;,;O.~OO;;".

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

EXHIBIT "A"

FIDUCIARY FUND TYPE NONEXPENDABLE TRUST FUNDS

$

89.36

2,200.00

ACCOUNT GROUP GENERAL FIXED ASSETS

TOTALS

(Memorandum Only.L..)

_

JUNE 30, 2000

JUNE 30, 1999

$

141,657.48 $

35,936.53

70,987.41

60,197.35

10,467.81

2,582.49

$

772,462.68

772,462.68

712,497.33

0.00

0.00

0.00

$

2,289.36 $

772,462.68 $

995,575.38 $===8.1..=1,=21=3=.7==0

$

4,283.39 $

7'-!.,4. :. ;8: .;:5. .:.:.3:. . ;. .1

$

772,462.68 $

772,462.68 $

712,497.33

$

2,200.00

2,200.00

2,200.00

89.36

24,000.00

0.00

192,629.31

24,000.00 65,031.06

$

2,289.36 $

772,462.68 $

991 ,291 .99 $ _ _....;;;8~03;:;.l7".;.:2:.;:8.:.3:.~9

$

2,289.36 $

772,462.68 $

995,575.38 $ ===8.1.1.=,2=1=3...7.==0


-3-

PIEDMONT REGIONAL LIBRARY

EXHIBIT "B"

COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES

ALL GOVERNMENTAL FUND TYPES

YEAR ENDED JUNE 30, 2QOO

GENERAL FUND

SPECIAL REVENUE
FUND

TOTALS

(Memorandum Only.L-)

_

YEAR ENDED

JUNE 30, 2000 JUNE 30, 1999

REVENUES
.
State Funds Federal Funds Local Funds Other Funds
Total Revenues

$ 360,538,34 $
156,343.22 194,697.51
$ 711,579.07 $

$ 20,222.05
20,222.05 $

360,538.34 $ 20,222.05 156,343.22 194,697.51

349,970.48
163,719.66 33,611.01

731,801.12 $ _ _..::;54..:.;7"",3:.:0~1,,-,.1.=..5

EXPENDITURES

Current Public Services Technical Services Support Services Maintenance and Operation Information Technology

$ 259,887.66

$

57,626.59

119,977.07

23,509,26

123,024.55 $_~2~O,.:22~2~.0~5

259,887.66 $ 57,626.59 119,977.07 23,509.26 143,246.60

272,116.42 58,074.23 113,866.34 22,000.27 66,655.54

Total Expenditures

$ 584,025.13 $

20,222.05 $

604,247.18 $ _ _.::;5:.:32::l,7:..;1'-=2;.;;:.8.=.0

Excess of Revenues over (under) Expenditures $ 127,553.94 $

0.00 $

127,553.94 $

14,588.35

FUND BALANCE JULY 1

88,986.01

0.00

88,986.01

74,397.66

FUND BALANCE JUNE 30

$ 216,539.95 $

0.00 $

216,539.95 $ ===8=8~,9;;,;;8;,;;60;;;.0=1

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

PIEDMONT REGIQNAL LIBRARY COMBINED STATEMENT OF REVENUES, EXPENDITVRES AND CHAN~ES IN FVND BALANCES
BUDGET AND ACTUAL
GENERAL AND SPECIAL REVENUE FUNDS
YEAR ENDED JVNE 30, 2000

EXHIBIT C

GENERAL FUND

BUDGET

ACTUAL

REVENUES

State Funds

,

Federal Funds

Local Funds

Other Funds

Total Revenues

$

404,821.25 $

360,538.34

172,212.69

156,343.22 194,697.51

$ . 577,033.94 $ _ _7~1'-!.1~,57~9~.0!!..7

EXPENDITURES

Current

Public Services

$

Technical Services

Support Services

Maintenance and Operation

Information Technology

Total Expenditures

$

Excess of Revenues over (under) Expenditures $

FUND BALANCE JVLY 1, 1999

258,499.12 $ 54,738.12 121,135.30 22,930.85 119,730.55

259,887.66 57,626.59 119,977.07 23,509.26 123,024.55

577,033.94 $ _--.:584~~,02:!::5!:...1~3

0.00 $

127,553.94

0.00

88,986.01

SPECIAL REVENUE FUND

BUDGET

ACTUAL

$

20,222.05 $

20,222.05

$

20,222.05 $ _ _~2~O,~22=2~.0~5

$

20,222.05 $ _ _.!:20~,2~2:::2~.0~5

$

20,222.05 $ _ _~2~O,=:22=2~.0~5

$

0.00 $

0.00

0.00

0.00

FUND BALANCE JUNE 30, 2000

$

0.00 $ _ .....2.1..:.;;:6;,;,::,5~39;;;;.9_5

$

0.00 $

~O~.O~O



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

PIEDMONT REGIONAL LIBRARY COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCES
FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUNDS
YEAR ENDED JUNE 30, 2000

EXHIBIT "0"

LUCILLE NIX MEMORIAL
FUND

TED E. ROBERTS BOOK FUND

TOTALS

(Memorandum OnIV

_

YEAR ENDED

JUNE 30, 2000

JUNE 30,1999

OPERATING REVENUE

None Recorded

$

0.00 $

0.00 $

0.00 $

-=O;:.:.O:=.O

OPERATING EXPENSES

Current

Library Books and Materials

$

34.00 $

41.23 $

75.23 $

--'-'16=0.;..:,.4~0

Operating Income (Loss) $

-34.00 $

-41.23 $

-75.23 $

-160.40

NONOPERATING REVENUES

Interest Earned

70.30

49.24

119.54

126.98

Total Income (Loss)

$

36.30 $

8.01 $

44.31 $

-33.42

FUND BALANCE JULY 1

1,240.25

1,004.80

2,245.05

2,278.47

FUND BALANCE JUNE 30

$

1,276.55 $

1,012.81 $

2,289.36 $ _ ..............2.,2;;.4.5...0..5..




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

PIEDMONT REGIONAL LIBRARY COMBINED STATEMENT OF CASH FLOWS FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUNDS
YEAR ENDED JUNE 30, 2000

EXHIBIT "E"

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

LUCILLE NIX MEMORIAL
FUND

TED E. ROBERTS BOOK FUND

TOTALS

(Memorandum Only}

_

YEAR ENDED

JUNE 30, 2000 JUNE 30, 1999

$

-34.00 $

-95.13 $

-129.13 $

-.:.,:10~6.:.=.5.::..0

$

70.30 $

49.24 $

119.54 $

.:..:12:.::6.:.=.9.::..8

$

36.30 $

-45.89 $

-9.59 $

20.48

40.25

58.70

98.95

78.47

Cash and Cash Equivalents - June 30

$

Reconciliation of Operating Income to Net

Cash Provided (Used) by Operating

Activities:

Operating Income (Loss)

$

Increase in Accounts Payable

Decrease in Accounts Payable

Net Cash Provided (Used) by Operating

Activities

$

76.55 $ -34.00 $
-34.00 $

12.81 $


89.36 $ ======9=8=.9==5

-41.23 $ -53.90
-95.13 $

-75.23 $ -53.90

-160.40 53.90

-129.13 $===-=10=6=.5==0



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




PIEDMONT REGIONAL LffiRARY NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS
JUNE 30, 2000

EXHIBIT "F"

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

REPORTING ENTITY

The Piedmont Regional Library (Library) operates pursuant to Official Code ofGeorgia 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 financial statements of the Library have been prepared in conformity with generally accepted accounting principles as applied to governmental units and unless otherwise disclosed in these notes, the financial statements present all fund types and account groups of the Library.

The Library Board consists of 11 members; 3 members appointed by the Banks County Library Board of Trustees, 4 members appointed by the Barrow County Library Board of Trustees and 4 members appointed by the Jackson County Library Board ofTrustees. 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 ofGeorgia for State and Federal fundinz. 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 of oversight responsibility for the Library's operations. The Piedmont Regional Library is therefore determined to be a joint venture.

FUND ACCOUNTING



The Library uses funds and an account group to report on its financial position and the results ofits operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactionsTelated 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.

The general purpose financial statements account for all State, Federal, Local and Other funds under control of the 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.

- 8-

PIEDMONT REGIONAL LffiRARY

EXHffiIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30. 2000

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes. The primary type of special revenue fund consists ofproceeds received from State and Federal sources to accomplish specific objectives and are required to be accounted for separately.

FIDUCIARY FUND TYPE - the trust funds used to account for assets held by a government unit in a trustee capacity or as an agent for individuals, private organizations, other government units and/or other funds. This fund includes:

NONEXPENDABLETRUSTFUNDS Lucille Nix Memorial Fund and Ted E. Roberts Book Fund - the funds used to account for endowments ofwhich the corpus is to be invested and preserved intact with the resultant income to be used to purchase books.

ACCOUNT GROUP

GENERAL FIXED ASSETS ACCOUNT GROUP - used to account for all general fixed assets acquired by the Library which includes land, buildings, equipment and inexhaustible collections and books. The land and buildings that house the Library are owned by Barrow County, Georgia.

BASIS OF ACCOUNTING
The accounting and financial reporting treatment applied to afund is determined by its measurement
focus. All governmental funds are accounted for using a current financial resources measurem~nt focus. With this measurement focus, only current assets and current liabilities are generally included on the balance sheet. Operating statements ofthese funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources.

Liabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds.

Nonexpendable trust funds are accounted for on a flpw ofeconomic resources measurement focus. With this measurement focus, all assets and liabilities associated with the operation ofthese 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 ofaccounting under which:

-9-

PIEDMONT REGIONAL LffiRARY NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS
JUNE 30, 2000

EXHffiIT "F"

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount of the 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 ofaccounting, 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 Piedmont 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 ofbudget control was established by the Library at the aggregate 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 ofthis 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 Board of Regents of the University System of Georgia 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 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.
INVESTMENTS
COMPOSITION OF INVESTMENTS Investments made by the Library in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized
- 10-


PIEDMONT REGIONAL LmRARY NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS
JUNE 30, 2000

EXHmIT "F"

Notel: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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:
,
(l) Obligations issued by the State of Georgia or by other states,

(2) Obligations issued by the United States government,

(3) Obligations fully insured or guaranteed by the United States government or a United States government agency,

(4) Obligations of any corporation 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 ofgrant reimbursements due on Federal, State or other grants 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.

GENERAL FIXED ASSETS

General fixed assets purchased, including capital outlay costs, are recorded as expenditures in the various funds at the time of purchase. All purchased general fixed assets are valued at cost where historical records are available and at estimated historical cost where no historical records exist. Donated general fixed assets are recorded at fair market value as ofthe date donated. Disposals are deleted at recorded cost. No depreciation has been provided on General Fixed Assets. The cost of normal maintenance and repairs that do not add to the value of the assets or materially extend the

- 11 -



PIEDMONT REGIONAL LIDRARY NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS
JUNE 30, 2000

EXHIDIT "F"

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

useful lives of the assets is not capitalized. Infrastructure assets are not capitalized by the Library. The values of inexhaustible collections and books at the Library are not readily detenninable, therefore, the Library has not capitalized them.

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 ofoperations or cash flows in confonnity with generally accepted accounting principles, nor is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this 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 atime 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. 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 anyone 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,

- 12-

PIEDMONT REGIONAL LmRARY

EXHmIT "F"

NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2000

Note 2: DEPOSITS

(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia,

(5) Bonds of any public authority created by the laws ofthe State ofGeorgia, providing that the statute that created the authority authorized the use of the bonds for this purpose,

(6) Industrial revenue bonds and bonds ofdevelopment authorities created by the laws ofthe

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.

CATEGORIZAnON OF DEPOSITS At June 30, 2000, the bank balances were $226,174.27. The amounts ofthe total bank balances are classified into three categories of credit risk:

Category 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Library or by the Library's agent in the Library's name.
Category 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Library's name.
Category 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Library's name.)

The Library's deposits are classified by risk category at June 30, 2000, as follows:

Risk Category

Bank Balance

1 2 3
Total

$ 138,787.41 87,386.86 0.00

$ 222,174..27

Note 3: GENERAL FIXED ASSETS

A summary of changes in the General Fixed Assets Account Group during the fiscal year are as follows:

- 13-

PIEDMONT REGIONAL LffiRARY NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS
JUNE 30, 2000

EXHffiIT "F"

Note 3: GENERAL FIXED ASSETS

--=Equipment

Balance July 1, 1999

$ 712,497.33

Additions Balance June 30, 2000 Note 4: RISK MANAGEMENT

59,965.35
$ 7260492.68

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; natural disaster; and unemployment compensation.

The Library has obtained commercial insurance for risk ofloss associated with assets andjob related illness 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 of the past three years.

The Library has elected to self-insure for all losses related to torts. 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.

The Library is self-insured with regard to unemployment compensation claims.. The Library accounts for claims within the General Fund with expenditure and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. The Library has not experienced any unemployment compensation claims during the last two years.

The Library has purchased a surety bond to provide additional insurance coverage as follows:

Position Covered All Employees

Amount $ 20,000.00

Note 5: 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

- 14-
,

PIEDMONT REGIONAL LffiRARY NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS
JUNE 30, 2000

EXHffiIT "F"

Note 5: RETIREMENT PLANS

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 11.29% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows:

Fiscal Year

Percentage Contributed

Required Contribution

2000 1999 1998

lOO%
100% 100%

$ 32,559.76
$ 30,830.30 $ 26,930.81





- 15 -



PIEDMONT REGIONAL LIBRARY COMBINING BALANCE SHEET
FIDUCIARY FUND TYPE JUNE 30, 2000

EXHIBIT "G"

ASSETS Cash and Cash Equivalents Investments

NONEXPENDABLE TRUST FUNDS

LUCILLE NIX

TED E.

MEMORIAL

ROBERTS

FUND

BOOK FUND

TOTALS

JUNE 30, 2000

JUNE 30, 1999

$

76.55 $

12.81 $

89.36 $

98.95

1,200.00

1,000.00

2,200.00


2,200.00

Total Assets

$

1,276.55 $

1,012.81 $

LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts Payable
FUND EQUITY
Fund Balances Reserved For Endowment Corpus Unreserved Undesignated
Total Fund Equity


$ $

-
1,200.00 $
76.55
1,276.55 $

1,000.00 $
12.81
1,012.81 $

2,289.36 $ ......_ _2;0,;,;;;;;2.98.;,;;.9.5.

$

---:5::::;3.:.:::.90=.,

2,200.00 $

2,200.00

89.36

45.05

2,289.36 $ _ _--'2::1,2:::4::::;5.:.:::.0=.5

Total Liabilities and Fund Equity

$

-

1,276.55 $

1,012.81 $

2,289.36 $

2;0,;,2;;;;;9;,;;8;,;;.9.5.




See notes to the general purpose financial statements.

16 -

PIEDMONT REGIONAL LIBRARY SCHEDULE OF STATE REVENUE
YEAR ENDED JUNE 30, 2000

SCHEDULE "1"

AGENCY/FUNDING
GRANTS Technical and Adult Education. Georgia Department of Public Libraries Salaries Travel Library Materials Maintenance and Operation

GOVERNMENTAL FUND TYPE GENERAL FUND

,

$

251,478.34

4,200.00

54,730.00

50.130.00



$

360.538.34


See notes to the general purpose financial statements. -17 -


- - ----

PIEDMONT REGIONAL LIBRARY SCHEDULE OF FEDERAL REVENUE
YEAR ENDED JUNE 30, 2000

SCHEDULE "2"


AGENCY/FUNDING

GOVERNMENTAL FUND TYPE SPECIAL REVENUE FUND

GRANT Museum and Library Services, Institute of Through Georgia Department of Technical and Adult Education Library Services and Technology Art State Library Program

$ ====..;;;2~0,:;;;22;,;;2~0.;.;;;.5




-
See notes to the general purpose financial statements.
-18 -

PIEDMONT REGIONAL LIBRARY SCHEDULE OF LOCAL REVENUE
YEAR ENDED JUNE 30, 2000

SCHEDULE "3"

LOCAL SOURCES Boards of Commissioners Banks County Barrow County Jackson County Boards of Education Banks County Barrow County Commerce, City of Jackson County City Governments Auburn Bethlehem Braselton Commerce Homer Hoschton Jefferson Maysville Nicholson Pendergrass Statham Winder




-

GOVERNMENTAL FUND TYPE GENERAL FUND

$

1,984.00

28,434.00

20,725.00

5,275.98 27,171.00
800.00 7,700.00

21,310.94 1,650.00 400.00 3,245.46 1,983.00 400.00 500.00 4,292.99 1,874.85 475.00 950.00
27,171.00

$ =====15;;;,;6=,3=4=3,;;;;;.2.2...


See notes to the general purpose financial statements. - 19-

PIEDMONT REGIONAL LIBRARY SCHEDULE OF SALARIES AND TRAVEL
YEAR ENDED JUNE 30, 2000

SCHEDULE "4"

NAME
Albritton, Attaway, Braselton, Dalton, Hamburg, Harris, Hayes, Hayes, Holcomb, Holcomb, Holliday, Holmes, Hoover, Jones, Jones, Krebs, Luke, Mingledorff, Nguyen, Page, Pope, Ray, Talbott, Thompson, Thompson, Van Slyke,

Debbie Sherry Vickie H. Deidra G. Erica Harriett Amy Sharon G. Tiffany D. Kathleen Sandra R. Nancy M. Anna R. Brenda Nancy Jane G. Katie Amber K. Jamie Joyce F. Anthony Nancy C. Jacquelyn G. Peggy Rose S. Tanya L.

TITLE CATEGORY
Clerk Clerk Circulation Manager Circulation Assistant Aide Clerk Aide Bookkeeper Aide Aide Librarian Librarian Librarian Clerk Circulation Assistant Clerk Aide Aide Aide Library Manager Custodian Director Library Manager Clerk Secretary Aide

Accrual

-

June 30, 1999

SALARIES

TRAVEL

$

3,000.16

420.00

18,572.17

3,020.34 $

416.84

5,889.73

2,060.93

12,784.65

2,327.73

650.39

48,849.20

53,326.84

53,326.84

808.73

6,073.20

3,552.82

2,203.45

457.36

159.67

6,703.25

14,367.57

58,689.64

6,513.38

289.80

20,148.75

301.28

14.00
59.25 452.50 1,103.93 806.64
88.00
1,315.30

$ 324,924.72 $

3,839.62

-1,094.70

Totals per Report

$

324,924.72 $ ===2;;;;!:,7=4;..;,4~.9~2

See notes to the general purpose financial statements. - 20-


Locations