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PIEDMONT REGIO~AL LIBRARY -TABLE OF CONTENTS-

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

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

ADDillONAL FINANCIAL INFORMATION

G COMBINING STATEMENT

FIDUCIARY FUND TYPE

COMBINING BALANCE SHEET

16

SCHEDULES

SCHEDULE OF REVENUE

1

STATE

17

2

FEDERAL

18

3

LOCAL

19

4 SCHEDULE OF SALARIES AND TRAVEL

20

FINANCIAL

!ussELL W. H1NTON
STATE AUDITOR
(404) 656-2174

DEPARTMENT OF AUDITS AND ACCOUNTS
254 Washington Street, S W., Suite 2 I4 Atlanta, Georgia 30334-8400
July 11, 2002

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, 2001, as listed in the table ofcontents. These generalpurpose 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 of America. 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 ofJune 30, 2001, 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.

2001ARL-40

Our audit was performed for the purpose of forming 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 generalpurpose financial statements ofthe Piedmont 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 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 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:gp 2001ARL-40

Ru sell W. Hinton State Auditor

PIEDMONT REGIONAL LIBRARY

PIEDMONT REGIONAL LIBRARY COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUP JUNE 30, 2001

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

GOVERNMENTAL FUND TYPES

SPECIAL

GENERAL

REVENUE

FUND

FUND

$

25,125.65

72,778.07

934.01 $

2,200.00

Total Assets

$

98,837 73 $ ======2=f,2=0=0=.0~0

LIABILITIES AND FUND EQUITY
LIABILITIES
Cash Overdraft Accounts Payable Deferred Revenue
Total Liabilities
FUND EQUITY
Investment in General Fixed Assets Fund Balances
Reserved For Endowment Corpus
Unreserved Designated for Bookmobile Replacement Undesignated
Total Fund Equity

$

2,050.00

$

1,588.51

150.00

$

1,588.51 $

2,200.00

$

24,000.00

73,249.22 $

$

97,249.22 $

0.00 0.00

Total Liabilities and Fund Equity

$

98,837.73 $==='a2=f,2=0=0=.0=0

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

EXHIBIT"A"

FIDUCIARY FUND TYPE NON EXPENDABLE TRUST FUNDS

$

193.64

2,200.00

ACCOUNT GROUP GENERAL FIXED ASSETS

TOTALS {Memorandum Onl:tl JUNE 30, 2001 JUNE 30, 2000

$

25,319.29 $

141,657.48

74,978.07

70,987 41

3,134.01

10,467.81

$

900,498.68

900,498.68

794,629.68

0.00

0.00

0.00

$

2 393.64 $====9=00=,4=9=8=.6==8 $ 1,003,930.05 $ 1,017,742.38

$

2,050.00

1,588.51 $

4,283.39

150.00

$

3,788.51 $ _ _ _4....,,2_8_3....;..3"--9

$

900,498.68 $

900,498.68 $

794,629.68

$

2,200.00

2,200.00

2,200.00

193.64

24,000.00 73,442.86

24,000.00 192,629.31

$

2,393.64 $

900,498.68 $ 1,000,141.54 $ 1,013,458.99

$

2,393.64 $====90=0=,4=9=8=.6=8 $ 1,003,930.05 $ 1,017.742.38

-3-

PIEDMONT REGIONAL LIBRARY COMBINED STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES VEAR ENDED JUNE 30, 2001

EXHIBIT "B"

REVENUES
State Funds Federal Funds Local Funds Other Funds
Total Revenues
EXPENDITURES
Current Public Services Technical Services Support Services Maintenance and Operations Information Technology
Total Expenditures
Excess of Revenues over (under) Expenditures
FUND BALANCE JULV 1
FUND BALANCE JUNE 30

GENERAL FUND

SPECIAL REVENUE
FUND

TOTALS

(Memorandum Onl~ VEAR ENDED

JUNE 30 2001 JUNE 30 2000

1

1

$ 378,947.47 $
171,949 30 32,269 53
$ 583,166 30 $

$ 2,050.00
2,050 00 $

378,947 47 $ 2,050 00
171,949.30 32,269.53
585,216 30 $

360,538 34 20,222 05
156,343.22 194,697.51
731,80112

$ 311,556.57 $ 61,905.04 123,610 00 24,175.72 181,209 70
$ 702,457.03 $
$ -119,290.73 $
216,539 95

2,050 00 $

313,606 57 $ 61,90504 123,610 00 24,175 72 181,209 70

2,050 00 $ 704,507.03 $

0.00 $ -119,290.73 $

000

216,539 95

259,887 66 57,626 59
119,97707 23,509.26 143,246 60
604,247 18
127,553 94
88,986 01

$ 97,249 22 $

0 00 $

97,249 22 $

216,539 95

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

PIEDMONT REGIONAL LIBRARY COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL GENERALANDSPEC~LREVENUEFUNDS
YEAR ENDED JUNE 30. 2001

EXHIBIT c

REVENUES
State Funds Federal Funds Local Funds Other Funds
Total Revenues
EXPENDITURES
Current Pubhc SeMces Technical Services Support Services Maintenance and Operations lnfonnabon Technology
Total Expenditures
Excess of Revenues over (under) Expenditures
FUND BALANCE JULY 1 2000

GENERAL FUND

BUDGET

ACTUAL

$ 378,96542 $ 378,947 47

199,896.87

171,949 30 32,269 53

$ 578,862.29 $ 583,166.30

$ 705,362.19 $ 311,556 57 61,905 04 123,610.00 24,175 72 181,209 70

$ 705,36219 $ 702,45703

$ -126,499 90 $ -1l9,290 73

126,499 90

216,539 95

FUND BALANCE JUNE 30, 2001

$

000 $

SPECIAL REVENUE FUND

BUDGET

ACTUAL

$

000 $

2,05000

$

0.00 $

2,050.00

$

000 $

2,05000

$

000 $

2,05000

$

0.00 $

0.00

0.00

0.00

$

0 00 $ _ _ _ _0_00_

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

---------------------------------------- -----~===~

PIEDMONT REGJONAL LIBRARY

EXHIBIT "D"

COMBINED STATEMENT OF REVENUES. EXPENSES AND CHANGES IN FUND BALANCES

FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUNDS

YEAR ENDED JUNE 30. 2001

OPERATING REVENUES None Recorded
OPERATING EXPENS'ES
Current Library Books and Matenals Operating Income (Loss)
NONOPERATING REVENUES Interest Earned Total Income
FUND BALANCE JULY 1

LUCILLE NIX MEMORIAL
FUND

TEDE ROBERTS BOOK FUND

TOTALS (Memorandum Onl:r'.}
YEAR ENDED JUNE 30, 2001 JUNE 301 2000

$

000 $

000 $

0.00 $

000

$

0 00 $

38.39 $

38 39 $

75.23

$

000 $

-38.39 $

-38.39 $

-75 23

7916

63 51

142 67

119 54

$

7916 $

2512 $

104.28 $

44.31

1,276 55

1 012 81

2,289 36

2.245 05

FUND BALANCE JUNE 30

$

1 355 71 $

103793 $

2,393 64 $====--=2=,2=8=9=3=6

The notes to the general-purpose finanetal statements are an mtegral part of this statement -6-

PIEDMONT REGIONAL LIBRARY COMBINED STATEMENT OF CASH FLOWS FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUNDS
YEAR ENDED JUNE 30, 2001

EXHIBIT"E"

Cash Flows from Operating Activ1t1es Cash Paid for Library Books and Matenals
Cash Flows from Investing Act1V1t1es Interest Received on Investments
Net Increase in Cash
Cash and Cash Equivalents - July 1

LUCILLE NIX MEMORIAL
FUND

TEDE. ROBERTS BOOK FUND

TOTALS (Memorandum Onl:z:}
YEAR ENDED JUNE 30, 2001 JUNE 30, 2000

$

0.00 $

-38 39 $

-38 39 $

-129 13

$

79.16 $

63 51 $

142 67 $

119.54

$

7916 $

2512 $

104.28 $

-9 59

76 55

12.81

89 36

98.95

Cash and Cash Equivalents - June 30

$

155 71 $

3793 $

193 64 $====8=9=36=

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

PIEDMONT REGIONAL LIBRARY

EXHIBIT "F"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2001

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 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 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 of its operations. Fund accounting is de~igned 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.
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 LIBRARY NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS
JUNE 30. 2001

EXHIBIT "F"

Note 1: SUMMARY OF SIGNJFICANT 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. These funds include:
NONEXPENDABLETRUSTFUNDS Lucille Nix Memorial Fund and Ted E. Roberts Book 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 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 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 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 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:

-9-

PIEDMONT REGIONAL LIBRARY

EXHIBIT "F"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30. 2001

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. The Library considers receivables collected within sixty days after year-end to be available and therefore susceptible to accrual. Nonexchange transactions, in which the Library gives (or receives) value without directly receiving (or giving) equal value in exchange, include intergovernmental grants and donations. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied.
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 cash on hand and demand deposits in authorized financial institutions. Georgia Laws authorize the Library to deposit its funds in one or more solvent banks or insured Federal savings and loan associations.

- 10-

PIEDMONT REGIONAL LIBRARY

EXHIBIT "F"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2001

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 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,
(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 of grant 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.

- 11 -

PIEDMONT REGIONAL LIBRARY

EXHIBIT "F"

NOTES TO TIIE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30. 2001

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 of the 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 useful lives ofthe assets is not capitalized. The values ofinexhaustible collections and books at the Library are not readily determinable, therefore, the Library has not capitalized them.
INTERFUND TRANSACTIONS
The Library has the following type of interfund transactions:
Reimbursements of expenditures/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 conformity 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. Certain reclassifications have been made to the comparative data to conform to the current year classifications.
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 of insurance, 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 11 Opercent 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.
- 12 -

PIEDMONT REGIONAL LIBRARY

EXHIBIT "F"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2001

Note 2: DEPOSITS
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 ofthe 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 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.
CATEGORIZATION OF DEPOSITS At June 30, 2001, the bank balances were $118,464.83. 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 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 LIBRARY

EXHIBIT "F"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 200 I

Note 3: GENERAL FIXED ASSETS

Equipment

Balance July 1, 2000

$ 772,462.68

Retroactive Restatement of Prior Year Balances

22.167.00

Balance July 1, 2000 Restated

$ 794,629.68

Additions

105,869.00

Balance June 30, 2001

$ 900,498.68

Note 4: RISK MANAGEMENT

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 and job related illness or injuries to employees. 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 torts and natural disaster. 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

Amount

All Employees

$ 20,000.00

- 14 -

PIEDMONT REGIONAL LIBRARY NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS
JUNE 30, 2001

EXHIBIT "F"

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 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 of the 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

2001 2000 1999

100% 100% 100%

$ 34,900.76 $ 32,559.76 $ 30,830.30

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PIEDMONT REGIONAL LIBRARY COMBINING BALANCE SHEET
FIDUCIARY FUND TYPE JUNE 30. 2001

EXHIBIT"G"

ASSETS Cash and Cash Equivalents Investments
Total Assets

NONEXPENDABLE TRUST FUNDS

LUCILLE NIX

TEDE

MEMORIAL

ROBERTS

FUND

BOOKFUND

TOTALS

JUNE 3012001

JUNE 3012000

$

155 71 $

37 93 $

193 64 $

89 36

11200 00

11000.00 ------'2=1=20;;.;;o....;;o~o

21200.00

$

1 355 71 $

103793 $

2,393 64 $======2=.2=-i8==9=-3==6

FUND EQUITY
Fund Balances Reserved For Endowment Corpus Unreserved Undesrgnated

$

1,200.00 $

1,000.00 $

2,200 00 $

2,200 00

155.71

3793

193 64

8936

Total Fund Equity

$

135571 $

103793 $

21393 64 $ ===-=-===2=.2=8=9=3=6

See notes to the general-purpose financial statements

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PIEDMONT REGIONAL LIBRARY SCHEDULE OF STATE REVENUE
YEAR ENDED JUNE 30. 2001
AGENCY/FUNDING
GRANTS Board of Regents of the University System of Georgia Office of Public Library Services Salanes Travel Library Materials Maintenance and Operations

SCHEDULE "1"

GOVERNMENTAL FUND TYPE GENERAL FUND

$

267,506.59

3,000.00

58,310.80

50,130.08

$ ====3=78='=94=7=.4=7

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

PIEDMONT REGIONAL LIBRARY SCHEDULE OF FEDERAL REVENUE
YEAR ENDED JUNE 30. 2001

SCHEDULE "2"

AGENCY/FUNDING
GRANT Museum and Library Services, Institute of Through Board of Regents of the University System of Georgia Library Services and Technology Art State Library Program

GOVERNMENTAL FUND TYPE SPECIAL REVENUE FUND
$ ========2=,0=5=0=0=0

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

PIEDMONT REGIONAL LIBRARY SCHEDULE OF LOCAL REVENUE
YEAR ENDED JUNE 30, 2001
LOCAL SOURCES Boards of Commissioners Banks County Barrow County Jackson County Boards of Education Banks County Barrow County City of Commerce Jackson County City Governments Auburn Bethlehem Braselton Carl Homer Hoschton Statham Winder

SCHEDULE "3"

GOVERNMENTAL FUND TYPE GENERAL FUND

$

2,167.00

37,087.50

23,750.00

5,230.44 27,171.00
850.00 8,807.00

24,350.00 420.00 400.00
1,270.00 2,167.00
400.00 7,000.00 30,879.36

$ -==-===::,===17,..,1=,94===-9=.3=0

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

PIEDMONT REGIONAL LIBRARY
SCHEDULE OF SALARIES AND TRAVEL
YEAR ENDED JUNE 30, 2001

SCHEDULE "4"

NAME
Albritton, Allen, Attaway, Benefield, Braselton, Brown, Hams, Hayes, Holliday, Holmes, Hoover, Jones, Jones, Krebs, Luke, Page, Pope, Ray, Sutton, Talbott, Thompson, Thompson, Wood,

Debbie Tandi Sherry Charlotte Vickie H Benjamin Hamett Sharon G. Sandra R Nancy M. Anna R. Brenda Nancy Jane G. Katie Joyce F. Anthony Nancy C. Maurice G Jacquelyn G. Peggy Rose S. Mmam L.

Totals per Report

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

SALARIES

TRAVEL

$ 5,171.44

2,766.00

1,054 20

2,356.20

19,714.65

2,253.00

4,872.25

15,159.74 $ 102.48

50,298.34

695.26

54,992.80

7206

54,992.80

291.64

3,640.33

10,742.63

27.16

6,051.00

2,894.04

9,083.49

7,402.59

60,355.60

1,941.24

6,63340

2,058.75

5,095.15

19,456.04

21589.38

$ 3491633.82 $ 3,129.84

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