Sara Hightower Regional Library, Rome, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2002

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-SARA HIGHTOWER REG'tONAL LIBRARY

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. ROME, GEORGIA , .

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"REPORT-ON AUDIT.,

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OF THE FINANCIAL STATEMENTS

,, 'FOR TH~ Fi~CAL 'fEA~ ENDED JUNE 30,' 2002

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, Ru. ssell W. Hi-nton.
State Auditor

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SARA HIGH I OWER REGIONAL LIBRARY - 'I A ALE OF CON ll.NTS -

FINANCIAL

INDEPENDENT AUDITOR'S COMBINED REPOR I ON GENERAL-PURPOSE FINANCIAL STATfMENTS AND SUPPLEMENTARY INFORMAl ION

EXHIBITS

GEN[RAL-PlJRPOS:. rlNANCIAL s rATEMEN rs

COMBINED STATEMENlS -OVERVIEW

A

COMBINED BALANCE SHEE I

ALL FUND TYPES AND ACCOUN I GROUPS

2

B

COMBINED STATEMENT OF REVENurs. EXPFNDITUR[S AND

CHANGES IN FUND BALANCES

ALL GOVERNMENTAL FUND TYPES

4

C

COMBINED STATl:oMLNT OF REVENUFS, EXPENDITURES AND

CHANGES IN ~UND BALANCES - BUDGET AND ACTUAL

GENERAL AND SPl:oCIAL REVrNUE rUNDS

7

D NOTES TO THE GENERAL-PURPOSl:o rlNANCIAL STATEMENTS

8

ADDITIONAL rlNANCIAL INFORMAl ION

SCHEDULES

SCI IEDUL[ or REVENUE

STATE

16

2

FEDl:oRAL

17

3

LOCAL

18

4 SCHEDULE OF SALARIES AND TRAVEL

19

rlNANCIAL

lu,,H I W. HIN1 oN
STATr l\iJDITriH (-H',.:i;f,'l.!>2 ,

DEPARTMENT OF AUDITS AND ACCOUNTS
254 W,1-..hmgton ~trcct ~ \V ~u1h: 214 AtlJnlJ, (11..oQ!IJ ~0134-X4011
July 18. 2003

l lonorable Sonny Perdue. Governor Members of the Gencral A~sembly Member~ of the Board of Regents of the Uni\ ers1ty Sy,tem of Georgia
and Director and Memhers of the Sara Hightower Regional Library Board
INDEPE'\!DENT AUDI I OR'S COMBINl:D REPORT ON GENlc.RAL-PURPOSE FINA"JClAL STATEMENTS /\ND Sl TPPLEMtNTAR Y INFORMATl ON
Ladies and Gentlemen
We have audited the accompanying general-purpose financial statement, of the Sara Hightower Regional L1hrary. as of and for the year ended June 30, 2002. a, hsted in the table ofcontents The',C gcneral-purpo~e financial statements are tho: re,pons1b1hty of the Sara Hightower Regional Library's management Our respons1b1hty 1~ to c"pre~s an op1mon on these general-purpo~ financial ,tatcment, ba~d on our audit
We conducted our audit in accordance with auditing ~tandards generally accepted in the l lmted State, of America Those standard~ require that we plan and perform the audit to obtam reasonable as~urance about whether the general-purpose financial statements are free of material m1~~1atcmen1 An audit includes examining. on a test basis. evidence supporting the amounts and disclosures in the financial stato:menl~ /\n audit also indudes assessing the accounting principles used and s1gmficant estimates made by management. ~ well as evaluating the overall financial statement pre,entat10n We believe that our audit provide~ a re~onable b~1, for our opm1on
In our opmmn. the general-purpo:,e financial statements referred to above present fairly, in all material respect,, the financial pos1t1on of the Sara Ihghtower Regional Library as of June 30. 2002. and the rcsul!, of its operallon, for the year then ended. m conforrmty with accounting principles generally accepted in the United State~ of America
Our audit was performed for the purpose of forming an opm10n on the general-purpose financial statements of the Sara !hghtower Reg10na! Library taken a~ a whole The accompanying financial schedule~ (Schedule~ I through 4). as hsted m t'1e tahle of content,. are presented for purpo,es of add111onal analy,1, and are not a required part of the general-purpose financial statements ofthe Sara
2002ARL-40

Hightower Regional Library Such mfonnatlon has been subjected to the aud1tmg procedures applied m the audit ofthe general-purpose financial ~tatements and m our opinion. 1s fairly stated. m all matenal respects. m relation to the general-purpose financial statements taken as a whole
A copy ofth1s report has been filed as a permanent record m the office ofthe State Auditor and made
available to the pre~s of the State, as provided for by Official Code of Georgia Annotated Scctmn 506-24
RWII as 2002ARL-40

SARA HIGHTOWER REGIONAL LIBRARY

SARA HIGHTOWER REGIONAL LIBRARY COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS JUNE 30 2002

ASSETS Cash and Cash Equivalents Accounts Receivable General F1xed Assets
Equipment lnexhausbble Collec!Jons and Books Amount to be Provided ,n Future Years For Payment of Compensated Absences
Total Assets

GOVERNMENTAL FUND TYPES

SPECIAL

CAPITAL

GENERAL

REVENUE

PROJECTS

FUND

FUND

FUND

$ 412,142 69

$

8,025 25

2,857 53 $

1,10000

27000

$ 41500022 $

1 100 oo s _ _...,;a.a,2;;9;;.5.;;.2.5.

LIABILITIES AND FUND EQUITY LIABILITIES
Cash CIVerdratt Accounts Payable Compensated Absences
Total L1ab1lmes
FUND EQUITY Investment 1n General Fixed Assets Fund Balances Unreserved Undesignated
Total Fund Equrty
Total L1ab1l1t1es and Fund Equity

$

1,10000

$

1 100 00

$ 41500022 $ $ 41500022 $

000 $ 000 $

8 295 25 8 295 25

$ 41500022 $

1,100 00 $ _ _....;:8.,_2;;9;;.5.;;.2.,5

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

EXHIBIT "A"

ACCOUNT GROUPS

GENERAL

GENERAL

FIXED

LONG-TERM

ASSETS

DEBT

TOTALS (Memorandum Onl~) JUNE 30, 2002 JUNE 30 2001

$

420,167 94 $

425,S05 76

4 227 53

8,914 98

$

1,494,723 66

3,528,887 42

1,494 723 66 3,528 887 42

1,551,142 93 3,353678 08

$

SO 195 76

SO 195 76

48 262 16

$

5 023,611 08 $

50 195 76 $ 5498 202 31 $ 5 387,S03 91

$

$ _ _5_0_1=9~5_7~6

$

50 195 76 $

1,100 00 $ 50 195 76

37500 11,878 69 48 262 16

5129576 $ _ _ _60=5~1=5~8=5

$

5,023 611 08

$ _ _ _~5~0=2=3~6~1_1~08~

$ 5 023,611 08 $ 4 904,821 01

423 295 47

422 167 05

$ 5 446 906 55 $ 5 326 988 06

$

5 023 611 08 $

50,195 76 $ 5 498 202 31 $ 5,387,503 91

-3-

SARA HIGHTOWER REGIONAL LIBRARY COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
YEAR ENDED JUNE 30, 2002

REVENUES
State Funds Federal Funds Local Funds Other Funds
Total Revenues
EXPENDITURES
Current Pubhc Services Technical Services Support Services Maintenance and Operations
Capital Outlay
Total Expendrtures
Excess of Revenues over (under) Expendrtures
OTHER FINANCING SOURCES (USES)
Operating Transfers In Operating Transfers Out
Total Other Financing Sources (Uses)
Excess of Revenues and Other Financmg Sources over (under) Expendrtures and Other Financmg Uses
FUND BALANCE JULY 1
FUND BALANCE JUNE 30

GENERAL FUND

SPECIAL REVENUE
FUND

$

497,999 26

$

1,532,498 67

87 341 21

$

2 117 839 14 $

26,825 00 26,825 00

$

1,340,169 37 $

136,843 62

315,398 62

282,679 67

1,825 00 25,000 00

$

2,075,091 28 $

$

42,747 86 $

26,825 00 000

$

-24,000 00

$

-24,000 00

$

18,747 86 $

396,252 36

000 0 00

$

41500022 s~~==--o_oo.;;.

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

EXHIBIT "B"

CAPITAL PROJECTS
FUND

TOTALS

(Memorandum Only)

YEAR ENDED

JUNE 30, 2002

JUNE 30, 2001

$

31,14352 $

529,142 78 $

513,935 20

26,825 00

375 00

10,000 00

1,542,498 67

1,566, 184 88

87 341 21

108,408 88

$

4114352$

2, 185,807 66 $

2 188,903 96

$

1,341 994 37 $

1,378,923 07

161,843 62

153,679 84

315,398 62

357,21110

282,679 67

291,051 16

$

82,762 96

82,762 96

46,970 74

$

82,762 96 $

2 184,679 24 $

2,227,835 91

$

-41,619 44 $

1,128 42 $

-38 931 95

$

24,000 00 $

24,000 00 -24,000 00

$

24,000 00 $ _ _ _ _.....:,_0_,,00::,_

$

-17,619 44 $

25 914 69

1,12842 $ 422 167 05

-38,931 95 461,099 00

$

8 29525 $

423,295 47 $ ===4~2:a:2...1;.;6;,;,7.;0;;;;,5

-5-

SARA HIGHTOWER REGIONAL LIBRARY COMBINED STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL GENERAL AND SPECIAL REVENUE FUNDS
YFAR ENDED JUNE 30 2002

EXHIBIT "C"

REVENUES
State Funds Federal Funds Local Funds Olher Funds
Total Revenues
EXPENDITURES
Currem PuDl1cServtces Techntcal SeMCes Support SeMCeS Maintenance and OperatJons
Total Expenditures
Excess of Revenues over (under) Expenditures
OTHER FINANCING USES
Other Uses
Excess of Revenues over (under) Expeochtures and Other Financing Uses
FUND BALANCE JULY 1 2001

GENERAL FUND

BUDGET

ACTUAL

s 498 599 26 s
1,646,892 38
s 2 145 491 84 S

497 999 26
1 532 498 67 87 34121
2117 83914

s $ 1 380 ~58 33
13718462 347 025 07 293 247 45
s 2 158 015 47 s
s -1252383 s

1 340 169 37 136 843 62 31539862 282 679 67
2 075 09128
42 747 86

-24 000 00

s -12 523 83 s
340 107 82

18 747 66 396 252 36

FUND BALANCE JUNE 30 2002

s 327 583 99 S --"4"'15"000=c:2;:;.2

SPECIAL REVENUE FUND

BUDGET

ACTUAL

s 2610000 S

26 825 00

s 26 100 00 S

26 825 00

$

1,100 00 $

25 000 00

1 825 00 25 000 00

s 26 100 00 s

$

0 00 S

26 825 00 0 00

s

0 00 5

0 00

0 00

0 00

s

ooo s_____o.o..so

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

SARA HJGHTOW[R REGIONAi LIBRARY

[XHIBIT "[)"

1':OTES TO THE GENl:.RAL-PlJRPOSE FINANCIAL Sl ATEMENl S

JUNF 30, 2002

Note l. SUMMARY OF SlGNIFICAN l ACCOUNTING POLICIES
REPORTING El'i'TITY
The Sara Hightower Regional Library (Library) operates pursuant to Official Code of Georgia Annotated Sect10ns 20-5-40 through 20-5-59 to provide public library services with costs shared by part1c1pating local governmental agenc1e, and grants from the State of Georgia The financial statements ot the Library have been prepared in conformity with generally accepted accounting pnnc1plcs as applied to governmental units The financial statements present all fund types and account groups of the Library
The Library Hoard consists of 16 members. 11 members appointed from the floyd County Library Board. and 5 member., appointed from the Polk County Library Board The Library Board 1s v.ithout authonty to determine the amount of it, funding. except by subm1ss1on of budget requests to local governmental unit, from which the Library receives support and to the State ofGeorgia for State and Federal funding Membership in the Library and part1c1pat1on in hbrary ,crv1ces 1s at the di,cretion of each participating governmental agency The Library Board has the power to designate management. the power to retain unreserved fund balances ol local and other funds for continued operation, and ,s the lo,\est le, el of oversight re,pons1b1hty for the Library's operations
While the t loyd County Library Board appoints a maJonty ofthe Sara Hightower Regional Library's
Board. the rloyd County Library Board is neither able to 1mpo~e its will upon the Library nor 1s there a financial benefit/burden relat1onsh1p between the two boards as defined by Governmental Accounting Standards Board The Sara Hightower Regional Library 1s therefore considered to be a related orgamLahon of the Hoyd County L1b1111') Board
FUND ACCOUNTING
The Library uses funds and account groups to report on 1t, financial pos1t1on and the results of Its operations Fund accounting 1s designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or act1v1t1e,
A fund 1s a ,eparate accounting entity with a self-balancmg set of accounts An account group 1s a financial repurtmg device designed to pro\1de accountah1hty for certain assets and hab1ht1cs that arc not recorded m the fund, because they do not direct!) affect expendable a\ailabk financial resources
rhe general-purpose financial statements account for all Statc. lederal. Local and Other fund~ under control of the L1hrary. in compliance with generally accepted accounting pnnc1plcs apphcahle to governmental umb. unles, otheTWJse d1~closed m these note~ Fund, and lhe account groups presented m this report are as follow~

-8-

SARA HIGHTOWER REGIONAL LIBRARY NOTES TO THE GENFRAL-PURPOSE FINANCIAL STATEMENTS
JUNE 30. 2002

EXHIBIT "D"

Note I SUMMARY OF SIGNIFICAN I ACCOUNTING POLICIES
GOVERNMENTAL FUND TYPES - used to account for all or most of the Library's general acuv1t1es Governmental Fund Types include
GENERAL fUND - the fund used to account for all financial resource, of the Library e:-.cept those required to be accounted for m another fund These transactions relate to resources obtamed and used for services provided by a Library
SPECIAL RI:VENUE FUND - the fund used to account for the proceeds of specific revenue source, (other than for maJor capital projects) that are legally restricted to expenditures for specified purpo~es fhe primary type ofspecial revenue fund consists of proceeds received from State and federal source, to accomplish specific obJect1ve, and are required to be accounted for separately
CAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisrnon or construct10n of maJor capital fac1ht1cs
ACCOUNT GROUPS
GENERAL FIXED ASSETS ACCOUNT GROUP - used to account for all general fixed asset, acquired by the Library which include, equipment and inexhaustible eollect1ons and boob fhe Floyd County Board ofComm1ss10ners own, the land and buildings uuhzed m the operation ot the Library
GENERAL LONG-T[RM DEBT ACCOUNT GROUP - A financial reporting device used to account for compensated absences obligations
BASIS OF ACCOUNTING
The accounting and financial reporting treatment apphed to a fund 1s determined by 1t~ measurement focu, All governmental fund, are accounted for using a current financial resources measurement focus With this measurement focus. only current a,~et, and current hab1ht1es are generall) included on the balance ,heet Operating statement, of these funds pre,cnt increa,e~ (1 e. revenues and other financing sources) and decrea,es (1 e, expenditures and other financing uses) m net current asset~ Their reported fund balance 1s considered a measure of available ,pendable resources
Liab1ht1es which arc expected to be financed from available spendable resources are reported a, hab1hlles in the governmental fund, Other habilit1es, which are not expected to be financed from available spendable resources. arc reported m the General Long-Term Debt Account Group
Goverrnnental funds are accounted for using the modified accrual basis ofaccountmg under which

-9-

~ARA HIGHTOWER REGIONAL LIBRARY

EXHIBIT "D"

NOT[S ro 1 HE GENERAL-PURPOSE FINANCIAL STAl EMENTS

JUNE 30, 2002

Note I. SUMMARY Of SIGNIFICANT ACCOUNTING POLICIES
Revenues are recogmzed when ~uscept1blc to accrual (1 e, when they become both measurable and available) "Measurable" means the amount of the transaction can be determined and "ava1Iablc" means collecttble within the current penod or soon enough thereafter to be used to pay hab1httes of the current period The Library considers receivable~ collected wtthin sixty days after year-end to be available and therefore susceptible to accrual. None'\change transacttons. in which the Library gives (or receives) value without directly receiving (or giving) equal value in exchange. include intergovernmental grant~ and donattons Revenue from grant~ and donation~ 1~ recogmLed in the fiscal year in which all ehg1b1hty requtrements have been sattsfied
Expenditures are generally recogmzed when the related fund hab1lity 1s incurred
BUDGET
The Sara Hightower Reg10nal Library's budget 1s a complete financial plan for the Library's fiscal year and 1~ based upon estimates of expenditures together with probable funding sources There 1s no ~tatutory prohib1t10n regarding overexpendtture of the budget at any level The budget for all governmental fund~ ts prepared by fund. function and obJect The legal level of budget control was established by the Library at the aggregate level The budget for governmental funds was prepared in accordance wuh generally accepted accounting principles
The budget process begins when the Library'~ admin1strat1on prepares a tentative aggregated budget for the Board's approval After approval ofth1s tentative budget by the Board, cop1e~ are sent to all local funding agencies After funding approval 1s received from all local funding agencies. the Board
makes rev1s10ns a~ necessary and adopts the budget The budget 1s then submitted to the Board of
Regents of the Umvers1ty System of Georgia as a part of the Library'~ annual application for State aid The Board may increase or decrease the budget at any lime dunng the year All unexpended budget authonty 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 authonzed financial instttuttons Georgia Law~ authorize the Library to deposit its funds in one or more solvent banks or insured Federal savings and loan assoc1at1ons.
RECEIVABLES
Receivables consist of grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed. allotted funds from part1c1pating local governments, and other receivables disclosed from information available Receivables :::re recorded when either the asset or revenue

- 10 -

SARA HIGH rowER RFGIONAL LIBRARY NOTES TO THE GFNERAI -PURPOSI::. flNANCIAL STATEMLNTS
JUNE 30, 2002

EXIIIDIT "D"

Note I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
recogmt10n cntena has been met Receivables recorded on the general-purpose financial statements do not include any amount, which would ncccss1tate the need for an allowance for uncollccuble receivables
GENERAL FIXED ASSETS
General fixed asset~ purchaM.-d, including capital outlay costs, arc recorded as expenditures in the vanous funds at the time of purchase All purch~d general fixed a\~ets arc valued at cost where h1,toncal records arc available and at estimated h1stoncal co\! where no h1stoncal records exist Donated general fixed a~sets arc recorded at fair market value as of the date donated Disposals are deleted at recorded cost No depreciat10n has been provided on General Fixed Asse~ The cost of normal maintenance and repairs that do not add lo the value of the a\scts or matenally extend the useful hves of the assets 1s not capllah7ed
COMPENSATED ABSENCES
Compensated ab,ences represent obligations of the Library relating to employees' nghts to receive compcnsat10n for future absences based upon services already rendered fh1s obhgat1on relates only to ve,ting accumulating leave in which payment 1~ probable and can be reasonably estimated No hab1hty has been recorded in the ind1v1dual funds for the current port10n of th1, obhgat1on as this amount 1, deemed 1mmalenal to the general-purpose financial statement~
INTERFUND TRANSACTIONS
The Library ha~ the following types of interfund transaction,
Reimbursements of expenditures 1mt1ally made from a fund that are properly applicable to another fund are recorded as expenditures in the reimbursing fund and a, reduct10ns of expenditures in the fund that 1~ reimbursed
Operating transfers are recorded for all interfund transact10ns other than reimbursements
MEMORANDUM ONLY -TOTAL COLUMNS
fotal columns on the general-purpose financial statements are caplloned "Memorandum Only" to indicate that they arc presented only to fac1htate financial analysis Data in these column, do not present financial pos1t1on or results of opcrat10ns in conform1ly with generally accepted accounting pnnc1ples. nor 1s such data comparable to a consolidation lnterfund ehminatlons have not hccn made in the aggregallon ofth1s data

- 1I -

SARA HIGHTOWER REGIONAL LIBRARY

EXHIBIT "D"

NOTES TO THL GCNFRAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2002

Note 2 DEPOSITS
COLLATERALIZATION OF DEPOSil S Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any lime 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 marl.et value of securit1e, pledged shall be equal to not less than 110 percent ofthe pubhc fund, being secured after the deduct10n of the amount ofdeposit insurance
!fa depository elect, the pooled method (OC'GA 45-8-13 I) the aggregate of the market value ofthe securities pledged to secure a pool of pubhc funds ,hall be not less than I IO percent of the daily pool
balance OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his d1scret10n. waive the requirement for security in the case ofoperating funds placed in demand deposit checl.ing accounts
Acceptable security for depo,11, consist, of any one of or any combination of the following
(I) Surety bond signed by a surety company duly quahlicd and authonzed to transact business wllhin the State of Georgia.
(2) Insurance on account~ provided by the I-ederal Deposit Insurance Corporation,
(3) Bonds. bills. notes. certificates of indebtedness or other direct obhgat10n~ of the Umted States or of the State of Georgia,
(4) Bonds. bills. notes. certificates of indebtedne~s or other obligation, of the counties or mumc1pahues of the State of Georgia.
(5) Bonds of any pubhc authority created by the laws of the State of Georgia. providing that the statute that created the authority authorized the use of the bond~ for this purpose,
(6) Industrial revenue bonds and bonds ofdevelopment authont1es created by the laws ofthe State of Georgia. and
(7) Bonds. bills, notes, certificates of indebtedness, or other obhgat1ons of a subs1d1ary corporation of the United States government. which are fully guaranteed by the Umted States government both as to pnnc1pal and interest or debt obhgat10ns 1~sued by the Federal Land Bank, the Federal Home Loan Bank. the Federal lntenncd1ate Credit Bank, the Central Bank for Cooperatives, the rann Credit Banks, the Federal Home Loan Mortgage Association. and the Federal National Mortgage Association
CATEGORIZATION OF DEPOSITS At June 30, 2002, the bank balances were $516.690 85 The amounts of the total bani. balances arc clas,1ficd into three categories of credit nsk
- 12 -

SARA HIGlllOW[R Rf.GIONAL LIBRARY

EXHIBIT "D"

NOTES TO THL GENERAL-PURPOSE FINANCIAL SrATEMENTS

JUNE 30. 2002

Note 2 O1-.POSITS

Category I - Cash that 1s msured (e g, f.:deral depo,1tory m,urance) or collaterahzed with secunlle, held by the Library or by the Library's agent m the Library'> name
Category 2 - Cash collatcrahzed with securities held by the pledging financial msutut10n's trust department or agent m the Library's name
Category 3 - Uncollaterahzed deposits (This includes any bank balance that 1s collaterahLed with sccunlles held by the pledging financial msutullon. or by Its trust department or agent but not m the Library's name )

The Library's deposits are classified by nsl- category at June 30, 2002, as follows

Rt~k Category

Bank Balance

2 3
Total

$ 100,000 00 0 00
416.690 85
$ 5 ly.690,85

Note 3 GENERAL FIXED ASSETS

A summary of changes m the General Fixed Assel~ Account Group dunng the fiscal year arc as follows

Equipment

lnexhausllble Collcct1ons and
Books

Total

Balance July I. 200 I

$ 1,551.142 93 $ 3,353,678 08 $ 4,904.821 01

Add11ions

50.687 18

364.265 28

414.952 46

Deductions

107 106 45

189 055 94

296.162 39

Balance June 30. 2002 Note 4 RISK MANAGFMEN'I

$....LI2,'1.llM,6 $_J.,5~aBZd~ $~,JJ...1)!

The Library 1s cxpo~ed to various risks of lo,s related to torts. theft of. damage to. and de,tructton of assets. errors or om1s,1ons. Job related tllne,s or mJunes to employee\, acts of God, and unemployment compensation

- 13 -

~ARA HIGHTOWER Rl::.GIONAL LIBRARY

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIALS fAT[MENTS

JUNE 30, 2002

Note 4 RISK MANAGEMENT

The Library has obtamed commercial msurance for risk ofloss asMJc1ated with torts, assets, errors or om1ss10ns and Job related illness or mJuries to employees The Library has neither s1gmficantly reduced coverage for these risks nor mcurred losses (settlements) which exceeded the Library's insurance coverage m any of the past three years

The Library has elected to self-msure for all losses related to acts of God lbc Library has not experienced any losses related to this risk m the past three years

The Library 1s sclf-msured with regard to unemployment compen<;ahon claims The Library accounts for claims w1thm the General Fund with expenditure and hab1hty bcmg reported when 1t 1~ probable that a loss ha~ occurred, and the amount of that loss can be reasonably esllmated l he Library ha~ not experienced any unemployment compensahon claim~ during the last two years.

The Library h~ purchased a surety bond to provide add1t10nal msurance coverage as follows

Pos111on Covered

Amount

All Employees

$ 10,000 00

Note 5 GENERAL LONG-TERM DEBT

The changes in General Long-Term Debt dunng the fiscal year ended June 30. 2002, were as follows

Compensated Absences

Balance July I, 200 I

$ 48,262 16

Add111on~ Annual Leave Earned and Utilized (Net)

I 933 60

Balance June 30, 2002

$ 50,125,26

Note 6. ACCUMULATED EMPLOYEES' LEA VI:

The Library's profess10nal personnel earn armuaJ leave at a rate up to 30 days per year based upon the number of years employment and professional trammg Annual leave 1s mamtamed on a calendar basis and all unused annual leave at December 31 each year 1s forfeited Employees who term mate employment will be paid for accumulated unused annual leave in the year of termination See Note I - Compen~ated Absences

- 14 -

SARA HIGHTOW!oR REGIONAL LIBRARY

EXHIBIT"D"

NOTES TO rHE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUN[ 30, 2002

Note 7 RETIREMENT PLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS)

l'RS PLAN DESCRIPTION Substantially all hbranans and clencal permnnel employed hy reg10nal and county hbranes are covered by the Teachers Retirement System of Georgia (TRS), which 1~ a cost-sharing multiple employer defined benefit pens10n plan TRS provides service rellrement, d1sab1hty rcllrement and ~urv1vors benefits for Its member~ in accordance "-1th State statute The Teachers Rellrement System of Georgia issues a separate stand alone financial audit report and a copy can he obtained from the Georgia Department of Audns and Accounts

TRS CONTRIBUTIONS REQUIRED AND MADE Employees of the Library who are covered by TRS are rcqmred by State statute to contnbute 5% of their gross earnings to TRS The Library makes monthly employer contnbut1ons to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as adv1M:d by thcIT independent actuary The required employer contnbut10n rate is 9 24% and employer contnbut1ons for the current fiscal year and the preceding two fiscal years are as follows.

Fiscal Year

Percentage Contnhutcd

Rcqmred Contnbut1on

2002 2001 2000

100% I00% 100%

$ 99.660 08 $ 117.588 1 I $ 114.886 62

- 15 -

SARA HIGHTOWER REGIONAL LIBRARY
SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30 2002

SCHEDULE "1"

AGENCY/FUNDING
GRANTS Board of Regents of the Unrversrty System of Georgia Pubhc L1branes Salarres Travel Library Materials Talking Books Center Maintenance and Operahon MaJor Repa,r and Renovation Grant Program

GOVERNMENTAL FUND TYPES

CAPITAL

GENERAL

PROJECTS

FUND

FUND

TOTAL

s

266 334 32

$

266 334 32

4 386 09

4 386 09

73,769 85

73 769 85

84,570 00

84,570 00

68,939 00
s

31 143 52

68 939 00 31 143 52

s

497 999 26 5

31143 52 $ _ _.;5;:;2;.9.1.4_2_7_8

See notes to the general-purpose financial statements

16 -

SARA HIGHTOWER REGIONAL LIBRARY SCHEDULE OF FEDERAL REVENUE YEAR ENDED JUNE 30. 2002

SCHEDULE "2"

AGENCY/FUNDING
GRANT Museum and Library Services, lnstrtute of Through Board of Regents of the Umvernrty System of Georgia Library Services and Technology Act Vacation Reading Program Technology

GOVERNMENTAL FUND TYPE SPECIAL REVENUE FUND

$

1,825 OD

25,000 OD

$ -~-==26;,i;B;;:;2_,5..;,0D;.,

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

SARA HIGHTOWER REGIONAL LIBRARY
SCHEDULE OF LOCAL REVENUE YEAR ENDED JUNE 30 2002

SCHEDULE "3"

LOCAL SOURCES Boards of Education Floyd County Polk County Rome City of City Governments Cave Spnng Cedartown Rodunart Rome County Governments Boards of Comm1ss1oners Floyd Polk

GOVERNMENTAL FUND TYPES

CAPITAL

GENERAL

PROJECTS

FUND

FUND

TOTAL

$

8,000 00

800000

8,000 00

13,815 72 35,723 22 34,596 73 530,668 98

$

800000

8,00000

800000

13,815 72 35,723 22 34,596 73 530,668 98

799,500 02 $ 94 194 00

1000000

80950002 94,194 00

$

1 532 498 67 S

------- 10 000 00 $

1 542 498 67

See notes to the general-purpose financial statements

- 18 -

SARA HIGHTOWER REGIONAL LIBRARY SCHEDULE OF SALARIES AND TRAVEL
YEAR ENDED JUNE 30 2002

SCHEDULE "4"

NAME

TITLE CATEGORY

Allen Amos Barnes, Bostwick, Bouchard, Bray, Bndges, Bnght, Broome, Buri<halter Caldwell, Cantrell Carlson Cleveland, Cooley, Cornett, Davidson Dollar, Doyle, Drummond, Duden Ea~ Edwards Evans Evans Ezen, Faught Feld Fennell, Fmger1e Floyd Fr~r, Fncks, Fuller, Gentry, Gibbons, Gilbert G1llesp1e, Gorham, Grant Hall Hampton Hardy, Hargett, Harmison Hastings, Havens Howard, Hunter, Hutctunson,

Randall J Jeffrey A Angela Thomas Heather Shores Harvey Kelly Leann Jane C TommyR Sandra J Sara G fll.elame E Candra E Susan M Sharon Carruth Susan Sexton K1mbe~y Beth Joann P Edward L, JR James 0 Regina Ann Ru1h Ann Judy D Lisa A Barbara P James David Jenmfer Elam Katherine M Jennifer Ann Amber Lasha Candice A Linda A Anna Michelle Abby Le1ghan Alisha Dawn Teresa A Mary B AnneE Jewels Lynn McMurrough Jeannie I Jennifer Michelle
DawnW
Tiffany Keren Rachel Fa,t Jennifer J Micah E Sarah Ashley Gia Natasha Wanda Kay Kelh Lynn

Library Assistant library Assistant Library Assistant L1branan Non Certrfred Branch Manager/Supervisor Lrbrary Assistant Library Aide Grounds Maintenance Llbranan Non Certified Library Assistant Certified Ltbranan Library Assistant Branch Manager/SupervlSOr Library Assistant Director Library Assistant Branch Manager/Supervisor Branch Manager/Supervisor Certified Libranan Library Assistant Bookkeeper Library Assistant Library Assistant Branch Manager/Supervisor L1branan Non Certified Library Assistant L1brarran Non Certlhed Library Assistant Library Assistant Library Assistant Assoc,ate Director Library Assistant Library Assistant L1branan Non CertJfted Certified L1branan Library Aide Library ASSJstant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library Assrstant Library Assistant Library Assistant Library Assistant Library Assistant Library Asststant Library ASSJstant

See notes to the generalpurpose financial statements

- 19 -

SALARIES

TRAVEL

$

4,976 12

2,918 06

20 953 50

7 834 50

20 778 72

571 65

28 146 29

8 356 97

30,346 33 $

199 90

3,755 74

38 738 21

104 00

1,13753

29,818 37

26,139 66

294 61

63,382 01

1,836 20

1,246 77

24,346 80

250 11

34,532 27

57,608 86

17,928 29

36,864 36

54 00

20,990 76

136 52

38,730 71

30666

34 365 36

318 58

10,152 66

5,327 76

1,195 37

770 59

57,810 69

1,112 06

109798

92622

3 488 50

3662807

26,758 25

4500

21,515 59

15 00

14,801 58

4,650 45

16,338 23

15,414 73

20,442 42

1,271 22

1 179 71

1,295 14

1,558 45

2,572 59

12,23415

26849

6 896 74

31564

SARA HIGHTOWER REGIONAL LIBRARY SCHEDULE OF SALARIES AND TRAVEL
YEAR ENDED JUNE 30 2002

SCHEDULE "4"

NAME
Jacobs, Johnston, Kennedy, Kinzer, Kirkpatrick, Lackey Lindsey Lowe, Mann MartJn, Mays, McKenzie, Miller Mills, N1ederme1er, Penn Perrow, Perry Pnce Reid Rhine Rummel Russell, Ruth Ryan Savage Schlicht, Schulz, Shiflett Stephens Sutton Sweezey, Thompson, Thornbury Treadaway, Wallace, Wheeler Whelchel Wilkerson, Wilkerson, Woodard,

Denise N Patnc1a A Jessica A Jacqueline D Joan Margaret Drane E AmandaM Judith D Jeanne Lynn Amanda Layne Amanda Lynn Brandy Brown Kimberlee D Diana C Tracey ZmaA Tammy Jean Jessica Letgh Mary Cathenne James Phil Worth Marvis Shira Breann Lucie Savannah J Michael Sean Virginia M Megan E Barbara F Teresa D Michael Jerry C Staphen T Joann Courtney Brenda Joy Deana M Mary Ann Kimberly J Carolyn D Sendra F Frances

TITLE CATEGORY
Library Assistant L1branan Non Certified library Assistant Library Assistant Library Assistant Branch Manager/Supervisor Libra!)' Assistant llbranan Non Certified Library Assistant Library Assistant Library Assistant Library Assistant Library Ass1S1ant CertJfied L1branan Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library AsSIStant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Llbranan Non CertJfied Library Ass!Stant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant LJbranan Non CertJfied Library Assistant L1branan Non Certified Library Assistant

SALARIES

TRAVEL

$

1,247 82

10,18890

2 S42 73

4,95910

974 82

32 641 07 $

700

230 82

19,468 87

19,016 64

30749

3,629 34

623 36

2 334 94

602 30

49,517 36

1,437 83

10,418 67

24,04919

69 00

311319

1,236 25

19,637 34

1500

704 19

3,49804

20 953 50

169911

2 389 60

3 222 39

111 24

19,2&4 94

150 S4

20,953 50

42726

3,341 95

2,812 38

192941

4,943 72

19,468 87

9 628 38
21 651 o:i

23311

2,899 64

2,770 79

26,533 77

5 072 77

Totals per Report

$ 120038744 $ 691372

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