Satilla Regional Library, Douglas, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2007

SATILLA REGIONAL LIBRARY
DOUGLAS, GEORGIA REPORT ON AUDIT
OF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2007
STATE OF GEORGIA
DEPARTMENT OF AUDITS AND ACCOUNTS
Russell W. Hinton State Auditor

SATILLA REGIONAL LIBRARY - TABLE OF CONTENTS -

SECTION I

FINANCIAL

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

EXHIBITS

BASIC FINANCIAL STATEMENTS

DISTRICT-WIDE FINANCIAL STATEMENTS

A

STATEMENT OF NET ASSETS

1

B

STATEMENT OF ACTIVITIES

2

FUND FINANCIAL STATEMENTS

C

BALANCE SHEET

GOVERNMENTAL FUND

3

D

RECONCILIATION OF THE GOVERNMENTAL FUND BALANCE SHEET

TO THE STATEMENT OF NET ASSETS

4

E

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES

IN FUND BALANCE

GOVERNMENTAL FUND

5

F

RECONCILIATION OF THE GOVERNMENTAL FUND STATEMENT

OF REVENUES, EXPENDITURES AND CHANGES IN FUND

BALANCE TO THE STATEMENT OF ACTIVITIES

7

G

NOTES TO THE BASIC FINANCIAL STATEMENTS

8

SCHEDULES

REQUIRED SUPPLEMENTARY INFORMATION

1 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES

IN FUND BALANCE - BUDGET AND ACTUAL

GENERAL FUND

17

SUPPLEMENTARY INFORMATION

SCHEDULES OF REVENUE

2

STATE

18

3

FEDERAL

19

4

LOCAL

20

5 SCHEDULE OF SALARIES AND TRAVEL

21

SATILLA REGIONAL LIBRARY - TABLE OF CONTENTS -
SECTION II FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS

SECTION I FINANCIAL

Russell W. Hinton
STATE AUDITOR
(404) 656-2174

DEPARTMENT OF AUDITS AND ACCOUNTS
270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400
October 6, 2008

Honorable Sonny Perdue, Governor Members of the General Assembly Members of the Board ofRegents ofthe University System of Georgia
and Director and Members of the Satilla Regional Library Board
INDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
Ladies and Gentlemen:
We have audited the accompanying financial statements ofthe governmental activities and the major fund (Exhibits A through G) of the Satilla Regional Library as of and for the year ended June 30, 2007, which collectively comprise the Library's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the Satilla Regional Library's management. Our responsibility is to express opinions on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness ofthe Library's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and the major fund of the Satilla Regional Library, as of June 30, 2007, and the respective changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America.
2007ARL-41

The Satilla Regional Library has not presented Management's Discussion and Analysis that accounting principles generally accepted in the United States has determined is necessary to supplement, although not to be part of, the basic financial statements.
The Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual, as presented on page 17 is not a required part of the basic financial statements but is supplementary information required by the accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods ofmeasurement and presentation ofthe required supplementary information. However, we did not audit the information and express no opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Satilla Regional Library's basic financial statements. The accompanying supplementary information which consist of Schedules 2 through 5, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
A copy of this report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24.
Respectfully submitted,

RWH:gp 2007ARL-41

le).~
sell W. Hinton, CPA, CGFM State Auditor

SATILLA REGIONAL LIBRARY

SATILLA REGIONAL LIBRARY STATEMENT OF NET ASSETS
JUNE 30, 2007
ASSETS Cash and Cash Equivalents Accounts Receivable, Net
Local Other Capital Assets Land Buildings Equipment Library Collections Less: Accumulated Depreciation
Total Assets
NET ASSETS Invested in Capital Assets, Net of Related Debt Unrestricted
Total Net Assets

EXHIBIT "A"

GOVERNMENTAL ACTIVITIES

$

473,856

11,528 27,626

15,310 1,375,000
247,584 1,695,309 -2 415 815

$ ====1=43=0=3=9=8

$

917,388

513010

$ ====1=4=30=3=9===8

The notes to the basic financial statements are an integral part of this statement. -1-

SATILLA REGIONAL LIBRARY STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2007

EXHIBIT"B"

EXPENSES

PROGRAM REVENUES

OPERATING

CHARGES FOR

GRANTS AND

SERVICES

CONTRIBUTIONS

NET (EXPENSES) REVENUES
AND CHANGES IN NET ASSETS

GOVERNMENTAL ACTIVITIES

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

$

353,483 $

11,276

135,714

146,261

5325

47,950 $

123,702 $
74,114 98,640

-181,831 -11,276 -61,600 -47,621 -5325

Total Governmental Activities

652,059 $

47 950 $

296 456 $ _ _ _ _-_3_07~,6_5_3_

General Revenues Allotments from Participating Governments Investment Earnings Miscellaneous

$

304,027

11,439

77272

Total General Revenues

$ _ _ _....,3c::;9::,2.:..;73:.;:8:..

Change in Net Assets

$

85,085

Net Assets - Beginning of Year

1345313

Net Assets - End of Year

$ ======1"=4=3=0=39=8=

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

SATILLA REGIONAL LIBRARY BALANCE SHEET
GOVERNMENTAL FUND JUNE 30, 2007
ASSETS Cash and Cash Equivalents Accounts Receivable, Net
Local Other
Total Assets
LIABILITIES AND FUND BALANCE LIABILITIES
Deferred Revenue FUND BALANCE
Unreserved Undesignated Reported in: General Fund
Total Liabilities and Fund Balance

EXHIBIT"C"

GENERAL FUND

$

473,856

11,528 27,626

$ =======51=3='=0=1=0

$

26,115

486,895 $====5=13::!:,0=1=0

The notes to the basic financial statements are an integral part of this statement. -3-

SATILLA REGIONAL LIBRARY RECONCILIATION OF THE GOVERNMENTAL FUND BALANCE SHEET
TO THE STATEMENT OF NET ASSETS JUNE 30, 2007

EXHIBIT"D"

Total Fund Balance - Governmental Fund (Exhibit "C")

$

Amounts reported for Governmental Activities in the Statement of Net Assets are different because:

Capital Assets used in Governmental Activities are not financial resources and therefore are not reported in the funds. These assets consist of:

Land Buildings Equipment Library Collections Accumulated Depreciation
Total Capital Assets

$

15,310

1,375,000

247,584

1,695,309

-2,415,815

Some of the Library's Fines and Fees Revenues will be collected after year-end but are not available soon enough to pay for the current period's expenditures.

486,895
917,388 26,115

Net Assets of Governmental Activities (Exhibit "A")

$ ====1=,4=30:!i,3=9=8

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

SATILLA REGIONAL LIBRARY

EXHIBIT "E"

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE

GOVERNMENTAL FUND

YEAR ENDED JUNE 30, 2007

REVENUES
Local Funds State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous
Total Revenues
EXPENDITURES
Current Public Services Technical Services Support Services Maintenance and Operations Information Technology
Total Expenditures
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending

GENERAL FUND

$

304,027

269,694

26,762

21,835

11,439

35,638

$

669,395

$

354,080

11,276

135,714

76,772

5,325

$

583,167

$

86,228

400,667

$ ===4=86.,.,=89=5=

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

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SATILLA REGIONAL LIBRARY RECONCILIATION OF THE GOVERNMENTAL FUND STATEMENT OF
REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE TO THE STATEMENT OF ACTIVITIES JUNE 30, 2007

EXHIBIT"F"

Total Net Change in Fund Balance - Governmental Fund (Exhibit "E")

Amounts reported for Governmental Activities in the Statement of Activities are different because:

Capital Outlays are reported as expenditures in Governmental Funds. However, in the Statement of Activities, the cost of Capital Assets is allocated over their estimated useful lives as depreciation expense. In the current period, these amounts are:

Capital Outlay

$

Depreciation Expense

Excess of Depreciation Expense over Capital Outlay

Some Capital Assets acquired this year were donated. In Governmental Funds, these assets, as well as, the associated revenue are not recognized, but in the Statement of Activities, the contribution of donated Capital Assets is recognized as a miscellaneous revenue.

Fines and Fee Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in Governmental Fund.

$
50,808 -119 700

86,228
-68,892 41,634 26 115

Change in Net Assets of Governmental Activities (Exhibit "B")

$ ===8=5=,0=8=5

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

SATILLA REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2007

EXHIBIT "G"

Note 1: DESCRIPTION OF LIBRARY AND REPORTING ENTITY
REPORTING ENTITY
The Satilla Regional Library (Library) operates pursuant to Official Code of Georgia Annotated Sections 20-5-40 through 20-5-59 to provide public library services with costs shared by participating local governmental agencies and grants from the State of Georgia.
The Library Board is comprised of eight members which are also trustees of the member library which appointed them. The Library Board membership consists oftwo members appointed from the Atkinson County Library Board, four members appointed from the Coffee County Library Board and two members appointed from the Jeff Davis County Library Board. The Library Board is without authority to determine the amount ofits funding, except by submission ofbudget requests to local governmental units from which the Library receives support and to the State of Georgia for State and Federal flow through 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 Satilla Regional Library is therefore determined to be a joint venture.
Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The Library's basic financial statements are collectively comprised of the Library-wide financial statements, fund financial statements and notes to the basic financial statements of the Satilla Regional Library.
Library-wide Statements: The Statement ofNet Assets and the Statement ofActivities display information about the financial activities of the overall Library. Eliminations have been made to minimize the double counting of intern~! activities. Governmental activities generally are financed through intergovernmental revenues and other nonexchange transactions.
The Statement ofActivities presents a comparison between direct expenses and program revenues for each function of the Library's governmental activities.
Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the Library related to the administration and support ofthe Library's programs, such as office and maintenance personnel and accounting) are not allocated to programs.

-8-

SATILLA REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2007

EXHIBIT "G"

Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Program revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues are presented as general revenues.
Fund Financial Statements: The fund financial statements provide information about the Library's funds. Eliminations have been made to minimize the double counting of internal activities. The emphasis of fund financial statements is on major governmental funds.
The Library reports the following major governmental fund:
General Fund is the Library's primary operating fund. It accounts for all financial resources of the Library, except those resources required to be accounted for in another fund.
BASIS OF ACCOUNTING
The basis of accounting determines when transactions are reported on the financial statements. The Library-wide governmental financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the Library gives (or receives) value without directly receiving (or giving) equal value in exchange, include grants and donations. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied.
The Library uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts.
Governmental funds are reported using the current financial resources measurement focus and the modified accrual basis ofaccounting. Under this method, revenues are recognized when measurable and available. The Library considers all revenues reported in the governmental funds to be available if they are collected within sixty days after year-end. Interest is considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred. Capital asset acquisitions are reported as expenditures in governmental funds.
The Library funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the Library's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues.
-9-

SATILLA REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2007

EXHIBIT "G"

Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

CASH AND CASH EQUIVALENTS

COMPOSITION OF DEPOSITS Cash and cash equivalents consist ofcash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Official Code ofGeorgia Annotated Section 45-8-14 authorizes the Library to deposit its funds in one or more solvent banks or insured Federal savings and loan associations.

RECEIVABLES

Receivables consist of amounts due from grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed, fines and fees from patrons and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do include amounts which would necessitate the need for an allowance for uncollectible receivables.

CAPITAL ASSETS

Capital assets purchased, including capital outlay costs, are recorded as expenditures in the fund financial statements at the time of purchase (including ancillary charges). On the Library-wide financial statements, all purchased capital assets are valued at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at estimated fair market value on the date donated. Disposals are deleted at depreciated recorded cost. The cost of normal maintenance and repairs that do not add to the value ofassets or materially extend the useful lives of the assets is not capitalized. Depreciation is computed using the straight-line method. The Library does not capitalize book collections or works of art. During the fiscal year under review, no events or changes in circumstances affecting a capital asset that may indicate impairment were known to the Library.

Capitalization thresholds and estimated useful lives of capital assets reported in the Library-wide statements are as follows:

Capitalization Policy

Estimated Useful Life

Land Buildings and Improvements Equipment Library Collections

All

NIA

$

10,000

30 years

$

5,000 3 to 7 years

All

10 years

Depreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives.

- 10 -

SATILLA REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2007

EXHIBIT"G"

Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NET ASSETS
The Library's net assets in the Library-wide Statements are classified as follows:
Invested in capital assets, net of related debt - This represents the Library's total investment in capital assets, net ofoutstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of invested in capital assets, net of related debt.
Unrestricted net assets - Unrestricted net assets represent resources derived from grants and contributions not restricted to specific programs, charges for services, and miscellaneous revenues. These resources are used for transactions relating to the general operations ofthe Library, and may be used at the discretion of the Library to meet current expenses for those purposes.
Note 3: DEPOSITS
COLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum ofmoney which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate ofthe face value ofsuch 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. Ifa 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.
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 ofthe State of Georgia,
(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose,

- 11 -

SATILLA REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2007

EXHIBIT"G"

Note 3: DEPOSITS

(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and

(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest 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, 2007, the bank balances were $503,758. The amounts of the total uninsured bank balances are classified into three categories of custodial credit risk:

Category 1 - Uncollateralized Category 2 - Cash collateralized with securities held by the pledging financial institution, or Category 3 - Cash collateralized with securities held by the pledging financial institution's
trust department or agent but not in the Library's name.

The Library's deposits are classified by custodial credit risk category at June 30, 2007, as follows:

Custodial Credit Risk Category

Bank Balance

1

$

0

2

403,758

3

0

Total Note 4: CAPITAL ASSETS

$====4="03-,7==5==8

The following is a summary of changes in the Capital Assets during the fiscal year:

- 12 -

SATILLA REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2007

EXHIBIT "G"

Note 4: CAPITAL ASSETS

Balances July I, 2006

Increases

Decreases

Balances June 30. 2007

Governmental Activities

Capital Assets, Not Being Depreciated:

Land

$

15 310 $

0 $

0 $

15 310

Capital Assets Being Depreciated Buildings and Improvements Equipment Library Collections

$ 1,375,000 247,584
1,604,794 $

92,442 $

$ 1,927

1,375,000 247,584
1,695,309

Less Accumulated Depreciation for: Buildings and Improvements Equipment Library Collections

721,874 196,328 1,379,840

45,833 23,656 50,211

I 927

767,707 219,984 1,428,124

Total Capital Assets, Being Depreciated, Net $ 929,336 $

-27,258 $

0 $ 902,078

Governmental Activity Capital Assets - Net $ 944,646 $

-21,258 $

Q $ 917,388

Current year depreciation expense by function is as follows:

Public Services Maintenance and Operations

$

50,211

69 489

$=~1~19~,7==0==0

Note 5: 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; acts of God and unemployment compensation.

The Library has obtained commercial insurance for risk ofloss associated with torts, assets, errors or omissions 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 of the past three years.

The Library has elected to self-insure for all losses related to acts of God. The Library has not experienced any losses related to this risk 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 expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount ofthat loss can be reasonably estimated.

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SATILLA REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2007

EXHIBIT "G"

Note 5: RISK MANAGEMENT

Changes in the unemployment compensation claims liability during the last two fiscal years are as follows:

2006 2007

Beginning of Year Liability

Claims and Changes in Estimates

Claims Paid

End ofYear Liability

$

0 $

21,080 $

11 780 $

9 300

$

9 300 $

0 $

9 300 $

0

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

Position Covered

Amount

Director Chairperson Co-Chairperson Secretary ofBoard Bookkeeper Assistant Bookkeeper

$ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000

Note 6: EXTRAORDINARY ITEMS

During the fiscal year, Satilla Regional Library was informed by an attorney for a deceased patron that the Library had been bequeathed $3,000,000 to construct a new Library in Jeff Davis County. The funds are to be held by the executor ofthe will and will be dispersed as construction progresses. The project is to be completed within three years.

Note 7: SIGNIFICANT CONTINGENT LIABILITIES

Amounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. The Library believes that such disallowances, if any, will be immaterial to its overall financial position.

The Library is a defendant in various legal proceedings pertaining to matters incidental to the performance of routine Library operations. The ultimate disposition of these proceedings is not presently determinable, but is not believed to be material to the basic financial statements.

- 14 -

SATILLA REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2007

EXHIBIT "G"

Note 8: RETIREMENT PLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS)

TRS PLAN DESCRIPTION Substantially all librarians and clerical personnel employed by regional and county libraries are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts.

TRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Library who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The Library makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.28% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows:

Fiscal Year

Percentage Contributed

Required Contribution

2007 2006 2005

100% 100% 100%

$

21,546

$

19,035

$

21,913

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SATILLA REGIONAL LIBRARY GENERAL FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL
YEAR ENDED JUNE 30, 2007

SCHEDULE "1"

REVENUES
Local Funds State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous
Total Revenues
EXPENDITURES
Current Public Services Technical Services Support Services Maintenance and Operations Information Technology
Total Expenditures
Net Change in Fund Balance
Fund Balance - Beginning

NONAPPROPRIATED BUDGETS

ORIGINAL

FINAL

ACTUAL AMOUNTS

$

272,629 $

272,629 $

304,027

254,567

254,567

269,694

26,762

21,835

5,000

5,000

11,439

16 200

16 200

35 638

$

548 396 $

548 396 $

669 395

$

242,743 $

260,709 $

354,080

19,011

25,391

11,276

73,947

73,947

135,714

92,740

92,740

76,772

11 900

11 900

5 325

$

440 341 $

464 687 $

583 167

$

108,055 $

83,709 $

86,228

400 667

400,667

400 667

Fund Balance - Ending

$

508 722 $

484 376 $ =====48=6 =89=5

Notes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual
The accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements.

See notes to the basic financial statements.

- 17 -

SATILLA REGIONAL LIBRARY SCHEDULE OF STATE REVENUE
YEAR ENDED JUNE 30, 2007
AGENCY/FUNDING
GRANTS Board of Regents of the University System of Georgia Office of Public Library Services Salaries Library Materials Maintenance and Operations Repairs and Maintenance

SCHEDULE "2"

GOVERNMENTAL FUND TYPE GENERAL FUND

$

126,194

44,860

95,198

3442

$ =====26=9=,6=9=4

See notes to the basic financial statements.

- 18 -

SATILLA REGIONAL LIBRARY SCHEDULE OF FEDERAL REVENUE
YEAR ENDED JUNE 30, 2007
AGENCY/FUNDING GRANT Museum and Library Services, Institute of Through Board of Regents of the University System of Georgia Library Services and Technology Act Family Literacy Program

SCHEDULE "3"
GOVERNMENTAL FUND TYPE GENERAL FUND
$ ====2=6=,7=6=2

See notes to the basic financial statements.

- 19 -

SATILLA REGIONAL LIBRARY SCHEDULE OF LOCAL REVENUE
YEAR ENDED JUNE 30, 2007
LOCAL SOURCES City Governments Ambrose Broxton Douglas Nicholls Pearson Willacoochee County Boards of Education Atkinson Coffee Jeff Davis County Governments Boards of Commissioners Atkinson Coffee Jeff Davis

SCHEDULE "4"

GOVERNMENTAL FUND TYPE GENERAL FUND

$

7,000

7,200

66,200

3,000

4,100

4,100

8,200 66,000 27,527

8,200 62,200 40 300

$ ====30=4=,0=2=7

See notes to the basic financial statements.

- 20 -

SATILLA REGIONAL LIBRARY SCHEDULE OF SALARIES AND TRAVEL
YEAR ENDED JUNE 30, 2007

SCHEDULE "5"

NAME
Anand Bennett Blount Cole Davis Deen Fletcher Hagans Helms Israel Johnson Lott Luke McCook McNabney Mancil Miller Minix Moore Norris Rowland Simpson Smith Taylor Tierney Toler Walker Wall Walls Ward Willingham

Manisha Regina S. Carolyn E. Mark A. Sandra G. Rosa Edna Sloane C. Gwendolyn S. Jessica A. Jacquelyn J. Lorrinda P. Lydia Christine H. Melody M. Sarah C. Arlene Judyth M. Shirley F.
Joy L.
Candace M.
Sharon L.
Constance D. Dillon DonV. Cathleen E. Jessica Brett C. Sherry J. Debra K. Lewana A. Lori A.

Totals per Report

TITLE CATEGORY
Circulation Clerk Circulation Clerk Circulation Clerk Director Circulation Clerk Circulation Clerk Circulation Clerk Circulation Clerk Circulation Clerk Circulation Clerk Branch Manager Genealogy Clerk Circulation Clerk Genealogy Clerk Circulation Clerk Circulation Clerk Branch Manager Circulation Clerk Circulation Clerk Circulation Clerk Circulation Clerk Circulation Clerk Circulation Clerk Childrens Librarian Circulation Clerk Circulation Clerk Circulation Clerk Circulation Clerk Circulation Clerk Circulation Clerk Administrative Assistant

SALARIES

TRAVEL

$

897

7,104 $

104

3,376

53,987

2,586

4,932

18,512

150

3,278

5,331

26

897

966

22,640

93

12,898

377

6,308

992

3,088

2,616

109

22,714

80

4,919

1,862

932

5,379

13,728

386

2,070

53,986

2,305

371

150

3,520

3,177

855

13

1,891

5,640

20 800

332

$

289,666 $ ====6=7=1=1

See notes to the basic financial statements.

- 21 -

SECTION II FINDINGS AND QUESTIONED COSTS

SATILLA REGIONAL LIBRARY SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30, 2007
FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS No matters were reported.