WEST GEORGIA REGIONAL LIBRARY
CARROLLTON, GEORGIA REPORT ON AUDIT
OF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2003
STATE OF GEORGIA
DEPARTMENT OF AUDITS AND ACCOUNTS
Russell W. Hinton State Auditor

WEST GEORGIA REGIONAL LIBRARY - TABLE OF CONTENTS -

SECTION I

FINANCIAL

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

EXHIBITS

GENERAL-PURPOSE FINANCIAL STATEMENTS

COMBINED STATEMENTS - OVERVIEW

A

COMBINED BALANCE SHEET

ALL FUND TYPES

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

7

D NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

9

ADDITIONAL FINANCIAL INFORMATION

E INDIVIDUAL FUND STATEMENT

FIDUCIARY FUND TYPE

STATEMENT OF CHANGES IN ASSETS AND LIABILITIES

AGENCY FUND

16

SCHEDULES

SCHEDULE OF REVENUE

1

STATE

17

2

FEDERAL

18

3

LOCAL

19

4 SCHEDULE OF SALARIES AND TRAVEL

20

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
254 Washington Street, S.W. Suite 214 Atlanta, Georgia 30334-8400
August 5, 2004

Honorable Sonny Perdue, Governor Members of the General Assembly Members of the Board of Regents ofthe University System of Georgia
and Director and Members of the West Georgia 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 of the West Georgia Regional Library, as ofand for the year ended June 30, 2003, as listed in the table ofcontents. These general-purpose financial statements are the responsibility of the West Georgia Regional Library's management. Our responsibility is to express an opinion on these general-purpose financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general-purpose financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
As described in the notes to the general-purpose financial statements, the Library's financial statements have been prepared using a certain accounting practice and policy which, in our opinion, varies in some respects from generally accepted accounting principles. This variance is described as follows:
* The general-purpose financial statements ofthe Library did not contain a General Fixed Assets Account Group to account for property, equipment and inexhaustible collections and books owned by the Library which should be included to conform to generally accepted accounting principles.
2003ARL-42

The aggregate effect on the general-purpose financial statements ofthis variance or omission has not been determined, but is believed to be material.
In our opinion, except for the effects on the general-purpose financial statements of the matter referred to in the third paragraph, the general-purpose financial statements referred to above present fairly, in all material respects, the financial position of the West Georgia Regional Library as of June 30, 2003, and the results of its operations for the year then ended, in conformity with accounting principles generally accepted in the United States of America.
Our audit was performed for the purpose of forming an opinion on the general-purpose financial statements of the West Georgia Regional Library taken as a whole. The accompanying individual fund statement (Exhibit E) 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 of the general-purpose financial statements ofthe West Georgia Regional Library. Such information has been subjected to the auditing procedures applied in the audit of the general-purpose financial statements and in our opinion is fairly stated, in all material respects, in relation to the generalpurpose 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,
"-,..__Lb.Ms._

RWH:as 2003ARL-42

State Auditor

WEST GEORGIA REGIONAL LIBRARY

WEST GEORGIA REGIONAL LIBRARY COMBINED BALANCE SHEET ALL FUND TYPES JUNE 30. 2003

ASSETS Cash and Cash Equivalents Investments Accounts Receivable

GOVERNMENTAL FUND

SPECIAL

GENERAL

REVENUE

FUND

FUND

$ 421,242.99

2,756.95

4,729.29 $

30,646.92

Total Assets

$ 428,729.23 $======3=0'!=64,,;,,;6;,;,,;.9~2

LIABILITIES AND FUND EQUITY
LIABILITIES
Cash Overdraft Accounts Payable Expired Grant Balances Payable Retainages Payable Deferred Revenue Funds Held for Others
Total Liabilities
FUND EQUITY
Fund Balances Unreserved Undesignated

$ $ 20,673.94

30,646.92

502.76

$ 21,176.70 $

30,646.92

$ 407,552.53 $

0.00

Total Liabilities and Fund Equity

$ 428,729.23 $=====3=0.:.;,6..4.=6;,;;.9;;;,2

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

EXHIBIT"A"

TYPES CAPITAL
PROJECTS FUND

FIDUCIARY FUND TYPE AGENCY FUND

TOTALS (Memorandum Only) JUNE 30, 2003 JUNE 30, 2002

$

8,424.09 $

456.82 $

430,123.90 $

795,267.64

2,756.95

2,756.95

35,376.21

21,406.84

$

8,424.09 $

456.82 $

468,257.06 $

819,431.43

$

30,646.92 $

3,025.00

20,673.94

6,007.24

38,710.85

502.76

$

456.82

456.82

435.14

$

456.82 $

52,280.44 $

48,178.23

$ _ _ _8~,4_2_4._09_

$

8,424.09 $

$

415,976.62 $

771,253.20

456.82 $

468,257.06 $

819,431.43

-3-

WEST GEORGIA REGIONAL LIBRARY COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30, 2003

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

GENERAL FUND

SPECIAL REVENUE
FUND

$ 925,013.79

$ 33,671.92

602,322.85

98,037.55

1,000.00

$ 1,625,374.19 $ 34,671.92

$ 748,092.73 $ 12,529.55

225,052.76

552,029.71

22,142.37

82,454.32

$ 1,607,629.52 $ 34,671.92

$ 17,744.67 $

0.00

389,807.86

0.00

$ 407,552.53 $ = = = 0.0= 0

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, 2003 JUNE 30, 2002

$
$ 119,086.85 575.73

925,013.79 $ 33,671.92
721,409.70 99,613.28

854,911.71 10,254.89
1,622,431.12 75,826.26

$ 119,662.58 $ 1,779,708.69 $ 2,563,423.98

$ $ 492,683.83

760,622.28 $ 225,052.76 574,172.08
82,454.32
492,683.83

694,228.68 289,664.94 428,255.44
68,492.63 1,627.46
668,882.98

$ 492,683.83 $ 2, 134,985.27 $ 2,151,152.13

$ -373,021.25 $ -355,276.58 $ 412,271.85

381,445.34

771,253.20

358,981.35

$ 8,424.09 $ 415,976.62 $ 771,253.20

-5-

WEST GEORGIA REGIONAL LIBRARY COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL GENERAL AND SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30. 2003

EXHIBIT"C"

REVENUES
State Funds Federal Funds Local Funds Other Funds
Total Revenues
EXPENDITURES
Current Public Services Technical Services Support Services Maintenance and Operations
Total Expenditures
Excess of Revenues over (under) Expenditures
FUND BALANCE JULY 1. 2002

GENERAL FUND

BUDGET

ACTUAL

$ 872,725.12 $ 925,013.79

639,115.57

602,322.85 98,037.55

$ 1,511,840.69 $ 1,625,374.19

$ 898,600.10 $ 748,092.73

224,775.95

225,052.76

497,170.15

552,029.71

85,171.23

82,454.32

$ 1,705,717.43 $ 1,607,629.52

$ -193,876.74 $

17,744.67

380,298.33

389,807.86

FUND BALANCE JUNE 30. 2003

$ 186,421.59 $ 407,552.53

SPECIAL REVENUE FUND

BUDGET

ACTUAL

$ 37,025.00 $ 1,000.00
$ 38,025.00 $

33,671.92 1,000.00
34,671.92

$ 13,025.00 $ 25,000.00

12,529.55 22,142.37

$ 38,025.00 $

$

0.00 $

0.00

34,671.92 0.00 0.00

$

0.00 $ ====O=.O=O

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

WEST GEORGIA REGIONAL LIBRARY

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2003

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY
The West Georgia 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 ofGeorgia. With the exception ofthe departure from generally accepted accounting principles disclosed in these notes, the financial statements of the Library have been prepared in conformity with generally accepted accounting principles as applied to governmental units and unless otherwise disclosed in these notes, the financial statements present all fund types and account groups of the Library.
The Library Board consists oftwelve members; three members appointed by Carroll County Library Board, three members appointed by Douglas County Library Board, two members appointed by Haralson County Library Board, two members appointed by Heard County Library Board and two members appointed by Paulding 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 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 oflocal and other funds for continued operations and is the lowest level of oversight responsibility for the Library's operations. The West Georgia Regional Library is therefore determined to be a joint venture.
FUND ACCOUNTING
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.
General Fixed Assets, which includes the Library's inexhaustible collections and books, are recorded as expenditures in the various funds at the time ofpurchase. A General Fixed Assets Account Group is not presently maintained by the Library. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost ofassets acquired by governmental fund types.
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 presented in this report are as follows:

-9-

WEST GEORGIA REGIONAL LIBRARY

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2003

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
GOVERNMENTAL FUND TYPES - used to account for all or most of the Library's general activities. Governmental Fund Types include:
GENERAL FUND - the fund used to account for all financial resources of the Library except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a Library.
SPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. The primary type ofspecial revenue fund consists ofproceeds received from State and Federal sources to accomplish specific objectives and are required to be accounted for separately.
CAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities.
FIDUCIARY FUND TYPE - the agency fund used to account for assets held by a government unit in a trustee capacity or as an agent for individuals, private organizations, other government units and/or other funds. This fund includes:
AGENCY FUND - the fund used to account for assets held for other funds, governments, or individuals.
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.
Agency funds are purely custodial in nature and do not involve measurement ofresults ofoperations.
Governmental funds are accounted for using the modified accrual basis ofaccounting under which:
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
- 10 -

WEST GEORGIA REGIONAL LIBRARY

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2003

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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.
Agency funds are accounted for using the modified accrual basis ofaccounting in recognizing assets and liabilities.
BUDGET
The West Georgia 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 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. Georgia Laws authorize the Library to deposit its funds in one or more solvent banks or insured Federal savings and loan associations.
INVESTMENTS
COMPOSITION OF INVESTMENTS Investments made by the Library in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized
- 11 -

WEST GEORGIA REGIONAL LIBRARY

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30. 2003

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the Library to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following:
(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 ofgrant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed, allotted funds from participating local governments, and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general-purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables.
INTERFUND TRANSACTIONS
The Library has the following type of interfund transactions:
Reimbursements ofexpenditures initially made from a fund that are properly applicable to another fund are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed.

- 12 -

WEST GEORGIA REGIONAL LIBRARY

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2003

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 or results ofoperations in conformity with generally accepted accounting principles, nor is such data comparable to a consolidation.
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 ofmoney which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate ofthe face value of such surety bond and the market value of securities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. 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. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive the requirement for security in the case ofoperating funds placed in demand deposit checking accounts.
Acceptable security for deposits consists of any one of or any combination of the following:
(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia,
(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation,
(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or ofthe State of Georgia,
(4) Bonds, bills, notes, certificates 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 of the State ofGeorgia, providing that the statute that created the authority authorized the use ofthe bonds for this purpose,
(6) Industrial revenue bonds and bonds ofdevelopment authorities created by the laws ofthe State of Georgia, and

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WEST GEORGIA REGIONAL LIBRARY

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2003

Note 2: DEPOSITS

(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, 2003, the bank balances were $557,534.75. The amounts ofthe total bank balances are classified into three categories of credit risk:

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

The Library's deposits are classified by risk category at June 30, 2003, as follows:

Risk Category

Bank Balance

1

$ 103,213.77

2

454,320.98

3

0.00

Total

$ 557,534.75

Note 3: 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.

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WEST GEORGIA REGIONAL LIBRARY

EXHIBIT "D"

NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS

JUNE 30, 2003

Note 3: RISK MANAGEMENT

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 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

$ 50,000.00

Note 4: 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 9.24% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows:

Fiscal Year

Percentage Contributed

Required Contribution

2003

100%

$ 56,447.50

2002

100%

$ 59,442.44

2001

100%

$ 68,026.58

- 15 -

WEST GEORGIA REGIONAL LIBRARY STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FIDUCIARY FUND TYPE - AGENCY FUND JUNE 30, 2003

EXHIBIT"E"

STAFF ACCOUNT ASSETS
Cash and Cash Equivalents
LIABILITIES Funds Held for Others

BALANCE JULY 1, 2002

ADDITIONS

DEDUCTIONS

BALANCE JUNE 30, 2003

$

435.14 $ 2,388.98 $

2,367.30 $===45=6=.8=2=

$

435.14 $ 2,388.98 $

2,367.30 $=====45=6=.8=2=

See notes to the general-purpose financial statements.

- 16 -

WEST GEORGIA REGIONAL LIBRARY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2003
AGENCY/FUNDING
GRANTS Board of Regents of the University System of Georgia Office of Public Library Services Salaries Travel Library Materials Maintenance and Operations SAMSON Project

SCHEDULE "1"

GOVERNMENTAL FUND TYPE GENERAL FUND

$

525,569.10

5,784.74

145,793.00

232,580.95

15,286.00

$ ====92=5=,0=1=3.=7=9

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

WEST GEORGIA REGIONAL LIBRARY SCHEDULE OF FEDERAL REVENUE
YEAR ENDED JUNE 30, 2003

SCHEDULE 211 11

AGENCY/FUNDING
GRANT Museum and Library Services, Institute of Through Board of Regents of the University System of Georgia Library Services and Technology Act State Library Program - Creating a Mobile Computer Training Lab Grant State Library Program - Expanding Services to Young Adults Grant State Library Program - Vacation Reading Program Grant

GOVERNMENTAL FUND TYPE SPECIAL REVENUE FUND

$

17,673.39

12,973.53

3,025.00

$ ===3=3=,6=7=1.=92=

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

WEST GEORGIA REGIONAL LIBRARY SCHEDULE OF LOCAL REVENUE YEAR ENDED JUNE 30. 2003

SCHEDULE "3"

LOCAL SOURCES Boards of Education Carroll County City of Carrollton Douglas County Haralson County Heard County Paulding County City Governments Bowdon Bremen Carrollton Douglasville County Governments Boards of Commissioners Carroll Cleburne, Alabama Douglas Haralson Heard Paulding

GOVERNMENTAL FUND TYPES

CAPITAL

GENERAL

PROJECTS

FUND

FUND

TOTAL

$ 12,749.00 3,468.00 14,056.00 3,714.00 3,195.00 11,000.00
3,000.00 21,518.00 142,000.08
3,500.00

$

12,749.00

3,468.00

14,056.00

3,714.00

3,195.00

11,000.00

3,000.00 21,518.00 142,000.08
3,500.00

128,000.00 2,600.00
190,500.00 $ 4,200.00 35,072.77 23,750.00

119,086.85

128,000.00 2,600.00
309,586.85 4,200.00 35,072.77 23,750.00

$ 602,322.85 $ 119,086.85 $===12...1_,4..,.0,..9.=70,...

See notes to the general-purpose financial statements.

- 19 -

WEST GEORGIA REGIONAL LIBRARY SCHEDULE OF SALARIES AND TRAVEL
YEAR ENDED JUNE 30, 2003

SCHEDULE "4"

NAME

Ayers, Brown, Gammons, Cooper, Cunningham, Davis, Delaney, Dunmire, Eubanks, Garrett, Goodson, Gunnells-Jiles, Harrison, Harton, Hill, Hogan, Holt, Howell, Jenkins, Jiles, Jones, Kesler, Lambert, Little, McClure-Walker, Milstead, Mote, Pearce, Scoggins, Smith, Stamps, Staples, Terry, Tewksbury, Ward,

Mary Sue Carol S. AnnG. James P. Ian Ashley Cynthia D. Cary A. Laurie A. Jennifer C. Martha G. Christy Alicia Jacine Jean Machelle Allene. Lynn 8. Harold G. BettyW. Robin E. Teresa G. Jason R. Mildred E. Erin Shirley Jennifer D. Deborah J. SheilaS. Sandra Kay Cynthia
Jean L.
EarlG. Ill Mack A.
Roni L.
Kanea S.

TITLE CATEGORY
Processing Supervisor Acquisitions Clerk Processing Supervisor Director Library Clerk Temporary Employee Acquisitions Clerk Network Librarian Extension Services Librarian Library Clerk Library Special Projects Library Clerk Bookmobile Clerk Library Clerk Heard County Library Branch Manager Courier Driver Library Clerk Courier Driver Library Clerk Library Clerk Storyteller/Children Library Clerk Heard County Library Clerk Library Clerk Library Clerk Reference Librarian Library Clerk Library Clerk Douglas County Coordinator Temporary Employee ILUBookmobile Clerk Library Clerk Custodian Assistant Director Office Manager

SALARIES

TRAVEL

$

19,756.32

54,013.08 $

241.08

23,401.79

24.08

76,235.76

2,509.22

100.00

157.08

25,140.56

50,605.26

797.08

50,605.26

103.32

15,906.18

53,687.76

161.88

975.00

22,555.62

27.72

2,909.38

19,747.20

167.15

4,305.60

10,913.36

6,162.00

4,759.70

2,592.70

10,916.92

19.50

4,206.90

5,537.84

3,479.80

13,724.22

38.00

41,370.88

129.00

5,958.75

5,095.94

58,665.80

73.92

1,545.00

16,664.82

2,287.40

8,751.60

61,265.80

166.24

28,436.93

69.00

Totals per Report

$

712,438.21 $ ====4,=52=7=.1=9

See notes to the general-purpose financial statements.

-20-

SECTION II FINDINGS AND QUESTIONED COSTS

WEST GEORGIA REGIONAL LIBRARY SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30, 2003
PRIOR YEAR/CURRENT YEAR
GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Finding Control Number: 6222-93-02
The audit report for the year ended June 30, 2002, noted that the management of West Georgia Regional Library had chosen not to maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. In the year under review, the Library did not establish a General Fixed Assets Account Group within the formal accounting records. This condition results in the general-purpose financial statements ofthe Library being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the Library to establish accounting controls and procedures to provide for maintenance ofa General Fixed Assets Account Group. These subsidiary records should include an inventory ofland, buildings, equipment and inexhaustible collections and books owned by the Library and should include, but may not be limited to, date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of all additions and deletions to the General Fixed Assets Account Group.
CURRENT YEAR
CASH AND CASH EQUIVALENTS Failure to Reconcile Bank Account Reportable Condition Finding Control Number: 6222-03-01
Bank reconciliations for the operating account were not reconciled to the general ledger in a timely manner. For the month of June 2003, the operating bank account was not reconciled. These deficiencies occurred because management's failure to ensure that established controls were functioning as designed. Management should monitor procedures to provide reasonable assurance that bank reconciliations are performed accurately and in a timely manner.