Review report, Sheriffs' Retirement Fund of Georgia, a component unit of the state of Georgia, year ended June 30, 1994

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STATE OF GEORGIA DEPARTMENT OF AUDITS
254 WASHINGTON STREET ATLANTA, GEORGIA 30334

REVIEW REPORT SHERIFFS' RETIREMENT FUND OF GEORGIA
A COMPONENT UNIT OF THE STATE OF GEORGIA
YEAR ENDED JUNE 30, 1994

SHERIFFS' RETIREMENT FUND OF GEORGIA - TABLE OF CONTENTS -

INDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION

EXHIBITS

FINANCIAL STATEMENTS

A STATEMENT OF ASSETS AND FUND EQUITY

ARISING FROM CASH TRANSACTIONS

FIDUCIARY FUND TYPE - PENSION TRUST FUND

2

B STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS

PENSION TRUST FUND

3

C NOTES TO THE FINANCIAL STATEMENTS

4

SUPPLEMENTARY INFORMATION

SCHEDULES

1 CASH AND CASH EQUIVALENTS

20

2 SCHEDULE OF TEMPORARY INVESTMENT ACTMTIES

21

3 SCHEDULE OF INVESTMENT ACTMTIES

22

4 SCHEDULE OF ADMINISTRATIVE EXPENSES BY OBJECT

26

5 SCHEDULE OF SALARIES AND TRAVEL

27

6 RECONCILIATION OF PER DIEM AND FEES

28

CLAUDE L. VICKERS STATE AUDITOR (404) 656-2174
TAX RATIO (404) 656-0494

~.epartm.eut nf J\.u.oits
254 WASHINGTON STREET. S. W. ROOM 214
J\tfouta, ~eorgia 30334-8400
January 27, 1995

FINANCIAL AUDITS (404) 656-2180
PROGRAM AUDITS (404) 656-2006

Honorable Zell Miller, Governor Members ofthe General Assembly ofGeorgia Members ofthe Board of Commissioners ofthe Sheriffs' Retirement Fund of Georgia
and Honorable James A. Cody, Secretary-Treasurer
INDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
Ladies and Gentlemen:
We have reviewed the accompanying financial statements (Exhibits A through C) ofthe Sheriffs' Retirement Fund ofGeorgia as ofand for the year ended June 30, 1994, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. As described in Note 2, these financial statements were prepared on the basis of cash receipts and disbursements, which is a comprehensive basis of accounting other than generally accepted accounting principles. All information included in these financial statements is the representation of the management of the Sheriffs' Retirement Fund of Georgia.
A review consists principally of inquiries of agency personnel and analytical procedures applied to financial
data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards,
the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware ofany material modifications that should be made to the accompanying financial statements in order for them to be in conformity with the basis of accounting described in Note 1.
Our review was made for the purpose ofexpressing limited assurance that there were no material modifications that should be made to the financial statements in order for them to be in conformity with the basis of accounting described in Note 2. The accompanying supplementary information (Schedules 1 through 6) is presented only for supplementary analysis purposes. Such information has been subjected to the inquiries and

94ARL-4C

analytical procedures applied in the review of the financial statements and we are not aware of any material modifications that should be made thereto.
Respectfully submitted,

CLV:cm
94ARL-4C

Claude L. Vickers State Auditor

FINANCIAL STATEMENTS
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SHERIFFS' RETIREMENT FUND OF GEORGIA STATEMENT OF ASSETS AND FUND EQUITY ARISING FROM CASH TRANSACTIONS
FIDUCIARY FUND TYPE - PENSION TRUST FUND JUNE 30. 1994

EXHIBIT "A"

ASSETS
Cash - Schedule "l"
Investments - Schedule "3" Stock at Cost, (Market Value $10,816,193.75) Bonds and Debentues at Cost (Market Value $3,535,161.95) Notes at Cost (Market Value $9,385,863.22) Real Estate Limited Partnerships (Market Value not Available) Real Estate Investment Trusts (Market Value not Available) Investment Accounts (Market Value $3,527.76) Mutual Funds at Cost (Market Value $1,489,163.95)
Fixed Assets Equipment

Total Assets

Investment in Fixed Assets Fund Balance
Reserved for Benefits

FUND EQUITY

Total Fund Equity

$1,168,597.99

$ 9,904,607.85 3,486,176.83 10,001,296.63 784,200.00 100,000.00 3,527.76 1,489,163.95

25,768,973.02

10,742.32

$26,948,313.33

$ 10,742.32 26,937,571.01
$26,948,313.33
=============

See Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. The notes to the financial statements are an integral part of this statement.
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SHERIFFS' RETIREMENT FUND OF GEORGIA STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
PENSION TRUST FUND YEAR ENDED JUNE 30. 1994

EXHIBIT "B"

CASH RECEIPTS
REVENUES
OTHER REVENUES RETAINED Member Contributions Fines and Bond Forfeitures Interest Received on Demand Deposits Investment Income - Schedule "3" Interest Received Dividends Received Gain or (loss) on Sale of Investments Distributions
Total Cash Receipts BALANCE - JULY 1
Cash and Cash Equivalents Investments

$ 106,022.42 1,715,190.30 6,588.06
$ 950,769.93 233,617.44 813,022.88 25,952.72 2,023,362.97
$ 3,851,163.75
$ 110,989.66 24,611,250.27 24,722,239.93

EXPENSES
Benefits Expense Death Benefits Retirement Benefits Survivorship Benefits
Administrative Expenses - Schedule "4" Personal Services Operating Expenses
Total Disbursements BALANCE - JUNE 30
Cash and Cash Equivalents Investments

DISBURSEMENTS

$28,573,403.68
=============

$ 11,000.00 1,182,958.50
209,392.73 $1,403,351.23

$ 58,661.44 173,820.00

232,481.44

$1,635,832.67

$1,168,597.99 25,768,973.02 26,937,571.01

See Independents Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
The notes to the financial statements are an integral part of this statement.
- 3-

$28,573,403.68
===========z=

SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT "C"

NOTE 1: PLAN DESCRIPTION
PLAN BENEFITS The Sheriffs' Retirement Fund ofGeorgia provides retirement as well as death and disability benefits. Benefit provisions and vesting requirements are established by statute and may be amended only by the State of Georgia General Assembly. A description of plan benefits and vesting requirements is as follows:
(A) RETIREMENT CONDIDONS: Nonnal retirement is at age fifty-five (55) provided the member has at least four (4) years of credited service as a sheriff after and including January 1, 1961. The credited service requirement is eight (8) years for a sheriff who first or again becomes an active member on or after July 1, 1988. A member must have terminated his/her service as sheriff to receive benefits.
(B) RETIREMENT BENEFITS: The normal benefit is calculated by multiplying $51.00 ($64.00 effective July 1, 1994) by the number ofyears of credited service. The minimum monthly benefit paid is $204.00 ($256.00 effective July 1, 1994) and the maximum monthly benefit paid is $1,530.00 ($1,920.00 effective July 1, 1994).
(C) OPTIONAL BENEFITS: The following optional benefit provisions are available to members upon application for retirement benefits:
(I) 100% Joint Life Annuity
(2) 50% Contingency Life Annuity
The monthly benefit amount paid under the optional provisions shall be the actuarial equivalent of the normal monthly retirement benefit and is payable until remarriage.
(D) DEATHBENEFITS (1) Upon the death ofany member, the total amount of his/her contributions, or those in excess ofany retirement benefits received to that date, will be paid, without interest, to the surviving spouse, the named beneficiary or the member's estate.
(2) In addition to the death benefit discussed in item (I), upon the death of either:
(a) an inactive member who would otherwise qualify to be carried upon the active membership rolls except that he/she no longer holds the office of sheriff;
(b) a member who is receiving retirement benefits; or
(c) a member who is otherwise qualified to receive retirement benefits from this Fund except that he/she has not reached the age of 55 years or has not filed an application or has not been approved for retirement benefits;

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SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT "C"

NOTE 1: PLAN DESCRIPTION

PLAN BENEFITS the sum of$3,000.00 ($7,000.00 effective July 1, 1994) will be paid as additional death benefits to the surviving spouse, the named beneficiary or the member's estate.

(3) In addition to the death benefit discussed in item (1 ), upon the death of an active member, the sum of $5,000.00 ($7,000.00 effective July 1, 994) will be paid as additional death benefits to the surviving spouse, the named beneficiary or the member's estate.

(4) In addition to the death benefit discussed in item (3), upon the death of an active member, the surviving spouse receives an additional benefit in the form of a 100% joint life annuity. In such event, the death benefit discussed in item (1) will not be payable.

(E) TERMINATION: The sum ofcontnbutions without interest can be paid to the member at any time prior to commencing benefits, but the withdrawal causes the member to lose entitlement to any benefits.

FUNDING REQumEMENTS Contribution provisions are established by statute and may be amended only by the State of Georgia General Assembly. A description ofcontribution requirements is as follows:

(A) MEMBER'S CONTRIBUTIONS: Members must contribute $30.00 ($37.50 effective July 1, 1994) per month of credited service, with a maximum payment period of thirty (30) years. For credited service prior to January 1, 1961, deductions in the amount of $20.00 are made from monthly retirement benefits until all credited months prior to January 1, 1961, are paid, subject to a twenty-five (25) year maximum. Dues of$25.00 must be paid for every month of credited service claimed from January 1, 1961 to June 30, 1990, $30.00 per month of credited service from July 1, 1990, to June 30, 1994, and $37.50 per month of credited service after July 1, 1994.

(B) COURT FINES AND FORFEITURES: For each criminal and quasi-criminal case involving the violation of State of Georgia statutes, including traffic laws, a sum based upon the scale set forth below is collected by the presiding judge and remitted to the Retirement Fund:

For fines or bond forfeitures in excess of$5.00, in which a Sheriff of the Superior Courts acts as Sheriff in other courts

$ 2.00

In addition, the following amounts are required to be collected by the applicable courts and remitted to the Retirement Fund:

For civil suits filed in Superior Courts

$ 1.00

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SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT "C"

NOTE 1: PLAN DESCRIPTION

FUNDING REQUIREMENTS For civil actions filed in State Courts and Magistrate Courts where a Sheriff of the Superior Courts acts as Sheriffin those courts

$ 1.00

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PLAN ASSET MATTERS

FUND COMPRISING FINANCIAL STATEMENTS The Sheriffs' Retirement Fund of Georgia uses a fund to report on its financial position and the results ofits operations determined in conformity with the accounting practices prescribed or permitted by statutes and regulations of the State of Georgia. A fund is a separate accounting entity with a self-balancing set of accounts. The fund represented in this report is as follows:

FIDUCIARY FUND TYPE

PENSION TRUST FUND - The fund used to account for the accumulation of resources for retirement benefits to eligible members.

BASIS OF ACCOUNTING The Sheriffs' Retirement Fund of Georgia prepares its financial statements on the basis of cash receipts and disbursements, which is a comprehensive basis of accounting other than generally accepted accounting principles. This basis of accounting is defined as that method of accounting in which certain revenues and related assets are recognized when received rather than when earned, and certain expenses are recognized when paid rather than when the obligation is incurred.

CASH AND CASH EQUIVALENTS Cash and Cash Equivalents consist of demand deposits with a bank and short term, highly liquid investments with maturity dates within three months ofthe date acquired.

INVESTMENTS The Official Code of Georgia Annotated Section 47-16-26 states that the Board of Commissioners of the Sheriffs' Retirement Fund of Georgia shall have full power to invest and reinvest funds subject to the terms and conditions imposed by the laws of the State of Georgia upon domestic life insurance companies in the making and disposing of their investments. In addition, the Board is restricted to invest no more than 50% ofthe funds or assets in equities. Statutory provisions governing the investments of domestic life insurance companies are enumerated in Title 33, Chapter 11 ofthe Official Code of Georgia Annotated. The significant forms of investment in accordance with these statutes and available to the Retirement Fund are as follows:

( 1) Deposits in checking, savings, certificates of deposit or similar evidences of deposits in banks, trust companies, savings and loan associations, and building and loan associations which have qualified for the insurance protection afforded by the Federal Deposit Insurance Corporation.

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SHERIFFS' RETIREMENT FUND OF GEORGIA
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT "C"

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PLAN ASSET MATTERS
INVESTMENTS (2) Securities of any open-end management type investment company or investment trust registered with the Securities and Exchange Commission, provided that the investment company or trust has been organi7.ed for not less than ten years or has assets of not less than $25,000,000.00 at the date o f investment.
(3) Bonds, notes, securities or other evidences of indebtedness which are direct obligations of the government ofthe United States of America.
(4) Loans guaranteed as to principal and interest by the government ofthe United States of America, to the extent of such guaranty.
(5) Bonds, notes, warrants or securities not in default which are direct obligations of any state ofthe United States of America or of the District of Columbia, or of the government of Canada or any province of Canada, or for which the full faith and credit of such state, district, government or province has been pledged for the payment ofprincipal and interest.
(6) Obligations of local units of government or government related entities located within the United States of America or Canada, subject to certain conditions.
(7) Dividend paying stocks, common or preferred, of any solvent corporation created or existing under the laws of the United States of America or of any state or ofthe District ofColumbia, subject to certain conditions.
(8) Bonds, debentures, notes, or other evidences ofindebtedness of any solvent corporation created or existing under the laws of the United States of America or of any state or of the District of Columbia, subject to certain conditions.
(9) Bonds, debentures, notes, or other evidences of indebtedness which are secured by first mortgage or deed of trust or deed to secure debt upon fee s~ple, unencumbered improved real estate or income producing real property located in the United States ofAmerica or Canada, subject to certain conditions.
(IO) Purchase money mortgages or like securities received upon the sale or exchange of real property acquired.
( 11) Real estate acquired for the purpose of leasing same to any person, firm or corporation, or in real estate already leased to any person, firm or corporation, subject to certain conditions.

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SHERIFFS' RETIREMENT FUND OF GEORGIA
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXIITBIT "C"

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PLAN ASSET MATTERS
INVESTMENTS Investments are defined as those financial instruments with terms in excess of three months from the date of purchase and certain other securities held for the production of revenue. In addition, funds on deposit with the Retirement Fund's investment custodian for purposes of continual investment are reflected as Investments regardless of the term of the instruments. Investments in U. S. Government securities, stock, bonds and debentures, notes, investment accounts, mutual funds (open-end) and real estate limited partnerships and investment trusts are recorded at cost. Accrued interest purchased, premiums or discounts on bonds and debentures and U. S. Government securities are reflected as a part of cost and are not amortized over the remaining life ofthe security. Real estate notes are reflected at amortized cost. The market values reflected on Exhibit "A" of this report were based on valuations appearing in the Retirement Fund's Investment Custodian Trust Report at June 30, 1994.
Interest income and dividend income are recognized when received in cash. Gains and/or losses are recognized using the completed transaction method. Accrued interest purchased is recorded as a reduction ofinterest income at the time of purchase.
Approximately 44% of the net assets available for benefits are invested in U. S. Government securities. In addition, approximately 6% of the net assets available for benefits are invested in Short Term Investment Company B, an open-end mutual fund.
Statutory provisions governing the investment of funds by the Sheriffs' Retirement Fund ofGeorgia do not appear to provide for investments in real estate limited partnerships and investment trusts. These investments represented 3.4% of the total investments, at cost, ofthe Retirement Fund.
FIXED ASSETS Fixed assets are recorded as expenditures at the time ofpurchase. No depreciation has been provided on fixed assets. Fixed assets are reflected on Exhibit "A" for informational purposes only.
RELATED PARTY TRANSACTIONS Certain related party transactions were noted between the Sheriffs' Retirement Fund of Georgia (Retirement Fund) and the Georgia Sheriffs' Youth Homes, Incorporated (Youth Homes). The Secretary-Treasurer of the Retirement Fund also serves as Executive Director ofthe Youth Homes; and the Assistant Secretary-Treasurer and Comptroller ofthe Retirement Fund hold similar positions with the Youth Homes.
In addition to shared personnel services, the Retirement Fund and the Youth Homes share property space, computer usage and other services. For the year ended June 30, 1994, the Retirement Fund reimbursed the Youth Homes $3,100.00 for property rentals and $2,000.00 for computer usage. Pursuant to a resolution passed by the Board ofTrustees on April 9, 1994, effective June 1, 1994, total rental reimbursements paid to the Youth Homes by the Retirement Fund was established to be $1,300.00 per month.

-9-

SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXIIlBIT "C"

NOTE 3: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS

CATEGORIZATION OF DEPOSITS For purposes of analysis of custodial credit risk, cash deposits consist of all bank balances which include demand deposits and/or interest bearing accounts. These bank balances are categorized below in order to provide information about the extent to which such depo$its are exposed to custodial credit risk.

Category I - Amounts covered by depository insurance or collateralized with securities (at market value) held by the Retirement Fund or by its agent in the Retirement Fund's name.

Category 2 - Amounts collateraliz.ed with securities (at market value) held by the financial institution's trust department or agent in the Retirement Fund's name.

Category 3 - Amounts collateralized with securities (at market value) held by the financial institution or by its trust department or agent, but not in the Retirement Fund's name, and amounts uncollateralized.

Canying Amount

Bank. Balance

Risk Categories

2

3

Cub Deposits

s 11221042 s 221,23421 s 10000000 s 12123421 s==""'ooo..,,,

CATEGORIZATION OF INVESTMENTS For purposes of analysis of custodial credit risk, investments consist ofU. S. Government securities, bonds and debentures, notes, stock and investment accounts. Investments are stated at cost and are summarized and classified as to custodial credit risk within the categories described below:

Category I - Insured or registered, or securities held by the Retirement Fund or its agent in the Retirement Fund's name.

Category 2 - Uninsured or unregistered, with securities held by the counterparty's trust department or agent in the Retirement Fund's name.

Category 3 - Uninsured or unregistered, with securities held by the counterparty, or by its trust department or agent but not in the Retirement Fund's name.

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SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT "C"

NOTE 3: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS

CATEGORIZATION OF INVESTMENTS The carrying amounts shown below also include amounts maintained in mutual funds (open-end) and real estate limited partnerships and investment trusts which are not subject to risk categorization.

Type ofInvestment

Risk Categories

2

3

Canying ~

Mane.ct
Value

U.S. Government Securities
Boods and Debentures Not.es
Stock Investment Acoounts

$ ll,981,7SS.96 $
897,735.00 1,597,670.00 9,904,607.85
3,527.76

0.00 $ 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

$ ll,981,7SS.96
897,735.00 1,597,670.00 9,904,607.85
3,527.76

$ 11,507,796.67
905,213.00 1,497,703.00 10,816,193.75
3,527.76

Total

S 2~ 31!~ 226 ~:z $

000 $

o.oo $ 24,385,296.57 $ 24,730,434.18

Mutual Fwxls ( ~ ) Real Estate Limited Pannerships Real Estate lnvesunent Trusts

1,489,163.95 784,200.00 100,000.00

1,489,163.95 0.00 (I) 0.00 (1)

S 2fi :Z.Sl!,660 .S2 S 2fi 212 .S28 13

(I) Market Value at June 30, 1994, was not available. NOTE 4: FUNDING STATUS AND PROGRESS

PENSION BENEFIT OBLIGATION Governmental Accounting Standards Board (GASB) Statement Number 5 requires the use of a standardized measure ofthe pension obligation in order to help users access funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among public employee retirement systems. The standardized pension obligation measure required by GASB Statement Number 5 is the actuarial present value of credited projected benefits, which is defined as the present value ofbenefits estimated to be payable in the future as a result ofemployee service to date, computed by attributing an equal benefit amount (including the effects of both projected salary increases and any step-rate benefits, if applicable) to each year of credited and expected future employee service, using assumptions that reflect the best judgement of future events affecting the actuarial present value. The Statement further requires the use of the term pension benefit obligation,when referring to the standardized measure. The standardized measure is independent of the actuarial funding method, if any, used to determine contributions to the affected public employees retirement system. The Pension Benefit Obligation at July I, 1994, for the Sheriffs' Retirement Fund of Georgia is reflected below.

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SHERIFFS' RETIREMENT FUND OF GEORGIA
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT "C"

NOTE 4: FUNDING STATUS AND PROGRESS

VALUATION RESULTS Actuarial Present Value (APV) of Credited Projected Benefits (Pension Benefit Obligation) Retirees and Beneficiaries Drawing Benefits Paid up and Inactive Members not yet Drawing Benefits Current Members: Accumulated Member Contnbutions Vested Current Members Nonvested Current Members

$ 15,590,854.00
2,179,452.00
587,798.00 12,000,243.00
1,086,101.00

Total Pension Benefit Obligation

$ 31,444,448.00

Net Assets Available for Benefits, at Cost (Market Value $27,279,181.00)

26,754,933.00

Unfunded Actuarial Present Value of Credited Projected Benefits

$ 4,689 515,00

ACTUARIAL ASSUMPTIONS The most recent actuarial investigation of the Retirement Fund was performed by the consulting actuary engaged by the Sheriffs' Retirement Fund ofGeorgia using census data as ofJuly 1, 1994. Significant actuarial assumptions used include:

(A) Interest Rate: All cost estimates have been based on an interest rate of six percent (6%) per annum. This rate serves as an estimate of the average yield which the assets of the Retirement Fund may reasonably be expected to earn over an extended period.

(B) Mortality Rates: The 1971 TPF&C Forecast Mortality Tables for males, set back six (6) years for females.

(C) Withdrawal Rates: Basic annual termination rates are as follows:

20 30 40 44 45 and older

.0715% .0390% .0265% .0210% .0000%

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SHERIFFS' RETIREMENT FUND OF GEORGIA
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXIilBIT "C"

NOTE 4: FUNDING STATUS AND PROGRESS
ACTUARIAL ASSUMPTIONS (D) Retirement Age: All members are assumed to retire at age fifty-five (55) given at least eight (8) years
of credited service. The credited service Requirement is four (4) years for Sheriffs' active on July l,
1988.
(E) Investment Return: Six percent (6%) compensated annually.
(F) Funding Method: Entry Age Normal Cost Method. This method produces a normal cost as a level amount over the service life of each member and amortization for the Unfunded Actuarial Accrued Liability.
(G) Asset Valuation Method: Assets are determined on the basis ofbook value.
(H) Members Dues: Expected dues are number of dues paying members times annual dues rate.
(I) Changes in Actuarial Assumptions: The actuarial methods and assumptions for the actuarial valuation at July 1, 1994, are the same as those used for the actuarial valuation at July 1, 1992.
(J) Changes in Plan Provisions for Benefits: The following changes in the benefit provision occurred since the actuarial valuation at July 1, 1992.
(1) The minimum pension was increased from $204.00 to $256.00 effective July 1, 1994.
(2) The maximum pension was increased from $1,530.00 to $1,920.00 effective July 1, 1994.
(3) The benefit per year of credited service was increased from $51.00 to $64.00 effective July 1, 1994.
(4) The death benefit was increased from $3,000.00 to $7,000.00 for the death of inactive members effective July 1, 1994.
(5) The death benefit was increased from $5,000.00 to $7,000.00 for the death of active members effective July 1, 1994.
The effect of these changes was to increase the inactive and active pension benefit obligation as of July 1, 1994, by $3,801,682.00 and $2,764,999.00, respectively.
(K.) Changes in Plan Provisions for Member Dues: The following change in monthly dues by members occurred since the actuarial valuation at July 1, 1992.
(1) Dues were increased from $30.00 per month of credited service to $37.50 per month of credited service for service claimed after and including July, 1994.
- 13 -

SHERIFFS' RETIREMENT FUND OF GEORGIA
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXIIlBIT "C"

NOTE 5: CONTRIBUTIONS REQUIRED AND MADE

FUNDING POLICY The minimum annual employer contribution requirements are set forth in the Official Code of Georgia Annotated (O.C.G.A) Section 47-20-10. This statute further prohibits any action to grant a benefit increase
until such time as the minimum annual contnbution requirements meet or exceed legislative requirements. The actuarial valuation as ofJuly 1, 1994, which reflected the proceeds of designated portions offines and bond forfeitures as the employer contribution, indicated that the minimum employer contribution level was being met. Member contribution requirements are set forth in O.C.G.A. Section 47-16-43. Contribution levels are not actuarially determined. Covered payroll information was not available.

FUNDING REQUIREMENTS Actual contributions for the year ended June 30, 1994, were as follows:

Member Contributions Fines and Bond Forfeitures

$ 106,022.42 1,715,190.30

$ 1,821,212.72

NOTE 6: lilSTORICAL TREND INFORMATION

Statement Number 5 issued by the Governmental Accounting Standards Board requires the disclosure of certain 10-year historical trend data and an explanation that this data provide information about progress made in accumulating sufficient assets to pay benefits when due.

All required historical trend data for the Sheriffs' Retirement Fund of Georgia were not available at the time ofthis report. In addition, trend information relative to the pension benefit obligation was not available on an annual basis as it is the policy of the Retirement Fund to have an actuarial valuation every two years or as needed ifan increase in benefits is proposed. Available trend data are presented as follows:

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SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXIIlBIT "C"

NOTE 6: lilSTORICAL TREND INFORMATION

REVENUES BY SOURCE AND EXPENSES BY TYPE

Fiscal Year

REVENUES

Court Fines

Member

and Bond

Contributions Forfeitures

Other (I)

Total

1988 1989 1990 1991 1992 1993 1994

$ 47,957.67 $1,031,581.15 $ 1,425,362.38 $2,504,901.20 $ 126,186.67 $ 1,276,660.53 $ 1,454,973.80 $ 2,857,821.00 $ 77,225.00 $ 1,392,292.60 $ 1,060,204.71 $ 2,529,722.31 $ 59,795.00 $ 1,418,287.48 $ 1,528,045.01 $3,006,127.49 $ 60,890.00 $ 1,637,033.46 $2,319,162.71 $4,017,086.17 $ 84,834.78 $1,563,163.58 $ 2,347,943.00 $3,995,941.36 $ 106,022.42 $1,715,190.30 $2,029,951.03 $3,851,163.75

Fiscal Year

EXPENSES

Benefits

Administrative Expenses

Refunds to Terminated Members

Total

1988
1989 1990 1991 1992 1993 1994

$ 862,422.05 $ $ 996,630.40 $ $ 1,029,441.41 $ $ 1,242,370.50 $ $ 1,235,719.62 $ $ 1,324,009.09 $ $ 1,403,351.23 $

148,928.28 $ 180,157.07 $ 166,566.51 $ 216,213.94 $ 233,079.58 $ 256,938.08 $ 232,481.44 $

2,160.00 $ 1,013,510.33 1,200.00 $ 1,177,987.47
960.00 $ 1,196,967.92 1,200.00 $ 1,459,784.44
0.00 $ 1,468,799.20 13,860.00 $ 1,594,807.17
0.00 $ 1,635,832.67

(1) Includes investment income.

To conform to generally accepted accounting principles, the above trend information should include certain information relative to the pension benefit obligation and should be presented as required supplementary information.

- 15 -

SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT "C"

NOTE 7: CHANGES IN FIXED ASSETS

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

Balance July 1, 1993 Additions Deletions Balance June 30, 1994 NOTE 8: RETIREMENT PLAN

Eguipment $ 6,501.35
4,440.92 199.95
S 10,742.32

The Sheriffs' Retirement Fund ofGeorgia participates in a defined contribution plan in which benefits depend solely on amounts contributed to the plan plus investment earnings. The Georgia Sheriffs' Youth Homes, Incorporated Money Purchase Pension Plan was established May 22, 1979, for the purpose of providing retirement allowances for employees ofthe Georgia Sheriffs' Youth Homes, Incorporated and employees of the Sheriffs' Retirement Fund of Georgia. The Georgia Sheriffs' Youth Homes, Incorporated administers the money purchase pension plan. The plan is available to all employees that are twenty-one (21) years of age and have completed one year of service. An employee must have completed at least 1000 hours of service in an eligibility service period to qualify for one year of service in the plan. Vesting in employer contributions to the plan is based on the following table:

Years of Service

Percentage

1

30%

2

35%

3

40%

4

45%

5

60%

6

80%

7

100%

The Retirement Fund contributes 14% ofthe employee's qualified salary to the plan per fiscal year. Employees may contribute up to 5% of qualified salaries each fiscal year. Upon tennination or retirement, any vested benefit will be paid to the participant in a lump sum or as periodic payments from one ofthe deferred options available. The Retirement Fund's total payroll in fiscal year 1994 amounted to $47,110.44 of which $45,890.07 was for covered employees and used by the Retirement Fund for calculating contributions. For fiscal year 1994, the Retirement Fund contributed $6,424.60 to the retirement plan. No employee contributions were made to the plan for fiscal year 1994. The Retirement Fund has no further liability under the plan other than the future contributions to the plan as established.

- 16 -

SHERIFFS' RETIREMENT FUND OF GEORGIA
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT "C"

NOTE 9: BONDING INFORMATION
The Secretary-Treasurer and all employees of the Sheriffs' Retirement Fund of Georgia are bonded under a Public Employees Blanket Bond written by Employers Insurance ofWausau, their Bond No. 1450-00-110723, on which the premium was paid to October 1, 1994. Under this agreement the Public Employee Dishonesty Coverage insures the Sheriffs' Retirement Fund to a maximum ofSl,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. The Faithful Performance of Duty Coverage insures the Retirement Fund to a maximum ofSl00,000.00 against loss sustained from failure of its employees to perform faithfully their duties or to account properly for all monies and property received by virtue oftheir position or employment.
All employees ofthe Sheriffs' Retirement Fund of Georgia are also bonded under a Commercial Crime Policy written by the United States Fire Insurance Company, their Policy No. 626011675 2, on which the premium was paid to October 1, 1994. Under this additional public employee dishonesty coverage, the policy insures the Retirement Fund to a maximum of$4,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees.

- I7 -

Ci)
CV
f)
r5 .

SUPPLEMENTARY INFORMATION
- 19-

SHERIFFS' RETIREMENT FUND OF GEORGIA CASH AND CASH EQUIVALENTS JUNE 30. 1994
INTEREST BEARING ACCOUNT
First State Bank and Trust Company, Valdosta, Georgia TEMPORARY INVESTMENTS
Wachovia Bank of Georgia, N. A., Atlanta, Georgia (Schedule "2")

SCHEDULE "l"
$ 178,910.49 989,687.50
$ 1,168,597.99
--------=

See accompanying notes and Independent Accountant's Combined Report on Reveiw of Financial Statements and Supplementary Information.
- 20 -

SHERIFFS' RETIREMENT FUND OF GEORGIA SCHEDULE OF TEMPORARY INVESTMENT ACTIVITIES
YEAR ENDED JUNE 30. 1994

SCHEDULE "2"

TEMPORARY INVESTMENTS
---------------------
Wachovia Bank of Georgia, N. A., Atlanta, Georgia
United States Treasury Note

MARKET VALUE

TEMPORARY TEMPORARY

BALANCE INVESTMENTS INVESTMENTS BALANCE

INTEREST

JULY 1, 1993

MADE

------------ -----------

REALIZED JUNE 30, 1994
----------- -------------

R--E-C-E-IV-E-D-

$ 989,687.50$

0.00 $ 989,687.50$

0.00 $ 989,687.50$

0.00

=========== ============ ======-=-=s= a:=:c::====== =====-======= ==-=====-==

See ac~anying notes and Independent Accountant's Conilined Report on Review of Financial Statements and Supplementary Infonnation.
- 21 -

SHERIFFS' RETIREMENT FUND OF GEORGIA SCHEDULE OF INVESTMENT ACTIVITIES
YEAR ENDED JUNE 30. 1994

STOCK Wachovia Bank of Georgia, N. A., Atlanta, Georgia
Agricultural Air Transportation Autanotive Banks Beverages Chemicals Canputer Equi~nt Cosmetics, Toiletries, Soap Drugs, Medical Electrical Equipnent Electronics Entertainment - Leisure Related Financial Services - Non-Banking Foods - Processed Food Service Furniture and Fixtures Insurance Jewelry, Silverware, Plated Ware Machiner! - Fann and Construction Medical upplies and Services Metal Products - Fabricated Oil and Gas - International Paper and Paper Products Photography and O~tical Printin~ and Publishing Retail rade - Drugs Retail Trade - General Merchandise Retail Trade - Specialtf Services - Non-Financia Solar Energy Telecam1.1nications Services Transportation Wholesale Trade - Food Wholesale Trade - General Merchandise Wholesale Trade - Specialty
BONDS AND DEBENTURES
--------------------
Wachovia Bank of Georgia, N. A., Atlanta, Georgia B. P. America, Inco!'Porated BankAmerica Corrration Federal Nationa Mortgage Association
First Union Bank Ford Motor Credit Canpanr General Electric Cor~ra ion Government National rtgage Association NSBanD BDiaen~coo']a,s Ianncdo1oleractterdic ~any United tates Treasury Bond

MATURITY SHARHEES(UDNITS

PAR

---D-A-T-E --

JUNE 30, 1994
-------------

VALUE

MARKET VALUE

INTEREST RATE

9,500 11,900 12,600 24,900 6,800 24,500 7,600 10,100 33,150 41,200 12,000 13,600 6,100 5,400 8,200 6,400 3,000 12,800 11,650
9,400 6,600
3,200 14,000 5,900

$ 311,125.00 288,575.00 439,425.00 633,562.50 232,900.00
1,141,937.50 342,950.00 549,225.00
1,366,981.25 1,115,325.00
258,000.00 392,700.00 282,125.00 450,225.00 283,925.00 376,800.00 111,750.00 431,325.00 311,550.00
395,975.00 204,600.00
201,600.00 316,750.00 376,862.50
------------$=10=,s8=1-=6=,1=9=3=.7-=5

12/01/97 03/15/02 05/25/03 11/10/99 10/25/18 06/25/08 06/25/19 01/25/07 06/10/02 02/01/99 02/26/98 01/14/95 07/15/08 08/15/08 08/15/04 06/15/02 05/15/16

$ 300,000.00$ 315,168.00

300,000.00

500,000.00 515,000.00

500,000.00 521,250.00

228,269.41 231,693.45

250,000.00

300,000.00 303,093.00

300,000.00 305,343.00

500,000.00 495,310.00

250,000.00

100,000.00

96,620.00

300,000.00 304,185.00

18,351.68

18,597.96

49,590.04

50,255.54

200,000.00 189,240.00

500,000.00

200,000.00 189,406.00

------------- -------------

---~---- $-4-,7-9-6,-21-1-.1-3 $ 3,535,161.95

8.875% 8.375% 9.000% 8.350% 9.000% 8.250% 8.000% 8.750% 7.800% 10.000% 6.250% 8.250% 8.500% 8.500% 7 .250% 7.625% 7.250%

See aCCCJJlPclnying notes and Independent Accountant's Canbined Report on Review of Financial Statements and Supplementary Infonnation.
- 22 -

SCHEDULE "3" Page 1

BALANCE JULY 1, 1993

INVESTMENTS

INVESTMENTS MADE

INVESTMENTS REALIZED

BALANCE JUNE 30, 1994

INTEREST RECEIVED

DIVIDENDS RECEIVED

GAIN OR (LOSS) ON SALE
OF INVESTMENTS DISTRIBUTIONS

$ 99,840.85$ 163,850.00$ 72,464.66$ 191,226.19

0.00

395,587.50

395,587.50

343,430.30

58,905.00

402,335.30

0.00

337,499.19

337,499.19

0.00

191,576.25

282,780.00

474,356.25

277,246.00

468,754.40

512,162.00

233,838.40

210,662.35

210,662.35

0.00

549,840.00

581 319.94

1,131,159.94

318,220.60

358;622.28

318,220.60

358,622.28

251,023.50

222,425.00

473,448.50

349,782.55

756,637.50

38,555.61 1,067,864.44

239,804.31

929,677.78

1,169,482.09

0.00

89,603.43

89,603.43

0.00

436,956.60

707,262.90

925,969.50

218,250.00

340 481.55

340,481.55

363:346.71

122,432.04

240,914.67

0.00

475,154.20

475,154.20

353,924.70

94,801.26

259,123.44

185,580.00

350,323.20

185,580.00

350,323.20

336,150.60

336,150.60

0.00

0.00

120,030.00

120,030.00

50 475.00

50,475.00

0.00

516:617.60

121,125.00

395,492.60

0.00

225,620.82

225,620.82

0.00

283,135.34

283,135.34

125,314.68

125,314.68

0.00

338,855.00

-89 603.43

249,251.57

0.00

0.00

356:550.60

356,550.60

758,119.59

47,120.00

696,108.59

109,131.00

112,560.00

112,560.00

0.00

259,886.39

240,807.88

500,694.27

0.00

221,600.00

221,600.00

222,955.00

136,620.00

359,575.00

655,250.00

655,250.00

0.00

208,905.83

129,917.55

61,898.02

276,925.36

------------- -------------- -------------- --------------

$8,601,541.30$ 7,345,465.74$ 6,042,399.19 $ 9,904,607.85
------------- -------------- -------------- --------------

$ 6,020.00$ 57,135.34

1,746.00

5,544.00

9,212.00

-54,783.89

5,913.50

5,041.00

83,458.79

4,500.00

159,693.29

24,735.00

2,094.00

-42,147.02

14,650.00

3,120.24

67,176.16

4,813.25

-1,930.09

14,239.00

24,121.52

3,009.00

5,072.00

-1,691.07

9,855.00

2,926.00

-3,119.83

5,796.00

177,854.67

2,975.00

23,407.22

1,620.00

1,650.00

29,097.34

15,353.00

7,875.00

1,850.00

-12,600.43

6,773.76

795.00

75,559.21

6,480.00

76,622.04

850.00

10,992.00

-44,278.04

-18,273.15

5,720.55

228,433.14

4,480.00

3,238.00

-88,876.31

3,520.00

29,018.94

------------ --------------

$ 194,583.30$ 771,752.83
------------ --------------

$ 298,680.00

$ 298,680.00$ 26,625.00

297,735.00

$ 297,735.00

0.00 21,216.67

477,812.50

477,812.50 45,000.00

502,421.88

502,421.88 41,750.00

502,031.25

272,834.50

229,196.75 39,398.63

247,226.56

247,226.56

0.00 12,029.97

284,156.25

284,156.25 24,001.00

310,781.25

310,781.25 26,251.10

498,750.00

498,750.00 39,000.00

256,250.00

256,250.00

0.00 25,000.00

99,830.00

99,830.00 6,250.00

299,772.00

299,772.00 24,750.00

29,001.83

11,843.65

17,158.18 2,044.37

62,287.02

15,559.50

46,727.52 4,952.92

199,453.00

199,453.00 14,500.00

492,000.00

492,000.00

0.00 24,675.35

0.00 $ 553,593.75

332,156.25

221,437.50 21,607.64

------------- -------------- -------------- -------------- ----------

$4,858,188.54$ 553,593.75 $ 1,925,605.46$ 3,486,176.83 $399,052.65
------------- -------------- -------------- -------------- ----------

$ 43,398.00 -1,103.91 2,773.45
-6,250.00 824.01 953.19
58,640.00 -36,984.37
--------------
$ 62,250.37
--------------

- 23 -

SHERIFFS' RETIREMENT FUND OF GEORGIA SCHEDULE OF INVESTMENT ACTIVITIES
YEAR ENDED JUNE 30. 1994

NOTES Wachovia Bank of Georgia, N. A., Atlanta, Georgia
American Express Credit Corporation Consolidated Edison Canpany Fanners Hane Aaninistration Federal Hane Loan Mortgage Corporation General Motors Acceptance Corporation International Business Machines Corporation United States Treasury Notes
WMX Technologies, Inc.
MUTUAL FUNDS (OPEN-END) Wachovia Bank of Georgia, N. A.i~Atlanta, Georgia
Fidelity Treasury Cash Port#:,:, Short Tenn Investment Canpany B
REAL ESTATE LIMITED PARTNERSHIPS Carlyle Incane Plus-II, Limited Partnership First Capital Insured Real Estate Limited Partnership First Capital Insured-XIV, Limited Partnership John Hancock Realty Incane Fund-II, Limited Partnership Krupp Cash Plus-V, Limited Partnership Partners Preferred Yield-II, Limited Partnership

SHARES/UNITS

MATURITY

HELD

DATE JUNE 30, 1994

PAR VALUE

MARKET
VALUE

INTEREST RATE

06/15/00 09/01/05 07/31/94 12/15/20 04/07/04 08/01/93 06/15/00 11/01/02 06/30/94 02/15/96 07/15/99 10/31/94 08/15/02 08/15/03 08/31/98 01/31/99 12/01/03

$ 200,000.00$ 186,302.00

200,000.00 190,354.00

4,210.99

3,393.72

282,000.00 255,562.50

300,000.00 290,700.00

500,000.00

200,000.00 187,932.00

500,000.00 482,485.00

500,000.00

500,000.00 522,110.00

3,000,000.00 2,926,860.00

200,000.00 199,812.00

900,000.00 849,933.00

1,ooo,000.00 895,000.00

500,000.00

2,100,000.00 1,944,789.00

soo,000.00 450,630.00

------------- -------------

$11,386,210.99$ 9,385,863.22 s====-=====-= -====-=-=-=

6.125% 7.375% 8.000% 6.750% 7.290% 8.400% 6.375% 7.250% 8.500% 8.875% 6.375% 4.250% 6.375% 5.750% 4.750% 5.000% 6.375%

$ 1,192.00$ 1,192.00 1,487,971.95 1,487,971.95
$=1=,=4=8=9-,=1=6=3=.=9=5$==1=,s4:8:a9c=,1=z6=3=.=9=5=
101 5,000 2,000 2,500 2,500
100

REAL ESTATE INVESTMENT TRUSTS Berksire Realty Can~ny, Incorporated NTS Mortgage Income Fund

2,680 2,500

INVESTMENT ACCOUNTS Wachovia Bank of Georgia, N. A., Atlanta, Georgia
Equity Sweep Account Incane Sweep Account

$ 2,910.32 617 .44
$ 3,527.76
===========

See accanpanying notes and Independent Accountant's Canbined Report on Review of Financial Statements and Supplementary Information.
- 24 -

SCHEDULE "3"
Page 2

BALANCE JULY 1, 1993

INVESTMENTS

INVESTMENTS MADE

INVESTMENTS REALIZED

BALANCE JUNE 30, 1994

INTEREST RECEIVED

DIVIDENDS RECEIVED

GAIN OR (LOSS) ON SALE
OF INVESTMENTS DISTRIBUTIONS

$ 199,112.00

$ 199,112.00$ 11,977.78

197,782.00

197,782.00 14,750.00

4,210.99

4,210.99

0.00

278,915.63

278,915.63 19,035.00

0.00 $ 292,875.00

292,875.00 -3,705.75

499,660.00

$ 499,660.00

0.00 21,000.00

199,386.00

199,386.00 12,750.00

496,185.00

496,185.00 36,250.00

502,031.25

502,031.25

0.00 42,500.00

511,718.75

511,718.75 44,375.00

3,649,296.88

521,328.13 3,127,968.75 228,232.04

1,508,671.88

1,307,515.63

201,156.25 50,624.31

922,921.88

922,921.88 57,375.00

0.00

973,046.88

973,046.88 -1,206.84

0.00

500,000.00

500,000.00

0.00 10,366.03

0.00 2,090,812.50

2,090,812.50 -2,610.50

0.00

505,205.00

505,205.00 10,005.21

------------- -------------- -------------- -------------- ----------

$8,969,892.26$ 4,361,939.38$ 3,330,535.01 $10,001,296.63 $551,717.28
------------- -------------- -------------- -------------- ----------

$

340.00

-2,031.25 -13 ,671.88
-304.69

-5,312.50

--------------
$ -20,980.32
--------------

$1,138,362.73 $ 5,951,073.85$ 7,088,244.58$

1,192.00

154,620.64 6,040,887.32 4,707,536.01 1,487,971.95

$1,292,983.37 $11,991,961.17 $11,795,780.59$ 1,489,163.95

$ 20,100.93 18,933.21
$ 39,034.14

$ 150,000.00 285,600.00 200,000.00 48,600.00 50,000.00 50,000.00
-------------
$ 784,200.00
-------------
$ 50,000.00 50,000.00
-------------
$ 100,000.00
-------------

$ 150,000.00 285,600.00 200,000.00 48,600.00 50,000.00 50,000.00
--------------
$ 784,200.00
--------------
$ 50,000.00 50,000.00
--------------
$ 100,000.00
--------------

$ 4,681.00 7,900.00 1,370.00 2,400.00 2,508.57 2,925.00
-------------
$ 21,784.57
-------------
$ 2,224.40 1,943.75
-------------
$ 4,168.15
-------------

$ 3,576.01 868.79
-------------
$ 4,444.80
-------------

$

665.69 $ 251.35

2,910.32 617.44

-------------- --------------

$

917.04 $ 3,527.76

-------------- --------------

$24,611,250.27 $ 24,252,960.04 $ 23,095,237.29 $ 25,768,973.02 $950,769.93 $ 233,617.44 $ 813,022.88$ 25,952.72
========= =-=-~===== =========-- ------------ --------- ---------- ------------ ----------

- 25 -

SHERIFFS' RETIREMENT FUND OF GEORGIA SCHEDULE OF ADMINISTRATIVE EXPENSES BY OBJECT
YEAR ENDED JUNE 30. 1994

SCHEDULE "4"

PERSONAL SERVICES

Salaries and Wages - Schedule "5" Employer's Contributions for:
F. I.C.A. Retirement Group Insurance Personal Liability Insurance Unemployment Compensation Insurance Workers' Compensation Insurance

OPERATING EXPENSES

Regular Operating Expenses

Supplies and Materials

Insurance and Bonding

Other Operating Expenses

Board Meeting Expenses

$

Subscriptions and Dues

Publications and Printing

Travel - Schedule "5"

Computer Charges

Other Costs

Rents (Other than Real Estate)

Georgia Sheriffs' Youth Homes,

Incorporated

$

IBM Corporation

Equipment Equipment Purchases

Real Estate Rentals Georgia Sheriffs' Youth Homes, Incorporated
Telecommunications Per Diem, Fees and Contracts
Per Diem and Fees

$ 47,110.44

$ 3,603.96 6,424.60 50.44 1,080.00 38.00 354.00

11,551.00 $ 58,661.44

$
1,567.37 2,010.40

1,331.20 71.00
3,577.77 759.33 $

5,739.30 4,511.89

2,000.00 4,191.00 $

6,191.00

4,440.92

10,631.92

3,100.00 372.87
149,464.02

173,820.00

$ 232,481.44

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 26 -

SHERIFFS' RETIREMENT FUND OF GEORGIA SCHEDULE OF SALARIES AND TRAVEL YEAR ENDED JUNE 30. 1994

SCHEDULE "5"

NAME
#Carter, #Carter, #Cody,
Hadsock, #Stalvey, Wi 11 iams,

Faye D. Robert James A. Sue Sandra Lynn

POSITION
--------
Assistant Secretary-Treasurer Comptroller Secretary-Treasurer Bookkeeper Clerk Bookkeeper

TIME MONTHS
12 * 12 * 12 *
11. 6 11
l *

SALARIES
--------

TRAVEL

$

9,600.00 $

1,311.85

12,000.00

1,715.60

7,200.00

1,484.44

14,683.82

2,406.25

1,220.37
-------------- --------------

(*) On Payroll June 30, 1994 i
(#) Also on Payroll of Georgia Sheriffs' Youth Homes, Incorporated

$

47,110.44 $

4,511.89

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 27 -

SHERIFFS' RETIREMENT FUND OF GEORGIA
RECONCILIATION OF PER DIEM AND FEES
YEAR ENDED JUNE 30 1 1994

SCHEDULE "6"

TYPE PAYMENT
------------

FEE AMOUNT

EXPENSE
A-M--O-U-N-T -

TOTAL

Totals per Annual Supplement

Adjustments

Bittick, L. Gary

Carter, Faye

Carter, Robert

Cody,

James A.

Higgs, Jim

Lemacks, D. G.

Mitchell, Hutchins

Thornton, Franklin

Wachovia Bank of Georgia, N.A.

Walraven, Wesley

Reimbursable Expense Reimbursable Expense Reimbursable Expense Reimbursable Expense Reimbursable Expense Reimbursable Expense Consultant Reimbursable Expense Consultant Reimbursable Expense

$ 121,392.35 $ 11,267.12 $ 132,659.47

12,500.00 5,984.44
-------------

354.00 -957.85 -1,361.60 -1,130.44 354.00 354.00
354.00
354.00
-------------

354.00 -957.85 -1,361.60 -1,130.44 354.00 354.00 12,500.00 354.00 5,984.44 354.00
-------------

Totals per Report

$ 139,876.79 $ 9,587.23 $ 149,464.02

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 28 -