Review report, Sheriffs' Retirement Fund of Georgia, a component unit of the state of Georgia, year ended June 30, 1995

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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, 1995

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

21

2 SCHEDULE OF INVESTMENT ACTNITIES

22

3 SCHEDULE OF ADMINISTRATNE EXPENSES PAID BY OBJECT

28

4 SCHEDULE OF SALARIES AND TRAVEL

29

5 RECONCILIATION OF PER DIEM AND FEES

30

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

DEPARTMENT OF AUDITS
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400
February 16, 1996

Honorable Zell Miller, Governor Members of the General Assembly of Georgia Members of the Board of Commissioners of the Sheriffs' Retirement Fund of Georgia
and Honorable James A. Cody, Secretary-Treasurer Sheriffs' Retirement Fund of Georgia
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) of the Sheriffs' Retirement Fund of Georgia as ofand for the year ended June 30, 1995, 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 a prescribed basis of accounting that demonstrates compliance with the budgetary statutes and regulations of the State of Georgia, which is a comprehensive basis of accounting other than generally accepted accounting principles. All information included in these financial statements is the representation ofthe 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 of any 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 2.
Our review was made for the purpose of expressing 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 5) is

95ARL-4

presented only for supplementary analysis purposes. Such information has been subjected to the inquiries and analytical procedures applied in the review ofthe financial statements and we are not aware of any material modifications that should be made thereto.
Respectfully submitted,

CLV:dt
95ARL-4

Claude L. Vickers State Auditor

FINANCIAL STATEMENTS -I-

SHERIFFS' RETIREMENT FUND OF GEORGIA STATEMENT OF ASSETS AND FUND EQUITY ARISING FROM CASH TRANSACTIONS
FIDUCIARY FUND TYPE - PENSION TRUST FUND JUNE 30, 1995

EXHIBIT"A"

ASSETS
Cash and Cash Equivalents - Schedule "1"
Investments - Schedule "3" U. S. Government Securities, at Cost (Market Value $14,195,438.37) Stock, at Cost (Market Value $13,903,147.00) Bonds and Debentures, at Cost (Market Value $724,297.00) Notes, at Cost (Market Value $1,088,781.00) Mutual Funds, at Cost (Market Value $705,975.37) Real Estate Limited Partnerships (Market Value not Available) Real Estate Investment Trusts (Market Value not Available) Investment Accounts (Market Value $117. 70)
Fixed Assets Equipment
Total Assets

Investment in Fixed Assets Fund Balance
Reserved for Benefits

FUND EQUITY

Total Fund Equity

$

46,548.20

$ 14,211,137.67 10,202,742.87 705,626.00 1,101,485.00 705,975.37 784,200.00 100,000.00 117.70

27,811,284.61

10,742.32

$ 27,868,575.13

$

10,742.32

27,857,832.81

$ 27,868,575.13

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.
-2-

SHERIFFS' RETIREMENT FUND OF GEORGIA STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
PENSION TRUST FUND
VEAR ENDED JUNE 30, 1995

EXHIBIT "B"

REVENUES COLLECTED
OPERATIONS Member Contributions F"IIIN and Bond FO!feitures lnlllrest Received on Demand Deposits
lnveslrnent Income - Schedule "2" lnlllrest Received Dividends Received Gain or (loss) on Sale of Investments Oisbibutions
Total Cash R~pCs
BALANCE JULY l
Cash and Cash Equivalents Investments
EXPENSES PAID
Benefits Death Benefits
Retirement Benefits Survivorship Benefits
Administrlltion - Schedule "3" Personal Sefvices Operating Expenses
Total Disbursements
BALANCE - JUNE 30 Cash and Cash Equivalents
Investments

CASH RECEIPTS DISBURSEMENTS

$

73,636.74

1,730,351.75

4,841.49

$ 1,005,695.42 244,153.67 -117,225.00 33,616.60

1,166~40.69

$ 2,975,070.67

$ 1,168,597.99 25,768,973.02

26.937,571.01

$ 29,912,641.88

$

82,000.00

1,409,453.38

280,729.79 $ 1,772,183.17

$

56,235.91

226,389.79

282,625.70

$ 2,054,808.87

$

46,54820

27,811,284.61

27.857,832.81

$ 29.912,641.68

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

SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995

EXIIlBIT "C"

NOTE 1: PLAN DESCRIPTION

ORGANIZATION AND PURPOSE The Sheriffs' Retirement Fund of Georgia is a multiple employer, defined benefit pension plan established in 1963 by the General Assembly of Georgia for the purpose of paying retirement benefits to the Sheriffs ofthe State ofGeorgia. The Board ofCommissioners ofthe Retirement Fund is comprised of six (6) members and consists of the Director of the Fiscal Division of the Department of Administrative Services, one (1) retired beneficiary ofthe Retirement Fund and four (4) persons holding office as sheriffs within the State of Georgia, each ofwhom are active members ofthe Retirement Fund and have held office as a sherifffor at least four (4) years. The Sheriffs' Retirement Fund of Georgia is considered a component unit of the State of Georgia and is included within the State of Georgia reporting entity for financial reporting purposes because of the significance of its legal, operational and financial relationships with the State of Georgia. These reporting entity relationships are defined in Section 2100 ofthe Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards.

Any qualified and commissioned sheriff ofany county within the State of Georgia who makes payment ofthe required contributions is eligible for membership. The Retirement Fund is funded through a combination of member contributions paid by the affected sheriffand designated portions offines and forfeitures for criminal and quasi-criminal cases involving the violation of State of Georgia statutes, including traffic laws.

CURRENT MEMBERSHIP The following analysis compares the membership of the Sheriffs' Retirement Fund of Georgia at June 30, 1995, to that of the prior year:

Retirees and Beneficiaries Currently Receiving Benefits and Terminated Members Entitled to Benefits but not yet Receiving Them For Retirement For Survivorship

June 30, 1995 June 30, 1994

155

161

26

25

Number of Active Members Vested Nonvested

181

186

89

106

65

_ll

154

157

A detailed analysis ofindividuals receiving benefits during the fiscal year ended June 30, 1995, is on file in the office of the State Auditor.

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SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995

EXIIlBIT "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 CONDITIONS: Normal 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 $64.00 by the number ofyears ofcredited service. The minimum monthly benefit paid is $256.00 and the maximum monthly benefit paid is $1,920.00.
(C) OPTIONAL BENEFITS: The following optional benefit provisions are available to members upon application for retirement benefits:
(1) 100% Joint Life Annuity
(2) 50% Contingency Life Annuity
The monthly benefit amount paid under the optional provisions shall be the actuarial equivalent ofthe normal monthly retirement benefit and is payable until remarriage.
(D) DEATH BENEFITS: (1) Upon the death of any member, the total amount of his/her contributions, or those in excess of any 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 (1), 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;
The sum of $7,000.00 will be paid as additional death benefits to the surviving spouse, the named beneficiary or the member's estate.
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SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995

EXHIBIT "C"

NOTE 1: PLAN DESCRIPTION

PLAN BENEFITS (3) In addition to the death benefit discussed in item (1), upon the death of an active member, the sum of $7,000.00 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 ofcontributions 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 REQUIREMENTS Contribution provisions are established by statute and may be amended only by the State of Georgia General Assembly. A description of contribution requirements is as follows:

(A) MEMBER'S CONTRIBUTION: Members must contribute $37.50 per month ofcredited 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 ofcredited service claimed from January 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 ofthe Superior Courts acts as Sheriffin 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

For civil actions filed in State Courts and Magistrate Courts where a Sheriff ofthe Superior Courts acts as a Sheriffin those courts

$ 1.00

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SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995

EXHIBIT "C"

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 ofthe State ofGeorgia. A fund is an independent fiscal and accounting entity with a self-balancing set of accounts. Fund accounting segregates funds according to their intended purpose and is used to aid management in demonstrating compliance with finance-related legal and contractual provisions. The minimum number offunds are maintained consistent with legal and managerial requirements. 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 include demand deposits with banks. Cash and Cash Equivalents also include short-term, highly liquid investments with maturity dates within three months of the 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 oftheir investments. In addition the Board is restricted to invest no more than 50% of the funds or assets in equities. Statutory provisions governing the investments of domestic life insurance companies are enumerated in Title 33, Chapter 11 of the 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.

-7-

SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995

EXIIlBIT "C"

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PLAN ASSET MATTERS
INVESTMENTS (2) Securities ofany 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 organized for not less than ten years or has assets of not less than $25,000,000.00 at the date of investment.
(3) Bonds, notes, securities or other evidences of indebtedness which are direct obligations of the government of the 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 of the United States of America or of the District of Columbia, or of the government of Canada or any province ofCanada, or for which the full faith and credit ofsuch state, district, government or province has been pledged for the payment of principal 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 of the District of Columbia, subject to certain conditions.
(8) Bonds, debentures, notes or other evidences of indebtedness of any solvent corporation created or existing under the laws ofthe 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 simple, unencumbered improved real estate or income producing real property located in the United States of America or Canada, subject to certain conditions.
(I 0) Purchase money mortgages or like securities received upon the sale or exchange of real property acquired.
(II) 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.
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
- 8-

SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995

EXIIlBIT "C"

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PLAN ASSET MATTERS
INVESTMENTS regardless of the term of the instruments. Investments in U. S. Government securities, stock, bonds and debentures, notes,. investment accounts, open-end mutual funds, 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 ofcost and are not amortized over the remaining life of the 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, 1995.
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 of interest income at the time of purchase.
Approximately 51% ofthe net assets available for benefits are invested in U.S. Government securities. The Retirement Fund has no other investments in securities ofgovernmental, commercial or industrial organizations whose market value exceeds 5% or more of the net assets available for benefits.
Statutory provisions governing the investment of funds by the Sheriffs' Retirement Fund of Georgia do not appear to provide for investments in real estate limited partnerships and investment trusts. These investments represented 3.2% ofthe total investments, at cost, of the Retirement Fund.
The Sheriffs' Retirement Fund ofGeorgia has funds invested in open-end mutual funds. The Retirement Fund is not aware of the risk exposure resulting from investments in derivatives or similar investments, if any, through these open-end mutual funds.
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 the Executive Director of the Youth Homes; and the Assistant SecretaryTreasurer and Comptroller ofthe Retirement Fund hold similar positions with the Youth Homes.
In addition to shared personnei the Retirement Fund and the Youth Homes share property space. For the year ended June 30, 1995, the Retirement Fund reimbursed the Youth Homes $13,200.00 for shared space.

-9-

SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995

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. The bank balances as ofJune 30, 1995, are categorized below in order to provide information about the extent to which such deposits are exposed to custodial credit risk.

Category 1 - 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 collateralized with securities (at market value) held by the pledging 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 pledging financial institution or by its trust department or agent, but not in the Retirement Fund's name, and amounts uncollateralized.

Cash Deposits

Canying Amount

Banlc Balances

Risk Categories

2

3

s 46 548 20 s 186,639 62 s 100 ooo oo s 86 639 62 s====o!!,!loo=

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

Category 1 - Insured or registered, or securities held by the Retirement Fund or its agent in the Retirement Fund's name.

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

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

- 10-

SHERIFFS' RETIREMENT FUND OF GEORGIA
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995

EXIIlBIT "C"

NOTE 3: CUSTODIAL CREDIT RISKsoF CASH DEPOSITS AND INVESTMENTS

CATEGORIZATION OF INVESTMENTS The carrying amounts ofinvestment balances as ofJune 30, 1995, are categorized below. These amounts also include amounts maintained in open-end mutual funds, and real estate limited partnerships and investment trusts which are not subject to risk categorization.

Type oflnvestment
U. S. Government Securities Stock Bonds and Debentures Notes Investment Accounts
Totals
Mutual Funds (Open-end) Real Estate Limited
Partnerships Real Estate Investment
Trusts

Risk Categories

1

2

$ 14,211,137.67 $ 10,202,742.87 705,626.00 1,101,485.00 117.70

0.00 $

$26,221,109 24 $

000 $

(1) Market Value at June 30, 1995, was not available

Carrying

Market

3

Amount

Value

0.00 $ 14,211,137.67 $ 14,195,438.37

10,202,742.87 13,903,147.00

705,626.00

724,297.00

1,101,485.00 1,088,781.00

117.70

117.70

0.00 $26,221,109.24 $29,911,781.07

705,975.37

705,975.37

784,200.00

(1)

100,000.00

(1)

$ 2:Z 811 .284 61 $ 30 61:Z :ZS6 44

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 assess 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 of benefits estimated to be payable in the future as a result of employee service to date, computed by attributing an equal benefit amount (including the effects of both projected salary increases and any step-rate benefits, ifapplicable) to each year of credited and expected future employee service, using assumptions that reflect the best judgement offuture events affecting the actuarial present value. The Statement further requires the use ofthe term pension benefit obligations when referring to the standardized measure. The standardized measure is independent ofthe actuarial funding method, ifany, used to determine contributions to the affected public employees retirement system. The Pension Benefit Obligation at July 1, 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, 1995

EXIIlBIT "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 Contributions 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 of Georgia 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:

MALE

20 30 40 44 45 and older

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

(D) Retirement Age: All members are assumed to retire upon the attainment of age fifty-five (55) given at

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SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995

EXIIlBIT "C"

NOTE 4: FUNDING STATUS AND PROGRESS
ACTUARIAL ASSUMPTIONS least four(4) years of credited service. The credited service requirement is eight (8) years for Sheriffs' active on or after July 1, 1988.
(E) Investment Return: Six percent (6%) per annum.
(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 date 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.
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SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995

EXHIBIT "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 and are not actuarially determined. This statute further prohibits any action to grant a benefit increase until such time as the minimum annual contribution requirements meet or exceed legislative requirements. The actuarial valuation as of July 1, 1994, which reflected the proceeds of fines 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 and are not actuarially determined. Covered payroll information was not available.

FUNDING REQUIREMENTS Actual contributions for the year ended June 30, 1995, were as follows:

Member Contributions Fines and Bond Forfeitures

$ 73,636.74 1,730,351.75
$ I 803,988.49

NOTE 6: HISTORICAL 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 if an increase in benefits is proposed. Available trend data are presented below:

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SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995

EXIIlBIT "C"

NOTE 6: IDSTORICAL TREND INFORMATION

REVENUES COLLECTED BY SOURCE AND EXPENSES PAID BY TYPE

Fiscal Year

REVENUES COLLECTED

Court Fines

Member

and Bond

Contributions Forfeitures

Other (1)

Total

1988 1989 1990 1991 1992 1993 1994 1995

$ 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 $ 73,636.74 $ 1,730,351.75 $ 1,171,082.18 $ 2,975,070.67

Fiscal Year

EXPENSES PAID

Refunds To

Terminated

Benefits Administration Members

Total

1988 1989 1990 1991 1992 1993 1994 1995

$ 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 $ $ 1,772,183.17 $

148,928.28 $ 180,157.07 $ 166,566.51 $ 216,213.94 $ 233,079.58 $ 256,938.08 $ 232,481.44 $ 282,625.70 $

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 0.00 $ 2,054,808.87

(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.

NOTE 7: RISK MANAGEMENT

The Department ofAdministrative Services (DOAS) has the responsibility for the State of Georgia of making and carrying out decisions that will minimize the adverse effects of accidental losses that involve State government assets. The State believes it is more economical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS services claims for risk of loss to which the State is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemnification. Limited amounts of commercial insurance is purchased applicable

- 15 -

SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995

EXIIlBIT "C"

NOTE 7: RISK MANAGEMENT

to property, employee and automobile liability, fidelity and certain other risks. The Sheriffs' Retirement Fund ofGeorgia is covered by the State of Georgia risk management program administered by DOAS. Premiums for the risk management program are charged to the state agencies by DOAS to provide claims servicing and claims payment.

NOTE 8: CONTINGENCIES

Litigation, claims and assessments filed against the Sheriffs' Retirement Fund of Georgia, if any, are generally considered to be actions against the State of Georgia. Pursuant to the Official Code of Georgia Annotated, the Department of Administrative Services maintains a program of purchased insurance and self-insurance which provides coverage for such litigation, claims and assessments. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1995.

NOTE 9: CHANGES IN FIXED ASSETS

No changes were recorded in Fixed Assets during the fiscal year.

NOTE 10: RETIREMENT PLAN

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 ofGeorgia. 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 1 2 3 4 5 6 7

Percentage 30% 35% 40% 45% 60% 80% 100%

The Retirement Fund contnbutes 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 termination or retirement, any vested benefit will be paid to the participant in a lump sum or as periodic payments from one of the deferred options

- 16 -

SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995

EXHIBIT "C"

NOTEl0: RETIREMENTPLAN
available. The Retirement Fund's total payroll in fiscal year 1995 amounted to $46,600.04 of which $28,800.00 was for covered employees and used by the Retirement Fund for calculating contributions. For fiscal year 1995, the Retirement Fund contributed $4,052.00 to the retirement plan. No employee contributions were made to the plan for fiscal year 1995. The Retirement Fund has no further liability under the plan other than the future contributions to the plan as established.
NOTE 11: 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 of Wausau, their Bond Nos. 1450-00110723, on which the premium was paid to October 1, 1995. Under this agreement the Public Employee Dishonesty Coverage insures the Sheriffs' Retirement Fund to a maximum of $1,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. The Faithful Performance ofDuty Coverage insures the Retirement Fund to a maximum of $1,000,000.00 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 Policies written by the United States Fire Insurance Company, their Policy Nos. 626 012292 6 and 626 012294 4, on which premiums were paid to October 1, 1995. Under these additional public employee dishonesty coverages, the policies insure the Retirement Fund to a maximum of $9,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees.

- 17 -

SUPPLEMENTARY INFORMATION - 19 -

SHERIFFS' RETIREMENT FUND OF GEORGIA CASH AND CASH EQUIVALENTS JUNE 30, 1995
INTEREST BEARING ACCOUNT The First National Bank of Henry County, Stockbridge, Georgia

SCHEDULE "1" $ ===46=,5=4=8=.2=0

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 21 -

SHERIFFS' RETIREMENT FUND OF GEORGIA SCHEDULE OF INVESTMENT ACTMTlES JUNE 30. 1995

U.S. GOVERNMENT SECURmEs

Wachovia Bank of Georgia, NA, Atlanta, Georgia

Farmers Home Administration



Federal Home Loan Mortgage Corporation

Federal National Mortgage Association

Government National Mortgage Association Unltacl States Treasury Bills
Unlad Statas Treasury Bond Unlad Staeas Treasury Nalls

MATURITY DATE

SHARES/UNITS HELD
JUNE 30, 1995

PAR VALUE

MARKET VALUE

INTEREST RATE

01/01197 04/07104 05125/03 11/10'99 10125118
01/25/07 06110/02 07/15/08 08/15/08
08/10195
02/15196 07/15199
08/15/02 01/31199 10131/96 11/15195
05131197 01/15/00 11/30/98 05115/04

$ 415,766.04 $ 421,611.71

500,000.00

499,765.00

500,000.00

514,215.00

500,000.00

540,080.00

96,784.37

97,298.30

294,406.92 500,000.00
15,282.34 47,219.06

301,949.63 511,170.00
15,982.73 49,383.11

7.500'l6
7.29()'1(,
9.000% 8.350'11, 9.000%
8.750'1f, 7.~ 8.500'l6 8.500'l6

200,000.00
500,000.00 3,000,000.00

197,515.89
509,220.00 3,039,840.00

900,000.00 2,100,000.00
800,000.00 400,000.00
1,500,000.00 800,000.00 500,000.00 500,000.00

910,683.00 2,036,349.00
810,624.00 399,124.00
1,507,740.00 811,8n.oo 487,185.00 533,830.00

8.875'1(, 6.375'1(,
6.375'1(, 5.000% 6.875'1(, 5.125'1(,
6.125% 6.375'1(, 5.125'1(, 7.250'1f,

$ 1410691458.73 $ 1411951438.37

Wachovia Bank of Georgia, NA, Atlanta, Georgia Agricultural J,Jr Transportation Automotive Beverages Chemicals Computer Equipment Cosmetic:s, Toiletries, Soap Drugs, Medical Elec:lrical Equipment Electronics Enti111ainmant Leisure Related Financial Services NonBanking Foods Processed Food Service Furniture and Foctures Insurance Jewelry, Silverware, Plated Ware Leather and Leather Products Machinery - Fann and Construction Medical Supplies and Services Metal Products Fabricated
See accompanying notes and Independent Accountant's Combined Report on Revift' of Financial Statements and Supplementary Information.
-22-

7,600 11,900
9,700 8,900
3,900 29,300 18,100 13,600 44,836 22,825 15,400 14,000 13,600
2,500
4,000 6,400 6,800

$ 319,200.00 358,487.50 421,950.00 567,375.00
290,550.00 1,545,462.50 1,125,400.00
667,825.00 1,920,453.25 1,069,631.25
829,575.00 799,975.00 532,100.00
285,000.00
336,000.00 465,600.00 459,000.00

SCHEDULE "2"

BALANCE
JULY 11 1994

INVESTMENTS

INVESTMENTS INVESTMENTS

MACE

REALIZED

BALANCE JUNE 30, 1995

INTEREST RECEIVED

DMDENDS RECEIVED

GAIN OR (LOSS) ON SALE OF
INVESTMENTS

DISTRIBUTIONS

$

4,210.99

$

4,210.99 $

0.00 $

278,915.63

278,915.63

0.00

0.00 $ 507,187.27

85,444.80

421,742.67

292,875.00

193,062.50

485,937.50

477,812.50

477,812.50

502,421.88

502,421.88

229,196.75

132,019.20

97,177.55

284,156.25

284,156.25

0.00

310,781.25

5,794.08

304,987.17

498,750.00

498,750.00

17,158.18

2,869.72

14,288.46

46,727.52

2,234.11

44,493.41

989,687.50

989,687.50

0.00

1,382,798.67 1,382,798.67

0.00

985,637.50

985,637.50

0.00

493,789.72

296,273.83

197,515.89

221,437.50

221,437.50

0.00

511,718.75

511,718.75

3,127,968.75

3,127,968.75

201,156.25

201,156.25

0.00

973,046.88

973,046.88

0.00

922,921.88

922,921.88

2,090,812.50

2,090,812.50

798,062.50

798,062.50

394,843.75

394,843.75

297,187.50

297,187.50

0.00

1,497,495.00

1,497,495.00

798,750.00

798,750.00

488,984.38

488,984.38

534,453.13

534,453.13

779.80 18,241.88 29,433.04 30,577.50 45,000.00 41,750.00 13,591.02 23,001.10 26,251.10 39,000.00
1,388.78 4,124.37 10,312.50 11,171.53 14,362.50 1,414.83 3,782.61 44,375.00 191,250.00 4,250.00 70,842.54 57,375.00 105,000.00 26,132.60 10,584.24 9,854.62
-18,033.15 -980.19
-2,955.16

$ 11,981,755.96 $ 8,372,251.92 $ 6,142,870.21 $ 14,211,137.67 $ 811,878.06

$

-683.54

-12,778.13

-1,210.87

-534.16 19,593.75
-201.00
199.62 136.87
-86.29
102.26 -29,796.87
-1,156.25 -22,890.63

20,273.44

$

-29,031.80

$ 191,226.19 $ 395,587.50 402,335.30 474,356.25 233,838.40 0.00
1,131,159.94 358,622.28 473,448.50
1,067,864.44 1,169,482.09
0.00 218,250.00 340,481.55 240,914.67 475,154.20 259,123.44
0.00 350,323.20
0.00 120,030.00

91,473.84 $
273,195.00 214,448.56 920,823.82 418,930.62 659,101.59 759,000.00
257,000.00 254,892.00 366,109.22

106,591.81 $
92,600.98 236,800.00 233,838.40
220,440.00 358,622.28
412,409.25 452,997.78
218,250.00
240,914.67 475,154.20 259,123.44
120,030.00

176,108.22 395,587.50 309,734.32 237,556.25
0.00 273,195.00 1,125,168.50 920,823.82 473,448.50 1,074,385.81 716,484.31 659,101.59 759,000.00 340,481.55
0.00 257,000.00
0.00 254,892.00 350,323.20 366,109.22
0.00

$

6,596.00 $

46,818.19

3,927.00

5,546.00

17,450.34

7,764.50

104,388.60

4,624.00

903.36

26,610.00 11,704.00 16,324.00
9,031.72 8,028.00 5,631.00
756.00 3,366.00 1,220.00 8,405.00 2,296.00 2,000.00 6,656.00 4,216.00
810.00

-45,645.20 -79,567.20 165,015.67 -237,700.99 38,250.00
22,291.53 -69,576.43 21,733.58
-26,058.14

-23-

SHERIFFS' RETIREMENT FUND OF GEORGIA SCHEDULE OF INVESTMENT ACTMTIES JUNE 30, 1995

Wachovia Bank ot Georgia, NA., Atlanta, Georgia
Paper and Paper Products Printing and Publishing Raail Trade - Specialty Services - Non-Financial Tiansportation Wholesale Trade - Food Wholesale Trade - Specialty

MATURITY DATE

SHARES/UNITS HELD
JUNE 30, 1995

PAR
VALUE

MARKET
VALUE

INTEREST RATE

13,150 17,175 18,400
7,900

$ 514,687.50 326,325.00 m,300.oo 296,250.00

$ 13,9031147.00

BONDS AND DEBENTURES
Wachovia Bank ot Georgia, NA, Atlanta, Georgia
8. P. America, lncorpoind Ford Moeor Credit Company General Electric Corporation NBD Bancorp, Incorporated Society National Bank Walmart Stores, Incorporated

12101/97 02/26.198 01/14195 08/15104 06/01105 09/15106

$ 300,000.00 $ 317,742.00

100,000.00

99,742.00

300,000.00

200,000.00

300,000.00

306,813.00

300,000.00

8.875'1(, 625()'1(, 825()'1(, 725()'1(, 725()'1(, 8.000'1(,

$ 115001000.00 $ n41297.oo

Wachovia Bank ot Georgia, NA., Atlanta, Georgia
American Exprass Credit Corporation Consolidated Edison Company 11"""8tiolllll Business Machines Corporation WMX Technologies, lncorporatad
MUTUAL FUNDS <OPEN-END) Wachovia Bank ot Georgia, NA., Atlanta, Georgia
Fidelity Treasury Cash Port '53 Short Term Investment Company B

06/15100 ()9,'()1105
06/15100 11/01/02 12101/03

$ 200,000.00 $ 196,798.00

200,000.00

206,592.00

200,000.00

199,406.00

500,000.00

500,000.00

485,985.00

6.125'1(, 7.375'1(, 6.375'1(, 725()'1(, 6.375'1(,

$ 116001000.00 $ 11088?81.00

$ 705,975.37 $ 705,975.37 $ 705,975.37 $ 705,975.37

See accompanying notes and Independent Acc:ountanfs Combined Report on
Review ot Financial Statements and Supplementary Information.
-24-

SCHEDULE "2"

BALANCE JULY 1, 1994

INVESTMENTS

INVESTMENTS INVESTMENTS

MADE

REALIZED

BALANCE JUNE 30, 1995

INTEREST RECEIVED

DIVIDENDS RECEIVED

GAIN OR (LOSS) ON SALE OF
INVESTMENTS DISTRIBUTIONS

$ 395,492.60

$ 395,492.60

283,135.34 $ 424,838.44 $ 469,758.28

238,215.50

356,550.60

369,877.14

n6,427.74

109,131.00

487,546.24

443,470.00

153,207.24

221,600.00

221,600.00

0.00

359,575.00

359,575.00

0.00

276,925.36

276,925.36

0.00

$

14,598.50

11,221.00 $

-22,284.53

8,830.00

7,121.50

-83,860.01

1,120.00

-45,200.00

5,600.00

28,982.02

2,360.00

54,076.01

$ 9,904,607.85 $ 5,497,236.47 $ 5,199,101.45 $ 10,202,742.87

$ 186,362.22 $ -109,983.20

$ 298,680.00

$ 298,680.00 $

99,830.00

99,830.00

299,772.00

$ 299,m.oo

0.00

199,453.00

199,453.00

0.00

0.00 $ 307,116.00

307,116.00

299,301.00

299,301.00

0.00

26,625.00 6,250.00
24,750.00 18,165.28 -1,691.67 10,333.33

$ 897,735.00 $ 606,417.00 $ 798,526.00 $ 705,626.00 $ 84,431.94

$

228.00

1,623.00

6,369.00

$

8,220.00

$ 199,112.00 197,782.00 199,386.00 496,185.00 505,205.00
$ 1,597,670.00

$ 199,112.00 $

197,782.00

199,386.00

$ 496,185.00

0.00

505,205.00

12,250.00 14,750.00
12,750.00 37,760.42 31,875.00

$ 496,185.00 $ 1,101,485.00 $ 109,385.42

$

13,570.00

$

13,570.00

$

1,192.00 $

18,715.34 $

19,907.34 $

1,487,971.95 12,316,091.85 13,098,088.43

0.00 705,975.37

$ 1,489,163.95 $ 12,334,807.19 $ 13,117,995.77 $ 705,975.37

$

214.61

57,576.84

$ 57,791.45

-25-

SHERIFFS' RETIREMENT FUND Of GEORGIA SCHEDULE Of INVESTMENT ACIMIIES
JUNE30 1995

REAL ESTATE LIMITED PARTNERSHlps
Carlyle Income Plus-II, Limited Partnership First Capital Insured Real Estate Limited Partnership Fll'St Capital Insured -XN, Limited Partnership John Hancock Realty Income Fund-II, Limited Partnership Krupp Cash Pl~V, Limited Partnership Partners Preferred Yield-II, Limited Partnership

MATURITY DATE

SHARES/UNITS HELD
JUNE 30, 1995

101 5,000 2,000 2,500 2,500
100

PAR VALUE

MARKET VALUE

INTEREST RATE

REAL ESTATE INVESTMENT TRUSTS
Berkshire Realty Company, Incorporated NTS Mortgage Income Fund
INVESTMENT ACCOUNTS
Wachovia Bank of Georgia, NA., Atlanta, Georgia Equity Sweep Account Income Sweep Account

2,680 2,500

$

106.65

11.05

$

117.70

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

SCHEDULE "2"

BALANCE JULY1, 1994

INVESTMENTS

INVESTMENTS INVESTMENTS

MADE

REALIZED

BALANCE JUNE 30, 1995

INTEREST RECEIVED

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

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

DIVIDENDS RECEIVED

GAIN OR (LOSS) ON SALE OF
INVESTMENTS DISTRIBUTIONS

$

6,040.00

11,800.00

4,620.00

2,400.00

2,500.00

3,000.00

$

30,360.00

$

50,000.00

50,000.00

$ 100,000.00

$

50,000.00

50,000.00

$ 100,000.00

$

2,331.60

925.00

$

3,256.60

$

2,910.32

617.44

$

3,527.76

$

2,803.67 $

606.39

$

3,410.06 $

106.65 11.05
117.70

$ 26,7581660.52 $ 261810,712.58 $ 25,7581088.49 $ 27181984.61 $ 11005,695.42 $ 2441153.67 $ -1171225.00 $

33,616.60

-27-

SHERIFFS' RETIREMENT FUND OF GEORGIA SCHEDULE OF ADMINISTRATIVE EXPENSES PAID BY OBJECT
YEAR ENDED JUNE 30. 1995

SCHEDULE "3"

PERSONAL SERVICES

Salaries and Wages- Schedule "4"
Employer's Contributions for: F.I.CA. Retirement Personal Liability Insurance Unemployment Compensation Insurance Workers' Compensation Insurance

OPERATING EXPENSES

Regular Operating Expenses

Supplies and Materials

Repairs and Maintenance

Insurance and Bonding

Other Operating Expenses

Board Meeting Expenses

.$

Subscriptions, Dues and

Registration Fees

Bank Charges

Publications and Printing

Travel - Schedule "4"

Computer Charges Other Costs Rents (Other than Real Estate) IBM Corporation
Real Estate Rentals Georgia Sheriffs' Youth Homes, Incorporated
Per Diem And Fees and Contracts Per Diem and Fees

$
$ 3,306.08 2,780.00
109.53

$
3,564.87 4,032.00 1,570.00
32.00 437.00

46,600.04 9,635.87 $

56,235.91

1,487.48 45.00 78.00

6,195.61 1,322.20 $

9,128.29 4,389.57

2,474.12

13,200.00 197,197.81

226,389.79

$ 282,625.70

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

NAME #Carter, #Carter, #Cody, Whitson,

Faye D. Robert
James A
LynnW.

SHERIFFS' RETIREMENT FUND OF GEORGIA SCHEDULE OF SALARIES AND TRAVEL YEAR ENDED JUNE 30, 1995

SCHEDULE "4"

POSITION Assistant Secretary-Treasurer Comptroller Secretary-Treasurer Bookkeeper

TIME MONTHS
12 * 12 * 12 * 12 *

SALARIES

$

9,600.00 $

12,000.00

7,200.00

171800.04

TRAVEL 1,304.05 1,542.09 1,222.65 320.78

$ 46,600.04 $ -==4..,..3...8..9.....,5,...7

..i. (*) On Payroll June 30, 1995
(#) Also on Payroll of Georgia Sheriffs' Youth Homes, Incorporated

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 29-

SHERIFFS' RETIREMENT FUND Of GEORGIA RECONCILIATION OF PER DIEM AND FEES
YEAR ENDED JUNE 30, 1995

SCHEDULE 5"

Totals per Annual supplement

Adiuatments

Alex Brown and Sons

Alexander and Alexander

Bittick,

L.Gary

carter, Faye

carter, Robert

Cody,

James A.

Higgs,

Jim

Lemacks, Bill

McCoy, Steven N.

Office of Treasury and Fiscal Services

Saba,

Jami L.

Thornton, Franklin

WIiiiams, Lynn

TYPE PAYMENT
Consultant Consultant Reimbursable Expense Reimbursable Expense Reimbursable Expense Reimbursable Expense Reimbursable Expense Reimbursable Expense Reimbursable Expense Reimbursable Expense Reimbursable Expense Reimbursable Expense Reimbursable Expense

FEE AMOUNT

EXPENSE AMOUNT

$ 189,372.18 $

7,032.37 $

TOTAL 196,404.55

-22,173.00 22,173.00

584.00 -683.59 -723.71 -655.75 584.00 584.00
70.48 -70.48 584.00 584.00 -63.69

-22,173.00 22,173.00
584.00 -683.59 -723.71 -655.75 584.00 584.00
70.48 -70.48 584.00 584.00 -63.69

Tota1s per Report

$ 189.372.18 $

71825.63 $ 197.197.81

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
-30-