Review report, Sheriffs' Retirement Fund of Georgia, a component unit of the state of Georgia, year ended June 30, 1996

GA
(\"'600 c \<,\
'Stt<O \C\cIS -9b
REVIEW REPORT SHERIFFS' RETIREMENT FUND OF GEORGIA
A COMPONENT UNIT OF THE STATE OF GEORGIA
YEAR ENDED JUNE 30, 1996

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 ACTIVITIES

22

3 SCHEDULE OF ADMINISTRATIVE EXPENSES PAID BY OBJECT

28

4 RECONCILIATION 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
January 22, 1997

Honorable Zell Miller, Governor Members of the General Assembly of Georgia Members ofthe Board of Commissioners ofthe 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) ofthe Sheriffs' Retirement Fund of Georgia as of and for the year ended June 30, 1996, 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 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

96ARL-4C

presented only for supplementaJy analysis purposes. Such information has been subjected to the inquiries and 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:jy
96ARL-4C

Claude L. Vickers State Auditor

FINANCIAL STATEMENTS - 1-

SHERIFFS' RETIREMENT FUND OF GEORGIA STATEMENT OF ASSETS AND FUND EQUITY ARISING FROM CASH TRANSACTIONS
FIDUCIARY FUND TYPE - PENSION TRUST FUND JUNE 30. 1996

EXHIBIT "A"

ASSETS
Cash and Cash Equivalents - Schedule "1"
Investments - Schedule ''2'' U. S. Government Securities, at Cost (Market Value $13,623,606.31) Stock, at Cost (Market Value $16,630,119.59) Bonds and Debentures, at Cost (Market Value $2,630,441.00) Mutual Funds, at Cost (Market Value $2,053,998.93) Real Estate Umited Partnerships (Market Value not Available) Real Estate Investment Trusts (Market Value not Available) Certificates of Deposit, at Cost (Market Value $200,000.00) Investment Accounts (Market Value $6,740.91)
Fixed Assets Equipment

Total Assets

Investment in Fixed Assets Fund Balance
Reserved for Benefits

FUND EQUITY

Total Fund Equity

$

17,208.39

$ 13,806,815.74 10,958,070.91 2,680,693.10 2,053,998.93 784,200.00 100,000.00 200,000.00 6,740.91

30,590,519.59

10,742.32

$ 30,618,470.30

$

. 10,742.32

30,607l27.98

$ 30,618,470.30

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. -2-

SHERIFFS' RliTlREMENI FUND OF GEORGIA
STATEMENT OF CASH REClilPTS AND DISBURSEMENTS PiiNSION TRUST FUND
YEAR ENDED JUNE 30 1996

EXHIBIT"B"

REVENUES COLLECTED
OPERATIONS Member Contributions
Fines and Bond Forfeitures Investment Income SChedule "2"
Interest Received Dividends Received
Gain or (loss) on Sale of Investments
Distributions Other
Interest Received on Demand Deposits
Proceeds from Litigation SeIlIements
Total Cash Receipts
BALANCE - JULY 1
Cash and Cash Equivalents Investments

CASH RECEIPTS

EXPENSES PAID
Benefits Death Benefits Retirement Benefits Survivorship Benefits
Administration - Schedule "3" Personal Services Operating Expenses
Refunds to Terminated Members
Total Disbursements
BALANCE - JUNE 30
Cash and Cash Equivalents Investments

DISBURSEMENTS

$

71,613.79

1,831,227.70

$ 1,127.791.29 300,716.78
1,408,335.64 35,9n.50

2,872,821.21

$

3.118.97

2,391.27

5.510.24

$ 4,781,172.94

$

46.548.20

27,811,284.61

27.857,832.81

$ 32,639,005.75

$

56,000.00

1,370,042.67

308,386.51 $ 1,734,429.18

$

59,396.16

230,750.93

290,147.09

6,701.50

$ 2,031,2n.n

$

17,208.39

30,590,519.59

3O,607,n7.98

$ 32,639,005.75

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. 1996

EXHIBIT "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 of the State ofGeorgia. The Board ofCommissioners ofthe Retirement Fund is comprised of six (6) members and consists of the Director of the Office of Treasury and Fiscal Services, one (1) retired beneficiary of the Retirement Fund and four (4) persons holding office as sheriffs within the State of Georgia, each of whom are active members of the Retirement Fund and have held office as a sheriff for 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 ofGeorgia reporting entity for financial reporting purposes because ofthe significance ofits 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 ofGovemmental Accounting and Financial Reporting Standards.

Any qualified and commissioned sheriff of any county within the State of Georgia who makes payment of the required contributions is eligible for membership. The Retirement Fund is funded through a combination of member contributions paid by the affected sheriff and 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, 1996, 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. 1996 June 30, 1995

152

155

29

26

Number of Active Members Vested Nonvested

ill

181

89

89

65

65

154

154

A detailed analysis ofindividuals receiving benefits during the fiscal year ended June 30, 1996, is on file in the office of the State Auditor.

-4-

SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30. 1996

EXHIBIT "C"

NOTE 1: PLAN DESCRIPTION

PLAN BENEFITS The Sheriffs' Retirement Fund of Georgia provides retirement as well as death and disability benefi~s. 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 sheriffwho 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 of the normal monthly retirement benefit and is payable until remarriage.

(0) 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.

- 5-

SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30. 1996

EXHIBIT "C"

NOTE 1: PLAN DESCRIPTION

PLAN BENEFITS (D) DEATH 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 of contributions 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 ofState ofGeorgia 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

-6-

SHERIFFS' RETIREMENT FUND OF GEORGIA
NOTES TO THE FINANCIAL STATEMENTS JUNE 30.1996

EXIllBIT "c"

NOTE 2: SIDvftv1ARY 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 a banIe
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 ofinvestment in accordance with these statutes and available to the Retirement Fund are as follows:
(1) Deposits in checking, savings, certificates ofdeposit 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. 1996

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 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 ofthe United States of America.
(4) Loans guaranteed as to principal and interest by the government of the 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 ofthe 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 of principal and interest.
(6) Obligations oflocal units ofgovernment or government related entities located within the United States of America or Canada, subject to certain conditions.
(7) Dividend paying stocks, common or preferred, ofany 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.
(8) aonds, debentures, notes or other evidences of indebtedness 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 ofindebtedness 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.
(10) 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.

-8-

SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30. 1996

EXHIBIT"C"

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PLAN ASSET MATTERS
INVESTMENTS Investments are defined as those financial instruments with tenns 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 ofcontinual investment are reflected as investments regardless ofthe tenn ofthe instruments. Investments in U. S. Government securities, certificates of deposit, stock:, bonds and debentures, 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, 1996.
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 45% of the net assets available for benefits are invested in U. S. Government securities. In addition, approximately 7% of the net assets available for benefits are invested in Biltmore Prime Cash Management.
Statutory provisions governing the investment offunds 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 2.9% of the total investments, at cost, of the Retirement Fund.
The Retirement Fund 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 infonnational 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 of the Retirement Fund hold similar positions with the Youth Homes.
In addition to shared personnel, the Retirement Fund and the Youth Homes share property space. For the year ended June 30, 1996, 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. 1996

EXHIBIT "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 demanddeposits and/or interest bearing accounts. The bank balances as ofJune 30, 1996, are categorized below in order to provide infonnation 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

Carrying Amount

Bank Balances

Risk Categories

2

3

$ 217.20839 $ 371 936.77 $ 300 000.00 $ 71.936.77 $====,O!!!,!lOOiQ!,

CATEGORIZATION OF INVESTMENTS For purposes of analysis of custodial credit risk, investments consist ofU. S. Government securities, stock, bonds and debentures, 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.

The carrying amounts of investment balances as of June 30, 1996, are categorized below. These amounts include amounts maintained in open-end mutual funds and real estate limited partnerships and investment trusts which are not subject to risk categorization.

- 10-

SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1996

EXHIBIT "C"

NOTE 3: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS

CATEGORIZATION OF INVESTMENTS

Type ofInvestment
U. S. Government Securities Stock Bonds and Debentures Investment Accounts
Total
Mutual Funds (Open-End) Real Estate Limited
Partnerships Real Estate Investment
Trusts

Risk Categories 2

$ 13,806,815.74 $ 10,958,070.91 2,680,693.10 6,740.91

0.00 $

$ 27452320 66 $

000 $

Carrying

Market

3

Amount

Value

0.00 $ 13,806,815.74 $ 13,623,606.31

10,958,070.91 16,630,119.59

2,680,693.10 2,630,441.00

6,740.91

6,740.91

000 $ 27,452,320.66 $ 32,890,907.81

2,053,998.93 2,053,998.93

784,200.00

(1)

100,000.00

(l)

$ 30 390 519 59 $ 34 944.906.74

(1) Market Value at June 30, 1996, 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 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 obligation 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, as calculated by the Actuary, for the Sheriffs' Retirement Fund of Georgia is reflected below:

- 11 -

SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1996

EXHIBIT "CIt

NOTE 4: FUNDING STATUS AND PROGRESS

PENSION BENEFIT OBLIGATION 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 (July I, 1994)

$ 4,689,515.00

ACTUARIAL ASSUMPTIONS The most recent actuarial investigation of the Sheriffs' Retirement Fund of Georgia was performed by the consulting actuary engaged by the Retirement Fund using census data as ofJuly I, 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%

- 12-

SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1996 .

EXHIBIT "C"

NOTE 4: FUNDING STATUS AND PROGRESS
ACTUARIAL ASSUMPTIONS (D) Retirement Age: AIl members are assumed to retire upon the attainment of age fifty-five (55) given at
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 of book 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.
(1) 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.

- 13 -

SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30. 1996

EXHIBIT "C"

NOTE 4: FUNDING STATUS AND PROGRESS

ACTUARIAL ASSUMPTIONS (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.

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 ofJuly 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, 1996, were as follows:

Member Contributions Fines and Bond Forfeitures

$ 71,613.79 1.831.227.70

$ 1.902,841.49

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:

- 14-

SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30. 1996

EXlllBIT "C"

NOTE 6: HISTORICAL TREND INFORMATION

Fiscal Year

REVENUES COLLECTED BY SOURCE AND EXPENSES PAID BY TYPE

REVENUES COLLECTED

Court Fines

Member

and Bond

Contributions Forfeitures

Other(l)

Total

1988 1989 1990 1991 1992 1993 1994 1995 1996
Fiscal Year

$ 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 $ 71,613.79 $ 1,831,227.70 $ 2,878,331.45 $ 4,781,172.94

EXPENSES PAID

Refunds To

Tenninated

Benefits Administration Members

Total

1988 1989 1990 1991 1992 1993 1994 1995 1996

$ 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 $ $ 1,734,429.18 $

148,928.28 $ 180,157.07 $ 166,566.51 $ 216,213.94 $ 233,079.58 $ 256,938.08 $ 232,481.44 $ 282,625.70 $ 290,147.09 $

(1) Includes Investment Income

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
6,701.50 $ 2,031,277.77

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

- 15 -

SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30. 1996

EXHIBIT "c"

NOTE 7: RISK MANAGEMENT

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 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. Accordingly, significant litigation, claims and assessments pending against the State ofGeorgia are disclosed in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1996.

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 of the 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 ofage 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%

- 16-

SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30.1996

EXHIBIT "C"

NOTE 10: RETIREMENTPLAN
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 termination 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 1996 amounted to $48,684.00 of which $46,977.00 was for covered employees and used by the Retirement Fund for calculating contributions. For fiscal year 1996, the Retirement Fund contributed $6,576.78 to the retirement plan. No employee contributions were made to the plan for fiscal year 1996. 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. 1450-02110723, on which the premium was paid to October 1, 1996. 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 of Duty 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.
AIl employees ofthe Sheriff's' 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, 1996. Under these additional public employee dishonesty coverages, the policy insures the Retirement Fund to a maximum of $9,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees.

- 17 -

f3ICLv~ l
\J l~

I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I
I

SUPPLEMENTARY INFORMATION - 19 -

DlCLn~C
'\) LO

SHERIFFS' RETIREMENT FUND OF GEORGIA CASH AND CASH EqUIVALENTS JUNE 30, 1996
INTEREST BEARING ACCOUNT Wachovia Bank of Georgia, N,A" Stockbridge, Georgia

SCHEDULE "1"
$ =====1::::l7,=20=:8=,3=9

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

SHERIFfS' RETIREMENT FUNp OF GEORGIA SCHEPULE OF INVESTMENT ACTMTIES JUNE30 1996

U.S. GOVERNMENT SECURITIES Wachovia Bank of Georgia, NA, Atlanta. Georgia
Federal Home Loan Mortgage Corporation
Federal National Mortgage Association
Government National Mortgage Association United States Treasury Bond United States Treasury Notes

MATURITY DATE

SHARESIUNITS HELD
JUNE 30,1996

PAR VALUE

MARKET VALUE

INTEREST RATE

01101197 01101199 12101102 04107104 04124106 04101108 10101108 11/10199 11/16100 06110102 10101102 05125103 03120106 01125107 01125108 10101/10 10125118 07115108 08115108 08110195 11115/95 02115196 10131196 05131197 11130198 01131199 07115199 01/15100 091301OO 01131101 08115102 02115103 05115104 05115105

$ 309.363.19 $ 310,424.31

745.137.01

729,302.85

485,224.60

476.126.64

500,000.00

493,905.00

300,000.00

296.385.00

292,438.37

294,921.17

289,222.51

276,025.29

500.000.00

527,265.00

400.000.00

391.812.00

500,000.00

503.045.00

448,952.84

454.703.93

444,992.99

447,493.85

300.000.00

295,548.00

133.794.82

134,798.28

500,000.00

489,215.00

284,638.80

275,296.95

96,784.37

13,062.45

13,625.83

35,123.34

36.638.21

200,000.00

400,000.00

500,000.00

300,000.00

301,359.00

1,100,000.00 1,103.432.00

400,000.00

390,312.00

2,100,000.00

400,000.00

400,688.00

800,000.00

799,872.00

800,000.00

790.624.00

500.000.00

477,265.00

900,000.00

892,827.00

500,000.00

491,170.00

1,000,000.00 1.036,090.00

500,000.00

493,435.00

7.500% 6.000% 6.500% 7.290% 7.245% 7.500% 6.000% 8.350% 6.200% 7.800% 7.750% 9.000% 7.110% 8.750% 6.750% 6.500% 9.000% 8.500% 8.500%
5.125% 8.875% 6.875% 6.125% 5.125% 5.000% 6.375% 6.375% 6.125% 5.250% 6.375% 6.250% 7.250% 6.500%

$ 16,978.735.29 $ 13,623,606.31

Wachovia Bank of Georgia, NA, Atlanta, Georgia Agricultural !'Jr Transportation Automotive Beverages Computer Equipment Computer - Data Processing Services Cosmetics, Toiletries, Soap Drugs, Medical Electrical Equipment Electronics Entertainment - Leisure Related Financial Services - Nonbanking
See accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information.
-22-

6,400
17,800
14,600 17,500 38,800 6,600 26,319 23,681 26,100

$ 338,400.00
872,200.00
912,150.06 1,309,087.50 2,324,112.50
572,550.00 1,187,079.08 1,044,343.63
995,612.50

SCHEDULE "2"

BAlANCE JULY 1', 1995

INVESTMENTS

INVESTMENTS INVESTMENTS

MADE

REALIZED

BAlANCE JUNE 30, 1996

INTEREST RECENED

DMDENDS RECENED

GAIN OR (LOSS) ON SALE OF
INVESTMENTS

DISTRIBUTIONS

$ 421,742.67 $
485,937.50
502,421.88
498,750.00
477.812.50
304,987.17
97.177.55 14,288.46 44,493.41 197.515.89 394,843.75 511,718.75 798,062.50 1,497.495.00 488,984.38 2,090,812.50 3,127,968.75 798,750..00
922,921.88
534,453.13

$ 812,949.03 504,645.00 300,000.00 296.139.54 288,874.54 402,480.00 560.399.27 298,593.75 503,750.00 285,469.48
802,000.00 497,031.25 519,453.13 551,950.00 503,750.00

107.932.39 $ 58,847.09 14,912.66
9,503.67
102,327.07 52,566.07
166,384.09
6,968.21 97,177.55
2,075.52 11,397.52 197,515.89 394,843.75 511,718.75 498,789.06 399,332.00 97,796.88 2,090,812.50 2,710,906.25

313.810.28 $ 754,101.94 489,732.34 485.937.50 300,000.00 296,139.54 279,370.87 502,421.88 402,480.00 498,750.00 458,072.20 425,246.43 298,593.75 138,603.08 503,750.00 278,501.27
12,212.94 33,095.89
299,273.44 1,098,163.00
391,187.50
417,062.50 798,750.00 802,000.00 497,031.25 922,921.88 519,453.13 1,086,403.13 503,750.00

27,961.54 12,964.93 13.784.33 36,450.00
-974.79 3,389.96 41.750.00 9,920.00 39,000.00 24,010.72 45,000.00
19,409.73 18,843.75 3,703.46 3,477.52
1,195.01 3,770.15 2,484.11 10,250.00 44,375.00 50,939.22 84,109.97 24,588.80 91,404.54 211.565.94 51,000.00 1,338.80 -1,875.00 57,375.00 1,698.37 47,204.67 4,910.71

$ 14,211,137.67 $ 7,127,484.99 $ 7,531,806.92 $ 13,806,815.74 $ 985,026.44

$

-1,529.54

-699.59

-13726

335.14

-2,037.13 2,440.94
-5,771.99
153.56 -393.18 144.37 698.20
5,156.25 -11,718.75
5,664.07 6,699.25
203.12 -29,812.49 -57,859.37

$

-88,464.40

$ 176,108.22 395,587.50 309,734.32 237,556.25 273,195.00 $
1,125,168.50 920,823.82 473,448.50
1,074,385.81 716,484.31 659,101.59

$
863,365.00 660,104.41
52,602.60 980,236.72 232,212.50 544,465.90

27,806.56 $ 395,587.50 309,734.32
1,136,560.00
444,629.81 212,256.67 222,425.00 664,571.36 138,097.98 364,972.58

148,301.66
237,556.25
660,104.41 733,141.29 1,688,803.87 251,023.50 642,026.95 578,386.33 838,594.91

$

5,600.00 $

30,946.52

2,023.00

-83,212.50

5,432.00

8,099.00

4,300.00

59,517.56

25,789.00 37,384.00 13,094.00
3,888.23 8,161.36 22,820.50

176,112.87 89,818.25 69,465.25 197,062.78 109,753.12 233,274.19

- 23-

SHERIFFS' RETIREMENT FUNp OF GEORGIA SCHEDULE OF INVESTMENT ACTMTIES JUNE 30. 1996

MATURITY DATE

SHARESIUNITS HELD
JUNE 30, 1996

PAR
VALUE

MARKET VALUE

INTEREST RATE

Wachovia Bank of Georgia, NA, AIIanta, Georgia Foods Processed Food Service Insurance Leather and Leather Products Machinery Farm and Construction Medical Supplies and Services Paper and Paper Products Printing and Publishing Retail Trade Specialty Rubber and Plastics Services Non-Financial Wholesale Trade - General Merchandise Wholesale Trade Food

10,800 20,300 3,750
23.900 5,800 17.175
32,500 12.100 16,100 11.600 10,600

$ 644,300.00 667,775.00 369,843.75
1,250.000.00 400,200.00 375,703.13
1,385.875.00 329,725.00 811,062.50 477.050.00 363,050.00

$ 16,630,119.59

BONDS AND DEBENTURES
Wachovia Bank of Georgia, NA., Atlanta, Georgia American Express Credit Corporation British Petroleum America, Incorporated Chase Manhattan Corporation Consolidated Edison Company Ford Motor Credit Company International Business Machines Corporation Merrill Lynch and Company, Incorporated Reebok International, Umited Society National Bank U. S. West Capital Funding WMX Technologies, Incorporated

06115100 12101197 01115106 09/01/05 02126198 06115100 03101101 09115105 06101105 04101/96 12101103

$ 200,000.00 $ 194,892.00

300,000.00

310,518.00

300,000.00

276,729.00

200,000.00

194,278.00

100,000.00

99,805.00

200,000.00

197,408.00

300,000.00

285,822.00

310,000.00

293,756.00

300.000.00

297.498.00

300.000.00

500,000.00

479,735.00

6.125% 8.875% 6250% 7.375% 6250% 6.375% 6.000% 6,750% 7250% 6.750% 6.375%

$ 3.010,000.00 $ 2,630.441.00

MUTUAL FUNDS (OPENENDl
Wachovia Bank of Georgia, NA, Atlanta, Georgia Biltmore Prime Cash Management Short Term Investment Company B

$ 2.053,998.93 $ 2,053,998.93

$ 2.053.998.93 $ 2,053,998.93

See accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information.
- 24-

SCHEDULE?

BAlANCE JULY 1,1995

INVESTMENTS

INVESTMENTS INVESTMENTS

MADE

REALIZED

BAlANCE JUNE 30,1996

INTEREST RECEIVED

DMDENDS RECEIVED

GAIN OR (LOSS) ON SALE OF
INVESTMENTS DISTRIBUTIONS

$ 759,000.00 $ 64,507.50 $ 273,730.00 $ 549,777.50

340,481.55

294,788.70

145,205.37

490,064.88

257,000.00

257,000.00

254,892.00

254,892.00

350,323.20

350,323.20

366,109.22

534,374.45

900,483.67

395,492.60

141,312.50

254,180.10

238,215.50

238,215.50

726,427.74

710,995.n

417,595.64 1,019,827.82

343,942.50

343,942.50

153,207.24

289,685.03

442,892.27

333,417.50

333,417.50

350,330.00

350,330.00

$ 10,202,742.87 $ 6,255,028.53 $ 5,499,700.49 $ 10,958,070.91

$ 18,021.00 $

13,525.27

3,836.50

125,829.44

1,275.00

2,000.00

115,455.96

1,920.00

160,617.19

9,836.00

10,904.00

50,332.34

9,789.76

18,265.00

166,274.80

1,694.00

6,813.50

1,740.00

1,378.00

$ 224,063.85 $ 1,514,773.04

$ 199,112.00

$ 199,112.00 $

298,680.00

298,680.00

$ 272,637.00

272,637.00

197,782.00

197,782.00

99,830.00

99,830.00

199,386.00

199,366.00

292,740.00

292,740.00

308,205.10

308,205.10

307,116.00

307,116.00

299,670.00 $ 299,670.00

505,205.00

505,205.00

12,250.00 26,625.00 -8,177.08 14,750.00 6,250.00 12,750.00 -1,050.00 7,788.75 22,112.50 14,625.00 31,875.00

$ 1,807,111.00 $ 1,173,252.10 $ 299,670.00 $ 2,680,693.10 $ 139,799.17

$

-17,973.00

$ -17,973.00

$ 2,312,219.29 $ 258,220.36 $ 2,053,998.93 $ 705,975.37 10,671,676.98 11,377,652.35
$ 705,975.37 $ 12,983,896.27 $ 11,635,872.71 $ 2,053,998.93

$

6,188.90

70,464.03

$ 76,652.93

-25

SHERIFFS' RETIREMENT FUNp OF GEORGIA
SCHEPULE Of INVESTMENT ACTMTlES
JUNE 30, 1996

REAl ESTATE LIMITEP PARTNERSHIPS
Carlyle Income Plus-ll, Limited Partnership First Capital Insured Real Estate Umited Partnership First Capital Insured -XN, Umited Partnership John Hancock Realty Income FUnd-lI, Umited Partnership Krupp Cash Plus-V, Umited Partnership Partners Preferred YI8Id-II, Umited Partnership

MATURITY DATE

SHARESIUNITS HELD
JUNE 30,1996

PAR VALUE

MARKET VALUE

INTEREST RATE

151 5,000 2,000 2,500 2,500 2,500

REAL ESTATE INVESTMENT TRUSTS
Berkshire Realty Company,lncorporated NTS Mortgage Income Fund
CERTIFICATES OF DEPOSIT
Wachovia Benk of Georgia, NA., Atlanta, Georgia Citizens Community Bank Community Banking Company

2,680 2,500

12112/99 12112/99

$ 100,000.00 $ 100,000.00

100,000.00

100,000.00

6.000% 6.000%

INVESTMENT ACCOUNTS
Wachovia Bank of Georgia, NA., Atlanta, Georgia Equity Sweep Account Income Sweep Account

$ 200,000.00 $ 200,000.00

$

4,873.85

1,867.06

$

6.740.91

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

SCHEDULE "2"

BALANCE JULY 1,1995

INVESTMENTS

INVESTMENTS INVESTMENTS BAlANCE

MADE

REALIZED JUNE 30,1996

INTEREST RECEIVED

DIVIDENDS RECEIVED

GAIN OR (LOSS) ON SALE OF
INVESTMENTS

DISTRIBUTIONS

$ 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

$

7,248.00

11,800.00

6,100.00

2,525.00

2,500.00

3,075.00

$

33,248.00

$ 50,000.00 50.000.00
$ 100.000.00

$ 50,000.00 50.000.00
$ 100.000.00

$

2.412.00

317.50

$ _ _~2.~72::.:9~.5O::::.

$ 100,000.00 100,000.00

$ 100,000.00 $ 100.000.00

1,479.45 1.486.23

$ 200.000.00

$ 200.000.00 $ _........;;2;:,,;;.965=.68;.;;,.

$

106.65 $

4.767.20

11.05

1,856.01

$

4,873.85

1.867.06

$

117.70 $ _ _,;;.:6,;;;,;62:;;;3~.2;.;..1

$ _ _,;;.:6,,-740.;,;;.;,;.9;.;.1

$ 27,811,284.61 $ 27.746.285.10 $ 24.967.050.12 $ 30.590.519.59 $ 1,127,791.29 $ 300.716.78 $ 1.408,335.64 $

3~5._97;.;7,;;;'5O;;;.

- 27-

SHERIFFS' RETIREMENT FUND OF GEORGIA SCHEDULE OF ADMINISTRATIVE EXPENSES PAID BY OBJECT
YEAR ENDED JUNE 30. 1996

SCHEDULE "3"

PERSONAL SERVICES

Salaries and Wages Employer's Contributions for:
F.J.C.A. Retirement Unemployment Compensation Insurance Workers' Compensation Insurance

OPERATING EXPENSES

Regular Operating Expenses

Supplies and Materials

Insurance and Bonding

Other Operating Expenses

Board Meeting Expenses

$

Subscriptions, Dues and

Registration Fees

Bank Charges

Printing and Publications

Travel

Real Estate Rentals Georgia Sheriffs' Youth Homes, Incorporated

Per Diem, Fees and Contracts Per Diem and Fees

$ 48,684.00

$

3,724.38

.6,576.78

31.00

380.00

10,712.16 $ 59,396.16

$
4,341.53 5,364.99
50.00

2,455.18 131.00

9,756.52
364.39 $

12,707.09 7,824.03

13,200.00

197,019.81

230,750.93

$ 290,147.09

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

SHERIFFS' RETIREMENT FUND OF GEORGIA RECONCILIATION OF SALARIES AND TRAVEL
YEAR ENDED JUNE 30, 1996

SCHEDULE "4"

Totals per Annual Supplement

SALARIES

$

0,00 $

TRAVEL 0,00

Adjustments Carter, Cody, Hall, Kilgore, Powell, Whitson,

RobertW. JamesA. Gloria Kathy Faye - Carter Lynn

10,500.00 7,200.00 450.00 450.00 9,600.00
20,484.00

2,582.83 3,287.16
1,847.30 106.74

Totals per Report

$

48,684.00 $ ===7,=!:,8=2=4=.0,;;,3

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

Totals per Annual Supplement

Adjustments

Bittick, L. Cary

Higgs, Jim

Montag & Caldwell, Incorporated

Saba,

Jamil

Totals per Report

SHERIFFS' RETIREMENT FUND OF GEORGIA RECONCILIATION Of PER DIEM AND fEES
yEAR ENDED JUNE 30,1996

SCHEDULE -5"

TYPE PAYMENT
Reimbursable Expense Reimbursable Expense Consultant Reimbursable Expense

fEE AMOUNT

EXPENSE AMOUNT

$ 187,706.20 $

6,740.55 $

TOTAL 194,446.75

1,497.26

358.60 358.60
358.60

358.60 358.60 1,497.26 358.60

$ 189,203.46 $

7,816.35 $ 197,019.81

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