{"response":{"docs":[{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw6-b2007-h2008","title":"Wilcox County Board of Education, Abbeville, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2008","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Wilcox County, 31.9729, -83.43236"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2008-06-30"],"dcterms_description":["Began with: Fiscal year ended June 30, 2000; ceased with: Fiscal year ended June 30, 2008.","Report year covers fiscal year.","Has supplements: Wilcox County Board of Education, Abbeville, Georgia, schedule of salaries and travel for the fiscal year ended ..., fiscal year ended June 30, 2000-fiscal year ended June 30, 2002. Report on salary and travel for the fiscal year ended ... (Wilcox County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007. Salaries and travel reimbursement (Wilcox County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2000, released in 2001? (online surrogate); title from PDF cover (Georgia Government Publications database, viewed April 5, 2016).","Fiscal year ended June 30, 2008, released in 2009? (online surrogate); (Georgia Government Publications database, viewed April 5, 2016)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Auditors' reports--Georgia","Financial statements--Georgia","Wilcox County (Ga.). Board of Education--Appropriations and expenditures"],"dcterms_title":["Wilcox County Board of Education, Abbeville, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2008"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw6-b2007-h2008"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw6-b2007-h2008"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"WILCOX COUNTY BOARD OF EDUCATION ABBEVILLE, GEORGIA REPORT ON AUDIT \r\nOF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2008 \r\nSTATE OF GEORGIA \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\nRussell W. Hinton State Auditor \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\nEXHIBITS \r\n \r\nBASIC FINANCIAL STATEMENTS \r\n \r\nDISTRICT-WIDE FINANCIAL STATEMENTS \r\n \r\nA \r\n \r\nSTATEMENT OF NET ASSETS \r\n \r\n1 \r\n \r\nB \r\n \r\nSTATEMENT OF ACTIVITIES \r\n \r\n2 \r\n \r\nFUND FINANCIAL STATEMENTS \r\n \r\nC \r\n \r\nBALANCE SHEET \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\n4 \r\n \r\nD \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\n \r\nTO THE STATEMENT OF NET ASSETS \r\n \r\n5 \r\n \r\nE \r\n \r\nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES \r\n \r\nIN FUND BALANCES  \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\n6 \r\n \r\nF \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT \r\n \r\nOF REVENUES, EXPENDITURES AND CHANGES IN FUND \r\n \r\nBALANCES TO THE STATEMENT OF ACTIVITIES \r\n \r\n7 \r\n \r\nG \r\n \r\nSTATEMENT OF FIDUCIARY NET ASSETS \r\n \r\nFIDUCIARY FUNDS \r\n \r\n8 \r\n \r\nH \r\n \r\nNOTES TO THE BASIC FINANCIAL STATEMENTS \r\n \r\n9 \r\n \r\nSCHEDULES \r\n \r\nREQUIRED SUPPLEMENTARY INFORMATION \r\n \r\n1 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES \r\n \r\nIN FUND BALANCES - BUDGET AND ACTUAL \r\n \r\nGENERAL FUND \r\n \r\n23 \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\n2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\n24 \r\n \r\n3 SCHEDULE OF STATE REVENUE \r\n \r\n25 \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nSCHEDULES \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\n4 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\n \r\n26 \r\n \r\n5 ALLOTMENTS AND EXPENDITURES \r\n \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \r\n \r\nBY PROGRAM \r\n \r\n27 \r\n \r\nSECTION II \r\nCOMPLIANCE AND INTERNAL CONTROL REPORTS \r\nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \r\n \r\nSECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n SECTION I FINANCIAL \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nAugust 18, 2009 \r\n \r\nHonorable Sonny Perdue, Governor Members ofthe General Assembly Members ofthe State Board of Education \r\nand Superintendent and Members ofthe Wilcox County Board ofEducation \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nLadies and Gentlemen: \r\nWe have audited the accompanying financial statements ofthe governmental activities, each major fund, and the aggregate remaining fund information (Exhibits A through H) ofthe Wilcox County Board of Education, as of and for the year ended June 30, 2008, which collectively comprise the Board's basic financial statements as listed in the table of contents. These financial statements are the responsibility ofthe Wilcox County Board ofEducation's management. Our responsibility is to express opinions on these financial statements based on our audit. \r\nWe conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in GovernmentAuditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Wilcox County Board of Education's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. \r\n \r\n2008ARL-11 \r\n \r\n In our opinion, the financial statements referred to previously present fairly, in all material respects, the respective financial position ofthe governmental activities, each major fund, and the aggregate remaining fund information ofthe Wilcox County Board ofEducation, as ofJune 30, 2008, and the respective changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. \r\nThe Wilcox County Board ofEducation has not presented Management's Discussion and Analysis that accounting principles generally accepted in the United States of America has determined is necessary to supplement, although not to be part of, the basic financial statements. \r\nIn accordance with Government Auditing Standards, we have also issued our report dated August 18, 2009, on our consideration of the Wilcox County Board of Education's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose ofthat report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. \r\nThe Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual, as presented on page 23, is not a required part of the basic financial statements but is supplementary information required by the accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods ofmeasurement and presentation ofthe required supplementary information. However, we did not audit the information and express no opinion on it. \r\nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Wilcox County Board of Education's basic financial statements. The accompanying supplementary information which consist ofSchequles 2 through 5, which includes the Schedule of Expenditures of Federal Awards as required by U.S. Office of Management and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. \r\nA copy of this report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. \r\nRespectfully submitted, \r\n:u sellW. ,. ~.Q.Q. W . ~ Hinton, CPA, CGFM State Auditor \r\nRWH:as 2008ARL-11 \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION STATEMENT OF NET ASSETS JUNE 30, 2008 \r\nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \r\nInterest Taxes State Government Federal Government Other Inventories Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \r\nTotal Assets \r\nLIABILITIES \r\nAccounts Payable Salaries and Benefits Payable Deposits and Deferred Revenues \r\nTotal Liabilities \r\nNET ASSETS Invested in Capital Assets Restricted for \r\nBus Replacement Continuation of Federal Programs Capital Projects Unrestricted \r\nTotal Net Assets \r\nTotal Liabilities and Net Assets \r\n \r\nEXHIBIT\"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n1,610,445.15 \r\n \r\n37,924.20 \r\n \r\n366.51 144,687.56 936,255.38 232,756.92 \r\n7,063.14 12,507.97 260,269.00 9,784,428.00 \r\n \r\n$ ==1=3,=0=26='7=0=3=.8=3 \r\n \r\n$ \r\n \r\n240,772.37 \r\n \r\n1,277,616.48 \r\n \r\n32,893.00 \r\n \r\n$ \r\n \r\n1,551,281.85 \r\n \r\n$ \r\n \r\n10,044,697.00 \r\n \r\n51,930.00 124,201.18 291,004.47 963,589.33 \r\n \r\n$ \r\n \r\n11,475,421.98 \r\n \r\n$ ==1=3'=0=26=,7=0=3=.8=3 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 1- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30, 2008 \r\n \r\nGOVERNMENTAL ACTIVITIES \r\nInstruction Support Services \r\nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Food Services Interest on Short-Term and Long-Term Debt \r\nTotal Governmental Activities \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Other Sales Tax Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \r\nTotal General Revenues \r\nChange in Net Assets \r\nNet Assets - Beginning of Year \r\nNet Assets - End of Year \r\n \r\nEXPENSES \r\n \r\nCHARGES FOR SERVICES \r\n \r\n$ 8,260,431.52 $ \r\n341,161.48 352,972.96 204,603.54 345,352.71 746,997.52 \r\n72,872.20 811,489.10 766,700.97 \r\n22,119.85 \r\n320,712.70 675,417.19 \r\n12,837.50 \r\n$ 12,933,669.24 $ \r\n \r\n138,001.60 \r\n15,473.01 56,658.99 21,931.91 \r\n1,122.61 302,882.80 \r\n89,736.03 \r\n625,806.95 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -2 - \r\n \r\n EXHIBIT \"B\" \r\n \r\nPROGRAM REVENUES \r\n \r\nOPERATING \r\n \r\nCAPITAL \r\n \r\nGRANTS AND \r\n \r\nGRANTS AND \r\n \r\nCONTRIBUTIONS CONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET ASSETS \r\n \r\n$ \r\n \r\n6,329,597.87 \r\n \r\n154,343.93 163,137.95 196,505.99 519,056.46 532,019.07 \r\n2,271.11 405,616.24 270,056.45 $ \r\n9,387.20 \r\n \r\n609,752.49 \r\n \r\n$ \r\n \r\n9191,744.76 $ \r\n \r\n$ 50,295.00 50 295.00 $ \r\n \r\n-1,792,832.05 \r\n-186,817.55 -189,835.01 \r\n7,375.46 173,703.75 -158,319.46 -70,601.09 -383,940.95 -446,349.52 -11,610.04 \r\n-17,829.90 24,071.33 -12 837.50 \r\n-3,065,822.53 \r\n \r\n$ \r\n \r\n1,797,805.20 \r\n \r\n10,738.55 \r\n \r\n487,573.03 8,175.51 \r\n1,033,899.00 29,044.88 \r\n112 603.05 \r\n \r\n$ \r\n \r\n3 479 839.22 \r\n \r\n$ \r\n \r\n414,016.69 \r\n \r\n11 061 405.29 \r\n \r\n$ \r\n \r\n11475421.98 \r\n \r\n-3- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION BALANCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30, 2008 \r\n \r\nEXHIBIT\"C\" \r\n \r\nASSETS \r\nCash and Cash Equivalents Investments Accounts Receivable, Net \r\nInterest Taxes State Government Federal Government Other Inventories \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 1,246,189.51 $ 37,924.20 \r\n366.51 67,885.88 936,255.38 232,756.92 \r\n7,063.14 12,507.97 \r\n \r\n201,794.91 $ 89,209.56 \r\n \r\n162,460.73 $ \r\n \r\n1,610,445.15 37,924.20 \r\n366.51 157,095.44 936,255.38 232,756.92 \r\n7,063.14 12 507.97 \r\n \r\nTotal Assets \r\n \r\n$ 2,540,949.51 $ 291,004.47 $ 162,460.73 $ ===2=,9=94=,4=1=4=.7=1 \r\n \r\nLIABILITIES AND FUND BALANCES \r\nLIABILITIES \r\nAccounts Payable Salaries and Benefits Payable Deposits and Deferred Revenue \r\nTotal Liabilities \r\nFUND BALANCES \r\nReserved for: Bus Replacement Continuation of Federal Programs Capital Projects \r\nUnreserved Designated for Student Activities Undesignated Reported in: General Fund Debt Service Fund \r\nTotal Fund Balances \r\n \r\n$ 240,772.37 1,277,616.48 32,893.00 \r\n$ 1,551,281.85 \r\n \r\n$ \r\n \r\n51,930.00 \r\n \r\n124,201.18 \r\n \r\n$ 291,004.47 \r\n \r\n106,369.73 \r\n \r\n707,166.75 $ \r\n \r\n$ 989,667.66 $ 291,004.47 $ \r\n \r\n$ $ $ \r\n162,460.73 162,460.73 $ \r\n \r\n240,772.37 1,277,616.48 \r\n32,893.00 1,551,281.85 \r\n51,930.00 124,201.18 291,004.47 106,369.73 707,166.75 162,460.73 1,443,132.86 \r\n \r\nTotal Liabilities and Fund Balances \r\n \r\n$ 2,540,949.51 $ 291,004.47 $ 162,460.73 $ ===2,=99=4=,4=1=4.=7=1 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -4- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET ASSETS JUNE 30, 2008 \r\n \r\nEXHIBIT \"D\" \r\n \r\nTotal Fund Balances - Governmental Funds (Exhibit \"C\") \r\nAmounts reported for Governmental Activities in the Statement of Net Assets are different because: \r\nCapital Assets used in Governmental Activities are not financial resources and therefore are not reported in the funds. These assets consist of: \r\nLand Land Improvements Buildings Equipment Accumulated Depreciation \r\nTotal Capital Assets \r\nSome of the School District's property tax revenues will be collected after year-end but are not available soon enough to pay for the current period's expenditures. \r\n \r\n$ 1,443,132.86 \r\n \r\n$ 260,269.00 876,440.00 \r\n11,215,788.00 1,496,417.00 -3,804,217.00 \r\n \r\n10,044,697.00 \r\n \r\n-12,407.88 \r\n \r\nNet Assets of Governmental Activities (Exhibit \"A\") \r\n \r\n$ 11,475,421.98 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 5- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2008 \r\n \r\nEXHIBIT\"E\" \r\n \r\nREVENUES \r\nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Enterprise Operations Food Services Operation \r\nCapital Outlay Debt Services \r\nPrincipal Interest \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES {USES} \r\nTransfers In Transfers Out \r\nTotal Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nFund Balances - Ending \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 1,786,636.30 \r\n \r\n8,175.51 $ 487,573.03 \r\n \r\n8,738,956.96 \r\n \r\n1,536,981.80 \r\n \r\n625,806.95 \r\n \r\n19,590.95 \r\n \r\n939.46 $ \r\n \r\n112,603.05 \r\n \r\n$ 12,828,751.52 $ 488,512.49 $ \r\n \r\n$ \r\n8,514.47 \r\n \r\n1,786,636.30 495,748.54 \r\n8,738,956.96 1,536,981.80 \r\n625,806.95 29,044.88 \r\n112,603.05 \r\n \r\n8 514.47 $ 13,325,778.48 \r\n \r\n$ 8,049,534.33 \r\n \r\n$ 8,049,534.33 \r\n \r\n341,161.48 352,972.96 204,603.54 345,352.71 746,997.52 \r\n71,042.68 $ \r\n816,596.80 654,209.43 \r\n22,119.85 320,712.70 673,968.16 \r\n \r\n3,253.02 283,809.56 \r\n \r\n341,161.48 352,972.96 204,603.54 345,352.71 746,997.52 \r\n74,295.70 816,596.80 654,209.43 \r\n22,119.85 320,712.70 673,968.16 283,809.56 \r\n \r\n$ 325,000.00 \r\n12,837.50 \r\n \r\n325,000.00 12,837.50 \r\n \r\n$ 12,599,272.16 $ 287,062.58 $ 337,837.50 $ 13,224.172.24 \r\n \r\n$ 229.479.36 $ 201.449.91 $ -329,323.03 $ 101,606.24 \r\n \r\n$ \r\n \r\n7,849.68 $ 89,554.56 \r\n \r\n$ \r\n \r\n97,404.24 \r\n \r\n-67,987.64 \r\n \r\n$ -29.416.60 \r\n \r\n-97,404.24 \r\n \r\n$ -60,137.96 $ 89,554.56 $ -29.416.60 $ \r\n \r\n0.00 \r\n \r\n$ 169,341.40 $ 291,004.47 $ -358,739.63 $ 101,606.24 \r\n \r\n820,326.26 \r\n \r\n0.00 \r\n \r\n521,200.36 \r\n \r\n1,341,526.62 \r\n \r\n$ 989,667.66 $ 291,004.47 $ 162.460.73 $ 1,443,132.86 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -6- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \r\nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2008 \r\n \r\nEXHIBIT \"F\" \r\n \r\nTotal Net Change in Fund Balances - Governmental Funds (Exhibit \"E\") \r\nAmounts reported for Governmental Activities in the Statement of Activities are different because: \r\nCapital Outlays are reported as expenditures in Governmental Funds. However, in the Statement of Activities, the cost of Capital Assets is allocated over their estimated useful lives as depreciation expense. In the current period, these amounts are: \r\nCapital Outlay Depreciation Expense \r\nExcess of Capital Outlay over Depreciation Expense \r\nBecause some property taxes will not be collected for several months after the School District's fiscal year ends, they are not considered \"available\" revenues. \r\nRepayment of Long-Term Debt is reported as an expenditure in Governmental Funds, but the repayment reduces Long-Term Liabilities in the Statement of Net Assets. In the current year, these amounts consist of: \r\nBond Principal Retirements \r\nChange in Net Assets of Governmental Activities (Exhibit \"B\") \r\n \r\n$ 101,606.24 \r\n \r\n$ 302,226.00 -336, 723.00 \r\n \r\n-34,497.00 21,907.45 \r\n \r\n325,000.00 $ 414 016.69 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -7- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET ASSETS \r\nFIDUCIARY FUNDS JUNE 30, 2008 \r\nASSETS Cash and Cash Equivalents \r\nLIABILITIES Funds Held for Others \r\n \r\nEXHIBIT \"G\" \r\nAGENCY FUNDS \r\n$ 12,740.69 \r\n$ 12,740.69 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -8 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2008 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nREPORTING ENTITY \r\nThe Wilcox County Board ofEducation (School District) was established under the laws ofthe State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF PRESENTATION \r\nThe School District's basic financial statements are collectively comprised of the District-wide financial statements, fund financial statements and notes to the basic financial statements of the Wilcox County Board of Education. \r\nDistrict-wide Statements: The Statement ofNet Assets and the Statement ofActivities display information about the financial activities ofthe overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \r\nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \r\n Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support ofthe School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \r\n Program revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \r\nFund Financial Statements: The fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting ofinternal activities. Separate statements for each category (governmental and fiduciary) are presented. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \r\nThe School District reports the following major governmental funds: \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2008 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n General Fund is the School District's primary operating fund. It accounts for all financial resources ofthe School District, except those resources required to be accounted for in another fund. \r\n District-wide Capital Projects Fund accounts for financial resources including Special Purpose Local Option Sales Tax (SPLOST) to be used for the acquisition, construction or renovation of major capital facilities. \r\n Debt Service Fund accounts for taxes (sales) legally restricted for the payment ofgeneral longterm principal, interest and paying agent's fees. \r\nThe School District reports the following fiduciary fund type: \r\n Agency funds account for assets held by the School District as an agent for various funds, governments or individuals. \r\nBASIS OF ACCOUNTING \r\nThe basis ofaccounting determines when transactions are reported on the financial statements. The District-wide governmental and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless ofwhen the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes and grants. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \r\nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \r\nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis ofaccounting. Under this method, revenues are recognized when measurable and available. The School District considers all revenues reported in the governmental funds to be available if they are collected within sixty days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds ofgeneral long-term liabilities are reported as other financing sources. \r\n- 10 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2008 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nThe School District funds certain programs by a combination ofspecific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \r\nCASH AND CASH EQUIVALENTS \r\nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist of cash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Official Code of Georgia Annotated Section 45-8-14 authorize the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations. \r\nINVESTMENTS \r\nCOMPOSITION OF INVESTMENTS Investments made by the School District in nonparticipating interest-earning contracts (such as certificates ofdeposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code ofGeorgia Annotated Section 36-83-4 authorizes the School District to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \r\n(1) Obligations issued by the State of Georgia or by other states, \r\n(2) Obligations issued by the United States government, \r\n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \r\n(4) Obligations of any corporation of the United States government, \r\n(5) Prime banker's acceptances, \r\n(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \r\n(7) Repurchase agreements, and \r\n- 11 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2008 \r\n \r\nEXHIBIT\"H\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\n(8) Obligations of other political subdivisions of the State of Georgia. \r\n \r\nThe School District does not have a formal policy regarding investment policies that address credit risks, custodial credit risks, concentration ofcredit risks, interest rate risks or foreign currency risks. \r\n \r\nRECEIVABLES \r\n \r\nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\n \r\nPROPERTY TAXES \r\n \r\nThe Wilcox County Board ofCommissioners fixed the property tax levy for the 2007 tax digest year (calendar year) on October 10, 2007 (levy date). Taxes were due on December 20, 2007 (due date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2007 tax digest are reported as revenue in the governmental funds for fiscal year 2008. The Wilcox County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% oftaxes collected as a fee for tax collection and remits the balance oftaxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2008, for maintenance and operations amounted to $1,775,897.75. \r\n \r\nThe tax millage rate levied for the 2007 tax year (calendar year) for the Wilcox County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n12.61 mills \r\n \r\nSALES TAXES \r\n \r\nSpecial Purpose Local Option Sales Tax, at the fund reporting level, during the year amounted to $487,573.03 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \r\n \r\nINVENTORIES \r\n \r\nFOOD INVENTORIES On the basic financial statements, inventories ofdonated food commodities used in the preparation ofmeals are reported at their Federally assigned value and purchased foods inventories are reported \r\n \r\n- 12 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2008 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nat cost (first-in, first-out). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \r\n \r\nCAPITAL ASSETS \r\n \r\nCapital assets purchased, including capital outlay costs, are recorded as expenditures in the fund financial statements at the time of purchase (including ancillary charges). On the District-wide financial statements, all purchased capital assets are valued at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at estimated fair market value on the date donated. Disposals are deleted at depreciated recorded cost. The cost of normal maintenance and repairs that do not add to the value ofassets or materially extend the useful lives of the assets is not capitalized. Depreciation is computed using the straight-line method. The School District does not capitalize book collections or works ofart. During the fiscal year under review, no events or changes in circumstances affecting a capital asset that may indicate impairment were known to the School District. \r\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the District-wide statements are as follows: \r\n \r\nCapitalization Policy \r\n \r\nEstimated Useful Life \r\n \r\nLand Land Improvements Buildings and Improvements Equipment Construction in Progress \r\n \r\n$ 5,000.00 \r\n \r\nNIA \r\n \r\n$ 5,000.00 20 to 80 years \r\n \r\n$ 5,000.00 10 to 80 years \r\n \r\n$ 5,000.00 3 to 20 years \r\n \r\n$ 5,000.00 \r\n \r\nNIA \r\n \r\nDepreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives. \r\n \r\nGENERAL OBLIGATION BONDS \r\n \r\nThe School District issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. In the District-wide and fund financial statements, the School District recognizes bond issuance costs during the year bonds are issued. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as expenditures. To conform to generally accepted accounting principles, bond issuance costs, should be deferred and \r\n \r\n- 13 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2008 \r\n \r\nEXHIBIT\"H\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\namortized over the life of the bonds using the straight-line method. The effect of this deviation is deemed to be immaterial to the fair presentation ofthe basic financial statements. General obligation bonds are direct obligations and pledge the full faith and credit of the government. \r\nNET ASSETS \r\nThe School District's net assets in the District-wide Statements are classified as follows: \r\nInvested in capital assets, net of related debt - This represents the School District's total investment in capital assets, net ofoutstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of invested in capital assets, net of related debt. \r\nRestricted net assets - These represent resources for which the School District is legally or contractually obligated to spend resources for bus replacement, continuation ofFederal programs, debt service and capital projects in accordance with restrictions imposed by external third parties. \r\nUnrestricted net assets - Unrestricted net assets represent resources derived from property taxes, sales taxes, grants and contributions not restricted to specific programs, charges for services, and miscellaneous revenues. These resources are used for transactions relating to the educational and  general operations of the School District, and may be used at the discretion of the Board to meet current expenses for those purposes. \r\nNote 3: DEPOSITS \r\nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum ofmoney which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate ofthe face value of such surety bond and the market value of securities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. Ifa depository elects the pooled method (OCGA 45-8-13 .1) the aggregate ofthe market value ofthe securities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool balance. At June 30, 2008, $44,156.61 of deposits were not secured by surety bond, insurance or collateral as specified above. The School District is working with the affected financial institutions to ensure appropriate levels of collateral are maintained for all of the School District's deposits. \r\nAcceptable security for deposits consists of any one of or any combination of the following: \r\n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n \r\n- 14 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2008 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 3: DEPOSITS \r\n \r\n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n \r\n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n \r\n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n \r\n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by or securities guaranteed by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\n \r\nCATEGORIZATION OF DEPOSITS At June 30, 2008, the bank balances were $1,937,723.49. The amounts of the total uninsured bank balances are classified into three categories of custodial credit risk: \r\n \r\nCategory 1 - Uncollateralized, Category 2 - Cash collateralized with securities held by the pledging financial institution, or Category 3 - Cash collateralized with securities held by the pledging financial institution's \r\ntrust department or agent but not in the School District's name. \r\n \r\nThe School District's uninsured deposits are classified by custodial credit risk category at June 30, 2008, as follows: \r\n \r\nCustodial Credit Risk Category \r\n \r\nBank Balance \r\n \r\n1 \r\n \r\n$ 44,156.61 \r\n \r\n2 \r\n \r\n1,400,980.46 \r\n \r\n3 \r\n \r\n0.00 \r\n \r\nTotal \r\n \r\n$ IA45)37.07 \r\n \r\n- 15 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2008 \r\n \r\nEXHIBIT\"H\" \r\n \r\nNote 4: NON-MONETARY TRANSACTIONS \r\n \r\nThe School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 2 - Inventories \r\n \r\nNote 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the Capital Assets during the fiscal year: \r\n \r\nGovernmental Activities Capital Assets, Not Being Depreciated: \r\nLand \r\nCapital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements \r\nLess Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements \r\nTotal Capital Assets, Being Depreciated, Net \r\nGovernmental Activity Capital Assets - Net \r\n \r\nBalances \r\nJuly 1. 2007 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nBalances June 30, 2008 \r\n \r\n$ 57,768.00 $ 202,501.00 $ \r\n \r\n$ 11,194,222.00 $ 1,496,417.00 798,281.00 \r\n \r\n21,566.00 $ 78,159.00 \r\n \r\n2,028,216.00 739,454.00 699,824.00 \r\n \r\n188,343.00 121,538.00 26,842.00 \r\n \r\n$ 10,021,426.00 $ -236,998.00 $ \r\n \r\n$ 10,072,124.00 $ -34,427 QQ $ \r\n \r\n0.00 $ 260,269.00 \r\n0.00 $11,215,788.00 1,496,417.00 876,440.00 \r\n2,216,559.00 860,992.00 726,666.00 \r\n0.00 $ 9,784,428.00 \r\n0.00 $10,044,627.00 \r\n \r\nCurrent year depreciation expense by function is as follows: \r\n \r\nInstruction Support Services \r\nStudent Transportation Services Food Services \r\n \r\n$ 216,477.00 \r\n113,330.00 6,916.00 \r\n \r\n$ 336,723.00 \r\n \r\nNote 6: RESTRICTED ASSETS \r\n \r\nSpecial Purpose Local Option Sales Tax (SPLOST) proceeds are restricted assets in the Statement of Net Assets because its use is limited by statutory provisions. Restricted assets at June 30, 2008, were as follows: \r\n \r\n- 16 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2008 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 6: RESTRICTED ASSETS \r\n \r\nDistrict-wide Capital Projects SPLOST \r\n \r\nRestricted Cash and Cash Equivalents: Capital Acquisitions \r\n \r\n$ 201,794.91 \r\n \r\nNote 7: INTERFUND TRANSFERS \r\n \r\nInterfund transfers for the year ended June 30, 2008, consisted of the following: \r\n \r\nTransfer to \r\n \r\nTransfers From \r\n \r\nGeneral \r\n \r\nDebt Service \r\n \r\nFund \r\n \r\nFund \r\n \r\nGeneral Fund District-wide Capital \r\nProjects \r\n \r\n$ 7,849.68 \r\n \r\n$ 67,987.64 \r\n \r\n21,566.92 \r\n \r\nTotal \r\n \r\n$ 67!987.64 $ 29AI6.60 \r\n \r\nTransfers are used to move property tax revenues collected by the General Fund to the District-wide Capital Projects Fund as required match or supplemental funding source for capital construction projects and to move sales tax revenues from the Debt Service Fund to the General Fund and the District-wide Capital Projects Fund to cover allowable capital outlay expenditures. \r\n \r\nNote 8: RISK MANAGEMENT \r\n \r\nThe School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; acts of God and unemployment compensation. \r\n \r\nThe School District has obtained commercial insurance for risk ofloss associated with torts, assets and errors or omissions. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the School District's insurance coverage in any of the past three years. \r\n \r\n- 17 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2008 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 8: RISK MANAGEMENT \r\n \r\nThe School District has elected to self-insure for all losses related to acts of God. The School District has not experienced any losses related to this risk in the past three years. \r\n \r\nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the General Fund with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount ofthat loss can be reasonably estimated. The School District has not experienced any unemployment compensation claims during the past two fiscal years. \r\n \r\nThe School District participates in the Georgia Education Workers' Compensation Trust, a public entity risk pool organized on December 1, 1991, to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The School District pays an annual premium to the Trust for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Trust with the Midwest Employers Casualty Company to provide coverage for potential losses sustained by the Trust in excess of $500,000.00 loss per occurrence, up to $2,000,000.00. \r\n \r\nThe School District has purchased surety bonds to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent Assistant Superintendent Each Principal \r\n \r\n$ 10,000.00 $ 10,000.00 $ 10,000.00 \r\n \r\nNote 9: OPERATING LEASES \r\n \r\nWilcox County Board ofEducation has entered into various leases as lessee for copiers. These leases are considered for accounting purposes to be operating leases. Lease expenditures for the year ended June 30, 2008, for governmental funds amounted to $32,071.44. Future minimum lease payments for these leases are as follows: \r\n \r\nYear Ending \r\n \r\nGovernmental Funds \r\n \r\n2009 2010 2011 2012 \r\n \r\n$ 32,071.44 30,289.44 22,507.44 8,079.02 \r\n \r\nTotal \r\n \r\n$ 92,947.34 \r\n \r\n- 18 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2008 \r\n \r\nEXHIBIT\"H\" \r\n \r\nNote 10: SHORT-TERM DEBT \r\n \r\nThe School District obtains temporary loans in advance ofproperty tax collections, depositing the proceeds in its General Fund. This short-term debt is to provide cash for operations until property tax collections are received by the School District. Article IX, Section V, Paragraph V of the Constitution ofthe State ofGeorgia limits the aggregate amount of short-term debt to 75 percent of the total gross income from taxes collected in the preceding year and requires all short-term debt to be repaid no later than December 31 of the calendar year in which the debt was incurred. \r\n \r\nShort-term debt activity for the fiscal year is as follows: \r\n \r\nBeginning Balance \r\n \r\nIssued \r\n \r\nRedeemed \r\n \r\nEnding Balance \r\n \r\nTemporary Loans \r\n \r\n$======o\"\"\"\".o==o $ 134,ooo.oo $ 134,ooo.oo $======o\"==.o==o \r\n \r\nNote 11: LONG-TERM DEBT \r\n \r\nThe changes in Long-Term Debt during the fiscal year ended June 30, 2008, were as follows: \r\n \r\nBalance July 1. 2007 \r\n \r\nGovernmental Funds Balance \r\nAdditions Deductions June 30. 2008 \r\n \r\nG.O. Bonds \r\n \r\n$ 32s,ooo.oo $======o\"\"\"\".o==o $ 32s,ooo.oo $======o===.o==o \r\n \r\nNote 12: ON-BEHALF PAYMENTS \r\n \r\nThe School District has recognized revenues and costs in the amount of $251,825.72 for health insurance and retirement contributions paid on the School District's behalf by the following State Agencies. \r\n \r\nGeorgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance ofNon-Certified Personnel In the amount of$250,233.72 \r\n \r\nOffice of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of $1,592.00 \r\n \r\n- 19 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2008 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 13: SIGNIFICANT CONTINGENT LIABILITIES \r\n \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. The School District believes that such disallowances, if any, will be immaterial to its overall financial position. \r\n \r\nThe School District is a defendant in various legal proceedings pertaining to matters incidental to the performance ofroutine School District operations. The ultimate disposition ofthese proceedings is not presently determinable, but is not believed to be material to the basic financial statements. \r\n \r\nNote 14: POSTEMPLOYMENT BENEFITS \r\n \r\nGeorgia Retiree Health Benefit Fund \r\n \r\nPlan Description. The School District contributes to the Georgia Retiree Health Benefit Fund (\"GRHBF\"), a cost-sharing multiple-employer defined benefit postemployment healthcare plan administered by the Department of Community Health. GRHBF provides health insurance benefits to eligible retirees and their qualified beneficiaries. Pursuant to Title 45, Chapter 18 ofthe Official Code of Georgia Annotated, the authority to establish and amend the benefit provisions ofthe plan is assigned to the Board of Community Health. The Department of Community Health issues a publicly available financial report that includes financial statements and required supplementary information for GRHBF. That report may be obtained from the Department ofCommunity Health at 2 Peachtree Street, Atlanta, Georgia 30303. \r\n \r\nFunding Policy. The contribution requirements of plan members and participating employers are established and may be amended by the Board of Community Health. Contributions of plan members or beneficiaries receiving benefits vary based on plan election, dependent coverage, and Medicare eligibility and election. On average, plan members pay approximately twenty-five percent (25%) of the cost of health insurance coverage. \r\n \r\nParticipating employers are statutorily required to contribute in accordance with the employer contribution rate established by the Board of Community Health. This contribution rate is established to fund both the active and retired employee health insurance plans based on projected pay-as-you-go financing requirements. The employer contribution rates for the combined active and retiree plans for the fiscal year ended June 30, 2008, were as follows: \r\n \r\nTeachers Non-Certificated Employees \r\n \r\n18.534% of state-based salaries $162.72 per month \r\n \r\nThe School District's contribution to the health insurance plans for the fiscal year ended June 30, 2008, was $1,151,546.04, which equaled the required contribution. \r\n \r\n-20- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2008 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 15: RETIREMENT PLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\n \r\nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\n \r\nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.28% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n2008 2007 2006 \r\n \r\n100% 100% 100% \r\n \r\n$ 635,692.99 $ 621,359.50 $ 581,210.93 \r\n \r\n- 21 - \r\n \r\n {This page left intentionally blank) \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION GENERAL FUND \r\nSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30, 2008 \r\n \r\nSCHEDULE \"1\" \r\n \r\nREVENUES \r\nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Enterprise Operations Food Services Operation \r\nCapital Outlay \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) \r\nOther Sources Other Uses \r\nTotal Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nAdjustments \r\nFund Balances - Ending \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL (1) \r\n \r\nFINAL (1) \r\n \r\nACTUAL AMOUNTS \r\n \r\n$ 1,745,494.00 $ 1,745,494.00 $ 1,786,636.30 \r\n \r\n8,175.51 \r\n \r\n8,391,967.69 \r\n \r\n8,541,987.96 \r\n \r\n8,738,956.96 \r\n \r\n1,820,177.00 \r\n \r\n1,781,185.76 \r\n \r\n1,536,981.80 \r\n \r\n96,000.00 \r\n \r\n96,000.00 \r\n \r\n625,806.95 \r\n \r\n16,200.00 \r\n \r\n16,200.00 \r\n \r\n19,590.95 \r\n \r\n1 800.00 \r\n \r\n3 393.60 \r\n \r\n112,603.05 \r\n \r\n$ 12,071,638.69 $ 12,184,261.32 $ 12,828.751.52 \r\n \r\n$ 8,402,947.69 $ 7,991,782.45 $ 8,049,534.33 \r\n \r\n304,630.00 241,266.00 164,156.00 310,347.00 626,902.00 73,058.00 726,990.00 827,612.00 \r\n13,875.00 \r\n753,123.00 479 777.00 \r\n \r\n304,723.60 366,544.00 164,156.00 368,839.00 640,052.00 \r\n73,058.00 671,411.24 811,730.00 \r\n35,875.00 \r\n753,123.00 \r\n \r\n341,161.48 352,972.96 204,603.54 345,352.71 746,997.52 71,042.68 816,596.80 654,209.43 22,119.85 320,712.70 673,968.16 \r\n \r\n$ 12,924,683.69 $ 12,181,294.29 $ 12,599,272.16 \r\n \r\n$ \r\n \r\n-853 045.00 $ \r\n \r\n2 967.03 $ \r\n \r\n229,479.36 \r\n \r\n$ \r\n \r\n51,500.00 $ \r\n \r\n59,403.00 $ \r\n \r\n$ \r\n \r\n51 500.00 $ \r\n \r\n59403.00 $ \r\n \r\n$ \r\n \r\n-801,545.00 $ \r\n \r\n62,370.03 $ \r\n \r\n1,625,506.26 \r\n \r\n1,625,506.26 \r\n \r\n-11 734.90 \r\n \r\n-1,662A66.13 \r\n \r\n7,849.68 -67 987.64 -60 137.96 169,341.40 820,326.26 \r\n \r\n$ \r\n \r\n812,226.36 $ \r\n \r\n25 410.16 $ \r\n \r\n989 667.66 \r\n \r\nNotes to the Schedule of Revenues. Expenditures and Changes in Fund Balances Budget and Actual \r\n \r\n(1) Original and Final Budget amounts do not include budgeted revenues or expenditures of the various principal accounts. \r\n \r\nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 23 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2008 \r\n \r\nSCHEDULE \"2\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture, U.S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program \r\nTotal Child Nutrition Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Food Donation (1) \r\nTotal U.S. Department of Agriculture \r\nEducation, U. S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Preschool Grants \r\nTotal Special Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States Enhancing Education Through Technology Program Improving Teacher Quality State Grants Rural Education State Grants for Innovative Programs Title I Grants to Local Educational Agencies \r\nTotal U.S. Department of Education \r\nDefense, U.S. Department of Direct Department of the Army R.O.T.C. Program \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n* 10.553 * 10.555 \r\n \r\nN/A \r\n \r\n(2) \r\n \r\nNIA $ _ _~5~70~,34~0~.4~9 \r\n \r\n$ \r\n \r\n570,340.49 \r\n \r\n10.550 \r\n \r\nNIA \r\n \r\n38 721.37 \r\n \r\n84.027 84.173 \r\n \r\nNIA \r\n \r\n$ \r\n \r\nN/A \r\n \r\n$ \r\n \r\n230,026.00 9,329.00 \r\n239,355.00 \r\n \r\n84.048 84.318 84.367 84.358 84.298 * 84.010 \r\n \r\nN/A NIA NIA N/A N/A N/A \r\n$ \r\n \r\n17,815.00 31,953.00 111,885.00 43,080.00 \r\n2,554.00 530,197.37 \r\n976,839.37 \r\n \r\n$ _ _ _5;::.:5\"\",8~4\"'-6~.5-=-8 \r\n \r\nTotal Federal Financial Assistance \r\nN/A = Not Available \r\nNotes to the Schedule of Expenditures of Federal Awards \r\n(1) The amount shown for the Food Donation Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the School District during the current fiscal year. \r\n(2) Expenditures for the funds earned on the School Breakfast Program ($171,062.94) were not maintained separately and are included in the 2008 National School Lunch Program. \r\nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \r\nThe School District did not provide Federal Assistance to any Subrecipient. \r\nThe accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Wilcox County Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\n$ ===1=64=1='=7=4=7.=8=1 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n-24- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2008 \r\nAGENCY/FUNDING \r\nGRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program \r\nEducation, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle Grades (6-8) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Category I Gifted Student - Category VI Remedial Education Program Alternative Education Program Media Center Program 20 Days Additional Instruction Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Categorical Grants Pupil Transportation Regular Bus Replacement Sparsity Sparsity - Alternative Program Nursing Services Vocational Supervisors Mid-term Adjustment Hold-Harmless Education Equalization Funding Grant Food Services Vocational Education Amended Formula Adjustment Other State Programs Graduation Coaches Health Insurance Middle School Remediation and Intervention Grant National Teacher Certification Preschool Handicapped Program \r\nOffice of Treasury and Fiscal Services Public School Employees Retirement \r\nCONTRACT Human Resources, Georgia Department of Family Connection \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 25- \r\n \r\nSCHEDULE \"3\" \r\n \r\nGOVERNMENTAL FUND TYPE GENERAL FUND \r\n \r\n$ \r\n \r\n322,524.24 \r\n \r\n427,739.00 -2,051.00 \r\n1,128,567.00 93,777.00 \r\n536,492.00 60,186.00 23,546.00 \r\n864,339.00 876,737.00 299,986.00 \r\n580,882.00 84,083.00 68,143.00 81,537.00 152,518.00 50,070.00 25,931.00 \r\n354,507.00 390,765.00 359,013.00 \r\n243,919.00 50,295.00 111,216.00 35,802.00 41,425.00 8,663.00 62,481.00 \r\n1,033,899.00 35,236.00 63,675.00 \r\n-120,492.00 \r\n54,971.00 250,233.72 \r\n1,413.00 7,059.00 28,278.00 \r\n1,592.00 \r\n50,000.00 \r\n$==8='=73=8=,9=5=6=.9==6 \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2008 \r\n \r\nSCHEDULE \"4\" \r\n \r\nPROJECT \r\nAdditions, renovations and improvements to the elementary school, the middle school, and the gymnasium at the high school, including the acquisition of any furniture, fixtures and equipment. \r\nAcquiring, constructing, equipping and furnishing new school buildings and facilities useful and desirable, including a new high school and athletic/physical education facilities; adding to, renovating, repairing, improving and equipping existing school buildings or other buildings or facilities useful or desirable, including but not limited to elementary, middle and high school; acquiring new school buses and vehicles; acquiring technology and safety improvements; purchasing textbooks; acquiring any property useful and desirable, both real and personal. \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n \r\nAMOUNT EXPENDED IN CURRENT \r\nYEAR (3) \r\n \r\nAMOUNT EXPENDED \r\nIN PRIOR YEARS (3) \r\n \r\nPROJECT STATUS \r\n \r\n$ 2,100,000.00 $ 1,124,478.42 $ 34,404.42 $ 1,090,074.00 Completed \r\n \r\n2,400,000.00 \r\n \r\n2,400,000.00 \r\n \r\n265,495.66 \r\n \r\nOngoing \r\n \r\n$ 4,500,000.00 $ 3,524,478.42 $ 299,900.08 $ 1,090,074.00 \r\n \r\n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \r\n(2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. \r\n(3) The voters of Wilcox County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. Amounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n-26- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION GENERAL FUND- QUALITY BASIC EDUCATION PROGRAM (QBE) \r\nALLOTMENTS AND EXPENDITURES - BY PROGRAM YEAR ENDED JUNE 30, 2008 \r\n \r\nSCHEDULE \"5\" \r\n \r\nDESCRIPTION \r\n \r\nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) (2) \r\n \r\nELIGIBLE QBE PROGRAM COSTS \r\n \r\nSALARIES OPERATIONS \r\n \r\nTOTAL \r\n \r\nDirect Instructional Programs \r\n \r\nKindergarten Program \r\n \r\n$ \r\n \r\nKindergarten Program-Early Intervention Program \r\n \r\nPrimary Grades (1-3) Program \r\n \r\nPrimary Grades-Early Intervention (1-3) Program \r\n \r\nUpper Elementary Grades (4-5) Program \r\n \r\nUpper Elementary Grades-Early Intervention (4-5) \r\n \r\nProgram \r\n \r\nMiddle Grades (6-8) Program \r\n \r\nHigh School General Education (9-12) Program \r\n \r\nVocational Laboratory (9-12) Program \r\n \r\nStudents with Disabilities \r\n \r\nCategory I \r\n \r\nCategory II \r\n \r\nCategory Ill \r\n \r\nCategory IV \r\n \r\nGifted Student - Category VI \r\n \r\nRemedial Education Program \r\n \r\nAlternative Education Program \r\n \r\n468,278.00 $ 524,203.97 $ \r\n \r\n1,238,860.00 1,114,729.74 \r\n \r\n96,973.00 \r\n \r\n288,313.14 \r\n \r\n584,050.00 \r\n \r\n737,764.09 \r\n \r\n64,493.00 \r\n \r\n167,842.93 \r\n \r\n150,949.00 812,931.00 948,140.00 326,187.00 643,413.00 \r\n95,983.00 72,039.00 87 943.00 \r\n \r\n302,749.82 791,098.79 892,625.76 382,753.21 \r\n11,941.62 182,096.48 327,541.73 \r\n34,336.88 93,224.64 31,410.68 \r\n \r\n26,141.81 $ 33,001.91 \r\n545.69 34,238.04 \r\n612.45 \r\n \r\n550,345.78 1,147,731.65 \r\n288,858.83 772,002.13 168,455.38 \r\n \r\n6,870.87 31,803.91 30,342.89 11,369.90 \r\n \r\n309,620.69 822,902.70 922,968.65 394,123.11 \r\n \r\n32,955.50 29,660.11 \r\n141.97 721.48 \r\n73 441.15 \r\n \r\n11,941.62 215,051.98 357,201.84 \r\n34,478.85 93,946.12 31,410.68 73 441.15 \r\n \r\nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \r\n \r\n$ \r\n \r\n5,590,239.00 $ 5,882,633.48 $ 311,847.68 $ 6,194,481.16 \r\n \r\nMedia Center Program Staff and Professional Development \r\n \r\n166,828.00 28 455.00 \r\n \r\n163,479.84 \r\n \r\n11,640.85 \r\n \r\n175,120.69 25 931.00 \r\n \r\nTOTAL QBE FORMULA FUNDS \r\n \r\n$ \r\n \r\n5,785,522.00 $ 6,046,113.32 $ 323,488.53 $ 6,395,532.85 \r\n \r\n(1) Comprised of State Funds plus Local Five Mill Share. (2) Allotments do not include the impact of the State amended formula adjustment. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 27 - \r\n \r\n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nAugust 18, 2009 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members ofthe State Board of Education \r\nand Superintendent and Members of the Wilcox County Board of Education \r\nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information ofWilcox County Board of Education as of and for the year ended June 30, 2008, which collectively comprise Wilcox County Board of Education's basic financial statements and have issued our report thereon dated August 18, 2009. We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit, we considered Wilcox County Board ofEducation's internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinions on the financial statements, but not for the purpose ofexpressing an opinion on the effectiveness of the Wilcox County Board of Education's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Wilcox County Board of Education's internal control over financial reporting. \r\nA control deficiency exists when the design or operation ofa control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affect the Wilcox County Board ofEducation's ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted \r\n2008YB-10 \r\n \r\n accounting principles such that there is more than a remote likelihood that a misstatement of the Wilcox County Board ofEducation's financial statements that is more than inconsequential will not be prevented or detected by the Wilcox County Board of Education's internal control. \r\nA material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement ofthe financial statements will not be prevented or detected by the Wilcox County Board of Education's internal control. \r\nOur consideration of the internal control over financial reporting was for the limited purpose described in the first paragraph ofthis section and would not necessarily disclose all deficiencies in internal control that might be significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses, as defined above. \r\nCompliance and Other Matters \r\nAs part of obtaining reasonable assurance about whether Wilcox County Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions oflaws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \r\nWe noted certain matters that we have reported to management of Wilcox County Board of Education in a separate letter dated August 18, 2009. \r\nThis report is intended solely for the information and use of management, members ofthe Wilcox County Board ofEducation, others within the entity, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n..J~ ,. ~....@ w. \r\nRussell W. Hinton, CPA, CGFM State Auditor \r\nRWH:as 2008YB-10 \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nAugust 18, 2009 \r\n \r\nHonorable Sonny Perdue, Governor Members ofthe General Assembly Members ofthe State Board of Education \r\nand Superintendent and Members ofthe Wilcox County Board of Education \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \r\nLadies and Gentlemen: \r\nCompliance \r\nWe have audited the compliance ofWilcox County Board ofEducation with the types ofcompliance requirements described in the U.S. Office of Management and Budget (0MB) Circular A-133 Compliance Supplement that are applicable to each ofits major Federal programs for the year ended June 30, 2008. Wilcox County Board of Education's major Federal programs are identified in the Summary ofAuditor's Results Section ofthe accompanying Schedule ofFindings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major Federal programs is the responsibility of Wilcox County Board of Education's management. Our responsibility is to express an opinion on Wilcox County Board of Education's compliance based on our audit. \r\nWe conducted our audit ofcompliance in accordance with auditing standards generally accepted in the United States ofAmerica; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States; and 0MB Circular A133, Audits ofStates, Local Governments, and Non-Profit Organizations. Those standards and 0MB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Wilcox County Board ofEducation's compliance with those requirements and performing such other procedures as we considered necessary in the \r\n \r\n2008SA-10 \r\n \r\n circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Wilcox County Board of Education's compliance with those requirements. \r\nIn our opinion, the Wilcox County Board of Education complied, in all material respects, with the requirements referred to above that are applicable to each ofits major Federal programs for the year ended June 30, 2008. \r\nInternal Control Over Compliance \r\nThe management of Wilcox County Board of Education is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and performing our audit, we considered Wilcox County Board ofEducation's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose ofexpressing our opinion on compliance, but not for the purpose ofexpressing an opinion on the effectiveness ofinternal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Wilcox County Board of Education's internal control over compliance. \r\nA control deficiency in an entity's internal control over compliance exists when the design or operation ofa control does not allow management or employees, in the normal course ofperforming their assigned functions, to prevent or detect noncompliance with a type ofcompliance requirement of a Federal program on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the entity's ability to administer a Federal program such that there is more than a remote likelihood that noncompliance with a type of compliance requirement of a Federal program that is more than inconsequential will not be prevented or detected by the entity's internal control. \r\nA material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that material noncompliance with a type of compliance requirement of a Federal program will not be prevented or detected by the entity's internal control. \r\nOur consideration of the internal control over compliance was for the limited purpose described in the first paragraph of this section and would not necessarily identify all deficiencies in internal control that might be significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. \r\n2008SA-10 \r\n \r\n This report is intended solely for the information and use of management, members of the Wilcox County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n \r\nRWH:as 2008SA-10 \r\n \r\nRus ell W. Hinton, CPA, CGFM State Auditor \r\n \r\n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2008 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\nFS-7561-07-01 \r\n \r\nPreviously Reported Corrective Action Implemented \r\n \r\nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\nFA-7561-05-01 \r\n \r\nPreviously Reported Corrective Action Implemented \r\n \r\n SECTION IV FINDINGS AND QUESTIONED COSTS \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2008 \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Wilcox County Board of Education's financial statements was unqualified. \r\n2. Significant Deficiencies in Internal Control Disclosed by the Audit ofthe Financial Statements The audit report for the Wilcox County Board ofEducation did not disclose any significant deficiencies related to the financial statements. \r\n3. Noncompliance Material to the Financial Statements The audit of the Wilcox County Board of Education disclosed no instances of noncompliance that were deemed to be material to the financial statements. \r\n4. Significant Deficiencies in Internal Control Over Major Programs The audit report for the Wilcox County Board of Education did not disclose any significant deficiencies in internal control over major programs. \r\n5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Wilcox County Board ofEducation's report on compliance with requirements applicable to major programs was unqualified. \r\n6. Audit Findings Required to be Reported by Section .510(a) ofOMB Circular A-133 The Wilcox County Board ofEducation's audit did not disclose audit findings required to be reported by section .510(a) of 0MB Circular A-133. \r\n7. Major Programs Federal awards audited as major programs are as follows: 10.553 Food Services - School Breakfast Program 10.555 Food Services - National School Lunch Program 84.010 Title I Grants to Local Educational Agencies \r\n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000.00. \r\n9. Low Risk Auditee The Wilcox County Board of Education did not qualify as a low risk auditee as defined by Section .530 of 0MB Circular A-133. \r\n- 1- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2008 II FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS No matters were reported. III FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n-2- \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw6-b2006-h2007","title":"Wilcox County Board of Education, Abbeville, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2007","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Wilcox County, 31.9729, -83.43236"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2007-06-30"],"dcterms_description":["Began with: Fiscal year ended June 30, 2000; ceased with: Fiscal year ended June 30, 2008.","Report year covers fiscal year.","Has supplements: Wilcox County Board of Education, Abbeville, Georgia, schedule of salaries and travel for the fiscal year ended ..., fiscal year ended June 30, 2000-fiscal year ended June 30, 2002. Report on salary and travel for the fiscal year ended ... (Wilcox County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007. Salaries and travel reimbursement (Wilcox County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2000, released in 2001? (online surrogate); title from PDF cover (Georgia Government Publications database, viewed April 5, 2016).","Fiscal year ended June 30, 2008, released in 2009? (online surrogate); (Georgia Government Publications database, viewed April 5, 2016)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Auditors' reports--Georgia","Financial statements--Georgia","Wilcox County (Ga.). Board of Education--Appropriations and expenditures"],"dcterms_title":["Wilcox County Board of Education, Abbeville, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2007"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw6-b2006-h2007"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw6-b2006-h2007"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"WILCOX COUNTY BOARD OF EDUCATION \r\nABBEVILLE, GEORGIA REPORT ON AUDIT \r\nOF THE FINANCIAL STATEMENTS \r\nFOR THE FISCAL YEAR ENDED JUNE 30, 2007 \r\nSTATE OF GEORGIA \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\nRussell W. Hinton State Auditor \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\nEXHIBITS \r\n \r\nBASIC FINANCIAL STATEMENTS \r\n \r\nDISTRICT-WIDE FINANCIAL STATEMENTS \r\n \r\nA \r\n \r\nSTATEMENT OF NET ASSETS \r\n \r\nB \r\n \r\nSTATEMENT OF ACTIVITIES \r\n \r\nFUND FINANCIAL STATEMENTS \r\n \r\nC \r\n \r\nBALANCE SHEET \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\nD \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\n \r\nTO THE STATEMENT OF NET ASSETS \r\n \r\nE \r\n \r\nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES \r\n \r\nIN FUND BALANCES \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\nF \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT \r\n \r\nOF REVENUES, EXPENDITURES AND CHANGES IN FUND \r\n \r\nBALANCES TO THE STATEMENT OF ACTIVITIES \r\n \r\nG \r\n \r\nSTATEMENT OF FIDUCIARY NET ASSETS \r\n \r\nFIDUCIARY FUNDS \r\n \r\nH \r\n \r\nNOTES TO THE BASIC FINANCIAL STATEMENTS \r\n \r\nSCHEDULES \r\n \r\nREQUIRED SUPPLEMENTARY INFORMATION \r\n \r\n1 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL GENERAL FUND \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\n2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 3 SCHEDULE OF STATE REVENUE \r\n \r\nPage \r\n1 2 4 5 6 7 9 10 \r\n23 24 \r\n26 \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nSCHEDULES \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\n4 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\n \r\n27 \r\n \r\n5 ALLOTMENTS AND EXPENDITURES \r\n \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \r\n \r\nBY PROGRAM \r\n \r\n29 \r\n \r\nSECTION II \r\nCOMPLIANCE AND INTERNAL CONTROL REPORTS \r\nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \r\n \r\nSECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\nSECTIONV MANAGEMENT'S RESPONSES SCHEDULE OF MANAGEMENT'S RESPONSES \r\n \r\n SECTION I FINANCIAL \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nMarch 12, 2008 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Wilcox County Board of Education \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nLadies and Gentlemen: \r\nWe have audited the accompanying financial statements ofthe governmental activities, each major fund, and the aggregate remaining fund information (Exhibits A through H) of the Wilcox County Board of Education, as of and for the year ended June 30, 2007, which collectively comprise the Board's basic financial statements as listed in the table of contents. These financial statements are the responsibility ofthe Wilcox County Board ofEducation's management. Our responsibility is to express opinions on these financial statements based on our audit. \r\nWe conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Wilcox County Board of Education's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. \r\n \r\n2007ARL-11 \r\n \r\n In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information ofthe Wilcox County Board ofEducation, as ofJune 30, 2007, and the respective changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. \r\nThe Wilcox County Board of Education has not presented Management's Discussion and Analysis that accounting principles generally accepted in the United States of America has determined is necessary to supplement, although not to be part of, the basic financial statements. \r\nIn accordance with Government Auditing Standards, we have also issued our report dated March 12, 2008, on our consideration ofthe Wilcox County Board ofEducation's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing ofinternal control over financial reporting and compliance and the results ofthat testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. \r\nThe Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual, as presented on page 23, is not a required part of the basic financial statements but is supplementary information required by the accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods ofmeasurement and presentation ofthe required supplementary information. However, we did not audit the information and express no opinion on it. \r\nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Wilcox County Board of Education's basic financial statements. The accompanying supplementary information which consist of Schedules 2 through 5, which includes the Schedule of Expenditures of Federal Awards as required by U. S. Office of Management and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. \r\nA copy of this report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. \r\nRespectfully submitted, \r\n \r\nRWH:gp 2007ARL-11 \r\n \r\n~::.!to~P~ State Auditor \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION STATEMENT OF NET ASSETS JUNE 30, 2007 \r\nASSETS \r\nCash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Inventories Capital Assets Land Land Improvements Buildings Equipment Less: Accumulated Depreciation \r\nTotal Assets \r\nLIABILITIES \r\nAccounts Payable Salaries and Benefits Payable Long-Term Liabilities \r\nDue Within One Year \r\nTotal Liabilities \r\nNET ASSETS \r\nInvested in Capital Assets, Net of Related Debt Restricted for \r\nBus Replacement Continuation of Federal Programs Debt Service Unrestricted \r\nTotal Net Assets \r\nTotal Liabilities and Net Assets \r\n \r\nEXHIBIT\"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n1,435,005 \r\n \r\n36,081 \r\n \r\n94,619 907,421 245,526 \r\n14,097 \r\n \r\n57,768 798,281 11,194,222 1,496,417 -3,467,494 \r\n \r\n$ _ _..,;,1=2,,;;;,.81_1.i.;;;,94,.;;3:;.. \r\n \r\n$ \r\n \r\n175,677 \r\n \r\n1,249,862 \r\n \r\n325,000 \r\n \r\n$ \r\n \r\n1,750,539 \r\n \r\n$ \r\n \r\n9,754,194 \r\n \r\n1,635 88,888 521,200 695,487 \r\n \r\n$ \r\n \r\n11,061,404 \r\n \r\n$===1_2,=81;.,;1.i.;;;,9,.;;43_, \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -1 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30, 2007 \r\n \r\nGOVERNMENTAL ACTIVITIES \r\nInstruction Support Services \r\nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Food Services Interest on Short-Term and Long-Term Debt \r\nTotal Governmental Activities \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Debt Services For Capital Projects Real Estate Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \r\nTotal General Revenues \r\nChange in Net Assets \r\nNet Assets - Beginning of Year \r\nNet Assets - End of Year \r\n \r\nEXPENSES \r\n \r\nCHARGES FOR SERVICES \r\n \r\n$ \r\n \r\n7,973,604 $ \r\n \r\n359,038 320,117 186,422 346,813 762,929 \r\n69,289 760,040 694,752 \r\n39,514 \r\n \r\n165,918 704,616 \r\n25 083 \r\n \r\n$ \r\n \r\n12,408,135 $ \r\n \r\n89,782 \r\n11,047 38,373 18,011 \r\n523 165,823 \r\n85,905 \r\n409 464 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -2 - \r\n \r\n EXHIBIT\"B\" \r\n \r\nPROGRAM REVENUES \r\n \r\nOPERATING \r\n \r\nCAPITAL \r\n \r\nGRANTS AND \r\n \r\nGRANTS AND \r\n \r\nCONTRIBUTIONS CONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET ASSETS \r\n \r\n$ \r\n \r\n6,634,053 \r\n \r\n182,247 145,637 153,153 461,379 445,392 \r\n1,718 377,078 278,673 $ 26,536 \r\n \r\n609,532 \r\n \r\n$ \r\n \r\n9,315,398 $ \r\n \r\n$ 230,669 230,669 $ \r\n \r\n-1,249,769 \r\n-176,791 -174,480 \r\n-22,222 114,566 -279,164 -67,571 -364,951 -185,410 -12,455 \r\n-95 -9,179 -25 083 \r\n-2,452,604 \r\n \r\n$ \r\n \r\n1,721,323 \r\n \r\n20,904 \r\n \r\n441,683 10,288 8,622 \r\n697,867 27,364 69 797 \r\n \r\n$ \r\n \r\n2,997,848 \r\n \r\n$ \r\n \r\n545,244 \r\n \r\n10 516 160 \r\n \r\n$ =======11=!0=6=1=4=04= \r\n \r\n-3- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION BALANCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30, 2007 \r\n \r\nEXHIBIT\"C\" \r\n \r\nASSETS \r\nCash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Inventories \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n991,255 $ \r\n \r\n36,081 \r\n \r\n51,484 907,421 245,526 \r\n14 097 \r\n \r\n0 $ \r\n \r\n443,750 $ \r\n \r\n77,450 \r\n \r\n1,435,005 36,081 \r\n128,934 907,421 245,526 \r\n14097 \r\n \r\nTotal Assets \r\n \r\n$ 2,245,864 $ \r\n \r\n0 $ \r\n \r\n521,200 $======2=,7=6=7,=06=4= \r\n \r\nLIABILITIES AND FUND BALANCES \r\n \r\nLIABILITIES \r\n \r\nAccounts Payable Salaries and Benefits Payable \r\n \r\n$ \r\n \r\n175,677 \r\n \r\n1,249,862 \r\n \r\nTotal Liabilities \r\n \r\n$ 1,425,539 \r\n \r\nFUND BALANCES \r\n \r\nReserved for: Bus Replacement Continuation of Federal Programs Debt Service Inventories \r\nUnreserved Designated for Student Activities Undesignated Reported in: General Fund \r\n \r\n$ \r\n \r\n1,635 \r\n \r\n74,791 \r\n \r\n$ \r\n \r\n14,097 \r\n \r\n65,041 \r\n \r\n664 761 \r\n \r\nTotal Fund Balances \r\n \r\n$ \r\n \r\n820,325 $ \r\n \r\n$ \r\n \r\n175,677 \r\n \r\n1,249,862 \r\n \r\n$ \r\n \r\n1,425,539 \r\n \r\n$ \r\n \r\n0 $ \r\n \r\n521,200 \r\n \r\n0 $ \r\n \r\n521,200 $ \r\n \r\n1,635 74,791 521,200 14,097 \r\n65,041 \r\n664 761 \r\n1,341,525 \r\n \r\nTotal Liabilities and Fund Balances \r\n \r\n$ 2,245,864 $ \r\n \r\n0 $ \r\n \r\n521,200 $ ======2=,7=6=7'=0=64= \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -4- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET ASSETS JUNE 30, 2007 \r\n \r\nEXHIBIT\"D\" \r\n \r\nTotal Fund Balances - Governmental Funds (Exhibit \"C\") \r\nAmounts reported for Governmental Activities in the Statement of Net Assets are different because: \r\nCapital Assets used in Governmental Activities are not financial resources and therefore are not reported in the funds. These assets consist of: \r\nLand Land Improvements Buildings Equipment Accumulated Depreciation \r\nTotal Capital Assets \r\nSome of the School District's property tax revenues will be collected after year-end but are not available soon enough to pay for the current period's expenditures. \r\nLong-Term Liabilities, including Bonds Payable, are not due and payable in the current period and therefore are not reported as liabilities in the funds. Long-Term Liabilities at year-end consist of: \r\nBonds Payable \r\n \r\n$ \r\n \r\n1,341,525 \r\n \r\n$ \r\n \r\n57,768 \r\n \r\n798,281 \r\n \r\n11,194,222 \r\n \r\n1,496,417 \r\n \r\n-3,467,494 \r\n \r\n10,079,194 \r\n \r\n-34,315 \r\n \r\n-325,000 \r\n \r\nNet Assets of Governmental Activities (Exhibit \"A\") \r\n \r\n$ 11,061,404 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -5- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2007 \r\n \r\nEXHIBIT\"E\" \r\n \r\nREVENUES \r\nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Enterprise Operations Food Services Operation \r\nCapital Outlay Debt Services \r\nPrincipal Interest \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nInventory - Net Change in Period \r\nFund Balances - Ending \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 1,809,284 8,622 $ \r\n8,374,578 1,869,356 \r\n409,464 17,391 69 797 \r\n$ 12,558,492 $ \r\n \r\n10,288 $ 10,288 $ \r\n \r\n$ 441,683 \r\n9,973 451,656 $ \r\n \r\n1,809,284 460,593 \r\n8,374,578 1,869,356 \r\n409,464 27,364 69,797 \r\n13,020,436 \r\n \r\n$ 7,744,725 \r\n359,038 320,117 186,422 346,813 762,929 68,751 760,040 831,742 36,603 165,918 689,945 17,904 $ \r\n \r\n$ 12,290,947 $ \r\n \r\n$ \r\n \r\n267,545 $ \r\n \r\n$ \r\n \r\n267,545 $ \r\n \r\n547,511 \r\n \r\n5,269 \r\n \r\n$ \r\n10,288 \r\n10,288 $ 0 $ 0 $ 0 \r\n \r\n$ 7,744,725 \r\n \r\n359,038 \r\n \r\n320,117 \r\n \r\n186,422 \r\n \r\n346,813 \r\n \r\n762,929 \r\n \r\n538 \r\n \r\n69,289 \r\n \r\n760,040 \r\n \r\n831,742 \r\n \r\n36,603 \r\n \r\n165,918 \r\n \r\n689,945 \r\n \r\n28,192 \r\n \r\n310,000 25,083 \r\n \r\n310,000 25,083 \r\n \r\n335,621 $ 12,636,856 \r\n \r\n116,035 $ \r\n \r\n383,580 \r\n \r\n116,035 $ \r\n \r\n383,580 \r\n \r\n405,165 \r\n \r\n952,676 \r\n \r\n5,269 \r\n \r\n$ \r\n \r\n820,325 $ \r\n \r\n0 $ s21,200 s_....,1,,..34...,1...,,s..,2.s.. \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -6- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \r\nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2007 \r\n \r\nEXHIBIT\"F\" \r\n \r\nTotal Net Change in Fund Balances - Governmental Funds (Exhibit \"E\") \r\n \r\nAmounts reported for Governmental Activities in the Statement of Activities are different because: \r\n \r\nCapital Outlays are reported as expenditures in Governmental Funds. However, in the Statement of Activities, the cost of Capital Assets is allocated over their estimated useful lives as depreciation expense. In the current period, these amounts are: \r\n \r\nCapital Outlay \r\n \r\n$ \r\n \r\nDepreciation Expense \r\n \r\nExcess of Capital Outlay over Depreciation Expense \r\n \r\nBecause some property taxes will not be collected for several months after the School District's fiscal year ends, they are not considered \"available\" revenues. \r\n \r\nRepayment of Long-Term Debt is reported as an expenditure in Governmental Funds, but the repayment reduces Long-Term Liabilities in the Statement of Net Assets. In the current year, these amounts consist of: \r\n \r\nBond Principal Retirements \r\n \r\nFood Inventories are expensed on the District-Wide Statements using the consumption method while on the fund level Food Inventories are recorded as expenditures when purchased. In the current period this difference amounts to. \r\n \r\n$ \r\n238,400 -324,948 \r\n \r\n383,580 \r\n-86,548 -67,057 310,000 \r\n5,269 \r\n \r\nChange in Net Assets of Governmental Activities (Exhibit \"B\") \r\n \r\n$===54=5..,.2.4.4= \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -7 - \r\n \r\n (This page left intentionally blank) \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET ASSETS \r\nFIDUCIARY FUNDS JUNE 30, 2007 \r\nASSETS Cash and Cash Equivalents \r\nLIABILITIES Funds Held for Others \r\n \r\nEXHIBIT\"G\" \r\nAGENCY FUNDS $ ====1!4=9=11= \r\n$ ===14::!=91=1= \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -9- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nREPORTING ENTITY \r\nThe Wilcox County Board ofEducation (School District) was established under the laws ofthe State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF PRESENTATION \r\nThe School District's basic financial statements are collectively comprised of the District-wide financial statements, fund financial statements and notes to the basic financial statements of the Wilcox County Board of Education. \r\nDistrict-wide Statements: The Statement ofNet Assets and the Statement ofActivities display information about the financial activities ofthe overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \r\nThe Statement ofActivities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \r\n Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support ofthe School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \r\n Program revenues include (a) charges paid by the recipients ofgoods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \r\nFund Financial Statements: The fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting ofinternal activities. Separate statements for each category (governmental and fiduciary) are presented. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \r\n \r\n- 10 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nThe School District reports the following major governmental funds: \r\n General Fund is the School District's primary operating fund. It accounts for all financial resources ofthe School District, except those resources required to be accounted for in another fund. \r\n District-wide Capital Projects Fund accounts for financial resources including Special Purpose Local Option Sales Tax (SPLOST) to be used for the acquisition, construction or renovation of major capital facilities. \r\n Debt Service Fund accounts for taxes (sales) legally restricted for the payment ofgeneral longterm principal, interest and paying agent's fees. \r\nThe School District reports the following fiduciary fund type: \r\n Agency funds account for assets held by the School District as an agent for various funds, governments or individuals. \r\nBASIS OF ACCOUNTING \r\nThe basis ofaccounting determines when transactions are reported on the financial statements. The District-wide governmental and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes and grants. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \r\nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \r\nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis ofaccounting. Under this method, revenues are recognized when measurable and available. The School District considers all revenues reported in the governmental funds to be available if they are collected within sixty days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, which are recognized \r\n- 11 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT\"H\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nas expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds ofgeneral long-term liabilities are reported as other financing sources. \r\nThe School District funds certain programs by a combination ofspecific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \r\nCASH AND CASH EQUIVALENTS \r\nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist ofcash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Official Code of Georgia Annotated Section 45-8-14 authorize the School District to deposit its funds in one or more solvent banks or insured Federal savings and loan associations. \r\nINVESTMENTS \r\nCOMPOSITION OF INVESTMENTS Investments made by the School District in nonparticipating interest-earning contracts (such as certificates ofdeposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code ofGeorgia Annotated Section 36-83-4 authorizes the School District to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \r\n(1) Obligations issued by the State of Georgia or by other states, \r\n(2) Obligations issued by the United States government, \r\n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \r\n(4) Obligations of any corporation of the United States government, \r\n(5) Prime banker's acceptances, \r\n \r\n- 12 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\n(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \r\n \r\n(7) Repurchase agreements, and \r\n \r\n(8) Obligations of other political subdivisions of the State of Georgia. \r\n \r\nThe School District does not have a formal policy regarding investment policies that address credit risks, custodial credit risks, concentration ofcredit risks, interest rate risks or foreign currency risks. \r\n \r\nRECEIVABLES \r\n \r\nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\n \r\nPROPERTY TAXES \r\n \r\nThe Wilcox County Board ofCommissioners fixed the property tax levy for the 2006 tax digest year (calendar year) on October 10, 2006 (levy date). Taxes were due on December 20, 2006 (due date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2006 tax digest are reported as revenue in the governmental funds for fiscal year 2007. The Wilcox County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% oftaxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2007, for maintenance and operations amounted to $1,788,380. \r\n \r\nThe tax millage rate levied for the 2006 tax year (calendar year) for the Wilcox County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n12.61 mills \r\n \r\nSALES TAXES \r\n \r\nSpecial Purpose Local Option Sales Tax, at the fund reporting level, during the year amounted to $451,971 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \r\n \r\n- 13 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nINVENTORIES \r\n \r\nFOOD INVENTORIES On the District-wide financial statements, inventories of donated food commodities used in the preparation of meals are reported at their Federally assigned value and purchased foods inventories are reported at cost (first-in, first-out). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \r\n \r\nCAPITAL ASSETS \r\n \r\nCapital assets purchased, including capital outlay costs, are recorded as expenditures in the fund financial statements at the time of purchase (including ancillary charges). On the District-wide financial statements, all purchased capital assets are valued at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at estimated fair market value on the date donated. Disposals are deleted at depreciated recorded cost. The cost of normal maintenance and repairs that do not add to the value ofassets or materially extend the useful lives of the assets is not capitalized. Depreciation is computed using the straight-line method. The School District does not capitalize book collections or works ofart. During the fiscal year under review, no events or changes in circumstances affecting a capital asset that may indicate impairment were known to the School District. \r\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the District-wide statements are as follows: \r\n \r\nCapitalization Policy \r\n \r\nEstimated Useful Life \r\n \r\nLand Land Improvements Buildings and Improvements Equipment Construction in Progress \r\n \r\n$ \r\n \r\n5,000 \r\n \r\nNIA \r\n \r\n$ \r\n \r\n5,000 20 to 80 years \r\n \r\n$ \r\n \r\n5,000 10 to 80 years \r\n \r\n$ \r\n \r\n5,000 3 to 20 years \r\n \r\n$ \r\n \r\n5,000 \r\n \r\nNIA \r\n \r\nDepreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives. \r\n \r\n- 14 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nGENERAL OBLIGATION BONDS \r\nThe School District issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. Bond issuance costs are recognized in the financial statements during the fiscal year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the Statement ofNet Assets. \r\nNET ASSETS \r\nThe School District's net assets in the District-wide Statements are classified as follows: \r\nInvested in capital assets, net of related debt - This represents the School District's total investment in capital assets, net ofoutstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of invested in capital assets, net of related debt. \r\nRestricted net assets - These represent resources for which the School District is legally or contractually obligated to spend resources for bus replacement, continuation of Federal programs, debt service and capital projects in accordance with restrictions imposed by external third parties. \r\nUnrestricted net assets - Unrestricted net assets represent resources derived from property taxes, sales taxes, grants and contributions not restricted to specific programs, charges for services, and miscellaneous revenues. These resources are used for transactions relating to the educational and general operations of the School District, and may be used at the discretion of the Board to meet current expenses for those purposes. \r\nNote 3: DEPOSITS \r\nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate ofthe face value of such surety bond and the market value of securities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. Ifa depository elects the pooled method (OCGA 45-8-13 .1) the aggregate ofthe market value ofthe securities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool balance. At June 30, $22,911 ofdeposits were not secured by surety bond, insurance or collateral as specified above. The School District is working with the affected financial institutions to ensure appropriate levels of collateral are maintained for all of the School District's deposits. \r\n \r\n- 15 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 3: DEPOSITS \r\nAcceptable security for deposits consists of any one of or any combination of the following: \r\n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\nCATEGORIZATION OF DEPOSITS At June 30, 2007, the bank balances were $1,923,138. The amounts of the total uninsured bank balances are classified into three categories of custodial credit risk: \r\nCategory 1 - Uncollateralized, Category 2 - Cash collateralized with securities held by the pledging financial institution, or \r\nby its trust department or agent in the School District's name, Category 3 - Cash collateralized with securities held by the pledging financial institution's \r\ntrust department or agent but not in the School District's name. \r\nThe School District's uninsured deposits are classified by custodial credit risk category at June 30, 2007, as follows: \r\n \r\n- 16 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 3: DEPOSITS \r\n \r\nCustodial Credit Risk Category \r\n \r\nBank Balance \r\n \r\n1 \r\n \r\n$ \r\n \r\n22,911 \r\n \r\n2 \r\n \r\n1,564,146 \r\n \r\n3 \r\n \r\n0 \r\n \r\nTotal \r\n \r\n$ 1,587.057 \r\n \r\nNote 4: NON-MONETARY TRANSACTIONS \r\n \r\nThe School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 2 - Inventories \r\n \r\nNote 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the Capital Assets during the fiscal year: \r\n \r\nBalances July 1, 2006 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nBalances June 30, 2007 \r\n \r\nGovernmental Activities \r\n \r\nCapital Assets, Not Being Depreciated: \r\n \r\nLand \r\n \r\n$ \r\n \r\n57 768 $ \r\n \r\n0 $ \r\n \r\n0 $ \r\n \r\n57 768 \r\n \r\nCapital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements \r\n \r\n$ 11,194,222 1,499,782 $ 798,281 \r\n \r\n238,400 $ \r\n \r\n$ 11,194,222 \r\n \r\n241,765 \r\n \r\n1,496,417 \r\n \r\n798,281 \r\n \r\nLess Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements \r\n \r\n1,840,305 868,419 675 587 \r\n \r\n187,911 112,800 24,237 \r\n \r\n241,765 \r\n \r\n2,028,216 739,454 699,824 \r\n \r\nTotal Capital Assets, Being Depreciated, Net $ 10,107,974 $ \r\n \r\n-86 548 $ \r\n \r\n0 $ 10,021,426 \r\n \r\nGovernmental Activity Capital Assets - Net $ IQ,165,742 $ \r\n \r\n-86,548 $ \r\n \r\n0 $ 10,079,194 \r\n \r\nCurrent year depreciation expense by function is as follows: \r\n \r\n- 17 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 5: CAPITAL ASSETS \r\n \r\nInstruction Support Services \r\nStudent Transportation Services Other Support Services Food Services \r\n \r\n$ 203,246 \r\n \r\n$ 101,410 2,585 \r\n \r\n103,995 17 707 \r\n \r\n$ 324!948 \r\n \r\nNote 6: RESTRICTED ASSETS \r\n \r\nSpecial Purpose Local Option Sales Tax (SPLOST) proceeds are reported as restricted assets in the Statement of Net Assets because their use is limited by applicable bond covenants or statutory provisions. Restricted assets at June 30, 2007, were as follows: \r\n \r\nDebt Service Funds \r\n \r\nRestricted Cash and Cash Equivalents: Debt Services \r\n \r\n$ 443,750 \r\n \r\nNote 7: RISK MANAGEMENT \r\n \r\nThe School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; acts of God and unemployment compensation. \r\n \r\nThe School District has obtained commercial insurance for risk ofloss associated with torts, assets and errors or omissions. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the School District's insurance coverage in any of the past three years. \r\n \r\nThe School District has elected to self-insure for all losses related to acts of God. The School District has not experienced any losses related to this risk in the past three years. \r\n \r\nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the General Fund with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. The School District has not experienced any unemployment compensation claims during the past two fiscal years. \r\n \r\n- 18 -- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 7: RISK MANAGEMENT \r\n \r\nThe School District participates in the Georgia Education Workers' Compensation Trust, a public entity risk pool organized on December 1, 1991, to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The School District pays an annual premium to the Trust for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Trust with the Midwest Employers Casualty Company to provide coverage for potential losses sustained by the Trust in excess of $500,000 loss per occurrence, up to $2,000,000. \r\n \r\nThe School District has purchased surety bonds to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent Assistant Superintendent Each Principal \r\n \r\n$ \r\n \r\n10,000 \r\n \r\n$ \r\n \r\n10,000 \r\n \r\n$ \r\n \r\n10,000 \r\n \r\nNote 8: LONG-TERM DEBT \r\n \r\nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: \r\n \r\nPurpose \r\n \r\nInterest Rate \r\n \r\nAmount \r\n \r\nGeneral Government - Series 2002 \r\n \r\n3.95% \r\n \r\n$===3==25-,0==0==0 \r\n \r\nThe changes in Long-Term Debt during the fiscal year ended June 30, 2007, were as follows: \r\n \r\nGovernmental Funds General \r\nObligation Bonds \r\n \r\nBalance July 1, 2006 \r\n \r\n$ 635,000 \r\n \r\nDeductions Debt Retired \r\n \r\n310,000 \r\n \r\nBalance June 30, 2007 \r\nPortion of Long-Term Debt Due within One Year \r\n \r\n$==32=5-,0==0==0 $_ ___;3~2=.,5,.a..;00:..aa.0 \r\n \r\n- 19 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 8: LONG-TERM DEBT \r\n \r\nAt June 30, 2007, payments due by fiscal year which includes principal and interest for these items are as follows: \r\n \r\nFiscal Year Ended June 30 \r\n \r\nGeneral Obligation \r\n \r\nDebt \r\n \r\nPrincipal \r\n \r\nInterest \r\n \r\n2008 Note 9: ON-BEHALF PAYMENTS \r\n \r\n$ 325,000 $===12-,8=3~8 \r\n \r\nThe School District has recognized revenues and costs in the amount of $213,608 for health insurance and retirement contributions paid on the School District's behalf by the following State Agencies. \r\n \r\nGeorgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance of Non-Certified Personnel In the amount of $211,666 \r\n \r\nOffice of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of $1,942 \r\n \r\nNote 10: SIGNIFICANT CONTINGENT LIABILITIES \r\n \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. The School District believes that such disallowances, if any, will be immaterial to its overall financial position. \r\n \r\nNote 11: RETIREMENT PLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\n \r\nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\n \r\n- 20 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 11: RETIREMENT PLANS \r\n \r\nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.28% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n2007 2006 2005 \r\n \r\n100% 100% 100% \r\n \r\n$ 621,359 $ 581,211 $ 584,809 \r\n \r\n- 21 - \r\n \r\n (This page left intentionally blank) \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION GENERAL FUND \r\nSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30, 2007 \r\n \r\nSCHEDULE \"1\" \r\n \r\nREVENUES \r\nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Enterprise Operations Food Services Operation \r\nCapital Outlay \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES \r\nOther Sources \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nInventory - Net Change in Period \r\nFund Balances - Ending \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL (12 \r\n \r\nFINAL (12 \r\n \r\nACTUAL AMOUNTS \r\n \r\n$ \r\n \r\n1,678,110 $ \r\n \r\n1,678,110 $ \r\n \r\n1,809,284 \r\n \r\n10,000 \r\n \r\n10,000 \r\n \r\n8,622 \r\n \r\n6,644,296 \r\n \r\n8,109,532 \r\n \r\n8,374,578 \r\n \r\n1,709,785 \r\n \r\n1,905,909 \r\n \r\n1,869,356 \r\n \r\n96,825 \r\n \r\n96,825 \r\n \r\n409,464 \r\n \r\n16,300 \r\n \r\n16,300 \r\n \r\n17,391 \r\n \r\n2,002 \r\n \r\n2,002 \r\n \r\n69797 \r\n \r\n$ \r\n \r\n10,157,318 $ \r\n \r\n11,818,678 $ \r\n \r\n12,558,492 \r\n \r\n$ \r\n \r\n6,397,109 $ \r\n \r\n7,612,353 $ \r\n \r\n7,744,725 \r\n \r\n327,259 176,937 156,321 227,096 646,524 57,762 686,945 385,249 12,485 \r\n728,648 392,231 \r\n \r\n303,224 298,481 156,321 335,998 664,704 \r\n72,968 686,945 760,249 \r\n56,643 \r\n728,648 392,231 \r\n \r\n359,038 320,117 186,422 346,813 762,929 \r\n68,751 760,040 831,742 \r\n36,603 165,918 689,945 \r\n17904 \r\n \r\n$ \r\n \r\n10,194,566 $ \r\n \r\n12,068,765 $ \r\n \r\n12,290,947 \r\n \r\n$ \r\n \r\n-37,248 $ \r\n \r\n-250,087 $ \r\n \r\n267,545 \r\n \r\n1 500 \r\n \r\n$ \r\n \r\n-37,248 $ \r\n \r\n-248,587 $ \r\n \r\n1,794,015 \r\n \r\n1,794,015 \r\n \r\n-15 703 \r\n \r\n-1,087,875 \r\n \r\n267,545 547,511 \r\n5,269 \r\n \r\n$ \r\n \r\n1 741 064 $ \r\n \r\n457 553 $ =-====a..2..0..,.3..2=5= \r\n \r\nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \r\n \r\n(1) Original and Final Budget amounts do not include budgeted revenues or expenditures of the various principal accounts. \r\n \r\nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 23- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2007 \r\n \r\nSCHEDULE \"2\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program \r\nTotal Child Nutrition Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Food Donation (1) \r\nTotal U. S. Department of Agriculture \r\nEducation, U. S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Preschool Grants \r\nTotal Special Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Enhancing Education Through Technology Program Improving Teacher Quality State Grants Migrant Education Rural Education State Grants for Innovative Programs Title I Grants to Local Educational Agencies Vocational Education - Basic Grants to States \r\nTotal U.S. Department of Education \r\nDefense, U. S. Department of Direct Department of the Army R.O.T.C. Program \r\nTotal Federal Financial Assistance \r\nN/A = Not Available \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10.553 * 10.555 \r\n \r\nN/A \r\nNIA $ \r\n$ \r\n \r\n(2) 589 467 \r\n589,467 \r\n \r\n10.550 \r\n \r\nNIA \r\n$ \r\n \r\n36 239 625 706 \r\n \r\n84.027 84.173 \r\n \r\nN/A \r\n \r\n$ \r\n \r\nN/A \r\n \r\n$ \r\n \r\n247,237 10 483 \r\n257,720 \r\n \r\n84.318 84.367 84.011 84.358 84.298 84.010 84.048 \r\n \r\nN/A NIA N/A NIA NIA N/A N/A \r\n$ \r\n \r\n108,378 118,036 \r\n4,116 40,961 \r\n3,010 624,443 \r\n30 050 \r\n1186714 \r\n \r\n$ \r\n \r\n61 470 \r\n \r\n$ ======1=87=3=8=9=0 \r\n \r\n- 24 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2007 \r\n \r\nSCHEDULE \"2\" \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\n(1) The amount shown for the Food Donation Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the School District during the current fiscal year. \r\n(2) Expenditures for the funds earned on the School Breakfast Program ($169,457) were not maintained separately and are included in the 2007 National School Lunch Program. \r\nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \r\nThe School District did not provide Federal Assistance to any Subrecipient. \r\nThe accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Wilcox County Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 25 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2007 \r\n \r\nAGENCY/FUNDING \r\nGRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program \r\nEducation, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle Grades (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Category I Gifted Student - Category VI Remedial Education Program Alternative Education Program Media Center Program 20 Days Additional Instruction Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Categorical Grants Pupil Transportation Regular Bus Replacement Sparsity Sparsity- Alternative Program Nursing Services Principal Supplements Vocational Supervisors Mid-term Adjustment Hold-Harmless Education Equalization Funding Grant Food Services Vocational Education Amended Formula Adjustment Other State Programs Comprehensive Academic Performance System (CAPS) Health Insurance K-8 Statewide Reading and Mathematics Program Middle School Remediation and Intervention Grant National Teacher Certification Preschool Handicapped Program Pupil Transportation - State Bonds Virtual Schools State Grant \r\nOffice of Treasury and Fiscal Services Public School Employees Retirement \r\nCONTRACT Human Resources, Georgia Department of Family Connection \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 26 - \r\n \r\nSCHEDULE \"3\" \r\n \r\nGOVERNMENTAL FUND TYPE GENERAL FUND \r\n \r\n$ \r\n \r\n304,606 \r\n \r\n413,827 13,285 \r\n1,143,426 54,682 \r\n510,244 53,363 \r\n824,030 788,234 286,318 \r\n609,630 110,059 \r\n56,093 71,578 148,984 48,476 25,458 \r\n344,330 375,715 366,719 \r\n258,577 30,669 \r\n115,139 35,802 42,166 4,221 9,429 75,426 \r\n718,719 37,622 60,875 \r\n-127,244 \r\n40,075 211,666 \r\n22,982 1,206 6,853 \r\n29,371 200,000 \r\n25 \r\n1,942 \r\n50 000 \r\n$ =====8=3=7=4=5=78= \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2007 \r\n \r\nSCHEDULE \"4\" \r\n \r\nPROJECT \r\nAdditions, renovations and improvements to the elementary school, the middle school, and the gymnasium at the high school, including the acquisition of any furniture, fixtures and equipment. \r\n \r\nORIGINAL ESTIMATED \r\nCOST(1l \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n \r\nAMOUNT EXPENDED IN CURRENT \r\nYEAR (3) \r\n \r\nAMOUNT EXPENDED \r\nIN PRIOR YEARS (3) \r\n \r\nPROJECT STATUS \r\n \r\n$ 2,100,000 $ 2,100,000 $ \r\n \r\n35,909 $ 1,054,165 Ongoing \r\n \r\n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \r\n(2) The School District's current estimate of total cost for the project. Includes all cost from project inception to completion. \r\n(3) The voters of Wilcox County approved the imposition of a 1% sales tax to fund the above project and retire associated debt. Amounts expended for this project may include sales tax proceeds, state, local property taxes and/or other funds over the life of the project. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 27 - \r\n \r\n (This page left intentionally blank) \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION GENERAL FUND- QUALITY BASIC EDUCATION PROGRAM (QBE) \r\nALLOTMENTS AND EXPENDITURES - BY PROGRAM YEAR ENDED JUNE 30, 2007 \r\n \r\nSCHEDULE \"5\" \r\n \r\nDESCRIPTION \r\nDirect Instructional Programs Kindergarten Program Kindergarten Program-Early Intervention Program Primary Grades (1-3) Program Primary Grades-Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades-Early Intervention (4-5) Program Middle Grades (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Category I Category II Category Ill Category IV Gifted Student - Category VI Remedial Education Program Alternative Education Program \r\nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \r\nMedia Center Program Staff and Professional Development \r\n \r\nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) (2) \r\n \r\nELIGIBLE QBE PROGRAM COSTS \r\n \r\nSALARIES OPERATIONS \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n461,413 $ \r\n \r\n512,930 $ \r\n \r\n15,237 $ \r\n \r\n528,167 \r\n \r\n13,412 \r\n \r\n1,241,021 \r\n \r\n1,140,350 \r\n \r\n28,738 \r\n \r\n1,169,088 \r\n \r\n61,506 \r\n \r\n189,364 \r\n \r\n728 \r\n \r\n190,092 \r\n \r\n555,823 \r\n \r\n655,268 \r\n \r\n22,574 \r\n \r\n677,842 \r\n \r\n55,216 902,532 863,451 307,798 678,420 \r\n118,202 55,683 78 745 \r\n \r\n108,992 1,075,546 \r\n919,084 308,798 \r\n25,034 202,433 323,881 \r\n31,983 88,979 40,178 \r\n \r\n243 21,084 38,533 26,157 \r\n31,635 34,001 \r\n105 3,136 \r\n71 674 \r\n \r\n109,235 1,096,630 \r\n957,617 334,955 \r\n25,034 234,068 357,882 \r\n32,088 92,115 40,178 71 674 \r\n \r\n$ \r\n \r\n5,393,222 $ 5,622,820 $ \r\n \r\n293,845 $ \r\n \r\n5,916,665 \r\n \r\n162,648 27969 \r\n \r\n155,196 \r\n \r\n7,747 \r\n \r\n162,943 31 461 \r\n \r\nTOTAL QBE FORMULA FUNDS \r\n \r\n$====5..,,5=83..,,8=3==9 $ 5,778,016 $ \r\n \r\n301,592 $ ===6=1=1=1=0=6=9 \r\n \r\n(1) Comprised of State Funds plus Local Five Mill Share. (2) Allotments do not include the impact of the State amended formula adjustment. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 29 - \r\n \r\n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nMarch 12, 2008 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Wilcox County Board of Education \r\nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Wilcox County Board of Education as of and for the year ended June 30, 2007, which collectively comprise Wilcox County Board of Education's basic financial statements and have issued our report thereon dated March 12, 2008. We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit, we considered Wilcox County Board of Education's internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinions on the financial statements, but not for the purpose ofexpressing an opinion on the effectiveness of the Wilcox County Board of Education's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Wilcox County Board of Education's internal control over financial reporting. \r\nOur consideration of internal control over financial reporting was for the limited purpose described in the preceding paragraph and would not necessarily identify all deficiencies in internal control over financial reporting that might be significant deficiencies or material weaknesses. However, as discussed below, we identified a certain deficiency in internal control over financial reporting that we consider to be a significant deficiency. \r\n2007YB-40 \r\n \r\n A control deficiency exists when the design or operation ofa control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affect the Wilcox County Board of Education's ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the Wilcox County Board ofEducation's financial statements that is more than inconsequential will not be prevented or detected by the Wilcox County Board of Education's internal control. We consider item FS-7561-07-01 in the accompanying Schedule of Findings and Questioned Costs to be a significant deficiency in internal control over financial reporting. \r\nA material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement ofthe financial statements will not be prevented or detected by the Wilcox County Board of Education's internal control. \r\nOur consideration of the internal control over financial reporting was for the limited purpose described in the first paragraph ofthis section and would not necessarily disclose all deficiencies in internal control that might be significant deficiencies and, accordingly, would not necessarily disclose all significant deficiencies that are also considered to be material weaknesses. The significant deficiency described above is considered to be a material weakness. \r\nCompliance and Other Matters \r\nAs part of obtaining reasonable assurance about whether Wilcox County Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions oflaws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \r\nWe noted certain matters that we have reported to management of Wilcox County Board of Education in a separate letter dated March 12, 2008. \r\nWilcox County Board of Education's response to the findings identified in our audit is described in the accompanying Schedule ofManagement's Responses. We did not audit Wilcox County Board of Education's response and, accordingly, we express no opinion on it. \r\n2007YB-40 \r\n \r\n This report is intended solely for the information and use of the management, members of the Wilcox County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n \r\nRWH:gp 2007YB-40 \r\n \r\nRus 11 W. Hinton, CPA, CGFM State Auditor \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nMarch 12, 2008 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Wilcox County Board of Education \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \r\nLadies and Gentlemen: \r\nCompliance \r\nWe have audited the compliance ofWilcox County Board ofEducation with the types ofcompliance requirements described in the U.S. Office of Management and Budget (0MB) Circular A-133 Compliance Supplement that are applicable to each ofits major Federal programs for the year ended June 30, 2007. Wilcox County Board of Education's major Federal programs are identified in the Summary of Auditor's Results Section of the accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major Federal programs is the responsibility of Wilcox County Board of Education's management. Our responsibility is to express an opinion on Wilcox County Board of Education's compliance based on our audit. \r\nWe conducted our audit of compliance in accordance with auditing standards generally accepted in the United States ofAmerica; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and 0MB Circular A133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and 0MB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Wilcox County Board ofEducation's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Wilcox County Board of Education's compliance with those requirements. \r\n2007SA-10 \r\n \r\n In our opinion, the Wilcox County Board of Education complied, in all material respects, with the requirements referred to above that are applicable to each ofits major Federal programs for the year ended June 30, 2007. \r\nInternal Control Over Compliance \r\nThe management of Wilcox County Board of Education is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and performing our audit, we considered Wilcox County Board ofEducation's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose ofexpressing our opinion on compliance, but not for the purpose ofexpressing an opinion on the effectiveness ofinternal control over compliance. Accordingly, we do not express an opinion on the effectiveness ofthe Wilcox County Board of Education's internal control over compliance. \r\nA control deficiency in an entity's internal control over compliance exists when the design or operation ofa control does not allow management or employees, in the normal course ofperforming their assigned functions, to prevent or detect noncompliance with a type of compliance requirement of a Federal program on a timely basis. A significant deficiency is a control deficiency, or combination ofcontrol deficiencies, that adversely affects the entity's ability to administer a Federal program such that there is more than a remote likelihood that noncompliance with a type of compliance requirement of a Federal program that is more than inconsequential will not be prevented or detected by the entity's internal control. \r\nA material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that material noncompliance with a type of compliance requirement of a Federal program will not be prevented or detected by the entity's internal control. \r\nOur consideration of the internal control over compliance was for the limited purpose described in the first paragraph of this section and would not necessarily identify all deficiencies in internal control that might be significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. \r\nThis report is intended solely for the information and use of the management, members of the Wilcox County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n~o~P:{~ State Auditor \r\nRWH:gp 2007SA-10 \r\n \r\n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2007 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nNo matters were reported. \r\n \r\nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\nFA-7561-05-01 FA-7561-06-01 \r\n \r\nPartially Resolved - See Corrective Action/Responses Previously Reported Corrective Action Implemented \r\n \r\nCORRECTIVE ACTION/RESPONSES \r\n \r\nCASH MANAGEMENT Excessive Cash Balances Finding Control Number: FA-7561-05-01 \r\n \r\nThe School District is in the process ofcontacting the Georgia Department ofEducation to refund the $1,405 in earned interest revenue. \r\n \r\n SECTION IV FINDINGS AND QUESTIONED COSTS \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2007 \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Wilcox County Board of Education's financial statements was unqualified. \r\n2. Significant Deficiencies in Internal Control Disclosed by the Audit ofthe Financial Statements The audit report for the Wilcox County Board of Education disclosed a financial statement significant deficiency related to the following control category. \r\nFinancial Reporting \r\nThe significant deficiency described above is considered to be a material weakness. \r\n3. Noncompliance Material to the Financial Statements The audit of the Wilcox County Board of Education disclosed no instances of noncompliance that were deemed to be material to the financial statements. \r\n4. Significant Deficiencies in Internal Control Over Major Programs The audit report for the Wilcox County Board of Education did not disclose any significant deficiencies in internal control over major programs. \r\n5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Wilcox County Board ofEducation's report on compliance with requirements applicable to major programs was unqualified. \r\n6. Audit Findings Required to be Reported by Section .510(a) of 0MB Circular A-133 The Wilcox County Board of Education's audit did not disclose audit findings required to be reported by section .510(a) ofOMB Circular A-133. \r\n7. Major Programs Federal awards audited as major programs are as follows: 10.553 Food Services - School Breakfast Program 10.555 Food Services - National School Lunch Program \r\n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000. \r\n9. Low Risk Auditee The Wilcox County Board ofEducation qualified as a low risk auditee as defined by Section .530 ofOMB Circular A-133. \r\n- 1- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2007 \r\n \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nFINANCIAL REPORTING Inadequate Controls over Financial Reporting Material Weakness Finding Control Number: FS-7561-07-01 \r\n \r\nCondition: \r\n \r\nThe School District did not have adequate controls in place over the financial statement reporting process. \r\n \r\nCriteria: \r\n \r\nManagement is responsible for having adequate controls over the financial reporting process, which not only includes proper recording oftransactions to the general ledger, but extends to accurate preparation and presentation ofthe financial statements, including note disclosures. \r\n \r\nQuestioned Cost: NIA \r\n \r\nInformation: \r\n \r\nThe Governmental Accounting Standards Board (GASB) Statement 34 reporting model requires the presentation ofboth fund level and entity-wide level statements in the School District's financial statements. During the audit, management was not able to present either the fund level or the entitywide level financial statements ofthe School District. As a result, numerous correcting entries were proposed by the auditor to properly present the entity's fund level and entity-wide level financial statements. \r\n \r\nCause: \r\n \r\nThe School District did not implement an adequate system ofinternal control over the financial statement reporting process. \r\n \r\nEffect: \r\n \r\nThe School District did not have adequate controls in place to ensure that the financial statements were properly prepared in accordance with generally accepted accounting principles. \r\n \r\nRecommendation: \r\n \r\nThe School District should develop and implement internal controls over the financial statement reporting process to ensure that activity is properly recorded in the general ledger; to verify that financial statements (including note disclosures) properly reflect activity reported in the general ledger; and to include a monitoring process to evaluate the accuracy of the financials presented for audit. \r\n \r\nIII FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\n \r\nNo matters were reported. \r\n \r\n-2 - \r\n \r\n SECTIONV MANAGEMENT'S RESPONSES \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF MANAGEMENT'S RESPONSES \r\nYEAR ENDED JUNE 30, 2007 \r\nFinding Control Number: FS-7561-07-01 \r\nWe concur with this finding. The Wilcox County School System has purchased services ofa public accountant currently employed in a neighboring school system to provide additional training to our bookkeepers. Our bookkeepers are also enrolled in an online school finance class to gain additional training regarding the preparation of financial statements. \r\nContact Person: Tara Blanks Title: Bookkeeper Phone: (229) 467-2141 Ext. 23 Fax: (229) 467-2302 E-mail Address: blankst@wi1cox.kl2.ga.us \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw6-b2005-h2006","title":"Wilcox County Board of Education, Abbeville, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2006","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Wilcox County, 31.9729, -83.43236"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2006-06-30"],"dcterms_description":["Began with: Fiscal year ended June 30, 2000; ceased with: Fiscal year ended June 30, 2008.","Report year covers fiscal year.","Has supplements: Wilcox County Board of Education, Abbeville, Georgia, schedule of salaries and travel for the fiscal year ended ..., fiscal year ended June 30, 2000-fiscal year ended June 30, 2002. Report on salary and travel for the fiscal year ended ... (Wilcox County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007. Salaries and travel reimbursement (Wilcox County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2000, released in 2001? (online surrogate); title from PDF cover (Georgia Government Publications database, viewed April 5, 2016).","Fiscal year ended June 30, 2008, released in 2009? (online surrogate); (Georgia Government Publications database, viewed April 5, 2016)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Auditors' reports--Georgia","Financial statements--Georgia","Wilcox County (Ga.). Board of Education--Appropriations and expenditures"],"dcterms_title":["Wilcox County Board of Education, Abbeville, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2006"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw6-b2005-h2006"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw6-b2005-h2006"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"WILCOX COUNTY BOARD OF EDUCATION \r\nABBEVILLE, GEORGIA REPORT ON AUDIT \r\nOF THE FINANCIAL STATEMENTS \r\nFOR THE FISCAL YEAR ENDED JUNE 30, 2006 \r\nSTATE OF GEORGIA \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\nRussell W. Hinton State Auditor \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\nEXHIBITS \r\n \r\nBASIC FINANCIAL STATEMENTS \r\n \r\nDISTRICT-WIDE FINANCIAL STATEMENTS \r\n \r\nA \r\n \r\nSTATEMENT OF NET ASSETS \r\n \r\nB \r\n \r\nSTATEMENT OF ACTIVITIES \r\n \r\nFUND FINANCIAL STATEMENTS \r\n \r\nC \r\n \r\nBALANCE SHEET \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\nD \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\n \r\nTO THE STATEMENT OF NET ASSETS \r\n \r\nE \r\n \r\nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES \r\n \r\nIN FUND BALANCES \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\nF \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT \r\n \r\nOF REVENUES, EXPENDITURES AND CHANGES IN FUND \r\n \r\nBALANCES TO THE STATEMENT OF ACTIVITIES \r\n \r\nG \r\n \r\nSTATEMENT OF FIDUCIARY NET ASSETS \r\n \r\nFIDUCIARY FUNDS \r\n \r\nH \r\n \r\nNOTES TO THE BASIC FINANCIAL STATEMENTS \r\n \r\nSCHEDULES \r\n \r\nREQUIRED SUPPLEMENTARY INFORMATION \r\n \r\n1 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL GENERAL FUND \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\n2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 3 SCHEDULE OF STATE REVENUE \r\n \r\nPage \r\n1 2 4 5 6 7 8 9 \r\n21 22 24 \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nSCHEDULES \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\n4 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\n \r\n25 \r\n \r\n5 ALLOTMENTS AND EXPENDITURES \r\n \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \r\n \r\nBY PROGRAM \r\n \r\n27 \r\n \r\nSECTION II \r\nCOMPLIANCE AND INTERNAL CONTROL REPORTS \r\nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \r\n \r\nSECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\nSECTIONV MANAGEMENT'S RESPONSES SCHEDULE OF MANAGEMENT'S RESPONSES \r\n \r\n SECTION I FINANCIAL \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nJanuary 11, 2007 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Wilcox County Board of Education \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nLadies and Gentlemen: \r\nWe have audited the accompanying financial statements ofthe governmental activities, each major fund, and the aggregate remaining fund information (Exhibits A through H) of the Wilcox County Board of Education, as of and for the year ended June 30, 2006, which collectively comprise the Board's basic financial statements as listed in the table of contents. These financial statements are the responsibility ofthe Wilcox County Board ofEducation's management. Our responsibility is to express opinions on these financial statements based on our audit. \r\nWe conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opm1ons. \r\nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information ofthe Wilcox County Board ofEducation, as of June 30, 2006, and the respective changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. \r\n2006ARL-11 \r\n \r\n The Wilcox County Board of Education has not presented Management's Discussion and Analysis that accounting principles generally accepted in the United States has determined is necessary to supplement, although not to be part of, the basic financial statements. \r\nIn accordance with Government Auditing Standards, we have also issued our report dated January 11, 2007, on our consideration of the Wilcox County Board of Education's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose ofthat report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. \r\nThe Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual, as presented on page 21, is not a required part of the basic financial statements but is supplementary information required by the accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods ofmeasurement and presentation ofthe required supplementary information. However, we did not audit the information and express no opinion on it. \r\nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Wilcox County Board of Education's basic financial statements. The accompanying supplementary information which consist of Schedules 2 through 5, which includes the Schedule of Expenditures of Federal Awards as required by U. S. Office of Management and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. \r\nA copy of this report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. \r\nRespectfully submitted, \r\n \r\nRWH:as 2006ARL-11 \r\n \r\nRu sell W. Hinton, CPA, CGFM State Auditor \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION STATEMENT OF NET ASSETS JUNE 30, 2006 \r\nASSETS \r\nCash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Inventories Capital Assets Land Land Improvements Buildings Equipment Less: Accumulated Depreciation \r\nTotal Assets \r\nLIABILITIES \r\nAccounts Payable Salaries Payable Long-Term Liabilities \r\nDue Within One Year Due in More Than One Year \r\nTotal Liabilities \r\nNET ASSETS \r\nInvested in Capital Assets, Net of Related Debt Restricted for \r\nContinuation of Federal Programs Debt Service Unrestricted \r\nTotal Net Assets \r\nTotal Liabilities and Net Assets \r\n \r\nEXHIBIT\"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n1,064,949 \r\n \r\n34,503 \r\n \r\n112,470 840,083 312,854 \r\n8,828 \r\n \r\n57,768 798,281 11,194,222 1,499,782 -3 384 311 \r\n \r\n$ ===1=2=,5=3=9=,4=29= \r\n \r\n$ \r\n \r\n243,294 \r\n \r\n1,144,975 \r\n \r\n310,000 325 000 \r\n \r\n$ \r\n \r\n2,023,269 \r\n \r\n$ \r\n \r\n9,530,742 \r\n \r\n32,310 405,165 547 943 \r\n \r\n$ \r\n \r\n10 516 160 \r\n \r\n$ ===1=2=,5=3=9=,4=29= \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -1- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30, 2006 \r\n \r\nGOVERNMENTAL ACTIVITIES \r\nInstruction Support Services \r\nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Food Services Interest on Short-Term and Long-Term Debt \r\nTotal Governmental Activities \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Sales Taxes Special Purpose Local Option Sales Tax For Debt Services Real Estate Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \r\nTotal General Revenues \r\nChange in Net Assets \r\nNet Assets - Beginning of Year \r\nNet Assets - End of Year \r\n \r\nEXPENSES \r\n \r\nCHARGES FOR SERVICES \r\n \r\n$ \r\n \r\n7,550,364 $ \r\n \r\n361,313 270,185 167,277 322,962 669,027 \r\n58,667 722,209 646,419 \r\n44,313 \r\n \r\n119,826 726,628 \r\n36 933 \r\n \r\n$ \r\n \r\n11,696,123 $ \r\n \r\n88,103 \r\n3,106 33,650 \r\n9,212 \r\n92,188 86,305 312 564 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -2- \r\n \r\n EXHIBIT\"B\" \r\n \r\nPROGRAM REVENUES \r\n \r\nOPERATING \r\n \r\nCAPITAL \r\n \r\nGRANTS AND \r\n \r\nGRANTS AND \r\n \r\nCONTRIBUTIONS CONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET ASSETS \r\n \r\n$ \r\n \r\n5,961,686 $ \r\n \r\n195,583 85,585 \r\n139,546 430,327 410,151 \r\n \r\n377,232 274,068 \r\n28,218 \r\n \r\n557,882 \r\n \r\n$ \r\n \r\n8 460 278 $ \r\n \r\n25,755 $ \r\n46,098 328 \r\n2,373 74 554 $ \r\n \r\n-1,474,820 \r\n-165,730 -184,600 \r\n-24,625 107,365 -225,226 -58,667 -335,765 -326,253 -15,767 \r\n-27,638 -80,068 -36 933 \r\n-2,848,727 \r\n \r\n$ \r\n \r\n1,655,812 \r\n \r\n479,998 16,948 \r\n743,008 20,645 80422 \r\n \r\n$ \r\n \r\n2 996 833 \r\n \r\n$ \r\n \r\n148,106 \r\n \r\n10 368 054 \r\n \r\n$ \r\n \r\n10 516 160 \r\n \r\n-3- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION BALANCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30, 2006 \r\n \r\nEXHIBIT\"C\" \r\n \r\nASSETS \r\nCash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Inventories \r\nTotal Assets \r\nLIABILITIES AND FUND BALANCES \r\nLIABILITIES \r\nAccounts Payable Salaries Payable \r\nTotal Liabilities \r\nFUND BALANCES \r\nReserved for: Continuation of Federal Programs Debt Service Inventories \r\nUnreserved Undesignated Reported in: General Fund \r\nTotal Fund Balances \r\nTotal Liabilities and Fund Balances \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 739,512 $ 34,503 \r\n840,083 312,854 \r\n8,828 \r\n \r\n0 $ 325,437 $ 79,728 \r\n \r\n1,064,949 34,503 \r\n79,728 840,083 312,854 \r\n8 828 \r\n \r\n$ 1,935,780 $====0= $ 405,165 $ =======2;1,3=4=09=45= \r\n \r\n$ 243,294 1 144 975 \r\n$ 1,388,269 \r\n \r\n$ \r\n \r\n243,294 \r\n \r\n1 144 975 \r\n \r\n$ \r\n \r\n1,388,269 \r\n \r\n$ \r\n \r\n23,482 \r\n \r\n8,828 \r\n \r\n515,201 $ $ 547 511 $ \r\n \r\n$ $ 405,165 \r\n \r\n0 0 $ \r\n \r\n405 165 $ \r\n \r\n23,482 405,165 \r\n8,828 \r\n515 201 952 676 \r\n \r\n$ 1,935,780 $====0= $ 405 165 $ =======2;1,3=4=09=45= \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -4 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET ASSETS JUNE 30, 2006 \r\n \r\nEXHIBIT\"D\" \r\n \r\nTotal Fund Balances - Governmental Funds (Exhibit \"C\") \r\nAmounts reported for Governmental Activities in the Statement of Net Assets are different because: \r\nCapital Assets used in Governmental Activities are not financial resources and therefore are not reported in the funds. These assets consist of: \r\nLand Land Improvements Buildings Equipment Accumulated Depreciation \r\nTotal Capital Assets \r\nSome of the School District's property tax revenues will be collected after year end but are not available soon enough to pay for the current period's expenditures. \r\nLong-Term Liabilities, including Bonds Payable, are not due and payable in the current period and therefore are not reported as liabilities in the funds. Long-Term Liabilities at year-end consist of: \r\nBonds Payable \r\nNet Assets of Governmental Activities (Exhibit \"A\") \r\n \r\n$ 952,676 \r\n \r\n$ \r\n \r\n57,768 \r\n \r\n798,281 \r\n \r\n11,194,222 \r\n \r\n1,499,782 \r\n \r\n-3,384,311 \r\n \r\n10,165,742 \r\n \r\n32,742 \r\n \r\n-635,000 $ 10,516,160 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -5- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2006 \r\n \r\nEXHIBIT \"E\" \r\n \r\nREVENUES \r\nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Enterprise Operations Food Services Operation \r\nCapital Outlay Debt Services \r\nPrincipal Interest \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) \r\nTransfers In Transfers Out \r\nTotal Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nInventory - Net Change in Period \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 1,649,986 16,948 \r\n7,484,153 $ 1,765,231 \r\n312,564 14,738 93 992 \r\n$ 11,337,612 $ \r\n \r\n$ 28,456 \r\n28 456 $ \r\n \r\n$ 479,998 \r\n5,907 485 905 $ \r\n \r\n1,649,986 496,946 \r\n7,512,609 1,765,231 \r\n312,564 20,645 93 992 \r\n11 851 973 \r\n \r\n$ 7,336,325 \r\n361,313 270,185 167,277 322,962 669,027 \r\n58,129 722,209 678,140 \r\n41,591 119,826 726,983 \r\n6,660 $ \r\n \r\n$ 11,480,627 $ \r\n \r\n$ \r\n \r\n-143 015 $ \r\n \r\n$ \r\n10,121 10 121 $ 18 335 $ \r\n \r\n$ \r\n538 \r\n300,000 36 933 \r\n337 471 $ 148 434 $ \r\n \r\n7,336,325 \r\n361,313 270,185 167,277 322,962 669,027 \r\n58,667 722,209 678,140 \r\n41,591 119,826 726,983 \r\n16,781 \r\n300,000 36 933 \r\n11,828,219 \r\n23 754 \r\n \r\n$ \r\n \r\n18,335 \r\n \r\n$ \r\n \r\n$ \r\n \r\n-18 335 \r\n \r\n$ \r\n \r\n18 335 $ \r\n \r\n-18 335 \r\n \r\n$ \r\n \r\n$ \r\n \r\n-124,680 $ \r\n \r\n0 $ \r\n \r\n148,434 $ \r\n \r\n672,955 \r\n \r\n0 \r\n \r\n256,731 \r\n \r\n-764 \r\n \r\n18,335 -18 335 \r\n0 23,754 929,686 \r\n-764 \r\n \r\nFund Balances - Ending \r\n \r\n$ \r\n \r\n547 511 $ \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. \r\n \r\n-6 - \r\n \r\n0 $ \r\n \r\n405 165 $ ===9=5=2=6=76=== \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \r\nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2006 \r\n \r\nEXHIBIT \"F\" \r\n \r\nTotal Net Change in Fund Balances - Governmental Funds (Exhibit \"E\") \r\nAmounts reported for Governmental Activities in the Statement of Activities are different because: \r\nCapital Outlays are reported as expenditures in Governmental Funds. However, in the Statement of Activities, the cost of Capital Assets is allocated over their estimated useful lives as depreciation expense. In the current period, these amounts are: \r\nCapital Outlay Depreciation Expense \r\nExcess of Capital Outlay over Depreciation Expense \r\nBecause some property taxes will not be collected for several months after the School District's fiscal year ends, they are not considered \"available\" revenues. \r\nIn the Statement of Activities, only the gain on the sale of the building/equipment is reported, whereas in the Governmental Funds, the entire proceeds from the sale increase financial resources. Thus, the change in net assets differs from the change in fund balances by the cost of the carrying value of the building/equipment sold. \r\nRepayment of Long-Term Debt is reported as an expenditure in Governmental Funds, but the repayment reduces Long-Term Liabilities in the Statement of Net Assets. In the current year, these amounts consist of: \r\nBond Principal Retirements \r\nFood Inventories are expensed on the District-Wide Statements using the consumption method while on the fund level Food Inventories are recorded as expenditures when purchased. In the current period this difference amounts to. \r\nChange in Net Assets of Governmental Activities (Exhibit \"B\") \r\n \r\n$ \r\n \r\n23,754 \r\n \r\n$ 148,856 -315,996 \r\n \r\n-167,140 5,826 \r\n \r\n-13,570 \r\n \r\n300,000 -764 \r\n$ ===14=8=1=0==6 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -7- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET ASSETS \r\nFIDUCIARY FUNDS JUNE 30, 2006 \r\nASSETS Cash and Cash Equivalents \r\nLIABILITIES Funds Held for Others \r\n \r\nEXHIBIT\"G\" \r\nAGENCY FUNDS \r\n$ ===12==61=1= \r\n$ ===12====61=1= \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -8- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nREPORTING ENTITY \r\nThe Wilcox County Board ofEducation (School District) was established under the laws ofthe State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF PRESENTATION \r\nThe School District's basic financial statements are collectively comprised of the District-wide financial statements, fund financial statements and notes to the basic financial statements of the Wilcox County Board of Education. \r\nDistrict-wide Statements: The Statement ofNet Assets and the Statement ofActivities display information about the financial activities ofthe overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \r\nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \r\n Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support ofthe School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \r\n Program revenues include (a) charges paid by the recipients ofgoods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \r\nFund Financial Statements: The fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting of internal activities. Separate statements for each category (governmental and fiduciary) are presented. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \r\n \r\n-9- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nThe School District reports the following major governmental funds: \r\n General Fund is the School District's primary operating fund. It accounts for all financial resources ofthe School District, except those resources required to be accounted for in another fund. \r\n District-wide Capital Projects Fund accounts for financial resources including Special Purpose Local Option Sales Tax (SPLOST) and grants from Georgia State Financing and Investment Commission to be used for the acquisition, construction or renovation ofmajor capital facilities. \r\n Debt Service Fund accounts for taxes (sales) legally restricted for the payment ofgeneral longterm principal, interest and paying agent's fees. \r\nThe School District reports the following fiduciary fund type: \r\n Agency funds account for assets held by the School District as an agent for various funds, governments or individuals. \r\nBASIS OF ACCOUNTING \r\nThe basis ofaccounting determines when transactions are reported on the financial statements. The District-wide governmental and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless ofwhen the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes and grants. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \r\nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \r\nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis ofaccounting. Under this method, revenues are recognized when measurable and available. The School District considers all revenues reported in the governmental funds to be available if they are collected within sixty days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund \r\n \r\n- 10 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nliability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities are reported as other financing sources. \r\nThe School District funds certain programs by a combination ofspecific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \r\nCASH AND CASH EQUIVALENTS \r\nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist ofcash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Georgia Laws OCGA 45-8-14 authorize the School District to deposit its funds in one or more solvent banks or insured Federal savings and loan associations. \r\nINVESTMENTS \r\nCOMPOSITION OF INVESTMENTS Investments made by the School District in nonparticipating interest-earning contracts (such as certificates ofdeposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code ofGeorgia Annotated Section 36-83-4 authorizes the School District to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \r\n(1) Obligations issued by the State of Georgia or by other states, \r\n(2) Obligations issued by the United States government, \r\n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \r\n(4) Obligations of any corporation of the United States government, \r\n(5) Prime banker's acceptances, \r\n \r\n- 11 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\n(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \r\n \r\n(7) Repurchase agreements, and \r\n \r\n(8) Obligations of other political subdivisions of the State of Georgia. \r\n \r\nThe School District does not have a formal policy regarding investment policies that address credit risks, custodial credit risks, concentration ofcredit risks, interest rate risks or foreign currency risks. \r\n \r\nRECEIVABLES \r\n \r\nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\n \r\nPROPERTY TAXES \r\n \r\nThe Wilcox County Board ofCommissioners fixed the property tax levy for the 2005 tax digest year (calendar year) on October 10, 2005 (levy date). Taxes were due on December 20, 2005 (due date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2005 tax digest are reported as revenue in the governmental funds for fiscal year 2006. The Wilcox County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% oftaxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2006, for maintenance and operations amounted to $1,649,986. \r\n \r\nThe tax millage rate levied for the 2005 tax year (calendar year) for the Wilcox County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n12.61 mills \r\n \r\nSALES TAXES \r\n \r\nSpecial Purpose Local Option Sales Tax, at the fund reporting level, during the year amounted to $479,998 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \r\n \r\n- 12 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nINVENTORIES \r\n \r\nFOOD INVENTORIES On the District-wide financial statements, inventories of donated food commodities used in the preparation of meals are reported at their Federally assigned value and purchased foods inventories are reported at cost (first-in, first-out). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \r\n \r\nCAPITAL ASSETS \r\n \r\nCapital assets purchased, including capital outlay costs, are recorded as expenditures in the fund financial statements at the time of purchase (including ancillary charges). On the District-wide financial statements, all purchased capital assets are valued at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at estimated fair market value on the date donated. Disposals are deleted at depreciated recorded cost. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. Depreciation is computed using the straight-line method. The School District does not capitalize book collections or works of art. \r\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the District-wide statements are as follows: \r\n \r\nCapitalization Policy \r\n \r\nEstimated Useful Life \r\n \r\nLand Land Improvements Buildings and Improvements Equipment Construction in Progress \r\n \r\n$ \r\n \r\n5,000 \r\n \r\nNIA \r\n \r\n$ \r\n \r\n5,000 20 to 80 years \r\n \r\n$ \r\n \r\n5,000 10 to 80 years \r\n \r\n$ \r\n \r\n5,000 3 to 20 years \r\n \r\n$ \r\n \r\n5,000 \r\n \r\nNIA \r\n \r\nDepreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives. \r\n \r\nGENERAL OBLIGATION BONDS \r\n \r\nThe School District issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. Bond issuance costs are recognized in the financial \r\n \r\n- 13 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nstatements during the fiscal year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the Statement of Net Assets. \r\nNote 3: DEPOSITS \r\nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate ofthe face value of such surety bond and the market value of securities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. Ifa depository elects the pooled method (OCGA 45-8-13.1) the aggregate ofthe market value ofthe securities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool balance. At June 30, $9,666 of deposits were not secured by surety bond, insurance or collateral as specified above. The School District is working with the affected financial institutions to ensure appropriate levels of collateral are maintained for all of the School District's deposits. \r\nAcceptable security for deposits consists of any one of or any combination of the following: \r\n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\n- 14 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 3: DEPOSITS \r\n \r\nCATEGORIZATION OF DEPOSITS At June 30, 2006, the bank balances were $1,376,482. The amounts of the total bank balances are classified into four categories of custodial credit risk: \r\n \r\nCategory 1 - Cash that is insured (e.g., Federal Deposit Insurance) or collateralized with securities held by the School District or by the School District's agent in the School District's name. \r\nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name. \r\nCategory 3 - Cash collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the School District's name. \r\nCategory 4 - Uncollateralized. \r\n \r\nThe School District's deposits are classified by custodial credit risk category at June 30, 2006, as follows: \r\n \r\nCustodial Credit Risk Category \r\n \r\nBank Balance \r\n \r\n1 \r\n \r\n$ 334,503 \r\n \r\n2 \r\n \r\n1,032,313 \r\n \r\n3 \r\n \r\n0 \r\n \r\n4 \r\n \r\n9 666 \r\n \r\nTotal \r\n \r\n$ 1,376,482 \r\n \r\nNote 4: NON-MONETARY TRANSACTIONS \r\n \r\nThe School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 2 - Inventories \r\n \r\nNote 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the Capital Assets during the fiscal year: \r\n \r\n- 15 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 5: CAPITAL ASSETS \r\n \r\nBalances July 1, 2005 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nBalances June 30, 2006 \r\n \r\nGovernmental Activities \r\n \r\nCapital Assets, Not Being Depreciated: \r\n \r\nLand \r\n \r\n$ \r\n \r\n57 768 $ \r\n \r\n0 $ \r\n \r\n0 $ \r\n \r\n57 768 \r\n \r\nCapital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements \r\n \r\n$ 11,213,608 1,358,426 $ 798,281 \r\n \r\n$ 148,856 \r\n \r\n19,386 $ 11,194,222 \r\n \r\n7,500 \r\n \r\n1,499,782 \r\n \r\n798,281 \r\n \r\nLess Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements \r\n \r\n1,658,210 772,071 651,350 \r\n \r\n187,911 103,848 24 237 \r\n \r\n5,816 7,500 \r\n \r\n1,840,305 868,419 675 587 \r\n \r\nTotal Capital Assets, Being Depreciated, Net $ 10,288,684 $ -167 140 $ \r\n \r\n13 570 $ 10,107,974 \r\n \r\nGovernmental Activity Capital Assets - Net $ 10,346.452 $ -167 140 $ \r\n \r\n13 570 $ 10,165,742 \r\n \r\nCurrent year depreciation expense by function is as follows: \r\n \r\nInstruction Support Services \r\nStudent Transportation Services Other Support Services Food Services \r\n \r\n$ 203,246 \r\n \r\n$ \r\n \r\n91,435 \r\n \r\n2 585 \r\n \r\n94,020 18 730 \r\n \r\nNote 6: RESTRICTED ASSETS \r\n \r\nSpecial Purpose Local Option Sales Tax (SPLOST) proceeds are reported as restricted assets in the Statement of Net Assets because their use is limited by statutory provisions. Restricted assets at June 30, 2006, were as follows: \r\n \r\nDebt Service Funds \r\n \r\nRestricted Cash and Cash Equivalents: Debt Services \r\n \r\n$ 325,437 \r\n \r\n- 16 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 7: INTERFUND TRANSFERS \r\n \r\nInterfund transfers for the year ended June 30, 2006, consisted of the following: \r\n \r\nTransfer to \r\n \r\nTransfers From District-wide Capital Projects \r\n \r\nGeneral Fund \r\n \r\n$===='18='=3==3=\"c5 \r\n \r\nTransfers are used to return excess local effort originally sent to the District-wide Capital Projects Fund as supplemental funding source for capital construction projects. \r\n \r\nNote 8: RISK MANAGEMENT \r\n \r\nThe School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; acts of God and unemployment compensation. \r\n \r\nThe School District has obtained commercial insurance for risk ofloss associated with torts, assets and errors or omissions. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the School District's insurance coverage in any of the past three years. \r\n \r\nThe School District has elected to self-insure for all losses related to acts of God. The School District has not experienced any losses related to this risk in the past three years. \r\n \r\nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the General Fund with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. The School District has not experienced any unemployment compensation claims during the past two fiscal years. \r\n \r\nThe School District participates in the Georgia Education Workers' Compensation Trust, a public entity risk pool organized on December 1, 1991, to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The School District pays an annual premium to the Trust for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Trust with the Midwest Employers Casualty Company to provide coverage for potential losses sustained by the Trust in excess of $500,000 loss per occurrence, up to $2,000,000. \r\n \r\n- 17 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 8: RISK MANAGEMENT \r\n \r\nThe School District has purchased surety bonds to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent Assistant Superintendent Each Principal \r\n \r\n$ \r\n \r\n10,000 \r\n \r\n$ \r\n \r\n10,000 \r\n \r\n$ \r\n \r\n10,000 \r\n \r\nNote 9: LONG-TERM DEBT \r\n \r\nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: \r\n \r\nPurpose \r\n \r\nInterest Rate \r\n \r\nAmount \r\n \r\nGeneral Government - Series 2002 \r\n \r\n3.95% \r\n \r\n$=====6==35-,o===o==o \r\n \r\nThe changes in Long-Term Debt during the fiscal year ended June 30, 2006, were as follows: \r\n \r\nGovernmental Funds General \r\nObligation Bonds \r\n \r\nBalance July 1, 2005 \r\n \r\n$ 935,000 \r\n \r\nDeductions Debt Retired \r\n \r\n300,000 \r\n \r\nBalance June 30, 2006 \r\n \r\nPortion of Long-Term Debt Due within One Year \r\n \r\n$_ _3_1o~,o_o_o \r\n \r\nAt June 30, 2006, payments due by fiscal year which includes principal and interest for these items are as follows: \r\n \r\n- 18 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 9: LONG-TERM DEBT \r\n \r\nFiscal Year Ended June 30 \r\n \r\nGeneral Obligation \r\n \r\nDebt \r\n \r\nPrincipal \r\n \r\nInterest \r\n \r\n2007 2008 \r\n \r\n$ 310,000 $ 325,000 \r\n \r\n25,083 12,838 \r\n \r\nTotal Principal and Interest \r\n \r\n$ 635!000 $ \r\n \r\n37 921 \r\n \r\nNote 10: SIGNIFICANT CONTINGENT LIABILITIES \r\n \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. The School District believes that such disallowances, if any, will be immaterial to its overall financial position. \r\n \r\nNote 11: RETIREMENT PLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\n \r\nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\n \r\nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.24% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n2006 2005 2004 \r\n \r\n100% 100% 100% \r\n \r\n$ 581,211 $ 584,809 $ 574,176 \r\n \r\n- 19 - \r\n \r\n (This page left intentionally blank) \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION GENERAL FUND \r\nSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30, 2006 \r\n \r\nSCHEDULE \"1\" \r\n \r\nREVENUES \r\nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Enterprise Operations Food Services Operation \r\nCapital Outlay \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES \r\nOther Sources \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nInventory - Adjustments \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL (1) \r\n \r\nFINAL (1) \r\n \r\nACTUAL AMOUNTS \r\n \r\n$ \r\n \r\n1,599,971 $ \r\n \r\n1,599,971 $ \r\n \r\n1,649,986 \r\n \r\n3,200 \r\n \r\n3,200 \r\n \r\n16,948 \r\n \r\n7,463,511 \r\n \r\n7,466,618 \r\n \r\n7,484,153 \r\n \r\n1,677,339 \r\n \r\n1,899,875 \r\n \r\n1,765,231 \r\n \r\n87,700 \r\n \r\n87,700 \r\n \r\n312,564 \r\n \r\n3,700 \r\n \r\n3,700 \r\n \r\n14,738 \r\n \r\n1 200 \r\n \r\n1 200 \r\n \r\n93 992 \r\n \r\n$ \r\n \r\n10 836 621 $ \r\n \r\n11 062 264 $ \r\n \r\n11337612 \r\n \r\n$ \r\n \r\n7,497,964 $ \r\n \r\n8,285,705 $ \r\n \r\n7,336,325 \r\n \r\n366,748 228,723 181,552 294,273 631,461 \r\n47,643 656,174 554,490 \r\n44,577 \r\n699,175 205 075 \r\n \r\n362,181 215,532 181,552 279,770 631,461 \r\n47,643 656,174 575,465 \r\n46,271 \r\n699,175 205 075 \r\n \r\n361,313 270,185 167,277 322,962 669,027 \r\n58,129 722,209 678,140 \r\n41,591 119,826 726,983 \r\n6 660 \r\n \r\n$ \r\n \r\n11 407 855 $ \r\n \r\n12 186 004 $ \r\n \r\n11 480 627 \r\n \r\n$ \r\n \r\n-571,234 $ \r\n \r\n-1, 123,740 $ \r\n \r\n-143,015 \r\n \r\n200 \r\n \r\n200 \r\n \r\n18 335 \r\n \r\n$ \r\n \r\n-571,034 $ \r\n \r\n-1, 123,540 $ \r\n \r\n-124,680 \r\n \r\n1,735,830 \r\n \r\n1,735,830 \r\n \r\n672,955 \r\n \r\n-764 \r\n \r\nFund Balances - Ending \r\n \r\n$ \r\n \r\n1,164 796 $ \r\n \r\n612290 $====54=7~,5=1=1= \r\n \r\nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \r\n \r\n(1) Original and Final Budget amounts do not include budgeted revenues or expenditures of the various principal accounts. \r\n \r\nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 21 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2006 \r\n \r\nSCHEDULE \"2\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program \r\nTotal Child Nutrition Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Food Donation (1) \r\nTotal U. S. Department of Agriculture \r\nEducation, U. S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Preschool Grants \r\nTotal Special Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Enhancing Education Through Technology Program Improving Teacher Quality State Grants Rural Education Title I Grants to Local Educational Agencies State Grants for Innovative Programs Vocational Education - Basic Grants to States \r\nTotal U. S. Department of Education \r\nDefense, U. S. Department of Direct Department of the Army R.O.T.C. Program \r\nTotal Federal Financial Assistance \r\nNIA= Not Available \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n* 10.553 * 10.555 \r\n \r\nNIA \r\n \r\nNIA \r\n \r\n$ \r\n \r\n$ \r\n \r\n(2) 645,708 \r\n645,708 \r\n \r\n10.550 \r\n \r\nNIA \r\n$ \r\n \r\n13 945 659 653 \r\n \r\n84.027 84.173 \r\n \r\nNIA \r\n \r\n$ \r\n \r\nNIA \r\n \r\n$ \r\n \r\n272,294 13 516 \r\n285,810 \r\n \r\n84.318 84.367 84.358 84.010 84.298 84.048 \r\n \r\nNIA NIA NIA NIA \r\nNIA \r\nNIA \r\n$ \r\n \r\n101,599 121,310 43,632 617,877 \r\n5,637 29,348 \r\n1,205 213 \r\n \r\n$ \r\n \r\n60 110 \r\n \r\n$ ===1=,9=2=4,=9=76= \r\n \r\n- 22 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2006 \r\n \r\nSCHEDULE \"2\" \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\n(1) The amount shown for the Food Donation Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the School District during the current fiscal year. \r\n(2) Expenditures for the funds earned on the School Breakfast Program ($156,320) were not maintained separately and are included in the 2006 National School Lunch Program. \r\nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \r\nThe School District did not provide Federal Assistance to any Subrecipient. \r\nThe accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Wilcox County Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 23 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2006 \r\n \r\nSCHEDULE \"3\" \r\n \r\nAGENCY/FUNDING \r\nGRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program \r\nEducation, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle Grades (6-8) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program Media Center Program 20 Days Additional Instruction Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Categorical Grants Pupil Transportation Regular Bus Replacement Sparsity Sparsity-Alternative Nursing Services Principal Supplements Vocational Supervisors Mid-term Adjustment Hold-Harmless Education Equalization Funding Grant Food Services Vocational Education Austerity Reduction Other State Programs K-8 Statewide Reading and Mathematics Program National Teacher Certification Preschool Handicapped Program Virtual Schools Lottery Program Student Information Systems \r\nGeorgia State Financing and Investment Commission Reimbursement on Construction Projects \r\nCONTRACT Human Resources, Georgia Department of Family Connection \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 24 - \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nCAPITAL \r\n \r\nGENERAL \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n289,795 \r\n \r\n$ \r\n \r\n289,795 \r\n \r\n453,704 4,908 \r\n1,068,745 57,502 \r\n477,646 29,520 \r\n837,396 -25,385 776,633 242,711 682,272 95,170 18,666 72,923 139,546 46,183 25,180 \r\n336,954 361,566 372,789 \r\n244,433 46,098 106,019 35,802 42,990 4,422 4,546 34,576 731,806 36,562 56,903 \r\n-335,936 \r\n25,037 6,587 \r\n30,250 25 \r\n-3,707 \r\n \r\n453,704 4,908 \r\n1,068,745 57,502 \r\n477,646 29,520 \r\n837,396 -25,385 776,633 242,711 682,272 95,170 18,666 72,923 139,546 46,183 25,180 \r\n336,954 361,566 372,789 \r\n244,433 46,098 106,019 35,802 42,990 4,422 4,546 34,576 731,806 36,562 56,903 \r\n-335,936 \r\n25,037 6,587 \r\n30,250 25 \r\n-3,707 \r\n \r\n$ \r\n \r\n28,456 \r\n \r\n28,456 \r\n \r\n53 316 \r\n \r\n53 316 \r\n \r\n$ 7,484,153 $ \r\n \r\n28 456 $ \r\n \r\n7,512,609 \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2006 \r\n \r\nSCHEDULE \"4\" \r\n \r\nPROJECT \r\nAdditions, renovations and improvements to the elementary school, the middle school, and the gymnasium at the high school, including the acquisition of any furniture, fixtures and equipment. \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n \r\nAMOUNT EXPENDED IN CURRENT \r\nYEAR (3) \r\n \r\nAMOUNT EXPENDED \r\nIN PRIOR YEARS (3) \r\n \r\nPROJECT STATUS \r\n \r\n$ 2,100,000 $ 2,100,000 $ \r\n \r\n47 592 $ 1,006,573 Ongoing \r\n \r\n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \r\n(2) The School District's current estimate of total cost for the project. Includes all cost from project inception to completion. \r\n(3) The voters of Wilcox County approved the imposition of a 1% sales tax to fund the above project and retire associated debt. Amounts expended for this project may include sales tax proceeds, state, local property taxes and/or other funds over the life of the project. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 25 - \r\n \r\n (This page left intentionally blank) \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION GENERAL FUND- QUALITY BASIC EDUCATION PROGRAM (QBE) \r\nALLOTMENTS AND EXPENDITURES BY PROGRAM YEAR ENDED JUNE 30, 2006 \r\n \r\nSCHEDULE \"5\" \r\n \r\nDESCRIPTION \r\n \r\nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) (2) \r\n \r\nELIGIBLE QBE PROGRAM COSTS \r\n \r\nSALARIES \r\n \r\nOPERATIONS \r\n \r\nTOTAL \r\n \r\nDirect Instructional Programs \r\n \r\nKindergarten Program \r\n \r\n$ \r\n \r\nKindergarten Program-Early Intervention Program \r\n \r\nPrimary Grades (1-3) Program \r\n \r\nPrimary Grades-Early Intervention (1-3) Program \r\n \r\nUpper Elementary Grades (4-5) Program \r\n \r\nUpper Elementary Grades-Early Intervention (4-5) \r\n \r\nProgram \r\n \r\nMiddle Grades (6-8) Program \r\n \r\nMiddle School (6-8) Program \r\n \r\nHigh School General Education (9-12) Program \r\n \r\nVocational Laboratory (9-12) Program \r\n \r\nStudents with Disabilities \r\n \r\nCategory I \r\n \r\nCategory II \r\n \r\nCategory Ill \r\n \r\nCategory IV \r\n \r\nGifted Student - Category VI \r\n \r\nRemedial Education Program \r\n \r\nAlternative Education Program \r\n \r\n499,907 $ 6,337 \r\n1,145,983 69,761 \r\n882,888 \r\n \r\n526,490 $ \r\n1,093,694 166,752 \r\n1,008,700 \r\n \r\n34,787 525,533 \r\n845,881 264,358 727,893 \r\n101,593 20,240 79 076 \r\n \r\n53,987 638,648 \r\n11,506 948,835 244,850 \r\n23,008 173,004 318,777 \r\n29,111 82,588 30,885 \r\n \r\n19,455 $ \r\n29,774 170 \r\n28,511 \r\n22,557 5,130 \r\n65,363 25,982 \r\n38 24,380 26,211 \r\n1,253 \r\n59 020 \r\n \r\n545,945 \r\n1,123,468 166,922 \r\n1,037,211 \r\n53,987 661,205 \r\n16,636 1,014,198 \r\n270,832 \r\n23,046 197,384 344,988 \r\n29,111 83,841 30,885 59 020 \r\n \r\nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \r\n \r\n$ \r\n \r\n5,204,237 $ 5,350,835 $ \r\n \r\n307,844 $ \r\n \r\n5,658,679 \r\n \r\nMedia Center Program Staff and Professional Development \r\n \r\n151,711 27 495 \r\n \r\n148,154 21 761 \r\n \r\n6,830 14 456 \r\n \r\n154,984 36 217 \r\n \r\nTOTAL QBE FORMULA FUNDS \r\n \r\n$====5=3=83.,,,4=4===3 $ 5,520,750 $ \r\n \r\n329130 $====5'=84=9=,8=8=0 \r\n \r\n(1) Comprised of State Funds plus Local Five Mill Share. (2) Allotments do not include the impact of the State budget austerity reduction. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n-27 - \r\n \r\n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nJanuary 11, 2007 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Wilcox County Board of Education \r\nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Wilcox County Board of Education as of and for the year ended June 30, 2006, which collectively comprise Wilcox County Board of Education's basic financial statements and have issued our report thereon dated January 11, 2007. We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit, we considered Wilcox County Board of Education's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinions on the financial statements and not to provide an opinion on the internal control over financial reporting. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control over financial reporting that might be material weaknesses. A material weakness is a reportable condition in which the design or operation of one or more ofthe internal control components does not reduce to a relatively low level the risk that misstatements caused by error or fraud in amounts that would be material in relation to \r\n \r\n2006YB-10 \r\n \r\n the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over financial reporting and its operation that we consider to be material weaknesses. \r\nCompliance and Other Matters \r\nAs part of obtaining reasonable assurance about whether Wilcox County Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions oflaws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \r\nThis report is intended solely for the information and use of the management and members of the Wilcox County Board of Education and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n' \r\n~u).-4d~ \r\nRussell W. Hinton, CPA, CGFM State Auditor \r\nRWH:as 2006YB-10 \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nJanuary 11, 2007 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Wilcox County Board of Education \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULARA-133 \r\nLadies and Gentlemen: \r\nCompliance \r\nWe have audited the compliance ofWilcox County Board ofEducation with the types ofcompliance requirements described in the U.S. Office of Management and Budget (0MB) Circular A-133 Compliance Supplement that are applicable to each of its major Federal programs for the year ended June 30, 2006. Wilcox County Board of Education's major Federal programs are identified in the Summary of Auditor's Results Section of the accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major Federal programs is the responsibility of Wilcox County Board of Education's management. Our responsibility is to express an opinion on Wilcox County Board of Education's compliance based on our audit. \r\nWe conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and 0MB Circular A133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and 0MB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Wilcox County Board ofEducation's compliance with those requirements and performing such other procedures as we considered necessary in the \r\n \r\n2006SA-15 \r\n \r\n circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Wilcox County Board of Education's compliance with those requirements. \r\nIn our opinion, the Wilcox County Board of Education complied, in all material respects, with the requirements referred to above that are applicable to each of its major Federal programs for the year ended June 30, 2006. However, the results of our auditing procedures disclosed a nonmaterial instance of noncompliance with those requirements, which is described in the accompanying Schedule of Findings and Questioned Costs as item FA-7561-06-01. \r\nInternal Control Over Compliance \r\nThe management of Wilcox County Board of Education is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and performing our audit, we considered Wilcox County Board of Education's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with 0MB Circular A-133. \r\nOur consideration ofthe internal control over compliance would not necessarily disclose all matters in the internal control that might be material weaknesses. A material weakness is a reportable condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level ofrisk that noncompliance with applicable requirements oflaws, regulations, contracts and grants caused by error or fraud that would be material in relation to a major Federal program being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over compliance and its operation that we consider to be material weaknesses. \r\nThis report is intended solely for the information and use of the management, members of the Wilcox County Board of Education, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n \r\nRWH:as 2006SA-15 \r\n \r\nRussell W. Hinton, CPA, CGFM State Auditor \r\n \r\n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2006 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\nFS-7561-04-02 FS-7561-05-01 FS-7561-05-02 \r\n \r\nFurther Action Not Warranted Previously Reported Corrective Action Implemented Previously Reported Corrective Action Implemented \r\n \r\nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\nFA-7561-05-01 FA-7561-05-02 FA-7561-05-03 \r\n \r\nPartially Resolved - See Corrective Action/Responses Previously Reported Corrective Action Implemented Previously Reported Corrective Action Implemented \r\n \r\nCORRECTIVE ACTION/RESPONSES \r\n \r\nCASH MANAGEMENT Excessive Cash Balances Finding Control Number: FA-7561-05-01 \r\n \r\nThe School District is in the process of contacting the Georgia Department of Education to refund the $1,405 in earned interest revenue. \r\n \r\n SECTION IV FINDINGS AND QUESTIONED COSTS \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2006 \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Wilcox County Board of Education's financial statements was unqualified. \r\n2. Reportable Conditions in Internal Control Disclosed by the Audit of the Financial Statements The audit report for the Wilcox County Board of Education did not disclose any reportable conditions related to the financial statements. \r\n3. Noncompliance Material to the Financial Statements The audit of the Wilcox County Board of Education disclosed no instances of noncompliance that were deemed to be material to the financial statements. \r\n4. Reportable Conditions in Internal Control Over Major Programs The audit report for the Wilcox County Board of Education did not disclose any reportable conditions in internal control over major programs. \r\n5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Wilcox County Board ofEducation's report on compliance with requirements applicable to major programs was unqualified. \r\n6. Audit Findings Required to be Reported by Section .5 l0(a) of 0MB Circular A-133 The Wilcox County Board of Education's audit did not disclose an audit finding required to be reported by section .510(a) ofOMB Circular A-133; however, we noted one instance of noncompliance that is included in section IV of this report. \r\n7. Major Programs Federal awards audited as major programs are as follows: 10.553 Food Services - School Breakfast Program 10.555 Food Services - National School Lunch Program \r\n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000. \r\n9. Low Risk Auditee The Wilcox County Board ofEducation qualified as a low risk auditee as defined by Section .530 of 0MB Circular A-133. \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\nNo matters were reported. \r\n- 1- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2006 \r\n \r\nIII FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\n \r\nPROCUREMENT/SUSPENSION/DEBARMENT Failure to Obtain Suspension and Debarment Certifications Nonmaterial Noncompliance U. S. Department of Agriculture Through Georgia Department of Education Child Nutrition Cluster (CFDA 10.553 and 10.555) Program Finding Control Number: FA-7561-06-01 \r\n \r\nCondition: \r\n \r\nThe School District did not ensure that suspension and debarment certifications were obtained from vendors for the Child Nutrition Cluster (CFDA 10.553 and 10.555) program. \r\n \r\nCriteria: \r\n \r\n0MB Circular A-133, Part 3, Section I, states vendors receiving individual awards for $100,000 or more must certify that the organization and its principals are not suspended or debarred. \r\n \r\nQuestioned Cost: NIA \r\n \r\nInformation: \r\n \r\nThe School District contracted with two vendors for amounts totaling $129,440 and $121,369, respectively; however, no suspension and debarment certification was obtained from either vendor. \r\n \r\nCause: \r\n \r\nManagement failed to obtain appropriate suspension and debarment certifications from vendors that apply to the School District's purchases and/or contracts procured with Federal funds. \r\n \r\nEffect: \r\n \r\nFailure to obtain appropriate procurement, suspension and debarment certifications results in noncompliance with Federal grant requirements. \r\n \r\nRecommendation: The School District should implement procedures to ensure that suspension and debarment certificates are obtained from vendors as required. \r\n \r\n-2 - \r\n \r\n SECTIONV MANAGEMENT'S RESPONSES \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF MANAGEMENT'S RESPONSES \r\nYEAR ENDED JUNE 30, 2006 \r\nFinding Control Number: FA-7561-06-01 \r\nWe concur with this finding. Suspension and debarment certifications have been obtained from vendors receiving individual awards for $100,000 or more for the fiscal year 2007 school term. Compliance with 0MB Circular A-133 Part 3, Section I will be reviewed annually. \r\nContact Person: Ed Willis, School Food Director Phone: (229) 467-2141 Fax Number: (229) 467-2302 E-mail Address: wi11ise@wilcox.kl2.ga.us \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw6-b2004-h2005","title":"Wilcox County Board of Education, Abbeville, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2005","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Wilcox County, 31.9729, -83.43236"],"dcterms_creator":["Georgia. 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Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw6-b2003-h2004"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw6-b2003-h2004"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"WILCOX COUNTY BOARD OF EDUCATION ABBEVILLE, GEORGIA REPORT ON AUDIT \r\nOF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2004 \r\nSTATE OF GEORGIA \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\nRussell W. Hinton State Auditor \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION -TABLE OF CONTENTS- \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\nEXHIBITS \r\n \r\nBASIC FINANCIAL STATEMENTS \r\n \r\nDISTRICT-WIDE FINANCIAL STATEMENTS \r\n \r\nA \r\n \r\nSTATEMENT OF NET ASSETS \r\n \r\n3 \r\n \r\nB \r\n \r\nSTATEMENT OF ACTIVITIES \r\n \r\n4 \r\n \r\nFUND FINANCIAL STATEMENTS \r\n \r\nC \r\n \r\nBALANCE SHEET \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\n6 \r\n \r\nD \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\n \r\nTO THE STATEMENT OF NET ASSETS \r\n \r\n7 \r\n \r\nE \r\n \r\nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES \r\n \r\nIN FUND BALANCES \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\n8 \r\n \r\nF \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT \r\n \r\nOF REVENUES, EXPENDITURES AND CHANGES IN FUND \r\n \r\nBALANCES TO THE STATEMENT OF ACTIVITIES \r\n \r\n9 \r\n \r\nG \r\n \r\nSTATEMENT OF FIDUCIARY NET ASSETS \r\n \r\nFIDUCIARY FUNDS \r\n \r\n10 \r\n \r\nH \r\n \r\nNOTES TO THE BASIC FINANCIAL STATEMENTS \r\n \r\n11 \r\n \r\nSCHEDULES \r\n \r\nREQUIRED SUPPLEMENTARY INFORMATION \r\n \r\nSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES \r\n \r\nIN FUND BALANCES - BUDGET AND ACTUAL \r\n \r\nGENERAL FUND \r\n \r\n25 \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\n2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\n26 \r\n \r\n3 SCHEDULE OF STATE REVENUE \r\n \r\n27 \r\n \r\n4 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\n \r\n28 \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nSCHEDULES \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\n5 ALLOTMENTS AND EXPENDITURES \r\n \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \r\n \r\nBY PROGRAM \r\n \r\n29 \r\n \r\nSECTION II \r\nCOMPLIANCE AND INTERNAL CONTROL REPORTS \r\nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \r\n \r\nSECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\nSECTION V MANAGEMENT'S RESPONSES SCHEDULE OF MANAGEMENT'S RESPONSES \r\n \r\n SECTION I FINANCIAL \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR (404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \r\nJune 3, 2005 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Wilcox County Board of Education \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nLadies and Gentlemen: \r\nWe have audited the accompanying financial statements ofthe governmental activities, each major fund, and the aggregate remaining fund information (Exhibits A through H) of the Wilcox County Board of Education, as of and for the year ended June 30, 2004, which collectively comprise the Board's basic financial statements as listed in the table of contents. These financial statements are the responsibility ofthe Wilcox County Board of Education's management. Our responsibility is to express opinions on these financial statements based on our audit. \r\nWe conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements_ An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our op1mons. \r\nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information ofthe Wilcox County Board of Education, as ofJune 30, 2004, and the respective changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. \r\n2004ARL-11 \r\n \r\n The Wilcox County Board of Education has not presented Management's Discussion and Analysis that accounting principles generally accepted in the United States has determined is necessary to supplement, although not to be part of, the basic financial statements. \r\nAs discussed in Note 2 to the basic financial statements, during fiscal year 2004, the Board completed a comprehensive inventory of its capital assets for inclusion in the basic financial statements and consolidated its individual school activity accounts for inclusion in the basic financial statements. These changes are in accordance with generally accepted accounting principles. \r\nAs described in Note 2, the Wilcox County Board of Education has implemented a new financial reporting model as required by provisions of Governmental Accounting Standards Board Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments, as of June 30, 2004. \r\nIn accordance with Government Auditing Standards, we have also issued our report dated June 3, 2005, on our consideration ofthe Wilcox County Board ofEducation's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose ofthat report is to describe the scope ofour testing of internal control over financial reporting and compliance and the results ofthat testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. \r\nThe Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual, as presented on page 25 is not a required part of the basic financial statements but is supplementary information required by the accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods ofmeasurement and presentation ofthe required supplementary information. However, we did not audit the information and express no opinion on it. \r\nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Wilcox County Board of Education's basic financial statements. The accompanying supplementary information which consist of Schedules 2 through 5, which includes the Schedule of Expenditures of Federal Awards as required by U.S. Office of Management and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. \r\n2004ARL-11 \r\n \r\n A copy ofthis report has been filed as a permanent record in the office ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code ofGeorgia Annotated section 506-24. \r\nRespectfully submitted, \r\n~.~ \r\n \r\nRWH:as 2004ARL-11 \r\n \r\nState Auditor \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION STATEMENT OF NET ASSETS JUNE 30. 2004 \r\nASSETS \r\nCash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Inventories Capital Assets Land Construction in Progress Land Improvements Buildings Equipment Less: Accumulated Depreciation \r\nTotal Assets \r\nLIABILITIES \r\nAccounts Payable Salaries Payable Contracts Payable Retainages Payable Deposits and Deferred Revenues Long-Term Liabilities \r\nDue Within One Year Due in More Than One Year \r\nTotal Liabilities \r\nNET ASSETS \r\nInvested in Capital Assets, Net of Related Debt Restricted for \r\nContinuation of Federal Programs Debt Service Capital Projects Unrestricted \r\nTotal Net Assets \r\nTotal Liabilities and Net Assets \r\nThe notes to the basic financial statements are an integral part of this statement. -3- \r\n \r\nEXHIBIT\"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n1,535,991 \r\n \r\n32,608 \r\n \r\n146,509 803,807 826,803 \r\n13,142 \r\n \r\n57,768 1,495,090 \r\n798,281 9,057,813 1,329,346 -2 947 369 \r\n \r\n$ ===1=3,=1=49='=78=9= \r\n \r\n$ \r\n \r\n240,514 \r\n \r\n954,418 \r\n \r\n536,021 \r\n \r\n128,286 \r\n \r\n5,180 \r\n \r\n290,000 935 000 \r\n \r\n$ \r\n \r\n3089,419 \r\n \r\n$ \r\n \r\n8,743,670 \r\n \r\n68,247 328,729 \r\n5,635 914 089 \r\n \r\n$ \r\n \r\n10 060 370 \r\n \r\n$ ====13=,1=4=9=7,=89=== \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30. 2004 \r\n \r\nGOVERNMENTAL ACTIVITIES \r\nInstruction Support Services \r\nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Food Services Interest on Short-Term and Long-Term Debt \r\nTotal Governmental Activities \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Debt Services For Capital Projects Real Estate Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \r\nTotal General Revenues \r\nChange in Net Assets \r\nNet Assets - Beginning of Year \r\nNet Assets - End of Year \r\n \r\nEXPENSES \r\n \r\nCHARGES FOR SERVICES \r\n \r\n$ \r\n \r\n6,815,390 $ \r\n \r\n376,804 249,126 162,639 282,025 616,610 \r\n52,773 611,975 394,574 \r\n35,736 \r\n \r\n112,816 572,283 \r\n29 625 \r\n \r\n$ \r\n \r\n10 312 376 $ \r\n \r\n82,761 \r\n4,418 18,262 11,066 \r\n99,452 85,044 301 003 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -4- \r\n \r\n EXHIBIT\"B\" \r\n \r\nPROGRAM REVENUES \r\n \r\nOPERATING \r\n \r\nCAPITAL \r\n \r\nGRANTS AND \r\n \r\nGRANTS AND \r\n \r\nCONTRIBUTIONS CONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET ASSETS \r\n \r\n$ \r\n \r\n6,029,962 $ \r\n \r\n1,205,717 $ \r\n \r\n166,983 79,261 132,410 393,602 404,673 \r\n \r\n6,120 \r\n \r\n374,645 243,114 44,484 \r\n \r\n4,712 58,151 47,998 \r\n \r\n547,722 \r\n \r\n116,408 \r\n \r\n$ \r\n \r\n8 416 856 $ \r\n \r\n1 439 106 $ \r\n \r\n503,050 \r\n-209,821 -163,745 \r\n-25,811 111,577 -193,675 -52,773 -221,552 -93,309 \r\n56,746 \r\n-13,364 176,891 -29 625 \r\n-155,411 \r\n \r\n$ \r\n \r\n1,253,843 \r\n \r\n9,563 \r\n \r\n297,807 70,194 4,803 \r\n621,840 32,100 59,758 \r\n \r\n$ \r\n \r\n2,349,908 \r\n \r\n$ \r\n \r\n2,194,497 \r\n \r\n7 865,873 \r\n \r\n$ ===10=0=6=0=3=70== \r\n \r\n-5- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION BALANCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30. 2004 \r\n \r\nEXHIBIT\"C\" \r\n \r\nASSETS \r\nCash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Inventories \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 1,023,839 $ 32,608 \r\n227,935 803,807 224,214 \r\n13,142 \r\n \r\n245,094 $ 602,589 \r\n \r\n267,058 $ 61,671 \r\n \r\n1,535,991 32,608 \r\n289,606 803,807 826,803 \r\n13,142 \r\n \r\nTotal Assets \r\n \r\n$ 2,325,545 $ \r\n \r\n847 683 $ \r\n \r\n328 729 $ ==::::;3~5~0~1~95~7= \r\n \r\nLIABILITIES AND FUND BALANCES \r\n \r\nLIABILITIES \r\n \r\nAccounts Payable \r\n \r\n$ \r\n \r\nSalaries Payable \r\n \r\nContracts Payable \r\n \r\nRetainages Payable \r\n \r\nDeposits and Deferred Revenue \r\n \r\nTotal Liabilities \r\n \r\n$ \r\n \r\nFUND BALANCES \r\n \r\nReserved for: \r\n \r\nContinuation of Federal Programs \r\n \r\n$ \r\n \r\nDebt Service \r\n \r\nInventories \r\n \r\nCapital Projects \r\n \r\nUnreserved \r\n \r\nUndesignated Reported in: \r\n \r\nGeneral Fund \r\n \r\nTotal Fund Balances \r\n \r\n$ \r\n \r\n240,514 954,418 \r\n$ 5,180 1,200,112 $ \r\n55,105 13,142 \r\n$ \r\n1,057,186 1,125,433 $ \r\n \r\n536,021 128,286 664 307 \r\n$ 183,376 \r\n183 376 $ \r\n \r\n$ \r\n$ $ 328,729 \r\n328,729 $ \r\n \r\n240,514 954,418 536,021 128,286 \r\n5,180 \r\n1,864,419 \r\n55,105 328,729 \r\n13,142 183,376 \r\n1,057,186 \r\n1,637,538 \r\n \r\nTotal Liabilities and Fund Balances \r\n \r\n$ \r\n \r\n2,325,545 $ \r\n \r\n847 683 $ \r\n \r\n328 729 $ ==::::;3~5~0~1::9~57~ \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -6- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET ASSETS JUNE 30. 2004 \r\n \r\nEXHIBIT \"D\" \r\n \r\nTotal Fund Balances - Governmental Funds (Exhibit \"C\") \r\nAmounts reported for Governmental Activities in the Statement of Net Assets are different because: \r\nCapital Assets used in Governmental Activities are not financial resources and therefore are not reported in the funds. These assets consist of: \r\nLand Construction in Progress Land Improvements Buildings Equipment Accumulated Depreciation \r\nTotal Capital Assets \r\nSome of the School District's property tax revenues will be collected after year-end but are not available soon enough to pay for the current period's expenditures. \r\nLong-Term Liabilities, including Bonds Payable, are not due and payable in the current period and therefore are not reported as liabilities in the funds. Long-Term Liabilities at year-end consist of: \r\nBonds Payable \r\nNet Assets of Governmental Activities (Exhibit \"A\") \r\n \r\n$ \r\n \r\n1,637,538 \r\n \r\n$ \r\n \r\n57,768 \r\n \r\n1,495,090 \r\n \r\n798,281 \r\n \r\n9,057,813 \r\n \r\n1,329,346 \r\n \r\n-2,947,369 \r\n \r\n9,790,929 -143,097 \r\n \r\n-1,225,000 $ 10,060,370 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -7- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30. 2004 \r\n \r\nEXHIBIT\"E\" \r\n \r\nREVENUES \r\nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Enterprise Operations Food Services Operation \r\nCapital Outlay Debt Services \r\nPrincipal Interest \r\nTotal Expenditures \r\nNet Change in Fund Balances \r\nFund Balances - Beginning (Restated) \r\nInventory - Net Change in Period \r\nFund Balances - Ending \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 1,588,390 \r\n \r\n4,803 $ \r\n \r\n70,194 $ \r\n \r\n7,536,828 \r\n \r\n1,560,019 \r\n \r\n1,380,955 \r\n \r\n301,003 \r\n \r\n19,107 \r\n \r\n8,126 \r\n \r\n59,758 \r\n \r\n$ 11,069,908 $ 1,459,275 $ \r\n \r\n$ 297,807 \r\n4,867 302,674 $ \r\n \r\n1,588,390 372,804 \r\n7,536,828 2,940,974 \r\n301,003 32,100 59,758 \r\n12,831,857 \r\n \r\n$ 7,272,440 $ \r\n \r\n39,464 \r\n \r\n376,804 251,646 162,639 282,025 614,420 \r\n52,240 613,915 613,367 \r\n55,501 112,816 633,363 \r\n65,558 \r\n \r\n2,190 $ \r\n1,903,552 \r\n \r\n$ 11,106,734 $ 1,945,206 $ \r\n \r\n$ \r\n \r\n-36,826 $ -485,931 $ \r\n \r\n1,156,936 \r\n \r\n669,307 \r\n \r\n5,323 \r\n \r\n$ \r\n533 \r\n275,000 29,625 \r\n305,158 $ -2,484 $ \r\n331,213 \r\n \r\n7,311,904 \r\n376,804 251,646 162,639 282,025 616,610 \r\n52,773 613,915 613,367 \r\n55,501 112,816 633,363 1,969,110 \r\n275,000 29,625 \r\n13,357,098 \r\n-525,241 \r\n2,157,456 \r\n5,323 \r\n \r\n$ 1,125,433 $ \r\n \r\n183,376 $ \r\n \r\n328,729 $ =====1,.;,6=3=7'=5=38= \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -8 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \r\nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30. 2004 \r\n \r\nEXHIBIT \"F\" \r\n \r\nTotal Net Change in Fund Balances - Governmental Funds (Exhibit \"E\") \r\n \r\n$ \r\n \r\nAmounts reported for Governmental Activities in the Statement of Activities are different because: \r\n \r\nCapital Outlays are reported as expenditures in Governmental Funds. However. in the Statement of Activities. the cost of Capital Assets is allocated over their estimated useful lives as depreciation expense. In the current period. these amounts are: \r\n \r\nCapital Outlay Depreciation Expense \r\nExcess of Capital Outlay over Depreciation Expense \r\n \r\n$ 3,050,004 -293,424 \r\n \r\nBecause some property taxes will not be collected for several months after the School District's fiscal year ends, they are not considered \"available\" revenues. \r\n \r\nRepayment of Long-Term Debt is reported as an expenditure in Governmental Funds, but the repayment reduces Long-Term Liabilities in the Statement of Net Assets. In the current year, these amounts consist of: \r\n \r\nBond Principal Retirements \r\n \r\nFood Inventories are expensed on the District-Wide Statements using the consumption method while on the fund level Food Inventories are recorded as expenditures when purchased. In the current period this difference amounts to. \r\n \r\n-525,241 \r\n2,756,580 -324,984 275,000 13 142 \r\n \r\nChange in Net Assets of Governmental Activities (Exhibit \"B\") \r\n \r\n$ ==2=,1=9=4=,4=97= \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -9- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET ASSETS \r\nFIDUCIARY FUNDS JUNE 30, 2004 \r\nASSETS Cash and Cash Equivalents \r\nLIABILITIES Funds Held for Others \r\n \r\nEXHIBIT\"G\" \r\nAGENCY FUNDS $ ===16='=02=3= \r\n$ ===16='=02=3= \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 10 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nREPORTING ENTITY \r\nThe Wilcox County Board ofEducation (School District) was established under the laws ofthe State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF PRESENTATION \r\nThe School District's basic financial statements are collectively comprised of the District-wide financial statements, fund financial statements and notes to the basic financial statements of the Wilcox County Board of Education. \r\nDistrict-wide Statements: The Statement ofNet Assets and the Statement ofActivities display information about the financial activities ofthe overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \r\nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \r\n Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support ofthe School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \r\n Program revenues include (a) charges paid by the recipients ofgoods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \r\nFund Financial Statements: The fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting ofinternal activities. Separate statements for each category (governmental and fiduciary) are presented. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \r\nThe School District reports the following major governmental funds: \r\n- 11 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n General Fund is the School District's primary operating fund. It accounts for all financial resources ofthe School District, except those resources required to be accounted for in another fund. \r\n District-wide Capital Projects Fund accounts for financial resources including Bond Proceeds, Special Purpose Local Option Sales Tax proceeds and Federal grants through Georgia Department of Education to be used for the acquisition, construction or renovation of major capital facilities. \r\n Debt Service Fund accounts for taxes (sales) legally restricted for the payment ofgeneral longterm principal, interest and paying agent's fees. \r\nThe School District reports the following fiduciary fund type: \r\n Agency funds account for assets held by the School District as an agent for various funds, governments or individuals. \r\nBASIS OF ACCOUNTING \r\nThe basis ofaccounting determines when transactions are reported on the financial statements. The District-wide governmental and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes and grants. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \r\nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \r\nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis ofaccounting. Under this method, revenues are recognized when measurable and available. The School District considers all revenues reported in the governmental funds to be available if they are collected within sixty days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds ofgeneral long-term liabilities and acquisitions under capital leases are reported as other financing sources. \r\n- 12 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nThe School District funds certain programs by a combination ofspecific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \r\n \r\nRESTATEMENT OF PRIOR YEAR FUND BALANCE - GENERAL FUND \r\n \r\nIn prior years, the financial activities of the School District's School Food Services Fund, Lottery Programs and Federal Programs were reported as Special Revenue Funds. These funds had a combined fund balance of $36,584 at July 1, 2003. For fiscal year 2004, these funds have been reported as part of the General Fund. In addition, governmental fund activity from the various school activity accounts, which were not reported in the prior year's financial statements, have been reported within the General Fund for fiscal year ended June 30, 2004. The governmental fund activity ofthe various school activity accounts had a fund balance of$71,091 at July 1, 2003. This change is in accordance with generally accepted accounting principles. \r\n \r\nGeneral Fund Balance July 1, 2003 \r\n \r\n$ 1,049,261 \r\n \r\nAdd Funds Consolidated with General Fund: School Food Services Fund School Activity Account - Governmental Activity \r\n \r\n36,584 71 091 \r\n \r\nGeneral Fund Balance July 1, 2003 (Restated) \r\n \r\n$ 1,156,936 \r\n \r\nCHANGES IN ACCOUNTING PRINCIPLES \r\n \r\nThe Wilcox County Board of Education has implemented a new financial reporting model as required by provisions of Governmental Accounting Standards Board Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments, as of June 30, 2004. \r\n \r\nThe provisions ofGASB Statement No. 34 require the inclusion of a Statement ofNet Assets. The elements comprising Net Assets - Beginning include the following: \r\n \r\n- 13 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nGeneral Fund (Restated) July 1, 2003 Capital Projects Fund Debt Service Fund \r\n \r\n$ 1,156,936 669,307 331,213 \r\n \r\nGovernmental Funds (Restated) July 1, 2003 Capital Assets Accumulated Depreciation Property Tax Revenue Timing Differences Bonds Payable Food Inventories Costing Differences \r\n \r\n$ 2,157,456 9,783,287 -2,748,938 181,887 -1,500,000 -7 819 \r\n \r\nNet Assets Beginning (See Exhibit \"B\") \r\n \r\n$ 7!865!873 \r\n \r\nCASH AND CASH EQUIVALENTS \r\n \r\nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist ofcash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Georgia Laws OCGA 45-8-14 authorize the School District to deposit its funds in one or more solvent banks or insured Federal savings and loan associations. \r\n \r\nINVESTMENTS \r\n \r\nCOMPOSITION OF INVESTMENTS Investments made by the School District in nonparticipating interest-earning contracts (such as certificates ofdeposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code ofGeorgia Annotated Section 36-83-4 authorizes the School District to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \r\n \r\n(1) Obligations issued by the State of Georgia or by other states, \r\n \r\n(2) Obligations issued by the United States government, \r\n \r\n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \r\n \r\n(4) Obligations of any corporation of the United States government, \r\n \r\n- 14 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\n(5) Prime banker's acceptances, \r\n \r\n(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \r\n \r\n(7) Repurchase agreements, and \r\n \r\n(8) Obligations of other political subdivisions of the State of Georgia. \r\n \r\nRECEIVABLES \r\n \r\nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\n \r\nPROPERTY TAXES \r\n \r\nThe Wilcox County Board of Commissioners fixed the property tax levy for the 2003 tax digest year (calendar year) on October 10, 2003 (levy date). Taxes were due on December 20, 2003 (due date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2003 tax digest are reported as revenue in the governmental funds for fiscal year 2004. The Wilcox County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% oftaxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2004, for maintenance and operations amounted to $1,578,827. \r\n \r\nThe tax millage rate levied for the 2003 tax year (calendar year) for the Wilcox County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n12.61 mills \r\n \r\nSALES TAXES \r\n \r\nSpecial Purpose Local Option Sales Tax, at the fund reporting level, during the year amounted to $368,001 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \r\n \r\n- 15 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nINVENTORIES \r\n \r\nFOOD INVENTORIES On the District-wide financial statements, inventories of donated food commodities used in the preparation ofmeals are reported at their Federally assigned value and purchased foods inventories are reported at cost (first-in, first-out). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \r\n \r\nCAPITAL ASSETS \r\n \r\nCapital assets purchased, including capital outlay costs, are recorded as expenditures in the fund financial statements at the time of purchase (including ancillary charges). On the District-wide financial statements, all purchased capital assets are valued at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at estimated fair market value on the date donated. Disposals are deleted at depreciated recorded cost. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. Depreciation is computed using the straight-line method. The School District does not capitalize book collections or works of art. \r\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the District-wide statements are as follows: \r\n \r\nCapitalization Policy \r\n \r\nEstimated Useful Life \r\n \r\nLand Land Improvements Buildings and Improvements Equipment Construction in Progress \r\n \r\n$ \r\n \r\n5,000 \r\n \r\nNIA \r\n \r\n$ \r\n \r\n5,000 20 to 80 years \r\n \r\n$ \r\n \r\n5,000 10 to 80 years \r\n \r\n$ \r\n \r\n5,000 3 to 20 years \r\n \r\n$ \r\n \r\n5,000 \r\n \r\nNIA \r\n \r\nDepreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives. \r\n \r\n- 16 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nGENERAL OBLIGATION BONDS \r\nThe School District issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. Bond issuance costs are recognized in the financial statements during the fiscal year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the Statement ofNet Assets. \r\nNote 3: DEPOSITS \r\nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum ofmoney which has not been secured by surety bond, by guarantee ofinsurance, or by collateral. The aggregate ofthe face value of such surety bond and the market value of securities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. If a depository elects the pooled method (OCGA 45-8-13 .1) the aggregate ofthe market value ofthe securities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool balance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive the requirement for security in the case ofoperating funds placed in demand deposit checking accounts. \r\nAcceptable security for deposits consists of any one of or any combination of the following: \r\n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n \r\n- 17 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 3: DEPOSITS \r\n \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\n \r\nCATEGORIZATION OF DEPOSITS At June 30, 2004, the bank balances were $2,068,964. The amounts of the total bank balances are classified into three categories of credit risk: \r\n \r\nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the School District or by the School District's agent in the School District's name. \r\nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name. \r\nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the School District's name.) \r\n \r\nThe School District's deposits are classified by risk category at June 30, 2004, as follows: \r\n \r\nRisk Category \r\n \r\nBank Balance \r\n \r\n1 \r\n \r\n$ 352,248 \r\n \r\n2 \r\n \r\n1,716,716 \r\n \r\n3 \r\n \r\n0 \r\n \r\nTotal \r\n \r\n$ 2,068.964 \r\n \r\nNote 4: NON-MONETARY TRANSACTIONS \r\n \r\nThe School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 2 - Inventories \r\n \r\nNote 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the Capital Assets during the fiscal year: \r\n \r\n- 18 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT\"H\" \r\n \r\nNote 5: CAPITAL ASSETS \r\n \r\nBalances July 1, 2003 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nBalances June 30, 2004 \r\n \r\nGovernmental Activities Capital Assets, Not Being Depreciated: \r\nLand Construction in Progress \r\n \r\n$ \r\n \r\n57,768 \r\n \r\n$ \r\n \r\n0 $ 1,495,090 \r\n \r\n0 $ \r\n \r\n57,768 \r\n \r\n1,495,090 \r\n \r\nTotal Capital Assets Not Being Depreciated $ \r\n \r\n57 768 $ 1,495,090 $ \r\n \r\n0 $ 1,552,858 \r\n \r\nCapital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements \r\n \r\n$ 7,502,899 $ 1,554,914 \r\n \r\n1,424,339 \r\n \r\n$ \r\n \r\n798,281 \r\n \r\n$ 94,993 \r\n \r\n9,057,813 1,329,346 \r\n798,281 \r\n \r\nLess Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements \r\n \r\n1,356,032 833,503 559,403 \r\n \r\n140,692 99,513 53 219 \r\n \r\n94,993 \r\n \r\n1,496,724 838,023 612,622 \r\n \r\nTotal Capital Assets, Being Depreciated, Net $ 6,976,581 $ 1,261,490 $ \r\n \r\n0 $ 8,238,071 \r\n \r\nGovernmental Activity Capital Assets - Net $ 7,034,349 $ 2,756.580 $ \r\n \r\n0 $ 9,790,929 \r\n \r\nCurrent year depreciation expense by function is as follows: \r\n \r\nInstruction Support Services \r\nImprovements of Instructional Services Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services \r\n \r\n$ 185,009 \r\n \r\n$ \r\n \r\n939 \r\n \r\n723 \r\n \r\n81,526 \r\n \r\n7 365 \r\n \r\n90,553 17,862 \r\n \r\nNote 6: RESTRICTED ASSETS \r\n \r\n$.===2-93'=2a.4~2~4 \r\n \r\nSpecial Purpose Local Option Sales Tax (SPLOST), general obligation bond proceeds and property tax levied specifically for retirement of outstanding bond principal, interest and paying agent's fees (Debt Service Funds) are reported as restricted assets in the Statement of Net Assets because their use is limited by applicable bond covenants or statutory provisions. Restricted assets at June 30, 2004, were as follows: \r\n \r\n- 19 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT\"H\" \r\n \r\nNote 6: RESTRICTED ASSETS \r\n \r\nDistrict-wide Capital Projects Bond Proceeds \r\n \r\nDebt Service Funds \r\n \r\nRestricted Cash and Cash Equivalents: Debt Services Capital Acquisitions \r\n \r\n$ 267,058 $ 262,943 \r\n \r\nNote 7: RISK MANAGEMENT \r\n \r\nThe School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; acts of God and unemployment compensation. \r\n \r\nThe School District has obtained commercial insurance for risk ofloss associated with torts, assets and errors or omissions. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the School District's insurance coverage in any of the past three years. \r\n \r\nThe School District has elected to self-insure for all losses related to acts of God. The School District has not experienced any losses related to this risk in the past three years. \r\n \r\nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the General Fund with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. The School District has not experienced any unemployment compensation claims during the last two years. \r\n \r\nThe School District participates in the Georgia Education Workers' Compensation Trust, a public entity risk pool organized on December 1, 1991, to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The School District pays an annual premium to the Trust for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Trust with the Midwest Employers Casualty Company to provide coverage for potential losses sustained by the Trust in excess of $400,000 loss per occurrence, up to $2,000,000. \r\n \r\nThe School District has purchased surety bonds to provide additional insurance coverage as follows: \r\n \r\n- 20 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 7: RISK MANAGEMENT \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent Assistant Superintendent Each Principal \r\n \r\n$ \r\n \r\n10,000 \r\n \r\n$ \r\n \r\n10,000 \r\n \r\n$ \r\n \r\n10,000 \r\n \r\nNote 8: LONG-TERM DEBT \r\n \r\nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: \r\n \r\nPurpose \r\n \r\nInterest Rate \r\n \r\nAmount \r\n \r\nGeneral Government - Series 2002 \r\n \r\n3.95% \r\n \r\n$ 1,225.000 \r\n \r\nThe changes in Long-Term Debt during the fiscal year ended June 30, 2004, were as follows: \r\n \r\nGovernmental Funds General \r\nObligation Bonds \r\n \r\nBalance July 1, 2003 \r\n \r\n$ 1,500,000 \r\n \r\nDeductions Debt Retired \r\n \r\n275,000 \r\n \r\nBalance June 30, 2004 \r\n \r\n$ 1,225.000 \r\n \r\nPortion of Long-Term Debt Due within One Year \r\n \r\n$ 290,000 \r\n \r\nAt June 30, 2004, payments due by fiscal year which includes principal and interest for these items are as follows: \r\n \r\n- 21 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT\"H\" \r\n \r\nNote 8: LONG-TERM DEBT \r\n \r\nFiscal Year Ended June 30 \r\n \r\nGeneral Obligation \r\n \r\nDebt \r\n \r\nPrincipal \r\n \r\nInterest \r\n \r\n2005 2006 2007 2008 \r\n \r\n$ 290,000 $ 300,000 310,000 325,000 \r\n \r\n48,388 36,933 25,083 12,838 \r\n \r\nTotal Principal and Interest \r\n \r\n$ 1,225,000 $ 123,242 \r\n \r\nNote 9: ON-BEHALF PAYMENTS \r\n \r\nThe School District has recognized revenues and costs in the amount of$88,589 for health insurance and retirement contributions paid on the School District's behalf by the following State Agencies. \r\n \r\nGeorgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance ofNon-Certified Personnel In the amount of $87,688 \r\n \r\nOffice of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of $901 \r\n \r\nNote 10: SIGNIFICANT COMMITMENTS \r\n \r\nThe following is an analysis of significant outstanding construction or renovation contracts executed by the School District as of June 30, 2004, together with funding available: \r\n \r\nProject \r\n \r\nUnearned Executed Contracts \r\n \r\nFunding Available From State \r\n \r\n04/FED-756-080/81 /82 \r\n \r\n$ 765,789 $====3\"'='18=\"=4==8==7 \r\n \r\nThe amounts described in this note are not reflected in the basic financial statements. \r\n \r\n- 22 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT \"H\" \r\n \r\nNote 11: SIGNIFICANT CONTINGENT LIABILITIES \r\n \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by granter agencies. This could result in requests for reimbursement to the granter agency for any costs which are disallowed under grant terms. The School District believes that such disallowances, if any, will be immaterial to its overall financial position. \r\n \r\nNote 12: RETIREMENT PLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\n \r\nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\n \r\nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.24% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n2004 2003 2002 \r\n \r\n100% 100% 100% \r\n \r\n$ 574,176 $ 559,242 $ 531,083 \r\n \r\n- 23 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION GENERAL FUND \r\nSCHEDULE OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30. 2004 \r\n \r\nSCHEDULE \"1\" \r\n \r\nREVENUES \r\nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Food Services Operation \r\nCapital Outlay \r\nTotal Expenditures \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nInventory - Adjustments \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL (1) \r\n \r\nFINAL (1) \r\n \r\nACTUAL AMOUNTS \r\n \r\n$ \r\n \r\n1,464,710 $ \r\n \r\n1,464,710 $ \r\n \r\n1,588,390 \r\n \r\n8,512 \r\n \r\n8,512 \r\n \r\n4,803 \r\n \r\n7,765,724 \r\n \r\n7,829,953 \r\n \r\n7,536,828 \r\n \r\n1,544,440 \r\n \r\n1,542,230 \r\n \r\n1,560,019 \r\n \r\n77,359 \r\n \r\n77,359 \r\n \r\n301,003 \r\n \r\n24,993 \r\n \r\n24,993 \r\n \r\n19,107 \r\n \r\n22,876 \r\n \r\n22 876 \r\n \r\n59 758 \r\n \r\n$ \r\n \r\n10,908,614 $ \r\n \r\n10,970,633 $ \r\n \r\n11,069,908 \r\n \r\n$ \r\n \r\n6,911,869 $ \r\n \r\n7,074,731 $ \r\n \r\n7,272,440 \r\n \r\n434,101 244,435 178,779 279,683 565,249 \r\n50,164 596,418 610,073 \r\n21,333 565,122 \r\n451,388 \r\n \r\n373,139 258,284 178,779 287,027 565,249 \r\n50,164 596,418 544,483 \r\n61,903 565,122 \r\n435,188 \r\n \r\n376,804 251,646 162,639 282,025 614,420 \r\n52,240 613,915 613,367 \r\n55,501 112,816 633,363 65,558 \r\n \r\n$ \r\n \r\n10,908,614 $ \r\n \r\n10,990,487 $ \r\n \r\n11106 734 \r\n \r\n$ \r\n \r\n0 $ \r\n \r\n-19,854 $ \r\n \r\n-36,826 \r\n \r\n1,188,363 \r\n \r\n1,188,363 \r\n \r\n1,156,936 \r\n \r\n50 911 \r\n \r\n50 911 \r\n \r\n5 323 \r\n \r\nFund Balances - Ending \r\n \r\n$ \r\n \r\n1,239,274 $ \r\n \r\n1,219,420 $===1;,.,1=2=5-=4=33= \r\n \r\nNotes to the Schedule of Revenues. Expenditures and Changes in Fund Balances Budget and Actual \r\n(1) Original and Final Budget amounts do not include budgeted revenues or expenditures of the various principal accounts. \r\nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 25- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30. 2004 \r\n \r\nSCHEDULE \"1\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program \r\nTotal Child Nutrition Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Food Donation (1) \r\nTotal U.S. Department of Agriculture \r\nEducation, U.S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Preschool Grants \r\nTotal Special Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Enhancing Education Through Technology Program Improving Teacher Quality State Grants Rural Education Title I Grants to Local Educational Agencies School Renovation - Schools State Grants for Innovative Programs Vocational Education - Basic Grants to States \r\nTotal U.S. Department of Education \r\nDefense, U. S. Department of Direct Department of the Army R.O.T.C. Program \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10.553 10.555 \r\n10.550 \r\n \r\nN/A \r\n \r\n(2) \r\n \r\nN/A \r\n \r\n$ _ _ __,5,,,3:::,c3.:,3:,::06,,_ \r\n \r\n$ \r\n \r\n533,306 \r\n \r\nN/A \r\n \r\n37 636 \r\n \r\n$ _ _ __,5~7:::,c0.:,9::;42=- \r\n \r\n84.027 84.173 \r\n84.318 84.367 84.358 84.010 * 84.352 84.298 84.048 \r\n \r\nNIA \r\n \r\n$ \r\n \r\nN/A \r\n \r\n$ \r\n \r\n167,974 11 103 \r\n179,077 \r\n \r\nNIA \r\n \r\n16,336 \r\n \r\nN/A \r\n \r\n122,872 \r\n \r\nN/A \r\n \r\n40,262 \r\n \r\nNIA \r\n \r\n600,782 \r\n \r\nNIA \r\n \r\n1,380,955 \r\n \r\nN/A \r\n \r\n11,429 \r\n \r\nN/A \r\n \r\n27 294 \r\n \r\n$ \r\n \r\n2 379 007 \r\n \r\n$ -----'=5:,,3_.::,4c:c8:,:_0 \r\n \r\nTotal Federal Financial Assistance \r\n \r\n$ ==...;;3.;;0.;;,03;;.,;,;42;;.;;,9 \r\n \r\nN/A = Not Available \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\n \r\n(1) The amount shown for the Food Donation Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the School District during the current fiscal year. \r\n(2) Expenditures for the funds earned on the School Breakfast Program ($135,439) were not maintained separately and are included in the 2004 National School Lunch Program. \r\n \r\nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \r\n \r\nThe School District did not provide Federal Assistance to any Subrecipient. \r\n \r\nThe accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Wilcox County Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 26 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30. 2004 \r\n \r\nAGENCY/FUNDING \r\nGRANTS Bright from the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program \r\nEducation. Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Category I Gifted Student - Category VI Remedial Education Program Alternative Education Program Media Center Program 20 Days Additional Instruction Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Categorical Grants Pupil Transportation Regular Bus Replacement Sparsity Nursing Services Principal Supplements Vocational Supervisors Education Equalization Funding Grant Food Services Vocational Education Austerity Reduction Other State Programs 4-8 Statewide After School Program K-3 Statewide Reading Program Health Insurance Preschool Handicapped Program Student Information Systems Lottery Program Student Information Systems \r\nOffice of Treasury and Fiscal Services Public School Employees Retirement \r\nCONTRACTS Human Resources, Georgia Department of Family Connection Through Laurens County Board of Health Tobacco Use Prevention Program \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 27 - \r\n \r\nSCHEDULE \"3\" \r\n \r\nGOVERNMENTAL FUND TYPE GENERAL FUND \r\n \r\n$ \r\n \r\n347,006 \r\n \r\n468,126 -2,739 \r\n897,471 91,689 \r\n466,824 51,195 \r\n902,848 685,413 259,987 \r\n637,849 101,519 \r\n9,963 68,645 131,989 43,292 24,901 \r\n225,742 362,831 373,345 \r\n229,078 58,151 \r\n174,936 44,008 \r\n4,958 9,008 652,891 36,362 250,067 -329,948 \r\n12,000 18,228 87,688 38,998 14,662 \r\n3,624 \r\n901 \r\n78,320 \r\n5 000 \r\n$ ======7\"=5=36==82=8= \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30. 2004 \r\n \r\nSCHEDULE \"4\" \r\n \r\nPROJECT \r\nAdditions, renovations and improvements to the elementary school, the middle school, and the gymnasium at the high school, including the acquisition of any furniture, fixtures, and equipment. \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n \r\nAMOUNT EXPENDED IN CURRENT \r\nYEAR (3) \r\n \r\nAMOUNT EXPENDED \r\nIN PRIOR YEARS (3) \r\n \r\nPROJECT STATUS \r\n \r\n$ 2,100,000 $ 2,100,000 $ \r\n \r\n594 408 $ \r\n \r\n91 845 Ongoing \r\n \r\n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \r\n(2) The School District's current estimate of total cost for the project. Includes all cost from project inception to completion. \r\n(3) The voters of Wilcox County approved the imposition of a 1% sales tax to fund the above project and retire associated debt. Amounts expended for this project may include sales tax proceeds, state, local property taxes and/or other funds over the life of the project. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 28 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION GENERAL FUND- QUALITY BASIC EDUCATION PROGRAM (QBE) \r\nALLOTMENTS AND EXPENDITURES - BY PROGRAM YEAR ENDED JUNE 30, 2004 \r\n \r\nSCHEDULE \"5\" \r\n \r\nDESCRIPTION \r\nDirect Instructional Programs Kindergarten Program Kindergarten Program-Early Intervention Program Primary Grades (1-3) Program Primary Grades-Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades-Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Category I Category II Category Ill Category IV Gifted Student - Category VI Remedial Education Program Alternative Education Program \r\nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \r\nMedia Center Program Staff and Professional Development \r\n \r\nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) (2) \r\n \r\nELIGIBLE QBE PROGRAM COSTS \r\n \r\nSALARIES \r\n \r\nOPERATIONS \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n511,242 $ \r\n \r\n493,839 $ \r\n \r\n37,470 $ \r\n \r\n531,309 \r\n \r\n2,309 \r\n \r\n2,309 \r\n \r\n985,402 \r\n \r\n1,090,947 \r\n \r\n52,498 \r\n \r\n1,143,445 \r\n \r\n99,078 \r\n \r\n96,898 \r\n \r\n4,469 \r\n \r\n101,367 \r\n \r\n509,083 \r\n \r\n608,830 \r\n \r\n55,269 \r\n \r\n664,099 \r\n \r\n60,377 980,430 750,080 284,489 670,621 \r\n115,460 11,498 74 870 \r\n \r\n66,310 881,942 818,230 280,446 \r\n41,656 254,366 185,731 \r\n35,164 132,075 \r\n31,665 \r\n \r\n185 64,688 42,387 20,589 \r\n14 27,864 24,611 \r\n70 108 116 50 569 \r\n \r\n66,495 946,630 860,617 301,035 \r\n41,670 282,230 210,342 \r\n35,234 132,183 \r\n31,781 50 569 \r\n \r\n$ \r\n \r\n5,052,630 $ 5,020,408 $ \r\n \r\n380,907 $ \r\n \r\n5,401,315 \r\n \r\n144,159 27,110 \r\n \r\n139,112 11,508 \r\n \r\n10,748 18,787 \r\n \r\n149,860 30,295 \r\n \r\nTOTAL QBE FORMULA FUNDS \r\n \r\n$ \r\n \r\n5,223,899 $ 5,171,028 $ \r\n \r\n410,442 $===5,=58=1=,4=7===0 \r\n \r\n(1) Comprised of State Funds plus Local Five Mill Share. (2) Allotments do not include the impact of the State budget austerity reduction. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 29- \r\n \r\n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \r\nJune 3, 2005 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Wilcox County Board of Education \r\nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Wilcox County Board of Education as of and for the year ended June 30, 2004, which collectively comprise Wilcox County Board of Education's basic financial statements and have issued our report thereon dated June 3, 2005. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit, we considered Wilcox County Board of Education's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide an opinion on the internal control over financial reporting. However, we noted certain matters involving the internal control over financial reporting and its operation that we consider to be reportable conditions. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe internal control over financial reporting that, in ourjudgment, could adversely affect Wilcox County Board of Education's ability to record, process, summarize and report financial data consistent with assertions of management in the financial statements. Reportable conditions are described in the accompanying Schedule of Findings and Questioned Costs as items FS-7561-04-01 and FS-7561-04-02. \r\n2004YB-30 \r\n \r\n A material weakness is a reportable condition in which the design or operation ofone or more ofthe internal control components does not reduce to a relatively low level the risk that misstatements caused by error or fraud in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, we believe none of the reportable conditions described above is a material weakness. \r\nCompliance and Other Matters \r\nAs part of obtaining reasonable assurance about whether Wilcox County Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \r\nThis report is intended solely for the information and use of the management and members of the Wilcox County Board ofEducation and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n \r\nRWH:as 2004YB-30 \r\n \r\nState Auditor \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \r\nJune 3, 2005 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Wilcox County Board of Education \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \r\nLadies and Gentlemen: \r\nCompliance \r\nWe have audited the compliance ofWilcox County Board ofEducation with the types ofcompliance requirements described in the US. Office of Management and Budget (0MB) Circular A-133 Compliance Supplement that are applicable to its major Federal program for the year ended June 30, 2004. Wilcox County Board of Education's major Federal program is identified in the Summary of Auditor's Results Section of the accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements oflaws, regulations, contracts and grants applicable to its major Federal program is the responsibility of Wilcox County Board of Education's management. Our responsibility is to express an opinion on Wilcox County Board ofEducation's compliance based on our audit. \r\nWe conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and 0MB Circular A133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and 0MB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types ofcompliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Wilcox County Board of Education's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Wilcox County Board of Education's compliance with those requirements. \r\n2004SA-40 \r\n \r\n In our opinion, the Wilcox County Board of Education complied, in all material respects, with the requirements referred to above that are applicable to its major Federal program for the year ended June 30, 2004. The results of our auditing procedures disclosed instances of noncompliance with those requirements, which are required to be reported in accordance with OMB Circular A-13 3 and which are described in the accompanying Schedule of Findings and Questioned Costs as items FA7561-04-01 and FA-7561-04-02. \r\nInternal Control Over Compliance \r\nThe management of Wilcox County Board of Education is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and performing our audit, we considered Wilcox County Board ofEducation's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with 0MB Circular A-133. \r\nWe noted certain matters involving the internal control over compliance and its operation that we consider to be reportable conditions. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe internal control over compliance that, in our judgment, could adversely affect the Wilcox County Board of Education's ability to administer a major Federal program in accordance with applicable requirements oflaws, regulations, contracts and grants. Reportable conditions are described in the accompanying Schedule ofFindings and Questioned Costs as items FA-7561-04-01 and FA-7561-04-02. \r\nA material weakness is a reportable condition in which the design or operation ofone or more ofthe internal control components does not reduce to a relatively low level ofrisk that noncompliance with the applicable requirements of laws, regulations, contracts and grants caused by error or fraud that would be material in relation to a major Federal program being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration ofthe internal control over compliance would not necessarily disclose all matters in the internal control that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, we believe none of the reportable conditions described above is a material weakness. \r\nThis report is intended solely for the information and use of the management, members of the Wilcox County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n \r\nRWH:as 2004SA-40 \r\n \r\nRussell W. Hinton State Auditor \r\n \r\n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2004 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\nFS-7561-02-01 FS-7561-03-01 \r\n \r\nFurther Action Not Warranted Previously Reported Corrective Action Implemented \r\n \r\n SECTION IV FINDINGS AND QUESTIONED COSTS \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2004 \r\n \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n \r\n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Wilcox County Board ofEducation's financial statements was unqualified. \r\n \r\n2. Reportable Conditions in Internal Control Disclosed by the Audit of the Financial Statements The audit report for the Wilcox County Board of Education disclosed financial statement reportable conditions related to the following control categories. \r\n \r\nCash and Cash Equivalents Revenues/Receivables/Receipts \r\n \r\nExpenditures/Liabilities/Disbursements Accounting Controls (Overall) \r\n \r\nNone ofthe reportable conditions described above are considered to be material weaknesses. \r\n \r\n3. Noncompliance Material to the Financial Statements The audit of the Wilcox County Board of Education disclosed no instances of noncompliance that were deemed to be material to the financial statements. \r\n \r\n4. Reportable Conditions in Internal Control Over Major Programs The audit report for the Wilcox County Board of Education disclosed reportable conditions in internal control over major programs for the following compliance requirements. \r\n \r\nDavis-Bacon Act \r\n \r\nProcurement, Suspension and Debarment \r\n \r\nNone ofthe reportable conditions described above are considered to be material weaknesses. \r\n \r\n5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Wilcox County Board ofEducation's report on compliance with requirements applicable to major programs was unqualified. \r\n \r\n6. Audit Findings Required to be Reported by Section .5 lO(a) of 0MB Circular A-133 The Wilcox County Board of Education's audit disclosed audit findings required to be reported by section .510(a) of 0MB Circular A-133. These audit findings are included in section IV of this report. \r\n \r\n7. Major Programs The Federal award audited as a major program is as follows: 84.352 School Renovation - Schools \r\n \r\n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000. \r\n \r\n- 1- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2004 \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n9. Low Risk Auditee The Wilcox County Board ofEducation qualified as a low risk auditee as defined by Section .530 of 0MB Circular A-133. \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\nACCOUNTING CONTROLS (OVERALL) Inadequate Separation of Duties Reportable Condition Finding Control Number: FS-7561-04-01 \r\nAn examination of the internal accounting control procedures revealed that the School District did not maintain adequate separation of duties for the following accounting procedures: \r\n Access controls in the Financial System do not prevent users from accessing accounting functions that are outside of their area of responsibility. \r\nManagement should ensure that the access controls in the accounting information system complement the system of internal control by limiting an employee's access to only the accounting functions necessary for the performance of that employee's duties. \r\nCASH AND CASH EQUIVALENTS REVENUES/RECEIVABLES/RECEIPTS EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Internal Control Procedures Reportable Condition Finding Control Number: FS-7561-04-02 \r\nOur examination of the principal's accounts disclosed weaknesses in internal control as discussed below: \r\nCash and Cash Equivalents  The bank reconciliation function was not separated from the record keeping and voucher payment functions. \r\nRevenues/Receivables/Receipts  Deposit preparation was not separated from the record keeping and cash custody functions.  Based on a review of twenty items, eleven receipts did not contain supporting documentation. \r\n-2- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2004 \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\nCASH AND CASH EQUIVALENTS REVENUES/RECEIVABLES/RECEIPTS EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Internal Control Procedures Reportable Condition Finding Control Number: FS-7561-04-02 \r\nExpenditures/Liabilities/Disbursements  The check writing function was not separated from record keeping or processing of signed checks.  Based on a review of twenty items, eight disbursements did not contain supporting documentation. \r\nThese deficiencies were a result ofmanagement's decision to limit the number ofadministrative staff made responsible for accounting functions and their failure to ensure established controls were functioning as designed. Management should implement procedures to ensure that the key accounting functions of custody, recordkeeping and authorization are segregated and ensure the controls in place are functioning adequately. Additionally, management should periodically review job duties to determine if employee's duties can be reassigned to achieve a higher degree of internal control with existing staff. \r\nIII FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\nDAVIS-BACON ACT Inadequate Contract Provisions U.S. Department of Education Through Georgia Department of Education Reportable Condition Finding Control Number: FA-7561-04-01 \r\nFederally funded construction contracts must contain a specific provision regarding labor standards in order to comply with regulations of the Davis-Bacon Act. Construction contracts for School Renovation Grant (CFDA 84.352) entered into by the School District did not include this provision. \r\nThe situation occurred because management disregarded Davis-Bacon Act provisions. Procedures should be established by the School District to ensure Federally funded construction contracts include all provisions required by the Davis-Bacon Act. \r\n-3- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2004 \r\nIII FEDERAL AWARD FINDINGS AND QUESTIONED COSTS PROCUREMENT, SUSPENSION AND DEBARMENT Failure to Obtain Suspension/Debarment Certification U.S. Department of Education Through Georgia Department of Education Reportable Condition Finding Control Number: FA-7561-04-02 The School District's internal controls over procurement, suspension and debarment for the School Renovation Grant (CFDA 84.352) were determined to be insufficient to ensure that suspension and debarment certifications were obtained prior to contracting with vendors for goods or services equal to or in excess of $100,000. During the year under review, the School District contracted with D. Dean \u0026 Associates, Inc. and James W. Buckley \u0026 Associates, Inc. for renovations totaling $2,070,500 and $102,000, respectively; however, no suspension and debarment certifications were obtained from these vendors. As set forth in 34CFR 85.505 and 0MB Circular A-133, Part 3, Section I, contractors receiving individual awards for $100,000 or more must certify that the organization and its principals are not suspended or debarred. This deficiency occurred because management failed to establish internal controls over procurement, suspension and debarment. The School District should establish and implement internal controls to ensure that suspension and debarment certificates are completed for all vendors who contract to supply goods or services equal to or in excess of $100,000 that are paid from Federal grants, as required. \r\n-4 - \r\n \r\n SECTIONV MANAGEMENT'S RESPONSES \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF MANAGEMENT'S RESPONSES \r\nYEAR ENDED JUNE 30, 2004 \r\nFinding Control Number: FS-7561-04-01 \r\nWe concur with this finding. We have obtained directions from the Georgia Department of Education to limit the access rights in PC Genesis, our financial system software. A technician is scheduled to complete the review and update of access rights to the financial software by August 1, 2005. \r\nContact Person: Lynn Greene, Technology Director Phone: (229) 467-2141 Email: greenel@wilcox.kl2.ga.us \r\nFinding Control Number: FS-7561-04-02 \r\nWe concur with this finding. A meeting was held with school level bookkeepers on June 21, 2005. System-wide forms and procedures were discussed and approved. School personnel will receive training during pre-planning August 3-5, 2005. Additional employees at each school have been designated to assist the school level bookkeeper with bank reconciliations, check writing, and deposits. Job duties will be reviewed quarterly with school level staff to ensure internal control. \r\nContact Person: Julie Childers, Federal Programs Director Phone: (229) 467-2141 Email: childerj@wi1cox.k12.ga.us \r\nFinding Control Number: FA-7561-04-01 \r\nWe concur with this finding. Provisions of the Davis-Bacon Act were obtained and are maintained at the central office level. The assistant superintendent has agreed to periodically review provisions of the act to ensure compliance when Federally funded contracts are initiated. \r\nContact Person: Dr. Robert Bennett, Assistant Superintendent Phone: (229) 467-2141 Email: bennettb@wilcox.k12.ga.us \r\nFinding Control Number: FA-7561-04-02 \r\nWe concur with this finding. Internal controls over procurement, suspension, and debarment have been established. The assistant superintendent will ensure certificates are completed for all vendors who supply goods or services equal to or in excess of $100,000 and are paid from Federal grants. \r\nContact Person: Dr. Robert Bennett, Assistant Superintendent Phone: (229) 467-2141 Email: bennettb@wi1cox.k12.ga.us \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw6-b2002-h2003","title":"Wilcox County Board of Education, Abbeville, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2003","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Wilcox County, 31.9729, -83.43236"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2003-06-30"],"dcterms_description":["Began with: Fiscal year ended June 30, 2000; ceased with: Fiscal year ended June 30, 2008.","Report year covers fiscal year.","Has supplements: Wilcox County Board of Education, Abbeville, Georgia, schedule of salaries and travel for the fiscal year ended ..., fiscal year ended June 30, 2000-fiscal year ended June 30, 2002. Report on salary and travel for the fiscal year ended ... (Wilcox County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007. Salaries and travel reimbursement (Wilcox County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2000, released in 2001? (online surrogate); title from PDF cover (Georgia Government Publications database, viewed April 5, 2016).","Fiscal year ended June 30, 2008, released in 2009? 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Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Wilcox County, 31.9729, -83.43236"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2002-06-30"],"dcterms_description":["Began with: Fiscal year ended June 30, 2000; ceased with: Fiscal year ended June 30, 2008.","Report year covers fiscal year.","Has supplements: Wilcox County Board of Education, Abbeville, Georgia, schedule of salaries and travel for the fiscal year ended ..., fiscal year ended June 30, 2000-fiscal year ended June 30, 2002. Report on salary and travel for the fiscal year ended ... (Wilcox County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007. Salaries and travel reimbursement (Wilcox County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2000, released in 2001? 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',.. \\ ' t\" \r\n \r\n-,' .' \r\n \r\n,\" \r\n \r\n'. \r\n \r\n, .. \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION -TABLEOFCONTENTS- \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\nEXHIDITS \r\n \r\nGENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nCOMBINED STATEMENTS - OVERVIEW \r\n \r\nA \r\n \r\nCOMBINED BALANCE SHEET \r\n \r\nALL FUND TYPES AND ACCOUNT GROUP \r\n \r\n2 \r\n \r\nB \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES \r\n \r\nALL GOVERNMENTAL FUND TYPES \r\n \r\n4 \r\n \r\nC \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES - BUDGET AND ACTUAL \r\n \r\n(NON-GAAP BASIS) \r\n \r\nGENERAL AND SPECIAL REVENUE FUNDS \r\n \r\n6 \r\n \r\nD NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\n7 \r\n \r\nADDITIONAL FINANCIAL INFORMATION \r\n \r\nCOMBINING STATEMENTS \r\n \r\nSPECIAL REVENUE FUND \r\n \r\nE \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\n18 \r\n \r\nF \r\n \r\nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \r\n \r\nAND CHANGES IN FUND BALANCES \r\n \r\n20 \r\n \r\nCAPITAL PROJECTS FUND \r\n \r\nG \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\n22 \r\n \r\nH \r\n \r\nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \r\n \r\nAND CHANGES IN FUND BALANCES \r\n \r\n23 \r\n \r\nSCHEDULES \r\n \r\n1 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\n24 \r\n \r\n2 SCHEDULE OF STATE REVENUE \r\n \r\n26 \r\n \r\n3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\n \r\n27 \r\n \r\nALLOTMENTS AND EXPENDITURES \r\n \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \r\n \r\n-4 \r\n \r\n-BY PROGRAM \r\n \r\n- \r\n \r\n28 \r\n \r\n5 \r\n \r\nBY SITE \r\n \r\n29 \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION -TABLE OF CONTENTS- \r\nSECTIONll COMPLIANCE AND INTERNAL CONTROL REPORTS REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-B3 \r\nSECTION ill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n SECTION I FINANCIAL \r\n \r\n RUSSELL W. HINTON \r\nSTATE AUDITOR 14041656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washmgton Street, S W., SUite 214 Atlanta, Georgia 30334-R400 \r\nApril 2, 2003 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Wilcox County Board of Education \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nLadies and Gentlemen: \r\nWe have audited the accompanying general-purpose financial statements of the Wilcox County Board of Education, as of and for the year ended June 30, 2002, as listed in the table of contents. These general-purpose financial statements are the responsibility of the Wilcox County Board of Education's management. Our responsibility is to express an opinion on these general-purpose financial statements based on our audit. \r\nWe conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. \r\nAs described in the notes to the general-purpose financial statements, the Board of Education's financial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described as follows: \r\n \r\n2002ARL-13 \r\n \r\n * The general-purpose financial statements of the Board of Education did not contain a \r\nGeneral Fixed Assets Account Group to account for property and equipment owned by the Board of Education which should be included to conform to generally accepted accounting principles. \r\n* School activity accounts maintained at the individual schools are not included in the \r\ngeneral-purpose financial statements. To conform to generally accepted accounting- - - principles, these accounts should be included in the general-purpose financial statements. \r\n* The Board of Education did not recognize as expenditures, in the year ended \r\nJune 30, 2002, a portion of salaries and the corresponding employer's cost of related benefits earned for contractual services completed prior to June 30, 2002. Also funds received, subsequent to June 30, 2002, from the Georgia Department of Education for the State's share of these unrecorded salaries and related benefits were not recorded as revenue in the year under review. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 2001, were improperly recorded in the year ended June 30, 2002. To conform to generally accepted accounting principles, revenues should be recorded when available and measurable and expenditures should be recorded when incurred, rather than when funds are received 'or disbursed. \r\nThe aggregate effects on the general-purpose financial statements of these variances or omissions have not been determined, but are believed to be material. \r\nIn our opinion, except for the effects on the general-purpose financial statements of the matters referred to in the preceding paragraph, the general-purpose financial statements referred to above present fairly, in all material respects, the financial position of the Wilcox County Board of Education as ofJune 30, 2002, and the results ofits operations for the year then ended, in conformity with accounting principles generally accepted in the United States of America. \r\nIn accordance with Government Auditing Standards, we have also issued our report dated April 2, 2003, on our consideration ofthe Wilcox County Board ofEducation's internal control over financial reporting and our tests of its compliance with certain provisions oflaws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. \r\nOur audit was performed for the purpose of forming an opinion on the general-purpose financial statements of the Wilcox County Board of Education taken as a whole. The accompanying combining statements (Exhibits E through H) and the financial schedules (Schedules I through 5), which includes the Schedule of Expenditures of Federal Awards as required by U. S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the general-purpose financial statements. Such information- has been subjected to -the auditing - \r\n2002ARL-13 \r\n \r\n procedures applied in the audit ofthe general-purpose financial statements and in our opinion, except for the effects ofthe matters referred to in the third paragraph, such information is fairly stated, in all material respects, in relation to the general-purpose financial statements taken as a whole. \r\nA copy ofthis report has been filed as a permanent record in the office ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code ofGeorgia Annotated Section 506-24. \r\nRespectfully submitted, \r\n \r\nRWH:gp 2002ARL-13 \r\n \r\nRu ell W. Hinton State Auditor \r\n \r\n WILCOX COUNTY BOARD OF EDUCAnON \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET \r\nALL FUND TYPES AND ACCOUNT GROUP JUNE 30, 2002 \r\n \r\nCash and Cash Equrvatents \r\nInvestments \r\nAccounts Receivable \r\nInventones Food Donated Commodihes Purchased Food \r\nAmount Available In Debt service Fund \r\nAmount to be Provided in Future Years For Payment of, Bond Debt Capital Lease Agreements \r\n \r\nGENERAL FUND \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nREVENUE \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\n$ \r\n \r\n862,75212 $ \r\n \r\n25,03662 $ 1,482,983 82 \r\n \r\n31,047.78 \r\n \r\n92,161 21 \r\n \r\n139,660.88 \r\n \r\n5,53102 2,022,29 \r\n \r\nTotal Assets \r\n \r\n$ \r\n \r\n985,961 11 $ \r\n \r\n172,250 81 $=~ 1,4~82~ ,98~38= 2 \r\n \r\nLIABILITIES AND FUND EqUITY \r\nLIABILITIES \r\nAccounts Payable Salanes Payable Capital Lease Agreements General Obligation Bonds Payable \r\nTotal liabilities \r\nFUND EqUITY \r\nFund Balances Reserved For Bus Replacement Funds For Debt service For Inventones Food Donated Commodities Purchased Food For Purpose of Bond Issue Unreserved Undesignated \r\nTotal Fund EqUity \r\n \r\n$ \r\n \r\n14024 $ \r\n \r\n26,26982 \r\n \r\n114,944.46 \r\n \r\n$ \r\n \r\n14024 $ \r\n \r\n141,21428 \r\n \r\n$ \r\n \r\n5,53102 \r\n \r\n2,02229 \r\n \r\n$ 1,482,983 82 \r\n \r\n$ \r\n \r\n985,820.87 \r\n \r\n23,48322 \r\n \r\n000 \r\n \r\n$ \r\n \r\n985,820,87 $ \r\n \r\n31,036,53 $ 1,482,983.82 \r\n \r\nTotal liabilities and Fund Equrty \r\n \r\n$ \r\n \r\n985,961.11 $ \r\n \r\nThe notes to the general-purpose finanoal statements are an Integral part of thiS statement. \r\n \r\n-2- \r\n \r\n========;;.0;;= 172,250,81 $ \r\n \r\n1,482 1 9 8 3 8 2 \r\n \r\n EXHIBIT NAN \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nACCOUNT GROUP \r\nGENERAL LONG-TERM \r\nDEBT \r\n \r\nTOTALS \r\n \r\n(Memorandum Only) \r\n \r\nJUNE 30, 2002 \r\n \r\nJUNE 30, 2001 \r\n \r\n$ \r\n \r\n45,404.26 \r\n \r\n300,30275 \r\n \r\n$ 2,416,17682 $ \r\n \r\n725,86886 \r\n \r\nI' \r\n \r\n331,35053 \r\n \r\n350,54302 \r\n \r\n60,14149 \r\n \r\n291,96358 \r\n \r\n219,331.47 \r\n \r\n$ \r\n \r\n405,84850 \r\n \r\n5,53102 2,02229 \r\n405,848.50 \r\n \r\n3,05364 2,657.49 \r\n500,61464 \r\n \r\n1,414,15150 \r\n \r\n1,414,15150 \r\n \r\n164,38536 99,82560 \r\n \r\n$ \r\n \r\n1,820,00000 $ 4,867,044 24 $ 2,066,2800B \r\n \r\n$ \r\n \r\n26,41006 $ \r\n \r\n114,944 46 \r\n \r\n$ 1,820,000 00 \r\n \r\n1,820,000 00 \r\n \r\n$ 1,820,000 00 $ 1,961,354 52 $ \r\n \r\n109,790.54 120,812.16 \r\n99,82560 665,000 00 \r\n995,42830 \r\n \r\n$ \r\n \r\n405,84850 \r\n \r\n000 \r\n \r\n$ \r\n \r\n405,84850 \r\n \r\n$ \r\n \r\n44,638.91 \r\n \r\n$ \r\n \r\n405,84850 \r\n \r\n500,61464 \r\n \r\n5,53102 2,02229 1,482,9B3 82 \r\n \r\n3,05364 2,65749 \r\n \r\n1,009,304 09 \r\n \r\n519,B8710 \r\n \r\n$ 2,905,689 72 $ 1,070,851 78 \r\n \r\n$ \r\n \r\n405,84850 $ 1,820,000.00 $ 4,867,044 24 $ 2,066,280 OB \r\n \r\n- 3- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nALL GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30, 2002 \r\n \r\n EXHIBIT\"B\" \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTALS \r\n \r\n(Memorandum Only) \r\n \r\nYEAR ENDED \r\n \r\nJUNE 30, 2002 \r\n \r\nJUNE 30, 2001 \r\n \r\n$ 7,551,851 83 $ 6,930,32418 \r\n \r\n1,467,839.77 \r\n \r\n1,165,254 21 \r\n \r\n$ \r\n \r\n78,41500 $ \r\n \r\n273,454 45 \r\n \r\n1,885,298.90 \r\n \r\n1,798,962.93 \r\n \r\n15,98382 \r\n \r\n10,361 91 \r\n \r\n166,13835 \r\n \r\n126,10667 \r\n \r\n$ \r\n \r\n94,39882 $ \r\n \r\n283,81636 $ 11,071,12885 $ 10,020,64799 \r\n \r\n$ 6,591,108.19 $ 6,176,91673 \r\n \r\n$ \r\n \r\n33,00000 \r\n \r\n78,41500 \r\n \r\n534,80110 205,51925 164,161 85 302,22070 515,16399 108,78595 566,95556 559,67219 \r\n8,353.00 551,332.82 146,45949 \r\n \r\n390,20506 210,935.20 163,31450 278,99447 585,234 21 \r\n72,935 20 649,345.92 477,51057 \r\n8,353.00 538,13807 \r\n92,73923 \r\n \r\n$ \r\n \r\n345,00000 \r\n \r\n33,582.50 \r\n \r\n444,82560 38,773.40 \r\n \r\n369,89120 57,595.30 \r\n \r\n$ \r\n \r\n111,415.00 $ \r\n \r\n378,58250 $ 10,738,13309 $ 10,072,108 66 \r\n \r\n$ \r\n \r\n-17,016.18 $ \r\n \r\n-94,766.14 $ \r\n \r\n332,995.76 $ \r\n \r\n-51,46067 \r\n \r\n$ 1,500,000.00 $ 1,500,000.00 \r\n \r\n$ 1,500,000 00 10,07132 $ \r\n-10,071 32 \r\n$ 1,500,000 00 $ \r\n \r\n18,50357 -18,50357 \r\n000 \r\n \r\n$ 1,482,983.82 $ 000 \r\n \r\n-94,76614 $ 500,614.64 \r\n \r\n1,832,995 76 $ 1,070,851 78 \r\n \r\n51,46067 1,123,396.56 \r\n \r\n2,477 38 -63520 \r\n \r\n-21797 -86614 \r\n \r\n$ 1,482,983.82 $ \r\n \r\n405,84850 $ 2,905,689 72 $ 1,070,851 78 \r\n \r\n- 5- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES \r\nBUDGET AND ACTUAL - (NON-GAAP BASIS\u003e GENERAL AND SPECIAL REVENUE FUNDS \r\nYEAR ENDED JUNE 30 2002 \r\n \r\nEXHIBIT \"C \r\n \r\nREVENUES \r\nState Funds Federal Funds Taxes Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\n \r\nGENERAL FUND \r\n \r\nBUDGET \r\n \r\nACTUAL \r\n \r\n$ 7,081,01400 $ 7,262,261 74 \r\n \r\n9,984 00 \r\n \r\n1,540,371 00 \r\n \r\n1,533,42945 \r\n \r\n132,51300 \r\n \r\n65,13266 \r\n \r\n$ 8,763,88200 $ 8,860,823 85 \r\n \r\nCurrent InstruclJon Support servees Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration BUSinessAdmlnlstralJon Maintenance and OperalJon of Plant Student Transportation Services Other Support servrces Food Services OperalJon \r\nCapital Oullay \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\n \r\n$ 5,557,54900 $ 5,615,177 10 \r\n \r\n362,52200 200,62800 154,19600 234,33500 605,42100 \r\n74,75800 742,14600 594,93700 \r\n10,02400 8,11400 \r\n159,19900 \r\n \r\n339,96536 171,484 31 164,161 85 231,317 57 515,16399 \r\n75,78595 566,95556 650,48222 \r\n8,35300 15,08003 51,592 49 \r\n \r\n$ 8,703,82900 $ 8,405,51943 \r\n \r\n$ 60,05300 $ 455,304 42 \r\n \r\nOTHER FINANCING SOURCES (USES\u003e \r\nOther Sources Other Uses \r\nTotal Other Flnancmg Sources (Uses) \r\n \r\n$ \r\n \r\n4,32000 \r\n \r\n$ -10,071 32 \r\n \r\n$ \r\n \r\n4,32000 $ -10,071 32 \r\n \r\nExcess of Revenues and Other FinanCing Sources over (under) Expenditures and Other FinanCing Uses $ \r\n \r\n64,37300 $ 445,23310 \r\n \r\nFUND BALANCE JULY 1 2001 \r\n \r\n661,04453 \r\n \r\n540,58777 \r\n \r\nAdjustments \r\n \r\n1,48465 \r\n \r\nFUND BALANCE JUNE 30 2002 \r\n \r\n$ 726,90218 $ 985,82087 \r\n \r\nSPECIAL REVENUE FUND \r\n \r\nBUDGET \r\n \r\nACTUAL \r\n \r\n$ 271,01400 $ 289,59009 \r\n \r\n1,392,936.00 \r\n \r\n1,467,83977 \r\n \r\n79,877 00 \r\n \r\n74,65996 \r\n \r\n$ 1,743,82700 $ 1,832,089.82 \r\n \r\n$ 1,053,76200 $ 975,93109 \r\n \r\n62,45000 36,95100 \r\n \r\n194,83574 34,034 94 \r\n \r\n57,04500 1,564 00 \r\n \r\n70,90313 \r\n \r\n2,12900 \r\n \r\n14,20647 \r\n \r\n509,934 00 15,00000 \r\n \r\n536,25279 16,45200 \r\n \r\n$ 1,738,83500 $ 1,842,61616 \r\n \r\n$ \r\n \r\n4,99200 $ -10,52634 \r\n \r\n$ 10,071 32 \r\n \r\n$ 10,071 32 \r\n \r\n$ \r\n \r\n4,99200 $ \r\n \r\n6,35893 \r\n \r\n157,65024 \r\n \r\n-45502 23,93824 \r\n \r\n$ 169,001 17 $ 23,48322 \r\n \r\nThe notes to the general-purpose financial statements are an Integral part of ttus statement -6- \r\n \r\n WILCOX COUNTY BOARD OF EDUCAnON \r\n \r\nEXHillIT \"D\" \r\n \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2002 \r\n \r\nNote I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nREPORTING ENTITY \r\nThe Wilcox County Board of Education (School District) was established under the laws ofthe State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The School District is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \r\nFUND ACCOUNTING \r\nThe School District uses funds and an account group to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. \r\nGeneral Fixed Assets are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the School District. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. \r\nAlthough \"school activity accounts\" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general-purpose financial statements. \r\nThe general-purpose financial statements account for all State, Federal, Taxes and Other funds under control of the School District, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: \r\nGOVERNMENTAL FUND TYPES - are used to account for all or most of the School District's educational activities. Governmental Fund Types include: \r\nGENERAL FUND - the fund used to account for all financial resources of the School District except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. \r\n \r\n-7- \r\n \r\n ---------- --------- \r\n \r\nWILCOX COUNTY BOARD OF EDUCAnON \r\n \r\nEXHmlT \"D\" \r\n \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2002 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nSPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are received primarily from the Georgia Department of Education and from the Federal government to accomplish specific educational objectives. \r\n \r\nCAPITAL PROJECTS FUND - the fund used to account for fmancial resources to be used for the acquisition or construction of major capital facilities, \r\n \r\nDEBT SERVICE FUND - the fund used to account for the accumulation ofresources for, and the payment of, general long-term principal, interest and paying agent fees. \r\n \r\nACCOUNT GROUP \r\n \r\nGENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reporting device used to account for general obligation debt outstanding. \r\n \r\nBASIS OF ACCOUNTING \r\n \r\nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements ofthese funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. \r\n \r\nLiabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group. \r\n \r\nGovernmental funds are accounted for using the modified accrual basis of accounting under which: \r\n \r\nRevenues are recognized when susceptible to accrual (i.e., when they become both measurable and \r\n \r\navailable). \"Measurable\" means the amount of the transaction can be determined and \"available\" \r\n \r\nmeans collectible within the current period or soon enough thereafter to be used to pay liabilities of \r\n \r\nthe current period. The School District considers receivables collected within sixty days after year- \r\n \r\nend to be available. Property taxes, sales taxes and interest are considered to be susceptible to \r\n \r\naccrual. Nonexchange transactions, in which the School District gives (or receives) value without \r\n \r\ndirectly receiving (or giving) equal value in exchange, include property taxes, local option sales \r\n \r\ntaxes, intergovernmental grants and donations. Revenue for property taxes is recognized in the fiscal \r\n \r\nyear for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year the \r\n \r\nresources are received or susceptible to accrual. Revenue from grants and donations is recognized in \r\n \r\nthe fiscal year in which all eligibility requirements have been satisfied.- \r\n \r\n. \r\n \r\n-8- \r\n \r\n WILCOX COUNTY BOARD OF EDUCAnON \r\n \r\nEXHffiIT \"0\" \r\n \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2002 \r\n \r\nNote I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nExpenditures are generally recognized when the related fund liability is incurred. \r\nA departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share of these contracts. During fiscal year 2002, a substantial number ofpersonnel ofthe School District were employed for a one hundred and ninety day period beginning in August 2001 and ending in early June 2002. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 2001 and ending in August 2002. State grants to fund the State's share of these contracts were disbursed from the Georgia Department of Education to the School District in the same twelve months. As of June 30, 2002, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 2002, had not been made. Payments for these two months were made and recorded as expenditures by the School District subsequent to June 30, 2002. Also, the State's portion ofthe compensation paid in July and August 2002 was received and recorded as revenue in the fiscal year subsequent to June 30, 2002. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 2001, were recorded in the year ended June 30, 2002. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed. \r\nBUDGET \r\nThe Wilcox County Board of Education's budget is a complete financial plan for the School District's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure ofthe budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level of budget control was established by the Board at the aggregate level. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles. \r\nThe budget process begins when the School District's administration prepares a tentative budget for the Board's approval. After approval ofthis tentative budget by the Board, such budget is advertised at least once in a newspaper ofgeneral circulation in the locality. At the next regular meeting ofthe Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This final budget is then submitted, in accordance with provisions of the Quality Basic Education Act, OCGA Section 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\nThe Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual presents actual and budgeted data for the Special Revenue Fund. To facilitate comparison with the budget,_ the following adjustments have been made to fund balance as reflected on.Exhibit \"B\" ofthis report: \r\n \r\n-9- \r\n \r\n WILCOX COUNfY BOARD OF EDUCATION \r\n \r\nEXHffiIT \"D\" \r\n \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2002 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nSpecial Revenue \r\nFund \r\n \r\nFUND BALANCE JULY 1,2001 \r\n \r\n$ 29,649.37 \r\n \r\nAdjustments Inventories - July 1,2001 Food Donated Commodities Purchased Foods \r\n \r\n-3,053.64 -2,657.49 \r\n \r\nFund Balance July 1,2001 (Budget Basis) \r\n \r\n$ 23,938.24 \r\n \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \r\n \r\n-455.02 \r\n \r\nFUND BALANCE JUNE 30, 2002 (Budget Basis) \r\n \r\n$ 23.483.22 \r\n \r\nCASH AND CASH EQUIVALENTS \r\n \r\nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist ofcash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Georgia Laws OCGA 45-8-14 authorize the School District to deposit its funds in one or more solvent banks or insured Federal savings and loan associations. \r\n \r\nINVESTMENTS \r\n \r\nCOMPOSITION OF INVESTMENTS Investments made by the School District in nonparticipating interest-earning contracts (such as certificates ofdeposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the School District to invest its funds and in selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \r\n \r\n- 10- \r\n \r\n WILCOX COUNTY BOARD OF EOUCAnON \r\n \r\nEXHffiIT \"0\" \r\n \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2002 \r\n \r\nNote I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\n(I) Obligations issued by the State of Georgia or by other states\" . \r\n \r\n(2) Obligations issued by the United States government, \r\n \r\n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \r\n \r\n(4) Obligations of any corporation of the United States government, \r\n \r\n(5) Prime banker's acceptances, \r\n \r\n(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \r\n \r\n(7) Repurchase agreements, and \r\n \r\n(8) Obligations of other political subdivisions of the State of Georgia. \r\n \r\nRECEIVABLES \r\n \r\nReceivables consist of grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general-purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\n \r\nPROPERTY TAXES \r\n \r\nThe Wilcox County Board ofCommissioners fixed the property tax levy for the 2001 tax digest year (calendar year) on October 20,2001 (levy date). Taxes were due on December 20,2001 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 200 I tax digest are reported as revenue in fiscal year 2002. The Wilcox County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues during the fiscal year ended June 30, 2002 for maintenance and operations amounted to $1,525,301.21. \r\n \r\nThe tax millage rate levied for the 2001 tax year (calendar year) for the Wilcox County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\n_School Operations _ \r\n \r\n12.61 mills \r\n \r\n- 11 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCAnON \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL~PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2002 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nSALES TAXES \r\nSpecial Purpose Local Option Sales Tax revenue during the year amounted to $351,869.45 and is to be used for capital outlay for educational purposes or debt service. .This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \r\nINVENTORIES \r\nFOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost (weighted average). Donated food commodities are recorded as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time ofpurchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations of fund balance which indicates that these amounts do not constitute \"available spendable resources\" even though they are a component of net current assets. \r\nGENERAL OBLIGATION BONDS \r\nThe School District issues general obligation bonds to provide funds for the acquisition and construction ofmajor capital facilities. Bond premiums and discounts, as well as issuance costs, are recognized in the financial statements during the year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit ofthe government. The outstanding amount of these bonds is recorded in the General Long-Term Debt Account Group. \r\nINTERFUND TRANSACTIONS \r\nThe School District has the following types of interfund transactions: \r\nReimbursements ofexpenditures initially made from a fund that are properly applicable to another fund are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. \r\nOperating transfers are recorded for all interfund transactions other than reimbursements. \r\nMEMORANDUM ONLY - TOTAL COLUMNS \r\nTotal columns on the general-purpose financial statements are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles, Neither are such data comparable to a consolidation. Interfund eliminatio-ns- have not been made in the aggregation of this data. \r\n- 12 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\nEXHffiIT \"0\" \r\n \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2002 \r\n \r\nNote 2: DEPOSITS \r\nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has' not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. If a depository elects the pooled method (OCGA 45-8-13.1) the aggregate ofthe market value ofthe securities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe-daily pool balance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive the requirement for security in the case ofoperating funds placed in demand deposit checking accounts. \r\nAcceptable security for deposits consists of anyone of or any combination of the following: \r\n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\n \r\n- 13 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCAnON \r\n \r\nEXHmIT \"D\" \r\n \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2002 \r\n \r\nNote 2: DEPOSITS \r\n \r\nCATEGORIZATION OF DEPOSITS At June 30, 2002, the bank balances were $3,276,664.65. The amounts ofthe total bank balances are classified into three categories of credit risk: \r\n \r\nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the School District or by the School District's agent in the School District's name. \r\nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name. \r\nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the School District's name.) \r\n \r\nThe School District's deposits are classified by risk category at June 30, 2002, as follows: \r\n \r\nRisk Category \r\n \r\nBank Balance \r\n \r\n1 \r\n \r\n$ 557,693.95 \r\n \r\n2 \r\n \r\n2,172,707.42 \r\n \r\n3 \r\n \r\n546,263.28 \r\n \r\nTotal \r\n \r\n$ 3.276.664.65 \r\n \r\nNote 3: NON-MONETARY TRANSACTIONS \r\n \r\nThe School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories \r\n \r\nNote 4: RISK MANAGEMENT \r\n \r\nThe School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; acts of God and unemployment compensation. \r\n \r\nThe School District has obtained commercial insurance for risk ofloss associated with torts, assets and errors or omissions. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the School District's insurance coverage in any of the past three years. \r\n \r\n- 14- \r\n \r\n WILCOX COUNTY BOARD OF EDUCAnON \r\n \r\nEXHIBIT \"0\" \r\n \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2002 __ \r\n \r\nNote 4: RISK MANAGEMENT \r\n \r\nThe School District has elected to self-insure for all losses related to acts of God. The School District has not experienced any losses related to this risk in the past three years. \r\n \r\nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the General Fund with expenditure and liability being reported when it is probable that a loss has occurred, and the amount ofthat loss can be reasonably estimated. The School District has not experienced any unemployment compensation claims during the last two years. \r\n \r\nThe School District participates in the Georgia Education Workers' Compensation Trust, a public entity risk pool organized on December 1, 1991, to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The School District pays an annual premium to the Trust for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Trust with the United States Fidelity and Guaranty Company to provide coverage for potential losses sustained by the Trust in excess of $350,000.00 loss per occurrence, up to $2,000,000.00. \r\n \r\nThe School District has purchased surety bonds to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent Assistant Superintendent Each Principal \r\n \r\n$ 10,000.00 $ 10,000.00 $ 10,000.00 \r\n \r\nNote 5: GENERAL LONG-TERM DEBT \r\n \r\nCAPITAL LEASES The Wilcox County Board of Education has entered into various lease agreements as lessee for buses. These lease agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at the present value of the future minimum lease payments as of the date of their inception. \r\n \r\nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: \r\n \r\nPurpose \r\n \r\nInterest Rates \r\n \r\nAmount \r\n \r\nGeneral Government - Series 1997 General Government - Series 2002 \r\n \r\n5.05% 3.95% \r\n \r\n$ 320,000.00 1.500,000.00 \r\n \r\n$ 1,820,000.00 \r\n \r\n- 15 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCAnON \r\n \r\nEXHffiIT \"D\" \r\n \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2002 \r\n \r\nNote 5: GENERAL LONG-TERM DEBT \r\n \r\nThe changes in General Long-Term Debt during the fiscal year ended June 30, 2002, were as follows: \r\n \r\nCapital Leases \r\n \r\nGeneral Obligation \r\nBonds \r\n \r\nTotal \r\n \r\nBalance July 1,2001 \r\n \r\n$ 99,825.60 $ 665,000.00 $ 764,825.60 \r\n \r\nAdditions G.O. Bonds \r\n \r\n1,500,000.00 1,500,000.00 \r\n \r\nDeductions Debt Retired \r\n \r\n99,825.60 \r\n \r\n345,000.00 \r\n \r\n444,825.60 \r\n \r\nBalance June 30, 2002 \r\n \r\n$'====d!0~.0~0 $ 1.820,000.00 $ 1.820,000.00 \r\n \r\nAt June 30, 2002, payments due by fiscal year which includes principal and interest for these items are as follows: \r\n \r\nFiscal Year Ended June 30 \r\n \r\nGeneral Obligation \r\nBonds \r\n \r\n2003 2004 2005 2006 2007 2008 - 2012 \r\n \r\n$ 393,270.42 334,250.00 338,387.50 336,932.50 335,082.50 337,837.50 \r\n \r\nTotal Principal and Interest \r\n \r\n$ 2.075,760.42 \r\n \r\nNote 6: ON-BEHALF PAYMENJ'S \r\n \r\nThe School District has recognized revenues and expenditures in the amount of $102,000.74 for health insurance and retirement contributions paid on the School District's behalf by the following State Agencies. \r\n \r\nGeorgia Department of Education _Paid to the Georgia Department of Community He'!J~ \r\nFor Health Insurance of Non-Certified Personnel In the amount of $87,056.74 \r\n \r\n- 16- \r\n \r\n WILCOX COUNTY BOARD OF EDUCAnON \r\n \r\nEXHmIT \"D\" \r\n \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 2002 \r\n \r\nNote 6: ON-BEHALF PAYMENTS \r\n \r\nOffice of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost \r\nID the amount of $14,944.00 \r\n \r\nNote 7: CONTINGENT LIABILITIES \r\n \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant terms. The School District believes that such disallowances, if any, will be immaterial to its overall financial position. \r\n \r\nNote 8: RETIREMENT PLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\n \r\nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school districts are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\n \r\nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.24% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n2002 2001 2000 \r\n \r\n100% 100% 100% \r\n \r\n$ 531,083.46 $ 617,101.30 $ 583,625.85 \r\n \r\n- 17 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 3D, 2002 \r\n \r\nASSETS \r\nCash and Cash Equivalents \r\nAccounts Receivable \r\nInventones Food Donated Commodities Purchased Food \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nLOTTERY PROGRAMS \r\n \r\n$ \r\n \r\n56,259,10 $ \r\n \r\n28,905.62 \r\n \r\n2,698,54 \r\n \r\n4,477,00 \r\n \r\n5,531,02 2,022,29 \r\n \r\nTotal Assets \r\n \r\n$ \r\n \r\n66,510.95 $ =====103:3::,:3::8:=2=.6=2== \r\n \r\nLIABILITIES AND FUND EQUITY \r\nLIABILITIES \r\nCash Overdraft Accounts Payable Salaries Payable \r\nTotal liabilities \r\nFUND EqUITY \r\nFund Balances Reserved For Inventories Food Donated CommodIties Purchased Food Unreserved Undesignated \r\nTotal Fund Equity \r\n \r\n$ \r\n \r\n6,033,04 $ \r\n \r\n6,144,94 \r\n \r\n29,441.38 \r\n \r\n27,23768 \r\n \r\n$ \r\n \r\n35,474.42 $ \r\n \r\n33,382.62 \r\n \r\n$ \r\n \r\n5,531,02 \r\n \r\n2,022.29 \r\n \r\n23,483.22 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n31,036.53 $ \r\n \r\n0.00 \r\n \r\nTotal Liabilities and Fund Equity \r\n \r\n$ \r\n \r\nI \r\nI \r\n \r\nI \r\n \r\nI \r\nI- \r\nI I \r\n \r\nSee notes to the general-purpose financial statements. \r\n \r\n- 18- \r\n \r\n33,382.62 \r\n \r\n EXHIBIT \"E\" \r\n \r\nFEDERAL PROGRAMS \r\n \r\nTOTALS \r\n \r\nJUNE 30, 2002 \r\n \r\nJUNE 30, 2001 \r\n \r\n$ \r\n \r\n85,164 72 $ \r\n \r\n89,308.75 \r\n \r\n$ \r\n \r\n132,485.34 \r\n \r\n139,660.88 \r\n \r\n143,584.37 \r\n \r\n5,531.02 2,02229 \r\n \r\n3,053.64 2,657.49 \r\n \r\n$ \r\n \r\n132,48534 $ \r\n \r\n232,378.91 $ ======2=3=8,6:=0=4=.2=5== \r\n \r\n$ \r\n \r\n60,128.10 $ \r\n \r\n60,128.10 $ \r\n \r\n36,427.51 \r\n \r\n14,091.84 \r\n \r\n26,269.82 \r\n \r\n51,715.21 \r\n \r\n58,265.40 \r\n \r\n114,944.46 \r\n \r\n120,812.16 \r\n \r\n$ \r\n \r\n132,485.34 $ \r\n \r\n201,342.38 $ \r\n \r\n208,954.88 \r\n \r\n$ \r\n \r\n$ - - - - - ' =0;..0.0. \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n5,531.02 $ 2,022.29 \r\n \r\n3,053.64 2,657.49 \r\n \r\n23,483.22 \r\n \r\n23,938.24 \r\n \r\n31,036.53 $ _ _..2.:9:=,6.=49...:3.:7=_ \r\n \r\n$ \r\n \r\n132,485.34 $ \r\n \r\n232,378.91 $ ======2=3=8=,=6=0=4=.2=5'\"= \r\n \r\n- 19- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nSPECIAL REVENUE FUND YEAR ENDED JUNE 30, 2002 \r\n \r\nREVENUES \r\nState Funds Federal Funds Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services . Pupil Services Improvement of Instructional Services General Administration School Administration Student Transportation Services Food Services Operation \r\nCapital Outlay \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES \r\nOperating Transfers In \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures \r\nFUND BALANCE JULY 1 \r\nFood Inventory - Net Change in Period Donated Commodities Purchased Food \r\nFUND BALANCE JUNE 30 \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nLOTTERY PROGRAMS \r\n \r\n$ \r\n \r\n33,146.00 $ \r\n \r\n256,444.09 \r\n \r\n427,991.81 \r\n \r\n74,659.96 \r\n \r\n$ \r\n \r\n535,797.77 $ \r\n \r\n256,444.09 \r\n \r\n$ \r\n \r\n238,998.10 \r\n \r\n6,695.70 6,695.70 \r\n \r\n$ \r\n \r\n536,252.79 \r\n \r\n6,032.39 \r\n \r\n$ \r\n \r\n536,252.79 $ \r\n \r\n258,421.89 \r\n \r\n$ \r\n \r\n-455.02 $ \r\n \r\n-1,977.80 \r\n \r\n$ \r\n \r\n-455.02 $ \r\n \r\n29,649.37 \r\n \r\n2,477.38 -635.20 \r\n \r\n1,977.80 \r\n0.00 0.00 \r\n \r\n========== $ \r\n \r\n31,036.53 $ \r\n \r\n0.00 \r\n \r\nSee notes to the general-purpose financial statements. - 20- \r\n \r\n EXHIBIT \"F\" - \r\n \r\nFEDERAL \r\nPROGRAMS \r\n \r\nTOTALS \r\n \r\nYEAR ENDED \r\n \r\nJUNE 30, 2002 \r\n \r\nJUNE 30, 2001 \r\n \r\n$ \r\n \r\n289,590 09 $ \r\n \r\n266,291.93 \r\n \r\n$ 1,039,847.96 \r\n \r\n1,467,839.77 \r\n \r\n1,165,254.21 \r\n \r\n74,659.96 \r\n \r\n75,843.53 \r\n \r\n$ 1,039,847.96 $ 1,832,089.82 $ 1,507,389.67 \r\n \r\n$ \r\n \r\n736,932.99 $ \r\n \r\n975,931.09 $ \r\n \r\n773,459.06 \r\n \r\n188,140.04 27,339.24 70,903.13 \r\n8,174.08 \r\n16,452.00 \r\n \r\n194,835.74 34,034.94 70,903.13 \r\n14,206.47 536,252.79 \r\n16,452.00 \r\n \r\n173,112.41 26,299.91 39,875.02 3,649.33 9,559.57 \r\n529,29564 \r\n \r\n$ 1,047,941 48 $ 1,842,616.16 $ 1,555,250.94 \r\n \r\n$ \r\n \r\n-8,093.52 $ \r\n \r\n-10,526.34 $ \r\n \r\n-47,861.27 \r\n \r\n8,093.52 \r\n \r\n10,071.32 \r\n \r\n17,163.57 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n-45502 $ \r\n \r\n-30,697.70 \r\n \r\n0.00 \r\n \r\n29,649.37 \r\n \r\n61,431.18 \r\n \r\n2,477 38 -635.20 \r\n \r\n-217.97 -866.14 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n=========== 31,036.53 $ \r\n \r\n29,64937 \r\n \r\n- 21 - \r\n \r\n ---~------------ - - - - - - - - - - \r\nWILCOX COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30, 2002 \r\n \r\nEXHIBIT\"G\" \r\n \r\nASSETS Cash and Cash Equivalents \r\n \r\nBOND PROCEEDS \r\n \r\nSPECIAL PURPOSE LOCAL OPTION SALES TAX \r\n \r\nTOTALS \r\n \r\nJUNE 3D, 2002 \r\n \r\nJUNE 30, 2001 \r\n \r\n$ 1,482,983,82 $ \r\n \r\n000 $ 1,482,983 82 $ =====s\"\"\"\"0\"0~0~ \r\n \r\nFUND EQUITY \r\nFund Balances Reserved For Purposes of Bond Issue Unreserved Undeslgnated \r\nTotal Fund Equity \r\n \r\n$ 1,482,983.82 \r\no00 $ \r\n$ 1,482,983.82 $ \r\n \r\n$ \r\n----'0=-0=:0.... \r\n \r\n1,482,983,82 0.00 $ \r\n \r\n0=,00.0... \r\n \r\nac======--== 0.00 $ 1,482,983,82 $ \r\n \r\n000 \r\n \r\nSee notes to the general-purpose finanCIal statements \r\n \r\n- 22- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES \r\nCAPITAL PROJECTS FUND YEAR ENDED JUNE 30. 2002 \r\n \r\nEXHIBIT\"H\" \r\n \r\nREVENUES \r\nTaxes Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Support Services BUSiness Admlnlstral10n \r\nCapital Outlay Land and Land Improvements BUilding and BUilding Improvements \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES \r\nProceeds from General Obligation Bonds Par Value \r\nOperating Transfers In \r\nTotal Other FinanCing Sources \r\nExcess of Revenues and Other Fmancmq Sources over (under) expenditures \r\nFUND BALANCE JULY 1 \r\n \r\nBOND PROCEEDS \r\n \r\nSPECIAL PURPOSE LOCAL OPTION SALES TAX \r\n \r\nTOTALS \r\n \r\nYEAR ENDED \r\n \r\nJUNE 30, 2002 \r\n \r\nJUNE 30, 2001 \r\n \r\nS \r\n \r\n78,41500 $ \r\n \r\n78,41500 $ \r\n \r\n68,68500 \r\n \r\ns \r\n \r\n15,98382 \r\n \r\n15,98382 \r\n \r\n$ \r\n \r\n15,98382 S \r\n \r\n78.41500 $ \r\n \r\n94,39882 $ \r\n \r\n68,68500 \r\n \r\n$ \r\n \r\n33,00000 \r\n \r\nS \r\n \r\n$ \r\n \r\n33,00000 $ \r\n \r\n$ \r\n \r\n-17,01618 $ \r\n \r\n$ 78,41500 \r\n78,41500 $ 000 $ \r\n \r\n33,00000 \r\n78,41500 $ \r\n111,41500 $ 17,016 18 $ \r\n \r\n77,89000 77,89000 -9,20500 \r\n \r\n$ 1,500,00000 $ 1,500,00000 $ 1,482,98382 $ \r\n000 \r\n \r\n$ 1,500,000 00 $ \r\n$ 1,500,000 00 $ \r\n \r\n000 $ 000 \r\n \r\n1,482,983 82 $ 000 \r\n \r\n1,34000 1,34000 \r\n-7,86500 7,86500 \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n$ \r\n \r\n1,482 198382 $ \r\n \r\n000 $ 1.482.983 82 $ \r\n \r\n000 \r\n \r\nSee notes to the general-purpose financial statements \r\n \r\n- 23- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2002 \r\n \r\nSCHEDULE \"1\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgnaJlture, U. S. Department of Child Nutntlon Cluster Pass-Through From Georgia Department of Education Food and Nutrition Program Food Services School Breakfast Program National School Lunch Program \r\nTotil Child Nutrition Cluster \r\nOther Programs \r\nPass-Through From Georgia Department of Education \r\nFood and Nutritlon Program Food Distribution Program (1) \r\nTotal U S Department of Agrlcutture \r\nEducation, U S Department of Special Education Cluster Pass-Ttvough From Georgia Department of Education IndiViduals WIth Dlsabtlltles Education Ad Part B - Special Education Flow Through Preschool Capaety Building Improvement Grant \r\nTotal Spadal Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Elementary\"llnd Secondary Education Ad Title I Grants to Local Educational Agenaes Title II Eisenhower Professional Development Title III Technology literacy Challenge Fund Grants TrtleVI Innovative Education Program Strategies Class SIZe ReduclJon Vocational Education - BaSIC Grants to States High School Program BaSICGrant \r\nTotal U. S. Department of Education \r\nDefense, U. S Department of Dlred \r\nDepartment of the Army \r\nRO T C Program \r\nLabor, U S. Department of Pass-Through From Georgia Department of Technical and Adult Education Employment SeMceS and Job Training Pilots Demonstration and Research \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY 10 \r\nNUMBER \r\n \r\nFEDERAL REVENUE IN PERIOD \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10.553 10555 \r\n \r\nNlA \r\n \r\n$ 121.836.09 \r\n \r\nNlA \r\n \r\n275,231.14 $ \r\n \r\n$ 397.067.23 $ \r\n \r\n(2) 505,32821 (3) \r\n505,32821 \r\n \r\n10.550 \r\n \r\nNlA \r\n \r\n30,92458 \r\n \r\n$ 427,991 81 $ \r\n \r\n30,924.58 536,25279 \r\n \r\n84.027 84173 84173 \r\n \r\nNlA \r\n \r\n$ 126,20141 $ \r\n \r\nNlA \r\n \r\n10,652.00 \r\n \r\nNlA \r\n \r\n2,736 00 \r\n \r\n$ 139.589.41 $ \r\n \r\n127,553.20 (3) 10,652.00 \r\n2,736.00 \r\n140,941.20 \r\n \r\n84 010 84 281 84.318 84298 84,340 \r\n84.048 \r\n \r\nN/A \r\n \r\n489,268 26 \r\n \r\nNlA \r\n \r\n17,50000 \r\n \r\nNlA \r\n \r\n124,14900 \r\n \r\nNlA \r\n \r\n12,867.00 \r\n \r\nNlA \r\n \r\n67.904.00 \r\n \r\nNlA \r\n \r\n27,92247 \r\n \r\n$ 879,200,14 $ \r\n \r\n489,317 04 (3) 17,561 49 (3) \r\n124,431 38 (3) 13,148 15 (3) 67,904 00 \r\n27,92247 881,225.73 \r\n \r\n$ 40.83411 $ \r\n \r\n46,902 04 (3) \r\n \r\n17.249 \r\n \r\nNlA \r\n \r\n$ 119,81371 $ \r\n \r\n119.813.71 \r\n \r\nTotal Federal Financal Assistance \r\nN/A = Not Available \r\n \r\n24 - \r\n \r\n$ 1,467,839 77 $ 1,584,194 27 \r\n \r\n WILCOX COUNTYBOARDOF EDUCATION \r\nSCHEDULEOF EXPENDITURES OF FEDERALAWARDS \r\nYEARENDED JUNE30. 2002 \r\n \r\nSCHEDULE \"1\" \r\n \r\nNotes to the Schedule of Expenditures of FederalAwards \r\n(1) The amounts shown for the Food DlstnbubonProgramrepresentsthe Federallyassigned value of nonmonetary assistancefor donated commodities received and/orconsumed by the systemdunng the currentfiscal year. \r\n(2) Expenditures for the School BreakfastProgramwere not maintained separatelyand are IncludedIn the 2002 National School Lunch Program \r\n(3) Expenditures for thiSprogram IncludeState. and/or Other Funds Expenditures are not mamtamed by fund source. \r\nMajor Programsare Idenlifiecl by an asterisk (0) in front of the CFDA number \r\nThe SChool Dlstnd did not provide FederalAssistanceto any Subreoplent \r\nThe accompanying scheduleof expenditures of Federal awardsIncludesthe Federalgrant adlVlty of the Wilcox County Board of Educationand is presentedon the modifiedaccrualbaSIS of accounting whIchIS the baSIS of accounting used In the presentationof the general-purpose finanaal statements \r\n \r\nSee notes to the general-purpose finanaal statements \r\n \r\n- 25- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2002 \r\n \r\nSCHEDULE \"2\" \r\n \r\nAGENCY/FUNDING \r\nGRANTS Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Earty Intervention Program Primary Grades (1-3) Program Pnmary Grades - Earty Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students WIthDisabililJes Category I Gifted Student - Category VI Remedial Education Program Altematlve Program Media center Program Staff and Professional Development Indirect Cost Twenty Days AddllJonallnstructlon Gategoncal Grants Pupil Transportation Regular Bus Replacement Sparsrty Nursing Services Pnnopat Supplements Vocational SUpeMSOrs Educational Equalization Funding Grant Food Services Vocational Education Other State Programs Health Insurance Preschool Handicapped Program Lottery Programs Assrsuve Technology Computers In the Classroom \r\nOffice of School Readiness Pre-Kindergarten Program \r\nOffice of Treasury and Fiscal SeMcss Public School Employees Retirement \r\nCONTRACTS EducatIon, Georgia Department of K-3 Statewtde Reading Program 4-8 After School Reading Program \r\nHuman Resources, Georgia Department of Family Connection South central Health DIstrict Tobacco Use Prevention Program \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nGENERAL \r\n \r\nREVENUE \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 400,664,00 27.2n.OO \r\n917,652,00 115,28200 443,03500 \r\n89,964,00 817,658.00 742,707.00 274,962,00 \r\n425,70500 140,894 00 \r\n22,21200 65,667.00 142,12400 23,256,00 1,018,841.00 45,368.00 \r\n \r\ns 400,664,00 \r\n27,277 00 917,65200 115,282,00 443,035.00 \r\n89,964.00 817,65800 742,707,00 274,96200 \r\n425,70500 140,894.00 \r\n22,21200 65,667,00 142,124.00 23,25600 1,018,84100 45,36800 \r\n \r\n247,36700 66,25100 \r\n220,92200 44,49700 5,375,00 9,659.00 \r\n609,32100 $ \r\n68,30300 \r\n87,05674 37,307.00 \r\n \r\n33,14600 \r\n4,477 00 33,300.00 \r\n \r\n247,367,00 66,251.00 \r\n220,92200 44,49700 5,375,00 9,65900 \r\n609,32100 33,146.00 68.303.00 \r\n87,056,74 37,307,00 \r\n4,477 00 33,30000 \r\n \r\n218,667,09 \r\n \r\n218,667.09 \r\n \r\n14,944 00 \r\n \r\n14,94400 \r\n \r\n18,545,86 12.68320 \r\n104,341.94 2,42000 \r\n \r\n18,54586 12,683.20 \r\n104,34194 2,420.00 \r\n \r\nSee notes to the general-purpose finanaal statements, \r\n \r\ns $ 7,262,261 74 \r\n \r\n289,590,09 $ 7,551,851.83 \r\n \r\n- 26- \r\n \r\n WILCOX COUNTYBOARDOF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2002 \r\n \r\nSCHEDULE\"3\" \r\n \r\nPROJECT \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n \r\nAMOUNT EXPENDED IN CURRENT YEAR (3) \r\n \r\nAMOUNT EXPENDED IN PRIOR YEARS (3) \r\n \r\nPROJECT STATUS \r\n \r\nAcquismon, consuucnon and equIpping of new middle school, purchasingenergy management, HVAC and similar equipment, as well as dassroom, media center, laboratoryand other furnishings, at the eXIsting education building of the school dlstnd, acquisition, construcnonand equipping a new agriculture saence building, purchaSing, remodeling and renovating IIghllngon school grounds and alhletic fields \r\n \r\n$ 2,000,000 00 $ 2,000,000.00 $ \r\n \r\n111,997.50 $ 1,704,645.49 \r\n \r\nOngoing \r\n \r\n(1) The School Drstnet's anginal cost eslJmate as speafied In the resolutioncalling for the Impositionof the Local Option Sales Tax \r\n(2) The School Dlstnet'scurrent estimate of total cost for the project, Indudes all cost from projed inception to completion \r\n(3) The voters of Wilcox County approved the nnposmon of a 1% sales tax to fund the above projed and retire assoaated debt Amounts expendedfor thiS project may indude sales tax proceeds, local property taxes and/or other funds over the life of the project \r\n \r\nSee notes to the general-purpose finanaal statements \r\n \r\n- 27- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION GENERAL FUND - aUALlTY BASIC EDUCATION PROGRAM IgBEI \r\nALLOTMENTS AND EXPENDITURES - BY PROGRAM YEAR ENDED JUNE 30, 2002 \r\n \r\nSCHEDULE \"4\" \r\n \r\nDESCRIPTION \r\nDIrect Instructional Programs Kindergarten Program Ktndergarten Program-Early Intervention Program Pnmary Grades (1-3) Program Pnmary Grades-Early Intervenllon (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades-Earty Intervenllon (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students WIth Disabilities Category II Category III Category IV Category V Gifted Student - Category VI Remedial Education Program Alternative Education Program \r\nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \r\nMedia Center Program Staff and Professional Development \r\n \r\nALLOTMENTS FROM GEORGIA DEPARTMENT OF \r\nEDUCATION (1) \r\n \r\nELIGIBLE aBE PROGRAM COSTS \r\n \r\nSALARIES \r\n \r\nOPERATIONS \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n433,91500 $ 411,99359 $ \r\n \r\n9,849.13 $ \r\n \r\n421,84272 \r\n \r\n29,541.00 \r\n \r\n36,489.52 \r\n \r\n485.08 \r\n \r\n36,97460 \r\n \r\n993,809.00 \r\n \r\n914,157.63 \r\n \r\n36,781.07 \r\n \r\n950,938.70 \r\n \r\n124,84900 \r\n \r\n116,759.08 \r\n \r\n494.97 \r\n \r\n117,254.05 \r\n \r\n479,803,00 \r\n \r\n539,25047 \r\n \r\n30,472.71 \r\n \r\n569,72318 \r\n \r\n97,430.00 885,51600 804,34500 297,78100 461,034.00 \r\n152,58800 24,05500 71,117,00 \r\n \r\n109,80914 851,91561 889,156.87 283,450.70 \r\n237,21449 232,43753 \r\n19,73554 \r\n123,29081 32,08277 \r\n \r\n19745 57,936,36 91,681,30 16,420.54 \r\n20,608.32 20,73410 \r\n17.99 31901 1,05350 66,244 00 \r\n \r\n110,006 59 909,85197 980,838.17 299,87124 \r\n257,82281 253,171,63 \r\n19,73554 17.99 \r\n123,60982 33,136 27 66,244.00 \r\n \r\n$ \r\n \r\n4,855,78300 $ 4,797,743.75 $ 353,295,53 $ 5,151,039.28 \r\n \r\n153,91900 25,18700 \r\n \r\n139,08385 2,66185 \r\n \r\n16,07866 25,32702 \r\n \r\n155,162.51 27,98887 \r\n \r\nTOTAL aBE FORMULA FUNDS \r\n \r\n$ \r\n \r\n5,034,88900 $ 4,939,48945 $ 394,70121 $ 5,334,19066 \r\n \r\n(1) Compnsed of State Funds plus Local Five Mill Share \r\n \r\nSee notes to the general-purpose financial statements \r\n \r\n- 28 \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION GENERAL FUND - aUALITY BASIC EDUCATION PROGRAM (aBE) \r\nALLOTMENTS AND EXPENDITURES - BY SITE YEAR ENDED JUNE 30, 2002 \r\n \r\nSCHEDULE \"5\" \r\n \r\nWilcox County Middle School Wilcox County Elementary School Wilcox County High School Central Office (Alternative Education Program) \r\nTOTAL \r\n(1) Comprised of State Funds plus Local Five Mill Share. \r\n \r\nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) \r\n \r\nELIGIBLE aBE PROGRAM COSTS \r\n \r\n$ \r\n \r\n1,032,908.00 $ \r\n \r\n1,091,660.71 \r\n \r\n2,457,012.00 \r\n \r\n2,551,579.75 \r\n \r\n1,294,746.00 \r\n \r\n1,507,798.82 \r\n \r\n71,117.00 \r\n \r\n$ \r\n \r\n4,855,783.00 $ ===~5.,:151,,;03=9=.2=8= \r\n \r\nSee notes to the general-purpose financial statements. - 29- \r\n \r\n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n RlI'\\SELL W. HINTON \r\nSTATE AUDITOR \r\n(404) 656 2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street. S W.. SUIte 214 Atlunta, Georgia 30334-X400 \r\nApril 2, 2003 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Wilcox County Board of Education \r\nREPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the financial statements of Wilcox County Board of Education as of and for the year ended June 30, 2002, and have issued our report thereon dated April 2, 2003. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general-purpose financial statements. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \r\nCompliance \r\nAs part of obtaining reasonable assurance about whether Wilcox County Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions oflaws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results ofour tests disclosed no instances ofnoncompliance that are required to be reported under Government Auditing Standards. \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit, we considered Wilcox County Board of Education's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal \r\n2002YB-41 \r\n \r\n control over financial reporting. However.we noted a certain matter involving the internal control over financial reporting and its operation that we consider to be a reportable condition. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe internal control over financial reporting that, in our judgment, could adversely affect Wilcox County Board of Education's ability to record, process, summarize and report financial data consistent with assertions of management in the financial statements. The reportable condition is described in the accompanying Schedule ofFindings and Questioned Costs as item FS-7561-02-01. \r\nA material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control over fmancial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, we consider item FS-7561-02-01 to be a material weakness. \r\nThis report is intended solely for the information and use of the management, members of the Wilcox County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n \r\nRWH:gp 2002YB-41 \r\n \r\nRus ell W. Hinton State Auditor \r\n \r\n RlJSSEU. W. HINTON \r\nSTATE AUDITOR \r\n1404) 6562174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street. S.w.. Suite 214 \r\nAtlanta. Georgia 30334-1\u003c400 \r\nApril 2, 2003 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Wilcox County Board of Education \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-B3 \r\nLadies and Gentlemen: \r\nCompliance \r\nWe have audited the compliance ofWilcox County Board ofEducation with the types ofcompliance requirements described in the U.S. Office of Management and Budget (OMB) Circular A-I33 Compliance Supplement that are applicable to each ofits major Federal programs for the year ended June 30,2002. Wilcox County Board of Education's major Federal programs are identified in the Summary of Auditor's Results Section of the accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major Federal programs is the responsibility of Wilcox County Board of Education's management. Our responsibility is to express an opinion on Wilcox County Board of Education's compliance based on our audit. \r\nWe conducted our audit of compliance in accordance with auditing standards generally accepted in the United States ofAmerica; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States; and OMB Circular A133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types ofcompliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Wilcox County Board of Education's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. \r\nW.e believe that our audit provides a reasonable basis for our opinion..Our audit.does not provide a \r\nlegal determination on Wilcox County Board of Education's compliance with those requirements. \r\n2002SA-IO \r\n \r\n In our opinion, the Wilcox County Board of Education complied, in all material respects, with the requirements referred to above that are applicable to each of its major Federal programs for the year ended June 30, 2002. \r\nInternal Control Over Compliance \r\nThe management of Wilcox County Board of Education is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and performing our audit, we considered Wilcox County Board ofEducation's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with OMB Circular A-I33. \r\nOur consideration ofthe internal control over compliance would not necessarily disclose all matters in the internal control that might be material weaknesses. A material weakness is a condition in which the design or operation ofone or more ofthe internal control components does not reduce to a relatively low level of risk that noncompliance with applicable requirements of laws, regulations, contracts and grants that would be material in relation to a major Federal program being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over compliance and its operation that we consider to be material weaknesses. \r\nThis report is intended solely for the information and use of the management, members of the Wilcox County Board of Education, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\n \r\nRWH:gp 2002SA-IO \r\n \r\nRu ell W. Hinton State Auditor \r\n \r\n SECTION ill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2002 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\nFS-7561-00-01 FS-7561-01-01 \r\n \r\nFurther Action Not Warranted Unresolved - See Corrective Action/Responses \r\n \r\nCORRECTIVE ACTIONIRESPONSES \r\n \r\nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Finding Control Number: FS-7561-01-01 \r\n \r\nDue to current staffing limitations and budgetary considerations prohibiting the hiring of additional administrative staff, the School District has decided not to pursue the recording of general fixed assets on the financial statements. We are in the process of consulting with a company to set up our General Fixed Assets. \r\n \r\n SECTION IV FINDINGS AND QUESTIONED COSTS \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2002 \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Wilcox County Board of Education's financial statements was qualified for various departures from generally accepted accounting principles. \r\n2. Reportable Conditions in Internal Control Disclosed by the Audit of the Financial Statements The audit report for the Wilcox County Board of Education disclosed a financial statement reportable condition related to the following control category. \r\nGeneral Fixed Assets \r\nThe reportable condition described above is considered to be a material weakness. \r\n3. Noncompliance Material to the Financial Statements The audit of the Wilcox County Board of Education disclosed no instances of noncompliance that were deemed to be material to the financial statements. \r\n4. Reportable Conditions in Internal Control Over Major Programs The audit report for the Wilcox County Board of Education did not disclose any reportable conditions in internal control over major programs. \r\n5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Wilcox County Board of Education's report on compliance with requirements applicable to major programs was unqualified. \r\n6. Audit Findings Required to be Reported by Section .51OCa) of OMB Circular A-133 The Wilcox County Board of Education's audit did not disclose audit findings required to be reported by section .510(a) ofOMB Circular A-133. \r\n7. Major Programs Federal awards audited as major programs are as follows: 10.553 Food and Nutrition Program - Food Services - School Breakfast Program 10.555 Food and Nutrition Program - Food Services - National School Lunch Program \r\n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000.00. \r\n9. Low Risk Auditee The Wilcox County Board of Education qualified as a low risk auditee as defined by Section .530 ofOMB Circular A-133. \r\n- 1- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE' 30, 2002 \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Reportable Condition - Material Weakness Repeated From Prior Year Finding Control Number: FS-7561-02-01 The Wilcox County Board of Education did not maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. The condition results in the general-purpose financial statements of the School District being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the School District to establish accounting controls and procedures to provide for maintenance of a General Fixed Assets Account Group. These subsidiary records should include an inventory of land, buildings and equipment owned by the School District and should include, but may not be limited to, date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of all additions and deletions to the General Fixed Assets Account Group. III FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n-2- \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw6-b2000-h2001","title":"Wilcox County Board of Education, Abbeville, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2001","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Wilcox County, 31.9729, -83.43236"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2001-06-30"],"dcterms_description":["Began with: Fiscal year ended June 30, 2000; ceased with: Fiscal year ended June 30, 2008.","Report year covers fiscal year.","Has supplements: Wilcox County Board of Education, Abbeville, Georgia, schedule of salaries and travel for the fiscal year ended ..., fiscal year ended June 30, 2000-fiscal year ended June 30, 2002. Report on salary and travel for the fiscal year ended ... (Wilcox County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007. Salaries and travel reimbursement (Wilcox County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2000, released in 2001? (online surrogate); title from PDF cover (Georgia Government Publications database, viewed April 5, 2016).","Fiscal year ended June 30, 2008, released in 2009? (online surrogate); (Georgia Government Publications database, viewed April 5, 2016)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Auditors' reports--Georgia","Financial statements--Georgia","Wilcox County (Ga.). Board of Education--Appropriations and expenditures"],"dcterms_title":["Wilcox County Board of Education, Abbeville, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2001"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw6-b2000-h2001"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw6-b2000-h2001"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":" WILCOX COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS- \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATIONSCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\nEXHffiITS \r\n \r\nGENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nCOMBINED STATEMENTS - OVERVIEW \r\n \r\nA \r\n \r\nCOMBINED BALANCE SHEET \r\n \r\nALL FUND TYPES AND ACCOUNT GROUP \r\n \r\n2 \r\n \r\nB \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES \r\n \r\nALL GOVERNMENTAL FUND TYPES \r\n \r\n4 \r\n \r\nC \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES - BUDGET AND ACTUAL \r\n \r\n(NON-GAAP BASIS) \r\n \r\nGENERAL AND SPECIAL REVENUE FUNDS \r\n \r\n7 \r\n \r\nD NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\n8 \r\n \r\nADDITIONAL FINANCIAL INFORMATION \r\n \r\nCOMBINING STATEMENTS \r\n \r\nSPECIAL REVENUE FUND \r\n \r\nE \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\n20 \r\n \r\nF \r\n \r\nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \r\n \r\nAND CHANGES IN FUND BALANCES \r\n \r\n. \r\n \r\n22 \r\n \r\nSCHEDULES \r\n \r\n1 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\n24 \r\n \r\n2 SCHEDULE OF STATE REVENUE \r\n \r\n26 \r\n \r\n3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\n \r\n27 \r\n \r\nALLOTMENTS AND EXPENDITURES \r\n \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \r\n \r\n4 \r\n \r\nBY PROGRAM \r\n \r\n28 \r\n \r\n5 \r\n \r\nBY SITE \r\n \r\n29 \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\nSECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR' PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 \r\nSECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n SECTION I FINANCIAL \r\n \r\n t'SSEJ.J. \\V. H'i'ToN \r\nSTATE AUDITOR :404) 6562174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street. S,W,. Suite 214 Atlanta, Georgia 30334-X4()() \r\nJanuary 25, 2002 \r\n \r\nHonorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Wilcox County Board of Education \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATIONSCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nLadies and Gentlemen: \r\nWe have audited the accompanying general-purpose financial statements of the Wilcox County Board of Education, as of and for the year ended June 30, 2001, as listed in the table of contents. These general-purpose financial statements are the responsibility of the Wilcox County Board of Education's management. Our responsibility is to express an opinion on these general-purpose financial statements based on our audit. \r\nWe conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opimon. \r\nAs described in the notes to the general-purpose financial statements, the Board of Education's financial statements have been prepared using certain accounting practices and,policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described as follows: \r\n \r\n200IARL-13 \r\n \r\n * The general-purpose financial statements of the Board of Education did not contain a \r\nGeneral Fixed Assets Account Group to account for property and equipment owned by the Board of Education which should be included to conform to generally accepted accounting principles. \r\n \r\n* School activity accounts maintained at the individual schools are not included in the \r\ngeneral-purpose financial statements. To conform to generally accepted accounting principles, these accounts should be included in the general-purpose financial statements. \r\n \r\n* The Board of Education did not recognize as expenditures, in the year ended \r\n \r\nJune 30, 2001, a portion of salaries and the corresponding employer's cost of related \r\n \r\nbenefits earned for contractual services completed prior to June 30, 2001. Also funds \r\n \r\nreceived, subsequent to June 30, 2001, from the Georgia Department of Education for \r\n \r\nthe State's share of these unrecorded salaries and related benefits were not recorded as \r\n \r\nrevenue in the year under review. Conversely, the similar expenditures and related \r\n \r\nrevenues for contractual services completed prior to June 30, 2000, were improperly \r\n \r\nrecorded in the year ended June 30, 2001. To conform to generally accepted accounting \r\n \r\nprinciples, revenues should be recorded when available and measurable and \r\n \r\nexpenditures should be recorded when incurred, rather than when funds are received or \r\n \r\nII, \r\n \r\ndisbursed. \r\n \r\nThe aggregate effects on the general-purpose financial statements of these variances or omissions have not been determined, but are believed to be material. \r\n \r\nIn our opinion, except for the effects on the general-purpose financial statements of the matters referred to in the preceding paragraph, the general-purpose financial statements referred to above present fairly,. in all material respects, the financial position of the Wilcox County Board of Education as ofJune 30, 2001, and the results of its operations for the year then ended, in conformity with accounting principles generally accepted in the United States of America. \r\n \r\nIn accordance with Government Auditing Standards, we have also issued our report dated January 25, 2002, on our consideration of the Wilcox County Board of Education's internal control over financial reporting and our tests of its compliance with certain provisions oflaws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. \r\n \r\nOur audit was performed for the purpose of forming an opinion on the general-purpose financial statements of the Wilcox County Board of Education taken as a whole. The accompanying combining statements (Exhibits E and F) and the financial schedules (Schedules 1 through 5), which includes the Schedule of Expenditures ofFederal Awards as required by U. S. Office ofManagement and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the general-purpose financial statements. Such information has been subjected to the auditing procedures applied in the \r\n \r\n2001ARL-13 \r\n \r\n r \r\nI \r\n \r\naudit of the general-purpose financial statements and in our opinion, except for the effects of the matters referred to in the third paragraph, such information is fairly stated, in all material respects, in relation to the general-purpose financial statements taken as a whole. \r\n \r\nA copy ofthis report has been filed as a permanent record in the office ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code ofGeorgia Annotated Section 506-24. \r\n \r\nRespectfully submitted, \r\n~W~ Russell W. Hinton State Auditor \r\n \r\nI \r\n \r\nRWH:as 2001ARL-13 \r\n \r\n ii \r\nWILCOX COUNTY BOARD OF EDUCAnON \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET \r\nALL FUND TYPES AND ACCOUNT GROUP JUNE 30, 2001 \r\n \r\nCash and Cash Equivalents \r\nInvestments \r\nAccounts Receivable \r\nInventories Food Donated Commodities Purchased Food \r\nAmount Available in Debt Service Fund \r\nAmount to be Provided in Future Years For Payment of: Bond Debt .Capital Lease Agreements \r\nTotal Assets \r\n \r\nGENERAL FUND \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nREVENUE \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\n$ 550,000,12 $ \r\n \r\n52,661,24 $ \r\n \r\n0,00 \r\n \r\n29,503,63 \r\n \r\n19.159,35 \r\n \r\n143.564,37 \r\n \r\n3.053,64 2.657,49 \r\n \r\n$ 596.663,10 $ 202,176,74 $===0~.00~ \r\n \r\nLIABILITIES AND FUND EQUITY \r\nLIABILITIES \r\nAccounts Payable Salaries Payable Capital Lease Agreements General Obligation Bonds Payable \r\nTotal Liabilities \r\nFUND EQUITY \r\nFund Balances Reserved For Bus Replacement Funds For Continuation of Federal Programs For Continuation of State Programs For Debt Service For Inventories Food Donated Commodities Purchased Food For State Capital Outlay Projects Unreserved Undesignated \r\nTotal Fund Equity \r\n \r\n$ 56.075,33 $ \r\n \r\n59.669.61 \r\n \r\n112.637.76 \r\n \r\n$ 56.075,33 $ _....:..:.1..:7:.2r.:.:5:.:2:.7:..,:3;::7:.:- \r\n \r\n$ 44.636,91 \r\n \r\n$ \r\n \r\n3.053.64 \r\n \r\n2.657,49 \r\n \r\n495.946,66 \r\n \r\n23.936,24 $ \r\n \r\n0.00 \r\n \r\n$ 540.567,77 $ \r\n \r\n29.649,37 $ \r\n \r\n0.00 \r\n \r\nTotal Liabilities and Fund Equity \r\n \r\n$ 596.663.10 $ 202,176,74 $ \r\n \r\n0,00 \r\n \r\nThe notes to the general-purpose financial statements are an integral part of this statement: - 2- \r\n \r\n EXHIBIT \"A\" \r\n \r\nDEBT SERVICE \r\nFUND \r\n$ 122,987.50 \r\n321,039.39 \r\n56,587.75 \r\n \r\nACCOUNT GROUP GENERAL \r\nLONG-TERM DEBT \r\n \r\nTOTALS \r\n(Memorandum Only) \r\nJUNE 30, 2001 JUNE 30, 2000 \r\n \r\ns \r\n \r\n725,868.86 $ 350,998.52 \r\n \r\n350,543.02 219,331.47 \r\n \r\n701,02~ .35 \r\nI \r\nI \r\n338,368.03 \r\n \r\n3,053.64 \r\n \r\n3,27'1.61 \r\n \r\n2,657.49 \r\n \r\n3,52.3.63 \r\n \r\nI \r\n \r\n$ 500,614.64 \r\n \r\n500,614.64 \r\n \r\n429,17:6.85 \r\n \r\nIi \r\n \r\n164,385.36 99,825.60 \r\n \r\n164,385.36 99,825.60 \r\n \r\n510.823.15 194,71'6.80 \r\n \r\n$ 500,614.64 $ 764.825.60 $ 2.066.280.08 $ 2,531,899.94 \r\n \r\nI \r\nI \r\n \r\ni \r\ni \r\n \r\n$ \r\ns 99,825.60 \r\n665,000.00 \r\n \r\n117,764.94 $ 112,837.76 \r\n99,825.60 665.000.00 \r\n \r\n163,554.84 [ \r\n110,23,1.74 \r\n194,71 6.80 \r\n940,000.00 I \r\n \r\n$ 764,825.60 $ \r\n \r\n995,428.30 $ 1,408,503.38 \r\nI, \r\n \r\nI \r\n \r\nI \r\n \r\n\\ \r\n \r\ns 500,614.64 \r\n0.00 $ 500,614.64 \r\n \r\n, \r\n \r\n$ \r\n \r\n44,638.91 $ \r\n \r\n78,221.41 \r\n \r\n5,498.59 \r\n \r\n1,O~8.63 \r\n \r\n500,614.64 \r\n \r\n429,y6.85 \r\n \r\n3,053.64 2,657.49 \r\n519.887.10 \r\n \r\n,i \r\n3,271.61 3,523.63 7,8,65.00 \r\ni \r\n594,840.84 \r\n \r\ns $ 1,070,851.78 \r\n \r\n1,123,396.56 \r\n \r\nI \r\n \r\ns $ 500,614.64 $ 764,825.60 \r\n \r\nI \r\n2,066,280.08 $ 2,531.899.94 \r\n \r\n-3- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nALL GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30, 2001 \r\n \r\nREVENUES \r\nState Funds Federal Funds Taxes Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation \r\nCapital Outlay Debt Service \r\nPrincipal Interest \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) \r\nCapital Leases Operating Transfers In Operating Transfers Out \r\nTotal Other Financing Sources (Uses) \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \r\nFUND BALANCE JULY 1 \r\nFood Inventory - Net Change in Period Donated Commodities Purchased Food \r\n \r\nGENERAL FUND \r\n \r\nSPECIAL REVENUE \r\nFUND \r\n \r\ns s 6,595,347,25 \r\n \r\n266,291,93 \r\n \r\n1,165,254.21 \r\n \r\n1,420,818.12 \r\n \r\n34,500.16 \r\n \r\n75,843.53 \r\n \r\ns $ 8,050,665,53 \r\n \r\n1,507,389,67 \r\n \r\n$ 5,403,457,67 $ \r\n \r\n773,459.06 \r\n \r\n217,092,65 184,635.29 163,314.50 239,119.45 581,584.88 72,935,20 649,345.92 467,951.00 \r\n8,353,00 8,842.43 14,849,23 \r\n \r\n173,112.41 26,299.91 39,875,02 3,649,33 \r\n9,559,57 529,295.64 \r\n \r\n94,891.20 \r\n \r\nI \r\n \r\n10,125.30 \r\n \r\n'$ 8,116,497,72 $ 1,555,250.94 \r\n \r\n$ \r\n \r\n-65,832.19 $ \r\n \r\n-47,861.27 \r\n \r\n$ \r\n \r\n17,163,57 \r\n \r\n$ \r\n \r\n-18,503.57 \r\n \r\ns \r\n \r\ns -18,503.57 \r\n \r\n17,163.57 \r\n \r\n: \r\n \r\n$ \r\n \r\n-84,335,76 $ \r\n \r\n-30,697.70 \r\n \r\n624,923,53 \r\n \r\n61,431.18 \r\n \r\n-217.97 -866,14 \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n$ 540,587.77 $====29=,6=4=9.=37= \r\n \r\nThe notes to the general-purpose financial statements are an integral part of this statement. -4- \r\n \r\n i \r\nEXHiBIT \"B\" \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\n~I \r\n \r\nI \r\n \r\nI, \r\n \r\nTOTALS \r\n \r\nI, \r\n \r\n(Memorandum Only)' \r\n \r\nYEAR ENDED 1, \r\n \r\nJUNE 30, 2001 \r\n \r\nJUNE 3'0, 2000 I \r\nI \r\n \r\ns 68,685.00 \r\n$ \r\ns $ 68,685.00 \r\n \r\nS \r\n378,144.81 15,762.98 \r\n \r\n6,930,324.18 $ 1,165,254.21 1,798,962.93 \r\n126,106.67 \r\n \r\n393,907.79 $ 10,020,647.99 $ \r\n \r\n6,255!090.85 1,134[883.45 2,125~922.06 \r\n112\\888.61 \r\nI 9,628',784.97 \r\n \r\n$ 77,890.00 \r\ns \r\ns 77,890.00 S s s -9,205.00 \r\n \r\ns 6,176,916.73 $ \r\n \r\n390,205.06 210,935.20 163,314.50 278,994.47 585,234.21 \r\n72,935.20 649,345.92 477,510.57 \r\n8,353.00 538,138.07 \r\n92,739.23 \r\n \r\n275,000.00 47,470.00 \r\n \r\n369,891.20 57,595.30 \r\n \r\n322,470.00 $ 10,072,108.66 $ \r\n \r\ns 71,437.79 \r\n \r\n-51,460.67 $ \r\n \r\n5,277:,437.76 I \r\nI \r\n655,207.01 \r\n2711,938.52 \r\n184,636.72 23~,961.43 48q,351.29 \r\n71,933.30 \r\n, 534,665.03 . \r\n655,459.34 \r\n,30,894.26 \r\n459,634.29 \r\n76,989.04 \r\nI \r\n351 ,987.20 \r\n70,629.30 \r\nI \r\n9,355,724.49 \r\nI \r\n273,060.48 \r\n \r\n$ 1,340.00 \r\ns 1,340.00 \r\n \r\n$ \r\n \r\ns \r\n \r\n18,503.57 \r\n \r\n-18,503.57 \r\n \r\n$ \r\n \r\n0.00' $ \r\n \r\nS -7,865.00 $ 71,437.79 $ \r\n \r\n-51,460.67 $ \r\n \r\n7,865.00 \r\n \r\n429,176.85 \r\n \r\n1,123,396.56 \r\n \r\n-217.97 -866.14 \r\n \r\n24 1,420 .00 \r\n-13,154.33 I 13,154.33 \r\ni \r\n241,420.00 \r\n51~.480.48 ,I \r\nI . 610,968.74 I -f,331.49 \r\ni 278.83 \r\n \r\nI \r\n \r\n$ \r\n \r\ns 0.00 $ 500,614.64 \r\n \r\n1,070,851.78 $ 1,123,396.56 \r\n \r\n- 5- \r\n \r\n  REVENUES \r\n \r\n\"i \r\n \r\nWILCOX COUNTY BOARD OF EDUCATION \r\nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nBUDGET AND ACTUAL -(NON-GAAP BASIS) \r\nGENERAL AND SPEC1M REVENUE FUNDS \r\nYEAR ENDED JUNE 30, 2001 \r\nI I \r\nI \r\n \r\nEXHIBIT\"C\" \r\n \r\nt \r\nI \r\nGENERAL FUND \r\n \r\nSPECIAL REVENUE FUND \r\n \r\nI \r\n! BUDGET \r\n \r\nACTUAL (BUDGET \r\nBASIS) \r\n \r\nBUDGET \r\n \r\nACTUAL (BUDGET \r\nBASIS) \r\n \r\n! \r\n \r\nState Funds Federal Funds Taxes Other Funds \r\nTotal Revenues \r\n \r\n1 \r\n \r\n$ 6,312,263.66 $ 6,595,347.25 \r\n \r\nI \r\n \r\n1,543,951.00, \r\n \r\n1,420,818.12 \r\n \r\n103,242.00 \r\n \r\n34,500.16 \r\n \r\nI I \r\n$ 7,959,456.66 $ 8.050,665.53 \r\n \r\n$ 313,126.10 $ 266,291.93 \r\n \r\n1,035,334.00 \r\n \r\n1,165,254.21 \r\n \r\n64,600.00 \r\n \r\n75,843.53 \r\n \r\n$ 1,413,060.10 $ 1,507,389.67 \r\n \r\nEXPENDITURES \r\n \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services \r\n \r\nI \r\n \r\n$ 5,113,224.66 $ 5,403,457.67 \r\n \r\nI \r\n \r\nI \r\n \r\n197,100.00, \r\n \r\n217,092.65 \r\n \r\n230,510.00 \r\n \r\n184,635.29 \r\n \r\n$ 770,146.36 $ 773,459.06 \r\n \r\n90,839.00 24,656.00 \r\n \r\n173,112.41 26,299.91 \r\n \r\nEducational Media Services \r\n \r\n192,070,00, \r\n \r\n163,314.50 \r\n \r\n50.00 \r\n \r\nGeneral Administration School Administration \r\n \r\n252,326.00, 544,971.00, \r\n \r\n239,119.45 581,584.88 \r\n \r\n36,323.00 1,246.00 \r\n \r\n39,875.02 3,649.33 \r\n \r\nIi: \r\n \r\nBusiness Administration \r\n \r\nMaintenance and Operation of Plant \r\n \r\nStudent Transportation Services \r\n \r\nOther Support Services \r\n \r\nFood Services Operation \r\n \r\nCapital Outlay \r\n \r\nDebt Service \r\n \r\n83,699.0p \r\n560,409.00, 551,525.00, 10,025.00, \r\n2,936.00, \r\n154,999,00' \r\nI \r\n \r\n72,935.20 649,345.92 467,951.00 \r\n8,353.00 8,842.43 14,849.23 105,016.50 \r\n \r\n1,200.00 488,300.00 \r\n \r\n9,559.57 529,295.64 \r\n \r\nTotal Expenditures \r\n \r\n'- \r\n \r\nI \r\n \r\n$ 7,893,794.66 $ 8,116,497.72 \r\n \r\n$ 1,412,760.36 $ 1,555,250.94 \r\n \r\nExcess of Revenues over (under) Expenditures \r\n \r\n$ \r\n \r\nI \r\n65,662.00 $ \r\n \r\n-65,832.19 \r\n \r\ns \r\n \r\n299.74 $ -47.861.27 \r\n \r\nOTHER FINANCING SOURCES (USES) \r\n \r\nOther Sources Other Uses \r\n \r\n$ -18,503.57 \r\n \r\n$ 17,163.57 \r\n \r\nTotal Other Financing Sources (Uses) \r\n \r\n$ -18,503.57 \r\n \r\n$ 17,163.57 \r\n \r\nExcess of Revenues and Other Financing Sources \r\n \r\nover (under) Expenditures and Other Financing \r\n \r\nUses \r\n \r\n$ \r\n \r\n65,662.0 $ -84,335,76 \r\n \r\n$ \r\n \r\nFUND BALANCE JULY 1, 2000 \r\n \r\n10 483,233.y \r\n \r\n624,923.53 \r\n \r\n299.74 $ 58,346.10 \r\n \r\n-30,697.70 54,635.94 \r\n \r\nAdjustments \r\n \r\n17,860.54 \r\n \r\n-18,402.70 \r\n \r\nFUND BALANCE JUNE 30, 2001 \r\n \r\nI \r\n \r\nI \r\n \r\n$ 566,756.21 $ 540,587.77 \r\n \r\n$ \r\n \r\n40,243.14 $ 23,938.24 \r\n \r\nI \r\n \r\ni \r\nThe notes to the general-purpose financial statements are an integra! part of this statement. -7~ \r\n \r\n WILCOX COUNTY BOARD OF EDUCAnON \r\n \r\nEXHIDIT \"D\" \r\n \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nI \r\n \r\nJUNE 30, 2001 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nREPORTING ENTITY \r\n \r\nThe Wilcox County Board of Education (School District) was established under the laws ofthe State. of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The School District is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District isa primary government and consists of all the organizations that compose its legal entity. \r\n \r\nFUND ACCOUNTING \r\n \r\nThe School District uses funds and an account group to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and Iiabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. \r\n \r\nGeneral Fixed Assets are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the School District. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by go~ernmental fund types. \r\n \r\nAlthough \"school activity accounts'; are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To conform to generally\"accepted accounting principles, these accounts should be recorded in the general-purpose financial statements.. \r\n \r\nThe general-purpose financial statements account for all State, Federal, Taxes and Other funds under \r\n \r\ncontrol of the School District, in compliance with generally accepted accounting principles \r\n \r\napplicable to governmental units, unless otherwise disclosed in these notes. Funds and the account \r\n \r\ngroup presented in this report are as f o l l o w s : ' \r\n \r\n. \r\n \r\nGOVERNMENTAL FUND TYPES - are used to account for all or most of a School District's educational activities. Governmental Fund Types include: \r\n \r\nGENERAL FUND - the fund used to account for all financial resources of the Schooi District except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. \r\n \r\n-8- \r\n \r\n I \r\nWILCOX COUNTY BOARD OF EDUCATION \r\nNOTES TO THE GENERAL-PURPcDSE FINANCIAL STATEMENTS \r\nJUNE 301, 2001 \r\n \r\nEXHIBIT \"D\" \r\n \r\ni \r\nNotel: SUMMARY OF SIGNIFICANT ACCOllJNTING POLICIES \r\nI \r\nSPECIAL REVENUE FUND - the fund used ro account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are received primarily from the Georgia Department of Education and from the Federal government to accomplish specific educational objectives. \r\n \r\nCAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the \r\n \r\nI \r\n \r\nacquisition or construction of major capital facilities. \r\n \r\nacco~nt DEBT SERVICE FUND - the fund used tn \r\n \r\nfnr the accumulation ofresnurces for, and the \r\n \r\nI: \r\n \r\npayment of, general long-term principal, interest and paying agent fees. \r\n \r\nACCOUNT GROUP \r\nGENERAL LO~G-TERM DEBT ACCOUNTj GROUP - A financial reporting device used to \r\naccount for general obligation debt outstanding and capital lease obligations. I \r\nBASIS OF ACCOUNTING \r\n \r\nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements ofthese funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered 'a measure of available spendable resources. \r\n \r\nLiabilities which are expected to be financed fr01 available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the beneral Long-Term Debt Account Group. \r\n \r\nGovernmental funds are accounted for using the mldified accrual basis of accounting under which: \r\n \r\nRevenues are recognized when susceptible to accrual (i.e., when they become both measurable and \r\n \r\navailable). \"Measurable\" means the amount ofth1e transaction can be determined and \"available\" \r\nmeans collectible within the current period or soo~ enough thereafter to be used to pay liabilities of \r\n \r\nthe current period. The School District considers receivables collected within sixty days after year- \r\n \r\nend to be available and therefore susceptible to acrual. Nonexchange transactions, in which the \r\n \r\nSchool District gives (or receives) value without directly receiving (or giving) equal value in \r\n \r\nexchange, include property taxes, local option sales taxes, intergovernmental grants and donations. \r\n \r\nRevenue for property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year th~ resources are received or susceptible to accrual. \r\n \r\nRevenue from grants and donations is recognized in the fiscal year in which all eligibility \r\n \r\nrequirements have been satisfied. \r\n \r\nI \r\n \r\nI \r\n \r\nI \r\n \r\n- 9!- \r\nI \r\nI \r\nI \r\n \r\n WILcox COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2001 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nExpenditures are generally recognized when the related fund liability is incurred. \r\nA departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share of these contracts. During fiscal year 2001, a substantial number ofpersonnel of the School District were employed for a one hundredand ninety day period beginning in August 2000 and ending in early June 2001. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 2000 and ending in August 2001. State grants to fund the State's share of these contracts were disbursed from the Georgia Department of Education to the School District in the same twelve months. As of June 30, 2001, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 2001, had not been made. Payments for these two months were made and recorded as expenditures by the School District subsequent to June 30,2001. Also, the State's portion of the compensation paid in July and August 2001 was received and recorded as revenue in the fiscal year subsequent to June 30, 2001. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 2000, were recorded in the year ended June 30, 2001. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed. \r\nBUDGET \r\nThe Wilcox County Board of Education's budget is a complete financial plan for the School District's fiscal year and is based upon estimates ofexpenditures together with probable funding. sources. There is no statutory prohibition regarding overexpenditure ofthe budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level of . budget control was established by the Board at the aggregate level. The budget for governmental funds was prepared on a basis otherthan- generally accepted accounting principles. \r\nThe budget process begins when the School District's administration prepares a tentative budget for the Board's approval. After approval ofthis tentative budget by the Board, such budget is advertised at least once ina newspaper of general circulation in the locality. At the next regular meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This final budget is then submitted, in accordance with provisions of the Quality Basic Education Act, OCGA Section 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. Alhunexpended budget authority lapses at fiscal year-end. \r\nThe Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual. presents actual and budgeted data for the General Fund and SpecialRevenue Fund. To facilitate comparison with the budget, the following adjustments have been made to fund balance as reflected on Exhibit \"B\" of this report: \r\n- 10 - \r\n \r\n j \r\nI WILCOX COUNTY BOARD OF EDUCATION NOTES TO THE GENERAL-PURPO'SE FINANCIAL STATEMENTS \r\nJUNE 30.12001 \r\n \r\nEXHIBIT \"D\" \r\n \r\nI \r\nI \r\nI \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nFUND BALANCE JULY 1, 2000 \r\n \r\nSpecial Revenue \r\nFund \r\ns 61,431.18 \r\n \r\nAdjustments Inventories - July 1, 2000 Food Donated Commodities Purchased Foods \r\nFund Balance July 1, 2000 (Budget Basis) \r\n \r\n-3,271.61 -3,523.63 \r\n$ 54,635.94 \r\n \r\nExcess over \r\n \r\n(oufnRdeevr)enEuxepseannddituOrethsearnFdinOatnhceirnFgiSnoa~'ucricnegs \r\n \r\nUses \r\n \r\nFUND BALANCE JUNE 30, 2001 (BudgetBasis) \r\n \r\n-30,697.70 $ 23,938.24 \r\n \r\nCASH AND CASH EQUIVALENTS \r\n \r\nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist of cash on hand, demand deposits and short-term investments with original maturities of three months or less from jthe date of acquisition in authorized financial institutions. Georgia Laws OCGA 45-8-14 authorize the School District to deposit its funds in one \r\nor more solvent banks or insured Federal savings ~nd loan associations. \r\n \r\nINVESTMENTS \r\n \r\nCOMPOSITION OF INVESTMENTS Investments made by the School District in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are rep,lorted at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the School District to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the \r\n \r\nI. \r\n \r\nfollowing: \r\n \r\ni \r\n \r\n(1) Obligations issued by the State of GeOra or by other states, \r\n \r\n) \r\n- 11 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCA nON \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2001 \r\n \r\nNote I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, \r\n \r\n(2) Obligations issued by the United States government, \r\n \r\n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \r\n \r\n(4) Obligations of any corporation of the United States government, \r\n \r\n(5) Prime banker's acceptances, \r\n \r\n(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \r\n \r\n(7) Repurchase agreements, and \r\n \r\n(8) Obligations of other political subdivisions of the State of Georgia. \r\n \r\nRECEIVABLES \r\n \r\nReceivables consist of grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general-purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\n \r\nPROPERTY TAXES \r\n \r\nThe Wilcox County Board of Commissioners fixed the property tax levy for the 2000 tax year (calendar year) on October 15,2000 (levy date). Taxes were due on December 20,2000 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 200 1. The Wilcox County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance of taxes collected to:the School District. Property tax revenues during the fiscal year ended June 30, 2001 for mairttenanceand operations amounted to $1,414,309.84~ \r\n \r\nThe tax millage rate levied for the 2000 tax year (calendar year) for the Wilcox County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\n, School Operations \r\n \r\n12.61 mills \r\n \r\nSALES TAXES \r\n \r\nSpecial Purpose Local Option Sales Tax is to be used for capital outlay for educational purposes and debt service. Special Purpose Local Option Sales Tax revenue during the fiscal year amounted to \r\n \r\n- 12 - \r\n \r\n I \r\n \r\n--I \r\n \r\n: \r\n \r\n. \r\n \r\nWILCOX COUNTY BOARD OF EDUCATION \r\n \r\nNOTES TO THE GENERAL-PURP\u003cDSE FINANCIAL STATEMENTS \r\nJUNE 3d. 2001 \r\n \r\nEXHIDIT \"D\" \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOlLTNTING POLICIES \r\nI \r\n$378,144.81 and was recorded in the Debt Service Fund. The State will terminate collection of this \r\ntax once an additional $474,773.08 has been colledted or on June 30, 2002, whichever occurs first. \r\n \r\nINVENTORIES \r\n \r\nFOOD INVENTORIES \r\n \r\nInventories of donated food commodities used in the preparation of meals are reported on the \r\n \r\nCombined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported \r\n \r\non the Combined Balance Sheet at cost (weighted average). Donated food commodities are recorded \r\n \r\nas revenues and expenditures at the time commodity items are received. Purchased foods inventories \r\n \r\nare for \r\n \r\nrecorded as expenditures at donated food commodities \r\n \r\nthe and \r\n \r\ntifmorepoufrpcuhracsheads'e~.ooTdhsearienveeqnutaolrliyesorfefpseotrtbeyd \r\n \r\non the balance sheet reservations of fund \r\n \r\nbalance which indicates that these amounts do notlconstitute \"available spendable resources\" even \r\n \r\nthough they are a component of net current assets. \r\n \r\n. \r\n \r\nGENERAL OBLIGATION BONDS \r\n \r\nThe School District issues general obligation bonds to provide funds for the acquisition and construction ofmajor capital facilities. Bond premiums and discounts, as well as issuance costs, are recognized in the financial statements during the year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and dredit ofthe government. The outstanding amount of these bonds is recorded in the General Long-TJnn Debt Account Group. \r\n \r\nINTERFUND TRANSACTIONS \r\n \r\nI \r\n \r\nThe School District has the following types of interfund transactions: \r\n \r\nReimbursements of expenditures initially made Jom a fund that are properly applicable to another fund are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. \r\n \r\nOperating transfers are recorded for all interfund transactions other than reimbursements. \r\n.I \r\nMEMORANDUM ONLY - TOTAL COLUMiS \r\n \r\nTotal columns on the general-purpose financial sttatements are captioned \"Memorandum Only\" to \r\n \r\n!I\" indicate that they are presented only to facilitate financial analysis. Data in these columns do not \r\n \r\nI: \r\n \r\npresent financial position or results of operations ih conformity with generally accepted accounting \r\n \r\nIIi \r\n \r\nd principles. Neither are such data comparable to consolidation. Interfund eliminations have not \r\nbeen made in tbe aggregation oftbis data. \r\n \r\nI \r\n \r\nI \r\n- 13 - \r\n \r\n\"[l \r\n \r\nI \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2001 \r\n \r\nNote 2: DEPOSITS \r\n \r\nCOLLATERALIZATION OF DEPOSITS \r\n \r\nOfficial Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on \r\n \r\ndeposit at any time in any depository for a time longer than ten days a sum of money which has not \r\n \r\nbeen secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face \r\n \r\nvalue of such surety bond and the market value of securities pledged shall be equal to not less than \r\n \r\n110 percent ofthe public funds being secured after the deduction ofthe amountofdeposit insurance. \r\n \r\nIf a depository elects the pooled method (OCGA 45-8-13.1) the aggregate ofthe market value ofthe \r\n \r\nsecurities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool \r\n \r\nbalance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, \r\n \r\nwaive the requirement for security in the case of operating funds placed in demand deposit checking \r\n \r\naccounts. . \r\n \r\n.. \r\n \r\nAcceptable security for deposits consists of anyone of or any combination of the following: \r\n \r\n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n \r\n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n \r\n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n \r\n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n \r\n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority\"authorized the use of the bonds for this purpose, \r\n \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and. \r\n \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank; the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\n \r\n- 14- \r\n \r\n .f \r\n \r\n.'1 ' , . ' , \r\n \r\nI' \"t.'.' \r\n \r\nI \r\n \r\nt \r\n \r\nWILCOX COUNTY BOkRD OF EDUCATION \r\n \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30,2001 \r\n \r\nEXHIDIT \"D\" \r\n \r\nNote 2: DEPOSITS \r\n \r\nCATEGORIZATION OF DEPOSITS At June 30, 2001 .the bank balances were $1,448,831.36. The amounts ofthe total bank balances are classified into three categories of credit risk: \r\n \r\nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with \r\n \r\nsecurities held by the SChOOl1 District or by the School District's agent in the \r\n \r\nSchool District's name. \r\n \r\n. \r\n \r\nCategory 2 - Cash collateralized with secu'rities held by the pledging financial institution's \r\n \r\nI \r\n \r\ntrust department or agent in the School District's name. \r\n \r\nI \r\n \r\nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized \r\n \r\nj,lt \r\n \r\nI with securities held by the pledging financial institution, or by its trust \r\n \r\ndepartment or agent but not in the School District's name.) \r\n \r\nThe School District's deposits are classified by riL category at June 30, 2001, as follows: \r\n \r\nRisk Category \r\n \r\nBank Balance \r\n \r\nv, \r\n \r\n1 \r\n \r\n2 \r\n \r\n3 \r\n \r\n$ 578,477.44 660,760.99 209,592.93 \r\n \r\nTotal \r\n \r\n$ 1.448,831.36 \r\n \r\nNote 3: NON-MONETARY TRANSACTIONS \r\n \r\nThe School District receives food commodities from the United States Department of Agriculture \r\n(USDA) for school breakfast and lunch programs. These commodities are recorded at their I \r\nFederally assigned value. See Note 1 - Inventories \r\n \r\nNote 4: RISK MANAGEMENT ,I \r\nThe School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job relafed illness or injuries to employees; natural disaster and unemployment compensation. \r\n \r\nThe School District has obtained commercial insurance for risk ofloss associated with torts, assets \r\n \r\nI'I \r\n \r\nand error~ or omissions. The School Dist.rict haslneither significant~y r~duc.ed coverage for the~e \r\nrisks nor Incurred losses (settlements) WhICh exceeded the School District's Insurance coverage In \r\n \r\nIII \r\n \r\nany of the past three years. \r\n \r\nThe School District has elected to self-insure for 'all losses related to natural disaster. The School District has not experienced any losses related tolthis risk in the past three years. \r\n \r\nI \r\nI \r\n- 15 - \r\n_1I \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION . \r\n \r\nEXHIBIT \"0\" \r\n \r\nNOTES TO THE' GENERAL-PURPOSE FINANCIAL STATEMENTS. \r\n \r\nJUNE 30, 2001 \r\n \r\nNote 4: RISK MANAGEMENT \r\n \r\nThe School District is self-insured with regard to unemployment compensation claims. The School \r\n \r\nDistrict accounts for claims within the General Fund with expenditure and liability being reported, \r\n \r\nwhen it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated, \r\n \r\nThe School District has not experienced any unemployment compensation claims during the last two \r\n \r\nyears. \r\n \r\n.. \r\n \r\nThe School District participates in the Georgia Education Workers'Compensation Trust, a public \r\n \r\nentity risk pool organized on December 1\" 1991, to develop, implement and administer a program of \r\n \r\nworkers' compensation self-insurance for its member organizations. The School District pays an \r\n \r\nannualpremium to the Trust for its general insurance coverage. Additional insurance coverage is \r\n \r\nprovided through an agreement by.the Trust with the United States Fidelity and Guaranty Company \r\n \r\nto provide coverage for potential losses sustained by the Trust in excess of $250,000.00 loss per \r\n \r\noccurrence, up to $2,000,000.00. \r\n \r\n, \r\n \r\n~. \r\n \r\n.. \r\n \r\n. \r\n \r\nThe School District has purchased surety bonds to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent Assistant Superintendent Each Principal \r\n \r\n$ 10,000.00 $ 10,000.00 $ 10,000.00 \r\n \r\nNote 5: GENERAL LONG-TERM DEBT \r\n \r\nCAPITAL LEASES The Wilcox County Board of Education has entered into various lease .agreements as lessee for' buses. Theselease agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at the present value of the future minimum lease payments as of the date. of their inception. \r\n \r\nGENERAL OBLlGAnON DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: . \r\n \r\nPurpose \r\n \r\nInterest Rate \r\n \r\nAmount \r\n \r\nGeneral Government- Series .1997 \r\n \r\n.. 5.05% \r\n \r\n$ . 665,000.00 \r\n \r\nThe changes in General Long-Term Debt during the fiscal yearended June 30, 2001, were as follows: \r\n \r\n' .. \r\n \r\n- 16 - . \r\n \r\n [ \r\ni I \r\nWILCOX COUNTY BOARD OF EDUCAnON \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\nJUNE 30.12001 I \r\n \r\nEXHffiIT \"D\" \r\n \r\nNote 5: GENERAL LONG-TERM DEBT \r\n \r\nBalance July 1,2000 \r\n \r\nGeneral \r\n \r\nCapi1tal \r\n \r\nObligation \r\n \r\nLeases \r\n \r\nBonds \r\n \r\nTotal \r\n \r\nI \r\n$ 194,Y16.80 $ 940,000.00 $ 1,134,716.80 \r\n \r\nDeductions \r\n \r\nDebt Retired \r\n \r\n94,891.20 \r\n \r\n275,000.00 \r\n \r\n369,891.20 \r\n \r\nI \r\n \r\nBalance June 30, 2001 \r\n \r\n$ 99,825.60 $ 665,000.00 $ 764,825.60 \r\n \r\ndu~ At June 30, 2001, payments by fiscal year which includes principal and interest for these items \r\n \r\nare as follows: \r\n \r\nI \r\n \r\n' \r\n \r\nFiscal Year Ended June 30 \r\n2002 2003 \r\n \r\nI \r\nCapital \r\n \r\nGeneral Obligation \r\n \r\nTotal \r\n \r\nLea1ses \r\n \r\nBonds \r\n \r\nDebt \r\n \r\nI. \r\n$ 105'1016.50 $ 378,582.50 $ 483,599.00 \r\n \r\n336,160.00 \r\n \r\n336,160.00 \r\n \r\nTotal Principal and Interest $ 105!016.50 $ 714,742.50 $ 819,759.00 \r\n \r\nDeduct: Imputed Interest \r\n \r\n51190.90 \r\n \r\nNet Present Value of Future Minimum Lease Payments $ 99,825.60 \r\n \r\nNote 6: ON-BEHALF PAYMENTS \r\nThe School District has recognized revenues and expenditures in the amount of $104,318.53 for health insurance and retirement contributions paid on the School District's behalf by the following State Agencies. \r\n \r\nGeorgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance of Non-Certified Personnel In the amount of $82,867.53 \r\n \r\nOffice of Treasury and Fiscal Services \r\n \r\nPaid to the Public School Employees Retirement System \r\n \r\nFor Public School Employees Retirembnt (PSERS) Employer's Cost \r\n \r\nIn the amount of $21,451.00 \r\n \r\nI \r\n \r\n. \r\n \r\n- 17 - \r\nI \r\nI \r\nI \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL~PURPOSEFINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2001 \r\n \r\nNote 7: CONTINGENT LIABILITIES \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant terms. The School District believes that such disallowances, if any, will be immaterial to its overall financial position. \r\nNote 8: SUBSEQUENT EVENTS \r\nOn November 6, 2001, the voters of Wilcox County voted in favor of a Special Purpose Local Option Sales Tax referendum for educational purposes. The imposition of the tax approved by the voters, as stated on the Official Ballot of Wilcox County, is as follows: \r\n\"Shall a special one percent sales and use tax be imposed in Wilcox County for a period of time not to exceed 20 calendar quarters, commencing upon the expiration of the special one percent sales and use tax currently being levied in Wilcox County, and for the raising of not more than $2,100,000.00 for the purposes of providing funds to payor be applied toward the cost of additions, renovations and improvements to the elementary school, the middle school . and the gymnasium at the high school, including the acquisition of any furniture, fixtures and equipment necessary or desirable therefore, the maximum cost of such capital outlay projects not to exceed $2, 1OO,OOO? If imposition of the tax is approved by the voters, such vote shall also constitute approval of the issuance of general obligation debt of Wilcox County School District in the principal amount of $1,700,000.00 to pay a portion of the above-described outlay projects.\" \r\nNote 9: RETIREMENT PLANS \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school districts are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\nTRS CONTRIBUTIONS REQUIRED 'AND MADE Employees of the School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 1129% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\n I \r\nWILCOX COUNTY BOA!RD OF EDUCATION NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\nJUNE 30! 2001 \r\n \r\nEXHIDIT \"D\" \r\n \r\nNote 9: RETIREMENT PLANS \r\nFiscal Year 2001 2000 1999 \r\n \r\nPercentage Contributed \r\n100% 100% 100% \r\n \r\nRequired Contribution \r\n$ 617,101.30 $ 583,625.85 $ 561,288.61 \r\n \r\n- 19 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 2001 \r\n \r\nASSETS Cash and Cash Equivalents Accounts Receivable. Inventories \r\nFood Donated Commodities Purchased Food \r\nTotal Assets \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nLOTIERY PROGRAMS \r\n \r\n$ 57,199.05 $ 32,109.70 \r\n \r\n2,675.67 \r\n \r\n3,053.64 2,657.49 \r\n \r\n$ 65,585.85 $ =~3~2,1~09=.7= 0 \r\n \r\nLIABILITIES .A,ND FUND EQUITY \r\nLIABILITIES \r\nCash Overdraft Accounts Payable Salaries Payable \r\nTotal Liabilities \r\nFUND EQUITY \r\nFund Balances Reserved For Continuation of Federal Programs For Continuation of State Programs For Inventories } Food Donated Commodities Purchased Food Unreserved Undesignated \r\nTotal Fund Equity \r\nTotal Liabilities and Fund Equity \r\n \r\n$ 7,530.80 $ 28,405.68 \r\n$ 35,936.48 $ \r\n \r\n6,756.48 25,353.22 \r\n32,109.70 \r\n \r\n$ 3,053.64 2,657.49 \r\n \r\n23,938.24 $ \r\n \r\n0,00 \r\n \r\n$ 29,649.37 $ \r\n \r\n0.00 \r\n \r\n$ 65,585.85 $ =====3=2=,1==0=9=.7=0== \r\n \r\nSee notes to the general-purpose financial statements. - 20- \r\n \r\n EXHIBIT\"E\" \r\n \r\nFEDERAL PROGRAMS \r\n \r\nTOTALS \r\nJUNE 30, 2001 JUNE 30, 2000 \r\n \r\n$ \r\n \r\n89,308.75 $ 113,187.50 \r\n \r\n$ 140,908.70 \r\n \r\n143,584.37 \r\n \r\n110,845.78 \r\n \r\n3,053.64 2,657.49 \r\n \r\n3,271.61 3,523.63 \r\n \r\n$ 140,908.70 $ 238,604.25 $ 230,828.52 \r\n \r\n$ 36,427.51 $ 45,402.33 59,078.86 \r\n$ 140,908.70 $ \r\n \r\n36,427.51 $ 59,689.61 112,837.76 \r\n208,954.88 $ \r\n \r\n6,427.23 52,738.37 110,231.74 \r\n169,397.34 \r\n \r\n$ \r\n \r\n5,408.59 \r\n \r\n1,088.63 \r\n \r\n$ \r\n \r\n3,053.64 \r\n \r\n2,657.49 \r\n \r\n3,271.61 3,523.63 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n23,938.24 \r\n \r\n48,138.72 \r\n \r\n$ \r\n \r\n0.00. $ \r\n \r\n29,649.37 $ \r\n \r\n61,431.18 \r\n \r\n$ 140,908.70 $ 238,604.25 $ 230,828.52 \r\n \r\n- 21 I \r\nI \r\nI \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nSPECIAL REVENUE FUND YEAR ENDED JUNE 30, 2001 \r\n \r\nREVENUES \r\nState Funds Federal Funds Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services General Administration School Administration Student Transportation Services Other Support Services Food Services Operation \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES \r\nOperating Transfers In \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures \r\nFUND BALANCE JULY 1 \r\nFood Inventory - Net Change in Period Donated Commodities Purchased Food \r\nFUND BALANCE JUNE 30 \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nLOTTERY PROGRAMS \r\n \r\n$ \r\n \r\n32,078.00 $ 234,213.93 \r\n \r\n397,173.63 \r\n \r\n75,843.53 \r\n \r\n$ 505,095.16 $ 234,213.93 \r\n \r\n$ 214,775.50 \r\n8,532.60 8,531.52 \r\n \r\n8,015.41 \r\n \r\n$ 529,295.64 \r\n \r\n$ 529,295.64 $ 239,855.03 \r\n \r\n$ -24,200.48 $ \r\n \r\n-5,641.10 \r\n \r\n4,552.47 \r\n \r\n$ -24,200.48 $ 54,933.96 \r\n \r\n-1,088.63 1,088.63 \r\n \r\n-217.97 -866.14 \r\n \r\n$ \r\n \r\n29,649.37 $ ======0.=00~ \r\n \r\nSee notes to the general-purpose financial statements. - 22 - \r\n \r\n i \r\nI \r\nI I \r\nEXHIBIT \"F\"! \r\nI \r\n \r\nI \r\n \r\nFEDERAL PROGRAMS \r\n \r\nI \r\n \r\nI \r\n \r\nI \r\n \r\nTOTALS \r\n \r\nI \r\n \r\nYEAR ENDED \r\n \r\nI \r\n \r\nJUNE 30, 2001 \r\n \r\nJUNE 30, 2000 I \r\n \r\nI \r\n! \r\nI \r\nI \r\nI \r\n \r\n$ \r\n \r\n266,291.93 $ \r\n \r\n294,924. 57 1 \r\n \r\n$ 768,080.58 \r\n \r\n1,165,254.21 75,843.53 \r\n \r\n1,16374,,184843..7425-I, \r\n \r\n$ 768,080.58 $ 1,507,389.67 $ 1,496,952.741 \r\nI \r\n \r\n$ 558,683.56 $ \r\n \r\n773,459.06 $ \r\n \r\n566,387.34 \r\n \r\n164,579.81 17,768.39 39,875.02 3,649.33 1,544.16 \r\n \r\n173,112.41 26,299.91 39,875.02 3,649.33 9,559.57 \r\n529,295.64 \r\n \r\nI 362,274.55 \r\n53,226.81 35,019.13 \r\n1,387.17 1 \r\n6,903.89 22,207.76 453,832.44 \r\nI \r\n \r\n$ 786,100.27 $ 1,555,250.94 $ 1,501,239.091 \r\n \r\ns $ -18,019.69. \r\n \r\n-47,861.27 $ \r\n \r\n-4,286.35 \r\n \r\n12,611.10 \r\n \r\n17,163.57 \r\n \r\n13,154.33 \r\n \r\n$ \r\n \r\n-5,408.59 $ \r\n \r\n-30,697.70 $ \r\n \r\n5,408.59 \r\n \r\n61,431.18 \r\n \r\n8,867.98 \r\nI \r\n54,615.86 1 \r\n \r\n-217.97 -866.14 \r\n \r\n-2,331.49 278.83 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n29,649.37 $ ==~~,6;1,,;4,31;.,1;8~., \r\n \r\n'1 \r\n \r\nI \r\ni \r\n- 23- \r\nI \r\nI \r\nI \r\n \r\n  WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2001 \r\n \r\nSCHEDULE \"1\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food and Nutrition Program Food Services School Breakfast Program National School Lunch Program \r\nTotal Child Nutrition Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Food and Nutrition Program Food Distribution Program (1) \r\nTotal U. S. Department of Agriculture \r\nEducation, U. S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Individuals with Disabilities Education Act Part B - Special Education Flow Through , Preschool Severely Emotionally Disturbed \r\nTotal Special Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Elementary and Secondary Education Act Title I Grants to Local Educational Agencies Title II Eisenhower Professional Development Title III Technology Literacy Challenge Fund Grants Title'll Innovative Education Program Strategies Class Size Reduction Vocational Education - Basic Grants to States High School Program Basic Grant Tech Prep Education \r\nTotal U. S. Department of Education \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nFEDERAL REVENUE IN PERIOD \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10.553 10.555 \r\n \r\nN/A \r\n \r\n$ \r\n \r\nN/A \r\n \r\n$ \r\n \r\n111,091.34 260,529.51 $ \r\n371,620.85 $ \r\n \r\n(2) 503,742.86 (3) \r\n503,742.86 \r\n \r\n10.550 \r\n \r\nN/A $ \r\n \r\n25,552.78 397,173.63 $ \r\n \r\n25,552.78 529,295.64 \r\n \r\n84.027 84.173 84.027 \r\n \r\nN/A \r\n \r\n$ \r\n \r\nN/A \r\n \r\nN/A \r\n \r\n$ \r\n \r\n92,859.00 $ 10,058.00 \r\n1,672.16 \r\n104,589.16 $ \r\n \r\n92,934.67 (3) 10,058.00' \r\n1,672.16 \r\n104,664.83 \r\n \r\n84.010 84.281 84.318 84.298 84.340 \r\n84.048 84.243 \r\n \r\nN/A \r\n \r\n382,322.84 \r\n \r\n382,417.00 (3) \r\n \r\nN/A \r\n \r\n16,000.00 \r\n \r\n16,000.00 \r\n \r\nN/A \r\n \r\n10,425.01 \r\n \r\n10,489.18 (3) \r\n \r\nN/A \r\n \r\n13,517,00 \r\n \r\n25,351.66 (3) \r\n \r\nN/A \r\n \r\n54,485.00 \r\n \r\n54,485.00 \r\n \r\nN/A N/A \r\n$ \r\n \r\n19,537.02 85,638.78 \r\n686,514.81 $ \r\n \r\n19,537.02 85,640.18 (3) \r\n698,584.87 \r\n \r\nDefense, U. S. Department of Direct Department of the Army R.OTC. Program \r\n \r\n$ \r\n \r\n37,166.51 $ \r\n \r\n43,116.14 (3) \r\n \r\n- 24- \r\n \r\n ,i \r\nr \r\nWILCOX COUNTY BOARD OF EDUCATION \r\nSCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2001 \r\n \r\nI \r\nI \r\n \r\n! \r\n \r\nFUNDING AGENCY I PROGRAM/GRANT \r\nLabor, U,S, Department of Pass-Through From Georgia Department of Technical and \r\n \r\nI, \r\nI \r\nCFD.fNUMBER \r\nI I \r\nI \r\n \r\nPASSTHROUGH \r\nENTITY 10 \r\nNUMBER \r\n \r\nFEDERAL REVENUE IN PERIOD \r\n \r\nAdult Education Employment Services and Job Training Pilots Demonstration and Research \r\n \r\n1 \r\nI \r\n17.249 \r\n \r\nN/A \r\n \r\n$ \r\n \r\n44,399.26 \r\n \r\nSCHEDULE \"1\" \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n$ \r\n \r\n44--,3'-9'-9'.-2'-6_ \r\n \r\nTotal Federal Financial Assistance \r\nN/A = Not Available \r\n \r\n$ 1.165,254.21 $===1=,31=5=,39=5=.91= \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\n \r\n(1) The amounts shown for the Food Distribution Program represents t t Federally assigned value of nonmonetary I assistance for donated commodities received and/or consumed by tre system during the current fiscal year. \r\n(2) Expenditures for the School Breakfast Program were not maintained separately and are included in the 2001 National School Lunch Program. \r\n(3) Expenditures for this program include State, and/or Other Funds. Expenditures are not maintained by fund source. \r\nn Major Programs are identified by an asterisk in front of the CFDA number. \r\n \r\nThe Board did not provide Federal Assistance to any Subrecipient. \r\n \r\nThe accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Wilcox County Board of Education and is presented on the modified accrual basis of accounting which is \r\nthe basis of accounting used in the presentation of the general-purpose fi~ancial statements. \r\nI \r\n \r\nSee notes to the general-purpose financial statements. \r\n \r\n- 25- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30 2001 \r\n \r\nSCHEDULE \"2\" \r\n \r\nAGENCY/FUNDING \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nGENERAL \r\n \r\nREVENUE \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nGRANTS \r\n \r\nEducation, Georgia Department of \r\n \r\nQuality Basic Education \r\n \r\nDirect Instructional Cost \r\n \r\nKindergarten Program \r\n \r\n$ 325,907.00 \r\n \r\n$ \r\n \r\nKindergarten Program - Early Intervention Program \r\n \r\n13,775.00 \r\n \r\nPrimary Grades (1-3) Program \r\n \r\n914,014.00 \r\n \r\nPrimary Grades - Early Intervention (1-3) Program \r\n \r\n106.952.00 \r\n \r\nUpper Elementary Grades (4-5) Program \r\n \r\n436,390.00 \r\n \r\nMiddle School (6-6) Program \r\n \r\n750,012.00 \r\n \r\nHigh School General Education (9-12) Program \r\n \r\n720,477.00 \r\n \r\nVocational Laboratory (9-12) Program \r\n \r\n260,736.00 \r\n \r\nStudents with Disabilities' \r\n \r\nCategory II \r\n \r\n171,316.00 \r\n \r\nCategory III \r\n \r\n233,360.00 \r\n \r\nCategory IV \r\n \r\n15,676.00 \r\n \r\nGifted Student - Category VI \r\n \r\n97,966.00 \r\n \r\nRemedial Education Program \r\n \r\n93,043.00 \r\n \r\nAlternative Program . \r\n \r\n63,599.00 \r\n \r\nMedia Center Program \r\n \r\n135,029.00 \r\n \r\nStaff and Professional Development \r\n \r\n32,695.00 \r\n \r\nIndirect Cost \r\n \r\n964,502.00 \r\n \r\nCategorical Grants \r\n \r\nPupil Transportation \r\n \r\nRegular \r\n \r\n236,413.00 \r\n \r\nBus Replacement \r\n \r\n71,434.00 \r\n \r\nSparsity \r\n \r\n162,267.00 \r\n \r\nNursing Services \r\n \r\n44,646.00 \r\n \r\nPrincipal Supplements \r\n \r\n5,396.00 \r\n \r\nVocational Supervisors \r\n \r\n6,670.00 \r\n \r\nEducational Equalization Funding Grant \r\n \r\n465,190.00 \r\n \r\nFood Services . \r\n \r\n$ \r\n \r\n32,076.00 \r\n \r\nVocational Education \r\n \r\n54,607.00 \r\n \r\nOther State Programs \r\n \r\nAt-Risk Summer School Program \r\n \r\n2,179.26 \r\n \r\nHealth Insurance \r\n \r\n62,667.53 \r\n \r\nInnovative Programs \r\n \r\n5,000.00 \r\n \r\nPreschool Handicapped Program \r\n \r\n22,673.00 \r\n \r\nRemedial Summer School \r\n \r\n2,202.36 \r\n \r\nLottery Programs \r\n \r\nComputers in the Classroom \r\n \r\n27,916.00 \r\n \r\nGeorgia State Financing and Investment Commission Reimbursement on Construction Projects \r\n \r\n$ 66,665.00 \r\n \r\nOffice of School Readiness Pre-Kindergarten Program \r\n \r\n206,295.93 \r\n \r\nOffice of Treasury and Fiscal Services PUblic School Employees Retirement \r\n \r\n21,451.00 \r\n \r\nCONTRACTS Human Resources, Georgia Department of Family Connection South Central Health District Tobacco Use Prevention Program \r\n \r\n34,156.06 16,100.00 \r\n \r\nTOTAL \r\n325,907.00 13,775.00 \r\n914,01400 106,952.00 436,390.00 750,012.00 720,477.00 260,736.00 \r\n171,316.00 233,360.00 \r\n15,676.00 97,966.00 93,043.00 63,599.00 135,029.00 32,695.00 964,502.00 \r\n236,413.00 71,434.00 \r\n162,267.00 44,646.00 \r\n5,396.00 6.670.00 465,190.00 32,076.00 54,607.00 \r\n2,179.26 62,667.53 \r\n5,000.00 22,673.00 \r\n2,202.36 \r\n27,916.00 \r\n66,665.00 \r\n206,295.93 \r\n21,451.00 \r\n34,156.06 \r\n16,100.00 \r\n \r\nSee notes to the general-purpose financial statements. \r\n \r\nS 6,595,347.25 $ 266,291.93 $ 66.665.00 $ 6,930,324.16 - 26- \r\n \r\n ,. '1 \r\nWILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2001 \r\n \r\nSCHEDULE \"3\" \r\n \r\nPROJECT \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\n- ,CURRENT ESTIMATED COSTS (2) \r\n \r\nAMOUNT EXPENDED IN CURRENT \r\nYEAR (3) \r\n \r\nAMOUNT EXPENDED \r\nIN PRIOR YEARS (3) \r\n \r\nPROJECT STATUS \r\n \r\nAcquisition, construction and equipping of new middle school, purchasing energy management, HVAC and similar equipment, as well as classroom, media center, laboratory and other furnishings, at the existing education building of the school district. acquisition, construction and equipping a new agriculture science 'building, purchasing. remodeling and renovating lighting on school grounds and athletic fields \r\n \r\nI \r\ns s s 2,000.000.00 2.000,000.00 \r\n \r\ns 47,470.00 1.657.175.49 Ongoing \r\n \r\n(1) The Board's original cost estimate as specified in the resolution ~alling for the imposition of the Local Option \r\n \r\nSales Tax. \r\n \r\n. \r\n \r\n(2) The Board's current estimate of total cost for the projects. tncludes all cost from project inception to completion. \r\n \r\nI \r\n(3) The voters of Wilcox County approved the imposition of a 1% sales tax to fund the above projects and retire \r\n \r\nassociated debt. Amounts expended for these projects may include sales tax proceeds, local property \r\n \r\ntaxes and/or other funds over the life of the projects. \r\n \r\n' \r\n \r\nSee notes to the general-purpose financial statements, \r\n \r\n- 27- \r\n \r\n ,------------------------------------------- \r\n \r\n, \", \r\n \r\nWILCOX COUNTY BOARD OF EDUCATION \r\n \r\nSCHEDULE \"4\" \r\n \r\nGENERAL FUND - OUALITY BASIC EDUCATION PROGRAM (aBE) \r\n \r\nALLOTMENTS AND EXPENDITURES - BY PROGRAM \r\n \r\nYEAR ENDED JUNE 30, 2001 \r\n \r\nTOTAL aBE FORMULA FUNDS \r\n \r\ns \r\n \r\n4,768,297,00 $ 4,851,465,04 $ 319,898.57 $ 5,171,363.61 \r\n \r\n(1) Comprised of State Funds plus Local Five Mill Share. \r\n \r\nSee notes to the general-purpose financial statements, \r\n \r\n- 28- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION . GENERAL FUND - QUALITY BASIC EDUCATION PROGRAM (QBE) \r\nALLOTMENTS AND EXPENDITURES - BY SITE YEAR ENDED JUNE 30, 2001 \r\n \r\nSCHEDULE \"5\" \r\n \r\nWilcox County Middle School Wilcox County Elementary School Wilcox County High School Central Office (Alternative Education Program) \r\nTOTAL \r\n \r\nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) \r\n \r\nELIGIBLE QBE PROGRAM COSTS \r\n \r\n$ \r\n \r\n958,101.00 $ \r\n \r\n891,074.84 \r\n \r\n2,305,519.00 \r\n \r\n2,410,203.54 \r\n \r\n1,252,246.00 \r\n \r\n1,681,980.51 \r\n \r\n69,342.00 \r\n \r\n$ \r\n \r\n4,585,208.00 $ ====\"=b4;,'9;8'3;,~2=5=8;.;8;9' \r\n \r\n(1) Comprised of State Funds plus Local Five Mill Share. \r\n \r\nSee notes to the general-purpose financial statements. - 29- \r\n \r\n SECTION II \r\n( \r\nCOMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n SSEU. \\\\'. HINTON \r\nSTATE AUDITOR (404) 6562174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n2.\"4 Washington Street. S.W.. Suire 214 Atlanta. Georgia 3m34-X4()() \r\nJanuary 25,2002 \r\n \r\nHonorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Wilcox County Board of Education \r\nREPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the financial statements of Wilcox County Board of Education as of and for the year ended June 30, 2001, and have issued our report thereon dated January 25,2002. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general-purpose financial statements. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \r\nCompliance \r\nAs part of obtaining reasonable assurance about whether Wilcox County Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions oflaws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disciosed no instances ofnoncompliance that are required to be reported under Government Auditing Standards. \r\n \r\nII II \r\n2001YB-41 \r\n \r\n !~ - \r\nII \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit, we considered Wilcox County Board of Education's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control over financial reporting. However, we noted a certain matter involving the internal control over financial reporting and its operation that we c~nsider to be a reportable condition. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation of the internal control over financial reporting that, in our judgment, could adversely affect Wilcox County Board of Education's ability to record, process, summarize and report financial data consistent with assertions of management in the financial statements. The reportable condition is described in the accompanying Schedule ofFindings and Questioned Costs as item FS-7561-01-01. \r\nA material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, we consider item FS-7561-01-01 to be a material weakness. \r\n.\\ \r\nThis report is intended solely for the information and use of the management, members of the Wilcox County Board of Education, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n \r\nRWH:as 2001YB-41 \r\n \r\nRus ell W. Hinton State Auditor \r\n \r\n 'V. I \r\n'SSELI. \r\n \r\nHINTOI\" \r\n \r\nSTATE AUDITOR \r\n \r\n1404)656.2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n2:\"4 Washington Street, S.W.. Suite 214 . Atlanta. Georgia 30334-X400 \r\nJanuary 25,2002 \r\n \r\nHonorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Wilcox County Board of Education \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 \r\nLadies and Gentlemen: \r\nCompliance \r\nWe have audited the compliance of Wilcox County Board ofEducation with the types ofcompliance requirements described in the Us. Office of Management and Budget (OMB) Circular A-I33 Compliance Supplement that are applicable to each of its major Federal programs for the year ended June 30, 2001. Wilcox County Board of Education's major Federal program is identified in the Summary of Auditor's Results Section of the accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements oflaws, regulations, contracts and grants applicable to its major Federal program is the responsibility of Wilcox County Board of Education's management. Our responsibility is to express an opinion on Wilcox County Board of Education's compliance based on our audit. \r\nWe conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A133, Audits of States, Local Governments. and NOll-Profit Organizations. Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types ofcompliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Wilcox County Board of Education's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Wilcox County Board of Education's compliance with those requirements. \r\n2001SA-10 \r\n \r\n In our opinion, the Wilcox County Board of Education complied, in all material respects, with the requirements referred to above that are applicable to its major Federal program for the year ended ,June 30, 2001. \r\n \r\nInternal Control Over Compliance \r\n \r\nThe management of Wilcox County Board of Education is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and performing our audit, we considered Wilcox County Board ofEducation's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with OMB Circular A-133. \r\n \r\nOur consideration ofthe internal control over compliance would not necessarily disclose all matters \r\n \r\nin the internal control that might be material weaknesses. A material weakness is a condition in \r\n \r\nwhich the design or operation of one or more ofthe internal control components does not reduce to a \r\n \r\nrelatively low level of risk that noncompliance with applicable requirements of laws, regulations, \r\n \r\ncontracts and grants that would be material in relation to a major Federal program being audited may \r\n \r\noccur and not be detected within a timely period by employees in the normal course of performing \r\n \r\n.their assigned functions. We noted no matters involving the internal control over compliance and its \r\n \r\noperation that we consider to be material weaknesses. \r\n \r\n. \r\n \r\nThis report is intended solely for the information and use of the management, members of the Wilcox County Board of Education, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\n \r\nRespectfully submitted, \r\n~.~ \r\n \r\nRu ell W. Hinton State Auditor \r\n \r\nRWH:as 2001SA-I0 \r\n \r\n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\n.SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2001 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\n, FINDING CONTROL NUMBER AND STATUS \r\n \r\nFS-7561-99-03 FS-7561-00-01 \r\n \r\nFurther Action Not Warranted Unresolved - See Corrective ActionJResponses \r\n \r\nCORRECTIVE ACTION/RESPONSES \r\n \r\nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Finding Control Number: FS-7561-00-01 \r\nDue to current staffing limitations and budgetary considerations prohibiting the hiring of additional staff, the School District has decided not to pursue the recording of general fixed assets on the financial statements. \r\n \r\n SECTION IV FINDINGS AND QUESTIONED COSTS \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n.YEAR ENDED JUNE 30, 2001 \r\nSUMMARY OF AUDITOR'S RESULTS \r\n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Wilcox County Board of Education's financial statements was qualified for various departures from generally accepted accounting principles. \r\n2. Reportable Conditions in Internal Control Disclosed by the Audit of the Financial Statements The audit report for the Wilcox County Board of Education disclosed a financial statement reportable condition related to the following control category. \r\nGeneral Fixed Assets. \r\nThe reportable condition described above is considered to be a material weakness. \r\n3. Noncompliance Material to the Financial Statements The audit of the Wilcox County Board of Education disclosed no instances of noncompliance that were deemed to be material to the financial statements. \r\n4. Reportable Conditions in Internal Control Over Major Programs The audit report for the Wilcox County Board of Education did not disclose any reportable conditions in internal control over major programs. \r\n5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Wilcox County Board ofEducation's report on compliance with requirements applicable to major programs was unqualified. \r\n6. Audit Findings Required to be Reported by Section .5l0(a) ofOMB Circular A-133 The Wilcox County Board of Education's audit did not disclose audit findings required to be reported by section .510(a) ofOMB Circular A-133. \r\n7. Major Programs Federal awards audited as a major program are as follows: 84.010 Elementary and Secondary Education Act - Title! - Grants to Local Educational Agencies \r\n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000.00. \r\n9. Low Risk Auditee The Wilcox County Board of Education qualified as a low risk auditee based on a waiver granted by the U. S. Department of Education. \r\n- 1- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2001 \r\nII . FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group: Reportable Condition - Material Weakness Repeated from Prior Year Finding Control Number: FS-7561-01-01 The Wilcox County Board of Education did not maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. The condition results in the general-purpose financial statements of the School District being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the School District to establish accounting controls and procedures to provide for maintenance of a General Fixed Assets Account Group. These subsidiary records should include an inventory of land, buildings and equipment owned by the School District and should include, but may not be limited to, date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of all additions.and deletions to the General Fixed Assets Account Group. III FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n-2- \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw6-b1999-h2000","title":"Wilcox County Board of Education, Abbeville, Georgia, report on audit of the financial statements, year ended June 30, 2000","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Wilcox County, 31.9729, -83.43236"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2000-06-30"],"dcterms_description":["Began with: Fiscal year ended June 30, 2000; ceased with: Fiscal year ended June 30, 2008.","Report year covers fiscal year.","Has supplements: Wilcox County Board of Education, Abbeville, Georgia, schedule of salaries and travel for the fiscal year ended ..., fiscal year ended June 30, 2000-fiscal year ended June 30, 2002. Report on salary and travel for the fiscal year ended ... (Wilcox County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007. Salaries and travel reimbursement (Wilcox County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2000, released in 2001? (online surrogate); title from PDF cover (Georgia Government Publications database, viewed April 5, 2016).","Fiscal year ended June 30, 2008, released in 2009? (online surrogate); (Georgia Government Publications database, viewed April 5, 2016)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Auditors' reports--Georgia","Financial statements--Georgia","Wilcox County (Ga.). Board of Education--Appropriations and expenditures"],"dcterms_title":["Wilcox County Board of Education, Abbeville, Georgia, report on audit of the financial statements, year ended June 30, 2000"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw6-b1999-h2000"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw6-b1999-h2000"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":" WILCOX COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\nEXHIBITS \r\n \r\nGENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nCOMBINED STATEMENTS - OVERVIEW \r\n \r\nA \r\n \r\nCOMBINED BALANCE SHEET \r\n \r\nALL FUND TYPES AND ACCOUNT GROUP \r\n \r\n2 \r\n \r\nB \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES \r\n \r\nALL GOVERNMENTAL FUND TYPES \r\n \r\n4 \r\n \r\nC \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES - BUDGET AND ACTUAL \r\n \r\n(NON-GAAP BASIS) \r\n \r\nGENERAL AND SPECIAL REVENUE FUNDS \r\n \r\n7 \r\n \r\nD NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\n8 \r\n \r\nADDmONAL FINANCIAL INFORMATION \r\n \r\nCOMBINING STATEMENTS \r\n \r\n.SPECIAL REVENUE FUND \r\n \r\nE \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\n20 \r\n \r\nF \r\n \r\nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \r\n \r\nAND CHANGES IN FUND BALANCES \r\n \r\n22 \r\n \r\nSCHEDULES \r\n \r\n1 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\n24 \r\n \r\n2 SCHEDULE OF STATE REVENUE \r\n \r\n26 \r\n \r\n3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\n \r\n27 \r\n \r\nANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS \r\n \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS \r\n \r\n4 \r\n \r\nOVERALL \r\n \r\n29 \r\n \r\n5 \r\n \r\nBY PROGRAM \r\n \r\n30 \r\n \r\n wacox COUNTY BOARD OF EDUCATION \r\n- TABLE OF CONTENTS - \r\nSECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 \r\nSECTIONID . AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\nSECTIONN FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n SECTION I FINANCIAL \r\n \r\n .. \r\nRUSSELL W. HINTON \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \r\nApril 12,2001 \r\n \r\nHonorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Wilcox County Board of Education \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\nLadies and Gentlemen: \r\n \r\nWe have audited the accompanying general purpose financial statements of the Wilcox County \r\n \r\nBoard of Education, as of and 'for the year ended June 30, 2000, as listed in the table of contents. \r\n \r\nThese general purpose financial statements are the responsibility of the Wilcox County Board of \r\n \r\nEducation's management. Our responsibility is to express an opinion on these general purpose . \r\n \r\nfinancial statements based on our audit. \r\n \r\n. \r\n \r\nWe conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free ofinaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as 'Yell as evaluating the 'overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. \r\n \r\nAs described in the notes to the general purpose financial statements, the Board's fmancial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described as follows: \r\n. * The general purpose financial statements of the Board did not contain a General Fixed \r\nAssets Account Group to account for property and equipment owned by the Board which should be included to conform to generally accepted accounting principles. \r\n \r\n2000ARL-13 . \r\n \r\n .* School activity accounts maintained at the individual schools are not included in the \r\ngeneral purpose financial statements. .To conform to generally accepted accounting principles, these accounts should be included in the general purpose financial statements. \r\n* The Board did not recognize as expenditures, in the year ended June 30, 2000, a portion \r\nof salaries and the corresponding employer's cost of related benefits earned for contractual services completed prior to June 30, 2000. Also funds received, subsequent to June 30, 2000, from the Georgia Department of Education for the State's share of these unrecorded salaries and related benefits were not recorded as revenue in the year under review. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1999, were improperly recorded in the year ended June 30, 2000. To conform to generally accepted accoimtingprinciples, revenues should be recorded when available and measurable and expenditures should be recorded when incurred, rather than when funds are received or disbursed. \r\n \r\nThe aggregate effects on the general purpose financial statements of these variances or omissions have not been determined, but are believed to be material. \r\n \r\nIn our opinion, except for the effects on the general purpose financial statements of the matters referred to in the preceding paragraph, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Wilcox County Board of Education as ofJune 30, 2000, and the results ofits operations for the year then ended, in conformity . with generally accepted accounting principles. \r\n \r\nIn accordance with Government Auditing Standards, we have also issued our report dated April 12, \r\n \r\n2001, on our consideration ofthe Wilcox County Board ofEducation's internal control over financial \r\n \r\nreporting and our tests ofits compliance with certain provisions oflaws, regulations, contracts and \r\n \r\ngrants. That report is an integral part of an audit performed in accordance with Government \r\n \r\nAuditing Standards and should be read in conjunction with this report.inconsidering the results of \r\n \r\nour audit. \r\n \r\n. \r\n \r\nOur audit was performed for the purpose of forming an opinion on the general purpose financial statements of the Wilcox County Board of Education taken as a whoie. The accompanying combining statements (Exhibits E and F) and the fmancial schedules (Schedules 1 through 5), which includes the Schedule ofExpenditures ofFederal Awards as required byU. S. Office ofManagement and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the general purpose financial statements. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and in our opinion, except for the effects of the matters referred to in the third paragraph, such information is fairly stated, in all material respects, in relation to the general purpose financial statements taken as a whole. \r\n \r\n2000ARL.. 13 \r\n \r\n A copy ofthis report has been filed as a pennanent record in the office ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code ofGeorgia Annotated Section 506-24. \r\n \r\nRWH:gp 2000ARL-13 \r\n \r\nRus ell W. Hinton Stat Auditor \r\n \r\n wn..COX COUNTY BOARD OF EDUCAnON \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET \r\nALL FUND TYPES AND ACCOUNT GROUP JUNE 30,2000 \r\n \r\n EXHIBIT \"A\" \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\n$ \r\n \r\n373,120.08 \r\n \r\n56,056.77 \r\n \r\nACCOUNT GROUP \r\nGENERAL LONG-TERM \r\nDEBT \r\n \r\nTOTALS \r\n \r\n(Memorandum Only) \r\n \r\nJUNE 30, 2000 \r\n \r\nJUNE 30, 1999 \r\n \r\n$ \r\n \r\n350,998.52 $ \r\n \r\n345,352.97 \r\n \r\n701,021.35 \r\n \r\n280,295.68 \r\n \r\n. 338,368.03 \r\n \r\n182,193.52 \r\n \r\n$ \r\n \r\n429,176.85 \r\n \r\n3,271.61 3,523.63 \r\n429,176.85 \r\n \r\n5,603.10. 3,244.80 \r\n324,945.16 \r\n \r\n510,823.15 194,716.80 \r\n \r\n510,823.15 194,716.80 \r\n \r\n875,054.84 48,284.00 \r\n \r\n$ \r\n \r\n429,176.85 $ 1,134,716.80 $ 2,531,899.94 $ 2,064,974.07 \r\n \r\n$ \r\n \r\n162,948.28 $. 104,848.67 \r\n \r\n110,838.30 \r\n \r\n100,872.66 \r\n \r\n$ \r\n \r\n194,716.80 \r\n \r\n194,716.80 \r\n \r\n48,284.00 \r\n \r\n940,000.00 \r\n \r\n940,000.00 \r\n \r\n1,200,000.00 \r\n \r\n$ 1,134,716.80 $ 1,408,503.38 $ 1,454,005.33 \r\n \r\n$ \r\n \r\n429,176.85 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n429,176.85 \r\n \r\n$ \r\n \r\n. 78,221.41 $ \r\n \r\n5,408.59 \r\n \r\n1,088.63 \r\n \r\n429,176.85 \r\n \r\n3,271.61 3,523.63 7,865.00 \r\n594,840.84 \r\n$ 1,123,396.56 $ \r\n \r\n137,897.91 1,595.79 \r\n324,945.16 3,959.73 \r\n5,603.10 3,244.80 7,865.00 \r\n125,857.25 \r\n610,968.74 \r\n \r\n$ \r\n \r\n429,176.85 $ 1,134.716.80 $ 2,531,899.94 . $ 2,064,974.07 \r\n \r\n-3- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\n. ALL GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30, 2000 \r\n \r\nREVENUES \r\nState Funds Federal Funds Taxes Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation \r\nCapital Outlay Debt Service \r\nPrincipal Interest \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) \r\nCapital Leases _ Operating Transfers In Operating Transfers Out \r\nTotal Other Financing Sources (Uses) \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \r\nFUND BALANCE JULY 1 \r\nFood Inventory - Net Change in Period Donated Commodities Purchased Food \r\n \r\nGENERAL FUND \r\n \r\nSPECIAL REVENUE \r\nFUND \r\n \r\n$ 5,958,066.28 $ \r\n \r\n294,924.57 \r\n \r\n1,134,883.45 \r\n \r\n1,712,976.74 \r\n \r\n33,857.52 \r\n \r\n67,144.72 \r\n \r\n$ 7.704,900.54 $ 1,496,952.74 \r\n \r\n$ 4,711,050.42 $ \r\n \r\n566,387.34 \r\n \r\n292,932.46 218,711.71 184,636.72 198,942.30 \r\n478 ,964.12 \r\n71,933.30 534,665.03 648,555.45 \r\n8,686.50 2,801.85 74,889.04 \r\n \r\n362,274.55 . 53,226.81 \r\n35,019.13 1,387.17 \r\n6,903.89 22,207.76 453,832.44 \r\n \r\n94,987.20 10.029.30 \r\n \r\n$ 7,531.785.40 $ 1,501,239.09 \r\n \r\n$ \r\n \r\n173,115.14 $ \r\n \r\n-4,286.35 \r\n \r\n$ \r\n \r\n241,420.00 \r\n \r\n$ \r\n \r\n-13,154.33 \r\n \r\n$ \r\n \r\n228,265.67 $ \r\n \r\n$ \r\n \r\n401,380.81 $ \r\n \r\n223,542.72 \r\n \r\n13,154.33 \r\n13,154.33 \r\n8,867.98 54,615.86 \r\n-2,331.49 278.83 \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n$ \r\n \r\n624,923.53 $===6=1'1:,;,4;;;\"31;,;,.1,;,;;8;,,, \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. -4- \r\n \r\n EXHIBIT \"B\" \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE .FUND \r\n \r\nTOTALS \r\n \r\n(Memorandum Only) \r\n \r\nYEAR ENDED \r\n \r\nJUNE 30, 2000 \r\n \r\nJUNE 30,1999 \r\n \r\n$ \r\n \r\n2,100.00 \r\n \r\n$ 6,255,090.85 $ 6,025,717.80 \r\n \r\n1,134,883.45 \r\n \r\n1,103,895.29 \r\n \r\n$ \r\n \r\n412,945.32 \r\n \r\n2,125,922.06 \r\n \r\n1,797,687.64 \r\n \r\n11,886.37 \r\n \r\n112,888.61 \r\n \r\n95,399.48 \r\n \r\n$ \r\n \r\n2,100.00 $ \r\n \r\n424,831.69 $ 9,628,784.97 $ 9,022,700.21 \r\n \r\n$ 5,277,437.76 $ 5,345,329.06 \r\n \r\n$ \r\n \r\n2,100.00 \r\n \r\n655,207.01 271,938.52 184,636.72 233,961.43 480,351.29 \r\n71,933.30 . \r\n534,665.03 655,459.34 \r\n30,894.26 456,634.29 \r\n76,989.04 \r\n \r\n172,482.85 221,335.14 166,422.79 207,466.57 446,455.68 80,870.86 493,449.76 433,792.14 46,651.44 458,016.33 102,213.93 \r\n \r\n$ \r\n \r\n260,000.00 \r\n \r\n60,600.00 \r\n \r\n354,987.20 70,629.30 \r\n \r\n288,453.38 75,862.15 \r\n \r\n$ \r\n \r\n2,100.00 $ \r\n \r\n320,600.00 $ 9,355,724.49 $ 8,538,802.08 \r\n \r\n. \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n104,231.69 $ \r\n \r\n273,060.48 $ \r\n \r\n483,898.13 \r\n \r\n$ \r\n \r\n241,420.00 $ \r\n \r\n48,284.00 \r\n \r\n13,154.33 \r\n \r\n33,723.76 \r\n \r\n-13,154.33 \r\n \r\n-33,723.76 \r\n \r\n$ \r\n \r\n241,420.00 $ \r\n \r\n48,284.00 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n104,231.69 $ \r\n \r\n514,480.48 $ \r\n \r\n532,182.13 \r\n \r\n7,865.00 \r\n \r\n324,945.16 \r\n \r\n610,968.74 \r\n \r\n77,131.29 \r\n \r\n-2,331.49 278.83 \r\n \r\n1,696.26 -40.94 \r\n \r\n$ \r\n \r\n7,865.00 $ \r\n \r\n429,176.85 $ 1,123,396.56 $ =====6=1=O,,,,,,9=68;;,;;.7;.;;:4~ \r\n \r\n-5- \r\n \r\n ' \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION . COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nBUDGET AND ACTUAL INON-GAAP BASIS) GENERAL AND SPECIAL REVENUE FUNDS \r\nYEAR ENDED JUNE 30, 2000 \r\n \r\nEXHIBIT\"C\" \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. \r\n. 7 \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT liD\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2000 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nREPORTING ENTITY \r\n \r\nThe Wilcox County Board of Education (Board) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the Board is a primary government and consists of all the organizations that compose its legal entity. \r\n \r\nFUND ACCOUNTING \r\n \r\nThe Board uses funds and an account group to report on its financial position and 'the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A ,fund is a separate accounting entity with a self-balancing set of accounts. An account group is a 'financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. \r\n \r\nGeneral Fixed Assets are recorded as expenditures in the various funds at the time of purchase. A \r\n \r\nGeneral Fixed Assets Account Group is not presently maintained by the Board. To conform to \r\n \r\ngenerally accepted accounting principles, a General Fixed Assets Account Group should be \r\n \r\nmaintained for reporting the cost of assets acquired by governmental fund types. \r\n \r\n' \r\n \r\nAlthough \"school activity accounts\" are maintained at the individual schools, neither the assets, \r\nliabilities and fund equity, nor the reven':les, expenditures and changes in fund balances of these \r\naccounts are reflected in these financial statements. To conform to generally accepted accounting principles, th~se accounts should be recorded in the general purpose financial statements.' \r\n \r\nThe general purpose financial statements account for all State, Federal, Taxes and Other funds under control of the Board, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: \r\n \r\n.. GOVERNMENTAL FUND TYPES - are used to account for all or most ofa Board's educational activities. Governmental Fund Types include: \r\n \r\nGENERAL FUND - the fund used to account for all financial resources ofthe Board except those r~quired to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. \r\n \r\n-8- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2000 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nSPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are received primarily from the Georgia Department of Education and from the Federal government to accomplish specific educational objectives. \r\nCAPITAL PROJECTS FUND - the fund used to account for fmancial resources to be used for the acquisition or construction of major capital facilities. \r\nDEBT SERVICE FUND - the fund used to account for the accumulation ofresources for, and the payment of, general long-term principal, interest and paying agent fees. \r\nACCOUNT GROUP \r\nGENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reporting device used to account for general obligation debt outstanding and capital lease obligations. \r\nBASIS OF ACCOUNTING \r\nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements ofthese funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of ava~lable spendable resources. \r\nLiabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group. \r\nGovernmental funds are accounted for using the modified accrual basis of accounting under which: \r\nRevenues are recognized when susceptible to accrual (i.e., ~hen they become both measurable and available). \"Measurable\" means the amount of the transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Those revenues considered susceptible to accrual are property taxes, local option sales taxes, intergovernmental grants and investment income. \r\nExpenditures are generally recognized when the related fund liability is incurred. \r\nA departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share of these contracts. During fiscal year 2000, a substantial number of personnel of the Board were employed for a one hundred and ninety day \r\n-9- \r\n \r\n WILCOX COUNTY BOARD OF EDUCAnON \r\n \r\nEXHffiIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2000 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nperiod beginning in late August 1999 and ending in early June 2000. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in Septembe~ 1999 and ending in August 2000. State grants to fund the,State's share of these . . c(:mtracts were disbursed from the Georgia Department ofEducation to the Board in the same twelve months. As ofJune 30,2000, compensation under these employment contracts had been earned, but tWo of the twelve monthly payments, due for July and August 2000,'had not been made. Payments for these two months were made and recorded as expenditures by the Board subsequent to June 30, 2000. Also, the State's portion ofthe compensation paid in July and August 2000 was received and recorded as revenue in the fiscal year subsequent to June 30, 2000. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1999, were recorded in the year ended June 30, 2000. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditUres be recorded when incurred, rather than when funds are received or disbursed. \r\nBUDGET \r\nThe Wilcox County Board of Education's budget is a complete financial plan for the Board's fiscal year and is based upon estimates ofexpenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. ' The budget for all governmental funds is prepared by fund, function and object. The legal level ofbudget control was 'established by the Board at the aggregate level. The budget for governmental funds was prepared on a basis other than generally accepted accounting pnn.ciples. \r\n,. \r\nThe budget process begins when the Board's administration' prepares a tentative budget for the Board's approval. After approval ofthis tentative budget by the Board, such budget is advertised at least once in a' newspaper of general circulation in the locality. At the next regular meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This fmal budget is then submitted, in accordance with provisions of the Quality Basic Education Act, bCGA Section 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the .year. All unexpended budget authority lapses at fiscal year-end. \r\nThe Statement .ofRevenues, Expenditures and Changes in Fund Balances - Budget and Actual ; presents actual and budgeted data for the General Fund and Special Revenue Fund. To facilitate \r\ncomparison with the budget,the following adjustments have been made to fund balance as reflected on Exhibit \"B\" of this report: \r\n \r\n- 10- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\nEXHffiIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2000 \r\n \r\n- \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nSpecial Revenue \r\nFund \r\n \r\nFUND BALANCE JULY 1, 1999 \r\n \r\n$ 54,615.86 \r\n \r\nAdjustments Inventories - July 1, 1999 Food Donated Commodities Purchased Foods \r\n \r\n-5,603.10 -3,244.80 \r\n \r\nFund Balance July 1, 1999 (Budget Basis) \r\n \r\n$ 45,767.96 \r\n \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \r\n \r\n8,867.98 \r\n \r\nFUND BALANCE JUNE 30, 2000 (Budget Basis) \r\n \r\n$ 54.635.94 \r\n \r\nCASH AND CASH EQUIVALENTS \r\n \r\nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits in authorized financial institutions. Georgia Laws OCGA 45-8-14 authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. \r\n \r\nINVESTMENTS \r\n \r\nCOMPOSITION OF INVESTMENTS Investments made by the Board in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a.maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value, The Official Code of Georgia Annotated Section 36-83-4 authorizes the Board to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given . equivalent conditions of safety and liquidity. Funds may be invested in the following: \r\n \r\n(1) Obligations issued by the State of Georgia or by other states, \r\n \r\n(2) Obligations issued by the United States government, \r\n \r\n- 11 - \r\n \r\n ) \r\n \r\nWILCOX COUNTY BOARD OF EDUCATION \r\n \r\nEXHIDIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2000 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\n(3) Obligations fully insured or guaranteed by' the United States government or a United States government agency, \r\n \r\n(4) \r\n \r\nObligations \r\n \r\nof \r\n \r\nany \r\n \r\ncorp,oration \r\n \r\nof \r\n \r\nthe \r\n \r\nUnited \r\n \r\nStates \r\n \r\ngovernment, \r\n. ,- \r\n \r\n(5) Prime banker's acceptances, \r\n \r\n(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \r\n \r\n(7) Repurchase agreements, and \r\n \r\n- I' \r\n \r\n(8) Obligations of other political subdivisions of the State of Georgia. \r\n \r\nRECEIVABLES . \r\n \r\nReceivables.consist of grant reimbursements due on Federal, State.or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for ail allowance for uncollectible receivables.. \r\n \r\nPROPERTY TAXES \r\n- \r\nThe Wilcox County Board of Commissioners fixed the property tax levy for the 1999 tax year (calendar year) on October 15, 1999 (levy date). Taxes were due on December 20, 1999. The lien date for property taxes was January 1, 1999. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 2000. The Wilcox CouIrty Tax Commissioner bills and collects the property taxes for the Board of Education, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the Board. \r\n \r\nThe tax millage rate levied for the 1999 tax year (calendar year) for the Wilcox County Board of Education\"was as follows (a mill equals $1 per thousand dollars of aSsessed value): \r\n \r\nSchool Operations SALES TAXES ' \r\n \r\n12.61 mills \r\n \r\nSpecial Purpose Local Option Sales Tax is to be used for capital outlay for educational purposes and debt service. Special Purpose Local Option Sales Tax revenue during the fiscal year amounted to $412,945.32 and was recorded in the Debt Service Fund. The State will terminate collection ofthis tax once an additional $852,917.89 has been collected.or on June 30, 2002, whichever occurs first. \r\n \r\n- 12 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\nEXHffiIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nniNE 30, 2000 \r\n \r\nNote I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nINVENTORIES \r\nFOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost (weighted average). Donated food commodities are recorded as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time ofpurchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations of fund balance which indicates that these amounts do not constitute \"available spendable resources\" even though they are a component of net current assets. \r\nGENERAL OBLIGATION BONDS \r\nThe Board issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. Bond premiums and discounts, as well as issuance costs,are recognized in the financial statements during the year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit ofthe government. The outstanding amount ofthese bonds is recorded in the General Long-Term Debt Account Group. \r\nINTERFUND TRANSACTIONS \r\nThe Board has the following types of interfund transactions: \r\nReimbursements ofexpenditures initially made from a fund that are properly applicable to another fund are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that\" is reimbursed. \r\nOperating transfers are recorded for all interfund transactions other than reimbursements. \r\nMEMORANDUM ONLY - TOTAL COLUMNS \r\nTotal columns on the general pUrpose financial statements -are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results ofoperations in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. Certain reclassifications have been made to the comparative data to conform to the current year classifications. \r\n \r\n- 13- \r\n \r\n , WILCOX COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2000 \r\n \r\nNote 2: DEPOSITS \r\nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum ofmoney which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate ofthe face value of such surety bond and the market value of securities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. \r\n .If a depository electsthe pooled method (OCGA 45-8-13.1) theaggregate ofthe market value ofthe \r\nsecurities pledged to secure a pool ofpublic funds shall be not less than 11 percent ofthe daily pool , balance. OCGA Section 45-8:-11 (b) provides.an officer holding public funds may, in his discretion, . waive the requirement for security in the case ofoperating funds placed in demand deposit checking \r\naccounts. \r\nAcceptable security for deposits consists of anyone of or any combination ofth~ following: \r\n(1) Surety bond signed bya surety company duly qualified and authorized to transact business within the State of Georgia, \r\n(2) Insurance on accounts provided by the FederalDeposit Insurance Corporation, \r\n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United .States or of the State of Georgia, \r\n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n(5) Bonds of any public authority-created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws ofthe State of Georgia, and \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other- obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan ;Bank, the Federal Intermediate ,Credit .Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\nCATEGORIZAnON OF DEPOSITS Atlune 30, 2000, the bankbahmces were $1,993,121.84. The amounts ofthe total bank balances are classified into three categories of credit risk: \r\n \r\n.- 14- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\nEXHffiIT ltD\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2000 \r\n \r\nNote 2: DEPOSITS \r\n \r\nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Board or by the Board's agent in the Board's name. \r\nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Board's name. \r\nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Board's name.) \r\n \r\nThe Board's deposits are classified by risk category at June 30, 2000, as follows: \r\n \r\nRisk Category \r\n \r\nBank Balance \r\n \r\n1 \r\n \r\n$ 632,279.12 \r\n \r\n2 \r\n \r\n1,078,823.26 \r\n \r\n3 \r\n \r\n282,019.46 \r\n \r\nTotal \r\n \r\n$ 1.993,121.84 \r\n \r\nNote 3: NON-MONETARY TRANSACTIONS \r\n \r\nThe Board receives food commodities from the United States Department ofAgriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories \r\n \r\nNote 4: RISK MANAGEMENT \r\n \r\nThe Board is exposed to various risks ofloss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; natural disaster and unemployment compensation. \r\n \r\nThe Board has obtained commercial insurance for risk ofloss associated with torts, assets and errors or omissions. The Board has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Board's insurance coverage in any of the past three years. \r\n \r\nThe Board has elected to self-insure for all losses related to natural disaster. The Board has not experienced any losses related to this risk in the past three years. \r\n \r\nThe Board is self-insured with regard to unemployment compensation c1aims.- The Board accounts for claims within the General Fund with expenditure and liability being reported when it is probable that a loss has occurred, and the amount ofthat loss can be reasonably estimated. The Board has not experienced any unemployment compensation claims during the last two years. \r\n \r\n- 15 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT tiD\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS. \r\n \r\nJUNE 30, 2000 \r\n \r\nNote 4: RISK MANAGEMENT \r\n \r\nThe Board participates in the Georgia Education Workers' Compensation Trust, a public entity risk pool organized on December 1, 1991, to develop, implement and administer a program of workers' compens'ation self-insurance for its member organizations. The Board pays an annual premium to the Trust for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Trustwith the United States Fidelity and Guaranty Company to provide coverage fo.r potentiat losses sustained by the Trust in excess of $250,000.00 loss per occurrence, up to $2,000,000.00. \r\n \r\nThe \r\n \r\nBoard \r\n \r\nhas \r\n \r\npurchased , \r\n \r\nsurety \r\n \r\nbond.s \r\n \r\nto \r\n \r\nprovide \r\n \r\nadditional \r\n \r\ninsurance \r\n \r\ncoverage \r\n \r\nas \r\n \r\nfollows: \r\n \r\n.Position Covered \r\n \r\nAmount \r\n \r\nSuperintendent Assistant Superintendent : , Each Principal \r\n \r\n'.. \r\n$ 10,000.00 $ 10,000.00 $ 10,000.00 \r\n \r\nNote 5: ' GENERAL LONG-TERM DEBT \r\n \r\nCAPITAL LEASES The Wilcox County Board of Education has entered into various lease agreements as lessee for buses., These lease agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at the present value of the future minimum lease payments as of the date of their inception. \r\n \r\nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: \r\n \r\nPurpose \r\n \r\nInterest Rate \r\n \r\nAmount \r\n \r\nGeneral Government - Series 1997 \r\n \r\n5.05% \r\n \r\n$ 940,000.00 \r\n \r\nThe changes in General Long-Term,Debt during th,e fiscal year ended JUne 30,.2000, were as follows: . \r\n \r\n- 16- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\nEXHmIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2000 \r\n \r\nNote 5: GENERAL LONG-TERM DEBT \r\n \r\nCapital Leases \r\n \r\nGeneral Obligation \r\nBonds \r\n \r\nTotal \r\n \r\nBalance July 1, 1999 \r\n \r\n$ 48,284.00 $ 1,200,000.00 $ 1,248,284.00 \r\n \r\nAdditions Capital Leases \r\n \r\n241,420.00 \r\n \r\n241,420.00 \r\n \r\nDeductions Debt Retired \r\n \r\n94,987.20 \r\n \r\n260,000.00 \r\n \r\n354,987.20 \r\n \r\nBalance June 30, 2000 \r\n \r\n$ 194.716.80 $ 940,000.00 $ 1.134.716.80 \r\n \r\nAt June 30, 2000, payments due by fiscal year which includes principal and interest for these items are as follows: \r\n \r\nFiscal Year Ended June 30 \r\n \r\nCapital Leases \r\n \r\nJGeneral Obligation \r\nBonds \r\n \r\nTotal Debt \r\n \r\n2001 2002 2003 \r\n \r\n$ 105,01.6.50 $ 322,470.00 $ 427,486.50 \r\n \r\n105,016.50 \r\n \r\n378,582.50 \r\n \r\n483,599.00 \r\n \r\n336,160.00 \r\n \r\n336,160.00 \r\n \r\nTotal Principal and Interest -$ 210,033.00 $ 1.037.212.50 $ 1.247.245.50 \r\n \r\nDeduct: Imputed Interest \r\n \r\n15.316.20 \r\n \r\nNet Present Value of Future Minimum Lease Payments $ 194.716.80 \r\n \r\nNote 6: ON-BEHALF PAYMENTS \r\n \r\nThe Board has recognized revenues and expenditures in the amount of $100,015.65 for health insurance and retirement contributions paid on the Board's behalfby the following State Agencies. \r\n \r\nGeorgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance of Non-Certified Personn~1 In the amount of $78,090.65 \r\n \r\n- 17 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCAnON \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2000 \r\n \r\nNote 6: ON-BEHALF PAYMENTS \r\n \r\nOffice of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of$21,925.00 \r\n \r\nNote 7: SIGNIFICANT COMMITMENTS \r\n \r\nThe following is an analysis ofsignificant outstanding construction or renovation contracts executed by the Board as of June 30, 2000, together with funding available: \r\n \r\nProject \r\n \r\nUnearned Executed Contracts \r\n \r\nFunding Available From State \r\n \r\nLW 00-99S-856-009 \r\n \r\n$ 81.242.00 $ 68,685.00 \r\n \r\nThe amounts described in this note are not reflected in the general purpose financial statements. \r\n \r\nNote 8: CONTINGENT LIABILITIES: \r\n \r\n. Amounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant terms. The Board believes that such disallowances, if any, will be immaterial to its overall financial position. \r\n \r\nNote 9: RETIREMENT PLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\n \r\nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System ofGeorgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides servi~e retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Depa.rtrnent of Audits and Accounts. ' \r\n \r\nTRS CONTRIBUTIONS REQUIRED AND MADE 'Employees of the Board who are covered by TRS are required by State statute. to contribute 5% of their gross earnings to TRS. The Board makes monthly. employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 11.29% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\n- 18- \r\n \r\n WILCOX COUNTY BOARD OF EDUCAnON \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2000 \r\n \r\nNote 9: RETIREMENT PLANS \r\nFiscal Year \r\n2000 1999 1998 \r\n \r\nPercentage Contributed \r\n100% 100% 100% \r\n \r\nRequired Contribution \r\n$ 583,625.85 $ 561,288.61 $ 537,323.44 \r\n \r\n- 19- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 2000 \r\n \r\nASSETS \r\n. Cash and Cash Equivalents \r\nAccounts Receivable \r\nInventories Food Donated Commodities Purchased Food \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nLOTIERY PROGRAMS \r\n \r\n$ \r\n \r\n78,137.01 $ \r\n \r\n35,050.49 \r\n \r\n951.43 \r\n \r\n5,888.79 \r\n \r\n3,271.61 3,523.63 \r\n \r\nTotal Assets \r\n \r\n$ \r\n \r\n85,883.68 $ ===4=0=,9=39=.=28== \r\n \r\nLIABILITIES AND FUND EQUITY \r\nLIABILITIES \r\nCash Overdraft Accounts Payable Salaries Payable \r\nTotal Liabilities \r\nFUND EQUITY . \r\nFund Balances Reserved For Continuation of Federal Programs For Continuation of State Programs For Inventories Food Donated Commodities Purchased Food Unreserved Undesignated \r\nTotal Fund Equity \r\nTotal Liabilities and Fund Equity \r\n \r\n$ \r\n \r\n4,889.40 $ \r\n \r\n15,663.13 \r\n \r\n26,060.32 \r\n \r\n24,187.52 \r\n \r\n$ \r\n \r\n30,949.72 $ \r\n \r\n39,850.65 \r\n \r\n$ \r\n \r\n$ \r\n \r\n3,271.61 \r\n \r\n3,523.63 \r\n \r\n48,138.72 \r\n \r\n$ \r\n \r\n54,933.96 $ \r\n \r\n1,088.63 \r\n0.00 1,088.63 \r\n \r\n$ \r\n \r\n85,883.68 $ ===4=0=,9=3=9.=28== \r\n \r\nSee notes to the general purpose financial statements. 20 \r\n \r\n - \r\nEXHIBIT\"E\" \r\n \r\nFEDERAL PROGRAMS \r\n \r\nTOTALS \r\n \r\nJUNE 30, 2000 \r\n \r\nJUNE 30, 1999 \r\n \r\n$ \r\n \r\n113,18i50 $ \r\n \r\n105,011.74 \r\n \r\n$ \r\n \r\n104,005.56 \r\n \r\n110,845.78 \r\n \r\n85,597.89 \r\n \r\n3,271.61 3,523.63 \r\n \r\n5,603.10 3,244.80 \r\n \r\n$ \r\n \r\n104,005.56 $ \r\n \r\n230,828.52 $ ===1=99:::!:.4=5;,;,;7.=53= \r\n \r\n$ \r\n \r\n6.427.23 $ \r\n \r\n6.427.23 $ \r\n \r\n2,768.44 \r\n \r\n31,579.28 \r\n \r\n52,131.81 \r\n \r\n41,200.57 \r\n \r\n60.590.46 \r\n \r\n110.838.30 \r\n \r\n100,872.66 \r\n \r\n$ \r\n \r\n98,596.97 $ \r\n \r\n169,397.34 $ \r\n \r\n144,841.67 \r\n \r\n$ \r\n \r\n5.408.59 $ \r\n \r\n5.408.59 $ \r\n \r\n1,595.79 \r\n \r\n1.088.63 \r\n \r\n3,271.61 3,523.63 \r\n \r\n5,603.10 3,244.80 \r\n \r\n0.00 \r\n \r\n48,138.72 \r\n \r\n44,172.17 \r\n \r\n$ \r\n \r\n5,408.59 $ \r\n \r\n61.431.18 $ \r\n \r\n54,615.86 \r\n \r\n$ \r\n \r\n104,005.56 $ \r\n \r\n230,828.52 $ ==1=:9:=9=:.4=57::;.5=3= \r\n \r\n- 21 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nSPECIAL REVENUE FUND YEAR ENDED JUNE 30, 2000 \r\n \r\nREVENUES \r\nState Funds Federal Funds Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services' Pupil Services Improvement of Instructional Services General Administration School Administration Student Transportation Services Other Support Services Food Services Operation \r\nCapital Outlay \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expendit!Jres \r\nOTHER FINANCING SOURCES \r\nOperating Transfers In \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures \r\nFUND BALANCE JULY 1 \r\nFood Inventory - Net Change in Period Donated Commodities . Purchased Food \r\nFUND BALANCE JUNE 30 \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\n.LOTIERY PROGRAMS \r\n \r\n$ \r\n \r\n31,690,00 $ \r\n \r\n358,964.27 \r\n \r\n67,144.72 \r\n \r\n$. 457,798.99 $ \r\n \r\n263,234.57 263,234.57 \r\n \r\n$ \r\n \r\n239,011.79 \r\n \r\n8,115.28 ' 8,114.98 \r\n \r\n$ \r\n \r\n453,832.44 \r\n \r\n6,903.89 \r\n \r\n$ \r\n \r\n453,832.44 $ \r\n \r\n262,145.94 \r\n \r\n$ \r\n \r\n3,966.55 $ \r\n \r\n1,088.63 \r\n \r\n$ \r\n \r\n3,966.55 $ \r\n \r\n53,020.07 \r\n \r\n-2,331.49 278.83 \r\n \r\n1,088.63 0.00 \r\n \r\n$ \r\n \r\n54,933.96 $ ==~1=,0=88=.6=3= \r\n \r\nSee notes to the general purpose financial statements. - 22- \r\n \r\n EXHIBIT \"F\" \r\n \r\nFEDERAL PROGRAMS \r\n \r\nTOTALS \r\n \r\nYEAR ENDED \r\n \r\nJUNE 30, 2000 \r\n \r\nJUNE 30, 1999 \r\n \r\n$ \r\n \r\n294,924.57 $ \r\n \r\n250,459.61 \r\n \r\n$ \r\n \r\n775,919.18 \r\n \r\n1,134,883.45 \r\n \r\n1,103,895.29 \r\n \r\n67,144.72 \r\n \r\n60,643.53 \r\n \r\n$ \r\n \r\n775,919.18 $ 1,496,952.74 $ 1,414,998.43 \r\n \r\n$ \r\n \r\n327,375.55 $ \r\n \r\n566,387.34 $ \r\n \r\n856,344.83 \r\n \r\n354,159.27 45,111.83 35,019.13 1,387.17 \r\n22,207.76 \r\n \r\n362,274.55 53,226.81 35,019.13 1,387.17 6,903.89 22,207.76 \r\n453,832.44 \r\n \r\n14,633.00 23,881.99 38,649.80 \r\n2,791.40 35.16 \r\n38,532.73 455,240.85 \r\n4,234.00 \r\n \r\n$ \r\n \r\n785,260.71 $ 1,501,239.09 $ 1,434,343.76 \r\n \r\n$ \r\n \r\n-9,341.53 $ \r\n \r\n-4,286.35 $ \r\n \r\n-19,345.33 \r\n \r\n13,154.33 \r\n \r\n13,154.33 \r\n \r\n25,858.76 \r\n \r\n$ \r\n \r\n3,812.80 $ \r\n \r\n8,867.98 $ \r\n \r\n6,513.43 \r\n \r\n1,595.79 \r\n \r\n54,615.86 \r\n \r\n46,447.11 \r\n \r\n-2,331.49 278.83 \r\n \r\n1,696.26 -40.94 \r\n \r\n$ \r\n \r\n5,408.59 $ \r\n \r\n61,431.18 $ ===5=:4:!::,6=15=.8=6= \r\n \r\n- 23- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30. 2000 \r\n \r\nSCHEDULE \"1\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY 10 \r\nNUMBER \r\n \r\nFEDERAL REVENUE IN PERIOD \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\nAgriculture, U.S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food and Nutrition Program Food Services School Breakfast Program National School Lunch Program \r\n \r\n. 10.553 10.555 \r\n \r\nTotal Child Nutrition Cluster \r\n \r\nNlA \r\n \r\n$ 99,575.87 \r\n \r\nNlA \r\n \r\n241,121.35 $ \r\n \r\n$ 340,697.22 '$ \r\n \r\n(2) 435.565.39 (3) \r\n435.565.39 \r\n \r\nOther Programs Pass-Through From Georgia Department of Education Food and Nutrition Program Food Distribution Program (1) \r\nTotal U. S. Department of Agriculture \r\n \r\n10.550 \r\n \r\nN/A \r\n \r\n18.267.05 \r\n \r\n$ 358,964.27 $ \r\n \r\n18,267.05 453,832.44 \r\n \r\nEducation. U. S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Individuals with Disabilities Education Act Part B - Special Education Flow Through Preschool Severely Emotionally Disturbed \r\nTotal Special Education Cluster \r\n \r\n84.027 84.173 84.027 \r\n \r\nNlA $ N/A N/A \r\n,\" \r\n$ \r\n \r\n72,467.25 $ 9,675.00 2,440.00 \r\n84,582.25 $ \r\n \r\n72.691.81 (3) 9,675.00 2,440.00 \r\n84,806.81 \r\n \r\nOther Programs Pass-Through From Georgia Department of Education. Elementary and Secondary Education Act Title I Grants to Local Educational Agencies Title II Eisenhower Professional Development Title III Technology Literacy Challenge Fund Grants Title VI Innovative Education Program Strategies Class Size Reduction Vocational Education - Basic Grants to States High School Program Basic Grant Tech-Prep Education \r\nTotal U. S. Department of Education \r\n \r\n84.010 84.281 84.318 84.298 84.340 \r\n84.048 84.243 \r\n \r\nNlA \r\n \r\n. 410,282.30 \r\n \r\n411,806.93 (3) \r\n \r\nNlA \r\n \r\n16,000.00 \r\n \r\n16,493.90 (3) \r\n \r\nNlA \r\n \r\n122,043.39 \r\n \r\n122,273.81 (3) \r\n \r\nNlA \r\n \r\n13,197.00. \r\n \r\n13,197.00 \r\n \r\nN/A \r\n \r\n50,198.00 . \r\n \r\n44.883.57 (3) \r\n \r\nNlA NlA \r\n-'\"'' (' \r\n \r\n25,985.73 18,500.00 \r\n$ 740,788.67 $ \r\n \r\n33,012.06 (3) 18,500.00 \r\n744,974.08 \r\n \r\nDefense, U. S. Department of Direct Department of the Army R.O.T.C. Program \r\n \r\n$ 35.130.51' \r\n \r\n(4) \r\n \r\nTotal Federal Financial Assistance \r\nNlA = Not Available \r\n \r\n24 - \r\n \r\n$ 1,134,883.45 $ 1,198.806.52 \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2000 \r\n \r\nSCHEDULE \"'\" \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\n(1) The amounts shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the system during the current fiscal year. \r\n(2) Expenditures for the SChool Breakfast Program were not maintained separately and are induded in the 2000 National SChool LunCh Program. \r\n(3) Expenditures for this program indude State. and/or Other Funds. Expenditures are not maintained by fund source. \r\n(4) Expenditures on this program were not maintained by fund source. \r\nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \r\nThe Board did not provide Federal Assistance to any Subredpient. \r\nThe accompanying sChedule of expenditures of Federal awards indudes the Federal grant activity of the Wilcox County Board of Education and is presented OR the modified accrual basis of accounting whiCh is the basis of accounting used in the presentation of the general purpose finandal statements. \r\n \r\n~. \r\nSee notes to the general purpose finandal statements. \r\n- 25- \r\n \r\n WILCOX COUNTY'BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2000 \r\n \r\nSCHEDULE \"2\" \r\n \r\nAGENCY/FUNDING \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nGENERAL \r\n \r\nREVENUE \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\nGRANTS Education, Georgia Department of Quality Basic Education General and Career Education Programs Special Education Programs Remedial Education Program Media Center Programs Staff Development Programs Indirect Cost Pupil Transportation Regular Bus Replacement Sparsity Grant Middle School Incentive Program In-School Suspension Mid-term Adjustment Counselors Technology Specialist Local Five Mill Share Educational Equalization Formula Food Services Vocational Education Other State Programs At-Risk Summer School Program Health Insurance Innovative Programs Preschool Handicapped Program Remedial Summer School Year 2000 Project Funding Lottery Programs Assistive Technology Computers in the Classroom Distant Leaming \r\nGeorgia State Financing and Investment Commission Reimbursement on Construction Projects \r\n \r\n$ 3,442,035.00 \r\n446,096.00 114,206.00 138,418.00 \r\n32,973.00 859,226.00 \r\n238,477.00 52,740.00 \r\n132,172.00 120,480.00 \r\n79,348.00 127,137.00 \r\n13,077.00 28,842.00 -476,941.00 424,663.00 \r\n$ 31,690.00 \r\n51,173.00 \r\n3,795.00 78,090.65 \r\n5,000.00 20,897.00 \r\n2,318.13 1,918.50 \r\n9,115.74 53,000.00 \r\n2,850.00 \r\n \r\n$ 3,442,035.00 \r\n446,096.00 114,206.00 138,418.00 \r\n32,973.00 859,226.00 \r\n238,477.00 52,740.00 \r\n132,172.00 120,480.00 \r\n79,348.00 127,137.00 \r\n13,077.00 28,842.00 -476,941.00 424,663.00 31,690.00 51,173.00 \r\n3,795.00 78,090.65 \r\n5,000.00 20,897.00 \r\n2,318.13 1,918.50 \r\n9,115.74 53,000.00 \r\n.2,850.00 \r\n \r\n$ 2,100.00 \r\n \r\n2,100.00 \r\n \r\nOffice of School Readiness Pre-Kindergarten Program \r\n \r\n198,268.83 \r\n \r\n198,268.83 \r\n \r\nOffice of Treasury and Fiscal Services Public School Employees Retirement \r\n \r\n21,925.00 \r\n \r\n21,925.00 \r\n \r\n$ 5,958,066.28 $ 294,924.57 $ 2,100.00 $ 6,255,090.85 \r\n \r\nSee notes to the general purpose financial statements, \r\n \r\n- 26- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2000 \r\n \r\nSCHEDULE \"3\" \r\n \r\nPROJECT \r\nAcquisition, construction and equipping of new middle school, purchasing energy management, HVAC and similar equipment, as well as classroom, media center, laboratory and other furnishings, at the existing education building of the school district, acquisition, construction and equipping a new agriCUlture science building, purchasing, remodeling and renovating lighting on school grounds and athletic fields \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n \r\nAMOUNT EXPENDED IN CURRENT \r\nYEAR (3) \r\n \r\nAMOUNT EXPENDED \r\nIN PRIOR YEARS \r\n \r\n$ 2,000,000.00 $ 2,000,000.00 $ 60,600.00 $ 1,596,575.49 \r\n \r\n(1) The Board's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \r\n(2) The Board's current estimate of total cost for the projects. Includes all cost from project inception to completion. \r\n(3) The voters of Wilcox County approved the imposition of a 1% sales tax to fund the above project and retire associated debt. Amounts expended for this project may include sales tax proceeds, local property taxes and/or other funds over the life of the project. \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 27- \r\n \r\n  WILCOX COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30, 2000 \r\n \r\nSCHEDULE \"4\" \r\n \r\nMinimum Expenditure Requirements (Total Allotment) Expenditures on Combined Program Basis \r\nSalaries Operations Expenditures per Audit \r\nAmount of Underexpenditure for Total Allotment \r\n \r\nFOURTEEN WEIGHTED AND MEDIA CENTER \r\nPROGRAMS \r\n \r\n100% TEST FOR OPERATIONS PORTION OF FOURTEEN WEIGHTED PROGRAMS \r\n \r\n$ \r\n \r\n4,267,892.00 $ \r\n \r\n114,450.00 \r\n \r\n$ \r\n \r\n4.184,428.09 \r\n \r\n202,897.15 $ \r\n \r\n$ \r\n \r\n4,387,325.24 \r\n \r\n177,924.40 \r\n \r\n$ \r\n \r\n0.00 $=====0=.00= \r\n \r\nSee notes to the general purpose financial statements. - 29 - ' \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS BY PROGRAM \r\nGENERAL FUND QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30, 2000 \r\n \r\n SCHEDULE \"5\" \r\n \r\nEDUCATION TOTAL \r\nREQUIRED \r\n \r\nACTUAL EXPENDITURES \r\n \r\nSALARIES \r\n \r\nOPERATIONS \r\n \r\nTOTAL \r\n \r\nAMOUNT OF UNDEREXPENDITURE \r\nFOR REQUIRED ALLOTMENT \r\n \r\n$ \r\n \r\n332,793.90 $ \r\n \r\n413.561.42 $ \r\n \r\n7.527.72 $ \r\n \r\n421,089.14 \r\n \r\n831,931.20 \r\n \r\n787,447.94 \r\n \r\n39.297.91 \r\n \r\n826,745.85 \r\n \r\n$ 1,164,725.10 $ 1,201,009.36 $ \r\n \r\n46,825.63 $ 1,247,834.99 $ \r\n \r\n0.00 \r\n \r\n413,524.50 \r\n \r\n452,151.67 \r\n \r\n7.952.96 \r\n \r\n460,104.63 \r\n \r\n0.00 \r\n \r\n667,441.80 \r\n \r\n711,306.87 \r\n \r\n22,086.08 \r\n \r\n733.392.95 \r\n \r\n0.00 \r\n \r\n446,986.50 \r\n \r\n539.986.34 \r\n \r\n68,231.14 \r\n \r\n608.217.48 \r\n \r\n0.00 \r\n \r\n284,958.00 \r\n \r\n302,025.15 \r\n \r\n8,444.20 \r\n \r\n310,469.35 \r\n \r\n0.00 \r\n \r\n247,332.60 \r\n \r\n291,487.27 \r\n \r\n13,793.26 \r\n \r\n305,280.53 \r\n \r\n0.00 \r\n \r\n$ 3,224,968.50 $ 3,497,966.66 $ \r\n \r\n167.333.27 $ 3.665,299.93 \r\n \r\n$ \r\n \r\n356.972.40 \r\n \r\n$ \r\n \r\n2,073.46 $ 196,721.96 151,383.22 \r\n18.090.21 5,078.43 \r\n \r\n98.71 $ 2,903.70 2,816.56 \r\n4,000.00 \r\n \r\n2.172.17 199.625.66 154,199.78 \r\n18.090.21 9,078.43 \r\n \r\n$ \r\n \r\n356,972.40 $ \r\n \r\n373,347.28 $ \r\n \r\n9.818.97 $ \r\n \r\n383.166.25 \r\n \r\n0.00 \r\n \r\n44,514.00 \r\n \r\n66,599.29 \r\n \r\n683.16 \r\n \r\n67,282.45 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n401,486.40 $ \r\n \r\n439,946.57 $ \r\n \r\n10,502.13 $ \r\n \r\n450,448.70 \r\n \r\n$ \r\n \r\n102,785.40 $ \r\n \r\n134,296.02 $ \r\n \r\n89.00 $ \r\n \r\n134,385.02 \r\n \r\n0.00 \r\n \r\n$ 3,729,240.30 $ 4,072.209.25 $ \r\n \r\n- 177.924.40 $ 4,250,133.65 \r\n \r\n$ \r\n \r\n102,276.90 $ \r\n \r\n112,218.84 \r\n \r\n$ \r\n \r\n112.218.84 \r\n \r\n0.00 \r\n \r\n24,777.00 \r\n \r\n$ \r\n \r\n24,972.75 \r\n \r\n24.972.75 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n127,053.90 $ \r\n \r\n112.218.84 $ \r\n \r\n24.972.75 $ \r\n \r\n137,191.59 \r\n \r\n$ 3,856,294.20 $ 4,184,428.09 $ \r\n \r\n202,897.15 $ 4,387,325.24 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n10,712.00 \r\n \r\n22,261.00 \r\n \r\n$ ===32;:;,9=7,;;,3.=00;;, \r\n \r\n$ \r\n \r\n29,257.99 $ \r\n \r\n29.257.99 \r\n \r\n16,128.67 \r\n \r\n16.128.67 \r\n \r\n$ \r\n \r\n45.386.66 $ \r\n \r\n45,386.66 $ =======O=,O=.O \r\n \r\n- 31 - \r\n \r\n SECtIONll COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n {USSELL W. HtNTON \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Stree~. S.w.. Suite 214 Atlanta. Georgia 30334-8400 \r\nApril 12,2001 \r\n \r\nHonorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Wilcox County Board of Education \r\nREPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the financial statements of Wilcox County Board of Education as of and for the year ended June 30,2000, and have issued our report thereon dated April 12, 2001. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \r\nCompliance \r\nAs part of obtaining reasonable assurance about whether Wilcox County Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions oflaws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results ofour tests disclosed no instances ofnoncompliance that are required to be reported under Government Auditing Standards. \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit, we considered Wilcox County Board of Education's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control over financial reporting. However, we noted a certain matter involving the internal control \r\n2000YB-40 \r\n \r\n over financial reporting and its operation that we consider to be a reportable condition. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe internal control over financial reporting that, in ourjudgment, could adversely affect Wilcox County Board of Education's ability to record, process, summarize and report financial data consistent with assertions of management in the financial statements. The reportable condition is described in the accompanying Schedule ofFindings and Questioned Costs as item FS-7561-00-01. \r\n \r\nA material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts . that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions, and accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, the reportable condition described above is considered to be a material weakness. \r\n \r\nThis report is intended solely for the information and use of management, members ofthe Wilcox \r\n \r\nCounty Board ofEducation, Federal awarding agencies and pass-through entities and is not.intended \r\n \r\nto be and should not be used by anyone other than these specified parties. \r\n \r\n' \r\n \r\nRespectfully submitted, \r\n-- W.~ .... \r\n \r\nRu sell W. Hinton State Auditor \r\n \r\nRWH:gp 2000YB-40 \r\n \r\n lUSSELL W. HINTON \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \r\nApril 12,2001 \r\n \r\nHonorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Wilcox County Board of Education . \r\n \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 \r\n \r\nLadies and Gentlemen: \r\n \r\nCompliance \r\n \r\nWe have audited the compliance ofWilcox County Board ofEducation with the types ofcompliance \r\n \r\nu.s. requirements described in the \r\n \r\nOffice of Management and Budget (OMB) Circular A-I33 \r\n \r\nCompliance Supplement that are applicable to each ofits major Federal programs for the year ended \r\n \r\nJune 30, 2000. Wilcox County Board of Education's major Federal programs are identified in the \r\n \r\naccompanying Schedule of Findings and Questioned Costs, Compliance with the requirements of \r\n \r\nlaws, regulations, contracts and grants applicable to each of its major Federal programs is the \r\n \r\nresponsibility ofWilcox County Board ofEducation's management. Our responsibility IS to express \r\n \r\nan opinion on Wilcox County Board of Education's compliance based on our audit. \r\n \r\nWe conducted our audit ofcompliance in accordance with genenilly accepted auditing standards; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB CircularA-133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and OMB Circular A-133 require that we plan and perfonn the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Wilcox County Board ofEducation's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a . reasonable basis for our opinion. Our audit does not provide a legal detennination on Wilcox County Board of Education's compliance with those requirements. \r\n \r\n2000SA-IO \r\n \r\n In our opinion, the Wilcox County Board of Education complied, in all material respects, with the requirements referred to above that are applicable to each of its major Federalprograms for the year ended June 30, 2000. \r\nInternal Control Over Compliance \r\nThe management of Wilcox County Board of Education is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and performing our audit, we considered Wilcox County Board ofEducation's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with OMB Circular A-133. \r\nOur consideration ofthe internal control over compliance would not necessarily disclose all matters in the internal control that might be material weaknesses.. A material weakness is a condition in which the design or operation ofone or more ofthe internal control components does not reduce to a relatively low level of risk that noncompliance with applicable requirements of laws, regulations, contracts and grants that would be material in relation to a major Federal program being audited may occur and not be detected within a timely period by employees in the normal course ofperforming their assigned functions. We noted no matters involving the internal control over compliance and its operation that we consider to be material weaknesses. \r\nThis report is intended solely for the information and use of management, members of the Wilcox County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\nQ~~~ R~sell W. Hinton State Auditor \r\nRWH:gp 2000SA-IO \r\n \r\n SECTION ill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2000 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\nFS-7561-97-01 FS-7561-98-01 FS-7561-99-01 FS-7561-99-02 \r\nFS-7561-99~03 \r\n \r\nPreviously Reported Corrective Action Implemented Further Action Not Warranted Previously Reported Corrective Action Implemented Previously Reported Corrective Action Implemented Unresolved - See Corrective Action/Responses \r\n \r\nCORRECTIVE ACTIONIRESPONSES \r\n \r\nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Finding Control Number: FS-7561-99-03 \r\n \r\nThe Board does not maintain a system-wide General Fixed Assets Account Group. \r\n \r\n SECTIONN FINDINGS AND QUESTIONED COSTS \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2000 \r\nI SUMMARY OF AUDITOR'S RESULTS. \r\n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Wilcox County Board ofEducation's financial statements was qualified for various departures from generally accepted accounting principles. \r\n2. Reportable Conditions in Internal Control Disclosed by the Audit of the Financial Statements The audit report for the Wilcox County Board of Education disclosed a financial statement reportable condition related to the following control category. \r\nGeneral Fixed Assets \r\nThe reportable condition described above is considered to be a material weakness. \r\n3. Noncompliance Material to the Financial Statements The audit of the Wilcox County Board of Education disclosed no instances of noncompliance that were deemed to be material to the financial statements. \r\n4. Reportable Conditions in Internal Control Over Major Programs The audit report for the Wilcox County Board ofEducation did not disclose any reportable conditions in internal control over major programs. \r\n5. Type of Report Issued on Compliance for Majo~ Programs The auditor's opinion on the Wilcox County Board ofEducation's report on compliancewith requirements applicable to major programs was unqualified.. \r\n6. Audit Findings Required to be Repor-ted by Section .510(a) ofOMB Circular A-133 The Wilcox County Board ofEducation's audit did not disclose audit findings required to be reported by section .51O(a) ofOMB Circular A-133. \r\n7. Major Programs Federal awards audited as major programs are as follows: _ 10.553 Food and Nutrition Program - Food Services - School Breakfast Program 10.555 Food and Nutrition Program - Food Services - National School Lunch Program \r\n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000.00. \r\n9. Low Risk Auditee The Wilcox County Bo'ard ofEducation was audited as a low risk auditee based on a waiver granted by the U. S. Department of Education. \r\n- 1- \r\n \r\n ---- 7~-----=~-----------------------~----~-~ \r\nWILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2000 \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Reportable Condition - Material Weakness Repeated From Prior Year . Finding Control Number: FS-7561-00-01 The Wilcox County Board of Education did not maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. The condition results in the general purpose financial statements of the Board being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the Board to establish accounting controls and procedures to provide for maintenance of a General Fixed Assets Account Group. These subsidiary records should include an inventory ofland, buildings and equipment owned by the Board and should include, but may not be limited to, date acquired, acquisition cost, estimated replacement cost, location and descriptio!?_ Detailed records should be maintained of all additions and deletions to the General Fixed Assets Account Group. ill FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n- 2- \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw6-b1998-h99","title":"Audit report, Wilcox County Board of Education, Abbeville, Georgia, year ended June 30, 1999","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Wilcox County, 31.9729, -83.43236"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["1999-06-30"],"dcterms_description":["Began with: Fiscal year ended June 30, 2000; ceased with: Fiscal year ended June 30, 2008.","Report year covers fiscal year.","Has supplements: Wilcox County Board of Education, Abbeville, Georgia, schedule of salaries and travel for the fiscal year ended ..., fiscal year ended June 30, 2000-fiscal year ended June 30, 2002. Report on salary and travel for the fiscal year ended ... (Wilcox County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007. Salaries and travel reimbursement (Wilcox County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2000, released in 2001? (online surrogate); title from PDF cover (Georgia Government Publications database, viewed April 5, 2016).","Fiscal year ended June 30, 2008, released in 2009? (online surrogate); (Georgia Government Publications database, viewed April 5, 2016)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Auditors' reports--Georgia","Financial statements--Georgia","Wilcox County (Ga.). Board of Education--Appropriations and expenditures"],"dcterms_title":["Audit report, Wilcox County Board of Education, Abbeville, Georgia, year ended June 30, 1999"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw6-b1998-h99"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw6-b1998-h99"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"IGA Agoo \r\n'\" R\\ \r\n26 \\.rJ b \r\n\\ qt1g~q9 \r\nAUDIT REPORT WILCOX COUNIY BOARD OF EDUCATION \r\nABBEVILLE, GEORGIA YEAR ENDED JUNE 30, 1999 \r\nSTATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 WASHINGTON STREET ATLANTA, GEORGIA 30334-8400 \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\nEXHIBITS \r\n \r\nGENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nCOMBINED STATEMENTS - OVERVIEW \r\n \r\nA \r\n \r\nCOMBINED BALANCE SHEET \r\n \r\nALL FUND TYPES AND ACCOUNT GROUP \r\n \r\n2 \r\n \r\nB \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES \r\n \r\nALL GOVERNMENTAL FUND TYPES \r\n \r\n4 \r\n \r\nC \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES - BUDGET AND ACTUAL \r\n \r\n(NON-GAAP BASIS) \r\n \r\nGENERAL AND SPECIAL REVENUE FUNDS \r\n \r\n6 \r\n \r\nD NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\n7 \r\n \r\nADDmONAL FINANCIAL INFORMATION \r\n \r\nCOMBINING STATEMENTS \r\n \r\nSPECIAL REVENUE FUND \r\n \r\nE \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\n18 \r\n \r\nF \r\n \r\nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \r\n \r\nAND CHANGES IN FUND BALANCES \r\n \r\n19 \r\n \r\nSCHEDULES \r\n \r\n1 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\n20 \r\n \r\n2 SCHEDULE OF STATE REVENUE \r\n \r\n22 \r\n \r\n3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\n \r\n23 \r\n \r\n4 SCHEDULE OF EXPENDITURES \r\n \r\nLOTTERY PROGRAMS \r\n \r\n24 \r\n \r\nANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS \r\n \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS \r\n \r\n5 \r\n \r\nOVERALL \r\n \r\n25 \r\n \r\n6 \r\n \r\nBY PROGRAM \r\n \r\n26 \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\nSECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 \r\nSECTION ill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\nSECTIONN FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n SECTION I FINANCIAL \r\n \r\n RUSSELL W. HINTON \r\nSTATE AUDITOR \r\n(404) 6562174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \r\nFebruary 4,2000 \r\n \r\nHonorable Roy E. Barnes, Governor Members ofthe General Assembly Members ofthe State Board ofEducation \r\nand Superintendent and Members ofthe Wilcox County Board ofEducation \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE \r\nFINANCIAL STATEMENTS AND SuppLEMENTARY INFORMATION - \r\nSCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nLadies and Gentlemen: \r\nWe have audited the accompanying general purpose financial statements of the Wilcox County Board of Education, as of and for the year ended June 30, 1999, as listed in the table of contents. These general purpose financial statements are the responsibility ofthe Wilcox County Board of Education's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. \r\nWe conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in GoYernment Auditin~ Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. \r\nAs described in the notes to the general purpose financial statements, the Board's financial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described as follows: \r\n* The general purpose financial statements of the Board did not contain a General Fixed Assets \r\nAccount Group to account for property and equipment owned by the Board which should be included to conform to generally accepted accounting principles. \r\n \r\n99ARL-13 \r\n \r\n * School activity accounts maintained at the individual schools are not included in the general purpose \r\nfinancial statements. To conform to generally accepted accounting principles, these accounts should be included in the general purpose financial statements. \r\n* The Board did not recognize as expenditures, in the year ended June 30, 1999, a portion of salaries \r\nand the corresponding employer's cost ofrelated benefits earned for contractual services completed prior to June 30, 1999. Also funds received, subsequent to June 30, 1999, from the Georgia Department ofEducation for the State's share ofthese unrecorded salaries and related benefits were not recorded as revenue in the year under review. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1998, were improperly recorded in the year ended June 30, 1999. To conform to generally accepted accounting principles, revenues should be recorded when available and measurable and expenditures should be recorded when incurred, rather than when funds are received or disbursed. \r\nThe aggregate effects on the general purpose financial statements of these variances or omissions have not been determined, but are believed to be material. \r\nIn our opinion, except for the effects on the general purpose financial statements of the matters referred to in the preceding paragraph, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Wilcox County Board of Education as of June 30, 1999, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles. \r\nIn accordance with Government Auditin~ Standards, we have also issued our report dated February 4, 2000, on our consideration ofthe Wilcox County Board ofEducation's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. \r\nOur audit was performed for the purpose of forming an opinion on the general purpose financial statements of the Wilcox County Board of Education taken as a whole. The accompanying combining statements (Exhibits E and F) and the financial schedules (Schedules 1 through 6), which includes the Schedule of Expenditures of Federal Awards as required by U. S. Office of Management and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes ofadditional analysis and are not a required part of the general purpose financial statements. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and in our opinion, except for the effects ofthe matters referred to in the third paragraph, such information is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. \r\n99ARL-13 \r\n \r\n A copy of this report has been filed as a permanent record in the office of the State Auditor and made available to the press ofthe State, as provided for by Official Code of Georgia Annotated Section 50-6-24. \r\nRespectfully submitted, \r\nw.-.:t:J~ \r\nssell W. Hinton State Auditor \r\nRWH:jb 99ARL-13 \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET \r\nALL FUND TYPES AND ACCOUNT GROUP JUNE 30,1999 \r\n \r\nASSETS \r\nCash and Cash Equivalents \r\nInvestments \r\nAccounts Receivable \r\nInventories Food Donated Commodities Purchased Food \r\nAmount Available in Debt Service Fund \r\nAmount to be Provided in Future Years For Payment of: Bond Debt Capital Lease Agreements \r\n \r\nGENERAL FUND \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nREVENUE \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\n$ \r\n \r\n235,244.67 $ 102,243.30 $ \r\n \r\n7,865.00 \r\n \r\n26,512.49 \r\n \r\n25,433.66 \r\n \r\n85,597.89 \r\n \r\n5,603.10 3,244.80 \r\n \r\nTotal Assets \r\n \r\n$ \r\n \r\n287,190.82 $ 196,689.09 $ \r\n \r\n7,865.00 \r\n \r\nLIABILITIES AND FUND EQUITY \r\nLIABILITIES \r\nCash Overdraft Accounts Payable Salaries Payable Notes Payable Capital Lease Agreements General Obligation Bonds Payable \r\nTotal Liabilities \r\nFUND EQUITY \r\nFund Balances Reserved For Bus Replacement Funds For Continuation of Federal Programs For Debt Service For Expired Grant Balances/Questioned Costs For Inventories Food Donated Commodities Purchased Food For State Capital Outlay Projects Unreserved Deficit Undesignated \r\nTotal Fund Equity \r\n \r\n$ \r\n \r\n63,648.10 $ \r\n \r\n40,617.99 \r\n \r\n101,455.24 \r\n \r\n$ \r\n \r\n63,648.10 $ 142,07323 \r\n \r\n$ \r\n \r\n137,897.91 \r\n \r\n$ \r\n \r\n3,959.73 \r\n \r\n1,595.79 \r\n \r\n5,603.10 3,244.80 \r\n$ \r\n \r\n81,685.08 \r\n \r\n44,172.17 \r\n \r\n$ \r\n \r\n223,542.72 $ \r\n \r\n54,615.86 $ \r\n \r\nTotal Liabilities and Fund Equity \r\n \r\n$ \r\n \r\n287,190.82 $ \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement -2- \r\n \r\n196,689.09 $ \r\n \r\n7,865.00 0.00 \r\n7,865.00 \r\n7.865.00 \r\n \r\n EXHIBIT \"A\" \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nACCOUNT GROUP GENERAL \r\nLONG-TERM DEBT \r\n \r\nTOTALS \r\n \r\n(Memorandum Only) \r\n \r\nJUNE 30, 1999 \r\n \r\nJUNE 30,1998 \r\n \r\n$ \r\n \r\n345,352.97 $ \r\n \r\n96,655.56 \r\n \r\n$ \r\n \r\n253,783.19 \r\n \r\n280,295.68 \r\n \r\n152,482.95 \r\n \r\n71,161.97 \r\n \r\n182,193.52 \r\n \r\n269,157.97 \r\n \r\n$ \r\n \r\n324,945.16 \r\n \r\n5,603.10 3,244.80 \r\n324,945.16 \r\n \r\n3,906.84 3,285.74 \r\n222,461.03 \r\n \r\n875,054.84 48,284.00 \r\n \r\n875;054.84 48,284.00 \r\n \r\n1,222,538.97 43,453.38 \r\n \r\n$ \r\n \r\n324,945.16 $ \r\n \r\n1,248,284.00 $ 2,064,974.07 $ 2,013,942.44 \r\n \r\n$ \r\n \r\n11,667.85 \r\n \r\n$ \r\n \r\n104,266.09 \r\n \r\n128,878.74 \r\n \r\n101,455.24 \r\n \r\n107,811.18 \r\n \r\n200,000.00 \r\n \r\n$ \r\n \r\n48,284.00 \r\n \r\n48,284.00 \r\n \r\n43,453.38 \r\n \r\n1,200,000.00 \r\n \r\n1,200,000.00 \r\n \r\n1,445,000.00 \r\n \r\n$ \r\n \r\n1,248,284.00 $ 1,454,005.33 $ 1,936,811.15 \r\n \r\n$ \r\n \r\n324,945.16 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n324,945.16 \r\n \r\n$ \r\n \r\n137,897.91 $ \r\n \r\n133,441.91 \r\n \r\n1,595.79 \r\n \r\n324,945.16 \r\n \r\n222,461.03 \r\n \r\n3,959.73 \r\n \r\n3,959.73 \r\n \r\n5,603.10 3,244.80 7,865.00 \r\n \r\n3,906.84 3,285.74 \r\n \r\n125,857.25 \r\n \r\n-329,178.49 39,254.53 \r\n \r\n$ \r\n \r\n610,968.74 $ \r\n \r\nn,131.29 \r\n \r\n$ \r\n \r\n324,945.16 $ \r\n \r\n1,248,284.00 $ 2,064,974.07 $ 2,013,942.44 \r\n \r\n-3- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nALL GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30,1999 \r\n \r\nREVENUES \r\nState Funds Federal Funds Taxes Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation \r\nCapital Outlay Debt Service \r\nPrincipal Interest \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) \r\nCapital Leases Operating Transfers In Operating Transfers Out \r\nTotal Other Financing Sources (Uses) \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \r\nFUND BALANCE JULY 1 \r\nFood Inventory - Net Change in Period Donated Commodities Purchased Food \r\n \r\nGENERAL FUND \r\n \r\nSPECIAL REVENUE \r\nFUND \r\n \r\n$ 5,775,258.19 $ \r\n \r\n250,459.61 \r\n \r\n1,103,895.29 \r\n \r\n1,385,054.13 \r\n \r\n26,932.83 \r\n \r\n60,643.53 \r\n \r\n$ 7,187,245.15 $ 1,414,998.43 \r\n \r\n$ 4,488,984.23 $ \r\n \r\n856,344.83 \r\n \r\n157,849.85 197,453.15 166,422.79 168,816.77 443,664.28 80,870.86 493,449.76 433,756.98 \r\n8,118.71 2,775.48 97,979.93 \r\n \r\n14,633.00 23,881,99 \r\n38,649.80 2,791.40 \r\n35.16 38,532.73 455,240.85 \r\n4,234.00 \r\n \r\n43,453.38 2,889.65 \r\n \r\n$ 6,786.485.82 $ 1,434,343.76 \r\n \r\n$ \r\n \r\n400,759.33 $ \r\n \r\n-19,345.33 \r\n \r\n$ \r\n \r\n48,284.00 \r\n \r\n$ \r\n \r\n-33.723.76 \r\n \r\n$ \r\n \r\n14,560.24 $ \r\n \r\n$ \r\n \r\n415,319.57 $ \r\n \r\n-191,776.85 \r\n \r\n25,858.76 \r\n25,858.76 \r\n6,513.43 46,447.11 \r\n1,696.26 -40.94 \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n$ \r\n \r\n223,542.72 $ ===54~,6=15=.=86= \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. \r\n-4- \r\n \r\n EXHIBIT\"B\" \r\n \r\nCAPITAl PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAlS \r\n \r\n(Memorandum Only) \r\n \r\nYEAR ENDED \r\n \r\nJUNE 30,1999 \r\n \r\nJUNE 30,1998 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n$ 6,025,717.80 $ 5,654,989.08 \r\n \r\n1,103,895.29 \r\n \r\n1,057,089.93 \r\n \r\n$ \r\n \r\n412,633.51 \r\n \r\n1,797,687.64 \r\n \r\n1,518,941.51 \r\n \r\n7,823.12 \r\n \r\n95,399.48 \r\n \r\n108,573.62 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n420,456.63 $ 9,022,700.21 $ 8,339,594.14 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n$ 5,345,329.06 $ 4,995,746.31 \r\n \r\n172,482.85 221,335.14 166,422.79 207,466.57 446,455.68 \r\n80,870.86 493,449.76 433,792.14 \r\n46,651.44 458,016.33 102,213.93 \r\n \r\n212,727.78 219,217.46 164,533.47 212,234.53 404,878.98 \r\n79,623.15 471,799.75 351,193.40 \r\n37,246.20 436,046.11 892,504.30 \r\n \r\n$ \r\n \r\n245,000.00 \r\n \r\n72,972.50 \r\n \r\n288,453.38 75,862.15 \r\n \r\n95,743.91 56,099.12 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n317,972.50 $ 8,538,802.08 $ 8,629,594.47 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n102,484.13 $ \r\n \r\n483,898.13 $ -290,000.33 \r\n \r\n$ \r\n \r\n7,865.00 \r\n \r\n$ \r\n \r\n7,865.00 \r\n \r\n$ \r\n \r\n48,284.00 \r\n \r\n33,723.76 $ \r\n \r\n456,015.44 \r\n \r\n-33,723.76 \r\n \r\n-456,015.44 \r\n \r\n$ \r\n \r\n48,284.00 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n7,865.00 $ \r\n \r\n102,484.13 $ \r\n \r\n532,182.13 $ -290,000.33 \r\n \r\n0.00 \r\n \r\n222,461.03 \r\n \r\n77,131.29 \r\n \r\n370,878.04 \r\n \r\n1,696.26 -40.94 \r\n \r\n-3,413.75 -332.67 \r\n \r\n$ \r\n \r\n7,865.00 $ \r\n \r\n324,945.16 $ \r\n \r\n610,968.74 $ ====7.7.=.,1;;:,,31;,;;.2;;,;;9.. \r\n \r\n-5- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES \r\nBUDGET AND ACTUAL - lNON-GAAP BASIS) GENERAL AND SPECIAL REVENUE FUNDS \r\nYEAR ENDED JUNE 30. 1999 \r\n \r\nEXHIBITC \r\n \r\nGENERAL FUND \r\n \r\nACTUAL \r\n \r\n(BUDGET \r\n \r\nBUDGET \r\n \r\nBASIS) \r\n \r\nREVENUES \r\n \r\nState Funds Federal Funds Taxes Other Funds \r\n \r\n$ 5,610,573.07 $ 5,775,258.19 \r\n \r\n1,287,163.00 66,968.00 \r\n \r\n1,385,054.13 26,932.83 \r\n \r\nTotal Revenues \r\n \r\n$ 6,964,704.07 $ 7,187,245.15 \r\n \r\nEXPENDITURES \r\n \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation \r\nCapital Outlay Debt Service \r\n \r\n$ 4,355,556.90 $ 4,488,984.23 \r\n \r\n187,423.74 229,464.86 166,030.00 193,672.44 418,540.86 \r\n83,742.00 488,030.12 447,264.84 \r\n9,000.00 2,153.00 100,000.00 \r\n \r\n157,849.85 197,453.15 166,422.79 168,816.77 443,664.28 \r\n80,870.86 493,449.76 433,756.98 \r\n8,118.71 2,775.48 97,979.93 46,343.03 \r\n \r\nTotal Expendnures \r\n \r\n$ 6,680,878.76 $ 6,786,485.82 \r\n \r\nExcess of Revenues over (under) Expendnures \r\n \r\n$ 283,825.31 $ 400,759.33 \r\n \r\nOTHER FINANCING SOURCES lUSES) \r\n \r\nOther Sources Other Uses \r\n \r\n$ \r\n \r\n48,284.00 \r\n \r\n-33,723.76 \r\n \r\nTotal Other Financing Sources (Uses) \r\n \r\n$ \r\n \r\n14,560.24 \r\n \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses $ \r\n \r\n283,825.31 $ \r\n \r\n415,319.57 \r\n \r\nFUND BALANCE JULY 1. 1998 \r\n \r\n-240,669.66 \r\n \r\n-191,776.85 \r\n \r\nAdjustments \r\n \r\n8,469.39 \r\n \r\nFUND BALANCE JUNE 30.1999 \r\n \r\n$ \r\n \r\n51,625.04 $ 223,542.72 \r\n \r\nSPECIAL REVENUE FUND \r\n \r\nACTUAL \r\n \r\n(BUDGET \r\n \r\nBUDGET \r\n \r\nBASIS) \r\n \r\n$ 284,960.00 $ 250,459.61 \r\n \r\n1,155,767.00 \r\n \r\n1,103,895.29 \r\n \r\n55,550.00 \r\n \r\n60,643.53 \r\n \r\n$ 1,496,277.00 $ 1,414,998.43 \r\n \r\n$ 889,321.00 $ 856,344.83 \r\n \r\n23,526.00 35,174.00 \r\n \r\n14,633.00 23,881.99 \r\n \r\n28,884.00 920.00 \r\n \r\n38,649.80 2,791.40 \r\n \r\n4,500.00 64,747.00 447,591.00 \r\n \r\n35.16 38,532.73 455,240.85 \r\n4,234.00 \r\n \r\n$ 1,494,663.00 $ 1,434,343.76 \r\n \r\n$ \r\n \r\n1,614.00 $ -19,345.33 \r\n \r\n$ \r\n \r\n25,858.76 \r\n \r\n$ \r\n \r\n25,858.76 \r\n \r\n$ \r\n \r\n1,614.00 $ \r\n \r\n6,513.43 \r\n \r\n24,313.34 \r\n \r\n39,254.53 \r\n \r\n9,879.77 \r\n \r\n$ \r\n \r\n35,807.11 $ \r\n \r\n45,767.96 \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement -6- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 1999 \r\n \r\nNote 1: SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES \r\nREPORTING ENTITY \r\nThe Wilcox County Board ofEducation (Board) was established under the laws ofthe State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the Board is a primary government and consists of all the organizations that compose its legal entity. \r\nFUND ACCOUNTING \r\nThe Board uses funds and an account group to report on its financial position and the results ofits operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. \r\nGeneral Fixed Assets are recorded as expenditures in the various funds at the time ofpurchase. A General .Fixed Assets Account Group is not presently maintained by the Board. To confonn to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. \r\nAlthough \"school activity accounts\" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances ofthese accounts are reflected in these financial statements. To confonn to generally accepted accounting principles, these accounts should be recorded in the general purpose financial statements. \r\nThe general purpose financial statements account for all State, Federal, Taxes and Other funds under control ofthe Board, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: \r\nGOVERNMENTAL FUND TYPES - are used to account for all or most ofa Board's educational activities. Governmental Fund Types include: \r\nGENERAL FUND - the fund used to account for all financial resources ofthe Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. \r\nSPECIAL REVENUE FUND - the fund used to account for the proceeds ofspecific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are received primarily from the Georgia Department ofEducation and from the Federal government to accomplish specific educational objectives. \r\n-7- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30.1999 \r\n \r\nNote 1: SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES \r\nCAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. \r\nDEBT SERVICE FUND - the fund used to account forthe accumulation ofresources for, and the payment of, general long-term principal, interest and paying agent fees. \r\nACCOUNT GROUP \r\nGENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reporting device used to account for general obligation debt outstanding and capital lease obligations. \r\nBASIS OF ACCOUNTING \r\nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (Le., revenues and other financing sources) and decreases (Le., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure ofavailable spendable resources. \r\nLiabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group. \r\nGovernmental funds are accounted for using the modified accrual basis of accounting under which: \r\nRevenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). \"Measurable\" means the amount ofthe transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities ofthe current period. Those revenues considered susceptible to accrual are property taxes, local option sales taxes, intergovernmental grants and investment income. \r\nExpenditures are generally recognized when the related fund liability is incurred. \r\nA departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share of these contracts. During fiscal year 1999, a substantial number of personnel ofthe Board were employed for a one hundred and ninety day period beginning in late August 1998 and ending in early June 1999. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 1998 and ending in August 1999. State grants to fund the State's share ofthese contracts were disbursed from the Georgia Department ofEducation to the Board in the same twelve months. As of June 30, 1999, compensation under these employment \r\n-8- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 1999 \r\n \r\nNote 1: SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES \r\ncontracts had been earned, but two of the twelve monthly payments, due for July and August 1999, had not been made. Payments for these two months were made and recorded as expenditures by the Board subsequent to June 30,1999. Also, the State's portion ofthe compensation paid in July and August 1999 was received and recorded as revenue in the fiscal year subsequent to June 30, 1999. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1998, were recorded in the year ended June 30, 1999. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed. \r\nBUDGET \r\nThe Wilcox County Board ofEducation's budget is a complete financial plan for the Board's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure ofthe budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level ofbudget control was established by the Board at the aggregate level. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles. \r\nThe budget process begins when the Board's administration prepares a tentative budget for the Board's approval. After approval ofthis tentative budget by the Board, such budget is advertised at least once in a newspaper ofgeneral circulation in the locality. At the next regular meeting ofthe Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This final budget is then submitted, in accordance with provisions ofthe Quality Basic Education Act, OCGA Section 20-2-167, to the Georgia Department ofEducation. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\nThe Statement ofRevenues, Expenditures and Changes in Fund Balances - Budget and Actual presents actual and budgeted data for the General Fund and Special Revenue Fund. To facilitate comparison with the budget, the following adjustments have been made to fund balance as reflected on Exhibit \"B\" of this report: \r\n \r\n-9- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nWNE30.1999 \r\n \r\nNote 1: SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nSpecial Revenue \r\nFund \r\n \r\nFUND BALANCE JULy 1, 1998 \r\n \r\n$ 46,447.11 \r\n \r\nAdjustments Inventories - July 1, 1998 Food Donated Commodities Purchased Foods \r\n \r\n-3,906.84 -3.285.74 \r\n \r\nFund Balance July 1, 1998 (Budget Basis) \r\n \r\n$ 39,254.53 \r\n \r\nExcess ofRevenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \r\n \r\n6.513.43 \r\n \r\nFUND BALANCE JUNE 30, 1999 (Budget Basis) \r\n \r\n$ 45.767.96 \r\n \r\nCASH AND CASH EQUIVALENTS \r\n \r\nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits in authorized financial institutions. Georgia Laws authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. \r\n \r\nINVESTMENTS \r\n \r\nCOMPOSITION OF INVESTMENTS Investments made by the Board in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the Board to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \r\n \r\n(1) Obligations issued by the State of Georgia or by other states, \r\n \r\n(2) Obligations issued by the United States government, \r\n \r\n-10 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 1999 \r\n \r\nNote 1: SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \r\n \r\n(4) Obligations of any corporation of the United States government, \r\n \r\n(5) Prime banker's acceptances, \r\n \r\n(6) The Local Government Investment Pool administered by the State of Georgia, Office ofTreasury and Fiscal Services, \r\n \r\n(7) Repurchase agreements, and \r\n \r\n(8) Obligations of other political subdivisions of the State of Georgia. \r\n \r\nRECEIVABLES \r\n \r\nReceivables consist of grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\n \r\nPROPERTY TAXES \r\n \r\nThe Wilcox County Board ofCommissioners fixed the property tax levy for the 1998 tax year (calendar year) on October 1, 1998 (levy date). Taxes were due on December 20, 1998. The lien date for property taxes was January 1, 1998. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 1999. The Wilcox County Tax Commissioner bills and collects the property taxes for the Board of Education, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance oftaxes collected to the Board. \r\n \r\nThe tax millage rate levied for the 1998 tax year (calendar year) for the Wilcox County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n13.61 mills \r\n \r\nSALES TAXES \r\n \r\nSpecial Purpose Local Option Sales Tax is to be used for capital outlay for educational purposes and debt service. Special Purpose Local Option Sales Tax revenue during the fiscal year amounted to $412,633.51 and was recorded in the Debt Service Fund. The State will terminate collection of this tax once an additional $1,265,863.21 has been collected or on June 30, 2002, whichever occurs first. \r\n \r\n-11 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 1999 \r\n \r\nNote 1: SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES \r\nINVENTORIES \r\nFOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost (weighted average). Donated food commodities are recorded as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time of purchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations of fund balance which indicates that these amounts do not constitute \"available spendable resources\" even though they are a component of net current assets. \r\nGENERAL OBLIGATION BONDS \r\nThe Board issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. Bond premiums and discounts, as well as issuance costs, are recognized in the financial statements during the year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount ofthese bonds is recorded in the General Long-Term Debt Account Group. \r\nINTERFUND TRANSACTIONS \r\nThe Board has the following types ofinterfund transactions: \r\nReimbursements of expenditures initially made from a fund that are properly applicable to another fund, are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. \r\nOperating transfers are recorded for all interfund transactions other than reimbursements. \r\nMEMORANDUM ONLY - TOTAL COLUMNS \r\nTotal columns on the general pUIpose financial statements are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. \r\nNote 2: DEPOSITS \r\nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by \r\n-12 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 1999 \r\n \r\nNote 2: DEPOSITS \r\nsurety bond, by guarantee ofinsurance, or by collateral. The aggregate of the face value of such surety bond and the market value ofsecurities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts. \r\nAcceptable security for deposits consists of anyone of or any combination of the following: \r\n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n(4) Bonds, bills, notes, certificates ofindebtedness or other obligations ofthe counties or municipalities ofthe State of Georgia, \r\n(5) Bonds of any public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the ~se of the bonds for this purpose, \r\n(6) Industrial revenue bonds and bonds ofdevelopment authorities created by the laws ofthe State of Georgia, and \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\nCATEGORIZATION OF DEPOSITS At June 30, 1999, the bank balances were $1,524,720.79. The amounts of the total bank balances are classified into three categories ofcredit risk: \r\nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Board or by the Board's agent in the Board's name. \r\nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Board's name. \r\n \r\n- 13 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 3D. 1999 \r\n \r\nNote 2: DEPOSITS \r\n \r\nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is, collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Board's name.) \r\n \r\nThe Board's deposits are classified by risk category at June 30, 1999, as follows: \r\n \r\nRisk CategorY \r\n \r\nBank Balance \r\n \r\n1 \r\n \r\n$ 549,313.51 \r\n \r\n2 \r\n \r\n0.00 \r\n \r\n3 \r\n \r\n975.407.28 \r\n \r\nTotal \r\n \r\n$ 1.524.720.79 \r\n \r\nNote 3: NON-MONETARY TRANSACTIONS \r\n \r\nThe Board receives food commodities from the United States Department ofAgriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories \r\n \r\nNote 4: RISK MANAGEMENT \r\n \r\nThe Board is exposed to various risks ofloss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; natural disaster and unemployment compensation. \r\n \r\nThe Board has obtained commercial insurance for risk of loss associated with torts, assets and errors or omissions. The Board has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Board's insurance coverage in any of the past three years. \r\n \r\nThe Board has elected to self-insure for a1110sses related to natural disaster. The Board has not experienced any losses related to this risk in the past three years. \r\n \r\nThe Board is self-insured with regard to unemployment compensation claims. The Board accounts for claims within the General Fund with expenditure and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. The Board has not experienced and unemployment compensation claims during the last two years. \r\n \r\nThe Board participates in the Georgia Education Workers' Compensation Trust, a public entity risk pool organized on December 1, 1991 to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The Board pays an annual premium to the Trust for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Trust with the \r\n \r\n- 14- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 1999 \r\n \r\nNote 4: RISK MANAGEMENT \r\n \r\nUnited States Fidelity and Guaranty Company to provide coverage for potential losses sustained by the Trust in excess of$250,000.00 loss per occurrence, up to $2,000,000.00. \r\n \r\nThe Board has purchased surety bonds to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent Assistant Superintendent Each Principal \r\n \r\n$ 10,000.00 $ 10,000.00 $ 10,000.00 \r\n \r\nNote 5: GENERAL LONG-TERM DEBT \r\n \r\nCAPITAL LEASES The Wilcox County Board of Education has entered into various lease agreements as lessee for buses. These lease agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at the present value of the future minimum lease payments as ofthe date of their inception. \r\n \r\nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: \r\n \r\nPurpose \r\n \r\nInterest Rate \r\n \r\nAmount \r\n \r\nGeneral Government - Series 1997 \r\n \r\n5.05% \r\n \r\n$ 1.200,000.00 \r\n \r\nThe changes in General Long-Term Debt during the fiscal year ended June 30, 1999, were as follows: \r\n \r\nCapital Leases \r\n \r\nGeneral Obligation \r\nBonds \r\n \r\nTotal \r\n \r\nBalance July 1, 1998 \r\n \r\n$ 43,453.38 $ 1,445,000.00 $ 1,488,453.38 \r\n \r\nAdditions Capital Leases \r\n \r\n48,284.00 \r\n \r\n48,284.00 \r\n \r\nDeductions Debt Retired \r\n \r\n43.453.38 \r\n \r\n245,000.00 \r\n \r\n288.453.38 \r\n \r\nBalance June 30, 1999 \r\n \r\n$ 48,284.00 $ 1.200,000.00 $ 1.248,284.00 \r\n \r\n- 15- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 1999 \r\n \r\nNote 5: GENERAL LONG-TERM DEBT \r\n \r\nAt June 30, 1999, payments due by fiscal year which includes principal and interest for these items are as follows: \r\n \r\nFiscal Year Ended June 30 \r\n \r\nCapital Leases \r\n \r\nGeneral Obligation \r\nBonds \r\n \r\nTotal Debt \r\n \r\n2000 2001 2002 2003 \r\n \r\n$ 17,502.75 $ 320,600.00 $ 338,102.75 \r\n \r\n17,502.75 \r\n \r\n322,470.00 \r\n \r\n339,972.75 \r\n \r\n17,502.75 \r\n \r\n378,582.50 \r\n \r\n396,085.25 \r\n \r\n336.160.00 \r\n \r\n336.160.00 \r\n \r\nTotal Principal and Interest \r\n \r\n$ 52,508.25 $ 1.357.812.50 $ 1.410.320.75 \r\n \r\nDeduct: Imputed Interest \r\n \r\n4.224.25 \r\n \r\nNet Present Value ofFuture Minimum Lease Payments \r\n \r\n$ 48.284.00 \r\n \r\nNote 6: ON-BEHALF PAYMENTS \r\n \r\nThe Board has recognized revenues and expenditures in the amount of$104,965.88 for health insurance and retirement contributions paid on the Board's behalfby the following State Agencies. \r\n \r\nGeorgia Department ofEducation Paid to the State Merit System ofPersonnel Administration For Health Insurance ofNon-Certified Personnel In the amount of$81,753.88 \r\n \r\nOffice ofTreasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of$23,212.00 \r\n \r\nNote 7: CONTINGENT LIABILITIES \r\n \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures which .are disallowed under grant terms. The Board believes that such disallowances, if any, will be immaterial to its overall financial position. \r\n \r\n- 16- \r\n \r\n WILCOX cOUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"0\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 1999 \r\n \r\nNote 8: RETIREMENT PLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\n \r\nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\n \r\nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Board who are covered by TRS are required by State statute to contribute 5% oftheir gross earnings to IRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 11.95% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n1999 .1998 1997 \r\n \r\n100% 100% 100% \r\n \r\n$ 561,288.61 $ 537,323.44 $ 510,804.08 \r\n \r\n- 17- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30,1999 \r\n \r\nEXHIBIT wE\" \r\n \r\nCash and Cash Equivalents Accounts Receivable Inventories \r\nFood Donated Commodities Purchased Food \r\nTotal Assets \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nLOTIERY PROGRAMS \r\n \r\nFEDERAL PROGRAMS \r\n \r\nTOTALS JUNE 30, 1999 JUNE 30, 1998 \r\n \r\n$ \r\n \r\n79,407.36 $ \r\n \r\n25,604,38 \r\n \r\n$ 105,011,74 $ 104,198.49 \r\n \r\n$ \r\n \r\n85,597,89 \r\n \r\n85,597.89 \r\n \r\n112,322.41 \r\n \r\n5,603,10 3,244.80 \r\n \r\n5,603.10 3,244.80 \r\n \r\n3,906,84 3,285.74 \r\n \r\n$ \r\n \r\n88,255,26 $ \r\n \r\n25,604.38 $ \r\n \r\n85,597.89 $ 199,457.53 $ 223,713.48 \r\n \r\nLIABILITIES AND FUND EqUITY \r\nLIABILITIES \r\nCash Overdraft Accounts Payable Salaries Payable \r\nTotal Liabilities \r\nFUND EqUITY \r\nFund Balances Reserved For Continuation of Federal Programs For Inventories Food Donated Commodities Purchased Food Unreserved Undesignated \r\nTotal Fund Equity \r\n \r\n$ \r\n \r\n2,768.44 $ \r\n \r\n2,768.44 $ \r\n \r\n7,542.93 \r\n \r\n$ \r\n \r\n8,337,57 $ \r\n \r\n5,120,70 \r\n \r\n27,159.72 \r\n \r\n40,617.99 \r\n \r\n61,912.26 \r\n \r\n26,897,62 \r\n \r\n20,483.68 \r\n \r\n54,073,94 \r\n \r\n101,455.24 \r\n \r\n107,811.18 \r\n \r\n$ \r\n \r\n35,235.19 $ \r\n \r\n25,604.38 $ \r\n \r\n84,002,10 $ 144,841.67 $ 1n,266.37 \r\n \r\n$ \r\n \r\n5,603,10 \r\n \r\n3,244,80 \r\n \r\n44,172.17 $ \r\n \r\n$ \r\n \r\n53,020.07 $ \r\n \r\n$ \r\n0,00 \r\n0.00 $ \r\n \r\n1,595.79 $ \r\n \r\n1,595,79 \r\n \r\n0.00 \r\n1,595.79 $ \r\n \r\n5,603.10 $ \r\n3,244.80 \r\n44,172.17 \r\n54,615.86 $ \r\n \r\n3,906.84 3,285,74 \r\n39,254.53 \r\n46,447.11 \r\n \r\nTotal Liabilities and Fund Equity \r\n \r\n$ \r\n \r\n88,255.26 $ \r\n \r\n25,604.38 $ \r\n \r\n85,597.89 $ 199A57.53 $ 223,713.48 \r\n \r\nSee notes to the general purpose financial statements, \r\n \r\n18 \r\n \r\n See notes to the general purpose financial statements. \r\n \r\n19 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 1999 \r\n \r\nSCHEDULE 1 \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculbJre, U, S, Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food and Nutrition Program Food Services School Breakfast Program 1999 Grant National School Lunch Program 1999 Grant \r\nTotal Child Nutrition Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Food and Nutrition Program Food Distribution Program (1) \r\nTotal U, S, Department of AgriculbJre \r\nEducation, U, S, Department of Special Education Cluster Pass-Through From Georgia Department of Education Individuals with Disabilities Education Act Part B - Special Education Flow Through 1999 Grant Preschool 1999 Grant Capacity Building Improvement Grant 1999 Grant \r\nTotal Special Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Elementary and Secondary Education Act TiDe I \r\nGrants to Local Educational Agencies \r\n1999 Grant TiDe\" \r\nEisenhower Professional Development 1999 Grant \r\nTiDe VI Innovative Education Program Strategies 1999 Grant \r\nGoals 2000 Technology Literacy Challenge Fund Grants 1999 Grant \r\nVocational Education - Basic Grants to States \r\nHigh School Program Basic Grant 1999 Grant \r\nTech-Prep Education 1999 Grant \r\nTotal U. S, Department of Education \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY 10 \r\nNUMBER \r\n \r\nFEDERAL REVENUE IN PERIOD \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10,553 10,555 \r\n \r\nNlA $ NlA \r\n$ \r\n \r\n105,567,11 233,012,49 $ 338,579,60 $ \r\n \r\n(2) 427,499.49 (3) 427,499,49 \r\n \r\n10,550 \r\n \r\nNlA $ \r\n \r\n27,741.36 366,320,96 $ \r\n \r\n27,741,36 455,240,85 \r\n \r\n84,027 84,173 84,173 \r\n \r\nNlA $ N/A NlA \r\n$ \r\n \r\n58,644.00 $ 9,459,00 3,216,00 \r\n71,319,00 $ \r\n \r\n59,179,87 (3) 8,958,78 3,230,70 \r\n71,369,35 \r\n \r\n* 84.010 \r\n \r\nNlA \r\n \r\n84,281 \r\n \r\nNlA \r\n \r\n84,298 \r\n \r\nN/A \r\n \r\n84.318 \r\n \r\nN/A \r\n \r\n456,099.81 18,500,00 12,312,00 92,211,60 \r\n \r\n456,099,81 18,650.83 (3) 12,312,00 92,211,60 \r\n \r\n84,048 84,243 \r\n \r\nN/A N/A \r\n$ \r\n \r\n16,700,64 37,018,76 704,161,81 $ \r\n \r\n31,024,66 (3) 35,303,40 716,971,65 \r\n \r\n-20- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 1999 \r\n \r\nSCHEDULE \"1\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nDefense, U. S. Department of Direct Department of the Army R.O.T.C. Program \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nFEDERAL REVENUE IN PERIOD \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n$ _ _....:::3~3.::...41:.=2:::::.5:..2 \r\n \r\n(4) \r\n \r\nTotal Federal Financial Assistance \r\n= N/A Not Available \r\n \r\n$ 1,103,895.29 $ \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\n \r\n(1) The amounts shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the system during the current fiscal year. \r\n(2) Expenditures for the School Breakfast Program were not maintained separately and are included in the 1999 National School Lunch Program. \r\n(3) Expenditures for this program include State, and/or Other Funds. Expenditures are not maintained by fund source. \r\n(4) Expenditures on this program were not maintained by fund source. \r\n \r\nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \r\n \r\nThe Board did not provide Federal Assistance to any Subrecipienl \r\n \r\nThe accompanying schedule of expenditures of Federal Awards includes the Federal Grant Activity of the Wilcox County Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the general purpose financial statements. \r\n \r\n1,172,212.50 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 21 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30. 1999 \r\n \r\nSCHEDULE \"2\" \r\n \r\nAGENCY/FUNDING \r\nGRANTS Community Affairs Georgia Department of Local Assistance Grant \r\nEducation, Georgia Department of Quality Basic Education General and Career Education Programs Special Education Programs Remedial Education Program Media Center Programs Staff Development Programs Indirect Cost Pupil Transportation Regular Bus Replacement Sparsity Grant Middle School Incentive Program In-School Suspension Mid-term Adjustment Counselors Grades 4 and 5 Technology Specialist Local Fair Share Educational Equalization Funding Grant Food Services Vocational Education Other State Programs At-Risk Summer School Program Health Insurance Innovative Programs Preschool Handicapped Program Remedial Summer School Program Student Record Year 2000 Project Funding Lottery Programs Assistive Technology Computers in the Classroom \r\nOffice of School Readiness Pre-Kindergarten Program \r\nOffice of Treasury and Fiscal Services Public School Employees Retirement \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nGENERAL \r\n \r\nREVENUE \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n15,000.00 \r\n \r\n$ \r\n \r\n15,000.00 \r\n \r\n3,456,571.00 342,289.00 92,538.00 137,924.00 32,904.00 864,240.00 \r\n237,260.00 52,740.00 \r\n100,752.00 64,174.00 \r\n101,695.00 \r\n14,029.00 28,842.00 -447,948.00 376,482.00 \r\n$ \r\n160,000.00 \r\n4,109.49 81,753.88 10,000.00 20,148.00 \r\n3,634.32 990.00 \r\n1,918.50 \r\n23,212.00 \r\n \r\n33,194.00 \r\n4,163.78 26,331.00 186,770.83 \r\n \r\n3,456,571.00 342,289.00 92,538.00 137,924.00 32,904.00 864,240.00 \r\n237,260.00 52,740.00 \r\n100,752.00 64,174.00 \r\n101,695.00 \r\n14,029.00 28,842.00 -447,948.00 376,482.00 33,194.00 160,000.00 \r\n4,109.49 81,753.88 10,000.00 20,148.00 \r\n3,634.32 990.00 \r\n1,918.50 \r\n4,163.78 26,331.00 \r\n186,770.83 \r\n23,212.00 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n$ 5,775,258.19 $ - 22- \r\n \r\n250,459.61 $ \r\n \r\n6,025,717.80 \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30. 1999 \r\n \r\nSCHEDULE -3- \r\n \r\n(1) The Board's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \r\n \r\n(2) The Board's current estimate of total cost for the projects. Includes all cost from project inception to completion. \r\n \r\n(3) The voters of Wilcox County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. Amounts expended for these projects may include sales tax proceeds. local property taxes and/or other funds over the life of the project. \r\n \r\n(4) In addition to the expenditures shown above. the Board has incurred interest expense to provide advance funding for the above projects as follows: \r\n \r\nPrior Years Current Year \r\n \r\n$ \r\n \r\n50,500.00 \r\n \r\n79.972.50 \r\n \r\nTotal \r\n \r\n$ = = = 1..3.=0,=47=2=,5.0.. \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n-23- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES LOTTERY PROGRAMS YEAR ENDED JUNE 30,1999 \r\n \r\nSCHEDULE \"4\" \r\n \r\nEXPENDITURES \r\n \r\nASSISTIVE TECHNOLOGY \r\n \r\nCOMPUTERS IN THE \r\nCLASSROOM \r\n \r\nPRE-KINDERGARTEN PROGRAM \r\n \r\nCurrent \r\n \r\nInstruction \r\n \r\n$ \r\n \r\nSupport Services \r\n \r\nPupil Services \r\n \r\nImprovement of Instructional Services \r\n \r\nStudent Transportation Services \r\n \r\nFacilities Acquisition and Construction \r\n \r\n4,163.78 $ \r\n \r\n26,955,43 $ \r\n \r\n169,165.80 $ \r\n14,633.00 5,153.28 \r\n35.16 4,234.00 \r\n \r\nTOTAL \r\n200,285.01 \r\n14,633.00 5,153.28 \r\n35.16 4,234.00 \r\n \r\nTotal Expenditures \r\n \r\n$ \r\n \r\n4,163.78 $ \r\n \r\n26,955.43 $ \r\n \r\n193,221.24 $ \r\n \r\n224,340.45 \r\n \r\nRECAP: Salaries and Benefits Pre-Kindergarten Program Other Expenditures Assistive Technology Computers in the Classroom Pre-Kindergarten Program \r\n \r\n$ \r\n \r\n140,483.52 \r\n \r\n4,163.78 26,955,43 52,737.72 \r\n \r\n$ \r\n \r\n224,340,45 \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n-24- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30.1999 \r\n \r\nSCHEDULE \"5\" \r\n \r\nMinimum Expenditure Requirements (Total Allotment) Expenditures on Combined Program Basis \r\nSalaries Operations Expenditures per Audit \r\nAmount of Underexpenditure for Total Allotment \r\n \r\nFOURTEEN WEIGHTED AND MEDIA CENTER \r\nPROGRAMS \r\n \r\n100% TEST FOR OPERATIONS PORTION OF FOURTEEN WEIGHTED PROGRAMS \r\n \r\n$ \r\n \r\n4,029,322.00 $ _ _--=-11=2=,3=8.;:;.;8.=00\"- \r\n \r\n$ \r\n \r\n4,064,264.74 \r\n \r\n227,200.34 $ _ _......;..;19;.;;9..:.;;,8;..;.1.;:;.;8.=84\"'- \r\n \r\n$ _ _..:.4:.=,2.:;.,91.:.z..4.:.:6;,:.5:.:.0.:;.,8 \r\n \r\n$ \r\n \r\n0.00 $=====0=.0:=0 \r\n \r\nSee notes to the general purpose financial statements. - 25 - \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - BY PROGRAM \r\nGENERAL FUND QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30. 1999 \r\n \r\nGENERAL AND CAREER EDUCATION PROGRAMS Kindergarten (*) Grades 1 - 3 (*) Sub-Total K3 Grades 4 - 5 (*) Grades 6 - 8 (*) Grades 9 - 12 (*) High School Laboratories r) Vocational Education Laboratories (*) Total General and career Education Programs \r\nSPECIAL EDUCATION PROGRAMS Regular Programs category I (*) Category II (*) Category III (*) Sub-Total- Regular Category VI (Gifted) (*) Total Special Education Programs \r\nREMEDIAL EDUCATION PROGRAM (*) Total Fourteen Weighted Programs \r\nMEDIA CENTER PROGRAMS Salaries Operations Total Media Center Programs \r\nTotal Fourteen Weighted and Media Center Programs \r\n \r\nALLOTMENTS FROM GEORGIA DEPARTMENT OF \r\n \r\nREQUIRED \r\n \r\nORIGINAL ...!2.... \r\n \r\nORIGINAL \r\n \r\nMID-TERM \r\n \r\n$ \r\n \r\n368.975.00 \r\n \r\n$ \r\n \r\n332.077.50 $ \r\n \r\n878,484.00 \r\n \r\n790.635.60 \r\n \r\n$ 1,247,459.00 90 $ 1.122,713.10 $ \r\n \r\n416.948.00 90 \r\n \r\n375,253.20 \r\n \r\n757,282.00 90 \r\n \r\n681,553.80 \r\n \r\n473.566.00 90 \r\n \r\n426,209.40 \r\n \r\n326.875.00 90 \r\n \r\n294,187.50 \r\n \r\n234.441.00 90 \r\n \r\n210.996.90 \r\n \r\n$ 3,456.571.00 \r\n \r\n$ 3.110,913.90 $ \r\n \r\n0.00 0.00 \r\n0.00 \r\n \r\n$ \r\n \r\n337,970.00 \r\n \r\n$ \r\n \r\n304,173.00 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n337,970.00 90 $ \r\n \r\n304,173.00 $ \r\n \r\n4.319.00 90 \r\n \r\n3,887.10 \r\n \r\n$ \r\n \r\n342,289.00 \r\n \r\n$ \r\n \r\n308,060.10 $ \r\n \r\n$ \r\n \r\n92,538.00 90 $ \r\n \r\n83,284.20 $ \r\n \r\n$ 3,891.398.00 \r\n \r\n$ 3.502.258.20 $ \r\n \r\n$ \r\n \r\n112,363.00 90 $ \r\n \r\n101,126.70 $ \r\n \r\n25.561.00 100 \r\n \r\n25,561.00 \r\n \r\n$ \r\n \r\n137,924.00 \r\n \r\n$ \r\n \r\n126.687.70 $ \r\n \r\n$ 4.029,322.00 \r\n \r\n$ 3.628,945.90 $ \r\n \r\n0.00 \r\n0.00 0.00 0.00 \r\n0.00 0.00 \r\n0.00 \r\n \r\nSTAFF DEVELOPMENT PROGRAMS Cost of Instruction Professional ~evelopment \r\nTotal Staff Development Programs (*) Identifies Fourteen Weighted Programs. See notes to the general purpose financial statements. \r\n \r\n$ \r\n \r\n10,393.00 \r\n \r\n$ \r\n \r\n10.393.00 $ \r\n \r\n0.00 \r\n \r\n22,511.00 \r\n \r\n22.511.00 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n32.904.00 100 $ \r\n \r\n32,904.00 $ ======,0=:.0:=0 \r\n \r\n- 26  \r\n \r\n SCHEDULE \"6\" \r\n \r\nEDUCATION TOTAL \r\nREQUIRED \r\n \r\nACTUAL EXPENDITURES \r\n \r\nSALARIES \r\n \r\nOPERATIONS \r\n \r\nTOTAL \r\n \r\nAMOUNT OF UNDEREXPENDITURE \r\nFOR REQUIRED ALLOTMENT \r\n \r\n$ \r\n \r\n332,On.50 $ \r\n \r\n350,418.61 $ \r\n \r\n5,714.02 $ \r\n \r\n356,132.63 \r\n \r\n790,635.60 \r\n \r\n808,886.15 \r\n \r\n14,760.35 \r\n \r\n823,646.50 \r\n \r\n$ 1,122,713.10 $ 1,159,304.76 $ \r\n \r\n20,474.37 $ 1,179,n9.13 $ \r\n \r\n0.00 \r\n \r\n375,253.20 \r\n \r\n488,264.27 \r\n \r\n4,994.35 \r\n \r\n493,258.62 \r\n \r\n0.00 \r\n \r\n681,553.80 \r\n \r\n756,304.70 \r\n \r\n13,921.85 \r\n \r\nnO,226.55 \r\n \r\n0.00 \r\n \r\n426,209.40 \r\n \r\n515,313.99 \r\n \r\n111,203.84 \r\n \r\n626,517.83 \r\n \r\n0.00 \r\n \r\n294,187.50 \r\n \r\n286,339.51 \r\n \r\n10,042.53 \r\n \r\n296,382.04 \r\n \r\n0.00 \r\n \r\n210,996.90 \r\n \r\n282,042.82 \r\n \r\n13,627.67 \r\n \r\n295,670.49 \r\n \r\n0.00 \r\n \r\n$ 3,110,913.90 $ 3,487,570.05 $ \r\n \r\n174,264.61 $ 3,661,834.66 \r\n \r\n$ \r\n \r\n304,173.00 \r\n \r\n$ \r\n \r\n12,272.62 $ 171,308.47 139,927.84 \r\n \r\n3,399.07 $ 11,544.51 8,428.58 \r\n \r\n15,671.69 182,852.98 148,356.42 \r\n \r\n$ \r\n \r\n304,173.00 $ \r\n \r\n323,508.93 $ \r\n \r\n23,372.16 $ \r\n \r\n346,881.09 \r\n \r\n0.00 \r\n \r\n3,887.10 \r\n \r\n13,483.47 \r\n \r\n1,098.74 \r\n \r\n14,582.21 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n308,060.10 $ \r\n \r\n336,992.40 $ \r\n \r\n24,470.90 $ \r\n \r\n361,463.30 \r\n \r\n$ \r\n \r\n83,284.20 $ \r\n \r\n132,520.67 $ \r\n \r\n1,083.33 $ \r\n \r\n133,604.00 \r\n \r\n0.00 \r\n \r\n$ 3,502,258.20 $ 3,957,083.12 $ \r\n \r\n199,818.84 $ 4,156,901.96 \r\n \r\n$ \r\n \r\n101,126.70 $ \r\n \r\n107,181.62 \r\n \r\n$ \r\n \r\n107,181.62 \r\n \r\n0.00 \r\n \r\n25,561.00 \r\n \r\n$ _ _\"\",27\"\"\"\"\"38\"\",1\"\",.5,,,-0 \r\n \r\n27,381.50 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n126,687.70 $ \r\n \r\n107,181.62 $ \r\n \r\n27,381.50 $ \r\n \r\n134,563.12 \r\n \r\n$ 3,628,945.90 $ 4,064,264.74 $ \r\n \r\n227,200.34 $ 4,291,465.08 $=========0:;.0..0.. \r\n \r\n$ \r\n \r\n10,393.00 \r\n \r\n22,511.00 \r\n \r\n$===32=,9;,;;0.4....=0.0.. \r\n \r\n$ \r\n \r\n23,126.12 $ \r\n \r\n23,126.12 \r\n \r\n16,264.86 \r\n \r\n16,264.86 \r\n \r\n$ \r\n \r\n39,390.98 $ \r\n \r\n39,390.98 $=========0...0.=0 \r\n \r\n- 27 - \r\n \r\n SECTIONll COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n RUSSELL W. HINTON \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \r\nFebruary 4, 2000 \r\n \r\nHonorable Roy E. Barnes, Governor Members of the General Assembly Members ofthe State Board of Education \r\nand Superintendent and Members of the Wilcox County Board of Education \r\nREPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING \r\nBASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the financial statements of Wilcox County Board ofEducation as of and for the year ended June 30, 1999, and have issued our report thereon dated February 4,2000. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \r\nCompliance \r\nAs part of obtaining reasonable assurance about whether Wilcox County Board of Education's financial statements are ::free ofmaterial misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance that are required to be reported under Government Auditing Standards. \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit, we considered Wilcox County Board of Education's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control over financial reporting. However, we noted a certain matter involving the internal control over financial reporting and its \r\n99YB-40 \r\n \r\n operation that we consider to be a reportable condition. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe internal control over financial reporting that, in ourjudgement, could adversely affect Wilcox County Board ofEducation's ability to record, process, summarize and report financial data consistent with assertions of management in the financial statements. The reportable condition is described in the accompanying Schedule ofFindings and Questioned Costs as item FS-7561-99-03. \r\nA material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course ofperforming their assigned functions. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions and accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, the reportable condition described aboveis considered to be a material weakness. \r\nThis report is intended solely for the information and use ofmanagement, members of the Wilcox County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n~~.~ Russell W. Hinton State Auditor \r\nRWH:jb 99YB-40 \r\n \r\n RUSSELL W. HINTON \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \r\nFebruary 4, 2000 \r\n \r\nHonorable Roy E. Barnes, Governor Members ofthe General Assembly Members of the State Board ofEducation \r\nand Superintendent and Members ofthe Wilcox County Board ofEducation \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULARA-133 \r\nLadies and Gentlemen: \r\nCompliance \r\nWe have audited the compliance of Wilcox County Board of Education with the types of compliance \r\nu.s. requirements described in the Office ofManagement and Budget (OMB) Circular A-133 Compliance \r\nSupplement that are applicable to each of its major Federal programs for the year ended June 30, 1999. Wilcox County Board of Education's major Federal programs are identified in the accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major Federal programs is the responsibility of Wilcox County Board of Education's management. Our responsibility is to express an opinion on Wilcox County Board ofEducation's compliance based on our audit. \r\nWe conducted our audit of compliance in accordance with generally accepted auditing standards; the standards applicable to fmancial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations. Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Wilcox County Board of Education's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Wilcox County Board of Education's compliance with those requirements. \r\n \r\n99SA-I0 \r\n \r\n In our opinion, the Wilcox. County Board of Education complied, in all material respects, with the requirements referred to above that are applicable to each of its major Federal programs for the year ended June 30, 1999. \r\nInternal Control Over Compliance \r\nThe management of Wilcox County Board of Education is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and perfonning our audit, we considered Wilcox County Board ofEducation's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to detennine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with OMB Circular A-I33. \r\nOur consideration of the internal control over compliance would not necessarily disclose all matters in the internal control that might be material weaknesses. A material weakness is a condition in which the design or operation ofone or more ofthe internal control components does not reduce to a relatively low level ofrisk that noncompliance with applicable requirements of laws, regulations, contracts and grants that would be material in relation to a major Federal program being audited may occur and not be detected within a timely period by employees in the normal course of perfonning their assigned functions. We noted no matters involving the internal control over compliance and its operation that we consider to be material weaknesses. \r\nThis report is intended solely for the information and use of management, members of the Wilcox County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n~llin~~ State Auditor \r\nRWH:jb 99SA-1O \r\n \r\n SECTION ill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARy SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 1999 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\nFS-7561-97-01 FS-7561-97-02 FS-7561-97-03 FS-7561-98-01 \r\n \r\nUnresolved - See Corrective Action/Responses Previously Reported Corrective Action Implemented Further Action Not Warranted Unresolved - See Corrective Action/Responses \r\n \r\nCORRECTIVE ACTIONIRESPONSES \r\n \r\nEXPENDITURESILIABILITIESIDISBURSEMENTS Failure to Meet Expenditure Requirements Amount: $3,959.73 Finding Control Number: FS-7561-97-01 \r\n \r\nThis finding will be resolved by the Georgia Department ofEducation through a future increase in the Board's local fair share of QBE allotments. \r\n \r\nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Finding Control Number: FS-7561-98-01 \r\n \r\nDue to current staffing limitations and budgetary consideration prohibiting the hiring of additional administrative staff, the Board has decided not to pursue the recording of general fixed assets on the financial statements. \r\n \r\n SECTION IV FINDINGS AND QUESTIONED COSTS \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\nSCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 3D. 1999 \r\nI SUMMARy OF AUDITOR'S RESULTS \r\n1. T)l)e ofRenort Issued on the Financial Statements The auditor's opinion on the Wilcox County Board ofEducation's financial statements was qualified for various departures from generally accepted accounting principles. \r\n2. Renortable Conditions in Internal Control Disclosed by the Audit ofthe Financial Statements The audit report for the Wilcox County Board ofEducation disclosed a financial statement reportable condition related to the following control category. . \r\nGeneral Fixed Assets \r\nThe reportable condition described above is considered to be a material weakness. \r\n3. Noncompliance Material to the Financial Statements The audit ofthe Wilcox County Board ofEducation disclosed one instance ofnoncompliance deemed material to the financial statements. This noncompliance involved the Board's failure to record the Special Purpose Local Option Sales Tax activity within the formal accounting records. Audit adjustments were made to the financial statements to correct this noncompliance. \r\n4. Reportable Conditions in Internal Control Over Major Programs The audit report for the Wilcox County Board ofEducation did not disclose any reportable conditions in internal control over major programs. \r\n5. T)l)e ofRenort Issued on Compliance for Major Programs The auditor's opinion on the Wilcox County Board of Education's report on compliance with requirements applicable to major programs was unqualified. \r\n6. Audit Findings Required to be Renorted by Section .510(a) ofOMB Circular A-133 The Wilcox County Board ofEducation's audit did not disclose audit findings required to be reported by section .51O(a) ofOMB Circular A-133. \r\n7. Major Programs Federal awards audited as major programs are as follows: 84.010 Title I - Grants to Local Educational Agencies \r\n8. T)l)e \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000.00. \r\n9. Low Risk Auditee The Wilcox County Board ofEducation was audited as a low risk auditee based on a waiver granted by the U. S. Department of Education. \r\n- 1- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION \r\nSCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 1999 \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\nGENERAL LEDGER Failure to Maintain SPLOST Activity Material Noncompliance Finding Control Number: FS-7561-99-01 \r\nThe Wilcox County Board of Education did not maintain the Special Purpose Local Option Sales Tax (SPLOST) activity within the fonnal accounting records. The condition resulted in the general purpose financial statements of the Board being incomplete and not in accordance with Chapter 15 of the Financial Management for Georgia Local Units of Administration issued by the Georgia Department of Education which requires Boards to maintain a separate debt service fund for general obligation bond debt to be repaid from Local Option Sales Taxes. Extensive audit procedures were necessary to correct the financial statements utilizing source documentation. Appropriate action should be taken by the Board to establish accounting procedures to provide for maintenance of the SPLOST activity within the fonnal accounting records as required. \r\nManagement's Response: \r\nWe concur with this recommendation. Accounting procedures have been established to provide for maintenance of the SPLOST activity within the fonnal accounting records. \r\nGENERAL LEDGER Failure to Transfer Local Matching Funds Nonmaterial Noncompliance Finding Control Number: FS-7561-99-02 \r\nThe Wilcox County Board ofEducation received approval for State capital outlay funding through Georgia State Financing and Investment Commission for the 1999 fiscal year. Both the instructions in Chapter 41 of the Financial Management for Georgia Local Units ofAdministration and the agreement signed by the Board to receive this funding required that the Board transfer local matching funds to the Capital Projects Fund and designate those funds by project name and number. The Board failed to transfer the local matching funds as required. As a result, an audit adjustment was necessary to transfer $7,865.00 from the General Fund to GSFIC Project No. LWOO/99S-756-009. \r\nManagement's Response: \r\nWe concur with this recommendation. This has been corrected. \r\n-2- \r\n \r\n WILCOX COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED ruNE 30. 1999 \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Reportable Condition - Material Weakness Repeated From Prior Year Finding Control Number: FS-7561-99-03 The Board did not maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. The condition results in the general purpose financial statements ofthe Board being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the Board to establish accounting controls and procedures to provide for maintenance of a General Fixed Assets Account Group. These subsidiary records should include an inventory ofland, buildings and equipment owned by the Board and should include, but may not be limited to, date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of all additions and deletions to the General Fixed Assets Account Group. Management's Response: We concur with this recommendation. Due to current staffing limitations and budgetary considerations prohibiting the hiring ofadditional administrative staff the Board has decided not to pursue the recording of general fixed assets on the financial statements. \r\nill FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\nNo matters were reported. \r\n-3- \r\n \r\n "}],"pages":{"current_page":1,"next_page":2,"prev_page":null,"total_pages":2,"limit_value":10,"offset_value":0,"total_count":15,"first_page?":true,"last_page?":false},"facets":[{"name":"type_facet","items":[{"value":"Text","hits":15}],"options":{"sort":"count","limit":16,"offset":0,"prefix":null}},{"name":"creator_facet","items":[{"value":"Georgia. Department of Audits","hits":15}],"options":{"sort":"count","limit":11,"offset":0,"prefix":null}},{"name":"subject_facet","items":[{"value":"Auditors' reports--Georgia","hits":15},{"value":"Financial statements--Georgia","hits":15},{"value":"Wilcox County (Ga.). 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