{"response":{"docs":[{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bs46-b2014-belec-p-btext","title":"Audit report, Sheriffs' Retirement Fund of Georgia, fiscal year ended June 30, 2014","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Dept. of Audits and Accounts. State Government Division"],"dc_date":["2013/2014"],"dcterms_description":["Fiscal year ended June 30, 2000, released in 2001?-","Title from cover.","Title fluctuates. Issues where review \"is substantially less in scope than an audit in accordance with auditing standards generally accepted in the United States of America\" are issued as: Sheriffs' Retirement Fund of Georgia, report on review of the financial statements for the fiscal year ended ... Issues where finances and compliance \"were examined to the extent necessary in order to express an opinion\" are issued as: Management report, Sheriffs' Retirement Fund of Georgia, a component unit of the state of Georgia. Issues where an audit was conducted \"in accordance with auditing standards generally accepted in the United States of America\" are issued as: Audit report, Sheriffs' Retirement Fund of Georgia.","Report year covers fiscal year.","Issued by State of Georgia Department of Audits and Accounts.","Fiscal year ended June 30, 2014 (online surrogate); (Georgia Government Publications database, viewed February 8, 2017)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 2014"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Audit report, Sheriffs' Retirement Fund of Georgia, fiscal year ended June 30, 2014"],"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-bs46-b2014-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bs46-b2014-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"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":"Audit Report \r\nSheriffs' Retirement Fund of Georgia Fiscal Year Ended June 30, 2014 \r\n \r\n The photograph on the cover was taken by Lacey Mitchell at Jekyll Island, Georgia. \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\n- TABLE OF CONTENTS - \r\n \r\nPage SECTION I - FINANCIAL \r\n \r\nIndependent Auditor's Report \r\n \r\n1 \r\n \r\nBasic Financial Statements \r\n \r\nStatement of Fiduciary Net Position \r\n \r\n6 \r\n \r\nStatement of Changes in Fiduciary Net Position \r\n \r\n7 \r\n \r\nNotes to Financial Statements \r\n \r\n8 \r\n \r\nRequired Supplementary Information (Unaudited) \r\n \r\nSchedule of Changes in Employers' and Nonemployers' Net Pension Liability \r\n \r\n20 \r\n \r\nSchedule of Employers' and Nonemployers' Net Pension Liability \r\n \r\n21 \r\n \r\nSchedule of Employer and Nonemployer Contributions \r\n \r\n22 \r\n \r\nSchedule of Investment Returns \r\n \r\n23 \r\n \r\nNotes to Required Supplementary Information \r\n \r\n24 \r\n \r\nSECTION II - REPORT ON INTERNAL CONTROL OVER FINANCIAL \r\n \r\nREPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON \r\n \r\nAN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE \r\n \r\nWITH GOVERNMENT AUDITING STANDARDS \r\n \r\n27 \r\n \r\n (This page intentionally left blank) \r\n \r\n SECTION I - FINANCIAL \r\n \r\n (This page intentionally left blank) \r\n \r\n GREG S. GRIFFIN \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\n \r\nIndependent Auditor's Report \r\nThe Honorable Nathan Deal, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the Sheriffs' Retirement Fund of Georgia \r\nand Mr. J. Terry Norris, Secretary/Treasurer \r\nReport on the Financial Statements \r\nWe have audited the accompanying financial statements of the Sheriffs' Retirement Fund of Georgia, a component unit of the State of Georgia, as of and for the year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise the Sheriffs' Retirement Fund of Georgia's basic financial statements as listed in the table of contents. \r\nManagement's Responsibility for the Financial Statements \r\nManagement is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. \r\nAuditor's Responsibility \r\nOur responsibility is to express an opinion on these financial statements based on our audit. 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. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. \r\nAn audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's \r\n \r\n preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. \r\nWe believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. \r\nOpinion \r\nIn our opinion, the financial statements referred to above present fairly, in all material respects, the fiduciary net position of the Sheriffs' Retirement Fund of Georgia, as of June 30, 2014, and the changes in fiduciary net position for the year then ended in accordance with accounting principles generally accepted in the United States of America. \r\nEmphasis of Matter \r\nAs described in Note 2(a) to the financial statements, Sheriffs' Retirement Fund of Georgia adopted, in 2014, Governmental Accounting Standards Board Statement No. 67, Financial Reporting for Pension Plans, an amendment of GASB Statement No. 25. Our opinion is not modified with respect to this matter. \r\nOther Matters \r\nRequired Supplementary Information \r\nAccounting principles generally accepted in the United States of America require that the schedule of changes in employers' and nonemployers' net pension liability, schedule of employers' and nonemployers' net pension liability, schedule of employer and nonemployer contributions, and schedule of investment returns on pages 20 - 23 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. \r\nManagement has omitted the management's discussion and analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial \r\n2 \r\n \r\n  (This page intentionally left blank) \r\n \r\n BASIC FINANCIAL STATEMENTS \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nStatement of Fiduciary Net Position \r\nJune 30, 2014 \r\n \r\nAssets: Cash and cash equivalents \r\nReceivables: Interest and dividends receivable \r\nInvestments - at fair value: Obligations: U.S. Treasury obligations U.S. Agency obligations Corporate bonds/notes/debentures Domestic International Equities: Mutual funds Stocks \r\nTotal investments \r\nTotal assets \r\nLiabilities: Compensated absences payable \r\nNet position restricted for pensions \r\nSee accompanying notes to financial statements. \r\n \r\n$ \r\n \r\n1,347,865 \r\n \r\n194,104 \r\n \r\n$ \r\n \r\n2,876,100 \r\n \r\n6,245,923 \r\n \r\n12,047,949 206,218 $ \r\n \r\n31,692,703 34,876,300 \r\n \r\n21,376,190 66,569,003 \r\n \r\n87,945,193 89,487,162 \r\n \r\n9,194 $ 89,477,968 \r\n \r\n6 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nStatement of Changes in Fiduciary Net Position \r\nFor the Year ended June 30, 2014 \r\n \r\nAdditions: Contributions: Nonemployer Member \r\nNet investment income: Net increase in fair value of investments Interest, dividends, and other Less investment expense \r\nOther additions \r\nTotal additions \r\nDeductions: Benefit payments Administrative expenses, net \r\nTotal deductions \r\nNet increase in net position \r\nNet position restricted for pensions: Beginning of year \r\nEnd of year \r\nSee accompanying notes to financial statements. \r\n \r\n$ \r\n \r\n2,086,369 \r\n \r\n116,912 \r\n \r\n$ 11,225,033 1,721,533 (415,213) \r\n \r\n12,531,353 3,994 \r\n14,738,628 \r\n \r\n5,332,521 216,635 \r\n5,549,156 \r\n9,189,472 \r\n \r\n80,288,496 $ 89,477,968 \r\n \r\n7 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nNotes to Financial Statements June 30, 2014 \r\n \r\nNOTE 1  Plan Description \r\nThe Sheriffs' Retirement Fund of Georgia (Retirement Fund) is a cost-sharing, multiple-employer defined benefit pension plan, as defined in Governmental Accounting Standards Board (GASB) Statement No. 67, Financial reporting for Pension Plans  an amendment of GASB Statement No. 25, established in 1963 by the General Assembly of Georgia for the purpose of paying retirement benefits to the sheriffs of the State of Georgia. The Board of Commissioners of the Retirement Fund is comprised of six members and consists of the state treasurer, one former sheriff who is a retired beneficiary of the Retirement Fund, and four persons holding office as sheriffs within the State of Georgia, each of whom are active members of the Retirement Fund and have held office as a sheriff for at least four years. The Retirement Fund, a component unit of the State of Georgia, is included within the State of Georgia's basic financial statements as fiduciary funds of the primary government. \r\n(a) Eligibility and Membership \r\nAny qualified and commissioned sheriff of the superior court of any county within the State of Georgia who makes payment of the required contributions is eligible for membership. \r\n \r\nAs of June 30, 2014, participation in the Retirement Fund is as follows: \r\n \r\nRetirees and beneficiaries currently receiving benefits \r\n \r\n203 \r\n \r\nTerminated members not yet receiving benefits, vested \r\n \r\n6 \r\n \r\nTotal \r\n \r\n209 \r\n \r\nNumber of active members \r\n \r\n156 \r\n \r\n(b) Participating Employers and Other Contributing Entities \r\nAt June 30, 2014, the active members of the Pension Fund were employed by 156 employers. The Pension Fund had one nonemployer contributing entity, the State of Georgia. \r\n(c) Retirement Benefits \r\nThe Retirement Fund provides retirement as well as death benefits. Benefit provisions and vesting requirements are established by statute and may be amended only by the General Assembly of Georgia. A description of plan benefits and vesting requirements is as follows: \r\n1) Retirement Conditions: Normal retirement is at age 55 provided the member has at least four years of credited service as a sheriff after and including January 1, 1961. The credited service requirement is eight years for a sheriff who first or again becomes an active member on or after July 1, 1988. A member must have terminated his or her service as sheriff to receive benefits. \r\n \r\n8 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nNotes to Financial Statements June 30, 2014 \r\n2) Retirement Benefits: The monthly benefit is a single life annuity payable in monthly payments for the life of the member. The maximum monthly payment at June 30, 2014 is equal to $140.18 per month (plus 1/12 of this amount for each month of any partial year) for each full year of creditable service up to a maximum of $4,205.40 per month. The Board of Commissioners is authorized to provide for increases effective as of January 1 and July 1 of each year up to 1% of the maximum monthly retirement benefit then in effect. \r\n3) Optional Benefit: Members may elect, as an alternate to the benefit described above, to receive a 100% joint life annuity payable during the life of the member or the member's spouse or a contingency life annuity with a 50% monthly payment to the surviving spouse. The amount of the benefit for these options is an actuarially reduced portion of the single life annuity benefit described above. \r\n4) Death Benefits: \r\na) In the event of the death of a member before retirement, the total amount of his or her contributions into the Retirement Fund will be paid, without interest, to the surviving spouse, the named beneficiary or the member's estate. \r\nb) In the event of the death of a member after retirement, who has yet to receive an amount in benefits equal to the total amount the member paid in as contributions, the difference will be paid, without interest, to the surviving spouse, the named beneficiary or the member's estate. \r\nc) Additionally, upon the death of the following, the sum of $15,000 will be paid to the surviving spouse, the named beneficiary or the member's estate: \r\n(1) an inactive member who would otherwise qualify to be carried upon the active membership rolls except that he or she no longer holds office of sheriff; \r\n(2) a member who is receiving retirement benefits; \r\n(3) a member who is otherwise qualified to receive retirement benefits from this Retirement Fund except that he or she has not reached age 55 or has not filed an application or has not been approved for retirement benefits or \r\n(4) any active member. \r\nd) In addition to the death benefit discussed in item 4) c), upon the death of an active member, the surviving spouse receives an additional benefit in the form of a 100% joint life annuity. In such event, the death benefit discussed in item 4) a) will not be payable. \r\n5) Termination: At any time before a member begins drawing retirement benefits, the member may request a refund of the total sum he or she has paid into the Retirement Fund as membership dues. No interest is paid upon amounts so withdrawn. \r\n9 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nNotes to Financial Statements June 30, 2014 \r\n \r\n(d) Contributions \r\n \r\nThe Retirement Fund is funded by member and nonemployer contributing entity (Nonemployer) contributions. Contribution provisions are established by statute and may be amended only by the General Assembly of Georgia. \r\n \r\nMember Contributions: Member contribution requirements are set forth in Official Code of Georgia Annotated (O.C.G.A.) 47-16-43 and are not actuarially determined. Each member must contribute $45 per month, to be paid no later than the tenth day of each month, with a maximum payment period of thirty years. \r\n \r\nCourt Fines and Forfeitures: Nonemployer contributions consist of court fines and forfeitures collected and remitted by the courts directly to the Retirement Fund in accordance with O.C.G.A. 4716-60 and 47-16-61. These court fines and forfeitures are considered to be made by the State of Georgia as the nonemployer contributing entity. For each criminal and quasi-criminal case involving the violation of State of Georgia laws, county ordinances, or municipal ordinances, a sum based upon the scale set forth below is collected and remitted to the Retirement Fund: \r\n \r\nFor fines or bond forfeitures in excess of $5, \r\n \r\nin any court where a sheriff of a superior court acts as a sheriff \r\n \r\n$2 \r\n \r\nIn addition, the following amounts are required to be collected by the applicable courts and remitted to the Retirement Fund: \r\n \r\nFor civil actions, cases or proceedings filed in superior courts \r\n \r\n$1 \r\n \r\nFor civil actions, cases or proceedings filed in state courts \r\n \r\nand magistrate courts where a sheriff of the superior \r\n \r\ncourts acts as a sheriff in those courts \r\n \r\n$1 \r\n \r\nIn accordance with O.C.G.A. 47-20-10, the court fines and forfeitures are considered employer contributions for the purpose of determining whether the Retirement Fund has met minimum funding requirements. This statute also prohibits any action to grant a benefit increase until such time as the minimum annual contribution requirements meet or exceed legislative requirements. The actuarial valuation as of July 1, 2014, calculated the minimum employer contribution for the fiscal year ended June 30, 2014, as $1,357,827. The fines and forfeitures revenue of $2,086,369 for the fiscal year ended June 30, 2014, meets the minimum required fund contribution. \r\n \r\n(e) Administrative Expenses \r\n \r\nAdministrative expenses are generally paid from current member and court fine and forfeiture contributions. Investment earnings may be utilized to pay any expenses in excess of contributions. \r\n \r\n10 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nNotes to Financial Statements June 30, 2014 \r\nNOTE 2 - Summary of Significant Accounting Policies \r\n(a) Basis of Accounting \r\nThe Retirement Fund's financial statements are prepared on the accrual basis of accounting, except for the collection of fines and forfeitures which are recognized when collected from the courts. Any accrual of these fines and forfeitures would be immaterial to the Retirement Fund's financial statements. Contributions from members are recognized as additions in the period in which the members provide services. Retirement benefit and refund payments are recognized as deductions when due and payable. \r\nDuring fiscal year 2014, the Retirement Fund adopted the provisions of GASB Statement No. 67, Financial Reporting for Pension Plans  an amendment of GASB Statements No. 25. This Statement establishes new financial reporting standards for state and local governmental pension plans that are administered through a trust or similar arrangement. This Statement resulted in changes to the actuarial calculation of total and net pension liability and the related noted disclosures and required supplementary information. The implementation of GASB Statement No. 67 did not impact the recorded amounts in the financial statements. \r\n(b) Reporting Entity \r\nThe Retirement Fund is a component unit of the State of Georgia; however, it is accountable for its own fiscal matters and presentation of its separate financial statements. The Retirement Fund has considered potential component units under GASB Statements No. 61, The Financial Reporting Entity's Omnibus  an amendment of GASB Statement No. 14 and No. 34, and GASB Statement No. 39, Determining Whether Certain Organizations are Component Units, and determined there were no component units of the Retirement Fund. \r\n(c) Cash and Cash Equivalents \r\nCash and cash equivalents, reported at cost, include cash in banks, cash on deposit with the investment custodian earning a credit to offset fees, and short-term highly liquid financial securities with original maturities of three months or less from the date of acquisition. \r\n(d) Investments \r\nInvestments are reported at fair value. Securities traded on a national or international exchange are valued at the last reported sales price. There are no investments in, loans to, or leases with parties related to the Retirement Fund. \r\nThe Retirement Fund utilizes various investment instruments. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such change could materially affect the amounts reported in the financial statements. \r\n11 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nNotes to Financial Statements June 30, 2014 \r\n \r\nThe Retirement Fund maintains an investment policy that may be amended by its Board of Commissioners both upon its own initiative and upon consideration of the advice and recommendations of its investment consultants. There were no significant changes in the investment policy for the Retirement Fund during the fiscal year. \r\n \r\nThe Retirement Fund's policy in regard to the allocation of invested assets is established on a cost basis in compliance with Georgia Statute. Plan assets are managed on a total return basis with a long-term objective of achieving and maintaining a fully funded status for the benefits provided through the pension plan. The following was the Retirement Fund's adopted asset allocation policy as of June 30, 2014: \r\n \r\nAsset class \r\n \r\nTarget allocation \r\n \r\nFixed income Domestic equities International equities Real Estate Investment Trusts (REITs) Cash and cash equivalents \r\nTotal \r\n \r\n25% - 40% 50% - 75% 10% - 20% 0% - 5% 0% - 10% \r\n100% \r\n \r\nFor the year ended June 30, 2014, the annual money weighted rate of return on pension plan investments, net of plan investment expense, was 16.56%. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. \r\nThe Retirement Fund has no investments in any one organization, other than those issued by the U.S. Government, that represent 5% or more of the Retirement Fund's net position restricted for pensions. \r\n(e) Use of Estimates \r\nThe preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of fiduciary net position and changes therein. Actual results could differ from those estimates. \r\nNOTE 3 - Investment Program \r\nThe Retirement Fund maintains sufficient cash to meet its immediate liquidity needs. Cash not immediately needed is invested as directed by the investment policy of the Retirement Fund. All investments are held by agent custodial banks in the name of the Retirement Fund. State statutes and the Retirement Fund's investment policy authorize the Retirement Fund to invest in a variety of short-term and long-term securities. \r\n \r\n12 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nNotes to Financial Statements June 30, 2014 \r\n \r\n(a) Cash and Cash Equivalents \r\n \r\nThe carrying amount of the Retirement Fund's deposits totaled ($35,340) at June 30, 2014, with actual bank balances of $76,780. The Retirement Fund's cash balances are fully insured through the Federal Deposit Insurance Corporation, an independent agency of the U.S. Government. \r\n \r\nShort-term highly liquid financial securities are authorized in the investment policy of the Retirement Fund in money market funds. This investment is classified as a cash equivalent on the Retirement Fund's Statement of Fiduciary Net Position. At June 30, 2014, the Retirement Fund held $1,383,205 in money market mutual funds. \r\n \r\n(b) Investments \r\n \r\nFixed income investments are authorized in the following instruments: \r\n \r\n \r\n \r\nU.S. Government obligations. At June 30, 2014, the Retirement Fund held U.S. Treasury bonds of \r\n \r\n$2,876,100. \r\n \r\n \r\n \r\nObligations unconditionally guaranteed by agencies of the U.S. Government. At June 30, 2014, \r\n \r\nthe Retirement Fund held U.S. Government obligations of $6,245,923. \r\n \r\n \r\n \r\nCorporate bonds that are rated as investment grade as defined by a nationally recognized rating \r\n \r\nagency. At June 30, 2014, the Retirement Fund held U.S. corporate bonds of $12,047,949 and \r\n \r\ninternational corporate bonds of $206,218. \r\n \r\nEquity securities are also authorized by the Public Retirement System Investment Authority Law for investment as a complement to the Retirement Fund's fixed income portfolio and as a long-term inflation hedge. By statute, no more than 75% of the total invested assets on a historical cost basis may be placed in equities. The investment policy of the Retirement Fund requires that the equity portfolio have no more than 5% invested in any one issue, based on cost. The equity portfolio is managed by the Retirement Fund in conjunction with independent advisors. Buy/sell decisions are based on securities meeting rating criteria established by the investment policy of the Retirement Fund. Equity trades are approved and executed by the independent advisors. Common stocks eligible for investment must meet the Objectives of the Retirement Fund's investment policy. Equity investments are authorized in the following instruments: \r\n \r\n \r\n \r\nMutual Funds. At June 30, 2014, the Retirement Fund held equity mutual funds of $31,692,703. \r\n \r\n \r\n \r\nDomestic equities are those securities considered by the O.C.G.A. to be domiciled in the United \r\n \r\nStates. At June 30, 2014, the Retirement Fund held domestic equities of $31,071,673. \r\n \r\n \r\n \r\nInternational equities will be a diversified portfolio including both developed and emerging \r\n \r\ncountries. These securities are not considered by the O.C.G.A. to be domiciled in the United States. \r\n \r\nAt June 30, 2014, the Retirement Fund held international equities of $3,804,627. \r\n \r\n13 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nNotes to Financial Statements June 30, 2014 \r\n \r\nCredit Risk: Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations to the Retirement Fund. State law limits investments to investment grade securities. The Retirement Fund's investment policy requires that purchases of bonds be restricted to bonds rated as investment grade with no more than 10% of the bond portfolio invested in securities rated lower than \"A\" as defined by a nationally recognized rating agency. The quality ratings of investments in fixed income securities as described by Moody's Investor Services, which is a nationally recognized statistical rating organization, at June 30, 2014, are shown in the following chart. \r\n \r\nQuality Ratings of Fixed Income Investments Held at June 30, 2014 \r\n \r\nInvestment type Domestic obligations: \r\nMoney market mutual funds \r\nU.S. Treasury obligations \r\n \r\nrating Unrated \r\n* \r\n \r\nfair value \r\n \r\n$ \r\n \r\n1,383,205 \r\n \r\n2,876,100 \r\n \r\nU.S. Agency obligations \r\n \r\nAa \r\n \r\n6,245,923 \r\n \r\nCorporates \r\nTotal corporate debt - domestic International obligations: \r\nCorporates \r\n \r\nAaa Aa A Baa Unrated \r\nBaa \r\n \r\n1,031,901 1,499,195 8,017,476 1,293,915 \r\n205,462 12,047,949 \r\n206,218 \r\n \r\nTotal fixed income investments \r\n \r\n$ \r\n \r\n22,759,395 \r\n \r\n* Obligations of the U.S. Government are not considered to have credit risk and do not require disclosure of credit quality. \r\nConcentration of Credit Risk: Concentration of credit risk is the risk of loss that may be attributed to the magnitude of a government's investment in a single issue. On June 30, 2014, the Retirement Fund did not have any debt investments in any one organization, other than those issued or guaranteed by the U.S. Government or its agencies, which represented greater than 5% of total investments. \r\n \r\n14 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nNotes to Financial Statements June 30, 2014 \r\n \r\nInterest Rate Risk: Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. The Retirement Fund does not have a formal policy for managing interest rate risk. The following table provides information about the Retirement Fund's interest rate risk. \r\n \r\nTotal Fixed income investment type Fair Value \r\n \r\nMaturity Period \r\n \r\nLess than \r\n \r\nMore than \r\n \r\n3 Months 4 - 12 Months 1 - 5 Years 6 - 10 Years 10 Years \r\n \r\nMoney market mutual funds U.S. Treasury obligations U.S. Agency obligations Corporate debt \r\nDomestic International Total fixed income investments \r\n \r\n$ 1,383,205 2,876,100 6,245,923 \r\n12,047,949 206,218 \r\n$ 22,759,395 \r\n \r\n$ 1,383,205 - \r\n$ 1,383,205 \r\n \r\n$ \r\n \r\n- \r\n \r\n- \r\n \r\n- \r\n \r\n1,188,094 - \r\n$ 1,188,094 \r\n \r\n$ \r\n \r\n- \r\n \r\n1,695,094 \r\n \r\n1,217,054 \r\n \r\n6,639,914 206,218 \r\n$ 9,758,280 \r\n \r\n$ \r\n \r\n- \r\n \r\n1,181,006 \r\n \r\n3,006,156 \r\n \r\n4,219,941 - \r\n$ 8,407,103 \r\n \r\n$ \r\n \r\n- \r\n \r\n- \r\n \r\n2,022,713 \r\n \r\n$ 2,022,713 \r\n \r\nNOTE 4 - Net Pension Liability of Employers and Nonemployers \r\nThe components of the net pension liability of the participating employers and nonemployers at June 30, 2014, were as follows: \r\n \r\nTotal pension liability Plan fiduciary net position \r\nEmployers' and nonemployers' nneet tppeennsisoionnlialiabbilitliyty \r\nPlan fiduciary net position as a percentage of the total pension liability \r\n \r\n$ 109,279,727 89,477,968 \r\n$ 19,801,759 \r\n81.88% \r\n \r\nActuarial Assumptions: The total pension liability was determined by an actuarial valuation as of June 30, 2014, using the following actuarial assumptions, applied to all prior periods included in the measurement: \r\n \r\nInflation Salary increases Investment rate of return \r\n \r\n3.0% \r\nN/A 6.50%, net of pension plan investment expense, \r\nincluding inflation \r\n \r\nMortality rates were based on the 1983 Group Annuity Mortality Table (no margins) for the period after retirement, for dependent beneficiaries, and for deaths in active service. \r\n \r\n15 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nNotes to Financial Statements June 30, 2014 \r\n \r\nRetirement benefit at Normal Retirement Date has increased by 1 % every 6 months in the monthly benefit per year of credited service since July 1, 2000 and are assumed to continue into the future. \r\nThe long-term expected rate of return on pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. \r\n \r\nAsset Class Domestic fixed income Domestic large cap equities Domestic mid cap equities Domestic small cap equities Global equities International equities REITs \r\nTotal \r\n \r\nTarge t Allocation \r\n25.00 % 40.00 3.50 3.50 10.00 15.00 3.00 100.00 % \r\n \r\nLong-te rm expected real rate of return \r\n3.50 % 7.50 8.40 8.60 8.50 8.50 8.50 \r\n \r\nDiscount rate: The discount rate used to measure the total pension liability was 6.50%. The projection of cash flows used to determine the discount rate assumed that plan member contributions (dues) will be made at the current contribution rate ($45 per month) and that contributions from fines and forfeitures will continue to be made at rates currently established by statute ($2 per fine or bond forfeited in criminal or quasi-criminal cases of at least $5 arising from a court in which a sheriff acts as sheriff to such court. $1 is collected in civil actions filed in superior courts. $1 is collected in civil actions filed in state courts and magistrate courts where a sheriff acts as sheriff to such court.). Fines and forfeitures contributions for the fiscal year ending June 30, 2014 were approximately $2.1 million and it has been assumed this contribution amount will continue over the projection period. Based on those assumptions, the pension plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. \r\n \r\n16 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nNotes to Financial Statements June 30, 2014 \r\n \r\nSensitivity of the net pension liability to changes in the discount rate: The following table presents the net pension liability of employers and nonemployers calculated using the discount rate of 6.50%, as well as what the net pension liability would be if it were calculated using a discount rate that is 1-percentagepoint lower (5.50%) or 1-percentage-point higher (7.50%) than the current rate: \r\n \r\nEmployers' and nonemployers' net pension liability \r\n \r\n1% De cre as e (5.50%) \r\n$ 31,325,847 \r\n \r\nCurre nt discount rate \r\n(6.50%) \r\n19,801,759 \r\n \r\n1% Incre as e (7.50%) \r\n10,045,138 \r\n \r\nActuarial valuation date: The total pension liability is based on the June 30, 2014 actuarial valuation. \r\n \r\n17 \r\n \r\n (This page intentionally left blank) \r\n \r\n REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) Required Supplementary Information \r\nSchedule of Changes in Employers' and Nonemployers' Net Pension Liability For the year ended June 30 (Unaudited) \r\n \r\nTotal pension liability: \r\n \r\nService cost \r\n \r\n$ \r\n \r\nInterest \r\n \r\nChanges of benefit terms \r\n \r\nDifferences between expected and actual experience \r\n \r\nChanges of assumptions \r\n \r\nBenefit payments \r\n \r\nRefunds of member contributions \r\n \r\nNet change in total pension liability Total pension liability - beginning Total pension liability - ending (a) \r\n \r\nPlan fiduciary net position: Contributions - nonemployer Contributions - member Net investment income Miscellaneous Benefit payments Refunds of member contributions Administrative expenses, net \r\n \r\nNet change in plan fiduciary net position \r\n \r\nPlan fiduciary net position - beginning \r\n \r\nPlan fiduciary net position - ending (b) \r\n \r\nNet pension liability - ending (a) - (b) \r\n \r\n$ \r\n \r\n2014 \r\n1,850,878 6,719,420 \r\n(5,332,521) 3,237,777 106,041,950 109,279,727 \r\n2,086,369 116,912 \r\n12,531,353 3,994 \r\n(5,332,521) - \r\n(216,635) 9,189,472 80,288,496 89,477,968 19,801,759 \r\n \r\nNote: Schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\nSee accompanying notes to required supplementary information and accompanying independent auditor's report. \r\n \r\n20 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nRequired Supplementary Information Schedule of Employers' and Nonemployers' Net Pension Liability \r\nFor the year ended June 30 (Unaudited) \r\nTotal pension liability Plan fiduciary net position Employers' and nonemployers' net pension liability Plan fiduciary net position as a percentage of the total pension liability Covered-employee payroll Employers' and nonemployers' net pension liability as a percentage of \r\ncovered-employee payroll \r\n \r\n2014 \r\n \r\n$ 109,279,727 89,477,968 \r\n \r\n$ \r\n \r\n19,801,759 \r\n \r\n81.88% \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nNote: Schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\nSee accompanying notes to required supplementary information and accompanying independent auditor's report. \r\n \r\n21 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) Required Supplementary Information \r\nSchedule of Employer and Nonemployer Contributions For the year ended June 30 (Unaudited) \r\n \r\nActuarially determined employer and nonemployer contribution Contributions in relation to the actuarially determined contribution Contribution deficiency (excess) Covered-employee payroll Contributions as a percentage of covered-employee payroll \r\n \r\n2014 \r\n \r\n2013 \r\n \r\n2012 \r\n \r\n2011 \r\n \r\n2010 \r\n \r\n2009 \r\n \r\n2008 \r\n \r\n2007 \r\n \r\n2006 \r\n \r\n2005 \r\n \r\n$ 1,357,827 $ 1,357,827 $ 1,101,385 $ 1,101,385 $ \r\n \r\n401,174 $ \r\n \r\n401,174 $ \r\n \r\n657,100 $ \r\n \r\n657,100 $ \r\n \r\n533,227 $ \r\n \r\n533,227 \r\n \r\n2,086,369 \r\n \r\n2,336,786 \r\n \r\n2,678,871 \r\n \r\n2,498,355 \r\n \r\n2,651,756 \r\n \r\n2,799,016 \r\n \r\n2,694,857 \r\n \r\n2,631,678 \r\n \r\n2,422,553 \r\n \r\n2,477,261 \r\n \r\n$ (728,542) $ (978,959) $ (1,577,486) $ (1,396,970) $ (2,250,582) $ (2,397,842) $ (2,037,757) $ (1,974,578) $ (1,889,326) $ (1,944,034) \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nSee accompanying notes to required supplementary information and accompanying independent auditor's report. \r\n \r\n22 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) Required Supplementary Information Schedule of Investment Returns For the year ended June 30 (Unaudited) \r\n \r\nAnnual money-weighted rate of return, net of investment expense \r\n \r\n2014 16.56% \r\n \r\nNote: Schedule is intended to show information for 10 years. Additional years will be displayed as they become available. \r\n \r\nSee accompanying notes to required supplementary information and accompanying independent auditor's report. \r\n \r\n23 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nNotes to Required Supplementary Information For the Year June 30, 2014 (Unaudited) \r\n \r\n(1) Schedule of Changes in Net Pension Liability \r\n \r\nThe total pension liability contained in this schedule was provided by the Retirement Fund's actuary, Cavanaugh Macdonald Consulting, LLC. The net pension liability is measured as the total pension liability less the amount of the fiduciary net position of the Retirement Fund. \r\n \r\n(2) Actuarial Methods and Assumptions \r\n \r\nChanges of benefit terms: Retirement benefit at Normal Retirement Date has increased based on the following table since July 1, 2012. These 1.50 percent increases every 6 months in the monthly benefit per year of credited service have occurred since July 1, 2000 and are assumed to continue into the future. \r\n \r\nDate \r\nJuly 1, 2012 January 1, 2013 July 1, 2013 January 1, 2014 July 1, 2014 \r\n \r\nChange \r\n$1.95 $2.01 $2.01 $2.07 $2.07 \r\n \r\nTotal Benefit per Year of Service \r\n$134.09 $136.10 $138.11 $140.18 $142.25 \r\n \r\nChanges of assumptions: None \r\n \r\nMethods and assumptions used in calculations of actuarially determined contributions: The actuarially determined contribution rates in the schedule of contributions are calculated as of June 30, one year prior to the end of the fiscal year in which contributions are reported. The following actuarial methods and assumptions were used to determine the most recent contribution rate reported in that schedule: \r\n \r\nActuarial cost method Amortization method Remaining amortization period Asset valuation method Inflation rate Salary increases Investment rate of return \r\n \r\nEntry age Level dollar, open 30 years 5-year smoothed market value with 10% corridor 3.0 percent N/A 6.5 percent, net of pension plan investment expense, including inflation \r\n \r\n24 \r\n \r\n SECTION II - REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS \r\nPERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\n \r\n (This page intentionally left blank) \r\n \r\n GREG S. GRIFFIN \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\n \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\nIndependent Auditor's Report \r\nThe Honorable Nathan Deal, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the Sheriffs' Retirement Fund of Georgia \r\nand Mr. J. Terry Norris, Secretary/Treasurer \r\nWe have audited, 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, the financial statements of the Sheriffs' Retirement Fund of Georgia, a component unit of the State of Georgia, which include the statement of fiduciary net position as of June 30, 2014, the related statement of changes in fiduciary net position for the year then ended, and the related notes to the financial statements, which collectively comprise Sheriffs' Retirement Fund of Georgia's basic financial statements, and have issued our report thereon dated June 12, 2015. \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit of the financial statements, we considered the Sheriffs' Retirement Fund of Georgia's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of Sheriffs' Retirement Fund of Georgia's internal control. Accordingly, we do not express an opinion on the effectiveness of Sheriffs' Retirement Fund of Georgia's internal control. \r\nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material \r\n27 \r\n \r\n  "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bs46-b2012-h2013-belec-p-btext","title":"Audit report, Sheriffs' Retirement Fund of Georgia, fiscal year ended June 30, 2013","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Dept. of Audits and Accounts. State Government Division"],"dc_date":["2012/2013"],"dcterms_description":["Fiscal year ended June 30, 2000, released in 2001?-","Title from cover.","Title fluctuates. Issues where review \"is substantially less in scope than an audit in accordance with auditing standards generally accepted in the United States of America\" are issued as: Sheriffs' Retirement Fund of Georgia, report on review of the financial statements for the fiscal year ended ... Issues where finances and compliance \"were examined to the extent necessary in order to express an opinion\" are issued as: Management report, Sheriffs' Retirement Fund of Georgia, a component unit of the state of Georgia. Issues where an audit was conducted \"in accordance with auditing standards generally accepted in the United States of America\" are issued as: Audit report, Sheriffs' Retirement Fund of Georgia.","Report year covers fiscal year.","Issued by State of Georgia Department of Audits and Accounts.","Fiscal year ended June 30, 2014 (online surrogate); (Georgia Government Publications database, viewed February 8, 2017)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 2013"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Audit report, Sheriffs' Retirement Fund of Georgia, fiscal year ended June 30, 2013"],"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-bs46-b2012-h2013-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bs46-b2012-h2013-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"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":"Audit Report \r\nSheriffs' Retirement Fund of Georgia \r\nFiscal Year Ended June 30, 2013 \r\nPrepared by: State Accounting Office \r\n\"Thunder Clouds over Atlanta\", Photograph by John Mason, Mableton, Georgia \r\n \r\n The artwork on the cover was created by Georgia artist, John Mason, and was selected to hang in the Office of the Governor as part of a rotating exhibit \"The Art of Georgia\". For more information about the exhibit, the artists and their work, visit www.gaarts.org. \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\n \r\n- TABLE OF CONTENTS Page \r\nSECTION I - FINANCIAL \r\n \r\nIndependent Auditor's Report \r\n \r\n1 \r\n \r\nBasic Financial Statements \r\n \r\nStatement of Fiduciary Net Position \r\n \r\n6 \r\n \r\nStatement of Changes in Fiduciary Net Position \r\n \r\n7 \r\n \r\nNotes to the Financial Statements \r\n \r\n8 \r\n \r\nRequired Supplementary Information (Unaudited) \r\n \r\nSchedule of Funding Progress \r\n \r\n18 \r\n \r\nSchedule of Contributions from the Employer and Other Contributing Entities \r\n \r\n19 \r\n \r\nSECTION II - REPORT ON INTERNAL CONTROL OVER FINANCIAL \r\n \r\nREPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN \r\n \r\nAUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH \r\n \r\nGOVERNMENT AUDITING STANDARDS \r\n \r\n23 \r\n \r\n (This page intentionally left blank) \r\n \r\n SECTION I - FINANCIAL \r\n \r\n (This page intentionally left blank) \r\n \r\n    (This page intentionally left blank) \r\n \r\n BASIC FINANCIAL STATEMENTS \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nStatement of Fiduciary Net Position \r\nJune 30, 2013 \r\n \r\nAssets: Cash and cash equivalents \r\nInterest and dividends receivable \r\nInvestments, at fair value: Pooled investments Mutual funds U. S. Government obligations Corporate bonds/notes/debentures Stocks Total investments \r\nTotal assets \r\nLiabilities: Accounts payable and other accruals Compensated absences payable \r\nTotal liabilities \r\nNet position restricted for pensions \r\nSee accompanying notes to financial statements. \r\n \r\n$ \r\n \r\n2,225,917 \r\n \r\n217,732 \r\n \r\n$ \r\n \r\n5,893,690 \r\n \r\n15,045,335 \r\n \r\n6,193,297 \r\n \r\n11,712,184 \r\n \r\n39,022,372 \r\n \r\n77,866,878 80,310,527 \r\n \r\n19,270 2,761 \r\n \r\n22,031 \r\n \r\n$ \r\n \r\n80,288,496 \r\n \r\n6 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nStatement of Changes in Fiduciary Net Position \r\nYear ended June 30, 2013 \r\n \r\nAdditions: Contributions: Members Fines and bond forfeitures \r\nInvestment income: Dividends and interest Net increase in fair value of investments Less investment expense Net investment income \r\nMiscellaneous \r\nTotal additions \r\nDeductions: General and administrative expenses Benefits Refunds of member contributions \r\nTotal deductions \r\nNet increase in net position \r\nNet position restricted for pensions: \r\nBeginning of year \r\nEnd of year \r\nSee accompanying notes to financial statements. \r\n \r\n$ \r\n \r\n126,311 \r\n \r\n2,336,786 \r\n \r\n$ \r\n \r\n1,909,227 \r\n \r\n7,903,206 \r\n \r\n(388,846) \r\n \r\n9,423,587 5,565 \r\n11,892,249 \r\n \r\n205,619 4,887,025 \r\n24,660 \r\n5,117,304 \r\n6,774,945 \r\n \r\n73,513,551 \r\n \r\n$ \r\n \r\n80,288,496 \r\n \r\n7 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nNotes to Financial Statements \r\nFor the Year Ended June 30, 2013 \r\n \r\nNOTE 1 - PLAN DESCRIPTION \r\n \r\nORGANIZATION AND PLAN DESCRIPTION \r\nThe Sheriffs' Retirement Fund of Georgia is a cost-sharing multiple-employer defined benefit pension plan established in 1963 by the General Assembly of Georgia for the purpose of paying retirement benefits to the sheriffs of the State of Georgia. The Board of Commissioners of the Retirement Fund is comprised of six members and consists of the state treasurer, one former sheriff who is a retired beneficiary of the Retirement Fund, and four persons holding office as sheriffs within the State of Georgia, each of whom are active members of the Retirement Fund and have held office as a sheriff for at least four years. The Sheriffs' Retirement Fund of Georgia, a component unit of the State of Georgia, is included within the State of Georgia's basic financial statements as fiduciary funds of the primary government. \r\n \r\nAny qualified and commissioned sheriff of the superior court of any county within the State of Georgia who makes payment of the required contributions is eligible for membership. The Retirement Fund is funded through a combination of member contributions paid by the affected sheriffs and designated portions of fines and forfeitures for criminal and quasi-criminal cases involving the violation of State of Georgia statutes, including traffic laws. \r\n \r\nCURRENT MEMBERSHIP As of June 30, 2013, participation in the Retirement Fund is as follows: \r\n \r\nJune 30, 2013 \r\n \r\nRetirees and beneficiaries currently receiving benefits \r\n \r\n201 \r\n \r\nTerminated members not yet receiving benefits, vested \r\n \r\n9 \r\n \r\nTotal \r\n \r\n210 \r\n \r\nNumber of active members \r\n \r\n150 \r\n \r\nPARTICIPATING EMPLOYERS AND CONTRIBUTING ENTITIES The number of participating employers of the Retirement Fund at June 30, 2013 was 150. The number of contributing entities of the Retirement Fund at June 30, 2013 was 925. \r\nBENEFITS The Sheriffs' Retirement Fund of Georgia provides retirement as well as death benefits. Benefit provisions and vesting requirements are established by statute and may be amended only by the General Assembly of Georgia. A description of plan benefits and vesting requirements is as follows: \r\n(A) RETIREMENT CONDITIONS: Normal retirement is at age 55 provided the member has at least four years of credited service as a sheriff after and including January 1, 1961. The credited service requirement is eight years for a sheriff who first or again becomes an active member on or after July 1, 1988. A member must have terminated his or her service as sheriff to receive benefits. \r\n \r\n8 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nNotes to Financial Statements \r\nFor the Year Ended June 30, 2013 \r\nNOTE 1 - PLAN DESCRIPTION (continued) \r\n(B) RETIREMENT BENEFITS: The monthly benefit is a single life annuity payable in monthly payments for the life of the member. The maximum monthly payment at June 30, 2013 is equal to $136.10 per month (plus 1/12 of this amount for each month of any partial year) for each full year of creditable service up to a maximum of $4,083.00 per month. The Board of Commissioners is authorized to provide for increases effective as of January 1 and July 1 of each year up to 1 percent of the maximum monthly retirement benefit then in effect. \r\n(C) OPTIONAL BENEFITS: Members may elect, as an alternate to the benefit described above, to receive a 100 percent joint life annuity payable during the life of the member or the member's spouse or a contingency life annuity with a 50 percent monthly payment to the surviving spouse. The amount of the benefit for these options is an actuarially reduced portion of the single life annuity benefit described above. \r\n(D) DEATH BENEFITS (1) In the event of the death of a member before retirement, the total amount of his or her contributions into the fund shall be paid, without interest, to the surviving spouse, the named beneficiary or the member's estate. \r\n(2) In the event of the death of a member after retirement, who has yet to receive an amount in benefits equal to the total amount the member paid in as contributions, the difference shall be paid, without interest, to the surviving spouse, the named beneficiary or the member's estate. \r\n(3) Additionally, upon the death of the following, the sum of $15,000 shall be paid to the surviving spouse, the named beneficiary or the members estate: \r\n(a) an inactive member who would otherwise qualify to be carried upon the active membership rolls except that he or she no longer holds office of sheriff; \r\n(b) a member who is receiving retirement benefits; \r\n(c) a member who is otherwise qualified to receive retirement benefits from this Retirement Fund except that he or she has not reached age 55 or has not filed an application or has not been approved for retirement benefits or \r\n(d) any active member. \r\n(4) In addition to the death benefit discussed in item (D)(3), upon the death of an active member, the surviving spouse receives an additional benefit in the form of a 100 percent joint life annuity. In such event, the death benefit discussed in item (D)(1) will not be payable. \r\n(E) TERMINATION: At any time before a member begins drawing retirement benefits, the member may request a refund of the total sum he or she has paid into the Retirement Fund as membership dues. No interest shall be paid upon amounts so withdrawn. \r\n9 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nNotes to Financial Statements \r\nFor the Year Ended June 30, 2013 \r\nNOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF ACCOUNTING The Retirement Fund's financial statements are prepared on the accrual basis of accounting, except for the collection of fines and forfeitures which are recognized when collected from the courts. Any accrual of these fines and forfeitures would be immaterial to the Retirement Fund's financial statements. Contributions from members are recognized as additions in the period in which the members provide services. Retirement benefit and refund payments are recognized as deductions when due and payable. \r\nDuring fiscal year 2013, the Retirement Fund adopted the provisions of GASB Statement No. 61, The Financial Reporting Entity: Omnibus  an amendment of GASB Statements No. 14 and No. 34. The objective of this Statement is to improve financial reporting for a governmental financial reporting entity by modifying certain requirements for inclusion of component units in the financial reporting entity, amending the criteria for blended component units, and clarifying the reporting entity interests in component units. The Retirement Fund did not have any component units for fiscal year 2013. \r\nDuring fiscal year 2013, the Retirement Fund adopted the provisions of GASB Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position. This Statement amends the net asset reporting requirements in Statement No. 34, Basic Financial Statements  and Management's Discussion and Analysis  for State and Local Governments, and other pronouncements by incorporating deferred outflows of resources and deferred inflows of resources into the definitions of the required components of the residual measure and renames that measure as net position. The Retirement Fund changed its presentation of net assets to net position for fiscal year 2013. There were no other applicable changes to the Retirement Fund. \r\nIn June 2012, GASB issued Statement No. 67, Financial Reporting for Pension Plans  an amendment of GASB No. 25. This Statement improves financial reporting by state and local governmental pension plans. This Statement results from a comprehensive review of the effectiveness of existing standards of accounting and financial reporting for pensions with regard to providing decision-useful information, supporting assessments of accountability and inter-period equity, and creating additional transparency. This Statement will be effective for the Retirement Fund in fiscal year 2014. Management of the Retirement Fund is evaluating the impact on the Retirement Fund's financial statements. \r\nCASH AND CASH EQUIVALENTS Cash and cash equivalents, reported at cost, include cash in banks, cash on deposit with the investment custodian earning a credit to offset fees, and short-term highly liquid financial securities with original maturities of three months or less from the date of acquisition. \r\nINVESTMENTS Investments are reported at fair value. Securities traded on a national or international exchange are valued at the last reported sales price. There are no investments in, loans to, or leases with parties related to the Retirement Fund. \r\nThe Retirement Fund utilizes various investment instruments. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements. \r\n10 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nNotes to Financial Statements \r\nFor the Year Ended June 30, 2013 \r\nNOTE 3 - DEPOSITS AND INVESTMENTS \r\nThe Retirement Fund maintains sufficient cash to meet its immediate liquidity needs. Cash not immediately needed is invested as directed by the investment policy of the Retirement Fund. All investments are held by agent custodial banks in the name of the Retirement Fund. State statutes and the Retirement Fund's investment policy authorize the Retirement Fund to invest in a variety of short-term and long-term securities as follows: \r\n1) U.S. or Canadian corporations or their obligations with limits as to the corporations' size and credit rating. 2) Repurchase and reverse repurchase agreements for direct obligations of the U.S. Government and for \r\nobligations unconditionally guaranteed by agencies. 3) Federal Deposit Insurance Corporation (FDIC) insured cash assets or deposits. 4) Bonds, notes, warrants, loans or other debt issued or guaranteed by the U.S. Government. 5) Taxable bonds, notes, warrants or other securities issued and guaranteed by any state, the District of \r\nColumbia, Canada or any province in Canada. 6) Bonds, debentures or other securities issued or insured or guaranteed by an agency, authority, unit, or \r\ncorporate body created by the U.S. Government. 7) Investment grade collateralized mortgage obligations. 8) Obligations issued, assumed or guaranteed by the International Bank for Reconstruction and Development or \r\nthe International Financial Corporation. 9) Bonds, debentures, notes and other evidence of indebtedness issued, assumed, or guaranteed by any solvent \r\ninstitution existing under the laws of the U.S. or of Canada, or any state or province thereof, which are not in default and are secured to a certain level. 10) Secured and unsecured obligations issued by any solvent institution existing under the laws of the U.S. or of Canada, or any state or province thereof, bearing interest at a fixed rate, with mandatory principal and interest due at a specified time with additional limits. 11) Equipment trust obligations or interests in transportation equipment, wholly or in part within the U.S., and the right to receive determinate portions or related income. 12) Loans that are secured by pledge or securities eligible for investment. 13) Purchase money mortgages or like securities received upon the sale or exchange of real property acquired. 14) Secured mortgages or mortgage participation, pass-through, conventional pass-through, trust certificate, or other similar securities with restrictions. 15) Land and buildings on such land used or acquired for use as a fund's office for the convenient transaction of its own business with restrictions. 16) Real property and equipment acquired under various circumstances. \r\nDEPOSITS \r\nThe carrying amount of the Retirement Fund's deposits totaled $240,501 at June 30, 2013, with actual bank balances of $286,078. The Retirement Fund's cash balances are fully insured through the Federal Deposit Insurance Corporation, an independent agency of the U.S. Government. \r\nINVESTMENTS \r\nShort-term highly liquid financial securities are authorized in the investment policy of the Retirement Fund in money market funds. This investment is classified as a cash equivalent on the Retirement Fund's Statement of Fiduciary Net Position. At June 30, 2013, the Retirement Fund held $1,985,416 in money market mutual funds. \r\n11 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nNotes to Financial Statements \r\nFor the Year Ended June 30, 2013 \r\n \r\nNOTE 3 - DEPOSITS AND INVESTMENTS (continued) \r\n \r\nFixed income investments are authorized in the following instruments: \r\n \r\n \r\n \r\nU.S. Government obligations. At June 30, 2013, the Retirement Fund held U.S. Treasury bonds of \r\n \r\n$2,162,102. \r\n \r\n \r\n \r\nObligations unconditionally guaranteed by agencies of the U.S. Government. At June 30, 2013, the \r\n \r\nRetirement Fund held U.S. Government obligations of $4,031,195. \r\n \r\n \r\n \r\nCorporate bonds that are rated as investment grade as defined by a nationally recognized rating agency. \r\n \r\nAt June 30, 2013, the Retirement Fund held U.S. corporate bonds of $11,507,056 and international \r\n \r\ncorporate bonds of $205,128. \r\n \r\nEquity securities are also authorized by the Public Retirement System Investment Authority Law for investment as a complement to the Retirement Fund's fixed income portfolio and as a long-term inflation hedge. By statute, no more than 75% of the total invested assets on a historical cost basis may be placed in equities. Equity holdings in any one corporation may not exceed 5% of the equity portfolio, based on cost. The equity portfolio is managed by the Retirement Fund in conjunction with independent advisors. Buy/sell decisions are based on securities meeting rating criteria established by the investment policy of the Retirement Fund. Equity trades are approved and executed by the independent advisors. Common stocks eligible for investment must meet the Investment Objectives and Guidelines of the Retirement Fund investment policy. Equity investments are authorized in the following instruments: \r\n \r\n \r\n \r\nDomestic equities are those securities considered by The Official Code of Georgia Annotated (O.C.G.A.) \r\n \r\nto be domiciled in the United States. At June 30, 2013, the Retirement Fund held domestic equities of \r\n \r\n$35,002,072. \r\n \r\n \r\n \r\nInternational equities will be a diversified portfolio including both developed and emerging countries. \r\n \r\nThese securities are not considered by the O.C.G.A. to be domiciled in the United States. At June 30, \r\n \r\n2013, the Retirement Fund held international equities of $4,020,300. \r\n \r\nCredit Risk: Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations to the Retirement Fund. State law limits investments to investment grade securities. The Retirement Fund's investment policy requires that purchases of bonds be restricted to bonds rated as investment grade with no more than 10% of the bond portfolio invested in securities rated lower than \"A\" as defined by a nationally recognized rating agency. Obligations of the U.S. Government or obligations explicitly guaranteed by the U.S. Government are not considered to have credit risk and do not require disclosure of credit quality. The quality ratings of investments in fixed income securities as described by Standard \u0026 Poor's and by Moody's Investor Services, which are nationally recognized statistical rating organizations, at June 30, 2013 are shown in the chart on the following page. \r\n \r\n12 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nNotes to Financial Statements \r\nFor the Year Ended June 30, 2013 \r\n \r\nNOTE 3 - DEPOSITS AND INVESTMENTS (continued) \r\n \r\nInvestment Type Domestic obligations: \r\nMoney market mutual funds U.S. Treasuries Governments Corporates \r\nTotal corporates International obligations: \r\nCorporates Total fixed income in v es tmen ts \r\n \r\nStandard and Poor's /Moody's quality rating \r\n \r\nJune 30, 2013 fair value \r\n \r\nUnrated \r\n \r\n$ 1,985,416 \r\n \r\nAA/Aaa \r\nA/A A/Aa A/Baa AA/A AA/Aa AAA/Aaa BBB/A BBB/Baa BBB/Unrated \r\n \r\n2,162,102 \r\n4,031,195 \r\n7,062,686 206,154 102,068 \r\n1,065,897 692,510 777,972 52,361 \r\n1,342,132 205,276 \r\n11,507,056 \r\n \r\nBBB/Baa \r\n \r\n205,128 \r\n \r\n19,890,897 \r\n \r\n13 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nNotes to Financial Statements \r\nFor the Year Ended June 30, 2013 \r\n \r\nNOTE 3 - DEPOSITS AND INVESTMENTS (continued) \r\nInterest Rate Risk: Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. The Retirement Fund does not have a formal policy for managing interest rate risk. The following table provides information about the Retirement Fund's interest rate risk: \r\n \r\nTotal Fair Value \r\n \r\nLess than 3 Months \r\n \r\nMaturity Period 4 - 12 Months 1 - 5 Years 6 - 10 Years \r\n \r\nMore than 10 Years \r\n \r\nMoney Market Mutual Fund $ U. S. Treasury Obligations U. S. Agency Obligations Corporate Debt \r\nDomes tic International \r\n \r\nTotal Debt Securities \r\n \r\n$ \r\n \r\n1,985,416 $ 2,162,102 4,031,195 \r\n \r\n1,985,416 $ - \r\n \r\n-$ - \r\n \r\n-$ 574,040 \r\n \r\n-$ 2,162,102 2,731,772 \r\n \r\n725,383 \r\n \r\n11,507,056 \r\n \r\n302,724 \r\n \r\n1,237,111 \r\n \r\n5,181,796 \r\n \r\n4,785,425 \r\n \r\n- \r\n \r\n205,128 \r\n \r\n- \r\n \r\n- \r\n \r\n205,128 \r\n \r\n- \r\n \r\n- \r\n \r\n19,890,897 $ 2,288,140 $ 1,237,111 $ 5,960,964 $ 9,679,299 $ 725,383 \r\n \r\nGeorgia Pooled Index Fund \r\n \r\n5,893,690 \r\n \r\nMutual Funds - Equity \r\n \r\n15,045,335 \r\n \r\nEquity Securities \r\n \r\nDomes tic International \r\n \r\n35,002,072 4,020,300 \r\n \r\nTotal Investments \r\n \r\n$ 79,852,294 \r\n \r\nConcentration of Credit Risk: Concentration of credit risk is the risk of loss that may be attributed to the magnitude of a government's investment in a single issue. The Retirement Fund's concentration of credit risk policy limits investments to no more than 5% in any one issue, based on cost. On June 30, 2013, the Retirement Fund did not have any debt or equity investments in any one organization, other than those issued or guaranteed by the U.S. Government or its agencies, which represented greater than 5% of total investments. \r\nNOTE 4 - CONTRIBUTIONS \r\nFUNDING POLICY The minimum annual employer contribution requirements are set forth in The Official Code of Georgia Annotated (O.C.G.A.) Section 47-20-10 and are not actuarially determined. This statute further prohibits any action to grant a benefit increase until such time as the minimum annual contribution requirements meet or exceed legislative requirements. The actuarial valuation as of July 1, 2012, which reflected the proceeds of designated portions of fines and forfeitures as the employer contribution, indicated that minimum employer contribution for the fiscal year ended June 30, 2013 was $1,357,827. The fines and forfeitures revenue of $2,336,786 for the fiscal year ended June 30, 2013 does meet the minimum required fund contribution. Member contribution requirements are set forth in O.C.G.A. Section 47-16-43 and are not actuarially determined. \r\n14 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nNotes to Financial Statements \r\nFor the Year Ended June 30, 2013 \r\n \r\nNOTE 4  CONTRIBUTIONS (continued) \r\n \r\nAdministrative expenses are generally funded from current member and court fine and bond forfeiture contributions. Investment earnings may be utilized to fund any expenses in excess of contributions. \r\n \r\nContribution provisions are established by statute and may be amended only by the General Assembly of Georgia. A description of contribution requirements is as follows: \r\n \r\n(A) MEMBER'S CONTRIBUTIONS: Members must contribute $45.00 per month, with a maximum payment period of thirty years. \r\n \r\n(B) COURT FINES AND BOND FORFEITURES: For each criminal and quasi-criminal case involving the violation of State of Georgia statutes, including traffic laws, a sum based upon the scale set forth below is collected by the presiding judge and remitted to the Retirement Fund: \r\n \r\nFor fines or bond forfeitures in excess of $5, \r\n \r\nin any court where a sheriff of a superior \r\n \r\ncourt acts as a sheriff \r\n \r\n$2 \r\n \r\nIn addition, the following amounts are required to be collected by the applicable courts and remitted to the Retirement Fund: \r\n \r\nFor civil actions, cases or proceedings filed in superior courts \r\n \r\n$1 \r\n \r\nFor civil actions, cases or proceedings filed in state courts \r\n \r\nand magistrate courts where a sheriff of the superior \r\n \r\ncourts acts as a sheriff in those courts \r\n \r\n$1 \r\n \r\nActual contributions for the year ended June 30, 2013, were as follows: \r\n \r\nMember Contributions Fines and Forfeitures \r\n \r\n$ \r\n \r\n126,311 \r\n \r\n2,336,786 \r\n \r\nTotal \r\n \r\n$ 2,463,097 \r\n \r\n15 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nNotes to Financial Statements \r\nFor the Year Ended June 30, 2013 \r\n \r\nNOTE 5 - FUNDED STATUS AND FUNDING PROGRESS \r\n \r\nThe funded status of the plan as of July 1, 2012, the most recent actuarial valuation date, is as follows: \r\n \r\nActuarial value of plan assets \r\n(a) \r\n \r\nActurial accrued liability (AAL) entry age \r\n(b) \r\n \r\nUnfunded AAL (b-a) \r\n \r\nFunded ratio (a/b) \r\n \r\nAnnual covered payroll \r\n(c) \r\n \r\nUnfunded AAL/(funded \r\nexcess) as percentage of covered payroll \r\n[(b-a)/c] \r\n \r\n$ 69,356,000 $ 77,766,000 $ 8,410,000 \r\n \r\n89.2% \r\n \r\nN/A \r\n \r\nN/A \r\n \r\nThe schedule of funding progress, presented as required supplementary information following the notes to the financial statements, presents multi-year trend information about whether the actuarial values of plan assets are increasing or decreasing over time relative to the AAL for benefits. \r\n \r\nAdditional information as of the latest actuarial valuation follows: \r\n \r\nValuation Date \r\n \r\nJuly 1, 2012 \r\n \r\nActuarial cost method \r\n \r\nEntry age normal \r\n \r\nAmortization method \r\n \r\nLevel dollar, open \r\n \r\nRemaining amortization period \r\n \r\n30 years \r\n \r\nAsset valuation method \r\n \r\nFive-year smoothed market value with 10% corridor \r\n \r\nActuarial assumptions: Investment rate of return (includes inflation) Projected salary increases Cost-of-living adjustments \r\n \r\n6.50% N/A N/A \r\n \r\n16 \r\n \r\n REQUIRED SUPPLEMENTARY INFORMATION \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA (A Component Unit of the State of Georgia) \r\nSchedule of Funding Progress \r\nJune 30, 2013 \r\n \r\nActuarial valuation \r\ndate \r\n \r\nActuarial value of plan assets \r\n(a) \r\n \r\nActuarial accrued liability (AAL) entry age \r\n(b) \r\n \r\nUnfunded AAL/ (funded excess) (b-a) \r\n \r\nFunded ratio (a/b) \r\n \r\nAnnual covered payroll \r\n(c) \r\n \r\nJuly 1, 2008 $ 69,553,000 $ \r\n \r\n67,081,000 $ \r\n \r\n(2,472,000) 103.7% N/A \r\n \r\nJuly 1, 2010 \r\n \r\n66,897,000 \r\n \r\n72,755,000 \r\n \r\n5,858,000 \r\n \r\n91.9% N/A \r\n \r\nJuly 1, 2012 \r\n \r\n69,356,000 \r\n \r\n77,766,000 \r\n \r\n8,410,000 \r\n \r\n89.2% N/A \r\n \r\nUnfunded AAL/(funded \r\nexcess) as percentage of \r\ncovered payroll [(b-a)/c] \r\nN/A \r\nN/A \r\nN/A \r\n \r\n18 \r\n \r\n Fiscal Year \r\n2008 2009 2010 2011 2012 2013 \r\n \r\nSHERIFFS' RETIREMENT FUND OF GEORGIA \r\n(A Component Unit of the State of Georgia) \r\nSchedule of Contributions from the Employer and Other Contributing Entities \r\nJune 30, 2013 \r\n \r\nAnnual required contribution \r\n \r\n$ \r\n \r\n657,100 \r\n \r\n401,174 \r\n \r\n401,174 \r\n \r\n1,101,385 \r\n \r\n1,101,385 \r\n \r\n1,357,827 \r\n \r\nPercentage contributed \r\n410.1% 697.7% 661.0% 226.8% 243.2% 172.1% \r\n \r\n19 \r\n \r\n (This page intentionally left blank) \r\n \r\n SECTION II - REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS \r\nPERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\n \r\n (This page intentionally left blank) \r\n \r\n   "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bs46-b2011-h2012-belec-p-btext","title":"Audit report, Sheriffs' Retirement Fund of Georgia, year ended June 30, 2012","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Dept. of Audits and Accounts. State Government Division"],"dc_date":["2011/2012"],"dcterms_description":["Fiscal year ended June 30, 2000, released in 2001?-","Title from cover.","Title fluctuates. Issues where review \"is substantially less in scope than an audit in accordance with auditing standards generally accepted in the United States of America\" are issued as: Sheriffs' Retirement Fund of Georgia, report on review of the financial statements for the fiscal year ended ... Issues where finances and compliance \"were examined to the extent necessary in order to express an opinion\" are issued as: Management report, Sheriffs' Retirement Fund of Georgia, a component unit of the state of Georgia. Issues where an audit was conducted \"in accordance with auditing standards generally accepted in the United States of America\" are issued as: Audit report, Sheriffs' Retirement Fund of Georgia.","Report year covers fiscal year.","Issued by State of Georgia Department of Audits and Accounts.","Fiscal year ended June 30, 2014 (online surrogate); (Georgia Government Publications database, viewed February 8, 2017)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 2012"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Audit report, Sheriffs' Retirement Fund of Georgia, year ended June 30, 2012"],"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-bs46-b2011-h2012-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bs46-b2011-h2012-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"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":"Audit Report \r\nSheriffs' Retirement Fund of Georgia \r\nFiscal Year Ended June 30, 2012 \r\nPrepared by: State Accounting Office \r\n\"Georgia State Capitol\" Artist: GeorgeAnn S. Moore, Gainesville, Georgia \r\n \r\n The artwork on the cover was created by Gainesville artist GeorgeAnn Moore and will be hanging in the Office of the Governor as part of a rotating exhibit \"The Art of Georgia\" through January 25, 2013. For more information about the exhibit, the selected artists and their work, visit www.gaarts.org. \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA - TABLE OF CONTENTS Page \r\nSECTION I - FINANCIAL \r\n \r\nIndependent Auditor's Report \r\n \r\n1 \r\n \r\nBasic Financial Statements \r\n \r\nStatement of Fiduciary Net Assets \r\n \r\n4 \r\n \r\nStatement of Changes in Fiduciary Net Assets \r\n \r\n5 \r\n \r\nNotes to the Financial Statements \r\n \r\n6 \r\n \r\nRequired Supplementary Information \r\n \r\nSchedule of Funding Progress \r\n \r\n12 \r\n \r\nSchedule of Contributions from the Employer and Other Contributing Entities \r\n \r\n13 \r\n \r\nSECTION II - REPORT ON INTERNAL CONTROL OVER FINANCIAL \r\n \r\nREPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN \r\n \r\nAUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH \r\n \r\nGOVERNMENT AUDITING STANDARDS \r\n \r\n17 \r\n \r\n (This page intentionally left blank) \r\n \r\n SECTION I - FINANCIAL \r\n \r\n (This page intentionally left blank) \r\n \r\n   BASIC FINANCIAL STATEMENTS \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA STATEMENT OF FIDUCIARY NET ASSETS JUNE 30, 2012 \r\n \r\nAssets Cash and Cash Equivalents Receivables \r\nInterest and Dividends Investments \r\nPooled Investments Mutual Funds Municipal, U. S. and Foreign \r\nGovernment Obligations Corporate Bonds/Notes/Debentures Stocks \r\nTotal Assets \r\nLiabilities Accounts Payable and Other Accruals Compensated Absences Payable \r\nTotal Liabilities \r\nNet Assets Held in Trust for Pension Benefits \r\n \r\n$ \r\n \r\n448,001 \r\n \r\n249,676 \r\n \r\n4,869,364 16,041,431 \r\n \r\n5,425,026 14,465,189 32,040,772 \r\n \r\n73,539,459 \r\n \r\n17,265 8,643 \r\n25,908 \r\n \r\n$ \r\n \r\n73,513,551 \r\n \r\nThe notes to the financial statements are an integral part of this statement. \r\n4 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS \r\nFOR THE YEAR ENDED JUNE 30, 2012 \r\n \r\nAdditions: Contributions Plan Members Other Contributions Fines and Bond Forfeitures Interest and Other Investment Income Dividends and Interest Net Depreciation in Investments Reported at Fair Value Less: Investment Expense Net Investment Income Other Miscellaneous \r\nTotal Additions \r\nDeductions: General and Administrative Expenses Benefits Refunds \r\nTotal Deductions \r\nChange in Net Assets Held in Trust for Pension Benefits \r\nNet Assets, July 1 \r\nNet Assets, June 30 \r\n \r\n$ \r\n \r\n76,160 \r\n \r\n2,678,871 \r\n \r\n$ \r\n \r\n1,863,123 \r\n \r\n(926,918) (320,384) \r\n \r\n615,821 \r\n \r\n126,491 \r\n \r\n3,497,343 \r\n \r\n186,623 4,552,574 \r\n15,600 \r\n4,754,797 \r\n \r\n(1,257,454) 74,771,005 \r\n \r\n$ \r\n \r\n73,513,551 \r\n \r\nThe notes to the financial statements are an integral part of this statement. \r\n5 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2012 \r\n \r\nA. PLAN DESCRIPTION \r\n \r\nORGANIZATION AND PLAN DESCRIPTION The Sheriffs' Retirement Fund of Georgia is a cost-sharing multiple-employer defined benefit pension plan established in 1963 by the General Assembly of Georgia for the purpose of paying retirement benefits to the sheriffs of the State of Georgia. The Board of Commissioners of the Retirement Fund is comprised of six members and consists of the state treasurer, one former sheriff who is a retired beneficiary of the Retirement Fund, and four persons holding office as sheriffs within the State of Georgia, each of whom are active members of the Retirement Fund and have held office as a sheriff for at least four years. The Sheriffs' Retirement Fund of Georgia is included within the State of Georgia's basic financial statements as a part of the primary government. \r\n \r\nAny qualified and commissioned sheriff of the superior court of any county within the State of Georgia who makes payment of the required contributions is eligible for membership. The Retirement Fund is funded through a combination of member contributions paid by the affected sheriffs and designated portions of fines and forfeitures for criminal and quasi-criminal cases involving the violation of State of Georgia statutes, including traffic laws. \r\n \r\nCURRENT MEMBERSHIP The following analysis compares the membership of the Sheriffs' Retirement Fund of Georgia at June 30, 2012, to that of the prior year: \r\n \r\nRetirees and Beneficiaries Currently Receiving Benefits \r\nTerminated Members Entitled to, But Not Yet Receiving Benefits \r\n \r\nJune 30, 2012 June 30, 2011 \r\n \r\n181 \r\n \r\n186 \r\n \r\n6 \r\n \r\n7 \r\n \r\nTotal \r\n \r\n187 \r\n \r\n193 \r\n \r\nNumber of Active Members \r\n \r\n150 \r\n \r\n153 \r\n \r\nPARTICIPATING EMPLOYERS AND CONTRIBUTING ENTITIES The number of participating employers at June 30, 2012 was 150. The number of contributing entities at June 30, 2012 was 919. \r\n \r\n6 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2012 \r\nA. PLAN DESCRIPTION \r\nBENEFITS The Sheriffs' Retirement Fund of Georgia provides retirement as well as death benefits. Benefit provisions and vesting requirements are established by statute and may be amended only by the General Assembly of Georgia. A description of plan benefits and vesting requirements is as follows: \r\n(A) RETIREMENT CONDITIONS: Normal retirement is at age 55 provided the member has at least four years of credited service as a sheriff after and including January 1, 1961. The credited service requirement is eight years for a sheriff who first or again becomes an active member on or after July 1, 1988. A member must have terminated his or her service as sheriff to receive benefits. \r\n(B) RETIREMENT BENEFITS: The monthly benefit is a single life annuity payable in monthly payments for the life of the member. The maximum monthly payment at June 30, 2012 is equal to $132.14 per month (plus 1/12 of this amount for each month of any partial year) for each full year of creditable service up to a maximum of $3,964.20 per month. The Board of Commissioners is authorized to provide for increases effective as of January 1 and July 1 of each year up to 1 percent of the maximum monthly retirement benefit then in effect. \r\n(C) OPTIONAL BENEFITS: Members may elect, as an alternate to the benefit described above, to receive a 100 percent joint life annuity payable during the life of the member or the member's spouse or a contingency life annuity with a 50 percent monthly payment to the surviving spouse. The amount of the benefit for these options is an actuarially reduced portion of the single life annuity benefit described, above. \r\n(D) DEATH BENEFITS (1) In the event of the death of a member before retirement, the total amount of his or her contributions into the fund shall be paid, without interest, to the surviving spouse, the named beneficiary or the member's estate. \r\n(2) In the event of the death of a member after retirement, who has yet to receive an amount in benefits equal to the total amount the member paid in as contributions, the difference shall be paid, without interest, to the surviving spouse, the named beneficiary or the member's estate. \r\n(3) Additionally, upon the death of the following, the sum of $15,000 shall be paid to the surviving spouse, the named beneficiary or the members estate: \r\n(a) an inactive member who would otherwise qualify to be carried upon the active membership rolls except that he or she no longer holds office of sheriff; \r\n(b) a member who is receiving retirement benefits; \r\n(c) a member who is otherwise qualified to receive retirement benefits from this Retirement Fund except that he or she has not reached age 55 or has not filed an application or has not been approved for retirement benefits or \r\n(d) any active member. \r\n7 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2012 \r\nA. PLAN DESCRIPTION \r\n(4) In addition to the death benefit discussed in item (D)(3), upon the death of an active member, the surviving spouse receives an additional benefit in the form of a 100 percent joint life annuity. In such event, the death benefit discussed in item (D)(1) will not be payable. \r\n(E) TERMINATION: At any time before a member begins drawing retirement benefits, the member may request a refund of the total sum he or she has paid into the Retirement Fund as membership dues. No interest shall be paid upon amounts so withdrawn. \r\nB. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF ACCOUNTING The Retirement Fund's financial statements are prepared on the accrual basis of accounting, except for the collection of fines and forfeitures which are recognized when collected from the courts. Any accrual of these fines and forfeitures would be immaterial to the Retirement Fund's financial statements. Contributions from members are recognized as additions in the period in which the members provide services. Retirement benefit and refund payments are recognized as deductions when due and payable. \r\nINVESTMENTS Investments are defined as those financial instruments with terms in excess of three months from the date of purchase and certain other securities held for the production of revenue. In addition, funds on deposit with the Retirement Fund's investment custodian for purposes of continual investment are reflected as investments regardless of the term of the instruments. \r\nInvestments are reported at fair value. Short-term investments are reported at cost, which approximates fair value. Securities traded on a national or international exchange are valued at the last reported sales price. \r\nC. CONTRIBUTIONS \r\nFUNDING POLICY The minimum annual employer contribution requirements are set forth in the Official Code of Georgia Annotated (O.C.G.A.) Section 47-20-10 and are not actuarially determined. This statute further prohibits any action to grant a benefit increase until such time as the minimum annual contribution requirements meet or exceed legislative requirements. The actuarial valuation as of July 1, 2012, which reflected the proceeds of designated portions of fines and forfeitures as the employer contribution, indicated that the minimum employer contribution was met. Member contribution requirements are set forth in O.C.G.A. Section 47-16-43 and are not actuarially determined. Administrative expenses are paid from funds received by the Retirement Fund. \r\nContribution provisions are established by statute and may be amended only by the General Assembly of Georgia. A description of contribution requirement is as follows: \r\n(A) MEMBERS CONTRIBUTIONS: Members must contribute $45.00 per month, with a maximum payment period of thirty years. \r\n8 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2012 \r\n \r\nC. CONTRIBUTIONS \r\n \r\n(B) COURT FINES AND FORFEITURES: For each criminal and quasi-criminal case involving the violation of State of Georgia statutes, including traffic laws, a sum based upon the scale set forth below is collected by the presiding judge and remitted to the Retirement Fund: \r\n \r\nFor fines or bond forfeitures in excess of $5, \r\n \r\nin any court where a sheriff of a superior \r\n \r\ncourt acts as a sheriff \r\n \r\n$2 \r\n \r\nIn addition, the following amounts are required to be collected by the applicable courts and remitted to the Retirement Fund: \r\n \r\nFor civil actions, cases or proceedings filed in superior courts \r\n \r\n$1 \r\n \r\nFor civil actions, cases or proceedings filed in state courts \r\n \r\nand magistrate courts where a sheriff of the superior \r\n \r\ncourts acts as a sheriff in those courts \r\n \r\n$1 \r\n \r\nActual contributions for the year ended June 30, 2012, were as follows: \r\n \r\nMember Contributions Fines and Forfeitures \r\n \r\n$ \r\n \r\n76,160 \r\n \r\n2,678,871 \r\n \r\nTotal \r\n \r\n$ 2,755,031 \r\n \r\nD. FUNDED STATUS AND FUNDING PROGRESS The funded status of the plan as of July 1, 2012, the most recent actuarial valuation date, is as follows: \r\n \r\nActuarial value of Plan \r\nassets (a) \r\n \r\nActurial accrued liability (AAL) entry age \r\n(b) \r\n \r\nUnfunded AAL (UAAL) \r\n(b-a) \r\n \r\nFunding ratio (a/b) \r\n \r\nAnnual covered payroll \r\n(c) \r\n \r\nUAAL as a percentage of \r\ncovered payroll [(b-a)c] \r\n \r\n$ 69,356,000 $ 77,766,000 $ 8,410,000 \r\n \r\n89.2% \r\n \r\nn/a \r\n \r\nn/a \r\n \r\n9 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2012 \r\n \r\nThe schedule of funding progress, presented as required supplementary information following the notes to the financial statements, presents multi-year trend information about whether the actuarial values of plan assets are increasing or decreasing over time relative to the AAL for benefits. \r\n \r\nAdditional information as of the latest actuarial valuation follows: \r\n \r\nValuation Date \r\n \r\nJuly 1, 2012 \r\n \r\nActuarial cost method \r\n \r\nEntry age normal \r\n \r\nAmortization method \r\n \r\nLevel dollar, open \r\n \r\nRemaining amortization period \r\n \r\n30 years \r\n \r\nAsset valuation method \r\n \r\nFive-year smoothed market value with 10% corridor \r\n \r\nActuarial assumptions: Investment rate of return (includes inflation) Projected salary increases Cost-of-living adjustments \r\n \r\n6.50% N/A N/A \r\n \r\n10 \r\n \r\n REQUIRED SUPPLEMENTARY INFORMATION \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA SCHEDULE OF FUNDING PROGRESS JUNE 30, 2012 \r\n \r\nActuarial Valuation \r\nDate \r\n \r\nActuarial Value of Assets \r\n(a) \r\n \r\nActuarial Accrued Liability (AAL) - Entry Age Normal \r\n(b) \r\n \r\nUnfunded AAL/(Funding \r\nExcess) (UAAL) \r\n(b-a) \r\n \r\nFunded Ratio (a/b) \r\n \r\nCovered Payroll \r\n( c ) \r\n \r\nJuly 1, 2008 \r\n \r\n69,553,000 \r\n \r\n67,081,000 \r\n \r\n(2,472,000) 103.7% \r\n \r\nn/a \r\n \r\nJuly 1, 2010 \r\n \r\n66,897,000 \r\n \r\n72,755,000 \r\n \r\n5,858,000 \r\n \r\n91.9% \r\n \r\nn/a \r\n \r\nJuly 1, 2012 \r\n \r\n69,356,000 \r\n \r\n77,766,000 \r\n \r\n8,410,000 \r\n \r\n89.2% \r\n \r\nn/a \r\n \r\nThe actuarial value of assets at July 1, 2012 is equal to 94.3% of the market value of assets. \r\n \r\nUAAL as a Percentage of Covered \r\nPayroll ((b-a)/c) \r\nn/a \r\nn/a \r\nn/a \r\n \r\n12 \r\n \r\n Fiscal Year \r\n2007 2008 2009 2010 2011 2012 \r\n \r\nSHERIFFS' RETIREMENT FUND OF GEORGIA SCHEDULE OF CONTRIBUTIONS FROM THE EMPLOYER AND \r\nOTHER CONTRIBUTING ENTITIES JUNE 30, 2012 \r\n \r\nAnnual Required Contribution \r\n \r\n$ \r\n \r\n657,100 \r\n \r\n657,100 \r\n \r\n401,174 \r\n \r\n401,174 \r\n \r\n1,101,385 \r\n \r\n1,101,385 \r\n \r\nPercentage Contributed \r\n400.5% 410.1% 697.7% 661.0% 226.8% 243.2% \r\n \r\n13 \r\n \r\n (This page intentionally left blank) \r\n \r\n SECTION II - REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS \r\nPERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\n \r\n (This page intentionally left blank) \r\n \r\n   "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bs46-b2010-h2011","title":"Audit report, Sheriffs' Retirement Fund of Georgia, year ended June 30, 2011","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Dept. of Audits and Accounts. State Government Division"],"dc_date":["2010/2011"],"dcterms_description":["Fiscal year ended June 30, 2000, released in 2001?-","Title from cover.","Title fluctuates. Issues where review \"is substantially less in scope than an audit in accordance with auditing standards generally accepted in the United States of America\" are issued as: Sheriffs' Retirement Fund of Georgia, report on review of the financial statements for the fiscal year ended ... Issues where finances and compliance \"were examined to the extent necessary in order to express an opinion\" are issued as: Management report, Sheriffs' Retirement Fund of Georgia, a component unit of the state of Georgia. Issues where an audit was conducted \"in accordance with auditing standards generally accepted in the United States of America\" are issued as: Audit report, Sheriffs' Retirement Fund of Georgia.","Report year covers fiscal year.","Issued by State of Georgia Department of Audits and Accounts.","Fiscal year ended June 30, 2014 (online surrogate); (Georgia Government Publications database, viewed February 8, 2017)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 2011"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Audit report, Sheriffs' Retirement Fund of Georgia, year ended June 30, 2011"],"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-bs46-b2010-h2011"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bs46-b2010-h2011"],"dcterms_temporal":null,"dcterms_rights_holder":null,"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":"' MSheriffst' RReetirpemoe,rntt Fund of Georgia . r1,T4.i' \r\n \r\n. . # \r\n \r\n, , \r\n \r\n. , \r\n,, \r\n \r\nJ. \r\n \r\n, \r\n \r\n. - ' . \r\n \r\n- \r\n \r\n- \r\n \r\n. - -- . - , -, . . - I -. .. . I \r\n \r\n- ' \u003e ,-\u003c. \r\n \r\n- 3 \r\n \r\n. \r\n \r\n, \r\n \r\n-+,;, \r\n \r\n'L \r\n. . \r\n \r\n,: -,. \r\n \r\n+.+ b t * -... \r\n \r\n.-', , \r\n \r\ni -,- 1 \r\n \r\n-I \r\n4 \r\n.', \r\n \r\n', - \r\n \r\n:ml I:--, \r\n \r\n- \r\n \r\nFiscal Year Ended June 30,204 I \r\n \r\n  SHERIFFS' RETIREMENT FUND OF GEORGIA \r\n- - TABLE OF CONTENTS \r\nSECTION I - FINANCIAL \r\nindependent Auditor's Report \r\nBasic Financial Statements Statement of Fiduciary Net Assets Statement of Changes in Fiduciary Net Assets Notes to the Financial Statements \r\nRequired Supplementary Information Schedule of Funding Progress Schedule of Contributions from the Employer and Other Contributing Entities \r\nSECTION I1 - REPORT ON INTERNAL CONTROL OVER FINANCIAL \r\nREPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENTA UDIllllNGSTANDARDS \r\n \r\n (This page intentionally left blank) \r\n \r\n SECTION I - FINANCIAL \r\n \r\n (This page intentionally left blank) \r\n \r\n DEPARTMEONF TAUDITSAND ACCOUNTS 270 Washington St. S.W. Suite 1-156 Atlanta, Georgia 30334 \r\nRUSSELWL. HINTON \r\nSTATE AUDITOR (404) 656-2174 \r\nINDEPENDENT AUDITOR'S REPORT \r\nHonorable Nathan Deal, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the Sheriffs' Retirement Fund of Georgia \r\nand \r\nMr. James Cody, Secretary - Treasurer \r\nLadies and Gentlemen: \r\nWe have audited the accompanying basic financial statements of the Sheriffs' Retirement Fund of Georgia, a component unit of the State of Georgia, as of and for the year ended June 30,201 1, as listed in the table of contents. These financial statements are the responsibility of the Sheriffs' Retirement Fund of Georgia'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 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 fiee 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 Sheriffs' Retirement Fund of Georgia'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 opinion. \r\nIn our opinion, the financial statements referred to above present fairly, in all material respects, the fiduciary net assets of the Sheriffs' Retirement Fund of Georgia, as of June 30, 2011, and the changes in fiduciary net assets 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 January 23, 2012 on our consideration of the Sheriffs' Retirement Fund of Georgia'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 of internal control over financial reporting and compliance and the results of that testing, and not to provide \r\n \r\n an opinion on 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\n \r\nThe Schedule of Funding Progress and Schedule of Contributions from the Employer and Other Contributing Entities information on pages 12 through 13 are not a required part of the basic financial statements but are supplementary information required by accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted primarily of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. \r\n \r\nThe Sheriffs' Retirement Fund of Georgia has not presented the Management's Discussion and Analysis that the Governmental Accounting Standards Board has determined is necessary to supplement, although not required to be part of, the basic financial statements. \r\n \r\nRespectfully submitted, \r\n \r\nI \r\n \r\n@ \r\n \r\nJanuary 23,2012 RWH:kns \r\n \r\n~ussC11W. Hinton, CPA, CGFM State Auditor \r\n \r\n BASIC FINANCIAL STATEMENTS \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORIGA STATEMENT OF FIDUCIARY NET ASSETS JUNE 30,2011 \r\nAssets Cash and Cash Equivalents Receivables \r\nInterest and Dividends Investments \r\nPooled Investments Mutual Funds Municipal, U. S. and Foreign \r\nGovernment Obligations Corporate Bonds/Notes/Debentures Stocks Total Assets Liabilities Accounts Payable and Other Accruals Compensated Absences Payable Total Liabilities Net Assets Held in Trust for Pension Benefits \r\nThe notes to the financial statements are an integral part of this statement. \r\n4 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORIGA STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS \r\nFOR THE YEAR ENDED JUNE 30,2011 \r\nAdditions: Contributions Plan Members Other Contributions Fines and Bond Forfeitures Interest and Other Investment Income Dividends and Interest Net Appreciation (Depreciation) in Investments Reported at Fair Value Less: Investment Expense Net Investment Income Other Miscellaneous \r\nTotal Additions Deductions: \r\nGeneral and Administrative Expenses Benefits Total Deductions Change in Net Assets Held in Trust for Pension Benefits Net Assets, July 1 \r\nNet Assets, June 30 \r\nThe notes to the financial statements are an integral part of this statement. \r\n5 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30,2011 \r\n \r\nA. PLAN DESCRIPTION \r\n \r\nORGANIZATION AND PLAN DESCRIPTION The Sheriffs' Retirement Fund of Georgia is a cost-sharing multiple-employer defined benefit pension plan established in 1963 by the General Assembly of Georgia for the purpose of paying retirement benefits to the sheriffs of the State of Georgia. The Board of Commissioners of the Retirement Fund is comprised of six members and consists of the state treasurer, one former sheriff who is a retired beneficiary of the Retirement Fund, and four persons holding office as sheriffs within the State of Georgia, each of whom are active members of the Retirement Fund and have held office as a sheriff for at least four years. The Sheriffs' Retirement Fund of Georgia is included within the State of Georgia's basic financial statements as a part of the primary government. \r\n \r\nAny qualified and commissioned sheriff of the superior court of any county within the State of Georgia who makes payment of the required contributions is eligible for membership. The Retirement Fund is funded through a combination of member contributions paid by the affected sheriffs and designated portions of fines and forfeitures for criminal and quasi-criminal cases involving the violation of State of Georgia statutes, including traffic laws. \r\n \r\nCURRENT MEMBERSHIP The following analysis compares the membership of the Sheriffs' Retirement Fund of Georgia at June 30, 201 1, to that of the prior year: \r\n \r\nRetirees and Beneficiaries Currently Receiving Benefits \r\nTerminated Members Entitled to, But Not Yet Receiving Benefits \r\n \r\nJune 30,201 1 June 30,2010 \r\n \r\nTotal \r\n \r\n193 \r\n \r\n202 \r\n \r\nNumber of Active Members \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30,2011 \r\nA. PLAN DESCRIPTION \r\nBENEFITS The Sheriffs' Retirement Fund of Georgia provides retirement as well as death benefits. Benefit provisions and vesting requirements are established by statute and may be amended only by the General Assembly of Georgia. A description of plan benefits and vesting requirements is as follows: \r\n(A) RETIREMENT CONDITIONS: Normal retirement is at age 55 provided the member has at least four years of credited service as a sheriff after and including January 1, 1961. The credited service requirement is eight years for a sheriff who first or again becomes an active member on or after July 1, 1988. A member must have terminated his or her service as sheriff to receive benefits. \r\n(B) RETIREMENT BENEFITS: The monthly benefit is a single life annuity payable in monthly payments for the life of the member. The maximum monthly payment at June 30, 201 1 is equal to $128.29 per month (plus 1/12 of this amount for each month of any partial year) for each full year of creditable service up to a maximum of $3,849 per month. The Board of Commissioners is authorized to provide for increases effective as of January 1 and July 1 of each year up to 1% percent of the maximum monthly retirement benefit then in effect. \r\n(C) OPTIONAL BENEFITS: Members may elect, as an alternate to the benefit described above, to receive a 100 percent joint life annuity payable during the life of the member or the member's spouse or a contingency life annuity with a 50 percent monthly payment to the surviving spouse. The amount of the benefit for these options is an actuarially reduced portion of the single life annuity benefit described, above. \r\n(D) DEATH BENEFITS (I) In the event of the death of a member before retirement, the total amount of his or her contributions into the funds shall be paid, without interest, to the surviving spouse, the named beneficiary or the member's estate. \r\n(2) In the event of the death of a member after retirement, who has yet to receive an amount in benefits equal to the total amount the member paid in as contributions, the difference shall be paid, without interest, to the surviving spouse, the named beneficiary or the member's estate. \r\n(3) Additionally, upon the death of the following, the sum of $15,000 shall be paid to the surviving spouse, the named beneficiary or the members estate: \r\n(a) an inactive member who would otherwise qualify to be camed upon the active membership rolls except that he or she no longer holds office of sheriff; \r\n(b) a member who is receiving retirement benefits; \r\n(c) a member who is otherwise qualified to receive retirement benefits from this Retirement Fund except that he or she has not reached age 55 or has not filed an application or has not been approved for retirement benefits or \r\n(d) any active member. \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30,2011 \r\nA. PLAN DESCRIPTION \r\n(4) In addition to the death benefit discussed in item (D)(3), upon the death of an active member, the surviving spouse receives an additional benefit in the form of a 100 percent joint life annuity. In such event, the death benefit discussed in item (D)(l) will not be payable. \r\n(E) TERMINATION: At any time before a member begins drawing retirement benefits, the member may request a refund of the total sum he or she has paid into the Retirement Fund as membership dues. No interest shall be paid upon amounts so withdrawn. \r\nB. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF ACCOUNTING The Retirement Fund's financial statements are prepared on the accrual basis of accounting, except for the collection of fines and forfeitures which are recognized when collected from the courts. Any accrual of these fines and forfeitures would be immaterial to the Retirement Fund's financial statements. Contributions fiom members are recognized as additions in the period in which the members provide services. Retirement benefit and refund payments are recognized as deductions when due and payable. \r\nINVESTMENTS Investments are defined as those financial instruments with terms in excess of three months from the date of purchase and certain other securities held for the production of revenue. In addition, funds on deposit with the Retirement Fund's investment custodian for purposes of continual investment are reflected as investments regardless of the term of the instruments. \r\nInvestments are reported at fair value. Short-term investments are reported at cost, which approximates fair value. Securities traded on a national or international exchange are valued at the last reported sales price. \r\nC. CONTRIBUTIONS \r\nFUNDING POLICY The minimum annual employer contribution requirements are set forth in the Official Code of Georgia Annotated (O.C.G.A.) Section 47-20-10 and are not actuarially determined. This statute further prohibits any action to grant a benefit increase until such time as the minimum annual contribution requirements meet or exceed legislative requirements. The actuarial valuation as of July 1, 2010, which reflected the proceeds of designated portions of fines and forfeitures as the employer contribution, indicated that the minimum employer contribution was met. Member contribution requirements are set forth in O.C.G.A. Section 47-16-43 and are not actuarially determined. Administrative expenses are paid from funds received by the Retirement Fund. \r\nContribution provisions are established by statute and may be amended only by the General Assembly of Georgia. A description of contribution requirement is as follows: \r\n(A) MEMBERS CONTRIBUTIONS: Members must contribute $45.00 per month of credited service claimed on or after July 1,2000, with a maximum payment period of thirty years. Dues of $37.50 must be paid for every month of credited service from July 1, 1994 to June 30, 2000, $30.00 per month of credited service from July 1, 1990to June 30, 1994 and $25.00 per month of credited service claimed fiom January 1, 1961 to June 30, 1990. For credited service prior to January 1, 1961, deductions in the amount of $20.00 are made from monthly retirement benefits until all credited months prior to January 1, 1961 are paid, subject, to a twenty-five year maximum. \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30,2011 \r\n \r\nC. CONTRIBUTIONS \r\n \r\n(B) COURT FINES AND FORFEITURES: For each criminal and quasi-criminal case involving the violation of State of Georgia statutes, including traffic laws, a sum based upon the scale set forth below is collected \r\nby the presiding judge and remitted to the Retirement Fund: \r\n \r\nFor fines or bond forfeitures in excess of $5, in any court where a sheriff of a superior court acts as a sheriff \r\n \r\nIn addition, the following amounts are required to be collected by the applicable courts and remitted to the Retirement Fund: \r\n \r\nFor civil actions, cases or proceedings filed in superior courts \r\n \r\n$1 \r\n \r\nFor civil actions, cases or proceedings filed in state courts and magistrate courts where a sheriff of the superior courts acts as a sheriff in those courts \r\n \r\nActual contributions for the year ended June 30,201 1, were as follows: \r\n \r\nMember Contributions Fines and Forfeitures \r\n \r\n$ \r\n \r\n77,009 \r\n \r\n2.498.355 \r\n \r\nTotal \r\n \r\n$ 2,575,364 \r\n \r\nD. CONCENTRATION OF CREDlT RISK \r\n \r\nAt June 30, 201 1, more than 5 percent of the Retirement Fund's total investments were investments in securities of U. S. agencies not explicitly guaranteed by the U. S. government. These investments represented approximately 11.5 percent of the Retirement Fund's total investments. \r\n \r\nE. FUNDED STATUS AND FUNDING PROGRESS \r\n \r\nThe funded status of the plan as of June 30,2010, the most recent actuarial valuation date, is as follows: \r\n \r\nActuarial value of Plan \r\nassets \r\n(a) \r\n \r\nActurial accrued liability \r\n(AAL) - \r\nentry age \r\n(b) \r\n \r\nUnfunded AAL (UAAL) \r\n(funding excess) \r\n(b-a) \r\n \r\nFunding ratio (ah) \r\n \r\nAnnual covered payroll \r\n(c) \r\n \r\n(funding excess) as a percentage of \r\ncovered payroll \r\n[(b-a)cl \r\n \r\n SHERIFFS' R E T m M E N T FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30,2011 \r\n \r\nThe schedule of funding progress, presented as required supplementary information following the notes to the financial statements, presents multi-year trend information about whether the actuarial values of plan assets are increasing or decreasing over time relative to the AAL for benefits. \r\n \r\nAdditional information as of the latest actuarial valuation follows: \r\n \r\nValuation Date \r\n \r\nJuly 1,2010 \r\n \r\nActuarial cost method \r\n \r\nEntry age normal \r\n \r\nAmortization method \r\n \r\nLevel dollar, open \r\n \r\nRemaining amortization period \r\n \r\n30 years \r\n \r\nAsset valuation method \r\n \r\nFive-year smoothed market value with 10% corridor \r\n \r\nActuarial assumptions: lnvestment rate of return (includes inflation) Projected salary increases Cost-of-living adjustments \r\n \r\n6.50% N/ A N/A \r\n \r\n REQUIRED SUPPLEMENTARY INFORMATION \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORIGA SCHEDULE OF FUNDING PROGRESS \r\nJUNE 30,2011 \r\n \r\nActuarial Valuation \r\nDate \r\nJuly 1,2006 \r\nJuly 1,2008 \r\nJuly 1,2010 \r\n \r\nActuarial Value of Assets \r\n(a) \r\n \r\nActuarial Accrued Liability (AAL) \r\n- Entry Age \r\nNormal \r\n(b) \r\n \r\n$ 60,257,000 $ 60,667,000 \r\n \r\n69,553,000 \r\n \r\n67,081,000 \r\n \r\n66,897,000 \r\n \r\n72,755,000 \r\n \r\nUnhnded AAL/(Funding \r\nExcess) (UAAL) \r\n(b-a) \r\n \r\nFunded Ratio \r\n(ah) \r\n \r\nCovered Payroll \r\n(c) \r\n \r\nUAAL as a Percentage of Covered \r\nPayroll \r\n((b-a)/c) \r\n \r\nThe actuarial value of assets at July 1,2010 is equal to 102.9% of the market value of assets. \r\n \r\n Fiscal Year \r\n \r\nSHERIFFS' RETIREMENT FUND OF GEORIGA SCHEDULE OF CONTRIBUTIONSFROM THE EMPLOYER AND \r\nOTHER CONTRIBUTING ENTITIES JUNE 30,2011 \r\n \r\nAnnual Required Contribution \r\n \r\nPercentage Contributed \r\n \r\n (This page intentionally left blank) \r\n \r\n SECTION 11 - m P O R T ON INTERNAL CONTROL OVER FlNANClAL REPORTING AND ON \r\nCOMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FlNANClAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENTAUDITING STANDARDS \r\n \r\n (This page intentionally left blank) \r\n \r\n DEPARTMEONFTAUDITASND ACCOUNTS 270 Washington St. S.W. Suite 1-156 Atlanta, Georgia 30334 \r\nRUSSELWL . HINTON \r\nSTATE AUDITOR (404) 656-2174 \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 GOVERNMENTAUDITINGSTANDARDS \r\nHonorable Nathan Deal, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the Sheriffs' Retirement Fund of Georgia \r\nand Mr. James Cody, Secretary - Treasurer \r\nWe have audited the basic financial statements of the Sheriffs' Retirement Fund of Georgia, a component unit of the State of Georgia, as of and for the year ended June 30,2011, and have issued our report thereon dated January 23,2012. 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\nManagement of the Sheriffs' Retirement Fund of Georgia is responsible for establishing and maintaining effective internal controls over financial reporting. In planning and performing our audit, we considered the Sheriffs' Retirement Fund of Georgia's internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Sheriffs' Retirement Fund of Georgia's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Sheriffs' Retirement Fund of Georgia's internal control over financial reporting. \r\nA deJciency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. \r\nOur consideration of internal control over financial reporting was for the limited purpose described in the first paragraph of this section and was not designed to identifl all deficiencies in internal control over financial reporting that might be deficiencies, 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\n \r\n Compliance and Other Matters \r\nAs part of obtaining reasonable assurance about whether the Sheriffs' Retirement Fund of Georgia'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 GovernmentAuditing Standards. \r\nThis report is intended solely for the information and use of management, members of the Sheriffs' Retirement Fund of Georgia Board, and management of the State of Georgia, and is not intended to be, and should not be used by, anyone other than these specified parties. \r\nRespectfully submitted, \r\n \r\nJanuary 23,2012 RWH:kns \r\n \r\nush hell W. Hinton, CPA, CGFM \r\nState Auditor \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bs46-b2008-h2009","title":"Audit report, Sheriffs' Retirement Fund of Georgia, year ended June 30, 2009","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Dept. of Audits and Accounts. State Government Division"],"dc_date":["2009/2010"],"dcterms_description":["Fiscal year ended June 30, 2000, released in 2001?-","Title from cover.","Title fluctuates. Issues where review \"is substantially less in scope than an audit in accordance with auditing standards generally accepted in the United States of America\" are issued as: Sheriffs' Retirement Fund of Georgia, report on review of the financial statements for the fiscal year ended ... Issues where finances and compliance \"were examined to the extent necessary in order to express an opinion\" are issued as: Management report, Sheriffs' Retirement Fund of Georgia, a component unit of the state of Georgia. Issues where an audit was conducted \"in accordance with auditing standards generally accepted in the United States of America\" are issued as: Audit report, Sheriffs' Retirement Fund of Georgia.","Report year covers fiscal year.","Issued by State of Georgia Department of Audits and Accounts.","Fiscal year ended June 30, 2014 (online surrogate); (Georgia Government Publications database, viewed February 8, 2017)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 2009"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Audit report, Sheriffs' Retirement Fund of Georgia, year ended June 30, 2009"],"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-bs46-b2008-h2009"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bs46-b2008-h2009"],"dcterms_temporal":null,"dcterms_rights_holder":null,"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":"STATE OF GEORGIA \r\nSonny Perdue Governor \r\nAUDIT REPORT SHERIFFS' RETIREMENT FUND \r\nOF GEORGIA YEAR ENDED JUNE 30,2009 \r\nPrepared by State Accounting Office \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA \r\n- TABLE OF CONTENTS - \r\n- SECTION I FINANCIAL \r\nIndependent Auditor's Report on Basic Financial Statements Accompanied by Required Supplementary Information \r\nBasic Financial Statements Statement of Fiduciary Net Assets Statement of Changes in Fiduciary Net Assets Notes to the Financial Statements \r\nRequired Supplementary Information Schedule of Funding Progress Schedule of Contributionsfrom the Employer and Other Contributing Entities \r\n- SECTION I1 REPORT ON INTERNAL CONTROL OVER FINANCIAL \r\nREPORTING AND ON COMPLIANCE AND OTHER MATI'ERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\n \r\n (This page intentionally left blank) \r\n \r\n SECTION I - FINANCIAL \r\n \r\n (This page intentionally left blank) \r\n \r\n DEPARTMEONFTAUDITASND ACCOUNTS 270 Washington St. S.W. Suite 1-156 Atlanta, Georgia 30334 \r\nRUSSELWL . HINTON \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\nFebruary 4,2010 \r\nHonorable Sonny Perdue, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the Sheriffs' Retirement Fund of Georgia \r\nand Honorable Tracy Marchman, Secretary - Treasurer \r\nINDEPENDENT AUDJTOR'S REPORT ON BASIC FINANCIAL STATEMENTS ACCOMPANIED BY REQUIRED SUPPLEMENTARY INFORMATION \r\nLadies and Gentlemen: \r\nWe have audited the accompanying financial statements of the Sheriffs' Retirement Fund of Georgia, a part of the primary government of the State of Georgia, as of and for the year ended June 30, 2009, as listed in the table of contents. These financial statements are the responsibility of the Fund'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 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 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 Fund'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 opinion. \r\nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the Sheriffs' Retirement Fund of Georgia, as of June 30, 2009, and the change in plan net assets available for benefits 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 a report dated February 4,2010, on our consideration of the Sheriffs' Retirement Fund of Georgia's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grants. That \r\n \r\n                      "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bs46-b2009-h2010","title":"Audit report, Sheriffs' Retirement Fund of Georgia, year ended June 30, 2010","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Dept. of Audits and Accounts. State Government Division"],"dc_date":["2009/2010"],"dcterms_description":["Fiscal year ended June 30, 2000, released in 2001?-","Title from cover.","Title fluctuates. Issues where review \"is substantially less in scope than an audit in accordance with auditing standards generally accepted in the United States of America\" are issued as: Sheriffs' Retirement Fund of Georgia, report on review of the financial statements for the fiscal year ended ... Issues where finances and compliance \"were examined to the extent necessary in order to express an opinion\" are issued as: Management report, Sheriffs' Retirement Fund of Georgia, a component unit of the state of Georgia. Issues where an audit was conducted \"in accordance with auditing standards generally accepted in the United States of America\" are issued as: Audit report, Sheriffs' Retirement Fund of Georgia.","Report year covers fiscal year.","Issued by State of Georgia Department of Audits and Accounts.","Fiscal year ended June 30, 2014 (online surrogate); (Georgia Government Publications database, viewed February 8, 2017)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 2010"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Audit report, Sheriffs' Retirement Fund of Georgia, year ended June 30, 2010"],"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-bs46-b2009-h2010"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bs46-b2009-h2010"],"dcterms_temporal":null,"dcterms_rights_holder":null,"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":"June 30,20-10 \r\n \r\n Moccasin Creek State Park \r\nKnown as the park \"where spring spends the summer,\" Moccasin Creek is nestled in the Blue Ridge Mountains on the shores of lovely 2,800-acre Lake Burton in Rabun County. In the early 1960s,Fulton Lovell, Director of the DNR's Fish and Game Division, envisioned a campground located on the adjacent hatchery property for fishermen who visited each season. In 1963, a proposal was made to land owners Charles and Lona Hunt for the use of Lovell's vision. In May 1963, $63,415 was given to Fish and Game to convert what was once a cornfield into a Georgia Power campground, run by the Fish Hatchery. \r\nThe state of Georgia acquired the campground in 1966 and the name was changed to Moccasin Creek State Park, in reference to the stream that flows between the park and the hatchery. Today the park is an easily accessiblebase camp for adventures in fishing, hiking, hatchery tours, boating, huntrng, swimming, and natural water slides. The park's locationalso provides visitors with the opportunity to visit mountain overlooks and nearby state parks. \r\nFor additional informationon tlxs site, please visit httD://www.aastat~arks.or~IMoccasinCreek. \r\nPhoto provided by O 2010 - Georgia De~artmenot f Natural Resources (Dm) \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA \r\n- - TABLE OF CONTENTS \r\n- SECTION I FINANCIAL \r\nIndependent Auditor's Report \r\nBasic Financial Statements Statement of Fiduciary Net Assets Statement of Changes in Fiduciary Net Assets Notes to the Financial Statements \r\nRequired Supplementary Information Schedule of Funding Progress Schedule of Contributionsfrom the Employer and Other Contributing Entities \r\nSECTION 11 - REPORT ON INTERNAL CONTROL OVER FINANCIAL \r\nREPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENTAUDITING STANDARDS \r\n \r\n (This page intentionally left blank) \r\n \r\n SECTION I - FINANCIAL \r\n \r\n (This page intentionally left blank) \r\n \r\n DEPARTMEONFTAUDITSAND ACCOUNTS 270 Washington St.S.W. Suite 1-156 Atlanta, Georgia 30334 RUSSELWL . HINTON \r\nSTATE AUDITOR \r\n(404)656-2174 \r\nHonorableN a b Deal, Governor of Georgia Members of the General ~ssemblyof the State of Georgia Members of the Sheriffs' Retirement Fund of Georgia \r\nand \r\n- Honorable Bud Cody, Secretary Treasurer \r\nINDEPENDENT AUDITOR'S REPORT \r\nLadies and Gentlemen: \r\nWe have audited the accompanying basic financial statements of the Sheriffs' Retirement Fund of Georgia, a component unit of the State of Georgia, as of and for thc year ended June 30,2010, as listed in the table of contents. These financial statements are the responsibility of the Sheriffs' Retirement Fund of Georgia'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 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 thc audit to obtain rcasonablc 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 Sheriffs' Retirement Fund of Georgia's internal control over financial reporting. Accordingly, we express no such opinion. An audit 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 opinion. \r\nIn our opinion, the financial statements referred to previously present fairly, in all material respects, the fiduciary net assets of thc Sheriffs' Rctircmcnt Fund of Gcorgia, as of Junc 30, 2010, and the changes in fiduciary net assets for the year then ended in conformity with accounting principles generally accepted in the United States of America. \r\n \r\n In accordance with Government Auditing Standards, we have also issued our report dated February 7, \r\n2011 on ow consideration of the Sheriffs' Retirement Fund of Georgia's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and \r\ngrant agreements and other matters. The purpose of that 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 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 Funding Progress and Schedule of Contributions from the Employer and Other Contributing Entities information on pages 12 through 13 are not a required part of the basic financial statements but are supplementary information required by accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted primarily of inquiries of management regarding the methods of measurement and presentation of the required supplementaryinformation. However, we did not audit the information and express no opinion on it. \r\nThe Sheriffs' Retirement Fund of Georgia has not presented the Management's Discussion and Analysis that the Governmental Accounting Standards Board has determined is necessary to supplement, although not required to be part of, the basic financial statements. \r\nRespectfully submitted, \r\nus sell W. Hinton, CPA, CGFM \r\nState Auditor \r\n \r\n BASIC FINANCIAL STATEMENTS \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORIGA STATEMENT OF FIDUCIARY NET ASSETS JUNE 30,2010 \r\nAssets Cash and Cash Equivalents Receivables \r\nInterest and Dividends Investments \r\nPooled Investments Mutual Funds Municipal, U. S. and Foreign \r\nGovenunent Obligations Corporate Bonds/Notes/Debentures Stocks Total Assets Liabilities Accounts Payable and Other Accruals Compensated Absences Payable Total Liabilities Net Assets Held in Trust for Pension Benefits \r\nThe notes to the fmancial statements are an integral part of this statement. \r\n4 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORIGA STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS \r\nFOR THE YEAR ENDED JUNE 30,2010 \r\nAdditions: Contributions Plan Members Other Contributions Fines and Bond Forfeitures Interest and Other Investment Income Dividends and Interest Net Appreciation (Depreciation) in Investments Reported at Fair Value Less: Investment Expense Net Investment Income Other Miscellaneous \r\nTotal Additions Deductions: \r\nGeneral and Administrative Expenses Benefits Total Deductions Change in Net Assets Held in Trust for Pension Benefits Net Assets, July 1 \r\nNet Assets, June 30 \r\nThe notes to the financialstatementsare an integral part of this statement. \r\n5 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30,2010 \r\n \r\nA. PLAN DESCRIPTION \r\n \r\nORGANIZATIONAND PLAN DESCRIPTION \r\nThe Sheriffs' Retirement Fund of Georgia is a cost-sharing multiple-employer defined benefit pension plan established in 1963 by the General Assembly of Georgia for the purpose of paying retirement benefits to the sheriffs of the State of Georgia. The Board of Commissioners of the Retirement Fund is comprised of six members and consists of the Director of the oflice of Treasury and Fiscal Services, one former sheriff who is a retired beneficiary of the Retirement Fund, and four persons holding office as sheriffs within the State of Georgia, each of whom are active members of the Retirement Fund and have held office as a sheriff for at least four years. The Sheriffs' Retirement Fund of Georgia is included within the State of Georgia's basic financial statements as a part of the primary government. \r\n \r\nAny qualified and commissioned sheriff of the superior court of any county within the State of Georgia who makes payment of the required contributions is eligible for membership. The Retirement Fund is funded through a combination of member contributions paid by the affected sheriffs and designated portions of fines and forfeitures for criminal and quasi-criminal cases involving the violation of State of Georgia statutes, including traffic laws. \r\n \r\nCURRENT MEMBERSHIP The following analysis compares the membership of the Sheriffs' Retirement Fund of Georgia at June 30, 2010, to that of the prior year: \r\n \r\nRetirees and Beneficiaries Currently Receiving Benefits \r\nTerminated Members Entitled to, But Not Yet Receiving Benefits \r\n \r\nJune 30,20 10 June 30,2009 \r\n \r\n193 \r\n \r\n196 \r\n \r\n9 \r\n \r\n11 \r\n \r\nTotal \r\n \r\nNumber of Active Members \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30,2010 \r\nA. PLAN DESCRIPTION \r\nBENEFITS The Sheriffs' Retirement Fund of Georgia provides retirement as well as death benefits. Benefit provisions and vesting requirements are established by statute and may be amended only by the General Assembly of Georgia. A description of plan benefits and vesting requirements is as follows: \r\n(A) RETIREMENT CONDITIONS: Normal retirement is at age 55 provided the member has at least four years of credited service as a sheriff after and including January 1, 1961. The credited service requirement is eight years for a sheriff who first or again becomes an active member on or after July 1, 1988. A member must have terminated his or her service as shesto receive benefits. \r\n(B) RETIREMENT BENEFITS: The monthly benefit is a single life annuity payable in monthly payments for \r\nthe life of the member. The maximum monthly payment at June 30, 2010 is equal to $126.39 per month (plus 1/12of this amount for each month of any partial year) for each full year of creditable service up to a maximum of $3,574 per month. The Board of Commissioners is authorized to provide for increases effective as of January 1 and July 1 of each year up to 1%percent of the maximum monthly retirement benefit then in effect. \r\n(C) OPTIONAL BENEFITS: Members may elect, as an alternate to the benefit described above, to receive a 100 percent joint life annuity payable during the life of the member or the member's spouse or a contingency life annuity with a 50 percent monthly payment to the surviving spouse. The amount of the benefit for these options is an actmrially reduced portion of the single life annuity benefit described, above. \r\n(D) DEATH BENEFITS (1) In the event of the death of a member before retirement, the total amount of his or her contributions into the funds shall be paid, without interest to the surviving spouse, the named beneficiary or the member's estate. \r\n(2) In the event of the death of a member after retirement, who has yet to receive an amount in benefits equal to the total amount the member paid in as contributions, the difference shall be paid, without interest, to the surviving spouse, the named beneficiary or the member's estate. \r\n(3) Additionally, upon the death of the following, the sum of $15,000 shall be paid to the surviving spouse, the named beneficiary or the members estate: \r\n(a) an inactive member who would otherwise qualify to be carried upon the active membership rolls except that he or she no longer holds off~ceof s h e m , \r\n(b) a member who is receiving retirement benefits; \r\n(c) a member who is otherwise qualified to receive retirement benefits from this Retirement Fund except that he or she has not reached age 55 or has not filed an application or has not been approved for retirement benefits or \r\n(d) any active member. \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS \r\nFOR THE YEAR ENDED JUNE 30,2010 \r\nA. PLAN DESCRIPTION \r\n(4) In addition to the death benefit discussed in item (D)(3), upon the death of an active member, the survivingspouse receives an additional benefit in the form of a 100percent joint life annuity. In such event, the death benefit discussed in item (D)(l) will not be payable. \r\n) TERMINATION: At any time before a member begins drawing retirement benefits, the member may request a refund of the total sum he or she has paid into the Retirement Fund as membership dues. No interest shall be paid upon amounts so withdrawn. \r\nB. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF ACCOUNTING The Retirement Fund's financial statements are prepared on the accrual basis of accounting, except for the collection of fines and forfeitures which are recognized when collected from the courts. Any accrual of these fines and forfeitures would be immaterial to the Retirement Fund's financial statements. Contributions from members are recognized as additions in the period in which the members provide s e ~ c e s .Retirement benefit and refund payments are recognized as deductions when due and payable. \r\nINVESTMENTS Investments are defmed as those financial instnunents with terms in excess of three months from the date of purchase and certain other securities held for the production of revenue. In addition, funds on deposit with the Retirement Fund's investment custodian for purposes of continual investment are reflected as investments regardless of the term of the instruments. \r\nInvestments are reported at fair value. Short-term investments are reported at cost, which approximates fair value. Securitiestraded on a national or internationalexchange are valued at the last reported sales price. \r\nC. CONTRIBUTIONS \r\nF'UNDING POLICY The minimum annual employer contribution requirements are set forth in thedikfOf Code of Georgia Annotated (O.C.G.A.) Section 47-20-10 and are not actuarially detennined. This statute further prohibits any action to grant a benefit increase until such time as the minimum annual contribution requirements meet or exceed legislative requirements. The actuarial valuation as of July 1, 2010, which reflected the proceeds of designated portions of fines and forfeitures as the employer contribution, indicated that the minimum employer contribution was met. Member contribution requirements are set forth in O.C.G.A. Section 47-16-43 and are not actuarlally determined. Administrative expenses are paid from funds received by the Retirement Fund. \r\nContribution provisions are established by statute and may be amended only by the General Assembly of Georgia. A description of contribution requirement is as follows: \r\n(A) MEMBERS CONTRIBUTIONS: Members must contribute $45.00 per month of credited service claimed on or after July 1,2000, with a maximum payment period of thirty years. Dues of $37.50 must be paid for every month of credited service from July 1, 1994 to June 30, 2000, $30.00 per month of credited service from July 1, 1990 to June 30, 1994 and $25.00 per month of credited service claimed from January 1, 1961 to June 30, 1990. For credited service prior to January 1, 1961, deductions in the amount of $20.00 are made from monthly retirement benefits until all credited months prior to January 1, 1961 are paid, subject, to a twenty-five year maximum. \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS \r\nFOR THE YEAR ENDED JUNE 30,2010 \r\n \r\nC. CONTRIBUTIONS \r\n \r\n(B) COURT FINES AND FORFEITURES: For each criminal and quasi-criminal case involving the violation \r\nof State of Georgia statutes, including traffic laws, a sum based upon the scale set forth below is collected \r\nby the presiding judge and remitted to the Retirement Fund: \r\n \r\nFor fines or bond forfeitures in excess of $5, in any court where a sheriff of a superior court acts as a sheriff \r\n \r\nIn addition, the following amounts are required to be collected by the applicable courts and remitted to the Retirement Fund: \r\n \r\nFor civil actions, cases or proceedings filed in superior courts \r\n \r\n$1 \r\n \r\nFor civil actions, cases or proceedings filed in state courts and magistrate courts where a sheriff of the superior courts acts as a sheriff in those courts \r\n \r\nActual contributions for the year ended June 30,2010, were as follows: \r\n \r\nMember Contributions Fines and Forfeitures \r\n \r\n$ \r\n \r\n104,992 \r\n \r\n2,651,756 \r\n \r\nTotal \r\n \r\nD. CONCENTRATION OF CREDIT RISK \r\n \r\nAt June 30,2010, more than 5 percent of the Retirement Fund's total investments were investments in securities of U. S. agencies not explicitly guaranteed by the U. S. government. These investments represented \r\napproximately 14.7percent of the Retirement Fund's total investments. \r\n \r\nE. FUNDED STATUS AND FUNDINGPROGRESS \r\n \r\nThe funded status of the plan as of June 30,2010, the most recent actuarial valuation date, is as follows: \r\n \r\nActuarial value of Plan \r\nassets \r\n(a) \r\n \r\nActurial accrued liability \r\n( A U )- \r\nentry age \r\n(b) \r\n \r\nUnfunded AAL (UAAL) \r\n(funding excess) \r\n@-a) \r\n \r\nFunding ratio (a/b) \r\n \r\nAnnual covered pap11 \r\n(c) \r\n \r\n(funding excess) as a percentage of \r\ncovered \r\npayroll [(b-alcl \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS \r\nFOR THE YEAR ENDED JUNE 30,2010 \r\n \r\nThe schedule of funding progress, presented as required supplementary information following the notes to the financial statements, presents multi-year trend information about whether the actuarial values of plan assets are increasing or decreasing over time relative to the AAL for benefits. \r\n \r\nAdditional information as of the latest actuarial valuation follows: \r\n \r\nValuation Date \r\n \r\nJuly 1,2010 \r\n \r\nActuarial cost method \r\n \r\nEntry age normal \r\n \r\nAmortization method \r\n \r\nLevel dollar, open \r\n \r\nRemaining amortization period \r\n \r\n30 years \r\n \r\nAsset valuation method \r\n \r\nFive-year smoothed market Value with 10%corridor \r\n \r\nActuarial assumptions: Investment rate of return (includes inflation) Projected salary increases Cost-of-living adjustments \r\n \r\n REQUIRED SUPPLEMENTARY INFORMATION \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORIGA SCHEDULE OF FUNDING PROGRESS JUNE 30,2010 \r\n \r\nActuarial Valuation \r\nDate \r\nJuly 1,2006 \r\nJuly 1,2008 \r\nJuly 1,2010 \r\n \r\nActuarial Value of Assets \r\n(a) \r\n \r\nActuarial \r\nAccrued Liability (AAL) \r\n- Entry Age \r\nNormal \r\n@) \r\n \r\nUnfunded AAL/(Funding \r\nExcess) WL) \r\n@-a) \r\n \r\nFunded Ratio (h) \r\n \r\nCovered Payroll \r\n(c) \r\n \r\nUAAL as a Percentage \r\nof Covered Payroll (@-a\u0026) \r\n \r\n$ 60,257,000 $ 60,667,000 $ \r\n \r\n410,000 \r\n \r\n99.3% \r\n \r\nnla \r\n \r\nnla \r\n \r\n69,553,000 \r\n \r\n67,08 1,000 \r\n \r\n(2,472,000) 103.7% nla \r\n \r\nnla \r\n \r\n66,897,000 \r\n \r\n72,755,000 \r\n \r\n5,858,000 \r\n \r\n91.9% \r\n \r\nnla \r\n \r\nnla \r\n \r\nThe actuarial value of assets at July 1,2010 is equal to 102.9% of the market value of assets. \r\n \r\n Fiscal Year \r\n \r\nSHERIFFS' RETIREMENT FUND OF GEORIGA SCHEDULE OF CONTRIBUTIONS FROM THE EMPLOYER AND \r\nOTHER CONTRIBUTING ENTITIES JUNE 30,2010 \r\n \r\nAnnual Required Contribution \r\n \r\nPercentage Contributed \r\n \r\n (This page intentionally left blank) \r\n \r\n N \r\n \r\n-SEC 0 - \r\n \r\nOR AND 0 \r\n \r\n (This page intentionally left blank) \r\n \r\n DEPARTMEONFTAUDITASND ACCOUNTS 270 Washington St. S.W.Suite 1-156 Atlanta. Georgia 30334 \r\nRUSSELWL . HINTON \r\nSTATE AUDITOR (404)656-2174 \r\nFebruary 7,20 11 \r\nHonorable Nathan Deal, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the Sheriffs' Retirement Fund of Georgia \r\nand Honorable Bud Cody, Secretary - Treasurer \r\nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF RNANCL9L STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENTAUDITING S'IWUARDS \r\nWe have audited the accompanying basic financial statements of the Sheriffs' Retirement Fund of Cicorgia, a component unit of the State of Georgia, as of and for the year ended June 30,2010, and have issued our report thereon dated February 7, 201 1. 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 b y the Comptroller General of the United States. \r\nInternal Control Over Financial Remrting \r\nIn planning and performing our audit, we considered the Sheriffs' Retirement Fund of Georgia's internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Sheriffs' Retirement Fund of Georgia's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Sheriffs' Retirement Fund of Georgia's internal control over financial reporting. \r\nA deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. \r\nOur consideration of intcrnal control over financial reporting was for the limited purpose described in the \r\nfirst paragraph of this section and was not designed to identify all deficiencies in internal control over \r\n \r\n financial reporting that might be deficiencies, 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 \u0026fined above. \r\nCompliance and Other Matters \r\nAs part of obtaining reasonable assurance about whether the Sheriffs' Retirement Fund of Georgia'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 \r\nnot express such an opinion. The result, of our tests disclosed no instances of noncompliance or other matters that are required lo be reported under GovernmentAuditing Stumhrdv. \r\nThis report is intended solely for the information and use of management, members of the Sheriffs' Retirement Fund of Georgia Board, and management of the State of Georgia, and is not intended to be, and should not be used by, anyone other than these specified parties. \r\nRespectfully submitted, \r\n~ u j s e lWl . Hinton, CPA, CGFM State Auditor \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bs46-b2007-h2008","title":"Audit report, Sheriffs' Retirement Fund of Georgia, 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, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Dept. of Audits and Accounts. State Government Division"],"dc_date":["2007/2008"],"dcterms_description":["Fiscal year ended June 30, 2000, released in 2001?-","Title from cover.","Title fluctuates. Issues where review \"is substantially less in scope than an audit in accordance with auditing standards generally accepted in the United States of America\" are issued as: Sheriffs' Retirement Fund of Georgia, report on review of the financial statements for the fiscal year ended ... Issues where finances and compliance \"were examined to the extent necessary in order to express an opinion\" are issued as: Management report, Sheriffs' Retirement Fund of Georgia, a component unit of the state of Georgia. Issues where an audit was conducted \"in accordance with auditing standards generally accepted in the United States of America\" are issued as: Audit report, Sheriffs' Retirement Fund of Georgia.","Report year covers fiscal year.","Issued by State of Georgia Department of Audits and Accounts.","Fiscal year ended June 30, 2014 (online surrogate); (Georgia Government Publications database, viewed February 8, 2017)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 2008"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Audit report, Sheriffs' Retirement Fund of Georgia, 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-bs46-b2007-h2008"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bs46-b2007-h2008"],"dcterms_temporal":null,"dcterms_rights_holder":null,"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":"STATE OF GEORGIA \r\nSonny Perdue Go_vernor \r\nAUDIT REPORT SHERIFFS' RETIREMENT FUND OF GEORGIA \r\nYEAR ENDED JUNE 30, 2008 \r\nPrepared by State Accounting Office \r\n \r\n  SHERIFFS' RETIREMENT FUND OF GEORGIA - TABLE OF CONTENTS - \r\n \r\nSECTION I - FINANCIAL \r\n \r\nIndependent Auditor's Report on Basic Financial Statements Accompanied by Required \r\n \r\nSupplementary Information \r\n \r\n1 \r\n \r\nBasic Financial Statements \r\n \r\nStatement of Fiduciary Net Assets \r\n \r\n4 \r\n \r\nStatement of Changes in Fiduciary Net Assets \r\n \r\n5 \r\n \r\nNotes to the Financial Statements \r\n \r\n6 \r\n \r\nRequired Supplementary Information \r\n \r\nSchedule of Funding Progress \r\n \r\n12 \r\n \r\nSchedule of Employer Contributions \r\n \r\n13 \r\n \r\nSECTION II - REPORT ON INTERNAL CONTROL OVER FINANCIAL \r\n \r\nREPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN \r\n \r\nAUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH \r\n \r\nGOVERNMENT AUDITING STANDARDS \r\n \r\n16 \r\n \r\n (This page intentionally left blank) \r\n \r\n SECTION I - FINANCIAL \r\n \r\n (This page intentionally left blank) \r\n \r\n w. RUSSELL HINTON \r\nSTATE AUDITOR (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 6, 2009 \r\n \r\nThe Honorable Sonny Purdue, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the Board of Commissioners of the Sheriffs' Retirement Fund of Georgia \r\nand Honorable Tracy L. Marchman, Secretary/freasurer \r\nINDEPENDENT AUDITOR'S REPORT ON BASIC FINANCIAL STATEMENTS ACCOMPANIED BY REQUIRED SUPPLEMENTARY INFORMATION \r\nLadies and Gentlemen: \r\nWe have audited the accompanying financial statements of the Sheriffs' Retirement Fund of Georgia, a part of the primary government of the State of Georgia, as of and for the year ended June 30, 2008, as listed in the table of contents. These financial statements are the responsibility of the Fund'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 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 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 opinions. \r\nIn our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Sheriffs' Retirement Fund of Georgia, as of June 30, 2008, in conformity with accounting principles generally accepted in the United States of America. \r\nIn accordance with Government Auditing Standards, we have also issued a report dated March 6, 2009, on our consideration of the Sheriffs' Retirement Fund of Georgia internal control over financial reporting and on our tests of its compliance with certain provisions of laws, 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\n The Sheriffs' Retirement Fund of Georgia has not presented the management's discussion and analysis that the Governmental Accounting Standards Board has determined is necessary to supplement, although not required to be part of, the basic financial statements. \r\nThe accompanying Schedule of Funding Progress, Schedule of Employer Contributions, and Notes to Required Supplementary Information are not required parts of the basic financial statements but are supplementary information required by the Governmental Accounting Standards Board. We did not audit the information and express no opinion on it. \r\n \r\nRWH: gn \r\n \r\nRespectfully submitted, \r\n \r\n--- \r\n \r\n\\\u003cl.~ \r\n \r\n~:~n,CPA,CGFM \r\nState Auditor \r\n \r\n2 \r\n \r\n BASIC FINANCIAL STATEMENTS \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORIGA STATEMENT OF FIDUCIARY NET ASSETS JUNE 30, 2008 \r\n \r\nAssets Cash and Cash Equivalents Receivables \r\nInterest and Dividends Investments \r\nInvestment Accounts Pooled Investments Mutual Funds Municipal, U. S. and Foreign \r\nGovernment Obligations Corporate Bonds/Notes/Debentures Stocks \r\nTotal Assets \r\nLiabilities Accounts Payable and Other Accruals Compensated Absences Payable \r\nTotal Liabilities \r\nNet Assets Held in Trust for Pension Benefits \r\n \r\n$ \r\n \r\n48,058 \r\n \r\n290,023 \r\n \r\n398,570 4,161,824 10,549,990 \r\n \r\n16,708,629 8,342,321 29,176,454 \r\n \r\n$ \r\n \r\n69,675,869 \r\n \r\n$ \r\n \r\n9,172 \r\n \r\n23,367 \r\n \r\n$ \r\n \r\n32,539 \r\n \r\n$ \r\n \r\n69,643,330 \r\n \r\nThe notes to the financial statements are an integral part of this statement. 4 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORIGA STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS \r\nFOR THE YEAR ENDED JUNE 30, 2008 \r\n \r\nAdditions: Contributions Plan Members Other Contributions Fines and Bond Forfeitures Interest and Other Investment Income Dividends and Interest Net Appreciation (Depreciation) in Investments Reported at Fair Value Less: Investment Expense Net Investment Income Other Miscellaneous \r\nTotal Additions \r\nDeductions: General and Administrative Expenses Benefits Refunds \r\nTotal Deductions \r\nChange in Net Assets Held in Trust for Pension Benefits \r\nNet Assets, July 1 \r\nNet Assets, June 30 \r\n \r\n$ \r\n \r\n75,854 \r\n \r\n2,694,857 \r\n \r\n$ \r\n \r\n2,142,330 \r\n \r\n(4,286,576) (330,041) \r\n \r\n(2,474,287) \r\n \r\n11,304 \r\n \r\n$ \r\n \r\n307,728 \r\n \r\n$ \r\n \r\n235,952 \r\n \r\n3,541,901 \r\n \r\n4,350 \r\n \r\n$ \r\n \r\n3,782,203 \r\n \r\n$ \r\n \r\n(3,474,475) \r\n \r\n73,117,805 \r\n \r\n$ \r\n \r\n69,643,330 \r\n \r\nThe notes to the financial statements are an integral part of this statement. 5 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2008 \r\n \r\nA. PLAN DESCRIPTION \r\n \r\nORGANIZATION AND PLAN DESCRIPTION The Sheriffs' Retirement Fund of Georgia is a cost-sharing multiple-employer defined benefit pension plan established in 1963 by the General Assembly of Georgia for the purpose of paying retirement benefits to the sheriffs of the State of Georgia. The Board of Commissioners of the Retirement Fund is comprised of six members and consists of the Director of the Office of Treasury and Fiscal Services, one former sheriff who is a retired beneficiary of the Retirement Fund, and four persons holding office as sheriffs within the State of Georgia, each of whom are active members of the Retirement Fund and have held office as a sheriff for at least four years. The Sheriffs' Retirement Fund of Georgia is included within the State of Georgia's basic financial statements as a part of the primary government. \r\n \r\nAny qualified and commissioned sheriff of the superior court of any county within the State of Georgia who makes payment of the required contributions is eligible for membership. The Retirement Fund is funded through a combination of member contributions paid by the affected sheriffs and designated portions of fines and forfeitures for criminal and quasi-criminal cases involving the violation of State of Georgia statutes, including traffic laws. \r\n \r\nCURRENT MEMBERSIDP The following analysis compares the membership of the Sheriffs' Retirement Fund of Georgia at June 30, 2008, to that of the prior year: \r\n \r\nRetirees and Beneficiaries Currently Receiving Benefits \r\nTerminated Members Entitled to, But Not Yet Receiving Benefits \r\n \r\nJune 30, 2008 June 30, 2007 \r\n \r\n171 \r\n \r\n169 \r\n \r\n8 \r\n \r\n9 \r\n \r\nTotal \r\n \r\n179 \r\n \r\n178 \r\n \r\nNumber of Active Members \r\n \r\n156 \r\n \r\n157 \r\n \r\n6 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2008 \r\nA. PLAN DESCRIPTION \r\nBENEFITS The Sheriffs' Retirement Fund of Georgia provides retirement as well as death benefits. Benefit provisions and vesting requirements are established by statute and may be amended only by the General Assembly of Georgia. A description of plan benefits and vesting requirements is as follows: \r\n(A) RETIREMENT CONDITIONS: Normal retirement is at age 55 provided the member has at least four years of credited service as a sheriff after and including January 1, 1961. The credited service requirement is eight years for a sheriff who first or again becomes an active member on or after July 1, 1988. A member must have terminated his or her service as sheriff to receive benefits. \r\n(B) RETIREMENT BENEFITS: The monthly benefit is a single life annuity payable in monthly payments for the life of the member. The maximum monthly payment at June 30, 2008 is equal to $117.40 per month (plus 1/12 of this amount for each month of any partial year) for each full year of creditable service up to a maximum of $3,522.00 per month. The Board of Commissioners is authorized to provide for increases effective as of January I and July I of each year up to l 1/2 percent of the maximum monthly retirement benefit then in effect. \r\n(C) OPTIONAL BENEFITS: Members may elect, as an alternate to the benefit described above, to receive a 100 percent joint life annuity payable during the life of the member or the member's spouse or a contingency life annuity with a 50 percent monthly payment to the surviving spouse. The amount of the benefit for these options is an actuarially reduced portion of the single life annuity benefit described, above. \r\n(D) DEATHBENEFITS (I) In the event of the death of a member before retirement, the total amount of his or her contributions into the funds shall be paid, without interest to the surviving spouse, the named beneficiary or the member's estate. \r\n(2) In the event of the death of a member after retirement, who has yet to receive an amount in benefits equal to the total amount the member paid in as contributions, the difference shall be paid, without interest, to the surviving spouse, the named beneficiary or the member's estate. \r\n(3) Additionally, upon the death of the following, the sum of $15,000 shall be paid to the surviving spouse, the named beneficiary or the members estate: \r\n(a) an inactive member who would otherwise qualify to be carried upon the active membership rolls except that he or she no longer holds office of sheriff; \r\n(b) a member who is receiving retirement benefits; \r\n(c) a member who is otherwise qualified to receive retirement benefits from this Retirement Fund except that he or she has not reached age 55 or has not filed an application or has not been approved for retirement benefits or \r\n(d) any active member. \r\n7 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2008 \r\nA. PLAN DESCRIPTION \r\n(4) In addition to the death benefit discussed in item (0)(3), upon the death of an active member, the surviving spouse receives an additional benefit in the form of a 100 percent joint life annuity. In such event, the death benefit discussed in item (D)(l) will not be payable. \r\n(E) TERMINATION: At any time before a member begins drawing retirement benefits, the member may request a refund of the total sum he or she has paid into the Retirement Fund as membership dues. No interest shall be paid upon amounts so withdrawn. \r\nB. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF ACCOUNTING The Retirement Fund's financial statements are prepared on the accrual basis of accounting, except for the collection of fines and forfeitures which are recognized when collected from the courts. Any accrual of these fines and forfeitures would be immaterial to the Retirement Fund's financial statements. Contributions from members are recognized as additions in the period in which the members provide services. Retirement benefit and refund payments are recognized as deductions when due and payable. \r\nINVESTMENTS Investments are defined as those financial instruments with terms in excess of three months from the date of purchase and certain other securities held for the production of revenue. In addition, funds on deposit with the Retirement Fund's investment custodian for purposes of continual investment are reflected as investments regardless of the term of the instruments. \r\nInvestments are reported at fair value. Short-term investments are reported at cost, which approximates fair value. Securities traded on a national or international exchange are valued at the last reported sales price. \r\nC. CONTRIBUTIONS \r\nFUNDING POLICY The minimum annual employer contribution requirements are set forth in the Official Code of Georgia Annotated (O.C.G.A.) Section 47-20-10 and are not actuarially determined. This statute further prohibits any action to grant a benefit increase until such time as the minimum annual contribution requirements meet or exceed legislative requirements. The actuarial valuation as of July 1, 2008, which reflected the proceeds of designated portions of fines and forfeitures as the employer contribution, indicated that the minimum employer contribution was met. Member contribution requirements are set forth in O.C.G.A. Section 47-16-43 and are not actuarially determined. Administrative expenses are paid from funds received by the Retirement Fund. \r\nContribution provisions are established by statute and may be amended only by the General Assembly of Georgia. A description of contribution requirement is as follows: \r\n(A) MEMBERS CONTRIBUTIONS: Members must contribute $45.00 per month of credited service claimed on or after July 1, 2000, with a maximum payment period of thirty years. Dues of $37.50 must be paid for every month of credited service from July 1, 1994 to June 30, 2000, $30.00 per month of credited service from July 1, 1990 to June 30, 1994 and $25.00 per month of credited service claimed from January 1, 1961 to June 30, 1990. For credited service prior to January 1, 1961, deductions in the amount of $20.00 are made from monthly retirement benefits until all credited months prior to January 1, 1961 are paid, subject, to a twenty-five year maximum. \r\n8 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2008 \r\n \r\nC. CONTRIBUTIONS \r\n \r\n(B) COURT FINES AND FORFEITURES: For each criminal and quasi-criminal case involving the violation of State of Georgia statutes, including traffic laws, a sum based upon the scale set forth below is collected by the presiding judge and remitted to the Retirement Fund: \r\n \r\nFor fines or bond forfeitures in excess of $5, \r\n \r\nin any court where a sheriff of a superior \r\n \r\ncourt acts as a sheriff \r\n \r\n$2 \r\n \r\nIn addition, the following amounts are required to be collected by the applicable courts and remitted to the Retirement Fund: \r\n \r\nFor civil actions, cases or proceedings filed in superior courts \r\n \r\n$1 \r\n \r\nFor civil actions, cases or proceedings filed in state courts \r\n \r\nand magistrate courts where a sheriff of the superior \r\n \r\ncourts acts as a sheriff in those courts \r\n \r\n$1 \r\n \r\nActual contributions for the year ended June 30, 2008, were as follows: \r\n \r\nMember Contributions Fines and Forfeitures \r\n \r\n$ \r\n \r\n75,854 \r\n \r\n2,694,857 \r\n \r\nTotal \r\n \r\n$ ===2,=77=0,=71=1 \r\n \r\nD. CONCENTRATION OF CREDIT RISK \r\nAt June 30, 2008, more than 5 percent of the Retirement Fund's total investments were investments in securities of U. S. agencies not explicitly guaranteed by the U. S. government. These investments represented approximately 24.2 percent of the Retirement Fund's total investments. \r\nE. SUBSEOUENTEVENT \r\nInvestments are reported at fair value as of June 30, 2008. In the months subsequent to the fiscal year-end, there has been a significant decline in the world's financial markets. The Fund's investment program is conservatively designed and administered to fare better than overall market conditions. However, since this long-term investment strategy includes diversification among high-quality bonds and stocks, the fund's investments have experienced declines in fair value since June 30, 2008. As of the date of this report, it is difficult to determine the long-term effect market conditions may have on this fund. \r\n \r\n9 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2008 \r\n \r\nF. FUNDED STATUS AND FUNDING PROGRESS The funded status of the plan as of June 30, 2008, the most recent actuarial valuation date, is as follows: \r\n \r\nActuarial value of Plan \r\nassets (a) \r\n \r\nActurial accrued liability (AAL)entry age \r\n(b) \r\n \r\nUnfunded AAL(UAAL) \r\n(funding excess) \r\n(b-a) \r\n \r\nFunding ratio (alb) \r\n \r\nAnnual covered payroll \r\n(c) \r\n \r\nUAAL (funding excess) as a percentage of covered payroll [(b-a)c] \r\n \r\n$ 69,553,000 \r\n \r\n$ 67,081,000 \r\n \r\n$ (2,472,000) \r\n \r\n103.7% \r\n \r\nn/a \r\n \r\nn/a \r\n \r\nThe schedule of funding progress, presented as required supplementary information following the notes to the financial statements, presents multi-year trend information about whether the actuarial values of plan assets are increasing or decreasing over time relative to the AAL for benefits. \r\n \r\nAdditional information as of the latest actuarial valuation follows: \r\n \r\nValuation Date \r\n \r\nJuly 1, 2008 \r\n \r\nActuarial cost method \r\n \r\nEntry age normal \r\n \r\nAmortization method \r\n \r\nLevel dollar, open \r\n \r\nRemaining amortization period \r\n \r\n30 years \r\n \r\nAsset valuation method \r\n \r\nFive-year smoothed market Value with 10% corridor \r\n \r\nActuarial assumptions: Investment rate of return (includes inflation) Projected salary increases Cost-of-living adjustments \r\n \r\n6.50% NIA NIA \r\n \r\n REQUIRED SUPPLEMENTARY INFORMATION \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORIGA SCHEDULE OF FUNDING PROGRESS JUNE 30, 2008 \r\n \r\nActuarial Valuation \r\nDate \r\n \r\nActuarial Value of Assets \r\n(a) \r\n \r\nActuarial Accrued Liability (AAL) - Entry Age Normal \r\n(b) \r\n \r\nUnfunded AAU(Funding \r\nExcess) (UAAL) \r\n(b-a) \r\n \r\nFunded Ratio (alb) \r\n \r\nCovered Payroll \r\n(c) \r\n \r\nUAALasa Percentage of Covered \r\nPayroll ((b-a)/c) \r\n \r\nJuly l, 2004 \r\n \r\n$ \r\n \r\n57,747,906 $ \r\n \r\n56,989,541 $ \r\n \r\n(758,365) \r\n \r\n101.3% \r\n \r\nn/a \r\n \r\nn/a \r\n \r\nJuly l, 2006 \r\n \r\n$ \r\n \r\n60,257,000 $ \r\n \r\n60,667,000 $ \r\n \r\n410,000 \r\n \r\n99.3% \r\n \r\nn/a \r\n \r\nn/a \r\n \r\nJuly l, 2008 \r\n \r\n$ \r\n \r\n69,553,000 $ \r\n \r\n67,081,000 $ \r\n \r\n(2,472,000) \r\n \r\n103.7% \r\n \r\nn/a \r\n \r\nn/a \r\n \r\nThe actuarial value of assets at July l, 2008 is equal to 99.5% of the market value of assets. \r\n \r\n12 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORIGA SCHEDULE OF CONTRIBUTIONS FROM THE EMPLOYER AND \r\nOTHER CONTRIBUTING ENTITIES JUNE 30, 2008 \r\n \r\nFiscal Year \r\n2003 2004 2005 2006 2007 2008 \r\n \r\nAnnual Required Contribution \r\n \r\n$ \r\n \r\n245,423 \r\n \r\n$ \r\n \r\n245,423 \r\n \r\n$ \r\n \r\n533,227 \r\n \r\n$ \r\n \r\n533,227 \r\n \r\n$ \r\n \r\n657,100 \r\n \r\n$ \r\n \r\n657,100 \r\n \r\nPercentage Contributed \r\n967.9% 978.2% 464.6% 454.3% 400.5% 410.1% \r\n \r\n13 \r\n \r\n (This page intentionally left blank) \r\n \r\n SECTION II - REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND omER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS \r\nPERFORMED IN ACCORDANCE WIIB GOVERNMENT AUDITING STANDARDS \r\n \r\n RussELL W. HtNTON \r\nSTATE AUDITOR {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 6, 2009 \r\n \r\nThe Honorable Sonny Purdue, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the Board of Commissioners of the Sheriffs' Retirement Fund of Georgia \r\nand Honorable Tracy L. Marchman, Secretary/Treasurer \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\nWe have audited the financial statements of the Sheriffs' Retirement Fund of Georgia, a part of the primary government of the State of Georgia, as of and for the year ended June 30, 2008, and have issued our report thereon dated March 6, 2009. \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit, we considered the Sheriffs' Retirement Fund of Georgia's internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Sheriffs' Retirement Fund of Georgia's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Sheriffs' Retirement Fund of Georgia's internal control over financial reporting. \r\nA control deficiency exists when the design or operation of a 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 affects the entity'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 entity's financial statements 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 a material misstatement of the financial statements will not be prevented or detected by the entity's internal control. \r\n \r\n16 \r\n \r\n Our consideration of internal control over financial reporting 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 financial reporting that we consider to be material weaknesses, as defined above. Compliance and Other Matters As part of obtaining reasonable assurance about whether the Sheriffs' Retirement Fund of Georgia'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. This report is intended solely for the information and use of management, members of the Fund, and management of the State of Georgia, and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n~~-:k. \r\nell W. Hinton, CPA, CGFM State Auditor RWH: gn \r\n17 \r\n \r\n (This page intentionally left blank) \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bs46-b2006-h2007","title":"Audit report, Sheriffs' Retirement Fund of Georgia, 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, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Dept. of Audits and Accounts. State Government Division"],"dc_date":["2006/2007"],"dcterms_description":["Fiscal year ended June 30, 2000, released in 2001?-","Title from cover.","Title fluctuates. Issues where review \"is substantially less in scope than an audit in accordance with auditing standards generally accepted in the United States of America\" are issued as: Sheriffs' Retirement Fund of Georgia, report on review of the financial statements for the fiscal year ended ... Issues where finances and compliance \"were examined to the extent necessary in order to express an opinion\" are issued as: Management report, Sheriffs' Retirement Fund of Georgia, a component unit of the state of Georgia. Issues where an audit was conducted \"in accordance with auditing standards generally accepted in the United States of America\" are issued as: Audit report, Sheriffs' Retirement Fund of Georgia.","Report year covers fiscal year.","Issued by State of Georgia Department of Audits and Accounts.","Fiscal year ended June 30, 2014 (online surrogate); (Georgia Government Publications database, viewed February 8, 2017)."],"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":["Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Audit report, Sheriffs' Retirement Fund of Georgia, 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-bs46-b2006-h2007"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bs46-b2006-h2007"],"dcterms_temporal":null,"dcterms_rights_holder":null,"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":null},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bs46-b2005-h2006","title":"Audit report, Sheriffs' Retirement Fund of Georgia, 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, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Dept. of Audits and Accounts. State Government Division"],"dc_date":["2005/2006"],"dcterms_description":["Fiscal year ended June 30, 2000, released in 2001?-","Title from cover.","Title fluctuates. Issues where review \"is substantially less in scope than an audit in accordance with auditing standards generally accepted in the United States of America\" are issued as: Sheriffs' Retirement Fund of Georgia, report on review of the financial statements for the fiscal year ended ... Issues where finances and compliance \"were examined to the extent necessary in order to express an opinion\" are issued as: Management report, Sheriffs' Retirement Fund of Georgia, a component unit of the state of Georgia. Issues where an audit was conducted \"in accordance with auditing standards generally accepted in the United States of America\" are issued as: Audit report, Sheriffs' Retirement Fund of Georgia.","Report year covers fiscal year.","Issued by State of Georgia Department of Audits and Accounts.","Fiscal year ended June 30, 2014 (online surrogate); (Georgia Government Publications database, viewed February 8, 2017)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 2006"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Financial statements--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Audit report, Sheriffs' Retirement Fund of Georgia, 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-bs46-b2005-h2006"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bs46-b2005-h2006"],"dcterms_temporal":null,"dcterms_rights_holder":null,"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":"STATE OF GEORGIA \r\nSonny Perdue Governor \r\nAUDIT REPORT SHERIFFS' RETIREMENT FUND OF GEORGIA \r\nYEAR ENDED JUNE 30, 2006 \r\nPrepared by State Accounting Office \r\n \r\n SHERRIFFS' RETIREMENT FUND OF GEORGIA - TABLE OF CONTENTS - \r\nSECTION I - FINANCIAL \r\nIndependent Auditor's Report on Basic Financial Statements Accompanied by Required Supplementary Information \r\nBasic Financial Statements Statement of Fiduciary Net Assets Statement of Changes in Fiduciary Net Assets Notes to the Financial Statements \r\nRequired Supplementary Information Schedule of Funding Progress Schedule of Employer Contributions Notes to Required Supplementary Information \r\n \r\nPage \r\n1 \r\n4 \r\n5 \r\n6 \r\n12 13 14 \r\n \r\nSECTION II - REPORT ON INTERNAL CONTROL OVER FINANCIAL \r\n \r\nREPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN \r\n \r\nAUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH \r\n \r\nGOVERNMENTAUDITING STANDARDS \r\n \r\n17 \r\n \r\n (This page intentionally left blank) \r\n \r\n SECTION I - FINANCIAL \r\n \r\n (This page intentionally left blank) \r\n \r\n DEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington St. S.W. Suite 1-156 Atlanta, Georgia 30334 \r\nRUSSELL W. HINTON \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\nMarch 7, 2007 \r\nHonorable Sonny Perdue, Governor Members of the General Assembly of Georgia Members of the Board of Commissioners of the Sheriffs' Retirement Fund of Georgia \r\nand Honorable Tracy L. Marchman, Secretary/Treasurer \r\nINDEPENDENT AUDITOR'S REPORT ON BASIC FINANCIAL STATEMENTS ACCOMPANIED BY REQUIRED SUPPLEMENTARY INFORMATION \r\nLadies and Gentlemen: \r\nWe have audited the accompanying financial statements of the Sheriffs' Retirement Fund of Georgia, a part of the primary government of the State of Georgia, as of and for the year ended June 30, 2006, as listed in the table of contents. These financial statements are the responsibility of the Fund's management. Our responsibility is to express opinions on these financial statements based on our audit. \r\nExcept as discussed in the following paragraph, 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. 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 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 opm1on. \r\nThe financial statements of the Sheriffs' Retirement Fund of Georgia for the fiscal year ended June 30, 2005 were not audited in accordance with auditing standards generally accepted in the United States of America and Government Auditing Standards, issued by the Comptroller General of the United States. Since the amount of net assets reported in the Statement of Fiduciary Net Assets as of June 30, 2005 materially affect the amounts reported in the Statement of Changes in Fiduciary Net Assets for the year ended June 30, 2006, the scope of our work was \r\n \r\n not sufficient to enable us to express, and we do not express, an opinion on the Statement of Changes in Fiduciary Net Assets for the year ended June 30, 2006. In our opinion, the statement of Fiduciary Net Assets of the Sheriffs' Retirement Fund of Georgia present fairly, in all material respects, the financial position of the Sheriffs' Retirement Fund of Georgia, as of June 30, 2006, in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued a report dated March 7, 2007 on our consideration of the Sheriffs' Retirement Fund of Georgia's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, 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. The Sheriffs' Retirement Fund of Georgia has not presented the management's discussion and analysis that the Governmental Accounting Standards Board has determined is necessary to supplement, although not required to be part of, the basic financial statements. The accompanying Schedule of Funding Progress, Schedule of Employer Contributions, and Notes to Required Supplementary Information are not required parts of the basic financial statements but are supplementary information required by the Governmental Accounting Standards Board. We did not audit the information and express no opinion on it. \r\nRespectfully submitted, \r\n~-QQ~.4t::; \r\nRussell W. Hinton, CPA, CGFM State Auditor \r\nRWH:dp \r\n2 \r\n \r\n BASIC FINANCIAL STATEMENTS \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORIGA STATEMENT OF FIDUCIARY NET ASSETS JUNE 30, 2006 \r\n \r\nAssets Cash and Cash Equivalents Receivables \r\nInterest and Dividends Investments \r\nInvestment Accounts Mutual Funds Municipal, U.S. and Foreign \r\nGovernment Obligations Corporate Bonds/Nates/Debentures Stocks \r\nTotal Assets \r\nLiabilities Compensated Absences Payable \r\nNet Assets Held in Trust for Pension Benefits \r\n \r\n$ \r\n \r\n24,568 \r\n \r\n293,479 \r\n \r\n(39,533) 6,818,636 \r\n \r\n12,003,188 8,986,554 36,129,886 \r\n \r\n$ \r\n \r\n64,216,778 \r\n \r\n20,179 \r\n \r\n$ \r\n \r\n64,196,599 \r\n \r\nThe notes to the financial statements are an integral part of this statement. 4 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORIGA STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS \r\nFOR THE YEAR ENDED JUNE 30, 2006 \r\n \r\nAdditions: Contributions Plan Members Other Contributions Fines and Bond Forfeitures Interest and Other Investment Income Dividends and Interest Net Appreciation (Depreciation) in Investments Reported at Fair Value Less: Investment Expense Other Miscellaneous \r\nTotal Additions \r\nDeductions: General and Administrative Expenses Benefits Refunds \r\nTotal Deductions \r\nChange in Net Assets Held in Trust for Pension Benefits \r\nNet Assets, July 1 \r\nNet Assets, June 30 \r\n \r\n$ \r\n \r\n102,739 \r\n \r\n2,422,553 \r\n \r\n1,514,585 \r\n \r\n3,078,617 (265,619) \r\n \r\n114,404 \r\n \r\n$ \r\n \r\n6,967,279 \r\n \r\n$ \r\n \r\n266,430 \r\n \r\n3,412,047 \r\n \r\n5,040 \r\n \r\n$ \r\n \r\n3,683,517 \r\n \r\n$ \r\n \r\n3,283,762 \r\n \r\n60,912,837 \r\n \r\n$ ====64=,1=96=,5=99= \r\n \r\nThe notes to the financial statements are an integral part of this statement. 5 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2006 \r\n \r\nA. PLAN DESCRIPTION \r\n \r\nORGANIZATION AND PLAN DESCRIPTION The Sheriffs' Retirement Fund of Georgia is a cost-sharing multiple-employer defined benefit pension plan established in 1963 by the General Assembly of Georgia for the purpose of paying retirement benefits to the sheriffs of the State of Georgia. The Board of Commissioners of the Retirement Fund is comprised of six members and consists of the Director of the Office of Treasury and Fiscal Services, one former sheriff who is a retired beneficiary of the Retirement Fund, and four persons holding office as sheriffs within the State of Georgia, each of whom are active members of the Retirement Fund and have held office as a sheriff for at least four years. The Sheriffs' Retirement Fund of Georgia is included within the State of Georgia's basic financial statements as a part of the primary government. \r\n \r\nAny qualified and commissioned sheriff of the superior court of any county within the State of Georgia who makes payment of the required contributions is eligible for membership. The Retirement Fund is funded through a combination of member contributions paid by the affected sheriffs and designated portions of fines and forfeitures for criminal and quasi-criminal cases involving the violation of State of Georgia statutes, including traffic laws. \r\n \r\nCURRENT MEMBERSHIP The following analysis compares the membership of the Sheriffs' Retirement Fund of Georgia at June 30, 2006, to that of the prior year: \r\n \r\nRetirees and Beneficiaries Currently Receiving Benefits and Terminated Members Entitled to, But Not Yet Receiving Benefits For Retirement For Survivorship \r\nRetirees and Beneficiaries Currently Receiving Benefits \r\nTerminated Members Entitled to, But Not Yet Receiving Benefits \r\n \r\nJune 30, 2006 June 30, 2005 \r\n142 32 171 10 \r\n \r\nTotal \r\n \r\n181 \r\n \r\n174 \r\n \r\nTotal Active Members \r\n \r\nVested \r\n \r\n94 \r\n \r\nNonvested \r\n \r\n64 \r\n \r\nTotal \r\n \r\n156 \r\n \r\n158 \r\n \r\n6 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2006 \r\nA. PLAN DESCRIPTION \r\nBENEFITS The Sheriffs' Retirement Fund of Georgia provides retirement as well as death benefits. Benefit provisions and vesting requirements are established by statute and may be amended only by the General Assembly of Georgia. A description of plan benefits and vesting requirements is as follows: \r\n(A) RETIREMENT CONDITIONS: Normal retirement is at age 55 provided the member has at least four years of credited service as a sheriff after and including January 1, 1961. The credited service requirement is eight years for a sheriff who first or again becomes an active member on or after July 1, 1988. A member must have terminated his or her service as sheriff to receive benefits. \r\n(B) RETIREMENT BENEFITS: The monthly benefit is a single life annuity payable in monthly payments for the life of the member. The maximum monthly payment at June 30, 2006 is equal to $110.64 per month (plus 1/12 of this amount for each month of any partial year) for each full year of creditable service up to a maximum of $3,319 per month. The Board of Commissioners is authorized to provide for increases effective as of January 1 and July 1 of each year up to 1 percent of the maximum monthly retirement benefit then in effect. \r\n(C) OPTIONAL BENEFITS: Members may elect, as an alternate to the benefit described above, to receive a 100 percent joint life annuity payable during the life of the member or the member's spouse or a contingency life annuity with a 50 percent monthly payment to the surviving spouse. The amount of the benefit for these options is an actuarially reduced portion of the single life annuity benefit described, above. \r\n(D) DEATH BENEFITS (1) In the event of the death of a member before retirement, the total amount of his or her contributions into the funds shall be paid, without interest to the surviving spouse, the named beneficiary or the member's estate. \r\n(2) In the event of the death of a member after retirement, who has yet to receive an amount in benefits equal to the total amount the member paid in as contributions, the difference shall be paid, without interest, to the surviving spouse, the named beneficiary or the member's estate. \r\n(3) Additionally, upon the death of the following, the sum of $7,000 shall be paid to the surviving spouse, the named beneficiary or the members estate: \r\n(a) an inactive member who would otherwise qualify to be carried upon the active membership rolls except that he or she no longer holds office of sheriff; \r\n(b) a member who is receiving retirement benefits; \r\n(c) a member who is otherwise qualified to receive retirement benefits from this Retirement Fund except that he or she has not reached age 55 or has not filed an application or has not been approved for retirement benefits or \r\n(d) any active member. \r\n7 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2006 \r\nA. PLAN DESCRIPTION \r\n(4) In addition to the death benefit discussed in item (D)(3), upon the death of an active member, the surviving spouse receives an additional benefit in the form of a 100 percent joint life annuity. In such event, the death benefit discussed in item (D)(l) will not be payable. \r\n(E) TERMINATION: At any time before a member begins drawing retirement benefits, the member may request a refund of the total sum he or she has paid into the Retirement Fund as membership dues. No interest shall be paid upon amounts so withdrawn. \r\nB. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF ACCOUNTING The Retirement Fund's financial statements are prepared on the accrual basis of accounting, except for the collection of fines and forfeitures which are recognized when collected from the courts. Any accrual of these fines and fees would be immaterial to the Retirement Fund's financial statements. Contributions from members are recognized as additions in the period in which the members provide services. Retirement benefit and refund payments are recognized as deductions when due and payable. \r\nINVESTMENTS Investments are defined as those financial instruments with terms in excess of three months from the date of purchase and certain other securities held for the production of revenue. In addition, funds on deposit with the Retirement Fund's investment custodian for purposes of continual investment are reflected as investments regardless of the term of the instruments. \r\nInvestments are reported at fair value. Short-term investments are reported at cost, which approximates fair value. Securities traded on a national or international exchange are valued at the last reported sales price. \r\nC. CONTRIBUTIONS AND RESERVES \r\nFUNDING POLICY The minimum annual employer contribution requirements are set forth in the Official Code of Georgia Annotated (O.C.G.A.) Section 47-20-10 and are not actuarially determined. This statute further prohibits any action to grant a benefit increase until such time as the minimum annual contribution requirements meet or exceed legislative requirements. The actuarial valuation as of July 1, 2006 which reflected the proceeds of designated portions of fines and forfeitures as the employer contribution, indicated that the minimum employer contribution was met. Member contribution requirements are set forth in O.C.G.A. Section 47-16-43 and are not actuarially determined. Administrative expenses are paid from funds received by the Retirement Fund. \r\nContribution provisions are established by statute and may be amended only by the General Assembly of Georgia. A description of contribution requirement is as follows: \r\n(A) MEMBERS CONTRIBUTIONS: Members must contribute $45.00 per month of credited service claimed on or after July 1, 2000, with a maximum payment period of thirty years. Dues of $37.50 must be paid for every month of credited service from July 1, 1994 to June 30, 2000, $30.00 per month of credited service from July 1, 1990 to June 30, 1994 and $25.00 per month of credited service claimed from January 1, 1961 to June 30, 1990. For credited service prior to January 1, 1961, deductions in the amount of $20.00 are made from monthly retirement benefits until all credited months prior to January 1, 1961 are paid, subject, to a twenty-five year maximum. \r\n8 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED .JUNE 30, 2006 \r\n \r\nC. CONTRIBUTIONS AND RESERVES \r\n \r\n(B) COURT FINES AND FORFEITURES: For each criminal and quasi-criminal case involving the violation of State of Georgia statutes, including traffic laws, a sum based upon the scale set forth below is collected by the presiding judge and remitted to the Retirement Fund: \r\n \r\nFor fines or bond forfeitures in excess of $5, \r\n \r\nin any court where a sheriff of a superior \r\n \r\ncourt acts as a sheriff \r\n \r\n$2 \r\n \r\nIn addition, the following amounts are required to be collected by the applicable courts and remitted to the Retirement Fund: \r\n \r\nFor civil actions, cases or proceedings filed in superior courts \r\n \r\n$1 \r\n \r\nFor civil actions, cases or proceedings filed in state courts \r\n \r\nand magistrate courts where a sheriff of the superior \r\n \r\ncourts acts as a sheriff in those courts \r\n \r\n$1 \r\n \r\nActual contributions for the year ended June 30, 2006, were as follows: \r\n \r\nMember Contributions Fines and Forfeitures \r\n \r\n$ \r\n \r\n102,739 \r\n \r\n2,422,553 \r\n \r\nTotal \r\n \r\n$ 2,525,292 \r\n \r\n=============== \r\n \r\nD. CONCENTRATION OF CREDIT RISK \r\nAt June 30, 2006, more than 5 percent of the Retirement Fund's total investments were investments in securities of U. S. agencies not explicitly guaranteed by the U. S. government. These investments represented approximately 18.1 percent of the Retirement Fund's total investments. \r\n \r\n9 \r\n \r\n (This page intentionally left blank) \r\n \r\n REQUIRED SUPPLEMENTARY INFORMATION \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORIGA SCHEDULE OF FUNDING PROGRESS JUNE 30, 2006 \r\n \r\nActuarial Valuation \r\nDate \r\nJuly 1, 2002 \r\nJuly 1, 2004 \r\nJuly 1, 2006 \r\n \r\nActuarial Value of Assets \r\n(a) \r\n \r\nActuarial Accrued Liability (AAL) - Entry Age Normal \r\n(b) \r\n \r\nUnfunded AAL \r\n(UAAL) (b-a) \r\n \r\nFunded Ratio (alb) \r\n \r\nCovered Payroll \r\n( C) \r\n \r\nUAALasa Percentage of Covered \r\nPayroll ((b-a)/c) \r\n \r\n$ \r\n \r\n58,129,062 $ \r\n \r\n53,045,439 $ \r\n \r\n(5,083,623) \r\n \r\n109.6% \r\n \r\nn/a \r\n \r\nn/a \r\n \r\n$ \r\n \r\n57,747,906 $ \r\n \r\n56,989,541 $ \r\n \r\n(758,365) \r\n \r\n101.3% \r\n \r\nn/a \r\n \r\nn/a \r\n \r\n$ \r\n \r\n60,257,000 $ \r\n \r\n60,667,000 $ \r\n \r\n410,000 \r\n \r\n99.3% \r\n \r\nn/a \r\n \r\nn/a \r\n \r\nThe actuarial value of assets at July 1, 2006 is equal to 94% of the market value of assets. \r\n \r\n12 \r\n \r\n Fiscal Year \r\n2001 2002 2003 2004 2005 2006 \r\n \r\nSHERIFFS' RETIREMENT FUND OF GEORIGA SCHEDULE OF EMPLOYER CONTRIBUTIONS \r\nJUNE 30, 2006 \r\n \r\nAnnual Required Contribution \r\n \r\n$ \r\n \r\n0 \r\n \r\n$ \r\n \r\n0 \r\n \r\n$ \r\n \r\n245,423 \r\n \r\n$ \r\n \r\n245,423 \r\n \r\n$ \r\n \r\n533,227 \r\n \r\n$ \r\n \r\n533,227 \r\n \r\nPercentage Contributed \r\n0.0% 0.0% 10.3% 10.2% 21.5% 22.0% \r\n \r\n13 \r\n \r\n SHERIFFS' RETIREMENT FUND OF GEORIGA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION \r\nJUNE 30, 2006 \r\n \r\nActuarial Assumptions \r\nThe information presented in the required supplementary schedules was determined as part of the actuarial valuation at the dates indicated. Additional information from the actuarial valuation follows: \r\n \r\nValuation Date: \r\nActuarial Cost Method: \r\nAmortization Method: \r\nRemaining Amortization Period: \r\nAsset Valuation Method: \r\nActuarial Assumptions: Investment Rate of Return Projected Salary Increases Includes Inflation at Cost-of-Living Adjustments \r\n \r\nJuly 1, 2006 \r\nEntry age normal \r\nLevel dollar, open \r\n30 years \r\n5 year smoothed market value with 10% corridor \r\n6.5% Not applicable None Assumed None Assumed \r\n \r\n14 \r\n \r\n SECTION II - REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS \r\nPERFORMED IN ACCORDANCE WITH GOVERNMENTAUDITING STANDARDS \r\n \r\n (This page intentionally left blank) \r\n \r\n DEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington St. S.W. Suite 1-156 Atlanta, Georgia 30334 \r\nRUSSELL W. HINTON \r\nSTATE AUDITOR (404) 656-2174 \r\nMarch 7, 2007 \r\nHonorable Sonny Perdue, Governor Members of the General Assembly of Georgia Members of the Board of Commissioners of the Sheriffs' Retirement Fund of Georgia \r\nand Honorable Tracy L. Marchman, Secretary/Treasurer \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 Sheriffs' Retirement Fund of Georgia, a part of the primary government of the State of Georgia, as of and for the year ended June 30, 2006, and have issued our report thereon dated March 7, 2007. 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, except we did not apply audit procedures necessary to satisfy ourselves about the opening balance (July 1, 2005) on the Statement of Changes in Fiduciary Net Assets. \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit, we considered the Sheriffs' Retirement Fund of Georgia'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. Our consideration of the internal control over financial reporting 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 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. We noted no matters involving the internal control over \r\n \r\n financial reporting and its operation that we consider to be material weaknesses. Compliance and Other Matters As part of obtaining reasonable assurance about whether the Sheriffs' Retirement Fund of Georgia'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 that are required to be reported under Government Auditing Standards. This report is intended solely for the information and use of management, members of the Fund and management of the State of Georgia, and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n'=R\u003e......ai u.'),4J~ \r\n~uJell W. Hinton, CPA, CGFM State Auditor \r\nRWH:dp \r\n18 \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bs46-b2004-h2005","title":"Management report, Sheriffs' Retirement Fund of Georgia, a component unit of the state of Georgia, 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, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Dept. of Audits and Accounts. State Government Division"],"dc_date":["2004/2005"],"dcterms_description":["Fiscal year ended June 30, 2000, released in 2001?-","Title from cover.","Title fluctuates. Issues where review \"is substantially less in scope than an audit in accordance with auditing standards generally accepted in the United States of America\" are issued as: Sheriffs' Retirement Fund of Georgia, report on review of the financial statements for the fiscal year ended ... Issues where finances and compliance \"were examined to the extent necessary in order to express an opinion\" are issued as: Management report, Sheriffs' Retirement Fund of Georgia, a component unit of the state of Georgia. 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