{"response":{"docs":[{"id":"dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b2006-h2007","title":"Statesboro Regional Library, Statesboro, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2007","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Bryan County, 32.01322, -81.44247","United States, Georgia, Bulloch County, 32.39681, -81.74318","United States, Georgia, Candler County, 32.40344, -82.07367","United States, Georgia, Emanuel County, 32.58976, -82.30171","United States, Georgia, Evans County, 32.15676, -81.88688"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2007-06-30"],"dcterms_description":["June 30, 2000-","Title from cover.","Fiscal year ended June 30, 2004."],"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":["Regional libraries--Georgia--Auditing","Regional libraries--Financial statements--Georgia","Statesboro Regional Library"],"dcterms_title":["Statesboro Regional Library, Statesboro, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2007"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b2006-h2007"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b2006-h2007"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"STATESBORO REGIONAL LIBRARY \nSTATESBORO, GEORGIA REPORT ON AUDIT \nOF THE FINANCIAL STATEMENTS \nFOR THE FISCAL YEAR ENDED JUNE 30, 2007 \nSTATE OF GEORGIA \nDEPARTMENT OF AUDITS AND ACCOUNTS \nRussell W. Hinton State Auditor \n \n STATESBORO REGIONAL LIBRARY - TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \n \nREQUIRED SUPPLEMENTARY INFORMATION \n \nMANAGEMENT'S DISCUSSION AND ANALYSIS \n \nEXHIBITS \n \nBASIC FINANCIAL STATEMENTS \n \nDISTRICT-WIDE FINANCIAL STATEMENTS \n \nA \n \nSTATEMENT OF NET ASSETS \n \n1 \n \nB \n \nSTATEMENT OF ACTIVITIES \n \n2 \n \nFUND FINANCIAL STATEMENTS \n \nC \n \nBALANCE SHEET \n \nGOVERNMENTAL FUND \n \n3 \n \nD \n \nRECONCILIATION OF THE GOVERNMENTAL FUND BALANCE SHEET \n \nTO THE STATEMENT OF NET ASSETS \n \n4 \n \nE \n \nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES \n \nIN FUND BALANCE \n \nGOVERNMENTAL FUND \n \n5 \n \nF \n \nRECONCILIATION OF THE GOVERNMENTAL FUND STATEMENT \n \nOF REVENUES, EXPENDITURES AND CHANGES IN FUND \n \nBALANCE TO THE STATEMENT OF ACTIVITIES \n \n6 \n \nG \n \nSTATEMENT OF FIDUCIARY NET ASSETS \n \nFIDUCIARY FUNDS \n \n7 \n \nH \n \nNOTES TO THE BASIC FINANCIAL STATEMENTS \n \n8 \n \nSCHEDULES \n \nREQUIRED SUPPLEMENTARY INFORMATION \n \nSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES \n \nIN FUND BALANCE - BUDGET AND ACTUAL \n \nGENERAL FUND \n \n17 \n \n STATESBORO REGIONAL LIBRARY - TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nSCHEDULES \n \nSUPPLEMENTARY INFORMATION \n \nSCHEDULES OF REVENUE \n \n2 \n \nSTATE \n \n18 \n \n3 \n \nFEDERAL \n \n19 \n \n4 \n \nLOCAL \n \n20 \n \n5 SCHEDULE OF SALARIES AND TRAVEL \n \n21 \n \nSECTION II AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \nSECTION III FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \n \n SECTION I FINANCIAL \n \n Russell W. Hinton \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \nSeptember 3, 2008 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the Board of Regents of the University System of Georgia \nand Director and Members of the Statesboro Regional Library Board \nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \nLadies and Gentlemen: \nWe have audited the accompanying financial statements of the governmental activities, the major fund and the aggregate remaining fund information (Exhibits A through H) of the Statesboro Regional Library as of and for the year ended June 30, 2007, which collectively comprise the Library's basic financial statements as listed in the table of contents. These financial statements are the responsibility ofthe Statesboro Regional Library's management. Our responsibility is to express opinions on these financial statements based on our audit. \nWe conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica. 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 ofthe Library's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. \nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the major fund and the aggregate remaining fund information of the Statesboro Regional Library, as of June 30, 2007, and the respective changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. \n2007ARL-41 \n \n Management's Discussion and Analysis and the Schedule ofRevenues, Expenditures and Changes in Fund Balances - Budget and Actual, as presented on pages i through vii and page 17 are not a required part of the basic financial statements but are supplementary information required by the accounting principles generally accepted in the United States ofAmerica. We have applied certain limited procedures, which consisted principally ofinquiries of management regarding the methods ofmeasurement and presentation ofthe required supplementary information. However, we did not audit the information and express no opinion on it. \nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Statesboro Regional Library's basic financial statements. The accompanying supplementary information which consist ofSchedules 2 through 5, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit ofthe basic financial statements, and in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. \nA copy of this report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. \nRespectfully submitted, \n \nRWH:gp 2007ARL-41 \n \nu).~ \nsell W. Hinton, CPA, CGFM State Auditor \n \n STATESBORO REGIONAL LIBRARY MANAGEMENT'S DISCUSSION AND ANALYSIS \nFOR THE YEAR ENDED JUNE 30, 2007 \nThe discussion and analysis of the Library System's financial performance provides an overall review of the activities for the fiscal year ended June 30, 2007. The intent of this discussion and analysis is to look at the Library System's financial performance as a whole. A review of the basic financial statements and notes will also provide further understanding of the Library's financial performance. \nOVERVIEW OF THE FINANCIAL STATEMENTS \nStatesboro Regional Library System's statements are presented in three parts: District-wide financial statements, fund financial statements, and notes to the basic financial statements. \nDISTRICT-WIDE FINANCIAL STATEMENTS \nThe District-wide Financial Statements are designed to provide a broad overview of the Library System's finances, in a manner similar to a private-sector business. \nThe Statement of Net Assets presents information on all of the Library's assets and liabilities, with the difference between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial position of the Library System is improving or deteriorating. \nThe Statement of Activities presents information showing how the Library's net assets changed during the most recent fiscal year. The Statement of Activities presents governmental activity expenses in the following categories: Public Services (costs of providing library services including library materials), Technical Services (costs of selecting and preparing library materials for public use), Support Services (administrative costs of providing library services), Maintenance and Operations (costs incurred for the maintenance of grounds and facilities), and Information Technology (costs associated with providing access to electronic materials and services). \nProgram revenues include Charges for Services (fines and fees charged to library customers) and Operating Grants and Contributions (State of Georgia and Federal grants used for library operations). General Revenues include the contribution for library operations from the Bryan, Bulloch, Candler, Emanuel, and Evans Counties (local funds), Interest Revenue, and Miscellaneous Revenue from donations and other sources. \nAs is evident from the Statement of Activities (Exhibit \"B\"), the majority of Library System expenditures are paid out of revenue provided by area city, county, and/or boards of education ($1,118,370). Grants and Contributions not Restricted to Specific Programs, which consists of undesignated donations ($12,157), was broken out this year for the first time. \n \n STATESBORO REGIONAL LIBRARY MANAGEMENT'S DISCUSSION AND ANALYSIS \nFOR THE YEAR ENDED JUNE 30, 2007 \nFUND FINANCIAL STATEMENTS \nA fund is a grouping of related accounts used to maintain control over resources that have been segregated for specific activities or objectives. The Statesboro Regional Library System like other State and local government entities uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. \nThe Statesboro Regional Library System uses one governmental fund, the General Fund. This fund uses the modified accrual basis of accounting. Under this basis of accounting, revenue is posted when amounts are both measurable and available to fund current operations. Expenditures are posted when amounts will be disbursed in the near future (typically within sixty days). \nBecause the focus of the fund financial statements is narrower than that of the District-wide financial statements, it is useful to compare the information presented for the governmental fund (in the fund financial statements) with similar information presented for government activities (in the District-wide financial statements). \nThe fund balance of $869,678 reported on the Balance Sheet: Governmental Fund (Exhibit \"C\") is reconciled to the total net assets of $1,747,025 in the Statement of Net Assets (Exhibit \"A\"). The difference $877,347 in these is due to the following: (1) capital assets are not financial resources and are not reported in the funds and (2) fines and fees not collected within sixty days of fiscal year end are reflected as deferred revenue in the funds. \nIn addition, it can be noted that the \"Net Change in Fund Balance\" of $71,946 shown in the Statement ofRevenues, Expenditures and Changes in Fund Balance (Exhibit \"E\") is reconciled to the \"Change in Net Assets\" of $167,501 in the Statement of Activities (Exhibit \"B\"). The difference $95,555 is the change reported in the fund and the District-wide statements results from the following: ( 1) the fund financial statements report capital outlays as expenditures at the time of purchase, while the District-wide statement allocates the cost of capital assets over time through depreciation expense (See Note 4: Capital Assets) and (2) fines and fees revenues reported in the District-wide statement do not provide current financial resources and are not reported as revenues in the fund financial statements. \nNOTES TO THE BASIC FINANCIAL STATEMENTS \nThe Notes to the Basic Financial Statements provide additional information that is essential to the full understanding of the data provided in the District-wide and fund financial statements. \nFINANCIAL ANALYSIS-DISTRICT-WIDE \nThe Statesboro Regional Library System's overall financial position and operations at the District-wide level for the past two years is summarized in the following tables: \n11 \n \n STATESBORO REGIONAL LIBRARY MANAGEMENT'S DISCUSSION AND ANALYSIS \nFOR THE YEAR ENDED JUNE 30, 2007 \n \nTable 1 Net Assets \n \nGovernmental Activities \n \nFiscal \n \nFiscal \n \nNet \n \nYear 2007 Year 2006 \n \nChange \n \nAssets Current Assets Capital Assets, Net \n \n$ 935,394 830.628 \n \n$ 823,144 781,791 \n \n$ 112,250 48.837 \n \nTotal Assets \n \n$1,766,022 $1,604.935 $ 161,087 \n \nLiabilities Current Liabilities \n \n$ 18.997 $ 25,412 $ -6,415 \n \nNet Assets Invested in Capital Assets Unrestricted \n \n$ 830,628 916.397 \n \n$ 781,791 797,732 \n \n$ 48,837 118,665 \n \nTotal Net Assets \n \n$1,747.025 $1,579,523 $ 167.502 \n \nTotal Liabilities and Net Assets \n \n$1,766.022 $1,604.935 $ 161.087 \n \nl1l \n \n STATESBORO REGIONAL LIBRARY MANAGEMENT'S DISCUSSION AND ANALYSIS \nFOR THE YEAR ENDED JUNE 30, 2007 \n \nTable 2 Change in Net Assets \n \nRevenues Program Revenues: Charges for Services Operating Grants and Contributions \n \nGovernmental Activities \n \nFiscal \n \nFiscal \n \nNet \n \nYear 2007 \n \nYear 2006 \n \nChange \n \n$ 148,081 $ 85,609 $ 62,472 \n \n1,156,776 \n \n658,469 \n \n498,307 \n \nTotal Program Revenues \n \n$ 1,304,857 $ 744 078 $ 560,779 \n \nGeneral Revenues: Participating Governments Unrestricted Grants and Contributions Investment Earnings Miscellaneous \n \n$ 1,118,370 12,157 24,866 80 048 \n \n$ 1,104,428 \n9,448 133,283 \n \n$ 13,942 12,157 15,418 -53,235 \n \nTotal General Revenues \n \n$ 1,235,441 $ 1,247,159 $ -11,718 \n \nTotal Revenues \n \n$ 2,540,298 $ 1,991,237 $ 549,061 \n \nProgram Expenses Public Services Technical Services Support Services Maintenance and Operations Information Technology \n \n$ 1,091,410 114,121 471,185 622,276 73 805 \n \n$ 1,135,636 115,401 444,387 172,977 21 454 \n \n$ -44,226 -1,280 26,798 \n449,299 52,351 \n \nTotal Expenses \n \n$ 2,372,797 $ 1,889,855 $ 482,942 \n \nChange in Net Assets \n \n$ 167,501 $ 101,382 $ 66,119 \n \nBeginning Net Assets \n \n1,579,524 \n \n1,478,141 \n \n101,383 \n \nEnding Net Assets \n \n$ 1,747,025 $ 1,579,523 $ 167,502 \n \nAt June 30, 2007, the assets of Statesboro Regional Library System exceeded its liabilities by $1,747,025. The most significant portion of net assets is the Library System's investment in capital assets totaling $830,628. The Libraries use the assets (furniture, equipment, books, and collections) to provide services to library customers, so they are not available to fund current operations. Unrestricted net assets in the amount of $916,397 are available to fund future library operations. \n \nTotal current assets increased by $112,250 primarily due to an increase in cash. \n \nThe net balance of capital assets increased $48,837 due to the acquisition of additional assets. Future replacement of capital assets is considered in the preparation of all annual budgets and in long-term budget planning. \n \nCurrent liabilities reflect the amount of outstanding items in accounts payable $18,997. \n \nIV \n \n STATESBORO REGIONAL LIBRARY MANAGEMENT'S DISCUSSION AND ANALYSIS \nFOR THE YEAR ENDED JUNE 30, 2007 \n \nThe increase in earnings on investments $15,418 is due to several generous undesignated contributions to Statesboro Regional Library that will soon be earmarked for capital improvement projects such as painting, recarpeting, and repair of the restroom facilities. \n \nTotal expenditures increased by $482,942 primarily due to increased salary and benefit expenses coupled with increases in the cost of maintenance and operations. \n \nFINANCIAL ANALYSIS - FUND LEVEL \n \nThe Library's overall financial position and operations at the fund level for the past two years is summarized as follows: \n \nTable 3 Governmental Activities \n \nTotal Cost of Services \n \nFiscal \n \nFiscal \n \nYear 2007 \n \nYear 2006 \n \nNet Change \n \nTotal Assets Total Liabilities Total Fund Balance Total Revenues Total Expenditures \n \n$ 935,394 65,716 \n$ 869,678 \n$ 2,493,580 \n$ 2142L634 \n \n$ 823,144 25,412 \n$ 797,732 \n$ 1,991,237 \n$ 1,8111126 \n \n$ 112,250 40,304 \n$ 71,946 \n$ 502,343 \n$ 544_438 \n \nTotal revenues for 2007 increased $502,343, primarily as a result of increased income from local funding agencies, State funding, investment earnings from establishing 90-day reserve funds, and an increase in memorial gifts, particularly in Bulloch County. Total expenditures increased by $544,438. \n \nBUDGETARY HIGHLIGHTS \n \nThe Business Services Department prepares funding requests for ten (10) local funding agencies on behalf of the six (6) affiliated libraries in Bryan, Bulloch, Candler, Emanuel, and Evans Counties. All funds are handled on an individual basis in each community. The Statesboro Regional Library System Library Boards approve annual budgets by June in preparation for the new fiscal year. \n \nThe operating budgets include proposed expenses and means of financing them. Individual library operating budgets are rarely revised during the year. The adopted fiscal year 2007 budgets were not amended during the year. \n \nV \n \n STATESBORO REGIONAL LIBRARY MANAGEMENT'S DISCUSSION AND ANALYSIS \nFOR THE YEAR ENDED JUNE 30, 2007 \n \nTable 4 Budgetary Comparison Schedule \nGeneral Fund \n \nBudgeted Amounts \n \nOriginal \n \nFinal \n \nActual \n \nVariance With Final \nBudget \n \nFund Balance Beginning of Year \n \n$ 791,733 $ 791,133 $ 797,733 $ \n \nQ \n \nRevenues Local Funds State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \n \n$1,170,555 1,157,964 30,088 38,350 \n87 897 \n \n$1,170,555 1,157,964 30,088 38,350 \n87 897 \n \n$1,118,370 $ 1,072,183 30,088 101,363 24,866 146,710 \n \n-52,185 -85,781 \n0 63,013 24,866 58,813 \n \nTotal Revenues \n \n$2,484,854 $2,484,854 $2,493,580 $ 8,726 \n \nExpenditures Current Public Services Technical Services Support Services Maintenance and Operations Information Technology Facilities Acquisition and Construction \n \n$1,113,848 $ 1,113,848 $1,145,717 $ 31,869 \n \n121,579 \n \n121,579 \n \n114,121 \n \n-7,458 \n \n488,382 \n \n488,382 \n \n465,716 \n \n-22,666 \n \n193,469 \n \n193,469 \n \n177,666 \n \n-15,803 \n \n67,576 \n \n67,576 \n \n73,805 \n \n6,229 \n \n500,000 \n \n500,000 \n \n444,609 \n \n-55,391 \n \nTotal Expenditures \n \n$2,484,854 $2,484,854 $2,421,634 $ -63,220 \n \nNet Change in Fund Balance \n \n$ \n \n0 $ \n \n0 $ 71 946 $ 71 946 \n \nFund Balance - End of Year \n \n$ 127,733 $ 797,133 $ 869,612 $ 11,946 \n \nActual miscellaneous revenue $146,710 reflects gifts, memorials to the libraries, United Way funding for Literacy Services in Bulloch County, and Friends of the Library donations in the Bryan County, Statesboro, Metter, and Swainsboro facilities. Construction expenditures of $444,609 are for the major repairs needed for the Candler County Library after the substructure was declared unsafe and the library vacated. A modest local match from the City of Metter and Candler County Commissioners along with a Major Repair and Renovation Grant available through Georgia Public Library Services funded the repairs. \n \nECONOMIC FACTORS AND NEXT YEAR'S BUDGET \n \nThe Library's financial position for the next year is projected to remain stable. State Grant funds are expected to increase due to State Legislative approvals for modest salaries increases. Local funding agencies are likely to slightly increase funding. There are no currently known facts, decisions or conditions that are expected to have a significant effect on Statesboro Regional Library System's financial position or its operations. \n \nvi \n \n STATESBORO REGIONAL LIBRARY MANAGEMENT'S DISCUSSION AND ANALYSIS \nFOR THE YEAR ENDED JUNE 30, 2007 REQUESTS FOR INFORMATION This financial report is designed to provide the Statesboro Regional Library System's citizens, taxpayers, investors, and creditors with a general overview of the Library System's finances and to clearly illustrate the Library System's accountability for the money it receives. Questions concerning any of the information provided should be addressed to Ms. Lois M. Roberts, Director, Statesboro Regional Library System, 124 South Main Street, Statesboro, Georgia 30458. \nVll \n \n STATESBORO REGIONAL LIBRARY \n \n STATESBORO REGIONAL LIBRARY STATEMENT OF NET ASSETS \nJUNE 30, 2007 \nASSETS Cash and Cash Equivalents Investments Accounts Receivable \nFederal Government Other \nLess: Allowance for Doubtful Accounts Capital Assets \nCapitalized Special Collections Equipment Library Collections Less: Accumulated Depreciation \nTotal Assets \nLIABILITIES Accounts Payable \nNET ASSETS Invested in Capital Assets, Net of Related Debt Unrestricted \nTotal Net Assets \nTotal Liabilities and Net Assets \n \nEXHIBIT\"A\" \n \nGOVERNMENTAL ACTIVITIES \n \n$ \n \n434,123.00 \n \n444,972.39 \n \n2,400.00 203,058.53 -149,159.72 \n \n18,000.00 151,554.65 2,436,007.00 -1,774,933.48 \n \n$ ===1,=76=6=,0=2=2=.3=7 \n \n$ _ _ _-'--18'-'-,9\"-'9_7_._6__2 \n \n$ \n \n830,628.17 \n \n916,396.58 \n \n$ ___1,._7,_47.....0_2_4_7._5 \n \n$ ===1='7=66=,0=2=2=.3=7 \n \nThe notes to the basic financial statements are an integral part of this statement. -1- \n \n STATESBORO REGIONAL LIBRARY STATEMENT OF ACTIVITIES \nFOR THE YEAR ENDED JUNE 30, 2007 \n \nEXHIBIT\"B\" \n \nEXPENSES \n \nPROGRAM REVENUES \n \nOPERATING \n \nCHARGES FOR \n \nGRANTS AND \n \nSERVICES \n \nCONTRIBUTIONS \n \nNET (EXPENSES) REVENUES \nAND CHANGES IN NET ASSETS \n \nGOVERNMENTAL ACTIVITIES \n \nCurrent Services Public Services Technical Services Support Services Maintenance and Operations Information Technology \n \n$ 1,091,410.49 $ 114,121.11 471,185.05 622,275.55 73,805.27 \n \n148,081.19 $ \n \n619,454.06 $ 537,322.12 \n \n-323,875.24 -114, 121.11 -471, 185.05 \n-84,953.43 -73 805.27 \n \nTotal Governmental Activities \n \n$ 2,372,797.47 $ \n \n148,081.19 $ \n \n1 156 776.18 $ _ _ _-1..,_,0_6_7~,9_4_0._10_ \n \nGeneral Revenues Allotments From Participating Governments Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous Revenue \n \n$ \n \n1, 118,370.29 \n \n12,156.64 24,866.22 80 048.01 \n \nTotal General Revenues \n \nChange in Net Assets \n \n$ \n \n167,501.06 \n \nNet Assets - Beginning of Year \n \n1,579,523.69 \n \nNet Assets - End of Year \n \n$===1=7=4=7=0=2=4.=7=5 \n \nThe notes to the basic financial statements are an integral part of this statement. -2- \n \n STATESBORO REGIONAL LIBRARY BALANCE SHEET \nGOVERNMENTAL FUND JUNE 30, 2007 \nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \nFederal Government Other \nLess: Allowance for Doubtful Accounts \nTotal Assets \nLIABILITIES AND FUND BALANCE LIABILITIES \nAccounts Payable Deposits and Deferred Revenue \nTotal Liabilities FUND BALANCE \nUnreserved Undesignated Reported in: General Fund \nTotal Liabilities and Fund Balance \n \nEXHIBIT\"C\" \nGENERAL FUND \n$ 434,123.00 444,972.39 2,400.00 203,058.53 -149,159.72 \n$ 935,394.20 \n \n$ \n \n18,997.62 \n \n46,718.15 \n \n$ \n \n65,715.77 \n \n869,678.43 $ 935,394.20 \n \nThe notes to the basic financial statements are an integral part of this statement. -3- \n \n STATESBORO REGIONAL LIBRARY RECONCILIATION OF THE GOVERNMENTAL FUND BALANCE SHEET \nTO THE STATEMENT OF NET ASSETS JUNE 30, 2007 \n \nEXHIBIT\"D\" \n \n/ \nTotal Fund Balance - Governmental Fund (Exhibit \"C\") \nAmounts reported for Governmental Activities in the Statement of Net Assets are different because: \nCapital Assets used in Governmental Activities are not financial resources and therefore are not reported in the funds. These assets consist of: \nCapitalized Special Collections Equipment Library Collections Accumulated Depreciation \nTotal Capital Assets \nFines and Fees Revenues not collected within sixty days of fiscal year end are reflected as deferred revenue on the Governmental Funds Balance Sheet. \n \n$ 869,678.43 \n \n$ \n \n18,000.00 \n \n151,554.65 \n \n2,436,007.00 \n \n-1,774,933.48 \n \n830,628.17 46,718.15 \n \nNet Assets of Governmental Activities (Exhibit \"A\") \n \n$ 1,747,024.75 \n \nThe notes to the basic financial statements are an integral part of this statement. -4- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"E\" \n \nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE \n \nGOVERNMENTAL FUND \n \nYEAR ENDED JUNE 30, 2007 \n \nREVENUES \nLocal Funds State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \nTotal Revenues \nEXPENDITURES \nCurrent Public Services Technical Services Support Services Maintenance and Operations Information Technology Facilities Acquisition and Construction \nTotal Expenditures \nNet Change in Fund Balance \nFund Balance - Beginning \nFund Balance - Ending \n \nGENERAL FUND \n$ 1, 118,370.29 1,072,182.48 30,087.90 101,363.04 24,866.22 146 710.45 \n$ 2,493,580.38 \n \n$ 1,145,717.49 114,121.11 465,715.05 177,666.55 73,805.27 444,609.00 \n \n$ 2,421,634.47 \n \n$ \n \n71,945.91 \n \n797,732.52 \n \n$ ====8=629,=67=8=.4=3 \n \nThe notes to the basic financial statements are an integral part of this statement. -5 - \n \n STATESBORO REGIONAL LIBRARY RECONCILIATION OF THE GOVERNMENTAL FUND STATEMENT OF \nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE TO THE STATEMENT OF ACTIVITIES JUNE 30, 2007 \n \nEXHIBIT\"F\" \n \nTotal Net Change in Fund Balance - Governmental Fund (Exhibit \"E\") \n \n$ \n \nAmounts reported for Governmental Activities in the Statement of Activities are different because: \n \nCapital Outlays are reported as expenditures in Governmental Funds. However, in the Statement of Activities, the cost of Capital Assets is allocated over their estimated useful lives as depreciation expense. In the current period, these amounts are: \n \nCapital Outlay Depreciation Expense \nExcess of Capital Outlay over Depreciation Expense \n \n$ 214,809.00 -165,972.00 \n \nFines and Fees Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in the Governmental Funds. \n \n71,945.91 \n48,837.00 46718.15 \n \nChange in Net Assets of Governmental Activities (Exhibit \"B\") \n \n$ 167,501.06 \n \nThe notes to the basic financial statements are an integral part of this statement. -6- \n \n STATESBORO REGIONAL LIBRARY STATEMENT OF FIDUCIARY NET ASSETS \nFIDUCIARY FUNDS JUNE 30, 2007 \nASSETS Cash and Cash Equivalents \nLIABILITIES Accounts Payable Funds Held for Others \nTotal Liabilities \n \nEXHIBIT \"G\" \n \nAGENCY FUNDS \n$ ====1=,8=3=5.=91.., \n \n$ \n \n65.64 \n \n1,770.27 \n \n$ ==1=,8=3=5...,.91= \n \nThe notes to the basic financial statements are an integral part of this statement. -7- \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT \"H\" \n \nNote 1: DESCRIPTION OF LIBRARY AND REPORTING ENTITY \nREPORTING ENTITY \nThe Statesboro Regional Library (Library) operates pursuant to Official Code ofGeorgia Annotated Sections 20-5-40 through 20-5-59 to provide public library services with costs shared by participating local governmental agencies and grants from the State of Georgia. \nThe Library Board is comprised often members which are also trustees ofthe member library which appointed them. The Library Board membership consists oftwo members appointed from the Bryan County Library Board, two members appointed from the Bulloch County Library Board, two members appointed from the Candler County Library Board, two members appointed from the Emanuel County Library Board, and two members appointed from the Evans County Library Board. The Library Board is without authority to determine the amount ofits funding, except by submission of budget requests to local governmental units from which the Library receives support and to the State of Georgia for State and Federal flow through funding. Membership in the Library and participation in library services is at the discretion of each participating governmental agency. The Library Board has the power to designate management, the power to retain unreserved fund balances of local and other funds for continued operations and is the lowest level of oversight responsibility for the Library's operations. The Statesboro Regional Library is therefore determined to be a joint venture. \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nBASIS OF PRESENTATION \nThe Library's basic financial statements are collectively comprised of the Library-wide financial statements, fund financial statements and notes to the basic financial statements of the Statesboro Regional Library. \nLibrary-wide Statements: The Statement ofNet Assets and the Statement ofActivities display information about the financial activities of the overall Library, except for fiduciary activities. Eliminations have been made to minimize the double counting ofinternal activities. Governmental activities generally are financed through intergovernmental revenues and other nonexchange transactions. \nThe Statement ofActivities presents a comparison between direct expenses and program revenues for each function of the Library's governmental activities. \n Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the Library related to the administration and support of the Library's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \n \n-8- \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT \"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n Program revenues include (a) charges paid by the recipients ofgoods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues are presented as general revenues. \nFund Financial Statements: The fund financial statements provide information about the Library's funds, including fiduciary funds. Eliminations have been made to minimize the double counting ofinternal activities. Separate statements for each category (governmental and fiduciary) are presented. The emphasis of fund financial statements is on major governmental funds. \nThe Library reports the following major governmental fund: \n General Fund is the Library's primary operating fund. It accounts for all financial resources of the Library, except those resources required to be accounted for in another fund. \nThe Library reports the following fiduciary fund type: \n Agency funds account for assets held by the Library as an agent for various funds, governments or individuals. \nBASIS OF ACCOUNTING \nThe basis of accounting determines when transactions are reported on the financial statements. The Library-wide governmental and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the Library gives (or receives) value without directly receiving (or giving) equal value in exchange, include grants and donations. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \nThe Library uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis ofaccounting. Under this method, revenues are recognized when measurable and available. The Library considers all revenues reported in the governmental funds to be available if they are collected within sixty days after year-end. Interest is considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred. Capital asset acquisitions are reported as expenditures in governmental funds. \n-9- \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT \"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nThe Library funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the Library's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \nCASH AND CASH EQUIVALENTS \nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist ofcash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Official Code of Georgia Annotated Section 45-8-14 authorizes the Library to deposit its funds in one or more solvent banks or insured Federal savings and loan associations. \nINVESTMENTS \nCOMPOSITION OF INVESTMENTS Investments made by the Library in nonparticipating interest-earning contracts (such as certificates ofdeposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year and equity investments are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the Library to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \n(1) Obligations issued by the State of Georgia or by other states, \n(2) Obligations issued by the United States government, \n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \n(4) Obligations of any corporation of the United States government, \n(5) Prime banker's acceptances, \n(6) The Local Government Investment Pool administered by the State ofGeorgia, Office of Treasury and Fiscal Services, \n(7) Repurchase agreements, and \n \n- 10 - \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT \"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \n(8) Obligations of other political subdivisions of the State of Georgia. \n \nThe Library does not have a formal policy regarding investment policies that address credit risks, custodial credit risks, concentration of credit risks, interest rate risks or foreign currency risks. \n \nRECEIVABLES \n \nReceivables consist of amounts due from grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed, fines and fees charged to patrons and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do include any amounts which would necessitate the need for an allowance for uncollectible receivables. \n \nCAPITAL ASSETS \n \nCapital assets purchased, including capital outlay costs, are recorded as expenditures in the fund financial statements at the time of purchase (including ancillary charges). On the Library-wide financial statements, all purchased capital assets are valued at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at estimated fair market value on the date donated. Disposals are deleted at depreciated recorded cost. The cost of normal maintenance and repairs that do not add to the value ofassets or materially extend the useful lives of the assets is not capitalized. Depreciation is computed using the straight-line method. During the fiscal year under review, no events or changes in circumstances affecting a capital asset that may indicate impairment were known to the Library. \n \nCapitalization thresholds and estimated useful lives of capital assets reported in the Library-wide statements are as follows: \n \nCapitalization Policy \n \nEstimated Useful Life \n \nEquipment Library Collections Capitalized Special Collections \n \n$ 5,000.00 5 to 10 years \n \n$ 5,000.00 \n \n10 years \n \n$ 5,000.00 \n \nNIA \n \nDepreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives. \n \nNET ASSETS \n \nThe Library's net assets in the Library-wide Statements are classified as follows: \n \n- 11 - \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT\"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nInvested in capital assets, net of related debt - This represents the Library's total investment in capital assets, net of outstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of invested in capital assets, net of related debt. \nUnrestricted net assets - Unrestricted net assets represent resources derived from grants and contributions not restricted to specific programs, charges for services, and miscellaneous revenues. These resources are used for transactions relating to the general operations ofthe Library, and may be used at the discretion ofthe Library to meet current expenses for those purposes. \nNote 3: DEPOSITS AND INVESTMENTS \nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate ofthe face value of such surety bond and the market value of securities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. Ifa depository elects the pooled method (OCGA 45-8-13 .1) the aggregate ofthe market value ofthe securities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool balance. \nAcceptable security for deposits consists of any one of or any combination of the following: \n( 1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \n \n- 12 - \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT\"H\" \n \nNote 3: DEPOSITS AND INVESTMENTS \n \n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \n \nCATEGORIZATION OF DEPOSITS At June 30, 2007, the bank balances were $894,017.60. The amounts of the total uninsured bank balances are classified into three categories of custodial credit risk: \n \nCategory 1 - Uncollateralized Category 2 - Cash collateralized with securities held by the pledging financial institution, or Category 3 - Cash collateralized with securities held by the pledging financial institution's \ntrust department or agent but not in the Library's name. \n \nThe Library's deposits are classified by custodial credit risk category at June 30, 2007, as follows: \n \nCustodial Credit Risk Category \n \nBank Balance \n \n1 \n \n$ \n \n0.00 \n \n2 \n \n0.00 \n \n3 \n \n461,758.10 \n \nTotal \n \n$ 461,758.10 \n \nCATEGORIZATION OF INVESTMENTS Custodial Credit Risk Custodial credit risk for investments is the risk that, in the event ofthe failure ofthe counterparty to a transaction, the Library will not be able to recover the value of the investment or collateral securities that are in the possession of an outside party. The Library does not have a formal policy for managing custodial credit risk. \n \nAt June 30, 2007, the fair value ofthe Library's total investments was $49.70 and this entire amount consisted of common stock which was registered and held in the Library's name. \n \nNote 4: CAPITAL ASSETS \n \nThe following is a summary of changes in the Capital Assets during the fiscal year: \n \n- 13 - \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT \"H\" \n \nNote 4: CAPITAL ASSETS \n \nBalances \nJuly 1. 2006 \n \nIncreases \n \nBalances Decreases June 30, 2007 \n \nGovernmental Activities Capital Assets, Not Being Depreciated: \nCapitalized Special Collections \n \n$ 18,000.00 $ \n \n0.00 $ \n \n0.00 $ 18,000.00 \n \nCapital Assets Being Depreciated Equipment Library Collections \n \n$ 152,237.65 $ 9,117.00 $ 9,800.00 $ 151,554.65 \n \n2,319,687.00 205,692.00 \n \n89,372.00 2,436,007.00 \n \nLess Accumulated Depreciation for: Equipment Library Collections \n \n112,762.48 1,595,371.00 \n \n9,185.00 156,787.00 \n \n9,800.00 112,147.48 89,372.00 1,662,786.00 \n \nTotal Capital Assets, Being Depreciated, Net $ 763,791.17 $ 48,837.00 $ \n \n0.00 $ 812,628.17 \n \nGovernmental Activity Capital Assets - Net $ 781,791.17 $ 48,837.00 $ \n \n0.00 $ 830,628.11 \n \nCurrent year depreciation expense by function is as follows: \n \nPublic Services Support Services \n \n$ 160,502.00 5,470.00 \n \n$ 165,972.00 \n \nNote 5: RISK MANAGEMENT \n \nThe Library is exposed to various risks ofloss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees and acts of God. \n \nThe Library has obtained commercial insurance for risk of loss associated with torts, assets, job related illness or injuries to employees and flood, mudslide, and mudflow. The Library has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Library's insurance coverage in any of the past three years. \n \nThe Library has elected to self-insure for all losses related to acts ofGod, except for flood, mudslide, and mudflow. In addition, the Library has elected to self-insure for errors or omissions, which includes, among other risks, risks for sexual harassment and discrimination. The Library has not experienced any losses related to these risks in the past three years. \n \nThe Library has purchased surety bonds to provide additional insurance coverage as follows: \n \nPosition Covered \nAll Employees All Board Treasurers \n \nAmount \n$ 15,000.00 $ 15,000.00 \n \n- 14 - \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT \"H\" \n \nNote 6: SIGNIFICANT CONTINGENT LIABILITIES \n \nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. The Library believes that such disallowances, if any, will be immaterial to its overall financial position. \n \nNote 7: RETIREMENT PLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \n \nTRS PLAN DESCRIPTION Substantially all librarians and clerical personnel employed by regional and county libraries are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \n \nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Library who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The Library makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.28% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \nFiscal Year \n \nPercentage Contributed \n \nRequired Contribution \n \n2007 2006 2005 \n \n100% 100% 100% \n \n$ 87,369.00 $ 88,296.00 $ 86,014.00 \n \n- 15 - \n \n (This page left intentionally blank) \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE \nBUDGET AND ACTUAL YEAR ENDED JUNE 30, 2007 \n \nSCHEDULE \"1\" \n \nREVENUES \nLocal Funds State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \nTotal Revenues \nEXPENDITURES \nCurrent Public Services Technical Services Support Services Maintenance and Operations Information Technology Facilities Acquisition and Construction \nTotal Expenditures \nNet Change in Fund Balance \nFund Balance - Beginning \n \nNONAPPROPRIATED BUDGETS \n \nORIGINAL \n \nFINAL \n \nACTUAL AMOUNTS \n \n$ \n \n1,170,555.17 $ \n \n1,170,555.17 $ \n \n1, 118,370.29 \n \n1,157,963.75 \n \n1,157,963.75 \n \n1,072, 182.48 \n \n30,087.90 \n \n30,087.90 \n \n30,087.90 \n \n38,350.00 \n \n38,350.00 \n \n101,363.04 \n \n24,866.22 \n \n87,897.00 \n \n87,897.00 \n \n146,710.45 \n \n$ \n \n2,484,853.82 $ \n \n2,484,853.82 $ \n \n2,493,580.38 \n \n$ \n \n1,113,847.61 $ \n \n1,113,847.61 $ \n \n1,145,717.49 \n \n121,578.97 \n \n121,578.97 \n \n114,121.11 \n \n488,381.85 \n \n488,381.85 \n \n465,715.05 \n \n193,469.39 \n \n193,469.39 \n \n177,666.55 \n \n67,576.00 \n \n67,576.00 \n \n73,805.27 \n \n500,000.00 \n \n500,000.00 \n \n444,609.00 \n \n$ \n \n2,484,853.82 $ \n \n2,484,853.82 $ \n \n2,421,634.47 \n \n$ \n \n0.00 $ \n \n0.00 $ \n \n71,945.91 \n \n797,732.52 \n \n797,732.52 \n \n797,732.52 \n \nFund Balance - Ending \n \n$ \n \n797,732.52 $ \n \n797,732.52 $ ===8=69=,6=7=8=.4==3 \n \nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \nThe accompanying schedule of revenues, expenditures and changes in fund balance budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \n \nSee notes to the basic financial statements. \n \n- 17 - \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2007 \nAGENCY/FUNDING \nGRANTS Board of Regents of the University System of Georgia Office of Public Library Services Salaries Library Materials Maintenance and Operations Repairs and Maintenance \n \nSCHEDULE \"2\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n444,781.11 \n \n90,079.25 \n \n137,174.02 \n \n400,148.10 \n \n$ ==1=1=,0=:7=!2'=18=2=.4=8 \n \nSee notes to the basic financial statements. \n \n- 18 - \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF FEDERAL REVENUE \nYEAR ENDED JUNE 30, 2007 \nAGENCY/FUNDING GRANTS Museum and Library Services, Institute of Through Board of Regents of the University System of Georgia Library Services and Technology Act State Library Program \n \nSCHEDULE \"3\" \nGOVERNMENTAL FUND TYPE GENERAL FUND \n$ ==~3;,,;;,0i:;.,0,;;,;87~.9=0 \n \nSee notes to the basic financial statements. \n \n- 19 - \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF LOCAL REVENUE YEAR ENDED JUNE 30, 2007 \nLOCAL SOURCES Boards of Education Bryan County Bulloch County Candler County City Governments Claxton Metter Swainsboro County Governments Boards of Commissioners Bryan Bulloch Candler Emanuel Evans \n \nSCHEDULE \"4\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n5,000.00 \n \n12,500.00 \n \n24,050.04 \n \n807.60 31,851.60 112,554.00 \n \n222,775.02 474,999.96 \n32,310.54 114,198.00 \n87,323.53 \n \n$ ===1,=1=18=,3=7=0=.2=9 \n \nSee notes to the basic financial statements. \n \n- 20 - \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF SALARIES AND TRAVEL \nYEAR ENDED JUNE 30, 2007 \n \nSCHEDULE \"5\" \n \nNAME \nAnderson, Nancy K. Asbell, Cameron M. Atkinson, Jack Bacon, Barbara K. Bailey, Tyler F. Barker, Kathryn T. Beavers, Tawana J. Bolton, Virginia F. Bragg, Alicia Kim Buxton, Ann C. Capron, Loretta A. Collins, Gladys Commodore, Xandria L. Davis, Charles 0. DeFoe, Adrienne L. Deloach, Charlotte B. DeZouche, Elizabeth A. Downs, Shellie L. Drake, Tara Anne Durham, Jennifer M. Fay, Cora E. Garner, Jessica C. Glisson, Judy C. Griffin, Maxine Rose Gross, Irene Marie Guinn, Brent A. Hall, Kimberly B. Hein, Rebekah Joy Herrington, David E. Hildebaugh, Karen A. Hodges, Melinda A. Howard, Anglenette R. Hugensmith, Carolyn G. Humphries-Shatteen, Linder A. James, Christine Louise Johnson, LaTasha R. Kinnion, Judith E. Lee, Sue F. McCarthy, Evelyn C. McDuffie, Elaine H. Meadows, Leah M. Moore, Barbara L. Morris, Tia Nicole Mosley, Angela J. Nettis. Kathleen J. Nubern, Nancy D. Odom, Nancy B. Palmer, Judy D. Rickerson, Robert J. Roberts, Lois M. Royal, Sandra G. Samer, Linda H. Scott, Patti C. Stephens, Cynthia C. Strickland, Janice W. Sullivan, Karen A. Watkins, Betty 0. Weinberger, Paul Williams, Minnie K. Williford, Lora C. Varley, Carol Anne \n \nTITLE CATEGORY \nCirculation Manager Library Assistant Library Manager Library Assistant Library Assistant Library Manager Library Assistant Library Assistant Library Assistant Assistant Library Manager Library Assistant Library Assistant Library Assistant Librarian Library Assistant Assistant Library Manager Library Assistant Library Assistant Library Assistant Assistant Director Assistant Director Library Assistant Librarian Assistant Library Manager Library Assistant Library Assistant Library Assistant Student Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Student Assistant Bookkeeping Assistant Bookkeeping Assistant Library Manager Youth and Family Services Coordinator Student Assistant Library Assistant Student Assistant Library Assistant Library Assistant Assistant Library Manager Library Manager Library Assistant Librarian Library Director Bookkeeper Assistant Library Manager Library Assistant Library Assistant Librarian Library Assistant Library Assistant Library Manager Administrative Assistant Library Assistant Student Assistant \n \nTotals per Report See notes to the basic financial statements. \n \n- 21 - \n \nSALARIES \n \nTRAVEL \n \n$ \n \n27,227.16 $ \n \n92.81 \n \n22,498.68 \n \n89.89 \n \n28,963.98 \n \n105.02 \n \n4,238.33 \n \n2,216.20 \n \n26,010.36 \n \n675.33 \n \n18,489.13 \n \n160.18 \n \n4,504.20 \n \n35.16 \n \n4,981.24 \n \n68.75 \n \n24,148.80 \n \n450.25 \n \n2,016.00 \n \n17,584.01 \n \n51.31 \n \n4,395.17 \n \n18,348.08 \n \n108.15 \n \n3,978.90 \n \n213.60 \n \n16,834.82 \n \n148.33 \n \n2,388.40 \n \n621.94 \n \n22,120.68 \n \n61,073.42 \n \n2,325.17 \n \n65,062.32 \n \n916.70 \n \n20,909.37 \n \n10.00 \n \n18,008.37 \n \n10,787.85 \n \n35.60 \n \n2,614.88 \n \n1,082.04 \n \n1,129.50 \n \n2,916.77 \n \n22,956.48 \n \n1,396.94 \n \n10,443.34 \n \n230.86 \n \n22,852.48 \n \n25,635.84 \n \n24,368.93 \n \n288.40 \n \n377.24 \n \n24,495.37 \n \n60.07 \n \n29,668.22 \n \n171.61 \n \n22,486.92 \n \n205.96 \n \n35,799.30 \n \n1,022.62 \n \n1,941.55 \n \n4,078.41 \n \n104.13 \n \n3,315.39 \n \n3,271.88 \n \n4,965.00 \n \n92.20 \n \n10,808.12 \n \n44.50 \n \n8,241.35 \n \n65.85 \n \n20,193.18 \n \n33.82 \n \n60,473.42 \n \n818.80 \n \n73,762.32 \n \n1,459.69 \n \n54,225.60 \n \n499.44 \n \n10,671.14 \n \n4,438.73 \n \n750.00 \n \n42.75 \n \n60,762.66 \n \n157.94 \n \n5,970.67 \n \n99.68 \n \n4,744.36 \n \n92.56 \n \n18,924.84 \n \n204.25 \n \n9,105.53 \n \n747.98 \n \n4 269.24 \n \n$ \n \n1 021 581.43 $ \n \n10 892.98 \n \n SECTION II AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \n STATESBORO REGIONAL LIBRARY AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2007 \n \nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nFINDING CONTROL NUMBER AND STATUS \n \nFS-6162-06-01 FS-6162-06-02 \n \nPreviously Reported Corrective Action Implemented Previously Reported Corrective Action Implemented \n \n SECTION III FINDINGS AND QUESTIONED COSTS \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2007 \nFINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS No matters were reported. \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b2005-h2006","title":"Statesboro Regional Library, Statesboro, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2006","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Bryan County, 32.01322, -81.44247","United States, Georgia, Bulloch County, 32.39681, -81.74318","United States, Georgia, Candler County, 32.40344, -82.07367","United States, Georgia, Emanuel County, 32.58976, -82.30171","United States, Georgia, Evans County, 32.15676, -81.88688"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2006-06-30"],"dcterms_description":["June 30, 2000-","Title from cover.","Fiscal year ended June 30, 2004."],"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":["Regional libraries--Georgia--Auditing","Regional libraries--Financial statements--Georgia","Statesboro Regional Library"],"dcterms_title":["Statesboro Regional Library, Statesboro, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2006"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b2005-h2006"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b2005-h2006"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"STATESBORO REGIONAL LIBRARY \nSTATESBORO, GEORGIA REPORT ON AUDIT \nOF THE FINANCIAL STATEMENTS \nFOR THE FISCAL YEAR ENDED JUNE 30, 2006 \nSTATE OF GEORGIA \nDEPARTMENT OF AUDITS AND ACCOUNTS \nRussell W. Hinton State Auditor \n \n STATESBORO REGIONAL LIBRARY - TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \n \nREQUIRED SUPPLEMENTARY INFORMATION \n \nMANAGEMENT'S DISCUSSION AND ANALYSIS \n \nEXHIBITS \n \nBASIC FINANCIAL STATEMENTS \n \nDISTRICT-WIDE FINANCIAL STATEMENTS \n \nA \n \nSTATEMENT OF NET ASSETS \n \n1 \n \nB \n \nSTATEMENT OF ACTIVITIES \n \n2 \n \nFUND FINANCIAL STATEMENTS \n \nC \n \nBALANCE SHEET \n \nGOVERNMENTAL FUND \n \n3 \n \nD \n \nRECONCILIATION OF THE GOVERNMENTAL FUND BALANCE SHEET \n \nTO THE STATEMENT OF NET ASSETS \n \n4 \n \nE \n \nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES \n \nIN FUND BALANCE \n \nGOVERNMENTAL FUND \n \n5 \n \nF \n \nRECONCILIATION OF THE GOVERNMENTAL FUND STATEMENT \n \nOF REVENUES, EXPENDITURES AND CHANGES IN FUND \n \nBALANCE TO THE STATEMENT OF ACTIVITIES \n \n6 \n \nG \n \nSTATEMENT OF FIDUCIARY NET ASSETS \n \nFIDUCIARY FUNDS \n \n7 \n \nH \n \nNOTES TO THE BASIC FINANCIAL STATEMENTS \n \n8 \n \nSCHEDULES \n \nREQUIRED SUPPLEMENTARY INFORMATION \n \nSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES \n \nIN FUND BALANCE - BUDGET AND ACTUAL \n \nGENERAL FUND \n \n17 \n \n STATESBORO REGIONAL LIBRARY - TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nSCHEDULES \n \nSUPPLEMENTARY INFORMATION \n \nSCHEDULES OF REVENUE \n \n2 \n \nSTATE \n \n18 \n \n3 \n \nFEDERAL \n \n19 \n \n4 \n \nLOCAL \n \n20 \n \n5 SCHEDULE OF SALARIES AND TRAVEL \n \n21 \n \nSECTION II FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \n \nSECTION III MANAGEMENT'S RESPONSES SCHEDULE OF MANAGEMENT'S RESPONSES \n \n SECTION I FINANCIAL \n \n Russell W. Hinton \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \nJuly 30, 2007 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the Board of Regents of the University System of Georgia \nand Director and Members of the Statesboro Regional Library Board \nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \nLadies and Gentlemen: \nWe have audited the accompanying financial statements of the governmental activities, the major fund and the aggregate remaining fund information (Exhibits A through H) of the Statesboro Regional Library as of and for the year ended June 30, 2006, which collectively comprise the Library's basic financial statements as listed in the table of contents. These financial statements are the responsibility ofthe Statesboro Regional Library's management. Our responsibility is to express opinions on these financial statements based on our audit. \nWe conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica. 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. \nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the major fund and the aggregate remaining fund information of the Statesboro Regional Library, as of June 30, 2006, and the respective changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. \n \n2006ARL-41 \n \n Management's Discussion and Analysis and the Schedule ofRevenues, Expenditures and Changes in Fund Balance - Budget and Actual, as presented on pages i through vi and page 17 are not a required part ofthe basic financial statements but are supplementary information required by the accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. \nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Statesboro Regional Library's basic financial statements. The accompanying supplementary information which consist ofSchedules 2 through 5, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit ofthe basic financial statements, and in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. \nA copy of this report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. \nRespectfully submitted, \n--:__~ LJ-~ \nRu sell W. Hinton, CPA, CGFM State Auditor \nRWH:as 2006ARL-41 \n \n STATESBORO REGIONAL LIBRARY MANAGEMENT'S DISCUSSION AND ANALYSIS \nFOR THE YEAR ENDED JUNE 30, 2006 \nThe discussion and analysis of the Library System's financial performance provides an overall review of the activities for the fiscal year ended June 30, 2006. The intent of this discussion and analysis is to look at the Library System's financial performance as a whole. Readers should also review the basic financial statements and notes to enhance their understanding of the Library's financial performance. \nOverview of the Financial Statements \nStatesboro Regional Library System's statements are presented in three parts: District-wide financial statements, fund financial statements, and notes to the basic financial statements. \nDistrict-wide Financial Statements \nThe District-wide Financial Statements are designed to provide readers with a broad overview of the Library System's finances, in a manner similar to a private-sector business. \nThe Statement of Net Assets presents information on all of the Library's assets and liabilities, with the difference between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial position of the Library System is improving or deteriorating. \nThe Statement ofActivities presents information showing how the Library's net assets changed during the most recent fiscal year. The Statement of Activities presents governmental activity expenses in the following categories: Public Services (costs of providing library services including library materials), Technical Services (costs of selecting and preparing library materials for public use), Support Services (administrative costs of providing library services), Maintenance and Operations (costs incurred for the maintenance of grounds and facilities), and Information Technology (costs associated with providing access to electronic materials and services). \nProgram revenues include Charges for Services (fees charged to customers) and Operating Grants and Contributions (State of Georgia and Federal grants used for library operations). General Revenues include the contribution for library operations from the Bryan, Bulloch, Candler, Emanuel, and Evans Counties (local funds), Interest Revenue, and Miscellaneous Revenue from donations and other sources. \nAs is evident from the Statement of Activities (Exhibit \"B''.), the majority of Library System expenditures are paid from revenue provided by area city, county, and/or boards of education in the amount of $1,104,428. \n- 1- \n \n STATESBORO REGIONAL LIBRARY MANAGEMENT'S DISCUSSION AND ANALYSIS \nFOR THE YEAR ENDED JUNE 30, 2006 \nFund Financial Statements \nA fund is a grouping of related accounts that is used to maintain control over resources that have been separated for specific activities or objectives. The Statesboro Regional Library System like other state and local government entities uses fund accounting to ensure and demonstrate compliance with finance related legal requirements. \nThe Statesboro Regional Library System uses one governmental fund, the General Fund. This fund is accounted for using the modified accrual basis of accounting. Under this basis of accounting, revenue is posted when amounts are both measurable and available to fund current operations. Expenditures are posted when amounts will be disbursed in the near future (typically within sixty days). \nBecause the focus of the fund financial statements is narrower than that of the District-wide financial statements, it is useful to compare the information presented for the governmental fund (in the fund financial statements) with similar information presented for government activities (in the District-wide financial statements). \nThe fund balance of $797,732 reported on the Balance Sheet: Governmental Fund (Exhibit \"C\") is reconciled to the total net assets of $1,579,523 in the Statement ofNet Assets (Exhibit \"A\"). The difference $781,791 in these is due to the fact that capital assets are not financial resources and are not reported in the funds. \nIn addition, it can be noted that the \"Net Change in Fund Balance\" of $114,041 shown in the Statement ofRevenues, Expenditures and Changes in Fund Balance (Exhibit \"E\") is reconciled to the \"Change in Net Assets\" of $101,382 in the Statement of Activities (Exhibit \"B\"). The difference $-12,659 is the change reported in the fund and the District-wide statements results from the fund financial statements reporting capital outlays as expenditures at the time of purchase, while the District-wide statement allocates the cost of capital assets over time through depreciation expense. (See Note 4: Capital Assets.) \nNotes to the Basic Financial Statements \nThe Notes to the Basic Financial Statements provide additional information that is essential to the full understanding of the data provided in the District-wide and fund financial statements. \nFinancial Analysis - District-wide \nThe Statesboro Regional Library System's overall financial position and operations at the District-wide level for the past two years is summarized as follows: \n- 11 - \n \n STATESBORO REGIONAL LIBRARY MANAGEMENT'S DISCUSSION AND ANALYSIS \nFOR THE YEAR ENDED JUNE 30, 2006 \n \nTable 1 Net Assets \n \nGovernmental Activities \n \nFiscal \n \nFiscal \n \nNet \n \nYear 2006 Year 2005 \n \nChange \n \nAssets Current Assets Capital Assets, Net \n \n$ 823,144 $ 698,209 $ 124,935 \n \n781,791 \n \n794,450 \n \n-12,659 \n \nTotal Assets \n \n$1,604.935 $1,492.659 $ 112.276 \n \nLiabilities Current Liabilities \n \n$ 25,412 $ 14,518 $ 10,894 \n \nNet Assets Invested in Capital Assets Unrestricted \n \n$ 781,791 $ 794,450 $ -12,659 \n \n797,732 \n \n683,691 \n \n114,041 \n \nTotal Net Assets \n \n$ 1,579,523 $ 1,478,141 $ 101,382 \n \nTotal Liabilities and Net Assets \n \n$1,604,935 $1,492.659 $ 112,276 \n \n- 111 - \n \n STATESBORO REGIONAL LIBRARY MANAGEMENT'S DISCUSSION AND ANALYSIS \nFOR THE YEAR ENDED JUNE 30, 2006 \n \nTable 2 Change in Net Assets \n \nRevenues Program Revenues: Charges for Services \nOperating Grants and Contributions \n \nGovernmental Activities \n \nFiscal \n \nFiscal \n \nNet \n \nYear 2006 Year 2005 \n \nChange \n \n$ 85,609 658,469 \n \n$ 75,030 616,329 \n \n$ 10,579 42,140 \n \nTotal Program Revenues \n \n$ 744,078 $ 691,359 $ 52,719 \n \nGeneral Revenues: Participating Governments Investment Earnings Miscellaneous \n \n$1,104,428 9,448 \n133,283 \n \n$1,022,902 5,539 \n115,414 \n \n$ 81,526 3,909 17,869 \n \nTotal General Revenues \n \n$ 1,247,159 $ 1,143,855 $ 103,304 \n \nTotal Revenues \n \n$ 1,991,237 $ 1,835,214 $ 156,023 \n \nProgram Expenses Public Services Technical Services Support Services Maintenance and Operations Information Technology \n \n$1,135,636 115,401 444,387 172,977 21,454 \n \n$1,071,425 99,969 \n430,167 164,849 25,754 \n \n$ 64,211 15,432 14,220 8,128 -4,300 \n \nTotal Expenses \n \n$1,889,855 $ 1,792,164 $ 97,691 \n \nChange in Net Assets \n \n$ 101,382 $ 43,050 $ 58,332 \n \nBeginning Net Assets \n \n1,478,141 \n \n1,435,091 \n \n43,050 \n \nEnding Net Assets \n \n$ 1,579.523 $1,478,141 $ 101,382 \n \nAt June 30, 2006, the assets of Statesboro Regional Library System exceeded its liabilities by $1,579,523. A significant portion of net assets is the Library System's investment in capital assets totaling $781,791. The Libraries use the assets (furniture, equipment, books, and collections) to provide services to library customers, so they are not available to fund current operations. Unrestricted net assets in the amount of $797,732 are available to fund future library operations. \n \nTotal current assets increased $124,935 primarily due to an increase in investments of $209,276. \n.. Note that cash and cash equivalents decreased by $126,749. \nThe net balance of capital assets decreased by $12,659 due to depreciation exceeding the value of assets added. Future replacement of capital assets is considered in the preparation of all annual budgets and in long-term budget planning. \n \n- IV - \n \n STATESBORO REGIONAL LIBRARY MANAGEMENT'S DISCUSSION AND ANALYSIS \nFOR THE YEAR ENDED JUNE 30, 2006 \n \nCurrent liabilities reflect the amount of outstanding items in accounts payable $25,412. \n \nTotal expenses increased by $97,691 or over 5%, primarily due to increased salary and benefit expenses coupled with increases in the cost of maintenance and operations. \n \nFinancial Analysis - Fund Level \n \nThe Library's overall financial position and operations at the fund level for the past two years is summarized as follows: \n \nTable3 Governmental Activities \n \nTotal Assets Total Liabilities \n \nTotal Cost of Services \n \nFiscal \n \nFiscal \n \nYear 2006 Year 2005 \n \n$ 823,144 $ 698,209 \n \n25,412 \n \n14,518 \n \nNet Change \n$ 124,935 10,894 \n \nTotal Fund Balance \n \n$ 797,732 $ 683,691 $ 114,041 \n \nTotal Revenues \n \n$ 1,991,237 $1,835,214 $ 156,023 \n \nTotal Expenditures \n \n$1,877.196 $ 1,761,713 $ 115,423 \n \nTotal revenues for 2006 increased $156,023, primarily as a result of increased income from local funding agencies, state funding, investments from establishing a 90-day reserve of funds, and an increase in memorial gifts, particularly in Bulloch County. \n \nBudgetary Highlights \n \nThe Business Services Department prepares funding requests for ten (10) local funding agencies on behalf of the six (6) affiliated libraries in Bryan, Bulloch, Candler, Emanuel, and Evans Counties. All funds are handled on an individual basis in each community. The Statesboro Regional Library System Library Boards approve annual budgets by June in preparation for the new fiscal year. \n \nThe operating budgets include proposed expenses and means of financing them. Individual library operating budgets are rarely revised during the year. The adopted fiscal year 2006 budgets were not amended during the year. \n \n- V- \n \n STATESBORO REGIONAL LIBRARY MANAGEMENT'S DISCUSSION AND ANALYSIS \nFOR THE YEAR ENDED JUNE 30, 2006 \n \nTable 4 Budgetary Comparison Schedule \nGeneral Fund \n \nBudgeted Amounts \n \nOriginal \n \nFinal \n \nActual \n \nVariance With Final \nBudget \n \nFund Balance Beginning of Year \n \n$ 683,691 $ 683,621 $ 683,691 $ \n \nQ \n \nRevenues Local Funds State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \n \n$1,051,630 $1,051,630 $ 1,104,428 $ \n \n628,860 \n \n628,860 \n \n650,606 \n \n7,863 \n \n36,850 \n \n36,850 \n \n85,609 \n \n9,448 \n \n49,803 \n \n49,803 \n \n133,283 \n \n52,798 21,746 \n7,863 48,759 9,448 83,480 \n \nTotal Revenues \n \n$1,767,143 $1,767,143 $ 1,991,237 $ 224,094 \n \nExpenditures \nCurrent Public Services Technical Services Support Services Maintenance and Operations Information Technology Facilities Acquisition and Construction \n \n$1,012,846 $ 1,012,846 $1,109,513 $ \n \n114,562 \n \n114,562 \n \n115,401 \n \n443,515 \n \n443,515 \n \n445,251 \n \n172,490 \n \n172,490 \n \n172,977 \n \n23,730 \n \n23,730 \n \n21,454 \n \n12,600 \n \n96,667 839 \n1,736 487 \n-2,276 \n12,600 \n \nTotal Expenditures \n \n$ 1,767,143 $1,767,143 $1,877,196 $ 110,053 \n \nNet Change in Fund Balance \n \n$ \n \n0 $ \n \n0 $ 114,041 $ 114,041 \n \nFund Balance - End of Year \n \n$ 683,691 $ 683,691 $ 797,732 $ 114,041 \n \nActual miscellaneous revenue $133,283 reflects gifts, memorials, United Way funding for Literacy Services in Bulloch County, and several Friends of the Library group donations. \n \nEconomic Factors and Next Year's Budget \n \nThe Library's financial position for next year is projected to remain stable. State Grant Funds are expected to increase due to State Legislative approvals for increases in salaries and materials. Local funding agencies are likely to match at least the level of funding from the previous year. Preliminary budget information forecasts approximately a 5% increase for fiscal year 2007. There are no currently known facts, decisions or conditions that are expected to have a significant effect on Statesboro Regional Library System's financial position (net assets) or result of operations (revenues, expenses, and other changes in net assets). \n \nRequests for Information \n \nThis financial report is designed to provide the Statesboro Regional Library System's citizens, taxpayers, investors, and creditors with a general overview of the Library System's finances and to clearly illustrate the Library System's accountability for the money it receives. Questions concerning any of the information provided should be addressed to Lois M. Roberts, Director, Statesboro Regional Library System, 124 South Main Street, Statesboro, Georgia 30458. \n \n- Vl - \n \n STATESBORO REGIONAL LIBRARY \n \n STATESBORO REGIONAL LIBRARY STATEMENT OF NET ASSETS \nJUNE 30, 2006 \nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \nLocal State Government Other Capital Assets Capitalized Special Collections Equipment Library Collections Less: Accumulated Depreciation \nTotal Assets \nLIABILITIES Accounts Payable \nNET ASSETS Invested in Capital Assets, Net of Related Debt Unrestricted \nTotal Net Assets \nTotal Liabilities and Net Assets \n \nEXHIBIT \"A\" \n \nGOVERNMENTAL ACTIVITIES \n \n$ \n \n334,046 \n \n442,936 \n \n33,921 11,340 \n901 \n \n18,000 152,237 2,319,687 -1,708,133 \n \n$ ===1=,6=0=-4,=93=5= \n \n$ _ _ _ _2--'-5,_4_12_ \n \n$ \n \n781,791 \n \n797 732 \n \n$ _ _ _1....._,5'--7-'-9,'-'-5_23'-- \n \n$ ===1=,6=0=4'=9=35= \n \nThe notes to the basic financial statements are an integral part of this statement. \n- 1- \n \n STATESBORO REGIONAL LIBRARY STATEMENT OF ACTIVITIES \nFOR THE YEAR ENDED JUNE 30, 2006 \n \nEXHIBIT\"B\" \n \nEXPENSES \n \nPROGRAM REVENUES \n \nOPERATING \n \nCHARGES FOR \n \nGRANTS AND \n \nSERVICES \n \nCONTRIBUTIONS \n \nNET(EXPENSES) REVENUES \nAND CHANGES IN NET ASSETS \n \nGOVERNMENTAL ACTIVITIES \n \nCurrent Services Public Services Technical Services Support Services Maintenance and Operations Information Technology \n \n$ 1,135,636 $ 115,401 444,387 172,977 21454 \n \n85,609 $ \n \n560,232 $ 98,237 \n \n-489,795 -115,401 -444,387 \n-74,740 -21 454 \n \nTotal Governmental Activities \n \n1,889,855 $ \n \n85609 $ \n \n658 469 $ _ _____.-1-\"1,--'-4.;;..:5,.;_77--'-7- \n \nGeneral Revenues Allotments from Participating Governments Investment Earnings Miscellaneous \n \n$ \n \n1,104,428 \n \n9,448 \n \n133,283 \n \nTotal General Revenues \n \n$ _ _____.1.2'-'4\"\"-'7-\"'15=-=9'-- \n \nChange in Net Assets \n \n$ \n \n101,382 \n \nNet Assets - Beginning of Year \n \n1 478 141 \n \nNet Assets - End of Year \n \n$ ==--=1.,..5..7..,9,,..52..,3= \n \nThe notes to the basic financial statements are an integral part of this statement. -2- \n \n STATESBORO REGIONAL LIBRARY BALANCE SHEET \nGOVERNMENTAL FUND JUNE 30, 2006 \nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \nLocal State Government Other \nTotal Assets \nLIABILITIES AND FUND BALANCE LIABILITIES \nAccounts Payable FUND BALANCE \nUnreserved Undesignated Reported in: General Fund \nTotal Liabilities and Fund Balance \n \nEXHIBIT\"C\" \n \nGENERAL FUND \n \n$ \n \n334,046 \n \n442,936 \n \n33,921 11,340 \n901 \n \n$ ===82=3=1=44= \n \n$ \n \n25,412 \n \n797 732 $ ==8=2=3=1,=44= \n \nThe notes to the basic financial statements are an integral part of this statement. -3- \n \n STATESBORO REGIONAL LIBRARY RECONCILIATION OF THE GOVERNMENTAL FUND BALANCE SHEET \nTO THE STATEMENT OF NET ASSETS JUNE 30, 2006 \n \nEXHIBIT\"D\" \n \nTotal Fund Balance - Governmental Fund (Exhibit \"C\") \n \n$ \n \nAmounts reported for Governmental Activities in the Statement of Net Assets are different because: \n \nCapital Assets used in Governmental Activities are not financial resources and therefore are not reported in the funds. These assets consist of: \n \nCapitalized Special Collections Equipment Library Collections Accumulated Depreciation \nTotal Capital Assets \n \n$ \n \n18,000 \n \n152,237 \n \n2,319,687 \n \n-1,708, 133 \n \n797,732 781 791 \n \nNet Assets of Governmental Activities (Exhibit \"A\") \n \n$ ==1,=57=9=,5=2=3 \n \nThe notes to the basic financial statements are an integral part of this statement. -4- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"E\" \n \nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE \n \nGOVERNMENTAL FUND \n \nYEAR ENDED JUNE 30, 2006 \n \nREVENUES \nLocal Funds State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \nTotal Revenues \nEXPENDITURES \nCurrent Public Services Technical Services Support Services Maintenance and Operations Information Technology Facilities Acquisition and Construction \nTotal Expenditures \nNet Change in Fund Balance \nFund Balance - Beginning \nFund Balance - Ending \n \nGENERAL FUND \n$ 1,104,428 650,606 7,863 85,609 9,448 133,283 \n$ 1,991,237 \n \n$ 1,109,513 115,401 445,251 172,977 21,454 12 600 \n \n$ 1,877,196 \n \n$ \n \n114,041 \n \n683,691 \n \n$ =====i7=9=7,=73=2= \n \nThe notes to the basic financial statements are an integral part of this statement. -5- \n \n STATESBORO REGIONAL LIBRARY RECONCILIATION OF THE GOVERNMENTAL FUND STATEMENT OF \nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE TO THE STATEMENT OF ACTIVITIES JUNE 30, 2006 \n \nEXHIBIT\"F\" \n \nTotal Net Change in Fund Balance - Governmental Fund (Exhibit \"E\") \nAmounts reported for Governmental Activities in the Statement of Activities are different because: \nCapital Outlays are reported as expenditures in Governmental Funds. However, in the Statement of Activities, the cost of Capital Assets is allocated over their estimated useful lives as depreciation expense. In the current period, these amounts are: \nCapital Outlay Depreciation Expense \nExcess of Depreciation Expense over Capital Outlay \nChange in Net Assets of Governmental Activities (Exhibit \"B\") \n \n$ \n \n114,041 \n \n$ 175,869 -188,528 \n \n-12,659 \n \n$===10=1..,,3=8=2 \n \nThe notes to the basic financial statements are an integral part of this statement. -6- \n \n STATESBORO REGIONAL LIBRARY STATEMENT OF FIDUCIARY NET ASSETS \nFIDUCIARY FUNDS JUNE 30, 2006 \nASSETS Cash and Cash Equivalents \nLIABILITIES Accounts Payable Funds Held for Others \nTotal Liabilities \n \nEXHIBIT\"G\" \n \nAGENCY FUNDS \n$ ====1=5=23= \n \n$ \n \n150 \n \n1 373 \n \n$ ===1=5==23= \n \nThe notes to the basic financial statements are an integral part of this statement. -7 - \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT \"H\" \n \nNote 1: DESCRIPTION OF LIBRARY AND REPORTING ENTITY \nREPORTING ENTITY \nThe Statesboro Regional Library (Library) operates pursuant to Official Code ofGeorgia Annotated Sections 20-5-40 through 20-5-59 to provide public library services with costs shared by participating local governmental agencies and grants from the State of Georgia. \nThe Library Board is comprised often members which are also trustees ofthe member library which appointed them. The Library Board membership consists oftwo members appointed from the Bryan County Library Board, two members appointed from the Bulloch County Library Board, two members appointed from the Candler County Library Board, two members appointed from the Emanuel County Library Board and two members appointed from the Evans County Library Board. The Library Board is without authority to determine the amount ofits funding, except by submission of budget requests to local governmental units from which the Library receives support and to the State of Georgia for State and Federal flow through funding. Membership in the Library and participation in library services is at the discretion of each participating governmental agency. The Library Board has the power to designate management, the power to retain unreserved fund balances of local and other funds for continued operations and is the lowest level of oversight responsibility for the Library's operations. The Statesboro Regional Library is therefore determined to be a joint venture. \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nBASIS OF PRESENTATION \nThe Library's basic financial statements are collectively comprised of the Library-wide financial statements, fund financial statements and notes to the basic financial statements of the Statesboro Regional Library. \nLibrary-wide Statements: The Statement ofNet Assets and the Statement ofActivities display information about the financial activities of the overall Library, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through intergovernmental revenues and other nonexchange transactions. \nThe Statement ofActivities presents a comparison between direct expenses and program revenues for each function of the Library's governmental activities. \n Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the Library related to the administration and support of the Library's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \n \n-8- \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT \"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n Program revenues include (a) charges paid by the recipients ofgoods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues are presented as general revenues. \nFund Financial Statements: The fund financial statements provide information about the Library's funds, including fiduciary funds. Eliminations have been made to minimize the double counting ofinternal activities. Separate statements for each category (governmental and fiduciary) are presented. The emphasis of fund financial statements is on major governmental funds. \nThe Library reports the following major governmental fund: \n General Fund is the Library's primary operating fund. It accounts for all financial resources of the Library, except those resources required to be accounted for in another fund. \nThe Library reports the following fiduciary fund type: \n Agency funds account for assets held by the Library as an agent for various funds, governments or individuals. \nBASIS OF ACCOUNTING \nThe basis ofaccounting determines when transactions are reported on the financial statements. The Library-wide governmental and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the Library gives (or receives) value without directly receiving (or giving) equal value in exchange, include grants and donations. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \nThe Library uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis ofaccounting. Under this method, revenues are recognized when measurable and available. The Library considers all revenues reported in the governmental funds to be available if they are collected within sixty days after year-end. Interest is considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred. Capital asset acquisitions are reported as expenditures in governmental funds. \n-9- \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT\"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nThe Library funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the Library's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \nCASH AND CASH EQUIVALENTS \nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist ofcash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Georgia Laws OCGA 45-8-14 authorize the Library to deposit its funds in one or more solvent banks or insured Federal savings and loan associations. \nINVESTMENTS \nCOMPOSITION OF INVESTMENTS Investments made by the Library in nonparticipating interest-earning contracts (such as certificates ofdeposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year and equity investments are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the Library to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \n(1) Obligations issued by the State of Georgia or by other states, \n(2) Obligations issued by the United States government, \n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \n(4) Obligations of any corporation of the United States government, \n(5) Prime banker's acceptances, \n(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \n(7) Repurchase agreements, and \n \n- 10 - \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT \"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \n(8) Obligations of other political subdivisions ofthe State of Georgia. \n \nRECEIVABLES \n \nReceivables consist ofamounts due from grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \n \nCAPITAL ASSETS \n \nCapital assets purchased, including capital outlay costs, are recorded as expenditures in the fund financial statements at the time ofpurchase. On the Library-wide financial statements, all purchased capital assets are valued at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at estimated fair market value on the date donated. Disposals are deleted at depreciated recorded cost. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives ofthe assets is not capitalized. Depreciation is computed using the straight-line method. \n \nCapitalization thresholds and estimated useful lives of capital assets reported in the Library-wide statements are as follows: \n \nCapitalization Policy \n \nEstimated Useful Life \n \nEquipment Library Collections Capitalized Special Collections \n \n$ \n \n5,000 5 to 10 years \n \n$ \n \n5,000 \n \n10 years \n \n$ \n \n5,000 \n \nNIA \n \nDepreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives. \n \nNote 3: DEPOSITS AND INVESTMENTS \n \nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee ofinsurance, or by collateral. The aggregate ofthe face value ofsuch surety bond and the market value of securities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. \n \n- 11 - \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT \"H\" \n \nNote 3: DEPOSITS AND INVESTMENTS \nIfa depository elects the pooled method (OCGA 45-8-13 .1) the aggregate ofthe market value ofthe securities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool balance. \nAcceptable security for deposits consists of any one of or any combination of the following: \n( 1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \nCATEGORIZATION OF DEPOSITS At June 30, 2006, the bank balances were $811,099. The amounts of the total bank balances are classified into four categories of custodial credit risk: \nCategory 1 - Cash that is insured (e.g., Federal Deposit Insurance) or collateralized with securities held by the Library or by the Library's agent in the Library's name. \nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Library's name. \nCategory 3 - Cash collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Library's name. \nCategory 4 - Uncollateralized. \n \n- 12 - \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT\"H\" \n \nNote 3: DEPOSITS AND INVESTMENTS \n \nThe Library's deposits are classified by custodial credit risk category at June 30, 2006, as follows: \n \nCustodial Credit Risk Category \n \nBank Balance \n \n1 \n \n$ 493,867 \n \n2 \n \n313,526 \n \n3 \n \n3,706 \n \n4 \n \n0 \n \nTotal \n \n$====\"\"8==11-,0=9==9 \n \nCATEGORIZATION OF INVESTMENTS Custodial Credit Risk Custodial credit risk for investments is the risk that, in the event of a failure ofthe counterparty to a transaction, the Library will not be able to recover the value ofthe investment or collateral securities that are in the possession of an outside party. The Library does not have a formal policy for managing custodial credit risk. \n \nAt June 30, 2006, the fair value of the Library's total investments was $45 and this entire amount consisted ofcommon stock which was insured or registered, or securities held by the Library or the Library's agent in the Library's name. \n \nNote 4: CAPITAL ASSETS \n \nThe following is a summary of changes in the Capital Assets during the fiscal year: \n \n- 13 - \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT \"H\" \n \nNote 4: CAPITAL ASSETS \n \nBalances July 1, 2005 \n \nIncreases \n \nDecreases \n \nBalances June 30, 2006 \n \nGovernmental Activities \n \nCapital Assets, Not Being Depreciated: \n \nCapitalized Special Collections \n \n$ \n \n18,000 $ \n \n0 $ \n \n0 $ \n \n18,000 \n \nCapital Assets Being Depreciated Equipment Library Collections \n \n$ 176,091 $ 2,284,687 \n \n20,280 $ 155,589 \n \n44,134 $ 152,237 \n \n120,589 \n \n2,319,687 \n \nLess Accumulated Depreciation for: Equipment Library Collections \n \n135,621 1,548,707 \n \n21,275 167,253 \n \n44,134 120,589 \n \n112,762 1,595,371 \n \nTotal Capital Assets, Being Depreciated, Net $ 776 450 $ \n \n-12,659 $ \n \n0 $ 763 791 \n \nGovernmental Activity Capital Assets - Net $ 794.450 $ \n \n-12.659 $ \n \n0 $ 781.791 \n \nCurrent year depreciation expense by function is as follows: \n \nPublic Services Support Services \n \n$ 177,652 10,876 \n \n$=~1=88-,5==2==8 \nNote 5: RISK MANAGEMENT \nThe Library is exposed to various risks ofloss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees and acts of God. \nThe Library has obtained commercial insurance for risk ofloss associated with torts, assets, errors or omissions, job related illness or injuries to employees and flood, mudslide, and mudflow. The Library has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Library's insurance coverage in any of the past three years. \n \nThe Library has elected to self-insure for all losses related to acts ofGod, except for flood, mudslide, and mudflow. The Library has not experienced any losses related to these risks in the past three years. \nThe Library has purchased surety bonds to provide additional insurance coverage as follows: \n \nPosition Covered \nAll Employees All Board Treasurers \n \nAmount \n \n$ \n \n15,000 \n \n$ \n \n15,000 \n \n- 14 - \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT \"H\" \n \nNote 6: RETIREMENT PLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \n \nTRS PLAN DESCRIPTION Substantially all librarians and clerical personnel employed by regional and county libraries are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \n \nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Library who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The Library makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.24% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \nFiscal Year \n \nPercentage Contributed \n \nRequired Contribution \n \n2006 2005 2004 \n \n100% 100% 100% \n \n$ 88,296 $ 86,014 $ 81,548 \n \n- 15 - \n \n {This page left intentionally blank) \n \n STATESBORO REGIONAL LIBRARY GENERAL FUND \nSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL \nYEAR ENDED JUNE 30, 2006 \n \nSCHEDULE \"1\" \n \nREVENUES \nLocal Funds State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \nTotal Revenues \nEXPENDITURES \nCurrent Public Services Technical Services Support Services Maintenance and Operations Information Technology Facilities Acquisition and Construction \nTotal Expenditures \nNet Change in Fund Balance \nFund Balance - Beginning \n \nNONAPPROPRIATED BUDGETS \n \nORIGINAL \n \nFINAL \n \nACTUAL AMOUNTS \n \n$ \n \n1,051,630 $ \n \n1,051,630 $ \n \n1,104,428 \n \n628,860 \n \n628,860 \n \n650,606 \n \n7,863 \n \n36,850 \n \n36,850 \n \n85,609 \n \n9,448 \n \n49 803 \n \n49 803 \n \n133 283 \n \n$ \n \n1 767 143 $ \n \n1 767 143 $ \n \n1,991,237 \n \n$ \n \n1,012,846 $ \n \n1,012,846 $ \n \n1,109,513 \n \n114,562 \n \n114,562 \n \n115,401 \n \n443,515 \n \n443,515 \n \n445,251 \n \n172,490 \n \n172,490 \n \n172,977 \n \n23,730 \n \n23,730 \n \n21,454 \n \n12 600 \n \n$ \n \n1 767 143 $ \n \n1 767 143 $ \n \n1 877 196 \n \n$ \n \n0 $ \n \n0 $ \n \n114,041 \n \n683 691 \n \n683 691 \n \n683 691 \n \nFund Balance - Ending \n \n$ \n \n683 691 $ \n \n683 691 $ ======7=9=7=7=32= \n \nNotes to the Schedule of Revenues. Expenditures and Changes in Fund Balances Budget and Actual \nThe accompanying schedule of revenues, expenditures and changes in fund balance budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \n \nSee notes to the basic financial statements. \n \n- 17 - \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2006 \nAGENCY/FUNDING \nGRANTS Board of Regents of the University System of Georgia Office of Public Library Services Salaries Library Materials Maintenance and Operations Repairs and Maintenance \n \nSCHEDULE \"2\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n501,886 \n \n50,483 \n \n86,897 \n \n11 340 \n \n$ ====65=0=,6=06= \n \nSee notes to the basic financial statements. \n \n- 18 - \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF FEDERAL REVENUE \nYEAR ENDED JUNE 30, 2006 \nAGENCY/FUNDING GRANT Museum and Library Services, Institute of Through Board of Regents of the University System of Georgia Library Services and Technology Act State Library Program \n \nSCHEDULE \"3\" \nGOVERNMENTAL FUND TYPE GENERAL FUND \n$ =====7=86=3= \n \nSee notes to the basic financial statements. \n \n-19- \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF LOCAL REVENUE YEAR ENDED JUNE 30, 2006 \nLOCAL SOURCES County Boards of Education Bryan County Bulloch County Candler County City Governments Claxton Metter Swainsboro County Governments Boards of Commissioners Bryan Bulloch Candler Emanuel Evans \n \nSCHEDULE \"4\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n4,500 \n \n12,000 \n \n22,079 \n \n771 56,771 104,383 \n \n207,775 449,000 \n56,183 105,350 \n85 616 \n \n$ ===1='=10=4=,4=2=8 \n \nSee notes to the basic financial statements. \n \n- 20 - \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF SALARIES AND TRAVEL \nYEAR ENDED JUNE 30, 2006 \n \nSCHEDULE \"5\" \n \nNAME \nAnderson, Nancy K. Asbell, Cameron M. Atkinson, Jack Bacon, Barbara K. Barker, Kathryn T. Bolton, Virginia F. Bragg, Alicia Kim Buxton, Ann C. Carter, Andrea L. Collins, Gladys DeFoe, Adrienne L. Deloach, Charlotte B. Drake, Tara Anne Durham, Jennifer M. Fay, Cora E. Glisson, Judy C. Griffin, Maxine Rose Gross, Irene Marie Hadden, Kathryn Louise Hein, Rebekah Joy Herrington, David E. Hodges, Melinda A. Howard, Anglenette R. Hugensmith, Carolyn G. Humphries, Linder A. James, Christine Louise Johnson, LaTashaR. Kinnion, Judith E. Lee, Sue F. Lora, Ashley D. McCarthy, Evelyn C. McDuffie, Elaine H. Meadows,RachelM. Moore, Barbara L. Moore, Lucy F. Morris, Tia Nicole Mosley, Angela J. Nubern, Nancy D. Odom, Nancy B. Palmer, Judy D. Pierce, Douglas Reid Rickerson, Robert J. Roberts, Lois M. Royal, Sandra G. Samer, Linda H. Scott, Patti C. Sowards, Sharon S. Strickland, Janice W. Sullivan, Karen A. Taylor, Don V. Watkins, Betty 0. Weinberger, Paul Whiddon, Shainia A. Williams, Minnie K. Williford, Lora C. Varley, Carol Anne \n \nTITLE CATEGORY \nCirculation Manager Library Assistant Library Manager Library Assistant Library Manager Library Assistant Library Assistant Assistant Library Manager Library Assistant Library Assistant Library Assistant Assistant Library Manager Library Assistant Assistant Director Assistant Director Librarian Assistant Library Manager Library Assistant Student Assistant Student Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Student Assistant Bookkeeping Assistant Bookkeeping Assistant Student Assistant Library Manager Youth and Family Services Coordinator Student Assistant Library Assistant Library Assistant Student Assistant Library Assistant Assistant Library Manager Library Manager Library Assistant Student Assistant Librarian Library Director Bookkeeper Assistant Library Manager Library Assistant Library Assistant Librarian Library Assistant Librarian Library Assistant Library Manager Library Assistant Administrative Assistant Library Assistant Student Assistant \n \nSALARIES \n \nTRAVEL \n \n$ \n \n26,166 \n \n21,593 \n \n27,518 $ \n \n181 \n \n3,710 \n \n24,929 \n \n663 \n \n4,242 \n \n4,387 \n \n22,859 \n \n436 \n \n3,189 \n \n3,316 \n \n8,428 \n \n53 \n \n13,015 \n \n106 \n \n2,218 \n \n57,869 \n \n2,075 \n \n63,179 \n \n1,202 \n \n62,579 \n \n9,973 \n \n94 \n \n4,115 \n \n2,332 \n \n2,001 \n \n22,071 \n \n10,843 \n \n309 \n \n21,967 \n \n24,628 \n \n23,443 \n \n1,136 \n \n560 \n \n23,547 \n \n297 \n \n28,578 \n \n319 \n \n509 \n \n21,282 \n \n201 \n \n32,588 \n \n1,834 \n \n459 \n \n3,976 \n \n72 \n \n10,191 \n \n315 \n \n21,655 \n \n10,145 \n \n49 \n \n19,022 \n \n36 \n \n19,023 \n \n30 \n \n3,641 \n \n57,269 \n \n71,579 \n \n1,348 \n \n48,173 \n \n198 \n \n10,356 \n \n4,831 \n \n55 \n \n17,437 \n \n58,704 \n \n859 \n \n5,155 \n \n38,925 \n \n209 \n \n3,648 \n \n47 \n \n18,127 \n \n327 \n \n3,295 \n \n9,168 \n \n5,883 \n \n1 385 \n \nTotals per Report See notes to the basic financial statements. \n \n- 21 - \n \n$ \n \n1 021 132 $ ======11=0=0=0 \n \n SECTION II FINDINGS AND QUESTIONED COSTS \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2006 \n \nFINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nACCOUNTING CONTROLS (OVERALL) Inadequate General Controls Reportable Condition Finding Control Number: FS-6162-06-01 \n \nCondition: \n \nOur examination ofthe Library included a review ofgeneral controls related to their financial systems. We noted weaknesses in internal controls which we consider relevant to the Library's financial statements for the fiscal year ended June 30, 2006. \n \nCriteria: \n \nPolicies and procedures should be in place to reasonably mitigate the risk of loss, manipulation or corruption of data due to internal or external threats. \n \nQuestioned Cost: NIA \n \nInformation: \n \nWeaknesses in internal control over financial information systems were identified at the Library. \n \nCause: \n \nManagement did not implement proper policies and controls over disaster recovery and access to financial information systems. \n \nEffect: \n \nWithout satisfactory controls in place, losses, changes or misuses of data could occur and possibly not be detected. \n \nRecommendation: \n \nManagement should perform a complete risk assessment to identify internal and external threats that could cause loss, manipulation or corruption ofdata maintained in the financial information system. Policies and procedures should be developed and implemented to address the weaknesses. \n \n- 1- \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2006 \n \nFINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nEXPENDITURES/LIABILITIES/DISBURSEMENTS CAPITAL ASSETS Inadequate Internal Control Procedures Reportable Condition Finding Control Number: FS-6162-06-02 \n \nCondition: \n \nThe accounting procedures of the Library were insufficient to provide for adequate internal controls. \n \nCriteria: \n \nThe Library's management is responsible for designing and maintaining internal controls that provide reasonable assurance that transactions are processed according to established procedures. \n \nQuestioned Cost: NIA \n \nInformation: \n \nExpenditures/Liabilities/Disbursements  Based on a review of forty-two items, the following deficiencies were noted: 1. Two vouchers failed to include purchase orders. 2. Two items lacked evidence of receipt. 3. Two vouchers did not have original invoices attached. 4. Four vouchers were not approved by authorized personnel prior to the disbursement of funds. \n \nCapital Assets  Depreciation Expense reported on the Library's general ledger was understated by $120,589 due to a posting error. An audit adjustment was made to correct this understatement. \n \nCause: \n \nThese deficiencies were the result of management's failure to ensure that internal controls were established, implemented and functioning. \n \nEffect: \n \nWithout satisfactory accounting controls and procedures in place, the Library could place itself in a position where potential misappropriation of assets could occur. In addition, the lack ofcontrols could impact the reporting ofits financial position and results of operations. \n \nRecommendation: \n \nManagement should revise and monitor controls to provide reasonable assurance that transactions are processed according to established procedures. \n \n-2- \n \n SECTION III MANAGEMENT'S RESPONSES \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF MANAGEMENT'S RESPONSES \nYEAR ENDED JUNE 30, 2006 \nFinding Control Number: FS-6162-06-01 \nWe concur with this finding. We will implement proper policies and controls over disaster recovery and access to financial information systems. We will conduct a risk assessment and prepare a Disaster Recovery Plan. In addition, we will develop a written password policy and require passwords to be alphanumeric with special characters. Finally, we will implement a lock-out system for repeated log-on attempts. \nContact Person: Lois M. Roberts, Regional Library Director Phone: (912) 764-1328 Fax Number: (912) 764-1348 E-mail Address: loisr@srls.public.lib.ga.us \nFinding Control Number: FS-6162-06-02 \nWe concur with this finding. We will review our processes, evaluate where we see system weakness, and revise procedures as needed. We will continue to remind employees of the importance of following established procedures. We will build a time into four (4) Staff Development Workshops to highlight pertinent topics related to the business operations of the library - explaining reasons for internal controls and the importance of following established procedures. \nContact Person: Sandra G. Royal, Business Services Manager Phone: (912) 764-1331 Fax Number: (912) 764-1349 E-mail Address: sandrar@srls.public.lib.ga.us \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b2004-h2005","title":"Statesboro Regional Library, Statesboro, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2005","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Bryan County, 32.01322, -81.44247","United States, Georgia, Bulloch County, 32.39681, -81.74318","United States, Georgia, Candler County, 32.40344, -82.07367","United States, Georgia, Emanuel County, 32.58976, -82.30171","United States, Georgia, Evans County, 32.15676, -81.88688"],"dcterms_creator":["Georgia. 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Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b2004-h2005"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b2004-h2005"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":null},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b2003-h2004","title":"Statesboro Regional Library, Statesboro, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2004","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Bryan County, 32.01322, -81.44247","United States, Georgia, Bulloch County, 32.39681, -81.74318","United States, Georgia, Candler County, 32.40344, -82.07367","United States, Georgia, Emanuel County, 32.58976, -82.30171","United States, Georgia, Evans County, 32.15676, -81.88688"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2004-06-30"],"dcterms_description":["June 30, 2000-","Title from cover.","Fiscal year ended June 30, 2004."],"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":["Regional libraries--Georgia--Auditing","Regional libraries--Financial statements--Georgia","Statesboro Regional Library"],"dcterms_title":["Statesboro Regional Library, Statesboro, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2004"],"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-br46-bs8-b2003-h2004"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b2003-h2004"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"STATESBORO REGIONAL LIBRARY \nSTATESBORO, GEORGIA REPORT ON AUDIT \nOF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2004 \nSTATE OF GEORGIA \nDEPARTMENT OF AUDITS AND ACCOUNTS \nRussell W. Hinton State Auditor \n \n STATESBORO REGIONAL LIBRARY - TABLE OF CONTENTS - \n \nFINANCIAL \n \nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \n \nEXHIBITS \n \nBASIC FINANCIAL STATEMENTS \n \nDISTRICT-WIDE FINANCIAL STATEMENTS \n \nA \n \nSTATEMENT OF NET ASSETS \n \n3 \n \nB \n \nSTATEMENT OF ACTIVITIES \n \n4 \n \nFUND FINANCIAL STATEMENTS \n \nC \n \nBALANCE SHEET \n \nGOVERNMENTAL FUND \n \n5 \n \nD \n \nRECONCILIATION OF THE GOVERNMENTAL FUND BALANCE SHEET \n \nTO THE STATEMENT OF NET ASSETS \n \n6 \n \nE \n \nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES \n \nIN FUND BALANCE \n \nGOVERNMENTAL FUND \n \n7 \n \nF \n \nRECONCILIATION OF THE GOVERNMENTAL FUND STATEMENT \n \nOF REVENUES, EXPENDITURES AND CHANGES IN FUND \n \nBALANCE TO THE STATEMENT OF ACTIVITIES \n \n8 \n \nG \n \nSTATEMENT OF FIDUCIARY NET ASSETS \n \nFIDUCIARY FUNDS \n \n9 \n \nH \n \nNOTES TO THE BASIC FINANCIAL STATEMENTS \n \n10 \n \nSCHEDULES \n \nREQUIRED SUPPLEMENTARY INFORMATION \n \nSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES \n \nIN FUND BALANCE - BUDGET AND ACTUAL \n \nGENERAL FUND \n \n18 \n \nSUPPLEMENTARY INFORMATION \n \nSCHEDULES OF REVENUE \n \n2 \n \nSTATE \n \n19 \n \n3 \n \nFEDERAL \n \n20 \n \n4 \n \nLOCAL \n \n21 \n \n5 SCHEDULE OF SALARIES AND TRAVEL \n \n22 \n \n FINANCIAL \n \n Russell W. Hinton \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \nJune 30, 2005 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the Board of Regents of the University System of Georgia \nand Director and Members of the Statesboro Regional Library Board \nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \nLadies and Gentlemen: \nWe have audited the accompanying financial statements ofthe governmental activities and the major fund (Exhibits A through H) of the Statesboro Regional Library, as of and for the year ended June 30, 2004, which collectively comprise the Library's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the Statesboro Regional Library's management. Our responsibility is to express opinions on these financial statements based on our audit. \nWe conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica. 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. \nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and the major fund of the Statesboro Regional Library, as ofJune 30, 2004, and the respective changes in financial position thereoffor the year then ended in conformity with accounting principles generally accepted in the United States of America. \n \n2004ARL-41 \n \n The Statesboro Regional Library has not presented Management's Discussion and Analysis that accounting principles generally accepted in the United States has determined is necessary to supplement, although not to be part of, the basic financial statements. \nAs described in Note 2, the Statesboro Regional Library has implemented a new financial reporting model as required by provisions of Governmental Accounting Standards Board Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments, as of June 30, 2004. \nThe Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual, as presented on page 18 is not a required part of the basic financial statements but is supplementary information required by the accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods ofmeasurement and presentation ofthe required supplementary information. However, we did not audit the information and express no opinion on it. \nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Statesboro Regional Library's basic financial statements. The accompanying supplementary information which consist of Schedules 2 through 5, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit ofthe basic financial statements, and in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. \nA copy ofthis report has been filed as a permanent record in the office ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code of Georgia Annotated section 506-24. \nRespectfully submitted, \n-:o~K)-~ ~!sell W. Hinton State Auditor \nRWH:as 2004ARL-41 \n \n STATESBORO REGIONAL LIBRARY \n \n STATESBORO REGIONAL LIBRARY STATEMENT OF NET ASSETS JUNE 30. 2004 \nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \nLocal Federal Government Other Prepaid Items Capital Assets Capitalized Special Collections Equipment Library Collections Less: Accumulated Depreciation \nTotal Assets \nLIABILITIES Accounts Payable \nNET ASSETS Invested in Capital Assets, Net of Related Debt Unrestricted \nTotal Net Assets \nTotal Liabilities and Net Assets \n \nEXHIBIT\"A\" \n \nGOVERNMENTAL ACTIVITIES \n \n$ \n \n383,512 \n \n221,748 \n \n23,753 2,183 136 1,051 \n \n18,000 221,977 2,221,090 -1,636,226 \n \n$ ===1;,,.,.4,;;;5;,;,7;;;;2,;;;,24,;,,, \n \n$ _ _ __!:2:!::2.L..!1~33::..._ \n \n$ \n \n824,841 \n \n610 250 \n \n$ _ _____;1c,_4.:..:3c.::.51.:C0.:...91\"'- \n \n$ ===1=\",4=5=7-=,2=24= \n \nThe notes to the basic financial statements are an integral part of this statement. -3 - \n \n STATESBORO REGIONAL LIBRARY STATEMENT OF ACTIVITIES \nFOR THE YEAR ENDED JUNE 30 2004 \n \nEXHIBIT\"B\" \n \nEXPENSES \n \nPROGRAM REVENUES \n \nOPERATING \n \nCHARGES FOR \n \nGRANTS AND \n \nSERVICES \n \nCONTRIBUTIONS \n \nNET (EXPENSES) REVENUES \nAND CHANGES IN NET ASSETS \n \nGOVERNMENTAL ACTIVITIES \n \nPublic Services Technical Services Support Services Maintenance and Operations Information Technology \n \n$ \n \n1,058,592 $ \n \n96,457 \n \n416,011 \n \n159,721 \n \n15 481 \n \n68,857 $ \n \n529,810 $ 77,465 \n \n-459,925 -96,457 \n-416,011 -82,256 -15 481 \n \nTotal Governmental Activities \n \n$=~;1..,7;.4;6;,2,=62= $ \n \nGeneral Revenues Allotments from Participating Governments Investment Earnings Miscellaneous \n \n68 857 $ \n \n607 275 $ _ _ _...:1.c:,0..:.7.:.,0,..:.13:.:0:.... \n \n$ \n \n938,932 \n \n4,890 \n \n114 217 \n \nTotal General Revenues \n \n$ _ _ __:..1.::0.::.58=03::.;9::... \n \nChange in Net Assets \n \n$ \n \n-12,091 \n \nNet Assets - Beginning of Year \n \n1447182 \n \nNet Assets - End of Year \n \n$ ===,;,i14,;,;3;;,;:5;.;;0;;;;,9,;,.,1 \n \nThe notes to the basic financial statements are an integral part of this statement. -4- \n \n STATESBORO REGIONAL LIBRARY BALANCE SHEET \nGOVERNMENTAL FUND JUNE 30. 2004 \nASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net \nLocal Federal Government Other Prepaid Items \nTotal Assets \nLIABILITIES AND FUND BALANCE LIABILITIES \nAccounts Payable FUND BALANCE \nUnreserved Undesignated Reported in: General Fund \nTotal Liabilities and Fund Balance \n \nEXHIBIT\"C\" \n \nGENERAL FUND \n \n$ \n \n383,512 \n \n221,748 \n \n23,753 2,183 136 1,051 \n \n$ \n \n632,383 \n \n$ _ _ _22~,_13_3_ $ _ _ _6_10~,_25_0_ $ ===6=32='=38=3= \n \nThe notes to the basic financial statements are an integral part of this statement. -5- \n \n STATESBORO REGIONAL LIBRARY RECONCILIATION OF THE GOVERNMENTAL FUND BALANCE SHEET \nTO THE STATEMENT OF NET ASSETS JUNE 30. 2004 \n \nEXHIBIT\"D\" \n \nTotal Fund Balance - Governmental Fund (Exhibit \"C\") \nAmounts reported for Governmental Activities in the Statement of Net Assets are different because: \nCapital Assets used in Governmental Activities are not financial resources and therefore are not reported in the funds. These assets consist of: \nCapitalized Special Collections Equipment Library Collections Accumulated Depreciation \nTotal Capital Assets \n \n$ \n \n610,250 \n \n$ \n \n18.000 \n \n221,977 \n \n2,221,090 \n \n-1,636,226 \n \n824 841 \n \nNet Assets of Governmental Activities (Exhibit \"A\") \n \n$ ======1.=43=5:!:,0=9=1 \n \nThe notes to the basic financial statements are an integral part of this statement. -6- \n \n STATESBORO REGIONAL LIBRARY STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE \nGOVERNMENTAL FUND YEAR ENDED JUNE 30. 2004 \n \nEXHIBIT\"E\" \n \nREVENUES \nLocal Funds State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \nTotal Revenues \nEXPENDITURES \nCurrent Public Services Technical Services Support Services Maintenance and Operations Information Technology Facilities Acquisition and Construction \nTotal Expenditures \nNet Change in Fund Balance \nFund Balance - Beginning \nFund Balance - Ending \n \nGENERAL FUND \n \n$ \n \n938,932 \n \n599,479 \n \n7,796 \n \n68,857 \n \n4,890 \n \n114,217 \n \n$ 1,734171 \n \n$ \n \n953,628 \n \n96,457 \n \n405,236 \n \n159,721 \n \n15,481 \n \n46 371 \n \n$ 1,676,894 \n \n$ \n \n57,277 \n \n552,973 \n \n$ ==6=1=0=,2=50= \n \nThe notes to the basic financial statements are an integral part of this statement. -7- \n \n STATESBORO REGIONAL LIBRARY RECONCILIATION OF THE GOVERNMENTAL FUND STATEMENT OF \nREVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE TO THE STATEMENT OF ACTIVITIES JUNE 30. 2004 \n \nEXHIBIT\"F\" \n \nTotal Net Change in Fund Balance - Governmental Fund (Exhibit \"E\") \n \nAmounts reported for Governmental Activities in the Statement of Activities are different because: \n \nCapital Outlays are reported as expenditures in Governmental Funds. However, in the Statement of Activities, the cost of Capital Assets is allocated over their estimated useful lives as depreciation expense. In the current period, these amounts are: \n \nCapital Outlay \n \n$ \n \nDepreciation Expense \n \nExcess of Depreciation Expense over Capital Outlay \n \n$ \n101,706 -171 074 \n \n57,277 -69 368 \n \nChange in Net Assets of Governmental Activities (Exhibit \"B\") \n \n$ ===-1=2=0=9=1 \n \nThe notes to the basic financial statements are an integral part of this statement. -8- \n \n STATESBORO REGIONAL LIBRARY STATEMENT OF FIDUCIARY NET ASSETS \nFIDUCIARY FUNDS JUNE 30, 2004 \nASSETS Cash and Cash Equivalents \nLIABILITIES Funds Held for Others \n \nEXHIBIT\"G\" \nAGENCY FUNDS $ ======1,=79=9= \n$ ======1,=79=9= \n \nThe notes to the basic financial statements are an integral part of this statement. -9- \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2004 \n \nEXHIBIT\"H\" \n \nNote 1: DESCRIPTION OF LIBRARY AND REPORTING ENTITY \nREPORTING ENTITY \nThe Statesboro Regional Library (Library) operates pursuant to Official Code ofGeorgia Annotated Sections 20-5-40 through 20-5-59 to provide public library services with costs shared by participating local governmental agencies and grants from the State of Georgia. \nThe Library Board consists of ten members; two members appointed from Bryan County Library Board, two members appointed from Bulloch County Library Board, two members appointed from Candler County Library Board, two members appointed from Emanuel County Library Board and two members appointed from Evans County Library Board. The Library Board is without authority to determine the amount of its funding, except by submission of budget requests to local governmental units from which the Library receives support and to the State ofGeorgia for State and Federal flow through funding. Membership in the Library and participation in library services is at the discretion of each participating governmental agency. The Library Board has the power to designate management, the power to retain unreserved fund balances of local and other funds for continued operations and is the lowest level of oversight responsibility for the Library's operations. The Statesboro Regional Library is therefore determined to be a joint venture. \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nBASIS OF PRESENTATION \nThe Library's basic financial statements are collectively comprised of the Library-wide financial statements, fund financial statements and notes to the basic financial statements of the Statesboro Regional Library. \nLibrary-wide Statements: The Statement ofNet Assets and the Statement ofActivities display information about the financial activities of the overall Library, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through intergovernmental revenues and other nonexchange transactions. \nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the Library's governmental activities. \n Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the Library related to the administration and support ofthe Library's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \n \n- 10 - \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2004 \n \nEXHIBIT\"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n Program revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues are presented as general revenues. \nFund Financial Statements: The fund financial statements provide information about the Library's funds, including fiduciary funds. Eliminations have been made to minimize the double counting ofinternal activities. Separate statements for each category (governmental and fiduciary) are presented. The emphasis of fund financial statements is on major governmental funds. \nThe Library reports the following major governmental fund: \n General Fund is the Library's primary operating fund. It accounts for all financial resources of the Library, except those resources required to be accounted for in another fund. \nThe Library reports the following fiduciary fund type: \n Agency funds account for assets held by the Library as an agent for various funds, governments or individuals. \nBASIS OF ACCOUNTING \nThe basis ofaccounting determines when transactions are reported on the financial statements. The Library-wide governmental and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the Library gives (or receives) value without directly receiving (or giving) equal value in exchange, include grants [and donations]. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \nThe Library uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis ofaccounting. Under this method, revenues are recognized when measurable and available. The Library considers all revenues reported in the governmental funds to be available if they are collected within sixty days after year-end. Interest is considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred. Capital asset acquisitions are reported as expenditures in governmental funds. \n- 11 - \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2004 \n \nEXHIBIT\"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nThe Library funds certain programs by a combination of specific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the Library's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \n \nCHANGES IN ACCOUNTING PRINCIPLES \n \nThe Statesboro Regional Library has implemented a new financial reporting model as required by provisions of Governmental Accounting Standards Board Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments, as of June 30, 2004. \n \nThe provisions ofGASB Statement No. 34 require the inclusion ofa Statement ofNetAssets. The elements comprising Net Assets - Beginning include the following: \n \nGovernmental Funds July 1, 2003 Capital Assets \nBalance July 1, 2003 Adjustments to Prior Year Balance Accumulated Depreciation \n \n$ 552,973 \n \n$ 1,052,453 1,597,909 \n \n2,650,362 -1,756,153 \n \nNet Assets Beginning (See Exhibit \"B\") CASH AND CASH EQUIVALENTS \n \n$ 1A471182 \n \nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist ofcash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Georgia Laws OCGA 45-8-14 authorize the Library to deposit its funds in one or more solvent banks or insured Federal savings and loan associations. \n \nINVESTMENTS \n \nCOMPOSITION OF INVESTMENTS Investments made by the Library in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year and equity investments are reported at fair value. The \n \n- 12 - \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2004 \n \nEXHIBIT\"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nOfficial Code of Georgia Annotated Section 36-83-4 authorizes the Library to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \n(1) Obligations issued by the State of Georgia or by other states, \n(2) Obligations issued by the United States government, \n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \n(4) Obligations of any corporation of the United States government, \n(5) Prime banker's acceptances, \n(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \n(7) Repurchase agreements, and \n(8) Obligations of other political subdivisions of the State of Georgia. \nRECEIVABLES \nReceivables consist ofamounts due from grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \nCAPITAL ASSETS \nCapital assets purchased, including capital outlay costs, are recorded as expenditures in the fund financial statements at the time ofpurchase. On the Library-wide financial statements, all purchased capital assets are valued at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at estimated fair market value on the date donated. Disposals are deleted at depreciated recorded cost. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives ofthe assets is not capitalized. Depreciation is computed using the straight-line method. \n \n- 13 - \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2004 \n \nEXHIBIT\"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nCapitalization thresholds and estimated useful lives of capital assets reported in the Library-wide statements are as follows: \n \nCapitalization Policy \n \nEstimated Useful Life \n \nEquipment Library Collections Capitalized Special Collections \n \n$ \n \n5,000 5 to 10 years \n \n$ \n \n5,000 \n \n10 years \n \n$ \n \n5,000 \n \nNIA \n \nDepreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives. \n \nNote 3: DEPOSITS AND INVESTMENTS \n \nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum ofmoney which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate ofthe face value of such surety bond and the market value of securities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. If a depository elects the pooled method (OCGA 45-8-13 .1) the aggregate ofthe market value ofthe securities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool balance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive the requirement for security in the case ofoperating funds placed in demand deposit checking accounts. \n \nAcceptable security for deposits consists of any one of or any combination of the following: \n \n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \n \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n \n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \n \n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \n \n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \n \n- 14 - \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2004 \n \nEXHIBIT\"H\" \n \nNote 3: DEPOSITS AND INVESTMENTS \n \n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \n \n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \n \nCATEGORIZATION OF DEPOSITS At June 30, 2004, the bank balances were $633,523. The amounts of the total bank balances are classified into three categories of credit risk: \n \nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Library or by the Library's agent in the Library's name. \nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Library's name. \nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Library's name.) \n \nThe Library's deposits are classified by risk category at June 30, 2004, as follows: \n \nRisk Category \n \nBank Balance \n \n1 \n \n$ 481,853 \n \n2 \n \n111,670 \n \n3 \n \n40,000 \n \nTotal \n \n$======6\"'=33-,5=2=3 \n \nCATEGORIZATION OF INVESTMENTS At June 30, 2004, the fair value of the Library's total investments was $37 and this entire amount consisted ofcommon stock which was insured or registered, or securities held by the Library or the Library's agent in the Library's name. \n \nNote 4: CAPITAL ASSETS \n \nThe following is a summary of changes in the Capital Assets during the fiscal year: \n \n- 15 - \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2004 \n \nEXHIBIT \"H\" \n \nNote 4: CAPITAL ASSETS \n \nBalances July 1, 2003 \n(Restated) \n \nIncreases \n \nDecreases \n \nBalances June 30, 2004 \n \nGovernmental Activities \n \nCapital Assets, Not Being Depreciated: \n \nCapitalized Special Collections \n \n$ \n \n18 000 $ \n \n0 $ \n \n0 $ \n \n18,000 \n \nCapital Assets Being Depreciated Equipment Library Collections \n \n$ 221,977 2,410,385 $ \n \nI01,706 $ \n \n$ 221,977 \n \n291,001 \n \n2,221,090 \n \nLess Accumulated Depreciation for: Equipment Library Collections \n \n134,416 1,621,737 \n \n21,447 149,627 \n \n291,001 \n \n155,863 1,480,363 \n \nTotal Capital Assets, Being Depreciated, Net $ \n \n876,209 $ \n \n-69,368 $ \n \n0 $ 806,841 \n \nGovernmental Activity Capital Assets - Net $ \n \n894,209 $ \n \n-69 368 $ \n \n0 $ 824,841 \n \nCurrent year depreciation expense by function is as follows: \n \nPublic Services Support Services \n \n$ 162,597 8 477 \n \n$=~1~71~0~7~4 \n \nNote 5: RISK MANAGEMENT \n \nThe Library is exposed to various risks ofloss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees and acts of God. \n \nThe Library has obtained commercial insurance for risk ofloss associated with torts, assets, errors or omissions,job related illness or injuries to employees and flood damage to periodicals. The Library has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Library's insurance coverage in any of the past three years. \n \nThe Library has elected to self-insure for all losses related to acts ofGod, except for flood damage to periodicals. The Library has not experienced any losses related to this risk in the past three years. \n \nThe Library has purchased surety bonds to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nAll Employees All Board Members \n \n$ \n \n15,000 \n \n$ \n \n15,000 \n \n- 16 - \n \n STATESBORO REGIONAL LIBRARY NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2004 \n \nEXHIBIT\"H\" \n \nNote 6: SIGNIFICANT CONTINGENT LIABILITIES \n \nAmounts received or receivable principally from the Federal Government are subject to audit and review by grantor agencies. This could result in requests for reimbursements to the grantor agency for any expenditures which are disallowed under grant terms. The Library believes that such disallowances, if any, will be immaterial to its overall financial position. \n \nNote 7: RETIREMENT PLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \n \nTRS PLAN DESCRIPTION Substantially all librarians and clerical personnel employed by regional and county libraries are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \n \nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Library who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The Library makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.24% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \nFiscal Year \n \nPercentage Contributed \n \nRequired Contribution \n \n2004 2003 2002 \n \n100% 100% 100% \n \n$ \n \n81,548 \n \n$ \n \n82,677 \n \n$ \n \n77,272 \n \n- 17 - \n \n STATESBORO REGIONAL LIBRARY GENERAL FUND \nSCHEDULE OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL \nYEAR ENDED JUNE 30. 2004 \n \nSCHEDULE \"1\" \n \nREVENUES \nLocal Funds State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \nTotal Revenues \nEXPENDITURES \nCurrent Public Services Technical Services Support Services Maintenance and Operations Information Technology Facilities Acquisition and Construction \nTotal Expenditures \nNet Change in Fund Balance \nFund Balance - Beginning \n \nNONAPPROPRIATED BUDGETS \n \nORIGINAL \n \nFINAL \n \nACTUAL AMOUNTS \n \n$ \n \n937,324 $ \n \n937,324 $ \n \n938,932 \n \n593,724 \n \n593,724 \n \n599,479 \n \n7,796 \n \n40,467 \n \n40,467 \n \n68,857 \n \n4,890 \n \n31 650 \n \n31,650 \n \n114 217 \n \n$ \n \n1,603,165 $ \n \n1 603 165 $ \n \n1,734,171 \n \n$ \n \n877,388 $ \n \n877,388 $ \n \n953,628 \n \n95,611 \n \n95,611 \n \n96,457 \n \n431,317 \n \n431,317 \n \n405,236 \n \n168,805 \n \n168,805 \n \n159,721 \n \n30,044 \n \n30,044 \n \n15,481 \n \n46,371 \n \n$ \n \n1,603 165 $ \n \n1,603,165 $ \n \n1 676,894 \n \n$ \n \n0 $ \n \n0 $ \n \n57,277 \n \n552 973 \n \n552,973 \n \n552,973 \n \nFund Balance - Ending \n \n$ \n \n552 973 $ \n \n552,973 $==~6;,;,1,;;.0~25~0;,. \n \nNotes to the Schedule of Revenues. Expenditures and Changes in Fund Balances Budget and Actual \nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \n \nSee notes to the basic financial statements. \n \n- 18 - \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2004 \nAGENCY/FUNDING \nGRANTS Board of Regents of the University System of Georgia Office of Public Library Services Salaries Travel Library Materials Maintenance and Operations \n \nSCHEDULE \"2\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n482,388 \n \n2,625 \n \n37,001 \n \n77 465 \n \n$ ====5=9==9=4=79=== \n \nSee notes to the basic financial statements. \n \n- 19 - \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF FEDERAL REVENUE \nYEAR ENDED JUNE 30, 2004 \nAGENCY/FUNDING GRANT Museum and Library Services, Institute of Through Board of Regents of the University System of Georgia Library Services and Technology Act State Library Program \n \nSCHEDULE \"3\" \nGOVERNMENTAL FUND TYPE GENERAL FUND \n$ ============7=7=9=6= \n \nSee notes to the basic financial statements. \n \n- 20 - \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF LOCAL REVENUE YEAR ENDED JUNE 30. 2004 \nLOCAL SOURCES County Boards of Education Bryan County Bulloch County Candler County City Governments Claxton Metter Swainsboro County Governments Boards of Commissioners Bryan Bulloch Candler Emanuel Evans \n \nSCHEDULE \"4\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n3,500 \n \n10,000 \n \n21,250 \n \n698 28,723 96,696 \n \n180,152 381,500 \n30,000 97,274 89139 \n \n$ ====9=3==8=,9==32= \n \nSee notes to the basic financial statements. \n \n- 21 - \n \n NAME \nAnderson, Nancy K. Asbell, Cameron M. Atkinson, Jack Barker, Kathryn T. Berry, Elaine D. Bolton, Virginia F. Bragg, Alicia Kim Bunch, Mary Louise Butler, Anne S. Buxton, Ann C. Carter, Andrea L. Cobb, April Lynn DeFoe, Adrienne L. Deloach, Charlotte 8. Deloach, Stacy Renee Durham, Jennifer M. \nFay, Cora E. \nGlisson, Judy C. Gray, William D. Griffin, Maxine Rose Gulston, Tantrell C. Hall, Kimberly 8. Harrison, Lillie Mae Herrington, David Ellis Hodges, Melinda A. Hooks, Chelsie Brianne Howard, Anglenette R. Howard, Tiffany D. Hugensmith, Carolyn G. Humphries, Linder A. Hutcheson, Patricia B. Johnson, LaTashaR. King, Vicki Lynn \nKinnion, Judith E. \nLee, Shannon L. Lee, Sue F. Looney, Alice R. McCarthy, Evelyn C. McDuffie, Elaine H. Meadows, Rachel M. Moree, Rachel D. Mosley, Angela J. Nubern, Nancy D. Odom, Nancy B. Palmer, Judy D. Pierce, Shinika S. Pierre, Richard L. Polk, Franchonda A. Rickerson, Robert J. Roberts, Lois M. Royal, Sandra G. Rutherford, Kenneth S. Samer, Linda H. Scott, Patti C. Shipman, Kristen R. Stapleton, Jillian L. Strickland, Janice W. Suddath, Shelby K. Sullivan, Karen A. Sullivan, Peter G. Taylor, Don V. \n \nSTATESBORO REGIONAL LIBRARY SCHEDULE OF SALARIES AND TRAVEL \nYEAR ENDED JUNE 30. 2004 \n \nSCHEDULE \"5\" \n \nTITLE CATEGORY \nLibrary Assistant Library Assistant Library Manager Library Manager Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Student Assistant Student Assistant Library Assistant Student Assistant Librarian Librarian Librarian Library Manager Library Assistant Student Assistant Library Assistant Library Assistant Library Assistant Library Assistant Student Assistant Library Assistant Student Assistant Library Assistant Library Assistant Genealogy Coordinator Student Assistant Library Assistant Bookkeeping/Tech Services Library Assistant Bookkeeping Assistant Library Assistant Library Manager Literacy Coordinator Student Assistant Student Assistant Library Assistant Library Assistant Library Manager Library Assistant Student Assistant Student Assistant Student Assistant Librarian Library Director Bookkeeper Student Assistant Library Assistant Library Assistant Student Assistant Student Assistant Librarian Student Assistant Library Assistant Library Director Librarian \n- 22 - \n \nSALARIES \n \nTRAVEL \n \n$ \n \n20,344 \n \n14,316 \n \n8,667 \n \n23,338 $ \n \n7,560 \n \n3,597 \n \n4,468 \n \n3,437 \n \n1,508 \n \n16,786 \n \n2.503 \n \n2,956 \n \n798 \n \n11,347 \n \n1,461 \n \n54,571 \n \n59,815 \n \n58,975 \n \n15,438 \n \n9,471 \n \n2,332 \n \n420 \n \n19,317 \n \n20,552 \n \n12,168 \n \n301 \n \n20.448 \n \n1,050 \n \n22,465 \n \n21,841 \n \n14,898 \n \n4,008 \n \n37 \n \n21,903 \n \n1,271 \n \n26,725 \n \n849 \n \n20,254 \n \n27,335 \n \n247 \n \n713 \n \n20,136 \n \n8,153 \n \n17,942 \n \n17,467 \n \n1,263 \n \n400 \n \n2,452 \n \n53,971 \n \n31,100 \n \n42,099 \n \n1,693 \n \n9,964 \n \n3,583 \n \n3,539 \n \n706 \n \n55,590 \n \n1,962 \n \n5,111 \n \n35,775 \n \n47,263 \n \n356 73 \n16 1,066 \n199 78 \n277 \n35 121 1,892 \n14 57 \n743 \n1,030 40 \n \n NAME \nThompson, Jane Travel!, Johnny C. Walden, Jacques Weinberger, Paul Whiddon, Shainia A. Williford, Lora C. \nTotals per Report \n \nSTATESBORO REGIONAL LIBRARY SCHEDULE OF SALARIES AND TRAVEL \nYEAR ENDED JUNE 30. 2004 \n \nSCHEDULE \"5\" \n \nTITLE CATEGORY \nLibrary Assistant Student Assistant Student Assistant Library Manager Library Assistant Library Assistant \n \nSALARIES \n \nTRAVEL \n \n$ \n \n832 \n \n46 \n \n1,446 \n \n16,958 $ \n \n147 \n \n7,551 \n \n5 810 \n \n$ \n \n953,302 $ ===~6~1,;;;44;;;, \n \nSee notes to the basic financial statements. \n \n- 23 - \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b2002-h2003","title":"Statesboro Regional Library, Statesboro, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2003","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Bryan County, 32.01322, -81.44247","United States, Georgia, Bulloch County, 32.39681, -81.74318","United States, Georgia, Candler County, 32.40344, -82.07367","United States, Georgia, Emanuel County, 32.58976, -82.30171","United States, Georgia, Evans County, 32.15676, -81.88688"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2003-06-30"],"dcterms_description":["June 30, 2000-","Title from cover.","Fiscal year ended June 30, 2004."],"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":["Regional libraries--Georgia--Auditing","Regional libraries--Financial statements--Georgia","Statesboro Regional Library"],"dcterms_title":["Statesboro Regional Library, Statesboro, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2003"],"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-br46-bs8-b2002-h2003"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b2002-h2003"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"STATESBORO REGIONAL LIBRARY \nSTATESBORO, GEORGIA REPORT ON AUDIT \nOF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2003 \nSTATE OF GEORGIA \nDEPARTMENT OF AUDITS AND ACCOUNTS \nRussell W. Hinton State Auditor \n \n STATESBORO REGIONAL LIBRARY - TABLE OF CONTENTS - \n \nFINANCIAL \n \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \n \nEXHIBITS \n \nGENERAL-PURPOSE FINANCIAL STATEMENTS \n \nCOMBINED STATEMENTS - OVERVIEW \n \nA \n \nCOMBINED BALANCE SHEET \n \nALL FUND TYPES AND ACCOUNT GROUP \n \n2 \n \nB \n \nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES \n \nALL GOVERNMENTAL FUND TYPES \n \nAND EXPENDABLE TRUST FUND \n \n4 \n \nC \n \nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES - BUDGET AND ACTUAL \n \nGENERAL AND SPECIAL REVENUE FUNDS \n \n6 \n \nD NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \n7 \n \nADDITIONAL FINANCIAL INFORMATION \n \nSCHEDULES \n \nSCHEDULE OF REVENUE \n \n1 \n \nSTATE \n \n16 \n \n2 \n \nFEDERAL \n \n17 \n \n3 \n \nLOCAL \n \n18 \n \n4 SCHEDULE OF SALARIES AND TRAVEL \n \n19 \n \n FINANCIAL \n \n RUSSELL W. HINTON \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.W. Suite 214 Atlanta, Georgia 30334-8400 \nJuly 27, 2004 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the Board of Regents of the University System of Georgia \nand Director and Members of the Statesboro Regional Library Board \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \nLadies and Gentlemen: \nWe have audited the accompanying general-purpose financial statements ofthe Statesboro Regional Library, as ofand for the year ended June 30, 2003, as listed in the table ofcontents. These generalpurpose financial statements are the responsibility ofthe Statesboro Regional Library's management. Our responsibility is to express an opinion on these general-purpose financial statements based on our audit. \nWe conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general-purpose financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. \nIn our opinion, the general-purpose financial statements referred to above present fairly, in all material respects, the financial position ofthe Statesboro Regional Library as ofJune 30, 2003, and the results of its operations for the year then ended, in conformity with accounting principles generally accepted in the United States of America. \n \n2003ARL-40 \n \n Our audit was performed for the purpose of forming an opinion on the general-purpose financial statements of the Statesboro Regional Library taken as a whole. The accompanying financial schedules (Schedules 1 through 4), as listed in the table of contents, are presented for purposes of additional analysis and are not a required part of the general-purpose financial statements of the Statesboro Regional Library. Such information has been subjected to the auditing procedures applied in the audit ofthe general-purpose financial statements and in our opinion, is fairly stated, in all material respects, in relation to the general-purpose financial statements taken as a whole. \nA copy ofthis report has been filed as a permanent record in the office ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code ofGeorgia Annotated Section 506-24. \nRespectfully submitted, \n~-~ \nState Auditor \nRWH:as 2003ARL-40 \n \n STATESBORO REGIONAL LIBRARY \n \n STATESBORO REGIONAL LIBRARY COMBINED BALANCE SHEET \nALL FUND TYPES AND ACCOUNT GROUP JUNE 30. 2003 \n \nCash and Cash Equivalents Investments Accounts Receivable Prepaid Items General Fixed Assets \nEquipment \nTotal Assets \nLIABILITIES AND FUND EQUITY LIABILITIES \nAccounts Payable Deferred Revenue \nTotal Liabilities FUND EQUITY \nInvestment in General Fixed Assets Fund Balances \nUnreserved Undesignated Total Fund Equity \nTotal Liabilities and Fund Equity \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nGENERAL \n \nREVENUE \n \nFUND \n \nFUND \n \n$ \n \n407,730.84 $ \n \n7,177.88 \n \n162,533.89 \n \n3,123.00 \n \n95.27 \n \n$ \n \n573,483.00 $===7='=17=7=.8=8 \n \n$ \n \n20,509.95 $ \n \n1,565.88 5,612.00 \n \n$ \n \n20,509.95 $ \n \n7,177.88 \n \n$ \n \n552,973.05 $ \n \n0.00 \n \n$ \n \n552,973.05 $ \n \n0.00 \n \n$ \n \n573,483.00 $ ===7='=17=7=.8=8 \n \nThe notes to the general-purpose financial statements are an integral part of this statement. -2- \n \n EXHIBIT\"A\" \n \nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \n \n$ \n \n35,107.14 \n \nACCOUNT GROUP \nGENERAL FIXED ASSETS \n \nTOTALS \n \n(Memorandum Onl}'.) \n \nJUNE 30, 2003 \n \nJUNE 30, 2002 \n \n$ \n \n414,908.72 $ \n \n308,966.69 \n \n197,641.03 \n \n177,239.14 \n \n3,123.00 \n \n8,328.35 \n \n95.27 \n \n$ 1,052,453.00 \n \n1,052,453.00 \n \n1,083,667.00 \n \n$ \n \n35,107.14 $ 1,052,453.00 $ 1,668,221.02 $ 1,578,201.18 \n \n$ \n \n22,075.83 $ \n \n5,612.00 \n \n7,487.52 4,672.99 \n \n$ \n \n27,687.83 $ _ _ _12~,1_6_0-'.5_1 \n \n$ 1,052,453.00 $ 1,052,453.00 $ 1,083,667.00 \n \n$ _ _ _3_5~,1_0_7_.1_4 \n \n$ \n \n35,107.14 $ \n \n1,052,453.00 $ \n \n588,080.19 1,640,533.19 $ \n \n482,373.67 1,566,040.67 \n \n$ \n \n35,107.14 $ 1,052,453.00 $ 1,668,221.02 $ 1,578,201.18 \n \n-3- \n \n STATESBORO REGIONAL LIBRARY COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES \nALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUND YEAR ENDED JUNE 30. 2003 \n \nREVENUES \nState Funds Federal Funds Local Funds Other Funds \nTotal Revenues \nEXPENDITURES \nCurrent Public Services Technical Services Support Services Maintenance and Operations Information Technology \nCapital Outlay \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nFUND BALANCE JULY 1 \n \nGOVERNMENTAL FUND \n \nGENERAL \n \nSPECIAL REVENUE \n \nFUND \n \nFUND \n \n$ 654.997.57 $ \n938,634.42 244,852.46 \n$ 1,838,484.45 $ \n \n16.138.00 16,138.00 \n \n$ 955,407.70 $ \n112,734.81 439.766.64 174,938.71 \n50,753.77 \n \n14,042.92 1.100.00 995.08 \n \n$ 1,733,601.63 $ $ 104,882.82 $ \n448,090.23 \n \n16,138.00 0.00 0.00 \n \nFUND BALANCE JUNE 30 \n \n$ 552,973.05 $======o=.o=o \n \nThe notes to the general-purpose financial statements are an integral part of this statement. -4- \n \n EXHIBIT \"B\" \n \nTYPES TOTAL \n \nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \n \nTOTALS (Memorandum Only) \nYEAR ENDED JUNE 30, 2003 JUNE 30, 2002 \n \n$ 654,997.57 16,138.00 \n938,634.42 244,852.46 $ \n$ 1,854,622.45 $ \n \n$ 9,235.05 \n \n654,997.57 $ 16,138.00 \n938,634.42 254,087.51 \n \n599,247.77 24,651.94 \n893,616.92 157,510.76 \n \n9,235.05 $ 1,863,857.50 $ 1,675,027.39 \n \n$ 969,450.62 $ 112,734.81 440,866.64 174,938.71 51,748.85 \n$ 1,749,739.63 $ \n$ 104,882.82 $ \n448,090.23 \n \n8,411.35 $ \n \n977,861.97 $ 112,734.81 440,866.64 174,938.71 51,748.85 \n \n950,430.61 117,092.71 377,369.47 158,760.37 \n6,191.32 4,292.98 \n \n8,411.35 $ 1,758,150.98 $ 1,614,137.46 \n \n823.70 $ \n \n105,706.52 $ \n \n60,889.93 \n \n34,283.44 \n \n482,373.67 \n \n421,483.74 \n \n$ 552,973.05 $ \n \n35,107.14 $ 588,080.19 $ 482,373.67 \n \n-5- \n \n STATESBORO REGIONAL LIBRARY COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES \nBUDGET AND ACTUAL GENERAL AND SPECIAL REVENUE FUNDS \nYEAR ENDED JUNE 30, 2003 \n \nEXHIBIT\"C\" \n \nREVENUES \nState Funds Federal Funds Local Funds Other Funds \nTotal Revenues \nEXPENDITURES \nCurrent Public Services Technical Services Support Services Maintenance and Operations Information Technology \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nFUND BALANCE JULY 1. 2002 \n \nGENERAL FUND \n \nBUDGET \n \nACTUAL \n \n$ 603,936.15 $ 654,997.57 \n \n953,423.00 58,388.00 \n \n938,634.42 244,852.46 \n \n$ 1,615,747.15 $ 1,838,484.45 \n \n$ 907,701.94 $ 955,407.70 \n \n115,410.40 \n \n112,734.81 \n \n418,886.81 \n \n439,766.64 \n \n162,173.00 \n \n174,938.71 \n \n11,575.00 \n \n50,753.77 \n \n$ 1,615,747.15 $ 1,733,601.63 \n \n$ \n \n0.00 $ 104,882.82 \n \n448,090.23 \n \n448,090.23 \n \nFUND BALANCE JUNE 30, 2003 \n \n$ 448,090.23 $ 552,973.05 \n \nSPECIAL REVENUE FUND \n \nBUDGET \n \nACTUAL \n \n$ \n \n0.00 $ 16,138.00 \n \n$ \n \n0.00 $ 16,138.00 \n \n$ \n \n0.00 $ 14,042.92 \n \n1,100.00 \n \n995.08 \n \n$ \n \n0.00 $ 16,138.00 \n \n$ \n \n0.00 $ \n \n0.00 \n \n0.00 \n \n0.00 \n \n$ \n \no.oo s======o=.o=o \n \nThe notes to the general-purpose financial statements are an integral part of this statement. -6- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2003 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nREPORTING ENTITY \nThe Statesboro Regional Library (Library) operates pursuant to Official Code ofGeorgia Annotated Sections 20-5-40 through 20-5-59 to provide public library services with costs shared by participating local governmental agencies and grants from the State of Georgia. The financial statements of the Library have been prepared in conformity with generally accepted accounting principles as applied to governmental units and the financial statements present all fund types and account group of the Library. \nThe Library Board consists of ten members; two members appointed from Bryan County Library Board, two members appointed from Bulloch County Library Board, two members appointed from Candler County Library Board, two members appointed from Emanuel County Library Board and two members appointed from Evans County Library Board. The Library Board is without authority to determine the amount of its funding, except by submission of budget requests to local governmental units from which the Library receives support and to the State ofGeorgia for State and Federal funding. Membership in the Library and participation in library services is at the discretion of each participating governmental agency. The Library Board has the power to designate management, the power to retain unreserved fund balances of local and other funds for continued operations and is the lowest level of oversight responsibility for the Library's operations. The Statesboro Regional Library is therefore determined to be a joint venture. \nFUND ACCOUNTING \nThe Library uses funds and an account group to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. \nA fund is a separate accounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. \nThe general-purpose financial statements account for all State, Federal, Local and Other funds under control of the Library, in compliance with generally accepted accounting principles applicable to governmental units. Funds and the account group presented in this report are as follows: \nGOVERNMENTAL FUND TYPES - used to account for all or most of the Library's general activities. Governmental Fund Types include: \n \n-7- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2003 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nGENERAL FUND - the fund used to account for all financial resources of the Library except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a Library. \nSPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes. The primary type of special revenue fund consists ofproceeds received from State and Federal sources to accomplish specific objectives and are required to be accounted for separately. \nFIDUCIARY FUND TYPE - the trust fund used to account for assets held by a government unit in a trustee capacity or as an agent for individuals. This fund includes: \nEXPENDABLE TRUST FUND - the fund used to account for financial resources to be used for the Deferred Compensation Plan for the employees of the Library. \nACCOUNT GROUP \nGENERAL FIXED ASSETS ACCOUNT GROUP - used to account for all general fixed assets acquired by the Library which includes equipment. The land and buildings used in Library operations are owned by the respective counties in which each Library is located. \nBASIS OF ACCOUNTING \nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental and expendable trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities are generally included on the balance sheet. Operating statements ofthese funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. \nLiabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. \nGovernmental and expendable trust funds are accounted for using the modified accrual basis of accounting under which: \nRevenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). \"Measurable\" means the amount of the transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. The Library considers receivables collected within sixty days after year-end to be \n-8- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2003 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \navailable and therefore susceptible to accrual. Nonexchange transactions, in which the Library gives (or receives) value without directly receiving (or giving) equal value in exchange, include intergovernmental grants and donations. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \nExpenditures are generally recognized when the related fund liability is incurred. \nBUDGET \nThe Statesboro Regional Library's budget is a complete financial plan for the Library's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level ofbudget control was established by the Library at the aggregate level. The budget for governmental funds was prepared in accordance with generally accepted accounting principles. \nThe budget process begins when the Library's administration prepares a tentative aggregated budget for the Board's approval. After approval ofthis tentative budget by the Board, copies are sent to all local funding agencies. After funding approval is received from all local funding agencies, the Board makes revisions as necessary and adopts the budget. The budget is then submitted to the Board of Regents of the University System of Georgia as a part of the Library's annual application for State aid. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year end. \nCASH AND CASH EQUIVALENTS \nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist of cash on hand and demand deposits in authorized financial institutions. Georgia Laws authorize the Library to deposit its funds in one or more solvent banks or insured Federal savings and loan associations. \nINVESTMENTS \nCOMPOSITION OF INVESTMENTS Investments made by the Library in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year and equity investments are reported at fair value. The Official Code ofGeorgia Annotated Section 36-83-4 authorizes the Library to invest its funds. In selecting among \n \n-9- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2003 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \noptions for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \n(1) Obligations issued by the State of Georgia or by other states, \n(2) Obligations issued by the United States government, \n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \n(4) Obligations of any corporation of the United States government, \n(5) Prime banker's acceptances, \n(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \n(7) Repurchase agreements, and \n(8) Obligations of other political subdivisions of the State of Georgia. \nRECEIVABLES \nReceivables consist of grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed, allotted funds from participating local governments, and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general-purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \nPREPAID ITEMS \nPayments made to vendors for services that will benefit periods subsequent to June 30, 2003, are recorded as prepaid items. \nGENERAL FIXED ASSETS \nGeneral fixed assets purchased, including capital outlay costs, are recorded as expenditures in the various funds at the time of purchase. All purchased general fixed assets are valued at cost where historical records are available and at estimated historical cost where no historical records exist. Donated general fixed assets are recorded at fair market value as ofthe date donated. Disposals are \n- 10 - \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 2003 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \ndeleted at recorded cost. No depreciation has been provided on General Fixed Assets. The cost of normal maintenance and repairs that do not add to the value of the assets or materially extend the useful lives ofthe assets is not capitalized. Infrastructure assets are not capitalized by the Library. The values of inexhaustible collections and books at the Library are not readily determinable, therefore, the Library has not capitalized them. \nCOMPENSATED ABSENCES \nCompensated absences represent obligations of the Library relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulating leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the individual funds for the current portion of this obligation as this amount is deemed immaterial to the general-purpose financial statements. \nAdditionally, the dollar value of accumulated compensated absences at June 30, which will be payable from future resources has not been recorded in the General Long-Term Debt Account Group as this liability is also deemed immaterial to the fair presentation of these financial statements. \nINTERFUND TRANSACTIONS \nThe Library has the following type of interfund transactions: \nReimbursements ofexpenditures initially made from a fund that are properly applicable to another fund are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. \nMEMORANDUM ONLY -TOTAL COLUMNS \nTotal columns on the general-purpose financial statements are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results ofoperations in conformity with generally accepted accounting principles, nor is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. \nNote 2: DEPOSITS AND INVESTMENTS \nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate ofthe face value of such surety bond and the market value of securities pledged shall be equal to not less than 11Opercent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. \n- 11 - \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2003 \n \nNote 2: DEPOSITS AND INVESTMENTS \nIfa depository elects the pooled method (OCGA 45-8-13 .1) the aggregate ofthe market value ofthe securities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool balance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive the requirement for security in the case ofoperating funds placed in demand deposit checking accounts. \nAcceptable security for deposits consists of any one of or any combination of the following: \n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities ofthe State of Georgia, \n(5) Bonds of any public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \n(6) Industrial revenue bonds and bonds ofdevelopment authorities created by the laws ofthe State of Georgia, and \n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \nCATEGORIZATION OF DEPOSITS At June 30, 2003, the bank balances were $583,686.97. The amounts ofthe total bank balances are classified into three categories of credit risk: \nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Library or by the Library's agent in the Library's name. \nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Library's name. \nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Library's name.) \n- 12 - \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2003 \n \nNote 2: DEPOSITS AND INVESTMENTS \n \nThe Library's deposits are classified by risk category at June 30, 2003, as follows: \n \nRisk Category \n \nBank Balance \n \n1 \n \n$ 456,360.24 \n \n2 \n \n45,538.73 \n \n3 \n \n81,788.00 \n \nTotal \n \n$ 583,686.97 \n \nCATEGORIZATION OF INVESTMENTS Investments are classified as to risk by the three categories described below: \n \nCategory 1 - Insured or registered, or securities held by the Library or the Library's agent in the Library's name. \nCategory 2 - Uninsured or unregistered, with securities held by the counterparty's trust department or agent in the Library's name. \nCategory 3 - Uninsured or unregistered, with securities held by the counterparty, or by its trust department or agent but not in the Library's name. \n \nAt June 30, 2003, the carrying value of the Library's total investments was $35,141.63. The investments are classified as to risk categories as follows: \n \nType of Investment \n \nCorporate Bonds \n \nCommon Stock \n \n$ \n \nUnclassified \n \nDeferred Compensation Plan Pooled Investments \n \nTotal Investments \n \nRisk Categories \n \n2 \n \n3 \n \nCarrying Amount \n \nFair Value \n \n34.49 $ \n \n000 $ \n \n000 $ \n \n34.49 $ \n \n34.49 \n \n35,107.14 \n \n35,107.14 \n \n$ 35,141.63 $ 35,141.63 \n \nNote 3: GENERAL FIXED ASSETS \n \nA summary of changes in the General Fixed Assets Account Group during the fiscal year are as follows: \n \n- 13 - \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2003 \n \nNote 3: GENERAL FIXED ASSETS \n \nEquipment \n \nBalance July 1, 2002 \n \n$ 1,083,667.00 \n \nDeductions \n \n31,214.00 \n \nBalance June 30, 2003 \n \n$ 1,052,453.00 \n \nNote 4: RISK MANAGEMENT \n \nThe Library is exposed to various risks ofloss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees and acts of God. \n \nThe Library has obtained commercial insurance for risk ofloss associated with torts, assets, errors or omissions and job related illness or injuries to employees. The Library has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Library's insurance coverage in any of the past three years. \n \nThe Library has elected to self-insure for all losses related to acts of God. The Library has not experienced any losses related to this risk in the past three years. \n \nThe Library has purchased surety bonds to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nAll Employees All Board Members \n \n$ 15,000.00 $ 15,000.00 \n \nNote 5: CONTINGENT LIABILITIES \n \nAmounts received or receivable principally from the Federal Government are subject to audit and review by grantor agencies. This could result in requests for reimbursements to the grantor agency for any expenditures which are disallowed under grant terms. The Library believes that such disallowances, if any, will be immaterial to its overall financial position. \n \nNote 6: ACCUMULATED EMPLOYEES' LEAVE \n \nThe Libraries full-time employees earn vacation leave according to their position and length of service ranging from five to twenty days per calendar year and are allowed to carry over five days of annual leave into the next year with a maximum accumulation of twenty-five days. All unused vacation leave is paid to employees upon retirement or termination of employment at their current rate of pay. See Note 1- Compensated Absences \n \n- 14 - \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2003 \n \nNote 7: RETIREMENT PLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \n \nTRS PLAN DESCRIPTION Substantially all librarians and clerical personnel employed by regional and county libraries are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \n \nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Library who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The Library makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.24% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \nFiscal Year \n \nPercentage Contributed \n \nRequired Contribution \n \n2003 2002 2001 \n \n100% 100% 100% \n \n$ 82,676.95 $ 77,272.23 $ 90,663.67 \n \n- 15 - \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2003 \nAGENCY/FUNDING \nGRANTS Board of Regents of the University System of Georgia Office of Public Library Services Salaries Travel Library Materials Maintenance and Operations \nCONTRACT Board of Regents of the University System of Georgia SAMSON Reimbursement \n \nSCHEDULE 111 11 \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n473,800.89 \n \n3,175.00 \n \n53,033.40 \n \n109,702.28 \n \n15,286.00 \n \n$ ===6=5=4=,9=9=7=57= \n \nSee notes to the general-purpose financial statements. -16- \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF FEDERAL REVENUE \nYEAR ENDED JUNE 30, 2003 \nAGENCY/FUNDING GRANT Museum and Library Services, Institute of Through Board of Regents of the University System of Georgia Library Services and Technology Act State Library Program \n \nSCHEDULE \"2\" \nGOVERNMENTAL FUND TYPE SPECIAL REVENUE FUND \n$ ===16=,1=3=8=.0=0 \n \nSee notes to the general-purpose financial statements. - 17 - \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF LOCAL REVENUE YEAR ENDED JUNE 30. 2003 \nLOCAL SOURCES Boards of Education Bryan County Bulloch County Candler County City Governments Claxton Metter Statesboro Swainsboro County Governments Boards of Commissioners Bryan Bulloch Candler Emanuel Evans \n \nSCHEDULE \"3\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n3,000.00 \n \n54,000.00 \n \n21,250.00 \n \n698.04 27,697.98 26,700.00 92,581.28 \n \n173,169.98 331,548.00 \n28,500.00 103,418.71 \n76,070.43 \n \n$ ===9=3=8=,6=3=4.=42= \n \nSee notes to the general-purpose financial statements. - 18 - \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF SALARIES AND TRAVEL \nYEAR ENDED JUNE 30. 2003 \n \nSCHEDULE \"4\" \n \nNAME \nAnderson, Asbell, Barker, Bell, Berry, Bishop, Bolton, Bragg, Bunch, Buxton, Cobb, Crosby, Deloach, Deloach, Durham, Ethridge, Fay, Glisson, Gray, Griffin, Harris, Harrison, Herrington, Hodges, Hooks, Howard, Hugensmith, Humphries, Hutcheson, Joiner, Kelly, Kinnion, Lee, Lee, Lewis, Looney, McCarthy, McDuffie, Mosley, Nubern, Odom, Palmer, Pierre, Polk, Rickerson, Royal, Rutherford, Samer, Shipman, Strickland, Suddath, Sullivan, Sullivan, Taylor, Taylor, Weinberger, \n \nNancy Cameron Kathryn Tiffany Elaine John Virginia Alicia Mary Ann April Ashley Charlotte Stacy Jennifer Leslie Cora Judy William Maxine Rachel Lillie Mae David Melinda Chelsie Anglenette Carolyn Linder Patricia Mary Catherine Charles Judith Shannon Sue Juanita Alice Evelyn Elaine Angela Nancy Nancy Judy Richard Franchonda Robert Sandra Kenneth Linda Kristen Janice Shelby Karen Peter Don Toni Paul \n \nTITLE CATEGORY \nLibrary Assistant Student Assistant Library Manager Student Assistant Library Assistant Student Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Librarian Library Manager Librarian Librarian Library Manager Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Genealogy Coordinator Administrative Assistant Library Assistant Bookkeeping/Tech Services Library Assistant Bookkeeping Assistant Library Assistant Library Assistant Library Manager Literacy Coordinator Library Assistant Library Assistant Library Manager Library Assistant Library Assistant Library Assistant Librarian Bookkeeper Student Assistant Library Assistant Library Assistant Librarian Library Assistant Library Assistant Library Director Librarian Student Assistant Library Manager \n \nSALARIES \n \nTRAVEL \n \n$ \n \n19,798.08 \n \n5,115.13 \n \n22,599.18 $ \n \n339.95 \n \n1,395.67 \n \n13,371.25 \n \n123.60 \n \n3,658.62 \n \n1,039.02 \n \n14.00 \n \n6,680.02 \n \n24.08 \n \n16,463.20 \n \n224.03 \n \n2,715.36 \n \n11,730.20 \n \n14.00 \n \n1,816.67 \n \n54,287.80 \n \n1,770.99 \n \n6,302.94 \n \n26.04 \n \n57,205.26 \n \n117.84 \n \n58,665.64 \n \n27,393.60 \n \n174.72 \n \n5,152.00 \n \n56.28 \n \n1,919.52 \n \n20,519.16 \n \n20,006.08 \n \n8,069.01 \n \n58.80 \n \n104.29 \n \n19,902.08 \n \n21,875.52 \n \n21,252.80 \n \n34,902.36 \n \n15,508.39 \n \n1,089.23 \n \n21,314.56 \n \n2,666.42 \n \n26,031.68 \n \n1,687.37 \n \n4,880.16 \n \n17,386.89 \n \n122.64 \n \n27,039.96 \n \n332.20 \n \n19,586.88 \n \n6,837.12 \n \n14.00 \n \n17,506.32 \n \n119.56 \n \n18,329.95 \n \n2,926.51 \n \n6,472.54 \n \n53,687.80 \n \n191.25 \n \n41,100.84 \n \n32.76 \n \n4,288.68 \n \n9,663.79 \n \n4,397.54 \n \n53,687.80 \n \n313.96 \n \n4,636.34 \n \n4,877.32 \n \n66,565.64 \n \n628.87 \n \n45,645.30 \n \n914.66 \n \n2,141.10 \n \n16,426.26 \n \n182.00 \n \n- 19 - \n \n NAME \nWheeler, Whiddon, Williford, Zimmerman, \n \nMatt Shainia Lora Theresa \n \nTotals per Report \n \nSTATESBORO REGIONAL LIBRARY SCHEDULE OF SALARIES AND TRAVEL \nYEAR ENDED JUNE 30. 2003 \n \nSCHEDULE \"4\" \n \nTITLE CATEGORY \nStudent Assistant Library Assistant Library Assistant Library Assistant \n \nSALARIES \n \nTRAVEL \n \n$ \n \n278.10 \n \n6,087.51 $ \n \n5,654.12 \n \n1,928.07 \n \n31.36 \n \n$ 974,618.28 $==5=,4=7=9.=96= \n \nSee notes to the general-purpose financial statements. \n \n-20- \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b2001-h2002","title":"Statesboro Regional Library, Statesboro, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2002","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Bryan County, 32.01322, -81.44247","United States, Georgia, Bulloch County, 32.39681, -81.74318","United States, Georgia, Candler County, 32.40344, -82.07367","United States, Georgia, Emanuel County, 32.58976, -82.30171","United States, Georgia, Evans County, 32.15676, -81.88688"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2002-06-30"],"dcterms_description":["June 30, 2000-","Title from cover.","Fiscal year ended June 30, 2004."],"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":["Regional libraries--Georgia--Auditing","Regional libraries--Financial statements--Georgia","Statesboro Regional Library"],"dcterms_title":["Statesboro Regional Library, Statesboro, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2002"],"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-br46-bs8-b2001-h2002"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b2001-h2002"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":" STATESBORO REGIONAL LIBRARY - TABLE OF CONTENTS - \n \nFINANCIAL \n \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \n \nEXHIBITS \n \nGENERAL-PURPOSE FINANCIAL STATEMENTS \n \nCOMBINED STATEMENTS - OVERVIEW \n \nA \n \nCOMBINED BALANCE SHEET \n \nALL FUND TYPES AND ACCOUNT GROUP \n \n2 \n \nB \n \nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES \n \nALL GOVERNMENTAL FUND TYPES \n \nAND EXPENDABLE TRUST FUND \n \n4 \n \nC \n \nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES - BUDGET AND ACTUAL \n \nGENERAL AND SPECIAL REVENUE FUNDS \n \n6 \n \nD NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \n7 \n \nADDITIONAL FINANCIAL INFORMATION \n \nSCHEDULES \n \nSCHEDULE OF REVENUE \n \n1 \n \nSTATE \n \n16 \n \n2 \n \nFEDERAL \n \n17 \n \n3 \n \nLOCAL \n \n18 \n \n4 SCHEDULE OF SALARIES AND TRAVEL \n \n19 \n \n FINANCIAL \n \n {USSELt W. HINTON \nSTATE AUDITOR (404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.w. Suite 214 \nAtlanta, Georgia 30334-8400 \n \nAugust 14, 2003 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the Board of Regents of the University System of Georgia \nand Director and Members of the Statesboro Regional Library Board \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMAnON \nLadies and Gentlemen: \nWe have audited the accompanying general-purpose financial statements ofthe Statesboro Regional Library, as of and for the year ended June 30, 2002, as listed in the table of contents. These generalpurpose financial statements are the responsibility ofthe Statesboro Regional Library's management. Our responsibility is to express an opinion on these general-purpose financial statements based on our audit. \nWe conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general-purpose 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 opinion. \nIn our opinion, the general-purpose financial statements referred to above present fairly, in all material respects, the financial position ofthe Statesboro Regional Library as ofJune 30, 2002, and the results of its operations for the year then ended, in conformity with accounting principles generally accepted in the United States of America. \n \n2002ARL-43 \n \n As discussed in Note 1 to the general-purpose financial statements, during fiscal year 2002, the Library completed a comprehensive inventory of its general fixed assets for inclusion in the generalpurpose financial statements. This change is in accordance with accounting principles generally accepted in the United States of America. \nOur audit was performed for the purpose of forming an opinion on the general-purpose financial statements of the Statesboro Regional Library taken as a whole. The accompanying financial schedules (Schedules 1 through 4), as listed in the table of contents, are presented for purposes of additional analysis and are not a required part of the general-purpose financial statements of the Statesboro Regional Library. Such information has been subjected to the auditing procedures applied in the audit ofthe general-purpose financial statements and in our opinion, such information is fairly stated, in all material respects, in relation to the general-purpose financial statements taken as a whole. \nA copy ofthis report has been filed as a permanent record in the office ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code ofGeorgia Annotated Section 506-24. \nRespectfully submitted, \nW.~ \nRu ell W. Hinton State Auditor \nRWH:as 2002ARL-43 \n \n STATESBORO REGIONAL LIBRARY \n \n STATESBORO REGIONAL LIBRARY COMBINED BALANCE SHEET \nALL FUND TYPES AND ACCOUNT GROUP JUNE 30, 2002 \n \nASSETS Cash and Cash Equivalents Investments Accounts Receivable General Fixed Assets \nEquipment \nTotal Assets \nLIABILITIES AND FUND EQUITY LIABILITIES \nCash Overdraft Accounts Payable Expired Grant Balances Payable Retainages Payable Deferred Revenue \nTotal Liabilities FUND EQUITY \nInvestment in General Fixed Assets Fund Balances \nUnreserved Undesignated Total Fund Equity \nTotal Liabilities and Fund Equity \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nCAPITAL \n \nGENERAL \n \nREVENUE \n \nPROJECTS \n \nFUND \n \nFUND \n \nFUND \n \n$ \n \n308,866.69 $ \n \n100.00 $ \n \n0,00 \n \n142,955.70 \n \n8,328.35 \n \n$ \n \n460,150.74 $ \n \n100.00 $=====:O;;,;;'O~O \n \n$ \n \n7,487.52 \n \n4,572.99 $ \n \n$ \n \n12,060.51 $ \n \n100.00 100.00 \n \n$ \n \n448,090.23 $ \n \n$ \n \n448,090,23 $ \n \n$ \n \n460,150.74 $ \n \n0.00 $ \n \n0.00 \n \n0,00 $ \n \n0.00 \n \n100.00 $=====0=:.0=0 \n \nThe notes to the general-purpose financial statements are an integral part of this statement. -2- \n \n EXHIBIT \"A\" \n \nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \n \n$ \n \n34,283.44 \n \nACCOUNT GROUP \nGENERAL FIXED ASSETS \n \nTOTALS \n \n(Memorandum Only) \n \nJUNE 30, 2002 \n \nJUNE 30, 2001 \n \n$ \n \n308,966.69 $ \n \n248,203.14 \n \n177,239.14 \n \n179,043.00 \n \n8,328.35 \n \n9,595.38 \n \n$ 1,083,667.00 \n \n1,083,667.00 \n \n$ \n \n34,283.44 $ \n \n1,083,667.00 $ \n \n1,578,201.18 $ ===43=6=,8=4=1=.5==2 \n \n$ \n \n6,036.75 \n \n$ \n \n7,487.52 \n \n4,416.10 \n \n155.79 \n \n4,749.14 \n \n4,672.99 \n \n$ \n \n12,160.51 $ \n \n15,357.78 \n \n$ 1,083,667.00 $ 1,083,667.00 \n \n$ _ _......3;:.4..:.c,2::.::8:.:::3.:...;.4'-'-4 \n \n$ \n \n34,283.44 $ \n \n1,083,667.00 $ \n \n482,373.67 $ _ _....:.42=-1'-'-.4.;.:8:.:::3.;.;..7'-'-4 1,566,040.67 $ _ _....:.42=-1'-'-,4.;.:8:.:::3.;.;..7'-'-4 \n \n$ \n \n34,283.44 $ \n \n1,083,667.00 $ \n \n1,578,201.18 $===43=6=,8=4=1=.5==2 \n \n-3- \n \n STATESBORO REGIONAL LIBRARY COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUND YEAR ENDED JUNE 30, 2002 \n \nREVENUES \nState Funds Federal Funds Local Funds Other Funds \nTotal Revenues \nEXPENDITURES \nCurrent Public Services Technical Services Support Services Maintenance and Operations Information Technology \nCapital Outlay \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nFUND BALANCE JULY 1 \n \nGENERAL FUND \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nCAPITAL \n \nREVENUE \n \nPROJECTS \n \nFUND \n \nFUND \n \n$ 599,247.77 \n \n$ \n \n0.00 \n \n$ 24,651.94 \n \n893,616.92 \n \n155,082.93 \n \n$ 1,647,947.62 $ 24,651.94 $ \n \n0.00 \n \n$ 925,778.67 $ 117,092.71 377,369.47 158,760.37 6,191.32 \n$ 1,585,192.54 $ \n$ 62,755.08 $ \n385,335.15 \n \n24,651.94 \n$ 24,651.94 $ \n0.00 $ 0.00 \n \n4,292.98 4,292.98 -4,292.98 4,292.98 \n \nFUND BALANCE JUNE 30 \n \n$ 448,090.23 $ \n \n0.00 $=====,0=.0=0 \n \nThe notes to the general-purpose financial statements are an integral part of this statement. -4- \n \n EXHIBIT\"B\" \n \nTOTAL \n \nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \n \nTOTALS (Memorandum Only) \nYEAR ENDED JUNE 30, 2002 JUNE 30, 2001 \n \n$ 599,247.77 24,651.94 \n893,616.92 155,082.93 $ \n$ 1,672,599.56 $ \n \n$ 2,427.83 \n \n599,247.77 $ 24,651.94 \n893,616.92 157,510.76 \n \n563,489.25 6,248.06 \n830,854.33 260,088.94 \n \n2,427.83 $ 1,675,027.39 $ 1,660,680.58 \n \n$ 950,430.61 $ 117,092.71 377,369.47 158,760.37 6,191.32 4,292.98 \n \n$ 1,614,137.46 $ \n \n$ \n \n58,462.10 $ \n \n389,628.13 \n \n0.00 $ \n \n950,430.61 $ 117,092.71 377,369.47 158,760.37 \n6,191.32 4,292.98 \n \n897,662.27 141,348.36 353,779.59 138,994.29 130,189.13 100,057.11 \n \n0.00 $ 1,614,137.46 $ 1,762,030.75 \n \n2,427.83 $ \n \n60,889.93 $ -101,350.17 \n \n31,855.61 \n \n421,483.74 \n \n522,833.91 \n \n$ 448,090.23 $ \n \n34,283.44 $ 482,373.67 $ 421,483.74 \n \n- 5- \n \n STATESBORO REGIONAL LIBRARY COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nBUDGET AND ACTUAL GENERAL AND SPECIAL REVENUE FUNDS \nYEAR ENDED JUNE 30, 2002 \n \nEXHIBIT \"C\" \n \nGENERAL FUND \n \nBUDGET \n \nACTUAL \n \nREVENUES \n \nState Funds Federal Funds Local Funds Other Funds \nTotal Revenues \n \n$ 591,104.28 $ 599,247.77 \n \n17,312.00 \n \n927,370.00 \n \n893,616.92 \n \n46,361.00 \n \n155,082.93 \n \n$ 1,582,147.28 $ . 1,647,947.62 \n \nEXPENDITURES \n \nCurrent Public Services Technical Services Support Services Maintenance and Operations Information Technology \n \n$ 887,478.43 $ 925,778.67 \n \n144,742.41 \n \n117,092.71 \n \n384,085.44 \n \n377,369.47 \n \n153,641.00 \n \n158,760.37 \n \n12,200.00 \n \n6,191.32 \n \nTotal Expenditures \n \n$ 1,582,147.28 $ 1,585,192.54 \n \nExcess of Revenues over (under) Expenditures $ \n \n0.00 $ \n \n62,755.08 \n \nFUND BALANCE JULY 1, 2001 \n \n385,335.15 \n \n385,335.15 \n \nFUND BALANCE JUNE 30, 2002 \n \n$ 385,335.15 $ 448,090.23 \n \nSPECIAL REVENUE FUND \n \nBUDGET \n \nACTUAL \n \n$ \n \n0.00 $ 24,651.94 \n \n$ \n \n0.00 $ 24,651.94 \n \n$ \n \n0.00 $ 24,651.94 \n \n$ \n \n0.00 $ 24,651.94 \n \n$ \n \n0.00 $ \n \n0.00 \n \n0.00 \n \n0.00 \n \n$ \n \n0.00 $====0=.0=0 \n \nThe notes to the general-purpose financial statements are an integral part of this statement. -6- \n \n 1\",' ',' . \n \nSTATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"0\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2002 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nREPORTING ENTITY \nThe Statesboro Regional Library (Library) operates pursuant to Official Code of Georgia Annotated Sections 20-5-40 through 20-5-59 to provide public library services with costs shared by participating local governmental agencies and grants from the State of Georgia. The financial statements of the Library have been prepared in conformity with generally accepted accounting principles as applied to governmental units and unless otherwise disclosed in these notes, the financial statements present all fund types and account groups of the Library. \nThe Library Board consists of ten members; two members appointed from Bryan County Library Board, two members appointed from Bulloch County Library Board, two members appointed from Candler County Library Board, two members appointed from Emanuel County Library Board and two members appointed from Evans County Library Board. The Library Board is without authority to determine the amount of its funding, except by submission of budget requests to local governmental units from which the Library receives'support and to the State ofGeorgia for State and Federal funding. Membership in the Library and participation in library services is at the discretion of each participating governmental agency. The Library Board has the power to designate management, the power to retain unreserved fund balances of local and other funds for continued operations and is the lowest level of oversight responsibility for the Library's operations. The Statesboro Regional Library is therefore determined to be a joint venture. \nFUND ACCOUNTING \nThe Library uses funds and an account group to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. \nA fund is a separate accounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. \nThe general-purpose financial statements account for all State, Federal, Local and Other funds under control of the Library, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: \nGOVERNMENTAL FUND TYPES - used to account for all or most of the Library's general activities. Governmental Fund Types include: \n \n-7- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"0\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2002 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nGENERAL FUND - the fund used to account for all financial resources of the Library except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a Library. \nSPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. The primary type ofspecial revenue fund consists ofproceeds received from State and Federal sources to accomplish specific objectives and are required to be accounted for separately. \nCAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. \nFIDUCIARY FUND TYPE - the trust fund used to account for assets held by a government unit in a trustee capacity or as an agent for individuals. This fund includes: \nEXPENDABLE TRUST FUND - the fund used to account for financial resources to be used for the Deferred Compensation Plan for the employees of the Library. \nACCOUNT GROUP \nGENERAL FIXED ASSETS ACCOUNT GROUP - used to account for all general fixed assets acquired by the Library which includes equipment. The land and buildings used in Library Operations are owned by the respective counties in which each Library branch is located. \nBASIS OF ACCOUNTING \nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental and expendable trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities are generally included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. \nLiabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. \nGovernmental and expendable trust funds are accounted for using the modified accrual basis of accounting under which: \n \n-8- \n \n 'I, \n..... ':. \n \nSTATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"0\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2002 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nRevenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). \"Measurable\" means the amount of the transaction can be detennined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. The Library considers receivables collected within sixty days after year-end to be available and therefore susceptible to accrual. Nonexchange transactions, in which the Library gives (or receives) value without directly receiving (or giving) equal value in exchange, include intergovernmental grants and donations. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \nExpenditures are generally recognized when the related fund liability is incurred. \nBUDGET \nThe Statesboro Regional Library's budget is a complete financial plan for the Library's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level of budget control was established by the Library at the aggregate level. The budget for governmental funds was prepared in accordance with generally accepted accounting principles. \nThe budget process begins when the Library's administration prepares a tentative aggregated budget for the Board's approval. After approval of this tentative budget by the Board, copies are sent to all local funding agencies. After funding approval is received from all local funding agencies, the Board makes revisions as necessary and adopts the budget. The budget is then submitted to the Board of Regents of the University System of Georgia as a part of the Library's annual application for State aid. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year end. \nCASH AND CASH EQUIVALENTS \nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist of cash on hand and demand deposits in authorized financial institutions. Georgia Laws authorize the Library to deposit its funds in one or more solvent banks or insured Federal savings and loan associations. \nINVESTMENTS \nCOMPOSITION OF INVESTMENTS Investments made by the Library in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interestearning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized \n-9- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"0\" \n \nNOTES TO THE GENERAL~PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2002 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \ncost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year and equity investments are reported at fair value. The Official Code ofGeorgia Annotated Section 36-83-4 authorizes the Library to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \n(1) Obligations issued by the State of Georgia or by other states, \n(2) Obligations issued by the United States government, \n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \n(4) Obligations of any corporation of the United States government, \n(5) Prime banker's acceptances, \n(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \n(7) Repurchase agreements, and \n(8) Obligations of other political subdivisions of the State of Georgia. \nRECEIVABLES \nReceivables consist of grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed, allotted funds from participating local governments, and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general-purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \nGENERAL FIXED ASSETS \nGeneral fixed assets purchased, including capital outlay costs, are recorded as expenditures in the various funds at the time of purchase. All purchased general fixed assets are valued at cost where historical records are available and at estimated historical cost where no historical records exist. Donated general fixed assets are recorded at fair market value as of the date donated. Disposals are deleted at recorded cost. No depreciation has been provided on General Fixed Assets. The cost of \n- 10- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"0\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2002 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nnonnal maintenance and repairs that do not add to the value of the assets or materially extend the useful lives of the assets is not capitalized. Infrastructure assets are not capitalized by the Library. The values of inexh_austible collections and books at the Library are not readily detenninable, therefore, the Library has not capitalized them. For fiscal year 2002, the Library began recording its general fixed assets in the General Fixed Assets Account Group. This is a change in accounting principle. \nCOMPENSATED ABSENCES \nCompensated absences represent obligations of the Library relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulating leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the individual funds for the current portion of this obligation as this amount is deemed immaterial to the general-purpose financial statements. \nAdditionally, the dollar value of accumulated compensated absences at June 30, which will be payable from future resources has not been recorded in the General Long-Tenn Debt Account Group as this liability is also deemed to be immaterial to the fair presentation ofthese financial statements. \nINTERFUND TRANSACTIONS \nThe Library has the following type of interfund transactions: \nReimbursements ofexpenditures initially made from a fund that are properly applicable to another fund are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. \nMEMORANDUM ONLY - TOTAL COLUMNS \nTotal columns on the general-purpose financial statements are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results ofoperations in confonnity with generally accepted accounting principles, nor is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. \nNote 2: DEPOSITS AND INVESTMENTS \nCOLLATERALIZAnON OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on ,deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond and the market value of securities pledged shall be equal to not less than \n- 11 - \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"0\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2002 \n \nNote 2: DEPOSITS AND INVESTMENTS \n110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. Ifa depository elects the pooled method (OCGA 45-8-13: 1) the aggregate ofthe market value ofthe securities pledged to secure a pool ofpublic funds shall be not less than 110 pe.rcent ofthe daily pool balance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive the requirement for security in the case ofoperating funds placed in demand deposit checking accounts. \nAcceptable security for deposits consists of anyone of or any combination of the following: \n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \n(6) Industrial revenue bonds and bonds ofdevelopment authorities created by the laws ofthe State of Georgia, and \n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \nCATEGORlZAnON OF DEPOSITS At June 30, 2002, the bank balances were $503,782.60. The amounts of the total bank balances are classified into three categories of credit risk: \nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Library or by the Library's agent in the Library's name. \nCategory 2 - Cash collateralized with'securities held by the pledging financial institution's trust department or agent in the Library's name. ' \n- 12 - \n \n .. ' 7 \n \nSTATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"0\" \n \nNOTES TO THE GENERALP.URPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2002 \n \nNote 2: DEPOSITS AND INVESTMENTS \n \nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Library's name.) \n \nThe Library's deposits are classified by risk category at June 30, 2002, as follows: \n \nRisk Category \n \nBank Balance \n \n1 \n \n$ 439,465.73 \n \n2 \n \n64,316.87 \n \n3 \n \n0.00 \n \nTotal \n \n$ 503,782.60 \n \nCATEGORIZATION OF INVESTMENTS Investments are classified as to risk by the three categories described below: \n \nCategory 1 Insured or registered, or securities held by the Library or the Library's agent in the Library's name. \nCategory 2 Uninsured or unregistered, with securities held by the counterparty's trust department or agent in the Library's name. \nCategory 3 Uninsured or unregistered, with securities held by the counterparty, or by its trust department or agent but not in the Library's name. \n \nAt June 30, 2002, the carrying value of the Library's total investments was $34,319.44. The investments are classified as to risk categories as follows: \n \nType of Investment \n \nCorporate Bonds \n \nCommon Stock \n \n$ \n \nUnclassified \n \nDeferred Compensation Plan Pooled Investments \n \nTotal Investments \n \nRisk Categories \n \n2 \n \n3 \n \nCarrying Amount \n \nFair Value \n \n3600 $ \n \n000 $ \n \n000 $ \n \n36.00 $ \n \n36.00 \n \n34,283.44 \n \n34.283.44 \n \n$ 3431944 $ 3431944 \n \nNote 3: GENERAL FIXED ASSETS \n \nA summary of changes in the General Fixed Assets Account Group during the fiscal year are as follows: \n \n13- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"0\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2002 \n \nNote 3: GENERAL FIXED ASSETS \n \nEquipment \n \nBalance July 1,2001 \n \n$ \n \n0.00 \n \nAdditions \n \n1,083,667.06 \n \nDeductions \n \n0.00 \n \nBalance June 30, 2002 \n \n$ 1.083,667.00 \n \nNote 4: RISK MANAGEMENT \n \nThe Library is exposed to various risks ofloss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees and acts of God. \n \nThe Library has obtained commercial insurance for risk ofloss associated with torts, assets, errors or omissions and job related illness or injuries to employees. The Library has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Library's insurance coverage in any of the past three years. \n \nThe Library has elected to self-insure for all losses related to torts, assets and acts of God. The Library has not experienced any losses related to these risks in the past three years. \n \nThe Library has purchased surety bonds to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nAll Employees All Board Members \n \n$ 15,000.00 $ 15,000.00 \n \nNote 5: CONTINGENT LIABILITIES \n \nAmounts received or receivable principally from the Federal Government are subject to audit and review by grantor agencies. This could result in requests for reimbursements to the grantor agency for any expenditures which are disallowed under grant terms. The Library believes that such disallowances, if any, will be immaterial to its overall financial position. \n \nNote 6: ACCUMULATED EMPLOYEES' LEAVE \n \nThe Libraries full-time employees earn vacation leave according to their position and length of service ranging from five to twenty days per calendar year and are allowed to carry over five days of annual leave into the next year with a maximum accumulation of twenty-five days. All unused \n \n- 14- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"0\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2002 \n \nNote 6: ACCUMULATED EMPLOYEES' LEAVE \n \nvacation leave is paid to employees upon retirement or termination of employment at their current rate of pay. See Note 1 - Compensated Absences \n \nNote 7: RETIREMENT PLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \n \nTRS PLAN DESCRIPTION Substantially all librarians and clerical personnel employed by regional and county libraries are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \n \nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Library who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The Library makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.24% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \nFiscal Year \n \nPercentage Contributed \n \nRequired Contribution \n \n2002 2001 2000 \n \n100% 100% 100% \n \n$ 77,272.23 $ 90,663.67 $ 89,589.65 \n \n- 15 - \n \n ,-------------------~~~ \n \n~ \n \nc_ \n \nSTATESBORO REGIONAL LIBRARY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2002 \n \nAGENCY/FUNDING \nGRANTS Board of Regents of the University System of Georgia Office of Public Library Services Salaries Travel Library Materials Maintenance and Operations \n \nSCHEDULE \"1\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n452,616.83 \n \n5,792.79 \n \n74,313.15 \n \n66,525.00 \n \n$ \n \n599,247.77 \n \nSee notes to the general-purpose financial statements. - 16- \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF FEDERAL REVENUE \nYEAR ENDED JUNE 30, 2002 \nAGENCY/FUNDING GRANT Museum and Library Services, Institute of Through Board of Regents of the University System of Georgia Library Services and Technology Act State Library Program \n \nSCHEDULE \"2\" \nGOVERNMENTAL FUND TYPE SPECIAL REVENUE FUND \n$ ==~24,;,l,.6=5=1=.9::;,4 \n \nSee notes to the general-purpose financial statements. - 17 - \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF LOCAL REVENUE YEAR ENDED JUNE 30, 2002 \nLOCAL SOURCES Boards of Education Bryan County Bulloch County Candler County City Governments Claxton Metter Statesboro Swainsboro County Governments Boards of Commissioners Bryan Bulloch Candler Emanuel Evans \n \nSCHEDULE \"3\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND- \n \n$ \n \n2,000.00 \n \n49,440.00 \n \n21,250.00 \n \n664.92 24,329.79 53,400.00 88,400.01 \n \n166,169.96 289,060.08 \n25,987.44 99,649.13 73,265.59 \n \n$ \n \n893,616.92 \n \nSee notes to the general-purpose financial statements. - 18 - \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF SALARIES AND TRAVEL \nYEAR ENDED JUNE 30, 2002 \n \nSCHEDULE \"4\" \n \nNAME \n \nAkridge, Anderson, Asbell, Averett, Barker, Bell, Berry, Bishop, Bolton, Brannen, Bunch, Buxton, DeLoach, Durham, Ellis, Ethridge, Fay, Glisson, Gray, Gray, Gunter, Harris, Harrison, Herrington, Hodges, Howard, Hugensmith, Humphries, . Hutcheson, Joiner, Kinnion, Kramer, Krepel, Lee, Lewis, Looney, McCarthy, McDuffie, McKinley, Meadows, Mosley, Nelson, Nubern, Odom, Palmer, Polk, Rentz, Rickerson, Ross, Royal, \n \nAmanda Nancy Cameron Audrey Kathryn Tiffany Elaine John Virginia Betty Mary Ann Charlotte Jennifer Jennifer Leslie Cora Judy Brande William Gayle Rachel Lillie Mae David Melinda Anglenette Carolyn linder Patricia Mary Catherine Judith Johanna Marcia Sue Juanita Alice Evelyn Elaine William Jennifer Angela Virginia Nancy Nancy Judy Franchonda Mark Robert Angela Sandra \n \nTITLE CATEGORY \n \nSALARIES \n \nTRAVEL \n \nStudent Assistant \n \n$ \n \nLibrary Assistant \n \nStudent Assistant \n \nLibrary Assistant \n \nLibrary Manager \n \nStudent Assistant \n \nLibrary Assistant \n \nStudent Assistant \n \nLibrary Assistant \n \nLibrary Assistant \n \nLibrary Assistant \n \nLibrary Assistant \n \nLibrary Assistant \n \nLibrarian \n \nlibrary Assistant \n \nlibrary Manager \n \nLibrarian \n \nlibrarian \n \nStudent Assistant \n \nLibrary Manager \n \nLibrary Assistant \n \nlibrary Assistant \n \nlibrary Assistant \n \nlibrary Assistant \n \nLibrary Assistant \n \nLibrary Assistant \n \nlibrary Assistant \n \nlibrary Assistant \n \nGenealogy Coordinator \n \nAdministrative Assistant \n \nBookkeepingfTechnical Service \n \nLibrary Assistant \n \nlibrary Assistant \n \nBookkeeping Assistant \n \nLibrary Assistant \n \nLibrary Assistant \n \nlibrary Assistant \n \nliteracy Coordinator \n \nlibrary Assistant \n \nlibrary Assistant \n \nlibrary Assistant \n \nStudent Assistant \n \nLibrary Assistant \n \nLibrary Manager \n \nLibrary Assistant \n \nLibrary Assistant \n \nStudent Assistant \n \nlibrarian \n \nlibrary Assistant \n \nBookkeeper \n \n- 19 - \n \n2,855.71 18,812.40 $ \n4,716.94 4,513.15 21,673.62 1,135.58 12,865.23 2,858.26 \n363.08 6,717.83 6,282.61 15,620.00 11,441.66 50,984.64 1,556.86 20,688.72 57,308.86 56,708.86 \n535.60 26,270.40 \n5,445.21 629.75 \n18,636.78 19,018.00 \n609.71 18,915.20 20,786.17 20,210.49 33,591.96 \n8,046.50 20,251.60 \n2,155.56 491.32 \n24,774.80 6,652.74 2,120.01 \n10,308.78 23,607.97 \n4,526.71 625.61 \n9,892.64 84.98 \n6,254.50 16,829.28 17,449.60 \n746.75 1,780.62 50,384.64 \n795.68 39,561.60 \n \n46.39 378.09 \n84.00 \n40.88 23.80 1,889.09 279.44 533.21 417.20 \n185.36 63.84 31.92 \n80.64 554.55 \n14.56 162.96 \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF-SALARIES AND TRAVEL \nYEAR ENDED JUNE30, 2002 \n \nSCHEDULE \"4\" \n \nNAME \n \nRutherford, Samer, Shatteen, Shipman, Smith, Stitt, Strauser, Strickland, Suddath, Sullivan, Sullivan, Taylor, Taylor, Weinberger, Whiddon, White, Williams, Williford, Yates, Zimmerman, \n \nKenneth Linda Larry Kristen Fenecia Megan Nicholas Janice Shelby Karen Peter Don Toni Paul Shainia Timothy Ronnae Lora Leon Theresa \n \nTotals per Report \n \nTITLE CATEGORY \nStudent Assistant Library Assistant Library Assistant Library Assistant Student Assistant Student Assistant Student Assistant Librarian Library Assistant Library Assistant Library Director Librarian Student Assistant Library Manager Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant Library Assistant \n \nSALARIES \n \nTRAVEL \n \n$ \n \n1,134.29 \n \n13,158.61 \n \n1,345.50 \n \n3,568.98 \n \n95.28 \n \n427.45 \n \n1,282.36 \n \n50,384.64 $ \n \n888.38 \n \n4,356.87 \n \n64,608.82 \n \n42,426.46 \n \n894.81 \n \n15,757.32 \n \n5,636.85 \n \n688.82 \n \n1,002.96 \n \n526.32 \n \n2,096.90 \n \n4,346.81 \n \n30.80 632.77 540.00 383.60 \n38.92 \n \n$ 923,723.60 $ ===6=,4=12=.=02== \n \nSee notes to the general-purpose financial statements. - 20- \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b2000-h2001","title":"Statesboro Regional Library, Statesboro, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2001","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Bryan County, 32.01322, -81.44247","United States, Georgia, Bulloch County, 32.39681, -81.74318","United States, Georgia, Candler County, 32.40344, -82.07367","United States, Georgia, Emanuel County, 32.58976, -82.30171","United States, Georgia, Evans County, 32.15676, -81.88688"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2001-06-30"],"dcterms_description":["June 30, 2000-","Title from cover.","Fiscal year ended June 30, 2004."],"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":["Regional libraries--Georgia--Auditing","Regional libraries--Financial statements--Georgia","Statesboro Regional Library"],"dcterms_title":["Statesboro Regional Library, Statesboro, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2001"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b2000-h2001"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b2000-h2001"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"STATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS \n();;A \nA~DO \n. RI 'Ri.+b \nSls \n,,:i.cx:;()~:}.l)()I \nI \nSTATESBORO REGIONAL LIBRARY \nSTATESBORO, GEORGIA REPORT ON AUDIT \nOF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2001 \nRussell W. Hinton State Auditor \n \n STATESBORO REGIONAL LIBRARY -TABLE OF CONTENTS- \n \nSECTION I \n \nFINANCIAL \n \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \n \nEXHIBITS \n \nGENERAL-PURPOSE FINANCIAL STATEMENTS \n \nCOMBINED STATEMENTS - OVERVIEW \n \nA \n \nCOMBINED BALANCE SHEET \n \nALL FUND TYPES \n \n2 \n \nB \n \nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES \n \nALL GOVERNMENTAL FUND TYPES \n \nAND EXPENDABLE TRUST FUND \n \n4 \n \nC \n \nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES - BUDGET AND ACTUAL \n \nGENERAL AND SPECIAL REVENUE FUNDS \n \n6 \n \nD NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \n7 \n \nADDIDONAL FINANCIAL INFORMATION \n \nSCHEDULES \n \nSCHEDULE OF REVENUE \n \n1 \n \nSTATE \n \n16 \n \n2 \n \nFEDERAL \n \n17 \n \n3 \n \nLOCAL \n \n18 \n \n4 SCHEDULE OF SALARIES AND TRAVEL \n \n19 \n \nSECTION II FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \n \n SECTION I FINANCIAL \n \n w. RUSSELL \n \nHtNTON \n \nSTATE AUDITOR \n \n(404) 656-2174 \n \nDEPARTMEN.T OF AUDITS AND ACCOUNTS \n254 Washington Street, S. W., Suite 214 Atlanta, Georgia 30334-8400 \nJune 28, 2002 \n \nHonorable Roy E. Barnes, Governor Members of the General Assembly Members of the Board of Regents of the University System of Georgia \nand Director and Members of the Statesboro Regional Library Board \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \nLadies and Gentlemen: \nWe have audited the accompanying general-purpose financial statements ofthe Statesboro Regional Library, as of and for the year ended June 30, 2001, as listed in the table ofcontents. These generalpurpose financial statements are the responsibility ofthe Statesboro Regional Library's management. Our responsibility is to express an opinion on these general-purpose financial statements based on our audit. \nWe conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general-purpose financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. \nAs described in the notes to the general-purpose financial statements, the Library's financial statements have been prepared using a certain accounting practice and policy which, in our opinion, varies in some respects from generally accepted accounting principles. This variance is described as follows: \n* The general-purpose financial statements ofthe Library did not contain a General Fixed \nAssets Account Group to account for property, equipment and inexhaustible collections and books owned by the Library which should be included to conform to generally accepted accounting principles. \n2001ARL-42 \n \n The aggregate effects on the general-purpose financial statements ofthis variance or omission have not been determined, but are believed to be material. \nIn our opinion, except for the effects on the general-purpose financial statements of the matter referred to in the third paragraph, the general-purpose financial statements referred to above present fairly, in all material respects, the financial position of the Statesboro Regional Library as of June 30, 2001, and the results of its operations for the year then ended, in conformity with accounting principles generally accepted in the United States of America. \nOur audit was performed for the purpose of forming an opinion on the general-purpose financial statements of the Statesboro Regional Library taken as a whole. The accompanying financial schedules (Schedules 1 through 4), as listed in the table of contents, are presented for purposes of additional analysis and are not a required part of the general-purpose financial statements of the Statesboro Regional Library. Such information has been subjected to the auditing procedures applied in the audit ofthe general-purpose financial statements and in our opinion such information is fairly stated, in all material respects, in relation to the general-purpose financial statements taken as a whole. \nA copy ofthis report has been filed as a permanent record in the office ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code ofGeorgia Annotated Section 506-24. \nRespectfully submitted, \n~~-3s.. \n \nRWH:as 2001ARL-42 \n \nState Auditor \n \n STATESBORO REGIONAL LIBRARY \n \n STATESBORO REGIONAL LIBRARY COMBINED BALANCE SHEET ALL FUND TYPES JUNE 30, 2001 \n \nASSETS Cash and Cash Equivalents Investments Accounts Receivable \n \nGOVERNMENTAL FUND \n \nSPECIAL \n \nGENERAL \n \nREVENUE \n \nFUND \n \nFUND \n \n$ \n \n239,161.02 \n \n147,187.39 \n \n3,347.32 $ _ __;6=,2=-4=8=.0-=-6 \n \nTotal Assets \n \n$ \n \n389,695.73 $===6='=,2=4=8=.0==6 \n \nLIABILITIES AND FUND EQUITY \nLIABILITIES \nCash Overdraft Accounts Payable Expired Grant Balances Payable Retainages Payable \nTotal Liabilities \nFUND EQUITY \nFund Balances Unreserved Undesignated \nTotal Fund Equity \n \n$ \n \n6,036.75 \n \n$ \n \n4,204.79 \n \n211.31 \n \n155.79 \n \n$ \n \n4,360.58 $ \n \n6,248.06 \n \n$ \n \n385,335.15 $ \n \n$ \n \n385,335.15 $ \n \n0.00 0.00 \n \nTotal Liabilities and Fund Equity \n \n$ \n \n389,695.73 $====6='=,2=4=8=.0=6 \n \nThe notes to the general-purpose financial statements are an integral part of this statement. -2- \n \n EXHIBIT\"A\" \n \nTYPES CAPITAL \nPROJECTS FUND \n \n$ \n \n9,042.12 \n \nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \n \nTOTALS \n \n(Memorandum Only) \n \nJUNE 30 1 2001 \n \nJUNE 30, 2000 \n \n$ \n \n248,203.14 $ \n \n253,739.20 \n \n$ \n \n31,855.61 \n \n179,043.00 \n \n267,044.72 \n \n9,595.38 \n \n11,584.10 \n \n$ \n \n9,042.12 $ \n \n31,855.61 $ \n \n436,841.52 $ =====53=2=,3=6=8.=02= \n \n$ \n \n4 749.14 \n \n$ \n \n4 749.14 \n \n$ \n \n6,036.75 \n \n4,416.10 $ \n \n155.79 \n \n4 749.14 \n \n$ \n \n15,357.78 $ \n \n3,942.22 5,591.89 \n9,534.11 \n \n$ \n \n4,292.98 $ \n \n31,855.61 $ \n \n421,483.74 $ _ _.;.;52=2=,8;,:3;,.;;,3.;.;;.9..1.... \n \n$ \n \n4,292.98 $ \n \n31,855.61 $ \n \n421.483.74 $ _____52\"'--2....._,_8_3__,3..,c.9_1 \n \n$ \n \n9,042.12 $ \n \n31,855.61 $ \n \n436,841.52 $-==53..,2..,,3_6..8....0...2... \n \n-3- \n \n STATESBORO REGIONAL LIBRARY COMBINED STATEMENT OF REVENUES. EXPENDITURES ANO CHANGES IN FUND BALANCES \nALL GOVERNMENTAL FUND TYPES ANO EXPENDABLE TRUST FUND YEAR ENDED JUNE 30. 2001 \n \nREVENUES \nState Funds Federal Funds Local Funds other Funds \nTotal Revenues \nEXPENDITL!RES \nCurrent Public Services Technical Services Support Services Maintenance and Operations lnfonnation Technology \nCapital OuUay \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES {USES) \nOperating Transfers In Operating Transfers Out \nTotal Other Financing Sources (Uses) \nExcess of Revenues and other Financing Sources over (under) Expenditures and Other Financing Uses \nFUND BALANCE JULY 1 \n \nGENERAL FUND \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nCAPITAL \n \nREVENUE \n \nPROJECTS \n \nFUND \n \nFUND \n \n$ 563,489.25 $ \n830,854.33 166,686.49 \n$ 1,561,030.07 $ \n \n6,248.06 $ \n6,248.06 $ \n \n83,051.25 83,051.25 \n \n$ 891,414.21 $ 141,348.36 353,779.59 138,994.29 130,189.13 \n$ 1,655,725.58 $ \n$ -94,695.51 $ \n \n6,248.06 \n \n$ 6,248.06 $ \n0.00 $ \n \n100,057.11 100,057.11 -17,005.86 \n \n$ -94,695.51 $ 480,030.66 \n \n0.00 $ 0.00 \n \n-17,005.86 211298.84 \n \nEL!NP BALANCE JUNE 30 \n \n$ 385,335.15 $ \n \n0.00 $ _ _4,_J2_9_2.,...9,_8 \n \nThe notes to the general-purpose financial statements are an integral part of this statement. -4- \n \n EXHIBIT\"B\" \n \nTOTAL \n \nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \n \nTOTALS {Memorandum Only)- \nYEAR ENDED JUNE 3012001 JUNE 30, 2000 \n \n$ 563,489.25 6,248.06 \n830,854.33 249,737.74 $ \n$ 11650,329.38 $ \n \n$ 101351.20 \n \n563,489.25 $ 6,248.06 \n830,854.33 260,088.94 \n \n537,879.20 14,869.79 \n784,659.93 2591100.22 \n \n10.351.20 $ 1,660,680.58 $ 115961509.14 \n \n$ 897,682.27 $ 141,348.36 353,779.59 138,994.29 130,189.13 100,057.11 \n$ 1,762.030.75 $ \n$ -111,701.37 $ \n \n0.00 $ \n \n897,662.27 $ 141,348.36 353,779.59 138,994.29 130,189.13 100,057.11 \n \n915,826.71 135,952.63 224,128.42 157,440.43 35,248.73 48 757.77 \n \n0.00 $ 10,351.20 $ \n \n1,762,030.75 $ -101,350.17 $ \n \n1,51713.5 4.69 79,154.45 \n \n$ \n \n1,000.00 \n \n-1,000.00 \n \n$ \n \n0.00 \n \n$ -111,701.37 $ 501,329.50 \n \n10,351.20 $ 21,504.41 \n \n-101,350.17 $ 522,833.91 \n \n79,154.45 443,679.46 \n \n31,855.61 $ 421,483.74 $ 522,833.91 \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"C\" \n \nCOMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES \n \nBUDGET AND ACTUAL \n \nGENERAL AND SPECIAL REVENUE FUNDS \n \nYEAR ENDED JUNE 30, 2001 \n \nGENERAL.FUND \n \nBUDGET \n \nACTUAL \n \nREVENUES \nState Funds Federal Funds Local Funds Other Funds \n \n$ 573,942.21 $ 563,489.25 \n \n841,720.00 1961148.08 \n \n830,854.33 166,686.49 \n \nTotal Revenues \n \n$ 11611,810.29 $ 1,561,030.07 \n \nEXPENDITURES \n \nCurrent Public Services Technical Services Support Services Maintenance and Operations lnfonnation Technology \n \n$ 849,640.42 $ 891,414.21 \n \n149,059.55 \n \n141,348.36 \n \n351,997.32 \n \n353,779.59 \n \n137,793.00 \n \n138,994.29 \n \n21.075.00 \n \n130,189.13 \n \nTotal Expenditures \n \n$ 1,509,565.29 $ \\655,725.58 \n \nExcess of Revenues over (under) Expenditures $ 102,245.00 $ -94,615.51 \n \nOTHER FINANCING USES \n \nOther Uses \n \n-102,245.00 \n \nExcess of Revenues over (under) Expenditures \n \nand Other Financing Uses \n \n$ \n \n0.00 $ -94,695.51 \n \nFUND BALANCE JULY 1. 2000 \n \n0.00 \n \n480.030.66 \n \nFUND BALANCE JUNE 30. 2001 \n \ns.....,____o_.o_o s 385,335.15 \n \nSPECIAL REVENUE FUND \n \nBUDGET \n \nACTUAL \n \n$ 29,350.00 $ 6,248.06 $ 29,350.00 $ 6,248.06 \n \n$ 29,350.00 $ 6,248.06 \n \n$ 29,350.00 $ 6,248.06 \n \n$ \n \n0.00 $ \n \n0.00 \n \n$ \n \n0.00 $ \n \n0.00 \n \n0.00 \n \n0.00 \n \n$ \n \no.oo s.....,__o.,..o.o.. \n \nThe notes to the general-purpose financial statements are an integral part of this statement. -6- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2001 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nREPORTING ENTITY \nThe Statesboro Regional Library (Library) operates pursuant to Official Code ofGeorgia Annotated Sections 20-5-40 through 20-5-59 to provide public library services with costs shared by participating local governmental agencies and grants from the State ofGeorgia. With the exception ofthe departure :from generally accepted accounting principles disclosed in these notes, the financial statements of the Library have been prepared in conformity with generally accepted accounting principles as applied to governmental units and unless otherwise disclosed in these notes, the financial statements present all fund types and account groups of the Library. \nThe Library Board consists of ten members; two members appointed :from Bryan County Library Board, two members appointed :from Bulloch County Library Board, two members appointed :from Candler County Library Board, two members appointed from Emanuel County Library Board and two members appointed :from Evans County Library Board. The Library Board is without authority to determine the amount of its funding, except by submission of budget requests to local governmental units :from which the Library receives support and to the State ofGeorgia for State and Federal funding. Membership in the Library and participation in library services is at the discretion of each participating governmental agency. The Library Board has the power to designate management, the power to retain unreserved fund balances of local and other funds for continued operations and is the lowest level of oversight responsibility for the Library's operations. The Statesboro Regional Library is therefore determined to be a joint venture. \nFUND ACCOUNTING \nThe Library uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. \nA fund is a separate accounting entity with a self-balancing set of accounts. \nGeneral Fixed Assets, which includes the Library's inexhaustible collections and books, are recorded as expenditures in the various funds at the time ofpurchase. A General Fixed Assets Account Group is not presently maintained by the Library. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost ofassets acquired by governmental fund types. \nThe general-purpose financial statements account for all State, Federal, Local and Other funds under control of the Library, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds presented in this report are as follows: \n \n-7- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2001 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nGOVERNMENTAL FUND TYPES - used to account for all or most of the Library's general activities. Governmental Fund Types include: \nGENERAL FUND -:- the fund used to account for all financial resources of the Library except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a Library. \nSPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. The primary type ofspecial revenue fund consists ofproceeds received from State and Federal sources to accomplish specific objectives and are required to be accounted for separately. \nCAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. \nFIDUCIARY FUND TYPE - the trust fund used to account for assets held by a government unit in a trustee capacity or as an agent for individuals. This fund.includes: \nEXPENDABLE TRUST FUND - the fund used to account for financial resources to be used for the Deferred Compensation Plan for the employees of the Library. \nBASIS OF ACCOUNTING \nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental and expendable trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities are generally included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. \nLiabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. \nGovernmental and expendable trust funds are accounted for using the modified accrual basis of accounting under which: \n \n- 8- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2001 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nRevenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). \"Measurable\" means the amount of the transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. The Library considers receivables collected within sixty days after year-end to be available and therefore susceptible to accrual. Nonexchange transactions, in which the Library gives (or receives) value without directly receiving (or giving) equal value in exchange, include intergovernmental grants and donations. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \nExpenditures are generally recognized when the related fund liability is incurred. \nBUDGET \nThe Statesboro Regional Library's budget is a complete financial plan for the Library's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level ofbudget control was established by the Library at the aggregate level. The budget for governmental funds was prepared in accordance with generally accepted accounting principles. \nThe budget process begins when the Library's administration prepares a tentative aggregated budget for the Board's approval. After approval ofthis tentative budget by the Board, copies are sent to all local funding agencies. After funding approval is received from all local funding agencies, the Board makes revisions as necessary and adopts the budget. The budget is then submitted to the Board of Regents of the University System of Georgia as a part of the Library's annual application for State aid. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year end. \nCASH AND CASH EQUIVALENTS \nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist of cash on hand and demand deposits in authorized financial institutions. Georgia Laws authorize the Library to deposit its funds in one or more solvent banks or insured Federal savings and loan associations. \nINVESTMENTS \nCOMPOSITION OF INVESTMENTS Investments made by the Library in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized \n-9- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 2001 \n \nNote 2: DEPOSITS AND INVESTMENTS \n \n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations ofthe United States or ofthe State of Georgia, \n \n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities ofthe State of Georgia, \n \n(5) Bonds of any public authority created by the laws ofthe State ofGeorgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \n \n(6) Industrial revenue bonds and bonds ofdevelopment authorities created by the laws ofthe State of Georgia, and \n \n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \n \nCATEGORIZATION OF DEPOSITS At June 30, 2001, the bank balances were $436,474.50. The amounts ofthe total bank balances are classified into three categories of credit risk: \n \nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Library or by the Library's agent in the Library's name. \nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Library's name. \nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Library's name.) \n \nThe Librarys deposits are classified by risk category at June 30, 2001, as follows: \n \nRisk Category \n \nBank Balance \n \n1 \n \n$ 430,639.78 \n \n2 \n \n0.00 \n \n3 \n \n5,834.72 \n \nTotal \n \n$ 436A74.5Q \n \n- 12 - \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2001 \n \nNote 2: DEPOSITS AND INVESTMENTS \n \nCATEGORIZATION OF INVESTMENTS Investments are classified as to risk by the three categories described below: \n \nCategory 1 - Insured or registered, or securities held by the Library or the Library's agent in the Library's name. \nCategory 2 - Uninsured or unregistered, with securities held by the counterparty's trust department or agent in the Library's name. \nCategory 3 - Uninsured or unregistered, with securities held by the counterparty, or by its trust department or agent but not in the Library's name. \n \nAt June 30, 2001, the carrying value of the Library's total investments was $31,897.89. The investments are classified as to risk categories as follows: \n \nType oflnvestment \n \nCorporate Bonds \n \nConnnon Stock \n \n$ \n \nUnclassified \n \nDeferred Compensation Plan Pooled Investments \n \nTotal Investments \n \nRisk Categories \n \n2 \n \n3 \n \nCarrying Amount \n \nFair Value \n \n42.28 $ \n \n0.00 $ \n \n0.00 $ \n \n42.28 $ \n \n42.28 \n \n31,855.61 \n$ 31,897.89 $ \n \n31,855.61 \n3 l.897.89 \n \nNote 3: RISK MANAGEMENT \n \nThe Library is exposed to various risks ofloss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees and natural disaster. \n \nThe Library has obtained commercial insurance for risk ofloss associated with torts, assets, errors or omissions, job related illness or injuries to employees. The Library has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Library's insurance coverage in any of the past three years. \n \nThe Library has obtained commercial insurance for risk of loss associated with flooding for periodicals only. The Library has elected to self-insure for all other losses related to natural disaster. The Library has not experienced any losses related to this risk in the past three years. \n \nThe Library has purchased surety bonds to provide additional insurance coverage as follows: \n \n- 13 - \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO TIIE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 2001 \n \nNote 3: RISK MANAGEMENT \n \nPosition Covered \n \nAmount \n \nAll Employees All Board Members \n \n$ 1,000,000.00 $ 1,000,000.00 \n \nNote 4: CONTINGENT LIABILITIES \n \nAmounts received or receivable principally from the Federal Government are subject to audit and review by grantor agencies. This could result in requests for reimbursements to the grantor agency for any expenditures which are disallowed under grant terms. The Library believes that such disallowances, if any, will be immaterial to its overall financial position. \n \nNote 5: ACCUMULATED EMPLOYEES' LEAVE \n \nThe Library's full-time employees earn vacation leave according to their position and length of service ranging from five to twenty days per calendar year and are allowed to carry over five days of annual leave into the next year with a maximum accumulation of twenty-five days. All unused vacation leave is paid to employees upon retirement or termination of employment at their current rate ofpay. See Note 1- Compensated Absences \n \nNote 6: RETJREMENT PLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \n \nTRS PLAN DESCRIPTION Substantially all librarians and clerical personnel employed by regional and county libraries are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \n \nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Library who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The Library makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 11.29% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \n- 14 - \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2001 \n \nNote 6: RETIREMENT PLANS \nFiscal Year 2001 2000 1999 \n \nPercentage Contributed \n100% 100% 100% \n \nRequired Contribution \n$ 90,663.67 $ 89,589.65 $ 88,364.45 \n \n- 15 - \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2001 \nAGENCY/FUNDING \nGRANTS Board of Regents of the University System of Georgia Office of Public library Services Salaries Travel library Materials Maintenance and Operations \nCONTRACT Community Affairs, Georgia Department of local Assistance Grant \n \nSCHEDULE \"1\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n401,289.69 \n \n5,250.00 \n \n79,194.60 \n \n67,754.96 \n \n10,000.00 \n \n$ ===-5-63..,.,_48_9_.2=5 \n \nSee notes to the general-purpose financial statements. - 16 - \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF FEDERAL REVENUE \nYEAR ENDED JUNE 30, 2001 \nAGENCY/FUNDING GRANT Museum and Library Services, Institute of Through Board of Regents of the University System of Georgia Library Services and Technology Act State Library Program \n \nSCHEDULE \"2\" \nGOVERNMENTAL FUND TYPE SPECIAL REVENUE FUND \n$--=-6_,2_4..,.8..,..06.., \n \nSee notes to the general-purpose financial statements. -17- \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF LOCAL REVENUE \nYEAR ENDED JUNE 30, 2001 \nLOCAL SOURCES Boards of Education Bryan County Bulloch County Candler County City Governments Claxton Metter Statesboro Swainsboro County Governments Boards of Commissioners Bryan Bulloch Candler Emanuel Evans \n \nSCHEDULE \"3\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n2,000.00 \n \n49,440.00 \n \n20,250.00 \n \n664.92 23,450.04 80,100.00 82,212.53 \n \n152,175.04 243,880.08 \n25,050.00 83,987.55 67 644.17 \n \n$ ===-8-30.,...,.8.5. 4_.3=3 \n \nSee notes to the general-purpose financial statements. \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF SALARIES AND TRAVEL \nYEAR ENDED JUNE 30, 2001 \n \nSCHEDULE \"4\" \n \nNAME \n \nAkridge, Anderson, Argoe, Asbell, Avertt, Barker, Bell, Berry, Best, Bishop, Brannen, Breen, Bunch, Buxton, Carmichael, Deloach, Dombrock, Durham, Ethridge, Fay, Glisson, Grant, Gray, Gray, Gunter, Hardy, Harrison, Harrison, Herrington, Hodges, Howard, Hugensmith, Humphries, Hutcheson, Joiner, Kinnion Kramer, Krepel, Kuhnert, Lee, Lewis, Marion, Matuszewski, McCarthy, McDuffie, McKinley, Meadows, Meadows, \n \nAmanda Nancy Amanda Carmeron Audrey Kathryn Tiffany Elaine Tangela John Betty Kathy Mary Ann Linda Charlotte Gretchen Jennifer Leslie Cora Judy Wendy Brande William Gayle Rebecca Lillie Mae Nelsenia David Melinda Anglenette Carolyn Linder Patricia Mary Catherine Judith Johanna Marcia Patricia Sue Juanita Latarsha Mary Evelyn Elaine William Jennifer Sarah \n \nTITLE CATEGORY \n \nSALARIES \n \nStudent Assistant \n \n$ \n \nLibrary Assistant \n \nStudent Assistant \n \nStudent Assistant \n \nLibrary Assistant \n \nLibrary Manager \n \nStudent Assistant \n \nLibrary Assistant \n \nLibrary Assistant \n \nStudent Assistant \n \nLibrary Assistant \n \nLibrary Assistant \n \nLibrary Assistant \n \nLibrary Assistant \n \nLibrary Manager \n \nLibrary Assistant \n \nLibrarian \n \nLibrarian \n \nLibrary Manager \n \nLibrarian \n \nLibrarian \n \nStudent Assistant \n \nStudent Assistant \n \nLibrary Manager \n \nLibrary Assistant \n \nStudent Assistant \n \nLibrary Assistant \n \nStudent Assistant \n \nLibrary Assistant \n \nLibrary Assistant \n \nLibrary Assistant \n \nLibrary Assistant \n \nLibrary Assistant \n \nGenealogy Coordinator \n \nAdministrative Assistant \n \nBookkeeping/Technical Service \n \nLibrary Assistant \n \nLibrary Assistant \n \nLibrary Assistant \n \nBookkeeping Assistant \n \nLibrary Assistant \n \nLibrary Assistant \n \nLibrarian \n \nLibrary Assistant \n \nLiteracy Coordinator \n \nLibrary Assistant \n \nLibrary Assistant \n \nStudent Assistant \n \n169.95 18,158.40 \n1,400.80 516.29 \n1,655.73 20,685.60 $ \n405.56 5,039.83 10,835.24 2,260.85 18,366.40 1,808.29 5,979.49 6,960.00 7,549.76 11,068.04 21,358.16 48,927.36 14,443.56 13,814.49 54,392.80 3,839.76 \n175.10 18,844.02 16,679.52 \n191.84 15,743.60 \n2,631.66 18,366.40 \n2,747.39 18,262.40 20,113.61 19,525.60 32,198.40 19,198.44 19,032.00 \n2,715.83 4,438.23 \n261.19 23,441.61 \n4,881.76 3,305.26 35,132.90 9,858.28 22,484.88 1,569.79 1,001.68 \n892.24 \n \nTRAVEL \n140.56 64.12 \n73.36 44.29 26.88 349.79 1,346.12 144.20 71.12 262.68 \n213.36 \n22.40 \n10.08 61.13 137.76 122.49 31.36 196.86 \n9.80 111.04 \n89.04 676.03 \n \n- 19 - \n \n NAME \nNelson, Nubem, Odom, Palmer, Posley, Rickerson, Riner, Royal, Samer, Shatteen, Smith, Stephens, Stewart, Stitt, Strauser, Sullivan, Taylor, Waters, Weinberger, Whiddon, Williford, Wren, Zimmerman, \n \nVirginia Nancy Nancy Judy Shay Robert Patricia Sandra Linda Larry Fenecia Jessica Diane Megan Nicholas Peter Don Janice Paul Shainia Lora Joan Theresa \n \nSTATESBORO REGIONAL LIBRARY SCHEDULE OF SALARIES AND TRAVEL \nYEAR ENDED JUNE 30, 2001 \n \nSCHEDULE \"4\" \n \nTITLE CATEGORY \nStudent Assistant Library Assistant Library Manager Library Assistant Student Assistant Librarian Library Assistant Bookkeeper Library Assistant Library Assistant Student Assistant Student Assistant Library Assistant Student Assistant Student Assistant Library Director Librarian Librarian Library Manager Library Assistant Library Assistant Library Assistant Library Assistant \n \nSALARIES \n \n$ \n \n1,569.47 \n \n6,289.60 $ \n \n16,103.88 \n \n16,702.40 \n \n538.18 \n \n48,327.36 \n \n5,411.97 \n \n37,377.60 \n \n15,308.76 \n \n1,443.30 \n \n455.78 \n \n870.35 \n \n757.06 \n \n294.84 \n \n1,631.27 \n \n62,292.76 \n \n3,407.83 \n \n38,358.86 \n \n15,039.96 \n \n1,990.88 \n \n2,983.50 \n \n722.26 \n \n31169.89 \n \nTRAVEL 14.00 82.88 \n213.74 \n919.96 225.80 162.68 \n \nTotals per Report \n \n$ 864,377.75 $==-===-5=,=8=23=.=53-= \n \nSee notes to the general-purpose financial statements. \n \n SECTION II FINDINGS AND QUESTIONED COSTS \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2001 \nPRIOR YEAR/CURRENT YEAR \nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Finding Control Number: 6162-93-01 \nThe audit report for the year ended June 30, 2000, noted that the management ofStatesboro Regional Library had chosen not to maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. In the year under review, the Library did not establish a General Fixed Assets Account Group within the formal accounting records. This condition results in the general-purpose financial statements ofthe Library being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the Library to establish accounting controls and procedures to provide for maintenance ofa General Fixed Assets Account Group. These subsidiary records should include an inventory ofland, buildings and equipment owned by the Board and should include, but may not be limited to, date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of all additions and deletions to the General Fixed Assets Account Group. \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b1999-h2000","title":"Statesboro Regional Library, Statesboro, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2000","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Bryan County, 32.01322, -81.44247","United States, Georgia, Bulloch County, 32.39681, -81.74318","United States, Georgia, Candler County, 32.40344, -82.07367","United States, Georgia, Emanuel County, 32.58976, -82.30171","United States, Georgia, Evans County, 32.15676, -81.88688"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2000-06-30"],"dcterms_description":["June 30, 2000-","Title from cover.","Fiscal year ended June 30, 2004."],"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":["Regional libraries--Georgia--Auditing","Regional libraries--Financial statements--Georgia","Statesboro Regional Library"],"dcterms_title":["Statesboro Regional Library, Statesboro, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2000"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b1999-h2000"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b1999-h2000"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"l:/0 \nABDO \n. t21 124(0 \n36 \n\\QQQ-2coo \n \nSTATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS \n \n \no 000000 0 0 \n1776 \nI \nSTATESBORO REGIONAL LIBRARY \nSTATESBORO, GEORGIA REPORT ON AUDIT \nOF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2000 \nRussell W. Hinton state Auditor \n \n \n STATESBORO REGIONAL LIDRARY - TABLE OF CONTENTS- \n \nSECTION I \n \nFINANCIAL \n \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \n \nEXHIDITS \n \nGENERAL PURPOSE FINANCIAL STATEMENTS \n \nCOMBINED STATEMENTS - OVERVIEW \n \nA \n \nCOMBINED BALANCE SHEET \n \nALL FUND TYPES \n \nB \n \nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES \n \nALL GOVERNMENTAL FUND TYPES \n \nAND EXPENDABLE TRUST FUND \n \nC \n \nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES - BUDGET AND ACTUAL \n \nGENERAL AND SPECIAL REVENUE FUNDS \n \nD NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nADDITIONAL FINANCIAL INFORMATION \n \nCOMBINING STATEMENTS \n \nCAPITAL PROJECTS FUND \n \nE \n \nCOMBINING BALANCE SHEET \n \nF \n \nCOMBINING STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES \n \nSCHEDULES \n \nSCHEDULE OF REVENUE \n \n1 \n \nSTATE \n \n2 \n \nFEDERAL \n \n3 \n \nLOCAL \n \n4 SCHEDULE OF SALARIES AND TRAVEL \n \nPage \n2 \n4 6 7 \n16 17 \n18 19 \n20 \n21 \n \nSECTION II FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \n \n SECTION I FINANCIAL \n \n RUSSELL W. HINTON \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \nJuly 17,2001 \n \nHonorable Roy E. Barnes, Governor Members of the General Assembly Members of the Board of Regents of the University System of Georgia \nand Director and Members of the Statesboro Regional Library Board \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \nLadies and Gentlemen: \nWe have audited the accompanying generalpurpose financial statements ofthe Statesboro Regional Library, as of and for the year ended June 30, 2000, as listed in the table of contents. These general purpose financial statements are the responsibility ofthe Statesboro Regional Library's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. \nWe conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. \n. \nAs described in the notes to the general purpose financial statements, the Library's financial statements have been prepared using a certain accounting practice and policy which, in our opinion, varies in some respects from generally accepted accounting principles. This variance is described as follows: \n* The general purpose financial statements ofthe Library did not contain a General Fixed \nAssets Account Group to account for property, equipment and inexhaustible collections and books owned by the Library which should be included to conform to generally accepted accounting principles. \n2000ARL-42A \n \n The aggregate effects on the general purpose financial statements ofthis variance or omission have not been determined, but are believed to be material. \nIn our opinion, except for the effects on the general purpose financial statements of the matter referred to in the third paragraph, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Statesboro Regional Library as of June 30, 2000, and the results of its operations for the year then ended, in conformity with accounting principles generally accepted in the United States of America. \nOur audit was performed for the purpose of forming an opinion on the general purpose financial statements of the Statesboro Regional Library taken as a whole. The accompanying combining statements (Exhibits E and F) and the financial schedules (Schedules 1 through 4), as listed in the table of contents, are presented for purposes of additional analysis and are not a required part ofthe general purpose financial statements ofthe Statesboro Regional Library. Such information has been subjected to the auditing procedures applied in the audit ofthe general purpose financial statements and in our opinion, except for the effects of the matter discussed in the third paragraph, such information is fairly stated, in all material respects, in relation to the general purpose financial statements taken as a whole. \nA copy ofthis report has been filed as a permanent record in the office ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code ofGeorgia Annotated Section 506-24. \nRespectfully submitted, \n \n \nRWH:gp 2000ARL-42A \n \nRus 11 W. Hinton State Auditor \n \n - \nSTATESBORO REGIONAL LIBRARY \n \n STATESBORO REGIONAL LIBRARY COMBINED BALANCE SHEET ALL FUND TYPES \nJUNE 30, 2000 \n \nASSETS Cash and Cash Equivalents Investments Accounts Receivable \n \nGOVERNMENTAL FUND \n \nSPECIAL \n \nGENERAL \n \nREVENUE \n \nFUND \n \nFUND \n \n$ \n \n232,440.36 $ \n \n0.00 \n \n245,540.31 \n \n11,584.10 \n \nTotal Assets \n \n$ \n \n489,564.77 $=====O=.O=.O \n \nLIABILITIES AND FUND EQUITY LIABILITIES \nAccounts Payable Expired Grant Balances Payable \nTotal Liabilities FUND EQUITY \nFund Balances Reserved For State Capital Outlay Projects Unreserved Undesignated Total Fund Equity \nTotal Liabilities and Fund Equity \n \n$ \n \n3,942.22 \n \n5,591.89 \n \n$ _ _--.::9~,5::.::3:::.4.:..:.1...:...1 \n \n$ \n \n480,030.66 $ \n \n$ \n \n480,030.66 $ \n \n-\"-0:.,:.0\"\"-0 -\"-0:.,:.0\"\"-0 \n \n$ \n \n489,564.77 $=.............==0=.0=0 \n \nThe notes to the general purpose financial statements are an integral part of this statement. \n-2- \n \n EXHIBIT \"A\" \n \nTYPES CAPITAL \nPROJECTS FUND \n \nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \n \nTOTALS \n \n(Memorandum OnIYL) \n \n_ \n \nJUNE 30, 2000 \n \nJUNE 30,1999 \n \n$ \n \n21,298.84 \n \n$ \n \n253.739.20 $ \n \n280,940.16 \n \n$ \n \n21,504.41 \n \n267,044.72 \n \n159,820.37 \n \n11 ,584.10 \n \n6,533.34 \n \n$ \n \n21,298.84 $ \n \n21,504.41 $ \n \n532,368.02 $ ===44.;,;7dO,2;;,;;9=3;,;;.8==7 \n \n$ \n \n3,942.22 $ \n \n322.51 \n \n5,591.89 \n \n3,291.90 \n \n$ \n \n9,534.11 $ _ _~3~,6::..:1:.:;:;4.:.::.4...:....1 \n \n$ \n \n48,366.55 \n \n$ \n \n21,298.84 $ \n \n21 ,504.41 $ _ _.::52:.:2:J,;8'::::3~3.:.::9.:..:...1 \n \n395,312.91 \n \n$ \n \n21,298.84 $ \n \n21,504.41 $ \n \n522,833.91 $ _ _...:.44..:.:3~,6::..:7..::::9:...:.4.:::..6 \n \n$ \n \n21,298.84 $ \n \n21,504.41 $ \n \n532,368.02 $ ==;;;44;.:7~,2~9~3~.8;.:..7 \n \n- 3- \n \n STATESBORO REGIONAL LIBRARY COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUND \nYEAR ENDED JUNE 30, 2000 \n \nGENERAL FUND \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nCAPITAL \n \nREVENUE \n \nPROJECTS \n \nFUND \n \nFUND \n \nREVENUES \nState Funds Federal Funds Local Funds Other Funds \nTotal Revenues \nEXPENDITURES \n \n$ 537,879.20 $ \n \n14,869.79 \n \n784,659.93 249,016.19 _ _ _ _ _ $ _ _::..z2,.:::;85~2:.:..::.2:::..4 \n \n$ 1,571,555.32 $ \n \n14,869.79 $ _ _-=2~,8~52=.:.=:.24:.. \n \n \n \nCurrent Public Services Technical Services Support Services Maintenance and Operation Information Technology \nCapital Outlay \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \n \n$ 915,629.52 $ \n \n197.19 \n \n135,952.63 \n \n224,128.42 \n \n157,440.43 \n \n20,576.13 \n \n14,672.60 \n \n_ _ _ _ _ $ _---:;4:,:::8:.z...:7.,~5~7.~77:... \n \n$ 1,453,727.13 $ $ 117,828.19 $ \n \n14,869.79 $ _---:;4:,:::8:.z...:7.,~5~7.~77:... 0.00 $ _-=-4~5~,9~0~5:.:::.5~3 \n \nOTHER FINANCING SOURCES (USES) \nOperating Transfers In Operating Transfers Out \nTotal Other Financing Sources (Uses) \n \n$ _ _:...:-1~,O~0~0:.:::.0~0 $ _ _~-1~,O~0~0~.0.=-0 \n \n$ \n \n1,000.00 \n \n$ _ _~1J.::'O~0.::.:0.~00~ \n \nExcess of Revenues and Other Financing Sources \nover (under) Expenditures and Other Financing Uses $ \nFUND BALANCE JULY 1 \n \n116,828.19 $ 363,202.47 \n \n0.00 $ 0.00 \n \n-44,905.53 66,204.37 \n \nFUND BALANCE JUNE 30 \n \n$ 480,030.66 $ \n \n0.00 $ =~2~1:1:;,2~9~8.~84~ \n \nThe notes to the general purpose financial statements are an integral part of this statement. \n-4- \n \n EXHIBIT \"B\" \n \nTOTAL \n \nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \n \nTOTALS (Memorandum Only,L.)_ _ \nYEAR ENDED JUNE 30, 2000 JUNE 30,1999 \n \n$ 537,879.20 \n \n$ 537,879.20 $ 500,055.27 \n \n14,869.79 \n \n14,869.79 \n \n784,659.93 \n \n784,659.93 \n \n728,734.52 \n \n251 ,868.43 $ _ _7~,2=.::3~1.:.7:..~9 \n \n259,100.22 \n \n190,994.30 \n \n$ 1,589,277.35 $ \n \n7,231.79 $ 1,596,509.14 $ 1,419,784.09 \n \n$ 915,826.71 $ \n135,952.63 224,128.42 157,440.43 \n35,248.73 48,757.77 \n \n$ 1,517,354.69 $ \n \n$ \n \n71,922.66 $ \n \n0.00 $ \n \n915,826.71 $ \n135,952.63 224,128.42 157,440.43 \n35,248.73 48,757.77 \n \n865,095.71 133,020.43 242,739.03 132,821.04 \n22,614.91 180,086.74 \n \n~O~.O~O $ 1,517,354.69 $ 1,576,377.86 \n \n7,231.79 $ \n \n79,154.45 $ -156,593.77 \n \n$ \n \n1,000.00 \n \n-1,000.00 \n \n$ \n \n0.00 \n \n$ \n \n1,000.00 $ \n \n10,957.55 \n \n-1,000.00 \n \n-10,957.55 \n \n$ \n \n0.00 $ \n \n...:::O~.O~O \n \n$ \n \n71,922.66 $ \n \n429,406.84 \n \n7,231.79 $ 14,272.62 \n \n79,154.45 $ 443,679.46 \n \n-156,593.77 600,273.23 \n \n$ 501,329.50 $ \n \n21,504.41 $ 522,833.91 $ 443,679.46 \n \n-5- \n \n STATESBORO REGIONAL LIBRARY COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nBUDGET AND ACTUAL GENERAL AND SPECIAL REVENUE FUNDS \nYEAR ENDED JUNE 30, 2000 \n \nEXHIBIT \"C\" \n \nGENERAL FUND \n \nBUDGET \n \nACTUAL \n \nREVENUES \nState Funds Federal Funds Local Funds Other Funds \nTotal Revenues \n \n$ 538,283.35 $ 537,879.20 \n \n890,575.00 33,485.00 \n \n784,659.93 249,016.19 \n \n$ 1,462,343.35 $ 1,571,555.32 \n \nEXPENDITURES \nCurrent Public Services Technical Services Support Services Maintenance and Operation Information Technology \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \n \n$ 748,973.64 $ 915,629.52 \n \n136,995.82 \n \n135,952.63 \n \n345,164.69 \n \n224,128.42 \n \n117,711.00 \n \n157,440.43 \n \n17,673.20 \n \n20,576.13 \n \n$ 1,366,518.35 $ 1,453,727.13 \n \n$ 95,825.00 $ 117,828.19 \n \nOTHER FINANCING USES \nOther Uses Excess of Revenues over (under) Expenditures \nand Other Financing Uses \nFUND BALANCE JULY 1, 1999 \n \n-95,825.00 \n \n-1,000.00 \n \n$ \n \n0.00 $ 116,828.19 \n \n0.00 \n \n363,202.47 \n \nFUND BALANCE JUNE 30, 2000 \n \n$ ==-=O_.OO~ $ 480,030.66 \n \nSPECIAL REVENUE FUND \n \nBUDGET \n \nACTUAL \n \n$ 16,723.00 $ 14,869.79 $ 16,723.00 $ 14,869.79 \n \n$ \n \n197.19 \n \n$ 16,723.00 \n \n14,672.60 \n \n$ 16,723.00 $ 14,869.79 \n \n$ \n \n0.00 $ \n \n0.00 \n \n$ \n \n0.00 $ \n \n0.00 \n \n0.00 \n \n0.00 \n \n$ \n \n0.00 $ ==....,,;;:O~.O=O \n \nThe notes to the general purpose financial statements are an integral part of this statement. \n-6- \n \n STATESBORO REGIONAL LmRARY \n \nEXHmIT liD\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2000 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nREPORTING ENTITY \nThe Statesboro Regional Library (Library) operates pursuant to Official Code ofGeorgia Annotated Sections 20-5-40 through 20-5-59 to provide public library services with costs shared by participating local governmental agencies and grants from the State ofGeorgia. With the exception ofthe departure from generally accepted accounting principles disclosed in these notes, the financial statements of the Library have been prepared in conformity with generally accepted accounting principles as applied to governmental units and unless otherwise disclosed in these notes, the financial statements present all fund types and account groups of the Library. \nThe Library Board consists of ten members; two members appointed from Bryan County Library Board, two members appointed from Bulloch County Library Board, two members appointed from Candler County Library Board, two members appointed from Emanuel County Library Board and two members appointed from Evans County Library Board. The Library Board is without authority to determine the amount of its funding, except by submission of budget requests to local governmental units from which the Library receives support and to the State ofGeorgia for State and Federal funding. Membership in the Library and participation in library services is at the discretion of each participating governmental agency. The Library Board has the power to designate management, the power to retain unreserved fund balances of local and other funds for continued operations and is the lowest level of oversight responsibility for the Library's operations. The Statesboro Regional Library is therefore determined to be a joint venture. \n \nFUND ACCOUNTING \nThe Library uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. \nA fund is a separate accounting entity with a self-balancing set of accounts. \nGeneral Fixed Assets, which includes the Library's inexhaustible collections and books, are recorded as expenditures in the various funds at the time ofpurchase. A General Fixed Assets Account Group is not presently maintained by the Library. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost ofassets acquired by governmental fund types. \nThe general purpose financial statements account for all State, Federal, Local and Other funds under control of the Library, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: \n \n-7- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2000 \n \nNote I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nGOVERNMENTAL FUND TYPES - used to account for all or most of the Library's general activities. Governmental Fund Types include: \nGENERAL FUND - the fund used to account for all financial resources of the Library except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a Library. \nSPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. The primary type of special revenue fund consists ofproceeds received from State and Federal sources to accomplish specific objectives and are required to be accounted for separately. \nCAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. \nFIDUCIARY FUND TYPE - the trust fund used to account for assets held by a government unit in a trustee capacity or as an agent for individuals. This fund includes: \nEXPENDABLE TRUST FUND ,. the fund used to account for financial resources to be used for the Deferred Compensation Plan for the employees of the Library. \nBASIS OF ACCOUNTING \nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental and expendable trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities are generally included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. \nLiabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. \nGovernmental and expendable trust funds are accounted for using the modified accrual basis of accounting under which: \nRevenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). \"Measurable\" means the amount of the transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities of \n- 8- \n \n STATESBORO REGIONAL LIDRARY NOTES TO THE GENERAL PURPOSE FINA;'~C=~IA\"\"-==L,-\"S,-\",T.:...;A,-,,-T=E=M=E,,,-NT,-,,=S \nJUNE 30, 2000 \n \nEXHIDIT \"D\" \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nthe current period. Those revenues considered susceptible to accrual are intergovernmental grants and investment income. \nExpenditures are generally recognized when the related fund liability is incurred. \nBUDGET \nThe Statesboro Regional Library's budget is a complete financial plan for the Library's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level ofbudget control was established by the Library at the aggregate level. The budget for governmental funds was prepared in accordance with generally accepted accounting principles. \nThe budget process begins when the Library's administration prepares a tentative aggregated budget for the Board's approval. After approval ofthis tentative budget by the Board, copies are sent to all local funding agencies. After funding approval is received from all local funding agencies, the Board makes revisions as necessary and adopts the budget. The budget is then submitted to the Board of Regents of the University System of Georgia as a part of the Library's annual application for State aid. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year end. \nCASH AND CASH EQUIVALENTS \nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits in authorized financial institutions. Georgia Laws authorize the Library to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. \nINVESTMENTS \nCOMPOSITION OF INVESTMENTS Investments made by the Library in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the Library to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \n(1) Obligations issued by the State of Georgia or by other states, \n-9- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2000 \n \nNotel: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n(2) Obligations issued by the United States government, \n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \n(4) Obligations of any corporation of the United States government, \n(5) Prime banker's acceptances, \n(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \n(7) Repurchase agreements, and \n(8) Obligations of other political subdivisions of the State of Georgia. \nRECEIVABLES \nReceivables consist of grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed, allotted funds from participating local governments, and other receivables disclosed from infonnation available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \nCOMPENSATED ABSENCES \nCompensated absences represent obligations ofthe Library relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulating leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the individual funds for the current,portion of this obligation as this amount is deemed immaterial to the general purpose financial statements. . \nAdditionally, the dollar value of accumulated compensated absences at June 30, which will be . payable from future resources has not been recorded in the General Long-Tenn Debt Account Group as this liability is also deemed to be immaterial to the fair presentation ofthese financial statements. \nINTERFUND TRANSACTIONS \nThe Library has the following types of interfund transactions: \n \n-10 - \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2000 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nReimbursements of expenditures initially made from a fund that are properly applicable to another fund are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. \nOperating transfers are recorded for all interfund transactions other than reimbursements. \nMEMORANDUM ONLY - TOTAL COLUMNS \nTotal columns on the general purpose financial statements are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results ofoperations in conformity with generally accepted accounting principles, nor is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data.. \nNote 2: DEPOSITS AND INVESTMENTS \nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum ofmoney which has not been secured by surety bond, by guarantee ofinsurance, or by collateral. The aggregate ofthe face value ofsuch surety bond and the market value ofsecurities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive the requirement for security in the case ofoperating funds placed in demand deposit checking accounts. \nAcceptable security for deposits consists of anyone of or any combination of the following: \n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \n(5) Bonds of any public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \n \n- 11 - \n \n \n STATESBORO REGIONAL LIDRARY \n \nEXHIDIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2000 \n \nNote 2: DEPOSITS AND INVESTMENTS \n \n(6) Industrial revenue bonds and bonds of development authorities created by the laws ofthe State of Georgia, and \n \n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \n \nCATEGORIZAnON OF DEPOSITS At June 30, 2000, the bank balances were $580,581.35. The amounts ofthe total bank balances are classified into three categories of credit risk: \n \nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Library or by the Library's agent in the Library's name. \nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Library's name. \nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Library's name.) \n \nThe Library's deposits are classified by risk category at June 30, 2000, as follows: \n \nRisk Category \n \nBank Balance \n \n1 \n \n$ 550,351.64 \n \n2 \n \n30,229.71 \n \n3 \n \n0.00 \n \nTotal \n \n$ 580.581.35 \n \nCATEGORIZATION OF INVESTMENTS Investments are classified as to risk by the three categories described below: \n \nCategory 1 - Insured or registered, or securities held by the Library or the Library's agent in the Library's name. \nCategory 2 - Uninsured or unregistered, with securities held by the counterparty's trust department or agent in the Library's name. \nCategory 3 - Uninsured or unregistered, with securities held by the counterparty, or by its trust department or agent but not in the Library's name. \n \n- 12 - \n \n STATESBORO REGIONAL LIDRARY \n \nEXHIDIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2000 \n \nNote 2: DEPOSITS AND INVESTMENTS \n \nFunds invested in an investment pool managed by another government are not required to be categorized unless the investing entity owns specific, identifiable investment securities in the pool. \n \n \n. At June 30, 2000, the carrying value of the Library's total investments was $21,532.140 The \ninvestments are classified as to risk categories as follows: \n \nType of Investment \n \nRisk Categories \n \nI \n \n2 \n \n3 \n \nCarrying Amount \n \nFair Value \n \nCorporate Bonds Common Stock \n \n$ \n \n28.00 $ \n \nG.OO $ \n \n0.00 $ \n \n28.00 $ \n \n28.00 \n \nUnclassified \n \nDeferred Compensation Plan Pooled Investments \nTotal Investments \n \n21.504.41 \n \n21,504.4 I \n \n$ 21,532.41 $ 21,532.41 \n \nNote 3: RISK MANAGEMENT \n \nThe Library is exposed to various risks ofloss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees and natural disaster. \n \nThe Library has obtained commercial insurance forrisk ofloss associated with torts, assets, errors or omissions and job related illness or injuries to employees. The Library has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Library's insurance coverage in any of the past three years. \n \nThe Library has obtained commercial insurance for risk ofloss associated with natural disaster for flood coverage limited to periodicals. The Library has elected to self-insure for all other losses related to natural disaster. The Library has not experienced any losses related to this risk in the past \nthree years. \n \nThe Library has purchased surety bonds to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nAll Employees All Board Members \n \n$ 10,000.00 $ 1,000,000,00 \n \n- 13- \n \n STATESBORO REGIONAL LffiRARY \n \nEXHffiIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nruNE 30, 2000 \n \nNote 4: OPERA, TING LEASES \n \nThe Library has committed under a lease for copiers. This lease is considered for accounting purposes to be an operating lease. Lease expenditures for the year ended June 30, 2000, amounted to $2,502.60. Future minimum lease payments for these leases are as follows: \n \nYear Ending \n \nAmount \n \n2001 \n \n$ 1,668.40 \n \nNote 5: SIGNIFICANT COMMITMENTS \n \nThe following is an analysis ofsignificant outstanding construction or renovation contracts executed by the Library as of June 30, 2000: \n \nProject \n \nUnearned Executed Contracts \n \nBryan County Library Expansion/Renovation \n \n$ 100.903.35 \n \nThe amount described in this note is not reflected in the general purpose financial statements. \n \nNote 6: CONTINGENT LIABILITIES \n \nAmounts received or receivable principally from the Federal Government are subject to audit and review by grantor agencies. This could result in requests for reimbursements to the grantor agency for any expenditures which are disallowed under grant terms. The Library believes that such disallowances, if any, will be immaterial to its overall financial position. \n \nNote 7: ACCUMULATED EMPLOYEES' LEAVB \n \nThe Library's full-time employees earn vacation leave according to their position and length of service ranging from five to twenty days per calendar year and are allowed to carry over five days of annual leave into the next year with a maximum accumulation of twenty-five days. All unused vacation leave is paid to employees upon retirement or termination of employment at their current \nrate of pay. See Note 1 - Compensated Absences \n \n- 14 - , \n \n STATESBORO REGIONAL LillRARY \n \nEXHillrr \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2000 \n \nNote 8: RETIREMENT PLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \n \nTRS PLAN DESCRIPTION Substantially all librarians and clerical personnel employed by regional and county libraries are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \n \nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Library who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The Library makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 11.29% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \nFiscal Year \n2000 1999 1998 \n \nPercentage Contributed \n \n100% \n \n100% \n \n \n \n100% \n \nRequired Contribution \n$ 89,589.65 $ 88,364.45 $ 81,457.07 \n \n- 15 - \n \n STATESBORO REGIONAL LIBRARY COMBINING BALANCE SHEET CAPITAL PROJECTS FUND \nJUNE 30, 2000 \n \nEXHIBIT \"E\" \n \nASSETS Cash and Cash Equivalents Investments \n \nREGULAR \n \nGEORGIA STATE FINANCING AND \nINVESTMENT COMMISSION \n \nTOTALS \nJUNE 30, 2000 JUNE 30, 1999 \n \n$ 21,298.84 $ \n \n0.00 $ \n \n21,298.84 $ \n \n51,204.37 \n \n15,000.00 \n \nTotal Assets \n \n$ 21,298.84 $ \n \nFUND EQUITY \nFund Balances Reserved For State Capital Outlay Projects Unreserved Undesignated \n \n$ 21,298.84 $ \n \n0.00 $ \n \n21,298.84 $ =~6~6o.;;,2~04';';\";;;,;37:... \n \n \n$ 0.00 $ _~2:.:.1~,2::=.:98~.84~ \n \n48,366.55 17,837.82 \n \nTotal Fund Equity \n \n$ 21,298.84 $ \n \n0.00 $ _.....;;2;,;,1,298.84 $ _ ....6._6_.2~04.;,;.,;;;;37:... \n \n \n \nSee notes to the general purpose financial statements. \n \n- 16 - . \n \n STATESBORO REGIONAL LIBRARY COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nCAPITAL PROJECTS FUND \nYEAR ENDED JUNE 30, 2000 \n \nEXHIBIT \"F\" \n \nREGULAR \n \nGEORGIA STATE FINANCING AND \nINVESTMENT COMMISSION \n \nTOTALS YEAR ENDED \nJUNE 30, 2000 JUNE 3D, 1999 \n \nREVENUES Other Funds \n \n$ 2,461.02 $ \n \n391.22 $ \n \n2,852.24 $ _ _....::3:.c,3::...:1~.7:::.4~8 \n \nEXPENDITURES \n \nCapital Outlay Land and Land Improvements Building and Building Improvements Equipment \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \n \n$ \n \n0.00 $ \n \n$ \n \n0.00 $ \n \n$ 2,461.02 $ \n \n46,882.04 $ 1,875.73 \n48,757.77 $ -48,366.55 $ \n \n46,882.04 1,875.73 $ \n \n57,046.69 123,040.05 \n \n48,757.77 $ 180,086.74 \n \n-45,905.53 $ -176,769.26 \n \nOTHER FINANCING SOURCES (USES) \nOperating Transfers In Operating Transfers Out \nTotal Other Financing Sources (Uses) \n \n$ 1,000.00 $ 1,000.00 \n \n$ \n \n1,000.00 \n \n_ _ _ _ _ $ _....:-:..!.10~,9~5~7~.55~ \n \n$ \n \n1,000.00 $ _....:-:..!.10~,9~5~7~.5~5 \n \nExcess of Revenues and Other Financing Sources \nover (under) Expenditures and Other Financing Uses $ 3,461.02 $ \n \nFUND BALANCE JULY 1 \n \n17,837.82 \n \n-48,366.55 $ 48,366.55 \n \n-44,905.53 $ -187,726.81 \n \n66,204.37 \n \n253,931.18 \n \nFUND BALANCE JUNE 30 \n \n$ 21,298.84 $ \n \n0.00 $ _....::20.:,1,298.84 $ _-:6;;;;:6:l.:,2;,;;;0.4..;;;;,37,:.\" \n \nSee notes to the general purpose financial statements. \n \n- 17- \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2000 \nAGENCY/FUNDING GRANTS Technical and Adult Education, Georgia Department of Public Libraries Salaries Travel Library Materials Maintenance and Operation \n \nSCHEDULE \"1\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n388,419.20 \n \n7,350.00 \n \n74,355.00 \n \n67,755.00 \n \n$ \n \n537,879.20 \n \n.\" \nSee notes to the general purpose financial statements. - 18- \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF FEDERAL REVENUE \nYEAR ENDED JUNE 30, 2000 \nAGENCY/FUNDING GRANT Museum and Library Services, Institute of Through Georgia Department of Technical and Adult Education Library Services and Technology Act State Library Program \n \nSCHEDULE \"2\" \nGOVERNMENTAL FUND TYPE SPECIAL REVENUE FUND \n$ ===\",;,1~4,;;.;86::;,;;9;,;,7;. ~9 \n \nSee notes to the general purpose financial statements. \n- 19- \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF LOCAL REVENUE YEAR ENDED JUNE 30, 2000 \nLOCAL SOURCES Boards of Education Bryan County Bulloch County Candler County City Governments Claxton Metter Richmond Hill Statesboro Swainsboro County Governments Boards of Commissioners Bryan Bulloch Candler Emanuel Evans \n \nSCHEDULE \"3\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n2,000.00 \n \n44,940.00 \n \n18,834.00 \n \n664.92 22,937.55 \n4,253.04 106,800.00 \n74,124.96 \n \n145,925.00 200,500.92 \n25,050.00 74,874.96 63,754.58 \n \n$ \n \n784,659.93 \n \nSee notes to the general purpose financial statements. - 20- \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF SALARIES AND TRAVEL \nYEAR ENDED JUNE 30, 2000 \n \nSCHEDULE \"4\" \n \nNAME \nAnderson, Argoe, Barker, Beam, Berry, Best, Bragg, Brannen, Bunch, Campbell, Carmichael, DeLoach, Dendy, Dombrock, Durham, Ethriedge, Ely, Glisson, Grant, Greeson, Gunter, Hardy, Harrison, Herrington, Hodges, Howard, Hugensmith, Humphries, Hutcheson, Joiner, Kask, Kinnion, Krepel, Kuhnert, Lee, Lewis, Matuszewski, McCarthy, McDuffie, Nubem, Odom, ONeil, Palmer, Rainey, Rickerson, Riner, \nRoberts, Royal, Samer, Scott, Stephens, Stewart, Sullivan, Waters, Weinberger, Williford, Wynn, \n \nNancy Amanda Kathryn Lindsay Elaine Tangela Alicia Betty Mary Ariel Linda Charlotte Lisa Gretchen Jennifer Leslie Heather Judy Wendy Kimberly Gayle Rebecca Lillie Mae David Melinda Anglenette Carolyn Linder Patricia Mary Catherine Kim Judith Marcia Patricia Sue Juanita Mary Evelyn Elaine Nancy Nancy Glenda Judy Rebecca Robert \nPatricia Lois Sandra Linda Kenneth Jessica Diane Peter Janice Paul Lora Christine \n \nTITLE CATEGORY \nCirculation Assistant Library Assistant Library Manager Library Assistant Library Assistant Circulation Assistant Library Assistant Circulation Assistant Library Assistant Library Assistant Library Manager Library Assistant Librarian Librarian Librarian Library Manager Library Assistant Librarian Shelver Library Assistant Processing Assistant Library Assistant Library Assistant Youth Services Assistant Library Assistant Circulation Assistant Processing Technician Outreach Services Coordinator Genealogy Coordinator Administrative Assistant Library Assistant Acquisitions Coordinator Library Assistant Library Assistant Business Services Assistant Library Assistant Youth Services Librarian Library Assistant Literacy Services Coordinator Library Assistant Library Manager Library Assistant Library Assistant Library Assistant Librarian Assistant Manager Director Business Services Coordinator Library Assistant Computer Technician \nLibrary Assistant Library Assistant Director Library Assistant Library Manager Library Assistant Library Assistant \n \nTotals per Report See notes to the general purpose financial statements. \n \n- 21 - \n \nSALARIES \n \nTRAVEL \n \n$ 17,430.40 \n \n1,013.26 \n \n19,697.58 $ \n \n292.00 \n \n357.93 \n \n4,532.05 \n \n33.25 \n \n17,303.29 \n \n1,975.32 \n \n14.25 \n \n17,638.40 \n \n6,655.04 \n \n12.50 \n \n2,296.91 \n \n24,065.64 \n \n9,191.03 \n \n27.25 \n \n18,471.32 \n \n313.63 \n \n39,748.14 \n \n2,043.26 \n \n46,082.54 \n \n2,151.02 \n \n13,759.20 \n \n123.50 \n \n546.01 \n \n52,726.84 \n \n311.50 \n \n4,622.14 \n \n646.33 \n \n17,784.00 \n \n660.02 \n \n12,391.61 \n \n17,638.40 \n \n1,983.67 \n \n17,534.40 \n \n19,302.40 \n \n18,757.44 \n \n30,992.04 \n \n10.00 \n \n18,408.00 \n \n99.00 \n \n361.20 \n \n19.00 \n \n18,262.40 \n \n99.00 \n \n3,981.30 \n \n448.87 \n \n22,526.41 \n \n215.00 \n \n3,798.26 \n \n15.95 \n \n44,157.96 \n \n26.00 \n \n9,416.24 \n \n45.00 \n \n21,590.40 \n \n1,060.77 \n \n2,536.40 \n \n12.50 \n \n14,491.92 \n \n85.50 \n \n4,088.25 \n \n15,494.40 \n \n10,100.63 \n \n3.75 \n \n45,482.54 \n \n179.50 \n \n17,243.22 \n \n45,385.06 \n \n1,531.34 \n \n35,984.04 \n \n179.55 \n \n14,649.18 \n \n28.50 \n \n2,007.50 \n \n105.58 \n \n216.30 \n \n15,241.78 \n \n348.23 \n \n18,567.49 \n \n121.50 \n \n14,322.60 \n \n171.25 \n \n1,559.53 \n \n15.00 \n \n425.60 \n \n$ 836,656.41 $ 9,588.50 \n \n  \nSECTIONll FINDINGS AND QUESTIONED COSTS \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2000 \nP~ORYE~CURRENTYEAR \nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Finding Control Number: 6162-93-01 \nThe audit report for the year ended June 30, 1999, noted that the management of the Statesboro Regional Library had chosen not to maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. In the year under review, the Library did not establish a General Fixed Assets Account Group within the formal accounting records. This condition results in the general purpose financial statements ofthe Library being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the Library to establish accounting controls and procedures to provide for maintenance ofa General Fixed Assets Account Group. These subsidiary records should include an inventory ofland, buildings, equipment and inexhaustible collections and books owned by the Library and should include, but may not be limited to, date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of all additions and deletions to the General Fixed Assets Account Group. \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b1998-h99","title":"Audit report, Statesboro Regional Library, Statesboro, Georgia, year ended June 30, 1999","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Bryan County, 32.01322, -81.44247","United States, Georgia, Bulloch County, 32.39681, -81.74318","United States, Georgia, Candler County, 32.40344, -82.07367","United States, Georgia, Emanuel County, 32.58976, -82.30171","United States, Georgia, Evans County, 32.15676, -81.88688"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["1999-06-30"],"dcterms_description":["June 30, 2000-","Title from cover.","Fiscal year ended June 30, 2004."],"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":["Regional libraries--Georgia--Auditing","Regional libraries--Financial statements--Georgia","Statesboro Regional Library"],"dcterms_title":["Audit report, Statesboro Regional Library, Statesboro, Georgia, year ended June 30, 1999"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b1998-h99"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b1998-h99"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"l1f~ \n.~ gOo \nRI \n4~ \ng \n9qS~(19 \n \nAUDIT REPORT \n \nSTATESBORO REGIONAL LffiRARY I \nSTATESBORO,GEORGlA \n1,1 \n \nl \n \n~ ---,--__ YEAR ENDED JUNE 30,1999 \n \nSTATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS \n254 WASHINGTON STREET \nATLANTA, GEORGIA 30334-8400 \n \n STATESBORO REGIONAL LIBRARY - TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \n \nEXHIBITS \n \nGENERAL PURPOSE FINANCIAL STATEMENTS \n \nCOMBINED STATEMENTS -OVERVIEW \n \nA \n \nCOMBINED BALANCE SHEET \n \nALL FUND TYPES \n \n2 \n \nB \n \nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES \n \nALL GOVERNMENTAL FUND TYPES \n \nAND EXPENDABLE TRUST FUND \n \n4 \n \nC \n \nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES - BUDGET AND ACTUAL \n \nGENERAL AND SPECIAL REVENUE FUNDS \n \n6 \n \nD NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \n7 \n \nADDmONAL FINANCIAL INFORMATION \n \nCOMBINING STATEMENTS \n \nCAPITAL PROJECTS FUND \n \nE \n \nCOMBINING BALANCE SHEET \n \n16 \n \nF \n \nCOMBINING STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES \n \n17 \n \nSCHEDULES \n \nSCHEDULE OF REVENUE \n \n1 \n \nSTATE \n \n18 \n \n2 \n \nLOCAL \n \n19 \n \n3 SCHEDULE OF SALARIES AND TRAVEL \n \n20 \n \nSECTION II FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \n \n SECTION I FINANCIAL \n \n RUSSELL W. HINTON \nSTATE AUDITOR (404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.W.. Suite 214 Atlanta, Georgia 30334-8400 \nJune 28, 2000 \n \nHonorable Roy E. Barnes, Governor Members of the General Assembly Members of the Board of Regents of the University System of Georgia \nand Director and Members of the Statesboro Regional Library Board \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMEl\\TTARY INFORMATION \nLadies and Gentlemen: \nWe have audited the accompanying general purpose financial statements of the Statesboro Regional Library, as of and for the year ended June 30, 1999, as listed in the table of contents. These general purpose financial statements are the responsibility of the Statesboro Regional Library's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. \nWe conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose 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 opinion. \nAs described in the notes to the general purpose financial statements, the Library's financial statements have been prepared using a certain accounting practice and policy which, in our opinion, varies in some respects from generally accepted accounting principles. This variance is described as follows: \n* The general purpose financial statements of the Library did not contain a General Fixed Assets \nAccount Group to account for property, equipment and inexhaustible collections and books owned by the Library which should be included to conform to generally accepted accounting principles. \nThe aggregate effects on the general purpose financial statements ofthis variance or omission have not been determined, but are believed to be material. \n99ARL-42A \n \n In our opinion, except for the effects on the general purpose financial statements of the matter referred to in the third paragraph, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Statesboro Regional Library as of June 30, 1999, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles. \nOur audit was performed for the purpose of forming an opinion on the general purpose financial statements of the Statesboro Regional Library taken as a whole. The accompanying combining statements (Exhibits E and F) and the financial schedules (Schedules 1 through 3), as listed in the table of contents, are presented for purposes of additional analysis and are not a required part of the general purpose financial statements. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and in our opinion, except for the effects of the matter discussed in the third paragraph, such information is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. \nA copy of this report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated Section 50-6-24. \n \nRWH:jb 99ARL-42A \n \nssell W. Hinton State Auditor \n \n STATESBORO REGIONAL LIDRARY \n \n STATESBORO REGIONAL LIBRARY COMBINED BALANCE SHEET ALL FUND TYPES JUNE 3D, 1999 \n \nASSETS Cash and Cash Equivalents Investments Accounts Receivable \n \nGOVERNMENTAL FUND \n \nSPECIAL \n \nGENERAL \n \nREVENUE \n \nFUND \n \nFUND \n \n$ \n \n229,735.79 $ \n \n0.00 \n \n130,547.75 \n \n6,533.34 \n \nTotal Assets \nLIABILITIES AND FUND EQUITY LIABILITIES \nAccounts Payable Expired Grant Balances Payable \nTotal Liabilities FUND EQUITY \nFund Balances Reserved For Continuation of Federal Programs For State Capital Outlay Projects Unreserved Undesignated Total Fund Equity \nTotal Liabilities and Fund Equity \n \n$ \n \n366,816.88 $ ======0=.0:=0 \n \n$ \n \n322.51 \n \n3,291.90 \n \n$ \n \n3,614.41 \n \n$ \n \n363,202.47 $ \n \n0.00 \n \n$ \n \n363,202.47 $ \n \n0.00 \n \n$ \n \n366,816.88 $ =======0=00==0 \n \nThe notes to the general purpose financial statements are an integral part of this statement. -2- \n \n EXHIBIT \"A\" \n \nTYPES CAPITAL \nPROJECTS FUND \n \nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \n \nTOTALS \n \n(Memorandum Only) \n \nJUNE 30, 1999 \n \nJUNE 30,1998 \n \n$ \n \n51,204.37 \n \n$ \n \n280,940.16 $ \n \n483,831.43 \n \n15,000.00 $ \n \n14,272.62 \n \n159,820.37 \n \n127,594.35 \n \n6,533.34 \n \n29,635.93 \n \n$ \n \n66,204.37 $ \n \n14,272.62 $ \n \n447,293.87 $ ===64=1~,O=6,,;,,1.=7=1 \n \n$ \n \n322.51 $ \n \n40,499.40 \n \n3,291.90 \n \n289.08 \n \n$ \n \n3,614.41 $ \n \n4. .:. ;0\", -,7;. .; ;8. : . 8.:. .;,4. ; . .8 \n \n$ \n \n48,366.55 \n \n$ \n \n92.90 \n \n$ \n \n48,366.55 \n \n236,975.10 \n \n17,837.82 $ _ _---:..14,;..c,2:::.;7-=2;.;;.6=..2 \n \n395,312.91 \n \n363,205.23 \n \n$ \n \n66,204.37 $ \n \n14,272.62 $ \n \n443,679.46 $ _ _.:.60.:.:0\"\",2;;.;.7.:.3.=2.;..3 \n \n$ \n \n66,204.37 $ \n \n14,272.62 $ \n \n447,293.87 $ ==,,;;6,,;,,41~,0;;,;6=1=.7==1 \n \n-3- \n \n STATESBORO REGIONAL LIBRARY COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES \nALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUND YEAR ENDED JUNE 30.1999 \n \nREVENUES \nState Funds Federal Funds Local Funds Other Funds \nTotal Revenues \nEXPENDITURES \nCurrent Public Services Technical Services Circulation Support Services Maintenance and Operation Information Technology \nCapital Outlay \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES (USES) \nOperating Transfers In Operating Transfers Out \nTotal Other Financing Sources (Uses) \nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \nFUND BALANCE JULY 1 \n \nGENERAL FUND \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL REVENUE \n \nCAPITAL PROJECTS \n \nFUND \n \nFUND \n \n$ 500,055.27 $ \n728,734.52 180,846.40 \n$ 1,409,636.19 $ \n \n0.00 \n$ 0.00 $ \n \n3.317.48 3,317.48 \n \n$ 865,095.71 \n133.020.43 \n242.646.13 $ \n132,821.04 22,614.91 \n \n$ 1,396,198.22 $ \n \n$ \n \n13,437.97 $ \n \n92.90 \n$ 180.086.74 92.90 $ 180,086.74 -92.90 $ -176,769.26 \n \n$ \n \n10,957.55 \n \n$ \n \n10,957.55 \n \n$ \n \n24,395.52 $ \n \n338,806.95 \n \n$ -10.957.55 $ -10,957.55 \n \n-92.90 $ -187,726.81 \n \n92.90 \n \n253,931.18 \n \nFUND BALANCE JUNE 30 \n \n$ 363,202.47 $ \n \n0.00 $ ====6=6,=20=4=.3==7 \n \nThe notes to the general purpose financial statements are an integral part of this statement. -4- \n \n EXHISIT \"S\" \n \nTOTAL \n \nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \n \nTOTALS (Memorandum Only) \nYEAR ENDED JUNE 30,1999 JUNE 30, 1998 \n \n$ 500,055.27 \n728,734.52 \n184,163.88 $ \n$ 1,412,953.67 $ \n \n$ \n6,830.42 \n \n500,055.27 $ \n728,734.52 190,994.30 \n \n1,200,549.24 19,100.00 \n697,766.59 170,464.70 \n \n6,830.42 $ 1,419,784.09_ $ 2,087,880.53 \n \n$ 865,095.71 $ \n133,020.43 \n242,739.03 132,821.04 \n22,614.91 180,086.74 \n$ 1,576,377.86 $ \n$ -163,424.19 $ \n \n0.00 $ \n \n865,095.71 $ \n133,020.43 \n242,739.03 132,821.04 \n22,614.91 180,086.74 \n \n635,635.17 120,314.96 187,438.55 342,296.92 152,276.59 \n1,014,382.43 \n \n0.00 $ 1,576,377.86 $ 2,452,344.62 \n \n6,830.42 $ -156,593.77 $ -364,464.09 \n \n$ \n \n10,957.55 \n \n-10,957.55 \n \n$ \n \n0.00 \n \n$ -163,424.19 $ \n592,831.03 \n \n$ \n \n10,957.55 \n \n-10,957.55 \n \n$ \n \n0.00 \n \n6,830.42 $ \n7,442.20 \n \n-156,593.77 $ -364,464.09 \n \n600,273.23 \n \n964,737.32 \n \n$ 429,406.84 $ \n \n14,272.62 $ 443,679.46 $ 600,273.23 \n \n-5- \n \n STATESBORO REGIONAL LIBRARY COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nBUDGET AND ACTUAL GENERAL AND SPECIAL REVENUE FUNDS \nYEAR ENDED JUNE 30, 1999 \n \nEXHIBIT \"C\" \n \nGENERAL FUND \n \nBUDGET \n \nACTUAL \n \nREVENUES \n \nState Funds Federal Funds Local Funds Other Funds \n \n$ 513,195.35 $ 500,055.27 \n \n842,016.03 26,454.00 \n \n728,734.52 180,846.40 \n \nTotal Revenues \n \n$ 1,381,665.38 $ 1,409,636.19 \n \nEXPENDITURES \n \nCurrent Public Services Technical Services Support Services Maintenance and Operation Information Technology \n \n$ 808,362.10 $ 865,095.71 \n \n131,161.23 \n \n133,020.43 \n \n228,777.05 \n \n242,646.13 \n \n124,875.00 \n \n132,821.04 \n \n7,490.00 \n \n22,614.91 \n \nTotal Expenditures \n \n$ 1,300,665.38 $ 1,396,198.22 \n \nExcess of Revenues over (under) Expenditures \n \n$ 81,000.00 $ 13,437.97 \n \nOTHER FINANCING SOURCES (USES) \n \nOther Sources Other Uses \n \n$ 10,957.55 $ -81,000.00 \n \nTotal Other Financing Sources (Uses) \n \n$ -81,000.00 $ 10,957.55 \n \nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses $ \n \n0.00 $ 24,395.52 \n \nFUND BALANCE JUNE 30,1998 \n \n0.00 \n \n338,806.95 \n \nFUND BALANCE JUNE 30, 1999 \n \n$====0=.0,;,,0 $ 363,202.47 \n \nSPECIAL REVENUE FUND \n \nBUDGET \n \nACTUAL \n \n$ 16,723.00 $ \n \n0.00 \n \n$ 16,723.00 $ \n \n0.00 \n \n$ \n \n$ 16,723.00 \n \n$ 16,723.00 $ \n \n$ \n \n0.00 $ \n \n92.90 \n92.90 -92.90 \n \n$ \n \n0.00 $ \n \n-92.90 \n \n0.00 \n \n92.90 \n \n$ \n \n0.00 $====0='0=0 \n \nThe notes to the general purpose financial statements are an integral part of this statement. -6- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT liD\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30,1999 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nREPORTING ENTITY \nThe Statesboro Regional Library (Library) operates pursuant to Official Code of Georgia Annotated Sections 20-5-40 through 20-5-59 to provide public library services with costs shared by participating local governmental agencies and grants from the State of Georgia. With the exception of the departure from generally accepted accounting principles disclosed in these notes, the financial statements of the Library have been prepared in conformity with generally accepted accounting principles as applied to governmental units and unless otherwise disclosed in these notes, the financial statements present all fund types and account groups ofthe Library. \nThe Library Board consists of ten members; two members appointed from Bryan County Library Board, two members appointed from Bulloch County Library Board, two members appointed from Candler County Library Board, two members appointed from Emanuel County Library Board and two members appointed from Evans County Library Board. The Library Board is without authority to detennine the amount of its funding, except by submission ofbudget requests to local governmental units from which the Library receives support and to the State of Georgia for State and Federal funding. Membership in the Library and participation in library services is at the discretion of each participating governmental agency. The Library Board has the power to designate management, the power to retain unreserved fund balances of local and other funds for continued operations and is the lowest level of oversight responsibility for the Library's operations. The Statesboro Regional Library is therefore detennined to be a joint venture. \nFUND ACCOUNTING \nThe Library uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. \nA fund is a separate accounting entity with a self-balancing set of accounts. \nGeneral Fixed Assets, which includes the Library's inexhaustible collections and books, are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the Library. To confonn to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. \nThe general purpose financial statements account for all State, Local and Other funds under control of the Library, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds presented in this report are as follows: \nGOVERNMENTAL FUND TYPES - used to account for all or most of the Library's general activities. Governmental Fund Types include: \n-7- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30,1999 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nGENERAL FUND - the fund used to account for all financial resources of the Library except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a Library. \nSPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. The primary type of special revenue fund consists of proceeds received from State sources to accomplish specific objectives and are required to be accounted for separately. \nCAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. \nFIDUCIARY FUND TYPE - the trust fund used to account for assets held by a government unit in a trustee capacity or as an agent for individuals. This fund includes: \nEXPENDABLE TRUST FUND - the fund used to account for financial resources to be used for the Deferred Compensation Plan for the employees of the Library. \nBASIS OF ACCOUNTING \nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental and expendable trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities are generally included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. \nLiabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. \nGovernmental and expendable trust funds are accounted for using the modified accrual basis of accounting under which: \nRevenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). \"Measurable\" means the amount ofthe transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities ofthe current period. Those revenues considered susceptible to accrual are intergovernmental grants and investment income. \nExpenditures are generally recognized when the related fund liability is incurred. \n \n-8- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 3D. 1999 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nBUDGET \nThe Statesboro Regional Library's budget is a complete financial plan for the Library's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level of budget control was established by the Library at the aggregate level. The budget for governmental funds was prepared in accordance with generally accepted accounting principles. \nThe budget process begins when the Library's administration prepares a tentative aggregated budget for the Board's approval. After approval of this tentative budget by the Board, copies are sent to all local funding agencies. After funding approval is received from all local funding agencies, the Board makes revisions as necessary and adopts the budget. The budget is then submitted to the Board of Regents of the University System of Georgia as a part of the Library's annual application for State aid. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year end. \nCASH AND CASH EQUIVALENTS \nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits in authorized financ,ial institutions. Georgia Laws authorize the Library to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. \nINVESTMENTS \nCOMPOSITION OF INVESTMENTS Investments made by the Library in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the Library to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \n(1) Obligations issued by the State of Georgia or by other states, \n(2) Obligations issued by the United States government, \n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \n-9- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 1999 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n(4) Obligations of any corporation of the United States government, \n(5) Prime banker's acceptances, \n(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \n(7) Repurchase agreements, and \n(8) Obligations of other political subdivisions of the State of Georgia. \niffiCEIVABLES \nReceivables consist of grant reimbursements due on State or other grants for expenditures made but not reimbursed, allotted funds from participating local governments, and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \nCOMPENSATED ABSENCES \nCompensated absences represent obligations of the Library relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulating leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the individual funds for the current portion of this obligation as this amount is deemed immaterial to the general purpose financial statements. \nAdditionally, the dollar value of accumulated compensated absences at June 30, which will be payable from future resources has not been recorded in the General Long-Term Debt Account Group as this liability is also deemed to be immaterial to the fair presentation of these financial statements. \nINTERFUND TRANSACTIONS \nThe Library has the following types of interfund transactions: \nReimbursements of expenditures initially made from a fund that are properly applicable to another fund are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. \nOperating transfers are recorded for all interfund transactions other than reimbursements. \n \n-10 - \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30.1999 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nMEMORANDUM ONLY - TOTAL COLUMNS \nTotal columns on the general purpose financial statements are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles, nor is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation ofthis data. \nNote 2: DEPOSITS AND INVESTMENTS \nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts. \nAcceptable security for deposits consists of anyone of or any combination of the following: \n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \n(5) Bonds of any public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home \n \n- 11 - \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 1999 \n \nNote 2: DEPOSITS AND INVESTMENTS \n \nLoan Bank, the Federal Intennediate Credit Bank, the Central Bank for Cooperatives, the Fann Credit Banks, the Federal Horne Loan Mortgage Association, and the Federal National Mortgage Association. \n \nCATEGORIZATION OF DEPOSITS At June 30, 1999, the bank balances were $509,453.17. The amounts ofthe total bank balances are classified into three categories of credit risk: \n \nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Library or by the Library's agent in the Library's name. \nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Library's name. \nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Library's name.) \n \nThe Library's deposits are classified by risk category at June 30, 1999, as follows: \n \nRisk Category \n \nBank Balance \n \n1 \n \n$ 497,985.50 \n \n2 \n \n11,467.67 \n \n3 \n \n0.00 \n \nTotal \n \n$ 509.453.17 \n \nCATEGORIZATION OF INVESTMENTS Investments are classified as to risk by the three categories described below: \n \nCategory 1 - Insured or registered, or securities held by the Library or the Library's agent in the Library's name. \nCategory 2 - Uninsured or unregistered, with securities held by the counterparty's trust department or agent in the Library's name. \nCategory 3 - Uninsured or unregistered, with securities held by the counterparty, or by its trust department or agent but not in the Library's name. \n \nFunds invested in an investment pool managed by another government are not required to be categorized unless the investing entity owns specific, identifiable investment securities in the pool. \n \nAt June 30, 1999, the carrying value of the Library's total investments was $14,329.75. The investments are classified as to risk categories as follows: \n \n- 12- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT liD\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1999 \n \nNote 2: DEPOSITS AND INVESTMENTS \n \nType of Investment \n \nCorporate Bonds \n \nCommon Stock \n \n$ \n \nUnclassified \n \nDeferred Compensation Plan Pooled Investments \n \nTotal Investments \n \nRisk Categories \n \n2 \n \n3 \n \nCarrying Amount \n \nFair Value \n \n57.13 $ \n \n0.00 $ \n \n0.00 $ \n \n57.13 $ \n \n57.13 \n \n14.272.62 \n \n14,272.62 \n \n$ 14,329.75 $ 14,329.75 \n \nNote 3: RISK MANAGEMENT \n \nThe Library is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees and natural disaster, \nor The Library has obtained commercial insurance for risk loss associated with torts, assets, errors or \nomissions and job related illness or injuries to employees. The Library has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Library's insurance coverage in any of the past three years. \n \nThe Library has elected to self-insure for all losses related to natural disaster. The Library has not experienced any losses related to this risk in the past three years. \n \nThe Library has purchased surety bonds to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nAll Employees All Board Members \n \n$ 10,000.00 $ 1,000,000.00 \n \nNote 4: OPERATING LEASES \n \nThe Library has committed under a lease for copiers. This lease is considered for accounting purposes to be an operating lease. Lease expenditures for the year ended June 30, 1999, amounted to $2,502.60. Future minimum lease payments for this lease are as follows: \n \n- 13- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1999 \n \nNote 4: OPERATING LEASES \n \nYear Ending \n \nAmount \n \n2000 2001 \n \n$ 2,502.60 1,668.40 \n \nTotal \n \n$ 4,171.00 \n \nNote 5: SIGNIFICANT COMMITMENTS \n \nThe following is an analysis of significant outstanding construction or renovation contracts executed by the Library as of June 30, 1999: \n \nProject \n \nUnearned Executed Contracts \n \nBryan County Library Expansion/Renovation \n \n$ 548.480.00 \n \nThe amount described in this note is not reflected in the general purpose financial statements. \n \nNote 6: ACCUMULATED EMPLOYEES' LEAVE \n \nThe Library's full-time employees earn vacation leave according to their position and length of service ranging from five to twenty days per calendar year and are allowed to carry over five days of annual leave into the next year with a maximum accumulation oftwenty-five days. All unused vacation leave is paid to employees upon retirement or termination of employment at their current rate of pay. See Note 1 - Compensated Absences \n \nNote 7: RETIREMENT PLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \n \nTRS PLAN DESCRIPTION Substantially all librarians and clerical personnel employed by regional and county libraries are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \n \nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Library who are covered by TRS are required by State statute to contribute 5% oftheir gross earnings to TRS. The Library makes monthly employer contributions to TRS at rates adopted by the TRS \n \n- 14- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 1999 \n \nNote 7: RETIREMENT PLANS \n \nBoard of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 11.95% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \nFiscal Year \n \nPercentage Contributed \n \nRequired Contribution \n \n1999 1998 1997 \n \n100% 100% 100% \n \n$ 88,364.45 $ 81,457.07 $ 77,089.39 \n \n- 15 - \n \n STATESBORO REGIONAL LIBRARY COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30,1999 \n \nEXHIBIT\"E\" \n \nASSETS Cash and Cash Equivalents Investments \n \nREGULAR \n \nGEORGIA STATE FINANCING AND \nINVESTMENT COMMISSION \n \nTOTALS JUNE 30, 1999 JUNE 30,1998 \n \n$ \n \n2,837.82 $ \n \n48,366.55 $ \n \n51,204.37 $ 239,385.26 \n \n15,000.00 \n \n15,000.00 \n \n15,000.00 \n \nTotal Assets \n \n$ \n \n17,837.82 $ \n \n48,366.55 $ \n \n66,204.37 $ ======25=4=,3=8=5.=26== \n \nLIABILITIES AND FUND EQUITY \n \nLIABILITIES \n \nAccounts Payable \n \nFUND EQUITY \n \nFund Balances Reserved For State Capital Outlay Projects Unreserved Undesignated \n \n$ $ _ _1.:..:.7.r,:;,8:.::3.:.:7..:::;82=- \n \nTotal Fund Equity \n \n$ \n \n17,837.82 $ \n \n$ _ _----'4\"\"\"54..:..:.=08~ \n \n48,366.55 $ 0.00 \n48,366.55 $ \n \n48,366.55 $ 236,975.10 \n \n17,837.82 \n \n16,956.08 \n \n66,204.37 $ _ _2=5=3=,9\"\",,3..:..:1...;.;18~ \n \nTotal Liabilities and Fund Equity $ \n \n17,837.82 $ \n \n48,366.55 $ \n \n66,204.37 $ ===2=54=,=38=5=.2=6= \n \nSee notes to the general purpose financial statements. \n \n- 16- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"F\" \n \nCOMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \n \nCAPITAL PROJECTS FUND \n \nYEAR ENDED JUNE 30,1999 \n \nREVENUES \nState Funds Other Funds \nTotal Revenues \nEXPENDITURES \nCapital Outlay Building and Building Improvements Equipment \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING USES \nOperating Transfers Out \nExcess of Revenues over (under) Expenditures and Other Financing Uses \nFUND BALANCE JULY 1 \n \nREGULAR \n \nGEORGIA STATE FINANCING AND \nINVESTMENT COMMISSION \n \nTOTALS YEAR ENDED JUNE 30,1999 JUNE 30, 1998 \n \n$ \n \n881.74 $ \n \n$ \n \n881.74 $ \n \n2,435.74 $ 2,435.74 $ \n \n$ 593,412.00 \n \n3,317.48 \n \n16,788.66 \n \n3,317.48 $ 610,200.66 \n \n$ \n \n0.00 $ \n \n57,046.69 $ 57,046.69 $ 507,867.26 \n \n123,040.05 \n \n123,040.05 \n \n488,181.84 \n \n$ \n \n0.00 $ \n \n180,086.74 $ 180,086.74 $ 996,049.10 \n \n$ \n \n881.74 $ \n \n-177,651.00 $ -176,769.26 $ -385,848.44 \n \n-10,957.55 \n \n-10,957.55 \n \n$ \n \n881.74 $ \n \n-188,608.55 $ -187,726.81 $ -385,848.44 \n \n16,956.08 \n \n236,975.10 \n \n253,931.18 \n \n639,779.62 \n \nFUND BALANCE JUNE 30 \n \n$ 17,837.82 $ \n \n48,366.55 $ 66,204.37 $ 253,931.18 \n \nSee notes to the general purpose financial statements. \n \n-17 - \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30,1999 \nAGENCY/FUNDING \nGRANTS Technical and Adult Education, Georgia Department of Public Libraries Salaries Travel Library Materials Maintenance and Operation \nCONTRACT Technical and Adult Education, Georgia Department of Governor's Reading Initiative \nOTHER Technical and Adult Education, Georgia Department of Reimbursement for SAMSON Wiring Reimbursement for Cable Installation \n \nSCHEDULE \"1\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n349,969.64 \n \n7,277.63 \n \n72,932.00 \n \n66,332.00 \n \n1,650.00 \n \n294.00 1,600.00 \n \n$ ====5=00~,=05=5=.2==7 \n \nSee notes to the general purpose financial statements. - 18 - \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF LOCAL REVENUE YEAR ENDED JUNE 30, 1999 \nLOCAL SOURCES Boards of Education Bryan County Bulloch County Candler County City Governments Claxton Metter Pembroke Richmond Hill Statesboro Swainsboro County Governments Boards of Commissioners Bryan Bulloch Candler Emanuel Evans \n \nSCHEDULE \"2\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n1,500.00 \n \n42,800.00 \n \n16,800.00 \n \n665.04 21,100.00 \n2,500.00 8,506.08 127,155.00 69,749.94 \n \n117,637.00 165,525.00 \n22,999.80 70,333.28 61,463.38 \n \n$ ===~7~28~',;,,;73;;,,;4~.5~2 \n \nSee notes to the general purpose financial statements. - 19 - \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF SALARIES AND TRAVEL \nYEAR ENDED JUNE 30. 1999 \n \nSCHEDULE \"3\" \n \nNAME \n \nTITLE CATEGORY \n \nAnderson, Barker, Beam, Best, Brannen, Bunch, Carmichael, DeLoach, Dendy, Dombrock, Durham, Ely, Glass, Glisson, Goldstein, Grant, Gunter, Hardy, Harrison, Herrington, Howard, Hugensmith, Humphries, Hutcheson, Joiner, Kinnion, Kuhnert, Lee, Lewis, Martinez, Massey, Matuszewski, McCarthy, McDuffie, McLean, Odom, O'Neil, Palmer, Puente, Rainey, Rickerson, Riner, Roberts, Royal, \n \nNancy \nKathryn . \nLindsay Tangela Betty Mary Linda Charlotte Lisa Gretchen Jennifer Heather Robyh Judy Andrew Wenoy Gayle Rebecca Lillie Mae David Anglenette Carolyn Linder Patricia Mary Catherine Judith Patricia Sue Juanita Eugenio Leslie Mary Evelyn Elaine Katherine Nancy Glenda Judy Ophelia Rebecca Robert Patricia Lois Sandra \n \nCirculation Assistant Library Manager Library Assistant Circulation Assistant Circulation Assistant Library Assistant Library Manager Library Assistant Librarian Librarian Librarian Library Assistant Library Assistant Librarian Computer Technician Shelver Processing Assistant Library Assistant Library Assistant Youth Services Assistant Circulation Assistant Processing Technician Outreach Services Coordinator Genealogy Coordinator Administrative Assistant Acquisitions Coordinator Library Assistant Business Services Assistant Library Assistant Library Assistant Library Manager Youth Services Librarian Library Assistant Literacy Services Coordinator Youth Services Librarian Library Manager Library Assistant Library Assistant Shelver Library Assistant Librarian Assistant Manager Library Director Business Services Coordinator \n \nSee notes to the general purpose financial statements. \n \n- 20- \n \nSALARIES \n \n$ \n \n16,857.28 $ \n \n18,761.58 \n \n3,146.65 \n \n16,813.20 \n \n17,069.28 \n \n5,910.07 \n \n22,807.20 \n \n7,797.37 \n \n23,290.00 \n \n36,712.40 \n \n43,999.60 \n \n1,073.63 \n \n41.20 \n \n50,544.10 \n \n250.00 \n \n964.35 \n \n16,782.48 \n \n1,461.97 \n \n11,698.02 \n \n17,069.28 \n \n16,963.28 \n \n18,699.46 \n \n18,158.00 \n \n28,724.76 \n \n17,513.64 \n \n17,661.76 \n \n782.25 \n \n21,813.61 \n \n4,699.23 \n \n4,820.76 \n \n11,769.39 \n \n33,691.40 \n \n7,306.50 \n \n18,030.36 \n \n4,562.58 \n \n13,798.68 \n \n1,730.41 \n \n12,265.55 \n \n2,881.24 \n \n12,715.20 \n \n43,599.60 \n \n16,902.72 \n \n57,444.10 \n \n33,488.04 \n \nTRAVEL 12.00 \n281.75 \n12.25 708.65 306.50 1,256.50 \n134.50 \n45.75 \n6.50 17.82 30.25 145.75 66.50 59.50 405.31 65.60 95.50 32.75 \n36.75 323.75 2,683.88 \n \n NAME \nSamer, Scott, Stewart, Waters, Weinberger, Williford, Wynn, \n \nLinda Kenneth Connie Janice Paul Lora Christine \n \nTotals per Report \n \nSTATESBORO REGIONAL LIBRARY SCHEDULE OF SALARIES AND TRAVEL \nYEAR ENDED JUNE 30,1999 \n \nSCHEDULE \"3\" \n \nTITLE CATEGORY \nLibrary Assistant Computer Technician Library Manager Library Assistant Library Manager Library Assistant Library Assistant \n \nSALARIES \n \n$ \n \n9,929.51 \n \n3,042.50 \n \n4,954.25 \n \n1,062.36 \n \n13,688.94 $ \n \n1,742.70 \n \n5,580.59 \n \nTRAVEL \n306.00 309.75 \n \n$ \n \n773,073.03 $ ===7:1,=34=3=.5:=1= \n \nSee notes to the general purpose financial statements. \n \n- 21 - \n \n SECTIONll FINDINGS AND QUESTIONED COSTS \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30. 1999 \nPRIOR YEAR/CURRENT YEAR \nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Finding Control Number: 6162-93-01 \nThe audit report for the year ended June 30, 1998, noted that the management of the Statesboro Regional Library had chosen not to maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. In the year under review, the Library did not establish a General Fixed Assets Account Group within the formal accounting records. This condition results in the general purpose financial statements of the Library being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the Library to establish accounting controls and procedures to provide for maintenance ofa General Fixed Assets Account Group. These subsidiary records should include an inventory of land, buildings, equipment and inexhaustible collections and books owned by the Library and should include, but may not be limited to, date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of all additions and deletions to the General Fixed Assets Account Group. \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b1997-h98","title":"Audit report, Statesboro Regional Library, Statesboro, Georgia, year ended June 30, 1998","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Bryan County, 32.01322, -81.44247","United States, Georgia, Bulloch County, 32.39681, -81.74318","United States, Georgia, Candler County, 32.40344, -82.07367","United States, Georgia, Emanuel County, 32.58976, -82.30171","United States, Georgia, Evans County, 32.15676, -81.88688"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["1998-06-30"],"dcterms_description":["June 30, 2000-","Title from cover.","Fiscal year ended June 30, 2004."],"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":["Regional libraries--Georgia--Auditing","Regional libraries--Financial statements--Georgia","Statesboro Regional Library"],"dcterms_title":["Audit report, Statesboro Regional Library, Statesboro, Georgia, year ended June 30, 1998"],"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-br46-bs8-b1997-h98"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-br46-bs8-b1997-h98"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"AUDIT REPORT STATESBORO REGIONAL LIBRARY \nSTATESBORO, GEORGIA YEAR ENDED JUNE 30, 1998 \n \n STATESBORO REGIONAL LIBRARY - TABLE OF CONfENIS - \n \nSECTION I \n \nFINANCIAL \n \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \n \nEXHIBITS \n \nGENERAL PURPOSE FINANCIAL STATEMENTS \n \nCOMBINED STATEMENTS - OVERVIEW \n \nA \n \nCOMBINED BALANCE SHEET \n \nALL FUND TYPES \n \n2 \n \nB \n \nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES \n \nALL GOVERNMENTAL FUND TYPES \n \nAND EXPENDABLE TRUST FUND \n \n4 \n \nC \n \nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES - BUDGET AND AcruAL \n \nGENERAL AND SPECIAL REVENUE FUNDS \n \n7 \n \nD NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \n8 \n \nADDmONAL FINANCIAL INFORMATION \n \nCOMBINING STATEMENTS \n \nCAPITAL PROJECTS FUND \n \nE \n \nCOMBINING BALANCE SHEET \n \n16 \n \nF \n \nCOMBINING STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES \n \n17 \n \nSCHEDULES \n \n1 SCHEDULE OF REQUIRED SUPPLEMENTARY INFORMATION \n \n18 \n \nSCHEDULE OF REVENUE \n \n2 \n \nSTATE \n \n19 \n \n3 \n \nFEDERAL \n \n20 \n \n4 \n \nLOCAL \n \n21 \n \n5 SCHEDULE OF SALARIES AND IRAVEL \n \n22 \n \nSECTIONn FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \n \n SECTION I FINANCIAL \n \n RUSSELL W. HINTON \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND A'CCOUNTS \n254 Washington Street, S.w.. Suite 214 Atlanta, Georgia 30334-8400 \nAugust 13, 1999 \n \nHonorable Roy E. Barnes, Governor Members ofthe General Assembly Members ofthe State Board ofTechnical and Adult Education \nand Director and Members ofthe Statesboro Regional Library Board \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \nLadies and Gentlemen: \nWe have audited the accompanying general pmpose financial statements ofthe Statesboro Regional Library, as of and for the year ended June 30, 1998, as listed in the table of contents. These general purpose financial statements are the responsibility ofthe Statesboro Regional Library's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. \nWe conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose 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 opinion. \nAs described in the notes to the general pmpose financial statements, the Library's financial statements have \nbeen prepared using a certain accounting practice and policy which, in our opinion, varies in some respects from generally accepted accounting principles. This variance is described as follows: \n* The general purpose financial statements of the Library did not contain a General Fixed Assets \nAccount Group to account for property, equipment and inexhaustible collections and books owned by the Library which should be included to conform to generally accepted accounting principles. \nThe aggregate effects on the general purpose financial statements of this variance or omission have not been determined, but are believed to be material. \n \n98ARL-42A \n \n In our opinion, except for the effects on the general purpose financial statements of the matters referred to in the third paragraph, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Statesboro Regional Library as of June 30, 1998, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles. \nThe year 2000 supplementary information on Schedule \"1\" is not a required part of the basic financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods ofmeasurement and presentation ofthe supplementary information. However we did not audit the information and do not express an opinion on it fu addition, we do not provide assurance that Statesboro Regional Library is or will become year 2000 compliant, that the Library's year 2000 remediation efforts will be successful in whole or in part, or that parties with which Statesboro Regional Library does business are or will become year 2000 compliant. \nOur audit was performed for the purpose of forming an opinion on the general purpose financial statements ofthe Statesboro Regional Library taken as a whole. The accompanying combining statements (Exhibits E and F) and the financial schedules (Schedules 2 through 5), as listed in the table of contents, are presented for purposes of additional analysis and are not a required part of the general purpose financial statements. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and in our opinion is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. \nA copy of this report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated Section 50-6-24. \nRespectfully submitted, \nt.U.~ \nRussell W. Hinton State Auditor \nRWH:jb 98ARL-42A \n \n STATESBORO REGIONAL LmRARY \n \n STATESBORO REGIONAL LIBRARY COMBINED BALANCE SHEET ALL FUND TYPES JUNE 30, 1998 \n \nASSETS Cash and Cash Equivalents Investments Accounts Receivable \nTotal Assets \nLIABILITIES AND FUND EQUITY LIABILITIES \nAccounts Payable Expired Grant Balances Payable Contracts Payable Retainages Payable \nTotal Liabilities FUND EQUITY \nFund Balances Reserved For Continuation of Federal Program For State Capital Outlay Projects Unreserved Undesignated Total Fund Equity \nTotal Liabilities and Fund EqUity \n \nGOVERNMENTAL FUND \n \nSPECIAL \n \nGENERAL \n \nREVENUE \n \nFUND \n \nFUND \n \n$ \n \n244,353.27 $ \n \n92,90 \n \n105,152.15 \n \n29,635,93 \n \n$ \n \n379,141.35 $ \n \n9.29..0.. \n \n$ \n \n40,045.32 \n \n289.08 \n \n$ \n \n40,334.40 \n \n$ \n \n$ \n \n338,806.95 \n \n$ \n \n338,806,95 $ \n \n$ \n \n379,141.35 $ \n \n92.90 0.00 \n92.90 \n....;9.2;;,;.9.;.0 \n \nThe notes to the general purpose financial statements are an integral part of this statement. -2- \n \n EXHIBIT \"A\" \n \nTYPES CAPITAL \nPROJECTS FUND \n \nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \n \nTOTALS (Memorandum Only) JUNE 30,1998 JUNE 30,1997 \n \n$ \n \n239,385.26 \n \n$ \n \n483,831.43 $ 1,087,286.51 \n \n15,000.00 $ \n \n7,442.20 \n \n127,594.35 \n \n642.91 \n \n29,635.93 \n \n6,390.86 \n \n$ \n \n254,385.26 $ \n \n7,442.20 $ \n \n641,061.71 $ 1,094,320.28' \n \n$ \n \n454.08 \n \n$ \n \n454.08 \n \n$ \n \n40,499.40 $ \n \n28,650.32 \n \n289.08 \n \n625.64 \n \n68,802.00 \n \n31,505.00 \n \n$ \n \n40,788.48 $ \n \n129,582.96 \n \n$ \n \n236,975.10 \n \n16,956.08 $ \n \n$ \n \n253,931.18 $ \n \n$ \n \n254,385.26 $ \n \n$ \n..;.7~,44.:.:2::.;:.2;.;;.0 \n7,442.20 $ \n \n92.90 $ 236,975.10 \n363,205.23 \n600,273.23 $ \n \n15,421.00 623,732.65 \n325,583.67 \n964,737.32 \n \n7,442.20 $ \n \n641,061.71 $ 1,094,320.28 \n \n-3- \n \n STATESBORO REGIONAL LIBRARY COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUND YEAR ENDED JUNE 30, 1998 \n \nREVENUES \nState Funds Federal Funds Local Funds Other Funds \nTotal Revenues \nEXPENDITURES \nCurrent Program Services Technical Services Circulation Administration Maintenance and Operations \nCapital Outlay \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES (USES) \nOperating Transfers In Operating Transfers Out \nTotal Other Financing Sources (Uses) \nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \nFUND BALANCE JULY 1 \n \nGENERAL FUND \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nCAPITAL \n \nREVENUE \n \nPROJECTS \n \nFUND \n \nFUND \n \n$ 607,137,24 $ \n697,766.59 146,876.75 \n$ 1,451,780.58 $ \n \n$ 19,100,00 \n19,100,00 $ \n \n593,412.00 \n16,788.66 610,200.66 \n \n$ 607,114.17 $ 120,314.96 187,438,55 336,389.82 152,276.59 18,333.33 \n$ 1,421 ,867.42 $ \n$ 29,913.16 $ \n \n28,521.00 \n5,907.10 $ \n34,428.10 $ -15,328.10 $ \n \n996,049.10 996,049.10 -385,848.44 \n \n$ 29,913.16 $ -15,328.10 $ -385,848,44 \n \n308,893.79 \n \n15,421.00 \n \n639,779.62 \n \nFUND BALANCE JUNE 30 \n \n$ 338,806.95 $ \n \n92.90 $ 253,931.18 \n \nThe notes to the general purpose financial statements are an integral part of this statement. -4- \n \n EXHIBIT \"B\" \n \nTOTAL \n \nFIDUCIARY FUND TYPE EXPENDABLE TRUST FUND \n \nTOTALS (Memorandum Only) \nYEAR ENDED JUNE 30,1998 JUNE 30,1997 \n \n$ 1,200,549.24 19,100.00 \n697,766.59 163,665.41 $ \n$ 2,081,081.24 $ \n \n$ 6,799.29 \n \n1,200,549.24 $ 19,100.00 \n697,766.59 170,464.70 \n \n867,385.05 22,000.00 \n1,025,117.08 \n \n6,799.29 $ 2,087,880.53 $ 1,914,502.13 \n \n$ 635,635.17 $ 120,314.96 187,438.55 342,296.92 152,276.59 \n1,014,382.43 \n$ 2,452,344.62 $ \n$ -371,263.38 $ \n \n0.00 $ \n \n635,635.17 $ 120,314.96 187,438.55 342,296.92 152,276.59 1,014,382.43 \n \n460,669.08 106,466.87 216,472.78 281,897.06 127,413.39 1,370,351.89 \n \n0.00 $ 2,452,344.62 $ 2,563,271.07 \n \n6,799.29 $ -364,464.09 $ -648,768.94 \n \n$ -371,263.38 $ 964,094.41 \n \n$ \n \n2,100.00 \n \n-2,100.00 \n \n$ \n \n0.00 \n \n6,799.29 $ -364,464.09 $ -648,768.94 \n \n642.91 \n \n964,737.32 \n \n1,612,863.35 \n \n$ 592,831.03 $ \n \n7,442.20 $ 600,273.23 $ 964,094.41 \n \n-5- \n \n  STATESBORO REGIONAL LIBRARY COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nBUDGET AND ACTUAL GENERAL AND SPECIAL REVENUE FUNDS \nYEAR ENDED JUNE 30, 1998 \n \nEXHIBITC\" \n \nGENERAL FUND \n \nBUDGET \n \nACTUAL \n \nREVENUES \n \nState Funds Federal Funds Local Funds Other Funds \n \n$ 478,407,31 $ 607,137,24 \n \n716,647,00 \n \n697,766.59 146,876.75 . \n \nTotal Revenues \n \n$ 1,195,054.31 $ 1,451,780.58 \n \nEXPENDITURES \n \nCurrent Program Services Technical Services Circulation Administration Maintenance and Operations Facilities Acquisition and Construction \n \n$ 460,155,22 $ 607,114,17 \n \n120,654,38 \n \n120,314,96 \n \n176,198,09 \n \n187,438,55 \n \n295,138,48 \n \n336,389,82 \n \n142,908,14 \n \n152,276.59 \n \n18,333,33 \n \nTotal Expenditures \n \n$ 1,195,054.31 $ 1,421 ,867.42 \n \nExcess of Revenues over (under) Expenditures \n \n$ \n \n0,00 $ 29,913.16 \n \nOTHER FINANCING SOURCES (USES) \n \nOther Sources Other Uses \n \n$ 182,200,00 -182,200,00 \n \nTotal Other Financing Sources (Uses) \n \n$ \n \n0,00 \n \nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses $ \n \n0,00 $ 29,913.16 \n \nFUND BALANCE JULY 1, 1997 \n \n308,893,79 \n \n308,893.79 \n \nSPECIAL REVENUE FUND \n \nBUDGET \n \nACTUAL \n \n$ 13,100.00 $ 19,100.00 $ 13,100,00 $ 19,100,00 \n \n$ 13,100.00 $ 28,521.00 5,907,10 \n \n$ 13,100.00 $ 34,428,10 \n \n$ \n \n0,00 $ -15,328.10 \n \n$ \n \n0,00 $ -15,328,10 \n \n15,421.00 \n \n15,421,00 \n \nFUND BALANCE JUNE 30,1998 \n \n$ 308,893,79 $ 338,806,95 \n \n$ 15,421,00 $ \n \n9.2.,-.9.0. \n \nThe notes to the general purpose financial statements are an integral part of this statement. -7- \n \n STATESBORO REGIONAL LmRARY \n \nEXHIBIT \"0\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30.1998 \n \nNote 1: SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES \nREPORTING ENTITY \nThe Statesboro Regional Library (Library) operates pursuant to Official Code ofGeorgia Annotated Sections 20-5-40 through 20-5-59 to provide public library services with costs shared by participating local governmental agencies and grants from the State of Georgia. With the exception of the departure from generally accepted accounting principles disclosed in these notes, the financial statements ofthe Library have been prepared in conformity with generally accepted accounting principles as applied to governmental units and unless otherwise disclosed in these notes, the financial statements present all fund types and account groups of the Library. \nThe Library Board consists often members; two members appointed from Bryan County Library Board, two members appointed from Bulloch County Library Board, two members appointed from Candler County Library Board, two members appointed from Emanuel County Library Board and two members appointed from Evans County Library Board. The Library Board is without authority to determine the 'amount of its funding, except by submission ofbudget requests to local governmental units from which the Library receives support and to the State ofGeorgia for State and Federal funding. Membership in the Library and participation in library services is at the discretion ofeach participating governmental agency. The Library Board has the power to designate management, the power to retain unreserved fund balances of local and other funds for continued operations and is the lowest level of oversight responsibility for the Library's operations. The Statesboro Regional Library is therefore determined to be a joint venture. \nFUND ACCOUNTING \nThe Library uses funds to report on its financial position and the results ofits operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. \nA fund is a separate accounting entity with a self-balancing set ofaccounts. \nGeneral Fixed Assets, which includes the Library's inexhaustible collections and books, are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the Library. To confonn to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost ofassets acquired by governmental fund types. \nThe general purpose financial statements account for all State, Federal, Local and Other funds under control ofthe Library, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds presented in this report are as follows: \nGOVERNMENTAL FUND TYPES - used to account for all or most of the Library's general activities. Governmental Fund Types include: \n-8- \n \n STATESBORO REGIONAL LmRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nruNE 30.1998 \n \nNote 1: SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES \n \nGENERAL FUND - the fund used to account for all financial resources of the Library except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a Library. \n \nSPECIAL REVENUE FUND - the fund used to account for the proceeds ofspecific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. The primary type of special revenue fund consists of proceeds received from State and Federal sources to accomplish specific objectives and are required to be accounted for separately. \n \nCAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. \n \nFIDUCIARY FUND TYPE - the trust fund used to account for assets held by a government unit in a trustee \n \ncapacity or as an agent for individuals. This fund includes: \n \n.- \n \nEXPENDABLE TRUST FUND - the fund used to account for financial resources to be used for the Deferred Compensation Plan for the employees of the Library. \n \nBASIS OF ACCOUNTING \n \nThe accounting and financial reporting treatment applied to a fund is detennined by its measurement focus. All governmental and expendable trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities are generally included on the balance sheet. Operating statements ofthese funds present increases (Le., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. \n \nLiabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. \n \nGovernmental and expendable trust funds are accounted for using the modified accrual basis of accounting under which: \n \nRevenues are recognized when susceptible to accrual (Le., when they become both measurable and available). \"Measurable\" means the amount ofthe transaction can be determlned and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities ofthe current period. Those revenues considered susceptible to accrual are intergovernmental grants and investment income. \n \nExpenditures are generally recognized when the related fund liability is incurred. \n \n-9- \n \n STATESBORO REGIONAL LffiRARY \n \nEXHIBIT \"0\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 1998 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nBUDGET \nThe Statesboro Regional Library's budget is a complete financial plan for the Library's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure ofthe budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level of budget control was established by the Library at the aggregate level. The budget for governmental funds was prepared in accordance with generally accepted accounting principles. \nThe budget process begins when the Library's administration prepares a tentative aggregated budget for the Board's approval. After approval of this tentative budget by the Board, copies are sent to all local funding agencies. After funding approval is received from all local funding agencies, the Boardmakes revisions as necessary and adopts the budget. The budget is then submitted to the Department of Technical and Adult Education as a part ofthe Library's annual application for State aid. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year end. \nCASH AND CASH EQUIVALENTS \nCOMPOSmON OF DEPOSITS Cash and cash equivalents consist of deposits in authorized financial institutions. Georgia Laws authorize the Library to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. \nINVESTMENTS \nCOMPOSmON OF INVESTMENTS Investments made by the Library in nonparticipating interest-earning contracts (such as certificates ofdeposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. Participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the Library to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \n(1) Obligations issued by the State of Georgia or by other states, \n(2) Obligations issued by the United States government, \n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \n-10 - \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"0\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30.1998 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n(4) Obligations of any corporation of the United States government, \n(5) Prime banker's acceptances, \n(6) The Local Government fuvestment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \n(7) Repurchase agreements, and \n(8) Obligations of other political subdivisions of the State of Georgia. \nRECEIYABLES \nReceivables consist of grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed, allotted funds from participating local governments, and other receivables disclosed from infonnation available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \nCOMPENSATED ABSENCES \nCompensated absences represent obligations of the Library relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulating leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the individual funds for the current portion of this obligation as this amount is deemed immaterial to the general purpose financial statements. \nAdditionally, the dollar value ofaccumulated compensated absences at June 30, which will be payable from future resources has not been recorded in the General Long-Term Debt Account Group as this liability is also deemed to be immaterial to the fair presentation of these financial statements. \nINTERFUND TRANSACTIONS \nThe Library has the following types of interfund transactions: \nReimbursements of expenditures initially made from a fund that are properly applicable to another fund are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. \n \n- 11 - \n \n STATESBORO REGIONAL LmRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 1998 \n \nNote 1: SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES \nMEMORANDUM ONLY - TOTAL COLUMNS \nTotal columns on the general purpose financial statements are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in confonnity with generally accepted accounting principles, nor is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. Certain reclassifications have been made to the comparative data to conform to the current year classifications. \nNote 2: DEPOSITS AND INVESTMENTS \nCOLLAIERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee ofinsurance, or by collateral. The aggregate of the face value of such surety bond and the market value ofsecurities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount of deposit insurance. OCGA Section 45-8-11 provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating funds placed in demand deposit checking accounts. \nAcceptable security for deposits consists of anyone ofor any combination ofthe following: \n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n(3) Bonds, bills, notes, certificates ofindebtedness or other direct obligations of the United States or of the State of Georgia, \n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \n(5) Bonds ofany public authority created by the laws ofthe State ofGeorgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \n(6) fudustrial revenue bonds and bonds ofdevelopment authorities created by the laws of the State of Georgia, and \n(7) Bonds, bills, notes, certificates ofindebtedness, or other obligations ofa subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Bank, the Federal \n- 12- \n \n STATESBORO REGIONAL LffiRARY \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nruNE 30.1998 \n \nNote 2: DEPOSITS AND INVESTMENTS \n \nHome Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \n \nCATEGORIZATION OF DEPOSITS At June 30, 1998, the bank balances were $685,447.50. The amounts ofthe total bank balances are classified into three categories of credit risk: \n \nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Library or by the Library's agent in the Library's name. \nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Library's name. \nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the Library's name.) \n \nThe Library's deposits are classified by risk category at June 30, 1998, as follows: \n \nRisk CatcwnY \n \nBank Balance \n \n1 \n \n$ 568,672.34 \n \n2 \n \n84,552.53 \n \n3 \n \n32.222.63 \n \nTotal \n \n$ 685.447.50 \n \nCATEGORIZATION OF INVESTMENTS At June 30, 1998, the fair value of the Library's total investments was $7,442.20 and this entire amount is categorized as Unclassified - Deferred Compensation Plan pooled investments. \n \nNote 3: RISK MANAGEMENT \n \nThe Library is exposed to various risks ofloss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees ~d natural disaster. \n \nThe Library has obtained commercial insurance for risk of loss associated with torts, assets, errors or omissions and job related illness or injuries to employees. The Library has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Library's insurance coverage in any of the past three years. \n \nThe Library has elected to self-insure for all losses related to natural \u003cJ}.saster. The Library has not experienced any losses related to this risk in the past three years. \n \n- 13- \n \n STATESBORO REGIONAL LIBRARY \n \nEXHIBIT \"0\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 1998 \n \nNote 3: RISK MANAGEMENT \n \nThe Library has purchased surety bonds to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nAll Employees All Board Members \nNote 4: OPERATING LEASES \n \n$ 10,000.00 $ 1,000,000.00 \n \nThe Library has committed under various leases for copiers. These leases are considered for accounting pwposes to be operating leases. Lease expenditures for the year ended June 30, 1998, amounted to $8,752.46. Future minimum lease payments for these leases are as follows: \n \n1999 2000 2001 \nTotal \nNote 5: SIGNIFICANT COMMITMENTS \n \nAmount \n$ 2,502.60 2,502.60 1.668.40 \n$ 6,673.60 \n \nThe following is an analysis ofsignificant outstanding construction or renovation contracts executed by the Library as of June 30, 1998: \n \nProiet Bryan County Library Expansion/Renovation \n \nUnearned Executed Contracts \n \nThe amount described in this note is not reflected in the general pwpose financial statements. Note 6: CONTINGENT LIABILITIES \n \nAmounts received or receivable principally from the Federal government are subject to audit and review by \n \ngrantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures . \n \nwhich are disallowed under grant terms. The Library believes that such disallowances, if any, will be \n \nimmaterial to its overall financial position. \n \n. \n \n- 14- \n \n STATESBORO REGIONAL LffiRARY \n \nEXHIBIT \"0\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 1998 \n \nNote 7: ACCUMULATED EMPlOYEES' LEAVE \n \nThe Library's full-time employees eam vacation leave according to their position and length ofservice ranging from five to twenty days per calendar year and are allowed to carry over five days ofannual leave into the next year with a maximum accumulation oftwenty-five days. All unused vacation leave is paid to employees upon retirement or termination ofemployment at their current rate of pay. See Note 1 - Compensated Absences \n \nNote 8: RETIREMENT PLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \n \nIRS PLAN DESCRIPTION Substantially all librarians and clerical personnel employed by regional and county libraries are covered by the Teachers Retirement System ofGeorgia (IRS), which is a cost-sharing multiple employer defined benefit pension plan. IRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \n \nIRS CONIRmUTIONS REQUIRED AND MADE Employees ofthe Library who are covered by IRS are required by State statute to contribute 5% oftheir gross earnings to IRS. The Library makes monthly employer contributions to IRS at rates adopted by the IRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 11.81% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \nFiscal Year \n \nPercentage Contributed \n \nRequired Contribution \n \n1998 1997 1996 \n \n100% 100% 100% \n \n$ 81,457.07 $ 77,089.39 $ 76,463.92 \n \n- 15 - \n \n ASSETS cash and Cash Equivalents Investments \nTotal Assets \n \nSTATESBORO REGIONAL LIBRARY COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30.1998 \n \nEXHIBIT-E- \n \nREGULAR \n \nGEORGIA STATE FINANCING AND \nINVESTMENT COMMISSION \n \nTOTALS \n \nJUNE 30,1998 \n \nJUNE 30,1997 \n \n$ \n \n1.956.08 $ \n \n237.429.18 $ \n \n239.385.26 $ \n \n764,498.51 \n \n15.000.00 \n \n15,000.00 \n \n$ \n \n16.956.08 $ \n \n237,429.18 $ \n \n254,385.26 $ _ _.:.;7.6.4.,.4_9~8.~5_1 \n \nTotal Liabilities and Fund Equity \n \n$ \n \n16,956.08 $ \n \n237,429.18 $ \n \n254,385.26 $ _ _~764~,4~9;:;:,8.~5.:..1 \n \nSee notes to the general purpose financial statements. \n \n-16- \n \n STATESBORO REGIONAL LIBRARY COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES \nCAPITAL PROJECTS FUND YEAR ENDED JUNE 30, 1998 \n \nEXHIBITP \n \nREVENUES \nState Funds Other Funds \nTotal Revenues \nEXPENDITURES \ncapital Outlay Building and Building Improvements Equipment \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES \nOperating Transfers In \nExcess of Revenues and Other Financing Sources over (under) Expenditures \nFUND BALANCE JULY 1 \n \nREGULAR \n \nGEORGIA STATE FINANCING AND \nINVESTMENT COMMISSION \n \nTOTALS YEAR ENDED JUNE 30,1998 JUNE 30,1997 \n \n$ \n \n593,412.00 $ \n \n593,412,00 $ 423,181.00 \n \n$ \n \n909.11 \n \n15,879.55 \n \n16,788,66 \n \n246,868,51 \n \n$ \n \n909,11 $ \n \n609,291,55 $ \n \n610,200.66 $ 670,049.51 \n \n$ \n \n0,00 $ \n \n507,867,26 $ \n \n507,867,26 $ 1,370,351.89 \n \n488,181,84 \n \n488,181,84 \n \n$ \n \n0.00 $ \n \n996,049.10 $ 996,049,10 $ 1,370,351.89 \n \n$ \n \n909.11 $ -386,757.55 $ -385,848,44 $ -700,302.38 \n \n$ \n \n2,100.00 \n \n$ \n \n909.11 $ -386,757.55 $ -385,848.44 $ -698,202.38 \n \n16,046,97 \n \n623,732,65 \n \n639,n9.62 \n \n1,337,982.00 \n \nFUND BALANCE JUNE 30 \n \n$ 16,956.08 $ \n \n236,975.10 $ 253,931.18 $ \n \nSee notes to the general purpose financial statements. \n \n-17 - \n \n STATESBORO REGIONAL LmRARY \n \nSCHEDULE \"1\" \n \nSCHEDULE OF REQlJIRED SupPLEMENTARY INFORMAIION \n \nYEAR 2000 DISCLOSURES \n \nYEAR ENDED JUNE 30. 1998 \n \nAt June 30, 1998,the Statesboro Regional Library had no outstanding contractual commitments for the purpose ofmaking computer systems and other electronic equipment year 2000 compliant. The year 2000 issue is the result of shortcomings in many electronic data processing systems and other equipment that make operations beyond year 1999 troublesome. The year 2000 issue is of primary concern for the Library's financial accounting system. The following stages have been identified as necessary to implement a year 2000 compliant systems. \nAwareness Stage - Encompasses establishing a budget and project plan for dealing with the year 2000 Issue. \nAssessment Stage - The actual process ofidentifying all of its systems and individual components of the systems to check for compliance. \nRemediation Stage - When changes are made to systems and equipment. \nValidationffesting Stage - The process of ensuring that the changes made to systems and equipment will produce a year 2000 compliant system. \nIt will be necessary for the Library to progress through all four of these stages for each computer and/or electronic system, not already year 2000 compliant, in order to assure that these systems will not be adversely affected. As of June 30, 1998, the financial accounting system was detennined to be at the Awareness Stage. \nThe Library's financial accounting software (GENESIS) and hardware (Wang VS) is owned by the State (Georgia Department ofEducation). These systems have been detennined to be critical to the Library's ability to successfully conduct operations. As ofJune 30, 1998, the State had not contracted for the remediation of either the Wang VS operating system or the GENESIS accounting software. In the subsequent period, the Georgia Department of Education remediated the Wang VS operating system and the updated operating system was installed at all GENESIS sites as ofDecember 9, 1998. The Georgia Department of Education has remediated the GENESIS software and conducted tests at nine pilot sites. The remediated GENESIS software has been provided to all libraries currently utilizing the GENESIS accounting software. \n \nSee notes to the general purpose financial statements. - 18 - \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 1998 \n \nSCHEDULE \"2\" \n \nAGENCY/FUNDING \nGRANTS Georgia State Financing and Investment Commission Reimbursement on Construction Projects \nTechnical and Adult Education, Georgia Department of Public Libraries Salaries and Travel Library Materials Regular Governor's Reading Incentive Program Maintenance and Operations Reimbursement for SAMSON wiring \n \nGOVERNMENTAL FUND TYPES \n \nCAPITAL \n \nGENERAL \n \nPROJECTS \n \nFUND \n \nFUND \n \n$ \n \n593,412.00 $ \n \n$ \n \n344,890.24 . \n \n71,524.00 125,299.00 64,924,00 \n500.00 \n \nTOTAL \n593,412.00 \n344,890.24 71,524.00 125,299.00 64,924.00 500.00 \n \n$ \n \n607,137.24 $ \n \n593,412.00 $ 1,200,549.24 \n \nSee notes to the general purpose financial statements. \n \n-19 - \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF FEDERAL REVENUE \nYEAR ENDED JUNE 30, 1998 \nAGENCY/FUNDING GRANT Education, U, S, Department of Through Georgia Department of Technical and Adult Education Library Services and Construction Act Title I - Public Library Services \n \nSCHEDULE \"3\" \nGOVERNMENTAL FUND TYPE SPECIAL REVENUE FUND \n \n$ \n \n1.9.,..1..0...0.=,0-.0 \n \nSee notes to the general purpose financial statements, - 20- \n \n LOCAL SOURCES Boards of Education Bryan County Bulloch County Candler County City Governments Claxton Metter Pembroke Richmond Hill Statesboro Swainsboro County Governments Bryan Bulloch Candler Emanuel Evans \n \nSTATESBORO REGIONAL LIBRARY SCHEDULE OF LOCAL REVENUE YEAR ENDED JUNE 30, 1998 \n \nSCHEDULE \"4\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n1,500,00 \n \n42,800.00 \n \n15,600.00 \n \n665.04 20,025.06 \n2,500.00 11,736.10 128,600.00 67,999.92 \n \n105,688.46 151,271.04 22,733.20 67,999.98 58,647.79 \n \n$ \n \n697,766.59 \n \nSee notes to the general purpose financial statements. - 21 - \n \n STATESBORO REGIONAL LIBRARY SCHEDULE OF SALARIES AND TRAVEL \nYEAR ENDED JUNE 30,1998 \n \nSCHEDULE \"5\" \n \nNAME \nAnderson, Barker, Barrow, Beam, Best, Brannen, Bunch, Carmichael, DeLoach, Dombrock, Durham, Fagnant, Glass, Glisson, Gunter, Harrison, Herrington, Howard, Hugensmith, Humphries, Hutcheson, Joiner, Kinnion, Lee, Lewis, Martinez, Massey, Matuszewski, McCarthy, McDuffie, McLean, Odom, Palmer, Phipps, Puente, Rainey, Richardson, Rickerson, Riner, Roberts, Rotton, Royal, Samer, Schroeder, Stewart, Waters, Weinberger, Wynn, \n \nNancy K Kate Sheri F Lindsay Tangela P Betty B Mary Linda F Charlotte B Gretchen Jennifer M Lois Ruth Robyn JudyC Gayle M Lillie David E Anglenette R Carolyn G Linder A Patricia B MaryC Judith E Sue F Juanita R Eugenio Leslie MaryR Evelyn C Elaine H Katherine N Nancy B JudyD rNeil Ophelia Rebecca L MymaA RobertJ Patricia B Lois Holley Sandra G Linda Louella A Connie Janice D Paul Christine \n \nTITLE CATEGORY \nCirculation Assistant Library Manager Library Assistant Library Assistant Circulation Assistant Circulation Assistant Library Assistant Library Manager Library Assistant Librarian Librarian Library Manager Library Assistant Librarian Processing Assistant Library Assistant Library Assistant Circulation Assistant Processing Technician Outreach Srvcs Coordinator Genealogy Librarian Administrative Assistant Acquisitions Coordinator .Business Srvcs Assistant Library Assistant Library Assistant Library Assistant Reference Librarian Library Assistant Literacy Srvcs Coordinator Youth Services Librarian Library Manager Library Assistant Library Assistant Shelver Library Assistant Library Aissistant Librarian Assistant Manager Library Director Library Assistant Business Srvcs Coordinator Library Assistant Library Assistant Library Manager Library Assistant Library Manager Library Assistant \n \nSALARIES \n \n$ \n \n15,891,20 $ \n \n17,636.80 \n \n2,046.54 \n \n2,592,50 \n \n14,832.76 \n \n16,099.20 \n \n5,774.99 \n \n21,226.41 \n \n5,639.17 \n \n33,625.20 \n \n39,932.40 \n \n4,343,95 \n \n284.54 \n \n47,680.40 \n \n.16,244,80 \n \n8,619.03 \n \n16,099.20 \n \n15,995.20 \n \n17,617.60 \n \n17,130.88 \n \n27,663.96 \n \n16,637,46 \n \n16,640.00 \n \n20,592.00 \n \n4,454.68 \n \n844.60 \n \n5,891.81 \n \n37,099.80 \n \n2,314,38 \n \n14,504.40 \n \n32,645.80 \n \n13,026.26 \n \n13,538.80 \n \n3,519,89 \n \n2,141.11 \n \n11,325.60 \n \n662.60 \n \n39,932.40 \n \n15,014.00 \n \n54,580.40 \n \n377.63 \n \n32,240.04 \n \n9,046.86 \n \n3,939,10 \n \n12,437.64 \n \n398,08 \n \n7,109.49 \n \n5,415.93 \n \nTRAVEL \n24.50 402.00 \n11.00 \n252.50 32.50 \n558.50 1,845.73 \n35.50 355,50 \n59,75 10.00 26.46 248.75 27.35 121.25 1,162.94 861.52 352.75 82.25 71.75 \n696.17 20.00 \n3,210.09 158.25 \n71.75 288,00 162.50 \n \nTotals per Report \nSee notes to the general purpose financial statements. - 22- \n \n$ \n \n723,307.49 $ _ _.1..1.,.14.9..2..6.. \n \n SECTION IT FINDINGS AND QUESTIONED COSTS \n \n STATESBORO REGIONAL LffiRARY \nSCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30. 1998 \nPRIOR YEARlCURRENT YEAR \nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Financial Statements Finding Control Number: 6162-93-01 \nThe audit report for the year ended June 30, 1997, noted that the Statesboro Regional Library had chosen not to maintain a system-wide General Fixed Assets Account Group within the fonnal accounting records as required by generally accepted accounting principles. In the year under review, the Library did not establish a General Fixed Assets Account Group within the fonnal accounting records. This condition results in the general purpose financial statements of the Library being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the Library to establish accounting controls and procedures to provide for maintenance of a General Fixed Assets Account Group. These subsidiary records should include an inventory ofland, buildings, equipment and inexhaustible collections and books owned by the Library and should include but may not be limited to date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of all additions and deletions to the General Fixed Assets Account Group. \n \n "}],"pages":{"current_page":1,"next_page":2,"prev_page":null,"total_pages":2,"limit_value":10,"offset_value":0,"total_count":14,"first_page?":true,"last_page?":false},"facets":[{"name":"type_facet","items":[{"value":"Text","hits":14}],"options":{"sort":"count","limit":16,"offset":0,"prefix":null}},{"name":"creator_facet","items":[{"value":"Georgia. 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