{"response":{"docs":[{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw69-b2007-h2008","title":"Wilkinson County Board of Education, Irwinton, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2008","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Wilkinson County, 32.80241, -83.17125"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2008-06-30"],"dcterms_description":["Fiscal year ended June 30, 2000, released in 2001?-","Ceased with: Fiscal year ended June 30, 2008, released in 2009?","Title from cover.","Report year covers fiscal year.","Has supplements: Wilkinson County Board of Education, Irwinton, Georgia, schedule of salaries and travel, fiscal year ended June 30, 2000-fiscal year ended June 30, 2002; Report on salary and travel for the fiscal year ended ... (Wilkinson County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007; Salaries and travel reimbursement (Wilkinson County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2008, released in 2009?"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Auditors' reports--Georgia","Financial statements--Georgia","Wilkinson County (Ga.). Board of Education--Appropriations and expenditures"],"dcterms_title":["Wilkinson County Board of Education, Irwinton, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2008"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw69-b2007-h2008"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw69-b2007-h2008"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"WILKINSON COUNTY BOARD OF EDUCATION \nIRWINTON, GEORGIA REPORT ON AUDIT \nOF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2008 \nSTATE OF GEORGIA \nDEPARTMENT OF AUDITS AND ACCOUNTS \nRussell W. Hinton State Auditor \n \n WILKINSON COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \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 FUNDS \n \n4 \n \nD \n \nRECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \n \nTO THE STATEMENT OF NET ASSETS \n \n5 \n \nE \n \nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES \n \nIN FUND BALANCES \n \nGOVERNMENTAL FUNDS \n \n6 \n \nF \n \nRECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT \n \nOF REVENUES, EXPENDITURES AND CHANGES IN FUND \n \nBALANCES TO THE STATEMENT OF ACTIVITIES \n \n7 \n \nG \n \nSTATEMENT OF FIDUCIARY NET ASSETS \n \nFIDUCIARY FUNDS \n \n8 \n \nH \n \nNOTES TO THE BASIC FINANCIAL STATEMENTS \n \n9 \n \nSCHEDULES \n \nREQUIRED SUPPLEMENTARY INFORMATION \n \n1 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES \n \nIN FUND BALANCES - BUDGET AND ACTUAL \n \nGENERAL FUND \n \n25 \n \nSUPPLEMENTARY INFORMATION \n \n2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \n \n26 \n \n3 SCHEDULE OF STATE REVENUE \n \n28 \n \n WILKINSON COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nSCHEDULES \n \nSUPPLEMENTARY INFORMATION \n \n4 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \n \n29 \n \n5 ALLOTMENTS AND EXPENDITURES \n \nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \n \nBY PROGRAM \n \n31 \n \nSECTION II \nCOMPLIANCE AND INTERNAL CONTROL REPORTS \nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \n \nSECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \n \n WILKINSON COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \nSECTIONV MANAGEMENT'S RESPONSES SCHEDULE OF MANAGEMENT'S RESPONSES \n \n SECTION I FINANCIAL \n \n Russell W. Hinton \nSTATE AUDITOR \n(404) 858-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \nJune 15, 2009 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members ofthe Wilkinson County Board of Education \nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nLadies and Gentlemen: \nWe have audited the accompanying financial statements ofthe governmental activities, each major fund, and the aggregate remaining fund information (Exhibits A through H) ofthe Wilkinson County Board of Education, as of and for the year ended June 30, 2008, which collectively comprise the Board's basic financial statements as listed in the table of contents. These financial statements are the responsibility ofthe Wilkinson County Board ofEducation'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 and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Wilkinson County Board of Education's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. \n \n2008ARL-l 1 \n \n In our opinion, the financial statements referred to previously present fairly, in all material respects, the respective financial position ofthe governmental activities, each major fund, and the aggregate remaining fund information ofthe Wilkinson County Board of Education, as of June 30, 2008, and the respective changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. \nThe Wilkinson County Board of Education has not presented Management's Discussion and Analysis that accounting principles generally accepted in the United States of America has determined is necessary to supplement, although not to be part of, the basic financial statements. \nIn accordance with Government Auditing Standards, we have also issued our report dated June 15, 2009, on our consideration of the Wilkinson County Board of Education's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose ofthat report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. \nThe Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual, as presented on page 25, is not a required part of the basic financial statements but is supplementary information required by the accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods ofmeasurement and presentation ofthe required supplementary information. However, we did not audit the information and express no opinion on it. \nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Wilkinson County Board of Education's basic financial statements. The accompanying supplementary information which consist of Schedules 2 through 5, which includes the Schedule of Expenditures of Federal Awards as required by U.S. Office of Management and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. \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 2008ARL-11 \n \n~u ,O\u0026 W - ~ ~ \nRussell W. Hinton, CPA, CGFM State Auditor \n \n WILKINSON COUNTY BOARD OF EDUCATION \n \n WILKINSON COUNTY BOARD OF EDUCATION STATEMENT OF NET ASSETS JUNE 30, 2008 \nASSETS \nCash and Cash Equivalents Investments Accounts Receivable, Net \nTaxes State Government Federal Funds Other Inventories Deferred Charges Capital Assets Land Construction in Progress Land Improvements Buildings Equipment Less: Accumulated Depreciation \nTotal Assets \nLIABILITIES \nAccounts Payable Salaries and Benefits Payable Payroll Withholdings Payable Contracts Payable Retainages Payable Long-Term Liabilities \nDue Within One Year Due in More Than One Year \nTotal Liabilities \nNET ASSETS \nInvested in Capital Assets, Net of Related Debt Restricted for \nBus Replacement Continuation of Federal Programs Debt Services Capital Projects Unrestricted \nTotal Net Assets \nTotal Liabilities and Net Assets \nThe notes to the basic financial statements are an integral part of this statement. \n-1- \n \nEXHIBIT \"A\" \n \nGOVERNMENTAL ACTIVITIES \n \n$ \n \n692,461.34 \n \n3,818,255.27 \n \n1,010,669.36 939,380.94 375,471.73 687,711.76 11,208.23 52,241.40 \n \n186,740.00 2,223,618.49 1,386,391.87 17,532,419.33 2,447,426.51 -5,828,348.96 \n \n$ ===25=,5=3=5=,6=4=7.=2=7 \n \n$ \n \n427,218.34 \n \n1,807,866.52 \n \n8,304.68 \n \n214,973.00 \n \n5,000.00 \n \n1,090,000.00 3,000,000.00 \n \n$ \n \n6,553,362.54 \n \n$ \n \n16,704,758.12 \n \n83,603.00 74,564.09 1,171,891.83 299,273.64 648,194.05 \n \n$ \n \n18,982,284.73 \n \n$ ===25=,5=3=5=,6=4=7=.2=7 \n \n WILKINSON COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \nFOR THE YEAR ENDED JUNE 30, 2008 \n \nGOVERNMENTAL ACTIVITIES \nInstruction Support Services \nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Operations of Non-Instructional Services Food Services Interest on Short-Term and Long-Term Debt \nTotal Governmental Activities \nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Debt Services For Capital Projects Intangible Recording Tax Investment Earnings Miscellaneous \nExtraordinary Item Gain (Insurance) on Tornado Damage \nTotal General Revenues and Extraordinary Item \nChange in Net Assets \nNet Assets - Beginning of Year \nNet Assets - End of Year \n \nEXPENSES \n \nCHARGES FOR SERVICES \n \n$ 12,112,041.64 $ \n755,340.67 670,801.11 261,735.41 334,793.58 1,046,613.48 168,984.12 1,853,256.69 1,142,916.93 100,095.16 \n879,317.89 42,671.75 \n$ 19,368,568.43 $ \n \n125,218.09 \n4,005.00 101,232.90 230,455.99 \n \nThe notes to the basic financial statements are an integral part of this statement. -2 - \n \n EXHIBIT \"B\" \n \nPROGRAM REVENUES OPERATING GRANTS AND \nCONTRIBUTIONS \n \nCAPITAL GRANTS AND CONTRIBUTIONS \n \nNET (EXPENSES) REVENUES \nAND CHANGES IN NET ASSETS \n \n$ \n \n7,945,308.04 \n \n261,001.47 318,414.79 222,739.81 458,547.22 609,072.98 20,194.60 487,662.59 45,401.16 $ 92,040.77 \n \n776,841.16 \n \n$ \n \n11,237,224.59 $ \n \n$ 83,603.00 83 603.00 $ \n \n-4,041,515.51 \n-494,339.20 -352,386.32 \n-38,995.60 123,753.64 -437,540.50 -148,789.52 -1,361,589.10 -1,013,912.77 \n-8,054.39 \n-1,243.83 -42 671.75 \n-7,817,284.85 \n \n$ \n \n6,147,933.50 \n \n37,427.59 \n \n1,107,671.75 714,387.66 68,477.74 136,910.47 291,022.20 \n \n548,474.76 \n \n$ \n \n9,052,305.67 \n \n$ \n \n1,235,020.82 \n \n17,747,263.91 \n \n$ =====1=8.,,,9=82=-'=28=4=7.===3 \n \n-3- \n \n WILKINSON COUNTY BOARD OF EDUCATION BALANCE SHEET \nGOVERNMENTAL FUNDS JUNE 30, 2008 \n \nEXHIBIT\"C\" \n \nASSETS \nCash and Cash Equivalents Investments Accounts Receivable, Net \nTaxes State Government Federal Government Other Inventories \n \nGENERAL FUND \n \nDISTRICTWIDE \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ 339,018.92 $ 353,442.42 $ \n \n266,935.05 \n \n3,551,320.22 \n \n155,749.52 939,380.94 375,471.73 687,711.76 \n11,208.23 \n \n353,306.71 \n \n0.00 $ \n \n692,461.34 3,818,255.27 \n509,056.23 939,380.94 375,471.73 687,711.76 \n11,208.23 \n \nTotal Assets \n \n$ 2,775,476.15 $ 4,258,069.35 $ \n \n0.00 $ ===7=,0=3=3=,5=4=5=50= \n \nLIABILITIES AND FUND BALANCES \n \nLIABILITIES \n \nAccounts Payable Salaries and Benefits Payable Payroll Withholdings Payable Contracts Payable Retainages Payable \n \n$ \n \n64,312.42 $ \n \n1,807,866.52 \n \n8,304.68 \n \n362,905.92 \n214,973.00 5,000.00 \n \nTotal Liabilities \n \n$ 1,880,483.62 $ 582,878.92 \n \nFUND BALANCES \n \nReserved for: Bus Replacement Continuation of Federal Programs Debt Service Inventories Capital Projects \nUnreserved Designated for Student Activities Undesignated Reported in: General Fund \n \n$ \n \n83,603.00 \n \n74,564.09 \n \n$ 1,171,891.83 $ \n \n11,208.23 \n \n2,503,298.60 \n \n52,476.77 \n \n673 140.44 \n \nTotal Fund Balances \n \n$ 894,992.53 $ 3,675,190.43 $ \n \n$ \n \n427,218.34 \n \n1,807,866.52 \n \n8,304.68 \n \n214,973.00 \n \n5,000.00 \n \n$ \n \n2,463,362.54 \n \n$ 0.00 \n0.00 $ \n \n83,603.00 74,564.09 1,171,891.83 11,208.23 2,503,298.60 \n52,476.77 \n673 140.44 \n4,570,182.96 \n \nTotal Liabilities and Fund Balances $ 2,775,476.15 $ 4,258,069.35 $ \n \n0.00 $ ===7=,0=3=3=,5=4=5=50= \n \nThe notes to the basic financial statements are an integral part of this statement. -4- \n \n WILKINSON COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \nTO THE STATEMENT OF NET ASSETS JUNE 30, 2008 \n \nEXHIBIT\"D\" \n \nTotal Fund Balances - Governmental Funds (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: \nLand Construction in Progress Land Improvements Buildings Equipment Accumulated Depreciation \nTotal Capital Assets \nSome of the School District's property tax revenues will be collected after year-end but are not available soon enough to pay for the current period's expenditures. \nOther Long-Term Assets are not available to pay for current period expenditures and therefore, are deferred on the Statement of Net Assets. \nDeferred Charges - Bond Issuance Costs \nLong-Term Liabilities, including Bonds Payable, are not due and payable in the current period and therefore are not reported as liabilities in the funds. Long-Term Liabilities at year-end consist of: \nBonds Payable \n \n$ 4,570,182.96 \n \n$ \n \n186,740.00 \n \n2,223,618.49 \n \n1,386,391.87 \n \n17,532,419.33 \n \n2,447,426.51 \n \n-5,828,348.96 \n \n17,948,247.24 \n \n501,613.13 \n \n52,241.40 \n \n-4,090,000.00 \n \nNet Assets of Governmental Activities (Exhibit \"A\") \n \n$ 18,982,284.73 \n \nThe notes to the basic financial statements are an integral part of this statement. -5- \n \n WILKINSON COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2008 \n \nEXHIBIT\"E\" \n \nREVENUES \nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \nTotal Revenues \nEXPENDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation \nCapital Outlay Debt Services \nPrincipal Interest \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES \nProceeds oflong-Term Capital Related Debt \nEXTRAORDINARY ITEM \nInsurance Recovery from Tornado Damage \nNet Change in Fund Balances \nFund Balances - Beginning \nFund Balances - Ending \n \nGENERAL FUND \n \nDISTRICTWIDE \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ 6,145,212.96 68,477.74 $ \n8,390,183.97 2,930,643.62 \n230,455.99 15,532.42 \n291,022.20 \n$ 18,071,528.90 $ \n \n$ 714,387.66 $ 1,107,671.75 \n121,378.05 \n \n6,145,212.96 1,890,537.15 8,390,183.97 2,930,643.62 \n230,455.99 136,910.47 291,022.20 \n \n835 765.71 $ 1 107 671.75 $ 20,014,966.36 \n \n$ 11,268,018.64 $ 485,043.46 \n \n$ 11,753,062.10 \n \n762,666.59 656,638.22 261,735.41 342,534.53 1,046,062.51 132,317.49 1,359,568.03 933,376.62 100,095.16 872,577.08 \n \n6,836.97 \n8,290.92 88,908.03 486,234.04 131,615.50 \n2,142,544.09 \n \n769,503.56 656,638.22 261,735.41 342,534.53 1,054,353.43 221,225.52 1,845,802.07 1,064,992.12 100,095.16 872,577.08 2,142,544.09 \n \n$ 1,065,000.00 42 671.75 \n \n1,065,000.00 42671.75 \n \n$ 17,735,590.28 $ 3,349,473.01 $ 1 107 671.75 $ 22,192,735.04 \n \n$ \n \n335,938.62 $ -2,513,707.30 $ \n \n0.00 $ -2,177,768.68 \n \n$ 3,000,000.00 \n \n$ 3,000,000.00 \n \n$ 683,231.76 \n \n$ 1,019,170.38 $ 486,292.70 $ \n \n-124 177.85 \n \n3,188,897.73 \n \n$ 683,231.76 \n \n0.00 $ 1,505,463.08 \n \n0.00 \n \n3,064,719.88 \n \n$ 894,992.53 $ 3 675,190.43 $====0=.0=0 $ 4,570,182.96 \n \nThe notes to the basic financial statements are an integral part of this statement. -6- \n \n WILKINSON COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2008 \n \nEXHIBIT\"F\" \n \nTotal Net Change in Fund Balances - Governmental Funds {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 Capital Outlay over Depreciation Expense \nBecause some property taxes will not be collected for several months after the School District's fiscal year ends, they are not considered \"available\" revenues. \nIn the Statement of Activities, only the gain on the sale of the building/equipment is reported, whereas in the Governmental Funds, the entire proceeds from the sale increase financial resources. Thus, the change in net assets differs from the change in fund balances by the carrying value of the building/equipment sold. \nBond proceeds provide current financial resources to Governmental Funds; however, issuing debt increases Long-Term Liabilities in the Statement of Net Assets. In the current period, proceeds were received from: \nGeneral Obligation Bonds Issued \nBond issuance costs, deferred gains on refundings and similar items when debt is first issued are reported as an expenditure in Governmental Funds, but are reported as deferred charges on the Statement of Net Assets and amortized over the term of the debt, using the straight-line method. The details of this difference in the current period are as follows: \nDeferral of Bond Issuance Costs Amortization of Bond Issuance Costs \nTotal Bond Issuance Costs \nRepayment of Long-Term Debt is reported as an expenditure in Governmental Funds, but the repayment reduces Long-Term Liabilities in the Statement of Net Assets. In the current year, these amounts consist of: \nBond Principal Retirements \nChange in Net Assets of Governmental Activities (Exhibit \"B\") \n \n$ 1,505,463.08 \n \n$ 2,220,595.09 -513,669.88 \n \n1,706,925.21 40,148.13 \n \n-134,757.00 \n \n-3,000,000.00 \n \n$ \n \n62,689.69 \n \n-10,448.29 \n \n52,241.40 \n \n1,065,000.00 $ ==1=,2=35=,0=2=0.=82= \n \nThe notes to the basic financial statements are an integral part of this statement. -7- \n \n WILKINSON COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET ASSETS FIDUCIARY FUNDS JUNE 30, 2008 \nASSETS Cash and Cash Equivalents \nLIABILITIES Funds Held for Others \n \nEXHIBIT\"G\" \n \nAGENCY FUNDS \n \n$ \n \n22,982.13 \n \n$ \n \n22,982.13 \n \nr \n \nThe notes to the basic financial statements are an integral part of this statement. -8- \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT \"H\" \n \nNote 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \nREPORTING ENTITY \nThe Wilkinson County Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nBASIS OF PRESENTATION \nThe School District's basic financial statements are collectively comprised of the District-wide financial statements, fund financial statements and notes to the basic financial statements of the Wilkinson County Board of Education. \nDistrict-wide Statements: The Statement ofNet Assets and the Statement ofActivities display information about the financial activities ofthe overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting ofinternal activities Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \nThe Statement ofActivities presents a comparison between direct expenses and program revenues for each function of the School District'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 School District related to the administration and support ofthe School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \n Program revenues include (a) charges paid by the recipients ofgoods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \nFund Financial Statements: The fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting ofinternal activities. Separate statements for each category (governmental and fiduciary) are presented. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. The School District had no funds which are reported as nonmajor funds. \n-9 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT\"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nThe School District reports the following major governmental funds: \n General Fund is the School District's primary operating fund. It accounts for all financial resources ofthe School District, except those resources required to be accounted for in another fund. \n District-wide Capital Projects Fund accounts for financial resources including Special Purpose Local Option Sales Tax (SPLOST) and Bond Proceeds to be used for the acquisition, construction or renovation of major capital facilities. \n Debt Service Fund accounts for taxes (sales) legally restricted for the payment ofgeneral longterm principal, interest and paying agent's fees. \nThe School District reports the following fiduciary fund type: \n Agency funds account for assets held by the School District as an agent for various funds, clubs, governments or individuals. \nBASIS OF ACCOUNTING \nThe basis ofaccounting determines when transactions are reported on the financial statements. The District-wide governmental and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless ofwhen the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, grants and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis ofaccounting. Under this method, revenues are recognized when measurable and available. The School District considers all revenues reported in the governmental funds to be available if they are collected within sixty days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, which are recognized \n- 10 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT\"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nas expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds ofgeneral long-term liabilities are reported as other financing sources. \nThe School District funds certain programs by a combination ofspecific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \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 ofGeorgia Annotated Section 45-8-14 authorizes the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations. \nINVESTMENTS \nCOMPOSITION OF INVESTMENTS Investments made by the School District in nonparticipating interest-earning contracts (such as certificates ofdeposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code ofGeorgia Annotated Section 36-83-4 authorizes the School District to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \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 \n- 11 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT \"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \n(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \n \n(7) Repurchase agreements, and \n \n(8) Obligations of other political subdivisions of the State of Georgia. \n \nThe School District does not have a formal policy regarding investment policies that address credit risks, custodial credit risks, concentration ofcredit risks, interest rate risks or foreign currency risks. \n \nRECEIVABLES \n \nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \n \nPROPERTY TAXES \n \nThe Wilkinson County Board of Commissioners fixed the property tax levy for the 2007 tax digest year (calendar year) on September 25, 2007 (levy date). Taxes were due on December 20, 2007 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2007 tax digest are reported as revenue in the governmental funds for fiscal year 2008. The Wilkinson County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% oftaxes collected as a fee for tax collection and remits the balance oftaxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2008, for maintenance and operations amounted to $6,137,128.06. \n \nThe tax millage rate levied for the 2007 tax year (calendar year) for the Wilkinson County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \n \nSchool Operations \n \n18.32 mills \n \nSALES TAXES \n \nSpecial Purpose Local Option Sales Tax, at the fund reporting level, during the year amounted to $1,822,059.41 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. The most recent authorization expires March 2013. \n \n- 12 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT \"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nINVENTORIES \n \nFOOD INVENTORIES On the basic financial statements, inventories ofdonated food commodities used in the preparation ofmeals are reported at their Federally assigned value and purchased foods inventories are reported at cost (first-in, first-out). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \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 District-wide financial statements, all purchased capital assets are valued at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at estimated fair market value on the date donated. Disposals are deleted at depreciated recorded cost. The cost of normal maintenance and repairs that do not add to the value ofassets or materially extend the useful lives of the assets is not capitalized. Depreciation is computed using the straight-line method. The School District does not capitalize book collections or works of art. As more fully disclosed in Note 12, the School District experienced capital asset impairment due to tornado damage that occurred during fiscal year 2008. \n \nCapitalization thresholds and estimated useful lives of capital assets reported in the District-wide statements are as follows: \n \nLand Land Improvements Buildings and Improvements Equipment Construction in Progress \n \nCapitalization Policy \n \nEstimated Useful Life \n \nAll \n \nNIA \n \n$ 5,000.00 20 to 80 years \n \n$ 5,000.00 10 to 80 years \n \n$ 5,000.00 3 to 20 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 \nGENERAL OBLIGATION BONDS \n \nThe School District issues general obligation bonds to provide funds for the acquisition and construction ofmajor capital facilities. In the District-wide financial statements, bond premiums and \n \n- 13 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT \"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \ndiscounts, as well as issuance costs, are deferred and amortized over the life ofthe bonds using the straight-line method. Bond issuance costs are reported as deferred charges and amortized over the term of the debt. \nIn the fund financial statements, the School District recognizes bond premiums and discounts, as well as bond issuance costs during the fiscal year bonds are issued. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the Statement ofNet Assets. \nNET ASSETS \nThe School District's net assets in the District-wide Statements are classified as follows: \nInvested in capital assets, net of related debt - This represents the School District's total investment in capital assets, net ofoutstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of invested in capital assets, net of related debt. \nRestricted net assets - These represent resources for which the School District is legally or contractually obligated to spend resources for bus replacement, continuation of Federal programs, debt service and capital projects in accordance with restrictions imposed by external third parties. \nUnrestricted net assets - Unrestricted net assets represent resources derived from property taxes, sales taxes, grants and contributions not restricted to specific programs, charges for services, and miscellaneous revenues. These resources are used for transactions relating to the educational and general operations of the School District, and may be used at the discretion of the Board to meet current expenses for those purposes. \nFUND BALANCES RESERVED \nReserves represent those portions of fund balance equity that are legally segregated for a specific future use. \nUNRESERVED - DESIGNATED Designated fund balances represent tentative plans for future use of financial resources. \n \n- 14 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT \"H\" \n \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 ofmoney which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate ofthe face value of such surety bond and the market value of securities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. Ifa depository elects the pooled method (OCGA 45-8-13.1) the aggregate ofthe market value ofthe securities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool balance. \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 ofthe 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 ofthe State of Georgia, and \n(7) Bonds, bills, notes, certificates ofindebtedness, notes, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by or securities guaranteed by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \nCATEGORIZATION OF DEPOSITS At June 30, 2008, the bank balances were $1,955,943.95. The amounts ofthe total uninsured bank balances are classified into three categories of custodial credit risk: \nCategory 1 - Uncollateralized, Category 2 - Cash collateralized with securities held by the pledging financial institution, or Category 3 - Cash collateralized with securities held by the pledging financial institution's \ntrust department or agent but not in the School District's name. \n- 15 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT \"H\" \n \nNote 3: DEPOSITS AND INVESTMENTS \n \nThe School District's uninsured deposits are classified by custodial credit risk category at June 30, 2008, as follows: \n \nCustodial Credit Risk Category \n \nBank Balance \n \n1 \n \n$ \n \n0.00 \n \n2 \n \n1,655,943.95 \n \n3 \n \n0.00 \n \nTotal \n \n$ 1!655!943.95 \n \nCATEGORIZATION OF INVESTMENTS At June 30, 2008, the carrying value of the School District's total investments was $3,818,255.27, which is materially the same as fair value. This investment consisted entirely of funds invested in the Georgia Fund 1, formerly referred to as LGIP, administered by the State of Georgia, Office of Treasury and Fiscal Services which are not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy of the State of Georgia, Office ofTreasury and Fiscal Services for the Georgia Fund 1 (Primary Liquidity Portfolio) does not provide for investment in derivatives or similar investments. Additional information on the Georgia Fund 1 is disclosed in the State ofGeorgia Comprehensive Annual Financial Report. This audit can be obtained from the Georgia Department of Audits and Accounts at http://www.audits. state.ga.us/intemet/searchRpts.html. \n \nThe Primary Liquidity Portfolio consists of Georgia Fund 1 which is not registered with the SEC as an investment company but does operate in a manner consistent with the SEC's Rule 2a-7 of the Investment Company Act of 1940. The investment is valued at the pool's share price, $1.00 per share. The pool is an AAAm rated investment pool by Standard and Poor's. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2008, was 40 days. \n \nNote 4: NON-MONETARY TRANSACTIONS \n \nThe School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 2 - Inventories \n \nNote 5: CAPITAL ASSETS \n \nThe following is a summary of changes in the Capital Assets during the fiscal year: \n \n- 16 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT \"H\" \n \nNote 5: CAPITAL ASSETS \n \nGovernmental Activities Capital Assets, Not Being Depreciated: \nLand Construction in Progress \nTotal Capital Assets Not Being Depreciated \nCapital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements \nLess Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements \nTotal Capital Assets, Being Depreciated, Net \nGovernmental Activity Capital Assets - Net \n \nBalances July 1. 2007 \n \nIncreases \n \nDecreases \n \nBalances June 30, 2008 \n \n$ 186,740.00 \n \n$ \n \n121,754.40 $ 2,101,864.09 \n \n$ 308,494.40 $ 2,101,864.09 $ \n \n0.00 $ 186,740.00 2,223,618.49 \n0.00 $ 2,410,358.49 \n \n$ 17,689,418.33 2,493,625.04 $ 1,345,711.87 \n \n$ 78,051.00 40,680.00 \n \n156,999.00 $ 17,532,419.33 124,249.53 2,447,426.51 \n1,386,391.87 \n \n3,190,684.21 1,662,386.46 \n608.099.94 \n \n296,325.55 146,623.10 70.721.23 \n \n22,242.00 124,249.53 \n \n3,464,767.76 1,684,760.03 \n678.821.17 \n \n$ 16,067.584.63 $ -394.938.88 $ 134,757.00 $ 15.537,888.75 \n \n$ 16 376.079.03 $ 1.706.925.21 $ 134.757.00 $ 17 948 247 24 \n \nCurrent year depreciation expense by function is as follows: \n \nInstruction Support Services \nGeneral Administration School Administration Maintenance and Operation of Plant Student Transportation Services Food Services \n \n$ 358,979.54 \n \n$ \n \n860.05 \n \n860.05 \n \n7,454.62 \n \n138,774.81 \n \n147,949.53 6,740.81 \n \n$ 513,669.88 \n \nNote 6: RESTRICTED ASSETS \n \nSpecial Purpose Local Option Sales Tax (SPLOST) and general obligation bond proceeds are restricted assets in the Statement of Net Assets because their use is limited by applicable bond covenants or statutory provisions. Restricted assets at June 30, 2008, were as follows: \n \n- 17 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT \"H\" \n \nNote 6: RESTRICTED ASSETS \n \nRestricted Cash and Cash Equivalents: Capital Acquisitions \nRestricted Investments: Debt Services Capital Acquisitions \n \nDistrict-wide Capital Projects \n \nBond \n \nSPLOST \n \nProceeds \n \n$ 353,442.42 \n$ 1,171,891.83 $ 520,941.37 $ 1,858,487.02 \n \nNote 7: RISK MANAGEMENT \n \nThe School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; acts of God and unemployment compensation. \n \nThe School District has obtained commercial insurance for risk of loss associated with torts, theft, damage to or destruction of assets, errors or omissions,job related illness to employees, and acts of God. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the School District's insurance coverage in any ofthe past three years. \n \nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the General Fund with expenses/expenditures and liabilities being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \n \nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \n \n2007 2008 \n \nBeginning of Year Liability \n \nClaims and Changes in Estimates \n \n$ \n \n0.00 $ \n \n8,180.00 $ \n \n$ \n \n0.00 $ \n \n2,065.00 $ \n \nClaims Paid \n \nEnd of Year Liability \n \n8,180.00 $ \n \n0.00 \n \n2,065.00 $ \n \n0.00 \n \nThe School District participates in the Georgia Education Workers' Compensation Trust, a public entity risk pool organized on December 1, 1991, to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The School District pays an annual premium to the Trust for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Trust with the Midwest Employers Casualty Company to provide coverage for potential losses sustained by the Trust in excess of $500,000.00 loss per occurrence, up to $2,000,000.00. \n \n- 18 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT\"H\" \n \nNote 7: RISK MANAGEMENT \n \nThe School District has purchased surety bonds to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nSuperintendent All Employees \n \n$ 100,000.00 $ 100,000.00 \n \nNote 8: OPERATING LEASES \n \nThe Wilkinson County Board of Education has entered into various leases as lessee for copiers. These leases are considered for accounting purposes to be operating leases. Lease expenditures for the year ended June 30, 2008, for governmental funds amounted to $33,769.00. Future minimum lease payments for these leases are as follows: \n \nYear Ending \n \nGovernmental Funds \n \n2009 \n \n$ 36,372.00 \n \n2010 \n \n36,372.00 \n \n2011 \n \n36,372.00 \n \n2012 \n \n5,136.00 \n \nTotal \n \n$ 114,252.00 \n \nNote 9: SHORT-TERM DEBT \n \nThe School District obtains temporary loans in advance of property tax collections, depositing the proceeds in its General Fund. This short-term debt is to provide cash for operations until property tax collections are received by the School District. Article IX, Section V, Paragraph V of the Constitution ofthe State of Georgia limits the aggregate amount of short-term debt to 75 percent of the total gross income from taxes collected in the preceding year and requires all short-term debt to be repaid no later than December 31 of the calendar year in which the debt was incurred. \n \nShort-term debt activity for the fiscal year is as follows: \n \nBeginning Balance \n \nIssued \n \nRedeemed \n \nEnding Balance \n \nTemporary Loans \n \n$=~0-.0=0 $1,450,000.00 $1,450,000.00 $=~o=.o~o \n \n- 19 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT \"H\" \n \nNote 10: LONG-TERM DEBT \n \nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: \n \nPurpose \n \nInterest Rates \n \nAmount \n \nGeneral Government - Series 2002 General Government - Series 2007 \n \n2.63% 3.35% \n \n$ 1,090,000.00 3,000,000.00 \n \n$ 4,090,000.00 \n \nIn fiscal year 2007, voters authorized $5,000,000.00 in general obligation debt for Wilkinson County School District. In fiscal year 2008, $3,000,000.00 of these bonds were issued. The remaining balance authorized of $2,000,000.00 was issued in the subsequent fiscal year. \n \nThe changes in Long-Term Debt during the fiscal year ended June 30, 2008, were as follows: \n \nG.O. Bonds \n \nBalance Julx I, 2007 \n \nGovernmental Funds \n \nAdditions \n \nDeductions \n \nBalance June 30, 2008 \n \nDue Within One Year \n \n$2,155 QQ0.QQ $ 3,0QQ 0Q0.QQ $ 1,065 Q0Q QQ $ 4 Q2Q,0QQ QQ $ I Q2Q,QQQ.QQ \n \nAt June 30, 2008, payments due by fiscal year which includes principal and interest for these items are as follows: \n \nFiscal Year Ended June 30 \n \nGeneral Obligation \n \nDebt \n \nPrincipal \n \nInterest \n \n2009 2010 2011 2012 2013 2014 \n \n$ 1,090,000.00 $ 560,000.00 580,000.00 600,000.00 620,000.00 640,000.00 \n \n132,141.83 91,120.00 72,025.00 52,260.00 31,825.00 10,720.00 \n \nTotal Principal and Interest \n \n$ 4,090,000.00 $ 390,091.83 \n \nNote 11: ON-BEHALF PAYMENTS \n \nThe School District has recognized revenues and costs in the amount of $331,755.00 for health insurance and retirement contributions paid on the School District's behalf by the following State Agencies. \n \n- 20 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT \"H\" \n \nNote 11: ON-BEHALF PAYMENTS \n \nGeorgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance of Non-Certified Personnel In the amount of $329,673.00 \n \nOffice of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of $2,082.00 \n \nNote 12: EXTRAORDINARY ITEM \n \nIn fiscal year 2008, the School District experienced a Capital Asset impairment as a result of a tornado that totally destroyed the athletic field house at Wilkinson County High School. \n \nThe amount recorded consisted of an insurance recovery of$683,23 l. 76 offset against the net book value of the capital asset destroyed of $134,757.00. This matter is reflected on the Statement of Activities (Exhibit \"B\") of this report. Subsequent to June 30, 2008, the School District started construction of a new athletic field house. The estimated cost of this new facility was $650,000.00. \n \nNote 13: SIGNIFICANT COMMITMENTS \n \nThe following is an analysis ofsignificant outstanding construction or renovation contracts executed by the School District as of June 30, 2008. The School District will fund this from normal operations and SPLOST revenues. \n \nProject \n \nUnearned Executed Contracts \n \nMiddle School Renovation \n \n$ 115,000.00 \n \nThe amount described in this note is not reflected in the basic financial statements. \n \nNote 14: 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 School District believes that such disallowances, if any, will be immaterial to its overall financial position. \n \n- 21 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT \"H\" \n \nNote 14: SIGNIFICANT CONTINGENT LIABILITIES \nThe School District is a defendant in various legal proceedings pertaining to matters incidental to the performance ofroutine School District operations. The ultimate disposition ofthese proceedings is not presently determinable, but is not believed to be material to the basic financial statements. \nNote 15: RELATED PARTY TRANSACTIONS \nThe School District employed the services of James S. Price Construction Company for various small construction, renovation, and/or maintenance projects. The company is owed by and operated by James S. Price, the stepfather of Kathy Jackson, who is currently the Bookkeeper for the Wilkinson County Board ofEducation. These jobs did not reach a monetary level that required them to be bid out. Current year expenditures to James S. Price Construction Company totaled $20,032.00. \nAlso, Johnny Jackson, a local landscaper, taught an adjunct class for one of the School District's instructional programs concerning appropriate methods to install plants and irrigation systems. Johnny Jackson is the husband of Kathy Jackson, the Bookkeeper for the Wilkinson County Board of Education. The amount paid to Mr. Jackson was $2,500.00. \nNote 16: POSTEMPLOYMENT BENEFITS \nGeorgia Retiree Health Benefit Fund \nPlan Description. The School District contributes to the Georgia Retiree Health Benefit Fund (\"GRHBF\"), a cost-sharing multiple-employer defined benefit postemployment healthcare plan administered by the Department ofCommunity Health. GRHBF provides health insurance benefits to eligible retirees and their qualified beneficiaries. Pursuant to Title 45, Chapter 18 ofthe Official Code of Georgia Annotated, the authority to establish and amend the benefit provisions ofthe plan is assigned to the Board of Community Health. The Department of Community Health issues a publicly available financial report that includes financial statements and required supplementary information for GRHBF. That report may be obtained from the Department of Community Health at 2 Peachtree Street, Atlanta, Georgia 30303. \nFunding Policy. The contribution requirements of plan members and participating employers are established and may be amended by the Board of Community Health. Contributions of plan members or beneficiaries receiving benefits vary based on plan election, dependent coverage, and Medicare eligibility and election. On average, plan members pay approximately twenty-five percent (25%) of the cost of health insurance coverage. \nParticipating employers are statutorily required to contribute in accordance with the employer contribution rate established by the Board of Community Health. This contribution rate is established to fund both the active and retired employee health insurance plans based on projected pay-as-you-go financing requirements. The employer contribution rates for the combined active and retiree plans for the fiscal year ended June 30, 2008, were as follows: \n- 22 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT \"H\" \n \nNote 16: POSTEMPLOYMENT BENEFITS \n \nTeachers Non-Certificated Employees \n \n18.534% of state-based salaries $162.72 per month \n \nThe School District's contribution to the health insurance plans for the fiscal year ended June 30, 2008, was $1,451,775.00 which equaled the required contribution. \n \nNote 17: RETIREMENT PLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \n \nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors' benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \n \nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.28% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \nFiscal Year \n \nPercentage Contributed \n \nRequired Contribution \n \n2008 2007 2006 \n \n100% 100% 100% \n \n$ 828,626.00 $ 804,225.00 $ 760,077.00 \n \n- 23 - \n \n (This page left intentionally blank) \n \n WILKINSON COUNTY BOARD OF EDUCATION GENERAL FUND \nSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \nYEAR ENDED JUNE 30, 2008 \n \nSCHEDULE \"1\" \n \nREVENUES \nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \nTotal Revenues \nEXPENDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Food Services Operation \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nEXTRAORDINARY ITEM \nInsurance Recovery from Tornado Damage \nNet Change in Fund Balances \nFund Balances - Beginning \n \nNONAPPROPRIATED BUDGETS \n \nORIGINAL (1) \n \nFINAL (1) \n \nACTUAL AMOUNTS \n \n$ \n \n6,349,245.00 $ \n \n6,349,245.00 $ \n \n6,145,212.96 \n \n68,477.74 \n \n7,174,849.00 \n \n7,174,849.00 \n \n8,390,183.97 \n \n687,300.00 \n \n687,300.00 \n \n2,930,643.62 \n \n230,455.99 \n \n22,000.00 \n \n22,000.00 \n \n15,532.42 \n \n291,022.20 \n \n$ 14,233,394.00 $ 14,233,394.00 $ 18,071,528.90 \n \n$ \n \n9,339,367.00 $ \n \n9,339,367.00 $ 11,268,018.64 \n \n408,307.00 423,526.00 239,928.00 321,069.00 958,933.00 84,741.00 1,328,692.00 965,019.00 \n7,500.00 \n \n408,307.00 423,526.00 239,928.00 321,069.00 958,933.00 \n84,741.00 1,328,692.00 \n965,019.00 7,500.00 \n \n762,666.59 656,638.22 261,735.41 342,534.53 1,046,062.51 132,317.49 1,359,568.03 933,376.62 100,095.16 872 577.08 \n \n$ 14,077,082.00 $ 14,077,082.00 $ 17,735,590.28 \n \n$ \n \n156,312.00 $ \n \n156,312.00 $ \n \n335,938.62 \n \n683,231.76 \n \n$ \n \n156,312.00 $ \n \n156,312.00 $ \n \n1,019,170.38 \n \n-124 644.85 \n \n-124,644.85 \n \n-124 177.85 \n \nFund Balances - Ending \n \n$ \n \n31667.15 $ \n \n31 667.15 $ \n \n894,992.53 \n \nNotes to the Schedule of Revenues. Expenditures and Changes in Fund Balances Budget and Actual \n(1) Original and Final Budget amounts do not include budgeted revenues or expenditures of the various principal accounts. \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- 25- \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2008 \n \nSCHEDULE \"2\" \n \nFUNDING AGENCY PROGRAM/GRANT \nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program \nTotal Child Nutrition Cluster \nOther Programs Pass-Through From Georgia Department of Education Food Donation (1) \nTotal U. S. Department of Agriculture \nEducation, U. S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Preschool Grants \nTotal Special Education Cluster \nOther Programs Pass-Through From Georgia Department of Education Career and Technical Education - Basic Grants to States Enhancing Education Through Technology Program Even Start Improving Teacher Quality State Grants Reading First State Grants Rural Education Safe and Drug-Free Schools and Communities - State Grants State Grants for Innovative Programs Title I Grants to Local Educational Agencies Twenty-First Century Community Learning Centers Pass-Through From Oconee Regional Educational Service Agency Mathematics and Science Partnerships Pass-Through From Southwest Georgia Regional Educational Service Agency English Language Acquisition Grants \nTotal U. S. Department of Education \nDefense, U. S. Department of Direct Department of the Air Force R.O.T.C. Program \nTotal Federal Financial Assistance \nNIA = Not Available \n \nCFDA NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nEXPENDITURES IN PERIOD \n \n10.553 10.555 \n \nN/A N/A $ \n$ \n \n(2) 781 695.51 \n781,695.51 \n \n10.550 \n \nN/A $ \n \n44153.88 825,849.39 \n \n84.027 84.173 \n \nN/A $ N/A \n$ \n \n292,512.47 14 707.40 \n307,219.87 \n \n84.048 84.318 84.213 84.367 84.357 84.358 84.186 84.298 84.010 84.287 \n84.366 \n84.365 \n \nN/A \n \n20,317.00 \n \nN/A \n \n61,409.66 \n \nN/A \n \n175,159.61 \n \nN/A \n \n134,224.58 \n \nN/A \n \n369,936.56 \n \nN/A \n \n41,942.92 \n \nNIA \n \n8,170.00 \n \nN/A \n \n3,079.23 \n \nN/A \n \n419,234.06 \n \nN/A \n \n638,170.88 \n \nN/A \n \n27,407.13 \n \nN/A \n \n1 343.33 \n \n$ \n \n2,207,614.83 \n \n$ \n \n46 109.42 \n \n$ ====3:!=0=7=9'==5=73=.6=4= \n \n- 26 - \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2008 \n \nSCHEDULE \"2\" \n \nNotes to the Schedule of Expenditures of Federal Awards \n(1) The amount shown for the Food Donation Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the School District during the current fiscal year. \n(2) Expenditures for the funds earned on the School Breakfast Program ($173,289.27) were not maintained separately and are included in the 2008 National School Lunch Program. \nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \nThe School District did not provide Federal Assistance to any Subrecipient. \nThe accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Wilkinson County Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \n \nSee notes to the basic financial statements. \n \n- 27 - \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2008 \n \nAGENCY/FUNDING \nGRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program \nEducation, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Category I Gifted Student - Category VI Alternative Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Categorical Grants Pupil Transportation Regular Bus Replacement Sparsity Nursing Services Vocational Supervisors Mid-term Adjustment Hold-Harmless Food Services Vocational Education Amended Formula Adjustment Other State Programs Graduation Coaches Health Insurance Middle School Remediation and Intervention National Teacher Certification Preschool Handicapped Program \nOffice of Treasury and Fiscal Services Public School Employees Retirement \nPublic Safety, Department of Drivers Education Grant \nCONTRACT Human Resources, Georgia Department of High School Based Learning Programs \n \nSee notes to the basic financial statements. \n \n- 28 - \n \nSCHEDULE \"3\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n549,412.62 \n \n516,545.00 4,574.00 \n1,348,330.00 35,390.00 \n545,674.00 38,691.00 \n842,513.00 769,146.00 291,094.00 \n798,185.00 12,289.00 71,229.00 21,869.00 \n156,439.00 49,722.00 27,943.00 \n314,756.00 412,037.00 374,406.00 \n437,470.00 83,603.00 20,000.00 45,574.00 8,663.00 57,277.00 43,838.00 14,838.00 \n-141,400.00 \n42,096.00 329,673.00 \n721.00 7,386.00 21,012.00 \n2,082.00 \n139,903.32 \n97 203.03 \n$ ===8,=39=0..,,1=8.3..=97= \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2008 \n \nSCHEDULE \"4\" \n \nPROJECT \nAcquisition, construction and equipping of facility renovations for expanded vocational offerings at Wilkinson County High School, multi-purpose gymnasium facility at Wilkinson County High School, an athletic complex at the High School/Middle School campus to include upgrading existing baseball, softball, soccer, track, tennis and football facilities, four classrooms at Primary/Elementary School, modifications to and improvement of parking facilities at all campuses, the installation of technology and security at all campuses, administrative offices, and renovating, repairing, improving and equipping instructional and support facilities existing school buildings, and facilities useful or desirable in connection therewith, and acquiring any necessary property therefore, both real and personal. \nRenovating, extending, repairing, adding to and equipping Wilkinson County Primary/Elementary School, including grounds and paving improvements; (ii) renovating, extending, repairing, adding to and equipping Wilkinson County Middle/High School including grounds and pavement improvements, and ROTC facilities; (iii) repairing and improving the oxidation ponds at both schools; (iv) acquiring and installing system-wide instructional and administrative technology, safety and security equipment; (v) acquisition of school buses and maintenance vehicles; (vi) acquisition of music, vocational, and physical/education/ athletic equipment; (vii) acquisition of fine arts equipment and furnishings, to include lighting and sound equipment; (viii) purchase of textbooks and library books; (ix) acquiring any necessary property therefore, both real and personal (the \"Projects\"); and (x) paying expenses incident to accomplish the foregoing. \n \nORIGINAL ESTIMATED \nCOST(1) \n \nCURRENT ESTIMATED COSTS(2) \n \nAMOUNT EXPENDED IN CURRENT \nYEAR(3) \n \nAMOUNT EXPENDED \nIN PRIOR YEARS(3l \n \nPROJECT STATUS \n \n$ 5,200,000.00 $ 11,130,278.56 $ 2,141,044.56 $ 8,989,234.00 Completed \n \n12,000,000.00 \n \n12,000,000.00 \n \n1,251,100.20 \n \nOngoing \n \n$ 17,200,000.00 $ 23,130,278.56 $ 3,392,144.76 $ 8,989,234.00 \n \n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \n(2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. \n(3) The voters of Wilkinson County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. Amounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \n \nSee notes to the basic financial statements. \n \n- 29- \n \n (This page left intentionally blank) \n \n WILKINSON COUNTY BOARD OF EDUCATION GENERAL FUND - QUALITY BASIC EDUCATION PROGRAM (QBE) \nALLOTMENTS AND EXPENDITURES - BY PROGRAM YEAR ENDED JUNE 30, 2008 \n \nSCHEDULE \"5\" \n \nDESCRIPTION \nDirect Instructional Programs Kindergarten Program Kindergarten Program-Early Intervention Program Primary Grades (1-3) Program Primary Grades-Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades-Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Category I Category II Category Ill Category IV Gifted Student - Category VI Alternative Education Program English Speakers of Other Languages (ESOL) \nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \nMedia Center Program Staff and Professional Development \n \nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION {1) {2) \n \nELIGIBLE QBE PROGRAM COSTS \n \nSALARIES \n \nOPERATIONS \n \nTOTAL \n \n$ \n \n653,123.00 $ 665,293.49 $ \n \n5,026.37 $ \n \n670,319.86 \n \n6,749.00 \n \n15,789.45 \n \n15,789.45 \n \n1,665,238.00 1,302,311.89 \n \n3,177.97 \n \n1,305,489.86 \n \n43,114.00 \n \n234,672.19 \n \n234,672.19 \n \n683,080.00 \n \n762,434.55 \n \n29,504.54 \n \n791,939.09 \n \n49,148.00 1,057,603.00 \n965,083.00 355,888.00 998,617.00 \n16,141.00 88,712.00 27,234.00 \n \n56,787.87 1,680,997.67 1,384,202.65 \n274,085.62 \n76,008.91 748,707.72 423,745.02 \n73,068.11 \n198,036.32 20,040.00 \n \n22,524.33 32,553.50 11,819.23 \n11,946.02 29,529.37 \n1,389.68 544.73 \n1,470.24 \n \n56,787.87 1,703,522.00 1,416,756.15 \n285,904.85 \n76,008.91 760,653.74 453,274.39 \n74,457.79 544.73 \n199,506.56 20,040.00 \n \n$ \n \n6,609,730.00 $ 7,916,181.46 $ 149,485.98 $ 8,065,667.44 \n \n195,305.00 35,096.00 \n \n217,773.68 \n \n16,353.76 \n \n234,127.44 49,983.98 \n \nTOTAL QBE FORMULA FUNDS \n \n$ \n \n6,840,131.00 $ 8,133,955.14 $ \n \n165,839.74 $ \n \n8,349,778.86 \n \n(1) Comprised of State Funds plus Local Five Mill Share. (2) Allotments do not include the impact of the State amended formula adjustment. \n \nSee notes to the basic financial statements. \n \n- 31 - \n \n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \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 15, 2009 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Wilkinson County Board of Education \nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nLadies and Gentlemen: \nWe have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Wilkinson County Board of Education as of and for the year ended June 30, 2008, which collectively comprise Wilkinson County Board of Education's basic financial statements and have issued our report thereon dated June 15, 2009. We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \nInternal Control Over Financial Reporting \nIn planning and performing our audit, we considered Wilkinson County Board of Education's internal control over financial reporting as a basis for designing our auditing procedures for the purpose ofexpressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness ofthe Wilkinson County Board of Education's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Wilkinson County Board of Education's internal control over financial reporting. \nOur consideration of internal control over financial reporting was for the limited purpose described in the preceding paragraph and would not necessarily identify all deficiencies in internal control over financial reporting that might be significant deficiencies or material weaknesses. However, as discussed below, we identified certain deficiencies in internal control over financial reporting that we consider to be significant deficiencies. \n2008YB-30 \n \n A control deficiency exists when the design or operation ofa control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the Wilkinson County Board of Education's ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement ofthe Wilkinson County Board ofEducation's financial statements that is more than inconsequential will not be prevented or detected by the Wilkinson County Board ofEducation's internal control. We consider item FS-7581-08-01 in the accompanying Schedule ofFindings and Questioned Costs to be a significant deficiency in internal control over financial reporting. \nA material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement ofthe financial statements will not be prevented or detected by the Wilkinson County Board of Education's internal control. \nOur consideration of the internal control over financial reporting was for the limited purpose described in the first paragraph ofthis section and would not necessarily disclose all deficiencies in internal control that might be significant deficiencies and, accordingly, would not necessarily disclose all significant deficiencies that are also considered to be material weaknesses. However, we believe that the significant deficiency described above is not a material weakness. \nCompliance and Other Matters \nAs part of obtaining reasonable assurance about whether Wilkinson County Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions oflaws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \nWe noted certain matters that we have reported to management of Wilkinson County Board of Education in a separate letter dated June 15, 2009. \nWilkinson County Board ofEducation's response to the findings identified in our audit is described in the accompanying Schedule of Management's Responses. We did not audit Wilkinson County Board of Education's response and, accordingly, we express no opinion on it. \n2008YB-30 \n \n This report is intended solely for the information and use ofmanagement, members ofthe Wilkinson County Board of Education, others within the entity, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \n \nRespectfully submitted, \n \n. \n \n~-(Q_, 0~:::::::.. \n \nRussell W. Hinton, CPA, CGFM \n \nState Auditor \n \nRWH:gp 2008YB-30 \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 15, 2009 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Wilkinson County Board of Education \nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \nLadies and Gentlemen: \nCompliance \nWe have audited the compliance of Wilkinson County Board of Education with the types of compliance requirements described in the U.S. Office of Management and Budget (0MB) Circular A-133 Compliance Supplement that are applicable to each of its major Federal programs for the year ended June 30, 2008. Wilkinson County Board ofEducation's major Federal programs are identified in the Summary of Auditor's Results Section of the accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major Federal programs is the responsibility of Wilkinson County Board of Education's management. Our responsibility is to express an opinion on Wilkinson County Board of Education's compliance based on our audit. \nWe conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and 0MB Circular A133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and 0MB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Wilkinson County Board of Education's compliance with those requirements and performing such other procedures as we considered necessary in the \n \n2008SA-10 \n \n circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Wilkinson County Board ofEducation's compliance with those requirements. \nIn our opinion, the Wilkinson County Board ofEducation complied, in all material respects, with the requirements referred to above that are applicable to each ofits major Federal programs for the year ended June 30, 2008. \nInternal Control Over Compliance \nThe management of Wilkinson County Board of Education is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and performing our audit, we considered Wilkinson County Board of Education's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose ofexpressing our opinion on compliance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Wilkinson County Board of Education's internal control over compliance. \nA control deficiency in an entity's internal control over compliance exists when the design or operation ofa control does not allow management or employees, in the normal course ofperforming their assigned functions, to prevent or detect noncompliance with a type of compliance requirement of a Federal program on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the entity's ability to administer a Federal program such that there is more than a remote likelihood that noncompliance with a type of compliance requirement of a Federal program that is more than inconsequential will not be prevented or detected by the entity's internal control. \nA material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that material noncompliance with a type of compliance requirement of a Federal program will not be prevented or detected by the entity's internal control. \nOur consideration of the internal control over compliance was for the limited purpose described in the first paragraph of this section and would not necessarily identify all deficiencies in internal control that might be significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. \n2008SA-10 \n \n This report is intended solely for the information and use ofmanagement, members ofthe Wilkinson County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully submitted, \n \nRWH:gp 2008SA-10 \n \n~W-~ \nRussell W. Hinton, CPA, CGFM State Auditor \n \n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \n WILKINSON COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2008 \nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS No matters were reported. PRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \n \n SECTION IV FINDINGS AND QUESTIONED COSTS \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2008 \nI SUMMARY OF AUDITOR'S RESULTS \n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Wilkinson County Board of Education's financial statements was unqualified. \n2. Significant Deficiencies in Internal Control Disclosed by the Audit ofthe Financial Statements The audit report for the Wilkinson County Board of Education disclosed a financial statement significant deficiency related to the following control category. \nExpenditures/Liabilities/Disbursements \nThe significant deficiency described above is not considered to be a material weakness. \n3. Noncompliance Material to the Financial Statements The audit of the Wilkinson County Board of Education disclosed no instances of noncompliance that were deemed to be material to the financial statements. \n4. Significant Deficiencies in Internal Control Over Major Programs The audit report for the Wilkinson County Board of Education did not disclose any significant deficiencies in internal control over major programs. \n5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Wilkinson County Board ofEducation's report on compliance with requirements applicable to major programs was unqualified. \n6. Audit Findings Required to be Reported by Section .510(a) ofOMB Circular A-133 The Wilkinson County Board ofEducation's audit did not disclose audit findings required to be reported by section .510(a) ofOMB Circular A-133. \n7. Major Programs Federal awards audited as major programs are as follows: 84.287 Twenty-First Century Community Leaming Centers 84.357 Reading First State Grants \n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000.00. \n9. Low Risk Auditee The Wilkinson County Board of Education qualified as a low risk auditee as defined by Section .530 of 0MB Circular A-133. \n- 1- \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2008 \n \nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nEXPENDITURES/LIABILITIES/DISBURSEMENTS Accounts Payable Significant Deficiency Finding Control Number: FS-7581-08-01 \n \nCondition: \n \nExpenditures incurred subsequent to fiscal year end were improperly recorded as accounts payable at June 30, 2008. \n \nCriteria: \n \nGenerally accepted accounting principles require reporting of all current liabilities whose liquidation is expected to require the use of current assets when the goods have been received or services have been rendered. \n \nQuestioned Cost: NIA \n \nInformation: \n \nSix vouchers were improperly recorded as Capital Project Fund expenditures and accounts payable for the fiscal year 2008. The goods were not received or invoiced until fiscal year 2009. \n \nCause: \n \nManagement failed to follow proper year end cutoff procedures. \n \nEffect: \n \nAn audit adjustment of$89,055.27 was required in the Capital Projects Fund to decrease accounts payable and decrease expenditures as ofJune 30, 2008. \n \nRecommendation: \n \nWe recommend the School District strengthen internal controls in the area of accounts payable cutoffin order to better identify amounts which should not be recorded as payable at the end of each financial reporting cycle. \n \nIII FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \n \nNo matters were reported. \n \n-2- \n \n SECTIONV MANAGEMENT'S RESPONSES \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF MANAGEMENT'S RESPONSES \nYEAR ENDED JUNE 30, 2008 \nFinding Control Number: FS-7581-08-01 \nCorrective Action to be taken: Finance Officer will ensure that the accounts payoffcutoffdates are checked to be sure that this does not happen. In the past, if we had an open purchase order with outstanding invoices as of June 30, we would set them up as payables regardless of the date of the invoice. We will be sure that we only set up payables that are dated June 30 or earlier in the current fiscal year to be sure that the goods are received and invoiced in the correct year. \nContact Person: Kathy Jackson, Finance Officer Phone: (478) 946-5521 Email: kjackson@wilkinson.k12.ga.us \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw69-b2006-h2007","title":"Wilkinson County Board of Education, Irwinton, 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, Wilkinson County, 32.80241, -83.17125"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2007-06-30"],"dcterms_description":["Fiscal year ended June 30, 2000, released in 2001?-","Ceased with: Fiscal year ended June 30, 2008, released in 2009?","Title from cover.","Report year covers fiscal year.","Has supplements: Wilkinson County Board of Education, Irwinton, Georgia, schedule of salaries and travel, fiscal year ended June 30, 2000-fiscal year ended June 30, 2002; Report on salary and travel for the fiscal year ended ... (Wilkinson County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007; Salaries and travel reimbursement (Wilkinson County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2008, released in 2009?"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Auditors' reports--Georgia","Financial statements--Georgia","Wilkinson County (Ga.). Board of Education--Appropriations and expenditures"],"dcterms_title":["Wilkinson County Board of Education, Irwinton, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2007"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw69-b2006-h2007"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw69-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":"WILKINSON COUNTY BOARD OF EDUCATION \nIRWINTON, GEORGIA REPORT ON AUDIT \nOF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2007 \nSTATE OF GEORGIA \nDEPARTMENT OF AUDITS AND ACCOUNTS \nRussell W. Hinton State Auditor \n \n WILKINSON COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \n \nEXHIBITS \n \nBASIC FINANCIAL STATEMENTS \n \nDISTRICT-WIDE FINANCIAL STATEMENTS \n \nA \n \nSTATEMENT OF NET ASSETS \n \nB \n \nSTATEMENT OF ACTIVITIES \n \nFUND FINANCIAL STATEMENTS \n \nC \n \nBALANCE SHEET \n \nGOVERNMENTAL FUNDS \n \nD \n \nRECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \n \nTO THE STATEMENT OF NET ASSETS \n \nE \n \nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES \n \nIN FUND BALANCES \n \nGOVERNMENTAL FUNDS \n \nF \n \nRECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT \n \nOF REVENUES, EXPENDITURES AND CHANGES IN FUND \n \nBALANCES TO THE STATEMENT OF ACTIVITIES \n \nG \n \nSTATEMENT OF FIDUCIARY NET ASSETS \n \nFIDUCIARY FUNDS \n \nH \n \nNOTES TO THE BASIC FINANCIAL STATEMENTS \n \nSCHEDULES \n \nREQUIRED SUPPLEMENTARY INFORMATION \n \n1 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES- BUDGET AND ACTUAL GENERAL FUND \n \nSUPPLEMENTARY INFORMATION \n \n2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 3 SCHEDULE OF STATE REVENUE \n \nPage \n1 2 4 5 6 7 9 10 \n25 26 \n28 \n \n WILKINSON COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nSCHEDULES \n \nSUPPLEMENTARY INFORMATION \n \n4 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \n \n29 \n \n5 ALLOTMENTS AND EXPENDITURES \n \nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \n \nBY PROGRAM \n \n31 \n \nSECTION II \nCOMPLIANCE AND INTERNAL CONTROL REPORTS \nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \n \nSECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \nSECTION IV 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 \nAugust 26, 2008 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Wilkinson County Board of Education \nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nLadies and Gentlemen: \nWe have audited the accompanying financial statements ofthe governmental activities, each major fund, and the aggregate remaining fund information (Exhibits A through H) ofthe Wilkinson County Board of Education, as of and for the year ended June 30, 2007, which collectively comprise the Board's basic financial statements as listed in the table of contents. These financial statements are the responsibility ofthe Wilkinson County Board ofEducation'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 and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Wilkinson County Board of Education's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. \n \n2007ARL-11 \n \n In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the Wilkinson County Board of Education, 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. \nThe Wilkinson County Board of Education has not presented Management's Discussion and Analysis that accounting principles generally accepted in the United States of America has determined is necessary to supplement, although not to be part of, the basic financial statements. \nIn accordance with Government Auditing Standards, we have also issued our report dated August 26, 2008, on our consideration of the Wilkinson County Board of Education's internal control over financial reporting and on our tests of its compliance with certain provisions oflaws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. \nThe Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual, as presented on page 25, is not a required part of the basic financial statements but is supplementary information required by the accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods ofmeasurement and presentation ofthe required supplementary information. However, we did not audit the information and express no opinion on it. \nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Wilkinson County Board of Education's basic financial statements. The accompanying supplementary information which consist of Schedules 2 through 5, which includes the Schedule of Expenditures of Federal Awards as required by U.S. Office of Management and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. \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~t0.-4d.h Russell W. Hinton, CPA, CGFM State Auditor \nRWH:as 2007ARL-11 \n \n WILKINSON COUNTY BOARD OF EDUCATION \n \n WILKINSON COUNTY BOARD OF EDUCATION STATEMENT OF NET ASSETS JUNE 30, 2007 \nASSETS \nInvestments Accounts Receivable, Net \nTaxes State Government Federal Government Inventories Capital Assets Land Construction in Progress Land Improvements Buildings Equipment Less: Accumulated Depreciation \nTotal Assets \nLIABILITIES \nCash Overdraft Accounts Payable Salaries and Benefits Payable Payroll Withholdings Payable Long-Term Liabilities \nDue Within One Year Due in More Than One Year \nTotal Liabilities \nNET ASSETS \nInvested in Capital Assets, Net of Related Debt Restricted for \nContinuation of Federal Programs Debt Service Capital Projects Unrestricted \nTotal Net Assets \nTotal Liabilities and Net Assets \n \nEXHIBIT\"A\" \n \nGOVERNMENTAL ACTIVITIES \n \n$ \n \n2,940,140 \n \n872,811 960,064 616,314 \n11,029 \n \n186,740 121,754 1,345,712 17,689,418 2,493,625 -5461170 \n \n$ =====21=,7=7=6=,4=3.7.. \n \n$ \n \n53,569 \n \n44,813 \n \n1,775,542 \n \n249 \n \n1,065,000 1,090,000 \n \n$ \n \n4 029 173 \n \n$ \n \n14,465,389 \n \n53,717 1,093,338 1,980,939 \n153 881 \n \n$ \n \n17 747 264 \n \n$ ===2=1,=77=6=,4=3=7 \n \nThe notes to the basic financial statements are an integral part of this statement. -1- \n \n WILKINSON COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \nFOR THE YEAR ENDED JUNE 30, 2007 \n \nGOVERNMENTAL ACTIVITIES \nInstruction Support Services \nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Operations of Non-Instructional Services Food Services Interest on Short-Term and Long-Term Debt \nTotal Governmental Activities \nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Debt Services For Capital Projects Intangible Recording Tax Investment Earnings Miscellaneous \nTotal General Revenues \nChange in Net Assets \nNet Assets - Beginning of Year \nNet Assets - End of Year \n \nEXPENSES \n \nCHARGES FOR SERVICES \n \n$ \n \n11,115,573 $ \n \n733,351 690,478 250,907 305,421 1,031,407 113,165 1,300,648 761,061 \n84,279 \n \n846,469 70 353 \n \n$ \n \n17,303,112 $ \n \n13,198 337,666 \n25,808 174 \n106,731 483 577 \n \nThe notes to the basic financial statements are an integral part of this statement. -2- \n \n EXHIBIT\"B\" \n \nPROGRAM REVENUES \n \nOPERATING \n \nCAPITAL \n \nGRANTS AND \n \nGRANTS AND \n \nCONTRIBUTIONS CONTRIBUTIONS \n \nNET (EXPENSES) REVENUES \nAND CHANGES IN NET ASSETS \n \n$ \n \n7,640,871 \n \n199,969 362,970 157,820 339,872 436,513 \n1,713 362,560 523,551 $ 71,040 \n \n743,896 \n \n$ \n \n10,840,775 $ \n \n$ 101,014 101 014 $ \n \n-3,461,504 \n-195,716 -327,508 \n-93,087 34,451 -569,086 -111,452 -937,914 -136,496 -13,239 \n4,158 -70 353 \n-5,877,746 \n \n$ \n \n5,990,118 \n \n62,577 \n \n1,109,358 588,612 61,774 139,194 18164 \n \n$ \n \n7 969 797 \n \n$ \n \n2,092,051 \n \n15,655,213 \n \n$ ====17=7=4=7=2=6=4 \n \n-3 - \n \n WILKINSON COUNTY BOARD OF EDUCATION BALANCE SHEET \nGOVERNMENTAL FUNDS JUNE 30, 2007 \n \nEXHIBIT\"C\" \n \nASSETS \nCash and Cash Equivalents Investments Accounts Receivable, Net \nTaxes State Government Federal Government Inventories \n \nGENERAL FUND \n \nDISTRICTWIDE \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ \n \n5,734 $ \n \n$ \n \n5,783 \n \n2,934,357 \n \n162,539 960,064 616,314 \n11 029 \n \n248,807 \n \n0 $ \n \n5,734 \n \n2,940,140 \n \n411,346 960,064 616,314 \n11 029 \n \nTotal Assets \n \n$ \n \n1,755,729 $ \n \n3,188,898 $=====0= $====4=94=4=6=2=7 \n \nLIABILITIES AND FUND BALANCES \n \nLIABILITIES \n \nCash Overdraft \n \n$ \n \nAccounts Payable \n \nSalaries and Benefits Payable \n \nPayroll Withholdings Payable \n \nTotal Liabilities \n \n$ \n \nFUND BALANCES \n \nReserved for: \n \nContinuation of Federal Programs \n \n$ \n \nDebt Service \n \nInventories \n \nCapital Projects \n \nUnreserved \n \nDesignated for Student Activities \n \nUndesignated Reported in: \n \nGeneral Fund (Deficit) \n \nTotal Fund Balances \n \n$ \n \n59,303 44,813 1,775,542 \n249 1,879,907 \n42,688 $ \n11,029 \n87,066 -264 961 -124 178 $ \n \n1,093,338 $ 2,095,560 \n3,188,898 $ \n \n$ \n \n59,303 \n \n44,813 \n \n1,775,542 \n \n249 \n \n$ \n \n1 879 907 \n \n$ \n \n42,688 \n \n0 \n \n1,093,338 \n \n11,029 \n \n2,095,560 \n \n87,066 \n \n-264 961 \n \n0 $ \n \n3 064 720 \n \nTotal Liabilities and Fund Balances \n \n$ \n \n1 755 729 $ \n \n3,188.898 $ =====o= $ ====4=94=4=6=2=7 \n \nThe notes to the basic financial statements are an integral part of this statement. -4 - \n \n WILKINSON COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \nTO THE STATEMENT OF NET ASSETS JUNE 30, 2007 \n \nEXHIBIT\"D\" \n \nTotal Fund Balances - Governmental Funds (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: \nLand Construction in Progress Land Improvements Buildings Equipment Accumulated Depreciation \nTotal Capital Assets \nSome of the School District's property tax revenues will be collected after year-end but are not available soon enough to pay for the current period's expenditures. \nLong-Term Liabilities, including Bonds Payable, are not due and payable in the current period and therefore are not reported as liabilities in the funds. Long-Term Liabilities at year-end consist of: \nBonds Payable \nNet Assets of Governmental Activities (Exhibit \"A\") \n \n$ 3,064,720 \n \n$ 186,740 121,754 \n1,345,712 17,689,418 2,493,625 -5,461, 170 \n \n16,376,079 \n \n461,465 \n \n-2,155,000 $ 17,747,264 \n \nThe notes to the basic financial statements are an integral part of this statement. -5 - \n \n WILKINSON COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2007 \n \nEXHIBIT\"E\" \n \nREVENUES \nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \nTotal Revenues \nEXPENDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation \nCapital Outlay Debt Services \nPrincipal Interest \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES (USES} \nTransfers In Transfers Out \nTotal Other Financing Sources (Uses) \nNet Change in Fund Balances \nFund Balances - Beginning \nFund Balances - Ending \n \nGENERAL FUND \n \nDISTRICTWIDE \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ 5,887,373 61,774 $ \n7,977,973 2,963,816 \n483,577 24,536 18 164 \n$ 17,417,213 $ \n \n$ 588,612 $ 1,109,358 \n114,658 703,270 $ 1,109,358 $ \n \n5,887,373 1,759,744 7,977,973 2,963,816 \n483,577 139,194 \n18 164 \n19,229,841 \n \n$ 10,928,555 \n733,349 690,483 250,908 305,423 1,031,407 113,165 1,274,548 1,019,209 84,282 840,008 \n$ \n \n$ 17,271,337 $ \n \n$ \n \n145 876 $ \n \n$ \n \n144,166 $ \n144 166 $ 559,104 $ \n \n1,040,000 70,353 \n1,110,353 $ \n-995 $ \n \n10,928,555 \n733,349 690,483 250,908 305,423 1,031,407 113,165 1,274,548 1,019,209 84,282 840,008 144,166 \n1,040,000 70 353 \n18,525,856 \n703,985 \n \n$ \n \n2,861 $ \n \n$ \n \n-2 861 \n \n-995 \n \n$ \n \n-2 861 $ \n \n1 866 $ \n \n$ \n \n143,015 $ \n \n560,970 $ \n \n-267, 193 \n \n2,627,928 \n \n995 $ \n995 $ 0 $ 0 \n \n3,856 -3 856 \n0 703,985 \n2,360,735 \n \n$ \n \n-124178 $ 3,188,898 $ ========o $ ====31=06=4=,1=2=0 \n \nThe notes to the basic financial statements are an integral part of this statement. -6- \n \n WILKINSON COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2007 \n \nEXHIBIT\"F\" \n \nTotal Net Change in Fund Balances - Governmental Funds (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 Capital Outlay over Depreciation Expense \nBecause some property taxes will not be collected for several months after the School District's fiscal year ends, they are not considered \"available\" revenues. \nRepayment of Long-Term Debt is reported as an expenditure in Governmental Funds, but the repayment reduces Long-Term Liabilities in the Statement of Net Assets. In the current year, these amounts consist of: \nBond Principal Retirements \nChange in Net Assets of Governmental Activities (Exhibit \"B\") \n \n$ \n \n703,985 \n \n$ 707,400 -524,656 \n \n182,744 165,322 \n \n1,040,000 $ ==2,=09=2=,0=5=1 \n \nThe notes to the basic financial statements are an integral part of this statement. -7- \n \n {This page left intentionally blank) \n \n WILKINSON COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET ASSETS FIDUCIARY FUNDS JUNE 30, 2007 \nASSETS Cash and Cash Equivalents \nLIABILITIES Funds Held for Others \n \nEXHIBIT\"G\" \nAGENCY FUNDS \n$ ===6=,9=6=7 \n$ ===6=9=6=7 \n \nThe notes to the basic financial statements are an integral part of this statement. -9- \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT \"H\" \n \nNote 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \nREPORTING ENTITY \nThe Wilkinson County Board of Education (School District) was established under the laws ofthe State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nBASIS OF PRESENTATION \nThe School District's basic financial statements are collectively comprised of the District-wide financial statements, fund financial statements and notes to the basic financial statements of the Wilkinson County Board of Education. \nDistrict-wide Statements: The Statement ofNet Assets and the Statement ofActivities display information about the financial activities ofthe overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting ofinternal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District'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 School District related to the administration and support ofthe School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \n Program revenues include (a) charges paid by the recipients ofgoods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \nFund Financial Statements: The fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting of internal activities. Separate statements for each category (governmental and fiduciary) are presented. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \n \n- 10 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT\"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nThe School District reports the following major governmental funds: \n General Fund is the School District's primary operating fund. It accounts for all financial resources ofthe School District, except those resources required to be accounted for in another fund. \n District-wide Capital Projects Fund accounts for financial resources including Special Purpose Local Option Sales Tax (SPLOST) and Bond Proceeds to be used for the acquisition, construction or renovation of major capital facilities. \n Debt Service Fund accounts for taxes (sales) legally restricted for the payment ofgeneral longterm principal, interest and paying agent's fees. \nThe School District reports the following fiduciary fund type: \n Agency funds account for assets held by the School District 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 District-wide governmental and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless ofwhen the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, grants and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis ofaccounting. Under this method, revenues are recognized when measurable and available. The School District considers all revenues reported in the governmental funds to be available if they are collected within sixty days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. \n- 11 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT\"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nThe School District funds certain programs by a combination ofspecific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \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 authorize the School District 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 School District in nonparticipating interest-earning contracts (such as certificates ofdeposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code ofGeorgia Annotated Section 36-83-4 authorizes the School District to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \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- 12 - \n \n WILKINSON COUNTY BOARD OF EDUCATION 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 School District does not have a formal policy regarding investment policies that address credit risks, custodial credit risks, concentration ofcredit risks, interest rate risks or foreign currency risks. \n \nRECEIVABLES \n \nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \n \nPROPERTY TAXES \n \nThe Wilkinson County Board of Commissioners fixed the property tax levy for the 2006 tax digest year (calendar year) on September 1, 2006 (levy date). Taxes were due on December 20, 2006 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2006 tax digest are reported as revenue in the governmental funds for fiscal year 2007. The Wilkinson County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2007, for maintenance and operations amounted to $5,887,373. \n \nThe tax millage rate levied for the 2006 tax year (calendar year) for the Wilkinson County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \n \nSchool Operations \n \n18.32 mills \n \nSALES TAXES \n \nSpecial Purpose Local Option Sales Tax, at the fund reporting level, during the year amounted to $1,697,970 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \n \nINVENTORIES \n \nFOOD INVENTORIES On the basic financial statements, inventories of donated food commodities used in the preparation ofmeals are reported at their Federally assigned value and purchased foods inventories are reported \n \n- 13 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT\"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nat cost (first-in, first-out). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \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 District-wide financial statements, all purchased capital assets are valued at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at estimated fair market value on the date donated. Disposals are deleted at depreciated recorded cost. The cost of normal maintenance and repairs that do not add to the value ofassets or materially extend the useful lives of the assets is not capitalized. Depreciation is computed using the straight-line method. The School District does not capitalize book collections or works ofart. During the fiscal year under review, no events or changes in circumstances affecting a capital asset that may indicate impairment were known to the School District. \n \nCapitalization thresholds and estimated useful lives of capital assets reported in the District-wide statements are as follows: \n \nCapitalization Policy \n \nEstimated Useful Life \n \nLand Land Improvements Buildings and Improvements Equipment Construction in Progress \n \nAll \n \nNIA \n \n$ \n \n5,000 20 to 80 years \n \n$ \n \n5,000 10 to 80 years \n \n$ \n \n5,000 3 to 20 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 \nGENERAL OBLIGATION BONDS \n \nThe School District issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. Bond issuance costs are recognized in the financial statements during the fiscal year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the Statement ofNet Assets. \n \n- 14 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT\"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nDEFICIT FUND BALANCES \n \nThe fund reporting a deficit fund balance at June 30, 2007, is as follows: \n \nFund Type/Fund Name \n \nDeficit Balance \n \nGovernmental Funds General Fund \n \n$ 264,961 \n \nManagement has implemented a system of millage increases and expenditure reductions. \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 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. \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(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \n \n- 15 - \n \n WILKINSON COUNTY BOARD OF EDUCATION 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 $1,102,311. The amounts of the total bank balances are classified into four categories of custodial credit risk: \n \nCategory 1 - Uncollateralized, Category 2 - Cash collateralized with securities held by the pledging financial institution, or Category 3 - Cash collateralized with securities held by the pledging financial institution's \ntrust department or agent but not in the School District's name. \n \nThe School District's deposits are classified by custodial credit risk category at June 30, 2007, as follows: \n \nCustodial Credit Risk Category \n \nBank Balance \n \n1 \n \n$ \n \n0 \n \n2 \n \n139,598 \n \n3 \n \n762.713 \n \nTotal \n \n$==9\"=\"0\"\"\"\"2'\"'=31===1 \n \nCATEGORIZATION OF INVESTMENTS At June 30, 2007, the carrying value ofthe School District's total investments was $2,940,140, which is materially the same as fair value. This investment consisted entirely offunds invested in the Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services which are not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy ofthe State ofGeorgia, Office ofTreasury and Fiscal Services for the Local Government Investment Pool (Primary Liquidity Portfolio) does not provide for investment in derivatives or similar investments. Additional information on the Local Government Investment Pool is disclosed in the State of Georgia Comprehensive Annual Financial Report. This audit can be obtained from the Georgia Department ofAudits and Accounts at http://www.audits.state.ga.us/internet/searchRpts.html. \n \n- 16 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT\"H\" \n \nNote 3: DEPOSITS AND INVESTMENTS \n \nThe Primary Liquidity Portfolio consists of Georgia Fund 1 which is not registered with the SEC as an investment company but does operate in a manner consistent with the SEC's Rule 2a-7 of the Investment Company Act of 1940. The investment is valued at the pool's share price, $1.00 per share. The pool is an AAAm rated investment pool by Standard and Poor's. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2007, was 15 days. \n \nNote 4: NON-MONETARY TRANSACTIONS \n \nThe School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 2 - Inventories \n \nNote 5: CAPITAL ASSETS \n \nThe following is a summary of changes in the Capital Assets during the fiscal year: \n \nBalances July 1. 2006 \n \nIncreases \n \nDecreases \n \nBalances June 30. 2007 \n \nGovernmental Activities Capital Assets, Not Being Depreciated: \nLand Construction in Progress \n \n$ 179,900 $ \n \n6,840 $ \n \n0 \n \n121.754 \n \n0 $ 186,740 121,754 \n \nTotal Capital Assets Not Being Depreciated $ 179,900 $ 128,594 $ \n \n0 $ 308,494 \n \nCapital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements \n \n$ 17,310,148 $ 2,294,089 1,345,712 \n \n379,270 $ 199,536 \n \n0 $ 17,689,418 2,493,625 1,345,712 \n \nLess Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements \n \n2,888,581 1,509,262 \n538.671 \n \n302,103 153,124 69,429 \n \n3,190,684 1,662,386 \n608.100 \n \nTotal Capital Assets, Being Depreciated, Net $ 16,013.435 $ \n \n54,150 $ \n \n0 $ 16,067.585 \n \nGovernmental Activity Capital Assets - Net $ 16,123,335 $ 182,2~~ $ \n \nQ $ 16,326,022 \n \nCurrent year depreciation expense by function is as follows: \n \n- 17 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT \"H\" \n \nNote 5: CAPITAL ASSETS \n \nInstruction Support Services \nMaintenance and Operation of Plant Student Transportation Services Food Services \n \n$ 363,465 \n \n$ \n \n8,114 \n \n146.336 \n \n154,450 6 741 \n \n$.=~5~24~.6~5~6 \n \nNote 6: RESTRICTED ASSETS \n \nSpecial Purpose Local Option Sales Tax (SPLOST) and general obligation bond proceeds are restricted assets in the Statement of Net Assets because their use is limited by applicable bond covenants or statutory provisions. Restricted assets at June 30, 2007, were as follows: \n \nDistrict-wide Capital Projects \n \nBond \n \nSPLOST \n \nProceeds \n \nRestricted Cash and Cash Equivalents: Debt Services \nRestricted Investments: Debt Services Capital Acquisitions \n \n$ \n \n5,734 \n \n$ 1,087,604 $ 1,732,132 $ \n \n114,621 \n \nNote 7: INTERFUND TRANSFERS \n \nInterfund transfers for the year ended June 30, 2007, consisted of the following: \n \nTransfer to \n \nTransfers From \n \nDistrict-wide \n \nGeneral \n \nCapital \n \nFund \n \nProjects \n \nDistrict-wide Capital Projects \nDebt Service Fund \n \n$ \n \n2,861 \n \n$_ _------'9:..:9c..::.5 \n \nTotal \n \n$ \n \n2,861 $.====9~9~5 \n \n- 18 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT \"H\" \n \nNote 7: INTERFUND TRANSFERS \n \nTransfers are used to move property tax revenues collected by the General Fund to the District-wide Capital Projects Fund as supplemental funding source for capital construction projects and to transfer remaining Local funds to the Debt Service Fund as supplemental funding source for bond payments. \n \nNote 8: RISK MANAGEMENT \n \nThe School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; acts of God and unemployment compensation. \n \nThe School District has obtained commercial insurance for risk ofloss associated with torts, assets and errors or omissions. However, the errors or omissions policy excludes coverage for sexual harassment and discrimination. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the School District's insurance coverage in any of the past three years. \n \nThe School District has elected to self-insure for all losses related to acts ofGod. The School District has not experienced any losses related to this risk in the past three years. \n \nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the General Fund with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \n \nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \n \nBeginning of Year Liability \n \nClaims and Changes in Estimates \n \nClaims Paid \n \nEnd of Year Liability \n \n2006 2007 \n \n$ \n \n0 $ \n \n0 $ \n \n0 $ \n \n0 \n \n$ \n \n0 $ \n \n8 180 $ \n \n8 180 $ \n \n0 \n \nThe School District participates in the Georgia Education Workers' Compensation Trust, a public entity risk pool organized on December 1, 1991, to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The School District pays an annual premium to the Trust for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Trust with the Midwest Employers Casualty Company to provide coverage for potential losses sustained by the Trust in excess of $500,000 loss per occurrence, up to $2,000,000. \n \n- 19 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT \"H\" \n \nNote 8: RISK MANAGEMENT \n \nThe School District has purchased surety bonds to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nSuperintendent All Employees \n \n$ 100,000 $ 100,000 \n \nNote 9: OPERATING LEASES \n \nWilkinson County Board of Education has entered into various leases as lessee for copiers. These leases are considered for accounting purposes to be operating leases. Lease expenditures for the year ended June 30, 2007, for governmental funds amounted to $31,236. Future minimum lease payments for these leases are as follows: \n \nYear Ending \n \nGovernmental Funds \n \n2008 2009 2010 2011 \n \n$ \n \n31,236 \n \n31,236 \n \n31,236 \n \n31,236 \n \nTotal \n \n$====1==24-,9==4==4 \n \nNote 10: SHORT-TERM DEBT \n \nThe School District obtains temporary loans in advance of property tax collections, depositing the proceeds in its General Fund. This short-term debt is to provide cash for operations until property tax collections are received by the School District. Article IX, Section V, Paragraph V of the Constitution ofthe State ofGeorgia limits the aggregate amount of short-term debt to 75 percent of the total gross income from taxes collected in the preceding year and requires all short-term debt to be repaid no later than December 31 of the calendar year in which the debt was incurred. \n \nShort-term debt activity for the fiscal year is as follows: \n \nBeginning Balance \n \nIssued \n \nRedeemed \n \nEnding Balance \n \nTemporary Loans \n \n$=====0 $ 1,500.000 $ 1,500,000 $=====0 \n \n- 20 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT\"H\" \n \nNote 11: LONG-TERM DEBT \n \nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: \n \nPurpose \n \nInterest Rate \n \nAmount \n \nGeneral Government - Series 2002 \n \n2.63% \n \n$ 2,155.000 \n \nThe changes in Long-Term Debt during the fiscal year ended June 30, 2007, were as follows: \n \nGovernmental Funds General \nObligation Bonds \n \nBalance July 1, 2006 \n \n$ 3,195,000 \n \nDeductions Debt Retired \n \n1,040,000 \n \nBalance June 30, 2007 \n \n$ 2,155.000 \n \nPortion of Long-Term Debt Due within One Year \n \n$ 1,065,000 \n \nAt June 30, 2007, payments due by fiscal year which includes principal and interest for these items are as follows: \n \nFiscal Year Ended June 30 \n \nGeneral Obligation \n \nDebt \n \nPrincipal \n \nInterest \n \n2008 2009 \n \n$ 1,065,000 $ 1,090,000 \n \n42,672 14.333 \n \nTotal Principal and Interest \n \n$ 2,155,000 $ \n \n57,005 \n \nNote 12: ON-BEHALF PAYMENTS \n \nThe School District has recognized revenues and costs in the amount of $258,822 for health insurance and retirement contributions paid on the School District's behalf by the following State Agencies. \n \n- 21 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT \"H\" \n \nNote 12: ON-BEHALF PAYMENTS \n \nGeorgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance of Non-Certified Personnel In the amount of $256,565 \n \nOffice of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of $2,257 \n \nNote 13: SIGNIFICANT COMMITMENTS \n \nThe following is an analysis ofsignificant outstanding construction or renovation contracts executed by the School District as of June 30, 2007: \n \nProject \n \nUnearned Executed Contracts \n \nNew auditorium for Wilkinson County High School \n \n$ 2,138,961 \n \nThe amount described in this note is not reflected in the basic financial statements. \n \nNote 14: 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 School District believes that such disallowances, if any, will be immaterial to its overall financial position. \n \nThe School District is a defendant in various legal proceedings pertaining to matters incidental to the performance ofroutine School District operations. The ultimate disposition ofthese proceedings is not presently determinable, but is not believed to be material to the basic financial statements. \n \nNote 15: RELATED PARTY TRANSACTIONS \n \nThe School District employed the services of James S. Price Construction Company for various small construction, renovation, and/or maintenance projects. This company is owned and operated by James S. Price, the stepfather of Kathy Jackson, who is currently the Bookkeeper for the Wilkinson County Board of Education. These jobs did not reach a monetary level that required them to be bid out. Current year expenditures to James S. Price Construction Company totaled $20,135. \n \n- 22 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT \"H\" \n \nNote 15: RELATED PARTY TRANSACTIONS \n \nAlso, Jackson Landscaping was employed for various grassing and shrubbery work for the maintenance department. This company is owned and operated by Johnny Jackson, the husband of Kathy Jackson, the Bookkeeper for the Wilkinson County Board of Education. Individually, these jobs did not reach a monetary level that required them to be bid out. Current year expenditures to Jackson Landscaping were $3,333. \n \nNote 16: SUBSEQUENT EVENTS \n \nThe voters of Wilkinson County approved, in a special election held on September 18, 2007, to authorize the reimposition of a 1% sales tax, for a period beginning April 1, 2008, not to exceed 20 calendar quarters, and to raise no more than $12,000,000. At this time, the voters also authorized the Wilkinson County School District to issue General Obligation Bonds in an amount not to exceed $5,000,000. The proceeds ofthe bonds are to be used, in whole or in part, for renovating, extending, repairing and equipping existing schools. In the subsequent fiscal year, the Board issued 2008 Series Bonds in the amount of $3,000,000, as authorized. \n \nNote 17: RETIREMENT PLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \n \nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System ofGeorgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \n \nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.28% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \nFiscal Year \n \nPercentage Contributed \n \nRequired Contribution \n \n2007 2006 2005 \n \n100% 100% 100% \n \n$ 804,225 $ 760,077 $ 727,739 \n \n- 23 - \n \n (This page left intentionally blank) \n \n WILKINSON COUNTY BOARD OF EDUCATION GENERAL FUND \nSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \nYEAR ENDED JUNE 30, 2007 \n \nSCHEDULE \"1\" \n \nREVENUES \nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \nTotal Revenues \nEXPENDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING USES \nOther Uses \nNet Change in Fund Balances \nFund Balances - Beginning \n \nNONAPPROPRIATED BUDGETS \n \nORIGINAL (1) \n \nFINAL (1) \n \nACTUAL AMOUNTS \n \n$ \n \n5,878,246 $ \n \n5,878,246 $ \n \n5,887,373 \n \n61,774 \n \n6,831,312 \n \n6,831,312 \n \n7,977,973 \n \n2,963,816 \n \n483,577 \n \n22,000 \n \n22,000 \n \n24,536 \n \n18 164 \n \n$ \n \n12,731,558 $ \n \n12,731,558 $ \n \n17 417 213 \n \n$ \n \n8,313,334 $ \n \n8,313,334 $ \n \n10,928,555 \n \n263,995 324,314 243,024 255,533 928,006 \n82,057 1,288,052 \n992,617 8,500 \n \n263,995 324,314 243,024 255,533 928,006 \n82,057 1,288,052 \n992,617 8,500 \n \n733,349 690,483 250,908 305,423 1,031,407 113,165 1,274,548 1,019,209 \n84,282 840 008 \n \n$ \n \n12,699,432 $ \n \n12,699,432 $ \n \n17 271 337 \n \n$ \n \n32,126 $ \n \n32,126 $ \n \n145,876 \n \n-2 861 \n \n$ \n \n32,126 $ \n \n32,126 $ \n \n143,015 \n \n-269,689 \n \n-269,689 \n \n-267 193 \n \nFund Balances - Ending \n \n$ \n \n-237 563 $ \n \n-237 563 $ ===-=12=4.!:1=7=8 \n \nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \n(1) Original and Final Budget amounts do not include budgeted revenues or expenditures of the various principal accounts. \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- 25 - \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2007 \n \nSCHEDULE \"2\" \n \nFUNDING AGENCY PROGRAM/GRANT \nAgriculture, U.S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program \nTotal Child Nutrition Cluster \nOther Programs Pass-Through From Georgia Department of Education Food Donation (1) \nTotal U.S. Department of Agriculture \nCorporation for National and Community Service Pass-Through From Georgia Department of Education Learn and Serve America School and Community Based Programs \nEducation, U. S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Preschool Grants \nTotal Special Education Cluster \nOther Programs Pass-Through From Georgia Department of Education Enhancing Education Through Technology Program Even Start Hurricane Education Recovery Act Improving Teacher Quality State Grants Reading First State Grants Rural Education Safe and Drug-Free Schools and Communities - State Grants State Grants for Innovative Programs Title I Grants to Local Educational Agencies Twenty-First Century Community Learning Centers Vocational Education - Basic Grants to States Pass-Through From Oconee Regional Educational Service Agency Mathematics and Science Partnerships \nTotal U.S. Department of Education \nDefense, U. S. Department of Direct Department of the Air Force R.O.T.C. Program \nTotal Federal Financial Assistance \nN/A = Not Available \n \nCFDA NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nEXPENDITURES IN PERIOD \n \n. 10.553 . 10.555 \n \nNIA N/A $ \n$ \n \n(2) 730 184 \n730,184 \n \n10.550 \n \nNIA \n$ \n \n43147 773 331 \n \n94.004 \n \nN/A $ \n \n9 615 \n \n84.027 84.173 \n \nN/A $ N/A \n$ \n \n265,519 9856 \n275,375 \n \n84.318 84.213 84.938 84.367 84.357 84.358 84.186 84.298 \n. 84.010 84.287 84.048 \n84.366 \n \nN/A N/A N/A N/A N/A NIA N/A N/A NIA N/A N/A \nN/A \n$ \n \n173,502 175,000 (3) 126,714 280,368 44,564 \n11,237 7,883 \n486,944 596,000 \n29,545 \n31 232 \n2,238,364 \n \n$ \n \n16 638 \n \n$ ====3=03=7==9=4=8 \n \n-26- \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2007 \n \nSCHEDULE \"2\" \n \nNotes to the Schedule of Expenditures of Federal Awards \n(1) The amount shown for the Food Donation Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the School District during the current fiscal year. \n(2) Expenditures for the funds earned on the School Breakfast Program ($166,977) were not maintained separately and are included in the 2007 National School Lunch Program. \n(3) Funds earned and expended in the prior year on the Hurricane Education Recovery program, in the amount of $1,620, do not require reporting of expenditures. \nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \nThe School District did not provide Federal Assistance to any Subrecipient. \nThe accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Wilkinson County Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \n \nSee notes to the basic financial statements. \n \n- 27 - \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2007 \n \nAGENCY/FUNDING \nGRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program \nEducation, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Category I Gifted Student - Category VI Remedial Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Categorical Grants Pupil Transportation Regular Bus Replacement Sparsity Nursing Services Principal Supplements Vocational Supervisors Food Services Vocational Education Amended Formula Adjustment Other State Programs Alternative Program Health Insurance High School Graduation Coaches Middle School Remediation and Intervention National Teacher Certification Preschool Handicapped Program Pupil Transportation - State Bonds Statewide K-8 Reading and Mathematics Program \nOffice of Treasury and Fiscal Services Public School Employees Retirement \nCONTRACT Human Resources, Georgia Department of High School Based Summer Learning Program \n \nSee notes to the basic financial statements. \n \n- 28 - \n \nSCHEDULE \"3\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n489,291 \n \n539,614 11,092 \n1,224,493 27,527 \n543,726 40,118 \n846,824 770,508 242,344 \n763,844 18,919 -992 21,861 \n150,547 48,089 27,177 \n302,982 395,429 375,997 \n480,751 51,014 20,000 46,215 5,185 9,429 46,318 13,587 \n-145,318 \n67,788 256,565 \n40,075 971 \n6,962 20,038 50,000 25,369 \n2,257 \n141 377 \n$ =====7=9=77=9=7=3= \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2007 \n \nSCHEDULE \"4\" \n \nPROJECT \n \nORIGINAL ESTIMATED \nCOST(1l \n \nCURRENT ESTIMATED COSTS (2) \n \nAMOUNT EXPENDED IN CURRENT \nYEAR (3) \n \nAMOUNT EXPENDED \nIN PRIOR YEARS (3) \n \nPROJECT STATUS \n \nAcquisition, construction and equipping of \n \nfacility renovations for expanded vocational offerings \n \nat Wilkinson County High School, multipurpose \n \ngymnasium facility at Wilkinson County High School, \n \nan Athletic complex at the High School/Middle School \n \ncampus to include upgrading existing baseball, softball \n \nsoccer, track, tennis and football facilities, four \n \nclassrooms at Primary/Elementary School, \n \nmodifications to and improvement of parking facilities \n \nat all campuses, the installation of technology \n \nand security at all campuses, administrative offices, \n \nand renovating, repairing, improving \n \nand equipping instructional and support \n \nfacilities, existing school buildings and other \n \nbuildings and facilities useful or desirable \n \nin connection therewith, and acquiring \n \nany necessary property therefor, both real \n \nand personal \n \n$ \n \n5,200,000 $ \n \n8,989,234 $ \n \n214,519 $ 8,774,715 Ongoing \n \n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \n(2) The School District's current estimate of total cost for the project. Includes all cost from project inception to completion. \n(3) The voters of Wilkinson County approved the imposition of a 1% sales tax to fund the above project and retire associated debt. Amounts expended for this project may include sales tax proceeds, state, local property taxes and/or other funds over the life of the project. \n \nSee notes to the basic financial statements. \n \n-29- \n \n (This page left intentionally blank) \n \n WILKINSON COUNTY BOARD OF EDUCATION GENERAL FUND - QUALITY BASIC EDUCATION PROGRAM (QBE) \nALLOTMENTS AND EXPENDITURES - BY PROGRAM YEAR ENDED JUNE 30, 2007 \n \nSCHEDULE \"5\" \n \nDESCRIPTION \nDirect Instructional Programs Kindergarten Program Kindergarten Program-Early Intervention Program Primary Grades (1-3) Program Primary Grades-Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades-Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Category I Category II Category Ill Category IV Gifted Student - Category VI Alternative Education Program English Speakers of Other Languages (ESOL) \nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \nMedia Center Program Staff and Professional Development \n \nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) (2) \n \nELIGIBLE QBE PROGRAM COSTS \n \nSALARIES OPERATIONS \n \nTOTAL \n \n$ \n \n684,293 $ \n \n728,903 $ \n \n8,457 $ \n \n737,360 \n \n12,902 \n \n38,945 \n \n38,945 \n \n1,505,031 \n \n1,287,300 \n \n41,282 \n \n1,328,582 \n \n35,323 \n \n196,969 \n \n196,969 \n \n674,281 \n \n782,792 \n \n27,697 \n \n810,489 \n \n52,846 1,061,844 \n967,078 295,604 980,800 \n20,575 84,795 26 024 \n \n85,453 1,824,395 1,833,151 \n247,668 \n70,836 680,307 540,343 132,616 \n328,644 5 624 \n \n369 44,857 126,371 17,865 \n12,600 3,691 1,224 509 110 3 250 \n \n85,822 1,869,252 1,959,522 \n265,533 \n70,836 692,907 544,034 133,840 \n509 328,754 \n8 874 \n \n$ \n \n6,401,396 $ 8,783,946 $ \n \n288,282 $ \n \n9,072,228 \n \n187,961 34 441 \n \n254,834 25 656 \n \n29,052 21 066 \n \n283,886 46 722 \n \nTOTAL QBE FORMULA FUNDS \n \n$ ====6=6=2=3=7=98= $ 9,064,436 $ \n \n338400 $===9=,4=02.....8=3=6 \n \n(1) Comprised of State Funds plus Local Five Mill Share. (2) Allotments do not include the impact of the State amended formula adjustment. \n \nSee notes to the basic financial statements. \n \n- 31 - \n \n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \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 \nAugust 26, 2008 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Wilkinson County Board of Education \nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nLadies and Gentlemen: \nWe have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Wilkinson County Board of Education as of and for the year ended June 30, 2007, which collectively comprise Wilkinson County Board of Education's basic financial statements and have issued our report thereon dated August 26, 2008. We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \nInternal Control Over Financial Reporting \nIn planning and performing our audit, we considered Wilkinson County Board of Education's internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinions on the financial statements, but not for the purpose ofexpressing an opinion on the effectiveness ofthe Wilkinson County Board of Education's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Wilkinson County Board of Education's internal control over financial reporting. \nA control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affect the Wilkinson County Board of Education's ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally \n2007YB-10 \n \n accepted accounting principles such that there is more than a remote likelihood that a misstatement ofthe Wilkinson County Board ofEducation's financial statements that is more than inconsequential will not be prevented or detected by the Wilkinson County Board of Education's internal control. \nA material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement ofthe financial statements will not be prevented or detected by the Wilkinson County Board of Education's internal control. \nOur consideration of the internal control over financial reporting was for the limited purpose described in the first paragraph ofthis section and would not necessarily disclose all deficiencies in internal control that might be significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses, as defined above. \nCompliance and Other Matters \nAs part of obtaining reasonable assurance about whether Wilkinson County Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions oflaws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \nWe noted certain matters that we have reported to management of Wilkinson County Board of Education in a separate letter dated August 26, 2008. \nThis report is intended solely for the information and use of the management, members of the Wilkinson County Board of Education, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully submitted, \n \nRWH:as 2007YB-10 \n \nell W. Hinton, CPA, CGFM State Auditor \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 \nAugust 26, 2008 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Wilkinson County Board of Education \nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \nLadies and Gentlemen: \nCompliance \nWe have audited the compliance of Wilkinson County Board of Education with the types of compliance requirements described in the U.S. Office ofManagement and Budget (0MB) Circular A-133 Compliance Supplement that are applicable to each of its major Federal programs for the year ended June 30, 2007. Wilkinson County Board ofEducation's major Federal programs are identified in the Summary of Auditor's Results Section of the accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each ofits major Federal programs is the responsibility of Wilkinson County Board of Education's management. Our responsibility is to express an opinion on Wilkinson County Board of Education's compliance based on our audit. \nWe conducted our audit of compliance in accordance with auditing standards generally accepted in the United States ofAmerica; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and 0MB Circular A133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and 0MB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Wilkinson County Board of Education's compliance with those requirements and performing such other procedures as we considered necessary in the \n \n2007SA-10 \n \n circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Wilkinson County Board of Education's compliance with those requirements. \nIn our opinion, the Wilkinson County Board ofEducation complied, in all material respects, with the requirements referred to above that are applicable to each ofits major Federal programs for the year ended June 30, 2007. \nInternal Control Over Compliance \nThe management of Wilkinson County Board of Education is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and performing our audit, we considered Wilkinson County Board of Education's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose ofexpressing our opinion on compliance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Wilkinson County Board of Education's internal control over compliance. \nA control deficiency in an entity's internal control over compliance exists when the design or operation of a control does not allow management or employees, in the normal course ofperforming their assigned functions, to prevent or detect noncompliance with a type of compliance requirement of a Federal program on a timely basis. A significant deficiency is a control deficiency, or combination ofcontrol deficiencies, that adversely affects the entity's ability to administer a Federal program such that there is more than a remote likelihood that noncompliance with a type of compliance requirement of a Federal program that is more than inconsequential will not be prevented or detected by the entity's internal control. \nA material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that material noncompliance with a type of compliance requirement of a Federal program will not be prevented or detected by the entity's internal control. \nOur consideration of the internal control over compliance was for the limited purpose described in the first paragraph of this section and would not necessarily identify all deficiencies in internal control that might be significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. \n2007SA-10 \n \n This report is intended solely for the information and use of the management, members of the Wilkinson County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully submitted, \nw~~ \nell W. Hinton, CPA, CGFM State Auditor \nRWH:as 2007SA-10 \n \n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \n WILKINSON COUNTY BOARD OF EDUCATION 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 \n \nAUDITEE'S RESPONSE/STATUS \n \nSEE AUDITOR'S COMMENTS \n \nFS-7581-05-01 Further Action Not Warranted \n \nFS-7581-06-01 Further Action Not Warranted \n \n(1) \n \nFS-7581-06-02 Further Action Not Warranted \n \n(1) \n \nFS-7581-06-03 Further Action Not Warranted \n \n(1) \n \nFS-75 81-06-04 Previously Reported Corrective Action Implemented \n \nAUDITOR'S COMMENTS \n \n(1) Findings/internal control deficiencies ofthis nature, that are not deemed significant deficiencies or material weaknesses and do not require reporting in the audit report in accordance with Statements on Auditing Standards (SAS) 112 or Governmental Auditing Standards (Yellow Book), will be communicated in a management letter in subsequent periods. \n \nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \n \nFINDING CONTROL NUMBER \n \nAUDITEE'S RESPONSE/STATUS \n \nFA-7581-05-01 Further Action Not Warranted FA-7581-06-01 Previously Reported Corrective Action Implemented \n \n SECTION IV FINDINGS AND QUESTIONED COSTS \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2007 \nI SUMMARY OF AUDITOR'S RESULTS \n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Wilkinson County Board of Education's financial statements was unqualified. \n2. Significant Deficiencies in Internal Control Disclosed by the Audit ofthe Financial Statements The audit report for the Wilkinson County Board of Education did not disclose any significant deficiencies related to the financial statements. \n3. Noncompliance Material to the Financial Statements The audit of the Wilkinson County Board of Education disclosed no instances of noncompliance that were deemed to be material to the financial statements. \n4. Significant Deficiencies in Internal Control Over Major Programs The audit report for the Wilkinson County Board of Education did not disclose any significant deficiencies in internal control over major programs. \n5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Wilkinson County Board of Education's report on compliance with requirements applicable to major programs was unqualified. \n6. Audit Findings Required to be Reported by Section .5 lO(a) of 0MB Circular A-133 The Wilkinson County Board ofEducation's audit did not disclose audit findings required to be reported by section .510(a) ofOMB Circular A-133. \n7. Major Programs Federal awards audited as major programs are as follows: 10.553 Food Services - School Breakfast Program 10.555 Food Services - National School Lunch Program 84.287 Twenty-First Century Community Learning Centers \n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000. \n9. Low Risk Auditee The Wilkinson County Board of Education qualified as a low risk auditee as defined by Section .530 of 0MB Circular A-133. \n- 1- \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2007 II FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS No matters were reported. III FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \n-2- \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw69-b2005-h2006","title":"Wilkinson County Board of Education, Irwinton, 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, Wilkinson County, 32.80241, -83.17125"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2006-06-30"],"dcterms_description":["Fiscal year ended June 30, 2000, released in 2001?-","Ceased with: Fiscal year ended June 30, 2008, released in 2009?","Title from cover.","Report year covers fiscal year.","Has supplements: Wilkinson County Board of Education, Irwinton, Georgia, schedule of salaries and travel, fiscal year ended June 30, 2000-fiscal year ended June 30, 2002; Report on salary and travel for the fiscal year ended ... (Wilkinson County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007; Salaries and travel reimbursement (Wilkinson County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2008, released in 2009?"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Auditors' reports--Georgia","Financial statements--Georgia","Wilkinson County (Ga.). Board of Education--Appropriations and expenditures"],"dcterms_title":["Wilkinson County Board of Education, Irwinton, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2006"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw69-b2005-h2006"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw69-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":"WILKINSON COUNTY BOARD OF EDUCATION \nIRWINTON, GEORGIA REPORT ON AUDIT \nOF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2006 \nSTATE OF GEORGIA \nDEPARTMENT OF AUDITS AND ACCOUNTS \nRussell W. Hinton State Auditor \n \n WILKINSON COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \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 FUNDS \n \n4 \n \nD \n \nRECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \n \nTO THE STATEMENT OF NET ASSETS \n \n5 \n \nE \n \nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES \n \nIN FUND BALANCES \n \nGOVERNMENTAL FUNDS \n \n6 \n \nF \n \nRECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT \n \nOF REVENUES, EXPENDITURES AND CHANGES IN FUND \n \nBALANCES TO THE STATEMENT OF ACTIVITIES \n \n7 \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 \n1 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES \n \nIN FUND BALANCES - BUDGET AND ACTUAL \n \nGENERAL FUND \n \n25 \n \nSUPPLEMENTARY INFORMATION \n \n2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \n \n26 \n \n3 SCHEDULE OF STATE REVENUE \n \n28 \n \n WILKINSON COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nSCHEDULES \n \nSUPPLEMENTARY INFORMATION \n \n4 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \n \n29 \n \n5 ALLOTMENTS AND EXPENDITURES \n \nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \n \nBY PROGRAM \n \n31 \n \nSECTION II \nCOMPLIANCE AND INTERNAL CONTROL REPORTS \nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULARA-133 \n \nSECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \n \n WILKINSON COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \nSECTIONV 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 \nMarch 6, 2007 \n \nHonorable Sonny Perdue, Governor Members ofthe General Assembly Members ofthe State Board of Education \nand Superintendent and Members ofthe Wilkinson County Board of Education \nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nLadies and Gentlemen: \nWe have audited the accompanying financial statements ofthe governmental activities, each major fund, and the aggregate remaining fund information (Exhibits A through H) ofthe Wilkinson County Board of Education, as of and for the year ended June 30, 2006, which collectively comprise the Board's basic financial statements as listed in the table of contents. These financial statements are the responsibility ofthe Wilkinson County Board ofEducation'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 and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opm1ons. \nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information ofthe Wilkinson County Board of Education, as ofJune 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. \n2006ARL-11 \n \n The Wilkinson County Board of Education has not presented Management's Discussion and Analysis that accounting principles generally accepted in the United States has determined is necessary to supplement, although not to be part of, the basic financial statements. \n \nIn accordance with Government Auditing Standards, we have also issued our report dated March 6, 2007, on our consideration of the Wilkinson County Board of Education's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose ofthat report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. \n \nThe Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual, as presented on page 25, is not a required part of the basic financial statements but is supplementary information required by the accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods ofmeasurement and presentation ofthe required supplementary information. However, we did not audit the information and express no opinion on it. \n \nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Wilkinson County Board of Education's basic financial statements. The accompanying supplementary information which consist of Schedules 2 through 5, which includes the Schedule of Expenditures of Federal Awards as required by U.S. Office of Management and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. \n \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 \nRespectfully submitted, \n \n. \n \n\\A) \n \nRuss 11 W. Hinton, CPA, CGFM Stat Auditor \n \nRWH:as 2006ARL-11 \n \n WILKINSON COUNTY BOARD OF EDUCATION \n \n WILKINSON COUNTY BOARD OF EDUCATION STATEMENT OF NET ASSETS JUNE 30, 2006 \nASSETS \nCash and Cash Equivalents Investments Accounts Receivable, Net \nTaxes State Government Federal Government Inventories Capital Assets Land Land Improvements Buildings Equipment Less: Accumulated Depreciation \nTotal Assets \nLIABILITIES \nAccounts Payable Salaries Payable Long-Term Liabilities \nDue Within One Year Due in More Than One Year \nTotal Liabilities \nNET ASSETS \nInvested in Capital Assets, Net of Related Debt Restricted for \nContinuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit) \nTotal Net Assets \nTotal Liabilities and Net Assets \n \nEXHIBIT\"A\" \n \nGOVERNMENTAL ACTIVITIES \n \n$ \n \n221,168 \n \n2,356,687 \n \n723,865 789,423 389,297 \n11,816 \n \n179,900 1,345,712 17,310,148 2,294,089 -4,936,514 \n \n$ ===2=0,=68=5=,5=91= \n \n$ \n \n350,621 \n \n1,484,757 \n \n1,040,000 2,155,000 \n \n$ \n \n5,030,378 \n \n$ \n \n14,274,203 \n \n18,793 1,082,014 \n388,096 -107 893 \n \n$ \n \n15,655,213 \n \n$ ===2=0=,6=8=5=,5=91= \n \nThe notes to the basic financial statements are an integral part of this statement. \n- 1- \n \n WILKINSON COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \nFOR THE YEAR ENDED JUNE 30, 2006 \n \nGOVERNMENTAL ACTIVITIES \nInstruction Support Services \nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Operations of Non-Instructional Services Food Services Interest on Short-Term and Long-Term Debt \nTotal Governmental Activities \nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Debt Services For Capital Projects Intangible Recording Tax Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \nTotal General Revenues \nChange in Net Assets \nNet Assets - Beginning of Year \nNet Assets - End of Year \n \nEXPENSES \n \nCHARGES FOR SERVICES \n \n$ \n \n10,080,158 $ \n \n640,805 730,624 228,506 240,872 773,181 \n76,747 1,228,458 \n897,237 70,726 \n \n819,022 96 931 \n \n$ \n \n15,883,267 $ \n \n9,172 30,795 \n3,841 163 \n111,511 155 482 \n \nThe notes to the basic financial statements are an integral part of this statement. -2- \n \n EXHIBIT\"B\" \n \nPROGRAM REVENUES \n \nOPERATING \n \nCAPITAL \n \nGRANTS AND \n \nGRANTS AND \n \nCONTRIBUTIONS CONTRIBUTIONS \n \nNET (EXPENSES) REVENUES \nAND CHANGES IN NET ASSETS \n \n$ \n \n5,842,721 \n \n147,709 404,365 130,869 315,375 369,715 \n \n366,592 461,997 $ \n38,449 \n \n679,334 \n \n$ \n \n8 757 126 $ \n \n$ 68,577 68 577 $ \n \n-4,228,265 \n-462,301 -326,259 \n-97,637 74,503 -399,625 -76,747 -861,703 -366,663 -32,277 \n-28, 177 -96 931 \n-6,902,082 \n \n$ \n \n5,229,793 \n \n26,287 \n \n1,111,758 967,641 45,948 24,444 115,555 300 020 \n \n$ \n \n7 821 446 \n \n$ \n \n919,364 \n \n14 735 849 \n \n$ ===15='=65=5=,2=13=== \n \n-3- \n \n WILKINSON COUNTY BOARD OF EDUCATION BALANCE SHEET \nGOVERNMENTAL FUNDS JUNE 30, 2006 \n \nEXHIBIT\"C\" \n \nASSETS \nCash and Cash Equivalents Investments Accounts Receivable, Net \nTaxes State Government Federal Government Inventories \nTotal Assets \nLIABILITIES AND FUND BALANCES \nLIABILITIES \nAccounts Payable Salaries Payable \nTotal Liabilities \nFUND BALANCES \nReserved for: Continuation of Federal Programs Debt Service Inventories Capital Projects \nUnreserved Undesignated Reported in: General Fund \nTotal Fund Balances \nTotal Liabilities and Fund Balances \n \nGENERAL FUND \n \nDISTRICTWIDE \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ \n \n204,888 $ \n \n16,280 $ \n \n45,454 \n \n2,311,233 \n \n127,307 789,423 389,297 \n11 816 \n \n300,415 \n \n0 $ \n \n221,168 \n \n2,356,687 \n \n427,722 789,423 389,297 \n11 816 \n \n$ 1,568,185 $ 2,627,928 $ \n \n0 $ ===4=1=9=6=11=3= \n \n$ \n \n350,621 \n \n1484757 \n \n$ 1,835,378 \n \n$ \n \n350,621 \n \n1484757 \n \n$ \n \n1,835,378 \n \n$ \n \n6,977 \n \n$ 1,082,014 $ \n \n11,816 \n \n1,545,914 \n \n-285,986 $ -267,193 $ 2,627,928 $ \n \n$ 1,568,185 $ 2,627,928 $ \n \n$ \n \n6,977 \n \n0 \n \n1,082,014 \n \n11,816 \n \n1,545,914 \n \n-285,986 \n \n0 $ \n \n2,360,735 \n \n0 $ ===4=1=9=6=1=13= \n \nThe notes to the basic financial statements are an integral part of this statement. -4- \n \n WILKINSON COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \nTO THE STATEMENT OF NET ASSETS JUNE 30, 2006 \n \nEXHIBIT\"D\" \n \nTotal Fund Balances - Governmental Funds (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: \nLand Land Improvements Buildings Equipment Accumulated Depreciation \nTotal Capital Assets \nSome of the School District's property tax revenues will be collected after year-end but are not available soon enough to pay for the current period's expenditures. \nLong-Term Liabilities, including Bonds Payable, are not due and payable in the current period and therefore are not reported as liabilities in the funds. Long-Term Liabilities at year-end consist of: \nBonds Payable \nNet Assets of Governmental Activities (Exhibit \"A\") \n \n$ \n \n2,360,735 \n \n$ \n \n179,900 \n \n1,345,712 \n \n17,310,148 \n \n2,294,089 \n \n-4 936 514 \n \n16,193,335 \n \n296,143 \n \n-3,195,000 $ 15,655,213 \n \nThe notes to the basic financial statements are an integral part of this statement. -5- \n \n WILKINSON COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2006 \n \nEXHIBIT \"E\" \n \nREVENUES \nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \nTotal Revenues \nEXPENDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation \nCapital Outlay Debt Services \nPrincipal Interest \nTotal Expenditures \nNet Change in Fund Balances \nFund Balances - Beginning \nFund Balances - Ending \n \nGENERAL FUND \n \nDISTRICTWIDE \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ 5,229,188 45,948 $ \n6,733,023 2,117,124 \n155,482 26,717 \n306 407 \n \n$ 967,641 $ 1,111,758 \n88,838 \n \n$ 14,613,889 $ 1,056,479 $ 1 111 758 $ \n \n5,229,188 2,125,347 6,733,023 2,117,124 \n155,482 115,555 306 407 \n16,782,126 \n \n$ 9,517,324 \n \n$ \n \n640,805 730,624 228,506 240,872 773,181 \n76,747 1,229,240 \n878,094 70,726 \n800,445 \n$ \n \n2,599,525 \n \n$ 1,015,000 \n96 931 \n \n$ 15,186,564 $ 2,599,525 $ 1 111 931 $ \n \n$ \n \n-572,675 $ -1,543,046 $ \n \n-173 $ \n \n305,482 \n \n4 170 974 \n \n173 \n \n9,517,324 \n640,805 730,624 228,506 240,872 773,181 \n76,747 1,229,240 \n878,094 70,726 \n800,445 2,599,525 \n1,015,000 96 931 \n18,898,020 \n-2,115,894 \n4,476,629 \n \n$ \n \n-267,193 $ 2,627,928 $ \n \n0 $ ====2,=36=0=,7=35= \n \nThe notes to the basic financial statements are an integral part of this statement. -6 - \n \n WILKINSON COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2006 \n \nEXHIBIT\"F\" \n \nTotal Net Change in Fund Balances - Governmental Funds (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 Capital Outlay over Depreciation Expense \nBecause some property taxes will not be collected for several months after the School District's fiscal year ends, they are not considered \"available\" revenues. \nIn the Statement of Activities, only the gain on the sale of the land/equipment is reported, whereas in the Governmental Funds, the entire proceeds from the sale increase financial resources. Thus, the change in net assets differs from the change in fund balances by the cost of the land/carrying value of the equipment sold. \nRepayment of Long-Term Debt is reported as an expenditure in Governmental Funds, but the repayment reduces Long-Term Liabilities in the Statement of Net Assets. In the current year, these amounts consist of: \nBond Principal Retirements \n \n$ -2,115,894 \n \n$ 2,485,401 -456 833 \n \n2,028,568 26,892 \n \n-35,202 \n \n1,015,000 \n \nChange in Net Assets of Governmental Activities (Exhibit \"B\") \n \n$ ===9=19=,3=6=4 \n \nThe notes to the basic financial statements are an integral part of this statement. -7- \n \n (This page left intentionally blank) \n \n WILKINSON COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET ASSETS FIDUCIARY FUNDS JUNE 30, 2006 \nASSETS Accounts Receivable, Net \nOther \nLIABILITIES Cash Overdraft \n \nEXHIBIT\"G\" \nAGENCY FUNDS \n$ =====4==88=5= \n$ ===4===88=5= \n \nThe notes to the basic financial statements are an integral part of this statement. -9- \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT\"H\" \n \nNote 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \nREPORTING ENTITY \nThe Wilkinson County Board of Education (School District) was established under the laws ofthe State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nBASIS OF PRESENTATION \nThe School District's basic financial statements are collectively comprised of the District-wide financial statements, fund financial statements and notes to the basic financial statements of the Wilkinson County Board of Education. \nDistrict-wide Statements: The Statement ofNet Assets and the Statement ofActivities display information about the financial activities ofthe overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District'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 School District related to the administration and support ofthe School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \n Program revenues include (a) charges paid by the recipients ofgoods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \nFund Financial Statements: The fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting ofinternal activities. Separate statements for each category (governmental and fiduciary) are presented. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \n \n- 10 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT\"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nThe School District reports the following major governmental funds: \n General Fund is the School District's primary operating fund. It accounts for all financial resources ofthe School District, except those resources required to be accounted for in another fund. \n District-wide Capital Projects Fund accounts for financial resources including Special Purpose Local Option Sales Tax (SPLOST) and Bond Proceeds to be used for the acquisition, construction or renovation of major capital facilities. \n Debt Service Fund accounts for taxes (sales) legally restricted for the payment ofgeneral longterm principal, interest and paying agent's fees. \nThe School District reports the following fiduciary fund type: \n Agency funds account for assets held by the School District 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 District-wide governmental and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless ofwhen the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, grants and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis ofaccounting. Under this method, revenues are recognized when measurable and available. The School District considers all revenues reported in the governmental funds to be available if they are collected within sixty days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund \n \n- 11 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT \"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nliability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. \nThe School District funds certain programs by a combination ofspecific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \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 School District 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 School District in nonparticipating interest-earning contracts (such as certificates ofdeposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code ofGeorgia Annotated Section 36-83-4 authorizes the School District to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \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 \n- 12 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT \"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \n(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \n \n(7) Repurchase agreements, and \n \n(8) Obligations of other political subdivisions of the State of Georgia. \n \nThe School District does not have a formal policy regarding investment policies that address credit risks, custodial credit risks, concentration ofcredit risks, interest rate risks or foreign currency risks. \n \nRECEIVABLES \n \nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \n \nPROPERTY TAXES \n \nThe Wilkinson County Board ofCommissioners fixed the property tax levy for the 2005 tax digest year (calendar year) on October 13, 2005 (levy date). Taxes were due on December 20, 2005. Taxes collected within the current fiscal year or within 60 days after year-end on the 2005 tax digest are reported as revenue in the governmental funds for fiscal year 2006. The Wilkinson County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% oftaxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2006, for maintenance and operations amounted to $5,202,901. \n \nThe tax millage rate levied for the 2005 tax year (calendar year) for the Wilkinson County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \n \nSchool Operations \n \n16.338 mills \n \nSALES TAXES \n \nSpecial Purpose Local Option Sales Tax, at the fund reporting level, during the year amounted to $2,079,399 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \n \n- 13 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT \"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nINVENTORIES \n \nFOOD INVENTORIES On the basic financial statements, inventories of donated food commodities used in the preparation ofmeals are reported at their Federally assigned value and purchased foods inventories are reported at cost (first-in, first-out). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \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 District-wide financial statements, all purchased capital assets are valued at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at estimated fair market value on the date donated. Disposals are deleted at depreciated recorded cost. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. Depreciation is computed using the straight-line method. The School District does not capitalize book collections or works of art. \n \nCapitalization thresholds and estimated useful lives of capital assets reported in the District-wide statements are as follows: \n \nCapitalization Policy \n \nEstimated Useful Life \n \nLand Land Improvements Buildings and Improvements Equipment Construction in Progress \n \nAll \n \nNIA \n \n$ \n \n5,000 20 to 80 years \n \n$ \n \n5,000 10 to 80 years \n \n$ \n \n5,000 3 to 20 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 \nGENERAL OBLIGATION BONDS \n \nThe School District issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. Bond issuance costs are recognized in the financial \n \n- 14 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT\"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nstatements during the fiscal year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the Statement of Net Assets. \n \nDEFICIT FUND BALANCES \n \nThe fund reporting a deficit fund balance at June 30, 2006, is as follows: \n \nFund Type/Fund Name \n \nDeficit Balance \n \nGovernmental Funds General Fund \n \nManagement has implemented a system of millage increases and expenditure reductions. \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 of insurance, 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. 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. \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- 15 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \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, 2006, the bank balances were $1,250,989. The amounts of the total bank balances are classified into four categories of custodial credit risk: \n \nCategory 1 - Cash that is insured (e.g., Federal Deposit Insurance) or collateralized with securities held by the School District or by the School District's agent in the School District's name. \nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name. \nCategory 3 - Cash collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the School District's name. \nCategory 4 - Uncollateralized. \n \nThe School District's deposits are classified by custodial credit risk category at June 30, 2006, as follows: \n \nCustodial Credit Risk Category \n \nBank Balance \n \n1 \n \n$ 200,000 \n \n2 \n \n1,050,989 \n \n3 \n \n0 \n \n4 \n \n0 \n \nTotal \n \n$ 1,250,989 \n \nCATEGORIZATION OF INVESTMENTS At June 30, 2006, the carrying value ofthe School District's total investments was $2,356,687 which is materially the same as fair value. This investment consisted entirely offunds invested in the Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services which are not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy ofthe State of Georgia, Office ofTreasury \n \n- 16 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT\"H\" \n \nNote 3: DEPOSITS AND INVESTMENTS \nand Fiscal Services for the Local Government Investment Pool (Primary Liquidity Portfolio) does not provide for investment in derivatives or similar investments. A description of the Primary Liquidity Portfolio is as follows: \nThe Primary Liquidity Portfolio consists of Georgia Fund 1, which is a combination local and state government investment pool. Georgia Fund 1 is a stable net asset value investment pool which follows Standard and Poor's criteria for AAAm rated money market funds. The pool is not registered with the SEC as an investment company but does operate Georgia Fund 1 in a manner consistent with Rule 2a-7 of the Investment Company Act of 1940. The pool's primary objectives are safety of capital, investment income, liquidity and diversification while maintaining principal ($1.00 per share value). Net asset value is calculated daily and reported to the rating agency weekly to ensure stability. The pool distributes earnings (net of management fees) on a monthly basis and values participant's shares sold and redeemed at the pool's share price, $1.00 per share. Pooled cash and cash equivalents and investments are reported at cost. The pool does not issue any legally binding guarantees to support the value of the shares. Participation in the pool is voluntary and deposits consist of funds from local governments; operating and trust funds of Georgia's state agencies, colleges and universities; and current operating funds of the State of Georgia's General Fund. \nInvestments in Georgia Fund 1 are directed toward short-term instruments such as U.S. Treasury obligations, securities issued or guaranteed as to principal and interest by the U.S. Government or any of its agencies or instrumentalities, banker's acceptances and repurchase agreements. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2006, was 28 days. \nNote 4: NON-MONETARY TRANSACTIONS \nThe School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 2 - Inventories \nNote 5: CAPITAL ASSETS \nThe following is a summary of changes in the Capital Assets during the fiscal year: \n \n- 17 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT\"H\" \n \nNote 5: CAPITAL ASSETS \n \nBalances July 1. 2005 \n \nIncreases \n \nBalances Decreases June 30, 2006 \n \nGovernmental Activities Capital Assets, Not Being Depreciated: \nLand Construction in Progress \n \n$ 208,715 \n \n$ \n \n28,815 $ \n \n4,836,450 $ 2,298.177 \n \n7,134.627 \n \n179,900 0 \n \nTotal Capital Assets Not Being Depreciated $ 5,045.165 $ 2,298.177 $ 7,163,442 $ 179.900 \n \nCapital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements \n \n$ 10,713,637 $ 2,217,051 778,781 \n \n6,596,511 158,409 $ 566,931 \n \n$ 17,310,148 \n \n81,371 \n \n2,294,089 \n \n1,345,712 \n \nLess Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements \n \n2,646,129 1,428,381 \n480.155 \n \n242,452 155,865 58.516 \n \n74,984 \n \n2,888,581 1,509,262 \n538.671 \n \nTotal Capital Assets, Being Depreciated, Net $ 9,154.804 $ 6,865.018 $ \n \n6 387 $ 16.013,435 \n \nGovernmental Activity Capital Assets - Net $ 14,199.969 $ 9.163.195 $ 7.169.829 $ 16,193.335 \n \nCurrent year depreciation expense by function is as follows: \n \nInstruction Support Services \nMaintenance and Operation of Plant Student Transportation Services Food Services \n \n$ 284,916 \n \n$ \n \n14,616 \n \n1472897 \n \n162,513 9404 \n \n$ 456.833 \n \nNote 6: RESTRICTED ASSETS \n \nSpecial Purpose Local Option Sales Tax (SPLOST) and general obligation bond proceeds are reported as restricted assets in the Statement ofNet Assets because their use is limited by applicable bond covenants or statutory provisions. Restricted assets at June 30, 2006, were as follows: \n \n- 18 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT \"H\" \n \nNote 6: RESTRICTED ASSETS \n \nDistrict-wide Capital Projects \n \nBond \n \nSPLOST \n \nProceeds \n \nRestricted Cash and Cash Equivalents: Debt Services \nRestricted Investments: Debt Services Capital Acquisitions \n \n$ \n \n16,280 \n \n$ 1,065,734 \n \n$ \n \n50,141 $ 1,195,358 \n \nNote 7: RISK MANAGEMENT \n \nThe School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; acts of God and unemployment compensation. \n \nThe School District has obtained commercial insurance for risk ofloss associated with torts, assets and errors or omissions. However, the errors or omissions policy excludes coverage for sexual harassment and discrimination. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the School District's insurance coverage in any of the past three years. \n \nThe School District has elected to self-insure for all losses related to acts of God. The School District has not experienced any losses related to this risk in the past three years. \n \nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the General Fund with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \n \nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \n \nBeginning of Year Liability \n \nClaims and Changes in Estimates \n \nClaims Paid \n \nEnd of Year Liability \n \n2005 2006 \n \n$ \n \n0 $ \n \n5 146 $ \n \n5 146 $ \n \n0 \n \n$ \n \n0 $ \n \n0 $ \n \n0 $ \n \n0 \n \nThe School District participates in the Georgia Education Workers' Compensation Trust, a public entity risk pool organized on December 1, 1991, to develop, implement and administer a program of \n \n- 19 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT \"H\" \n \nNote 7: RISK MANAGEMENT \n \nworkers' compensation self-insurance for its member organizations. The School District pays an annual premium to the Trust for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Trust with the Midwest Employers Casualty Company to provide coverage for potential losses sustained by the Trust in excess of $500,000 loss per occurrence, up to $2,000,000. \n \nThe School District has purchased a surety bond to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nAll Employees \n \n$ 100,000 \n \nNote 8: OPERATING LEASES \n \nWilkinson County Board of Education has entered into various leases as lessee for copiers. These leases are considered for accounting purposes to be operating leases. Lease expenditures for the year ended June 30, 2006, for governmental funds amounted to $40,597. Future minimum lease payments for these leases are as follows: \n \nYear Ending \n \nGovernmental Funds \n \n2007 Note 9: SHORT-TERM DEBT \n \n$===4-,5=-8=3 \n \nThe School District obtains temporary loans in advance of property tax collections, depositing the proceeds in its General Fund. This short-term debt is to provide cash for operations until property tax collections are received by the School District. Article IX, Section V, Paragraph V of the Constitution ofthe State ofGeorgia limits the aggregate amount of short-term debt to 75 percent of the total gross income from taxes collected in the preceding year and requires all short-term debt to be repaid no later than December 31 of the calendar year in which the debt was incurred. \n \nShort-term debt activity for the fiscal year is as follows: \n \nBeginning Balance \n \nIssued \n \nRedeemed \n \nEnding Balance \n \nTemporary Loans \n \n$=======0 $ 500.000 $ 500,000 $======0 \n \n-20- \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT \"H\" \n \nNote 10: LONG-TERM DEBT \n \nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: \n \nPurpose \n \nInterest Rate \n \nAmount \n \nGeneral Government - Series 2002 \n \n2.63% \n \n$ 3,195,000 \n \nThe changes in Long-Term Debt during the fiscal year ended June 30, 2006, were as follows: \n \nGovernmental Funds General \nObligation Bonds \n \nBalance July 1, 2005 \n \n$ 4,210,000 \n \nDeductions Debt Retired \n \n1,015.000 \n \nBalance June 30, 2006 \n \n$ 3,195.000 \n \nPortion of Long-Term Debt Due within One Year \n \n$ 1.040.000 \n \nAt June 30, 2006, payments due by fiscal year which includes principal and interest for these items are as follows: \n \nFiscal Year Ended June 30 \n \nGeneral Obligation \n \nDebt \n \nPrincipal \n \nInterest \n \n2007 2008 2009 \n \n$ 1,040,000 $ 1,065,000 1.090.000 \n \n70,352 42,672 14.333 \n \nTotal Principal and Interest \n \n$ 3,195.000 $ 121,351 \n \n- 21 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT \"H\" \n \nNote 11: SIGNIFICANT CONTINGENT LIABILITIES \nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. The School District believes that such disallowances, if any, will be immaterial to its overall financial position. \nNote 12: RELATED PARTY TRANSACTIONS \nThe School District employed the services of James S. Price Construction Company for various small construction, renovation, and/or maintenance projects. This company is owned and operated by James S. Price, the stepfather of Kathy Jackson, who is currently the Bookkeeper for the Wilkinson County Board ofEducation. These jobs did not reach a monetary level that required them to be bid out. Current year expenditures to James S. Price Construction Company totaled $6,425. \nAlso, Jackson Landscaping was employed for various grassing and shrubbery work for the maintenance department. This company is owned and operated by Johnny Jackson, the husband of Kathy Jackson, the Bookkeeper for the Wilkinson County Board of Education. Individually, these jobs did not reach a monetary level that required them to be bid out. Current year expenditures to Jackson Landscaping were $14,450. \nNote 13: RETIREMENT PLANS \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia {TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.24% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \n- 22 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT\"H\" \n \nNote 13: RETIREMENT PLANS \nFiscal Year \n2006 2005 2004 \n \nPercentage Contributed \n100% 100% 100% \n \nRequired Contribution \n$ 760,077 $ 727,739 $ 736,885 \n \n- 23 - \n \n (This page left intentionally blank) \n \n WILKINSON COUNTY BOARD OF EDUCATION GENERAL FUND \nSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \nYEAR ENDED JUNE 30, 2006 \n \nSCHEDULE \"1\" \n \nREVENUES \nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \nTotal Revenues \nEXPENDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation \nTotal Expenditures \nNet Change in Fund Balances \nFund Balances - Beginning \nInventory - Net Change in Period \n \nNONAPPROPRIATED BUDGETS \n \nORIGINAL (1) \n \nFINAL (1) \n \nACTUAL AMOUNTS \n \n$ \n \n4,962,939 $ \n \n4,962,939 $ \n \n5,229,188 \n \n45,948 \n \n5,974,560 \n \n5,974,560 \n \n6,733,023 \n \n327,314 \n \n327,314 \n \n2,117,124 \n \n155,482 \n \n22,000 \n \n22,000 \n \n26,717 \n \n306 407 \n \n$ \n \n11,286,813 $ \n \n11,286,813 $ \n \n14,613,889 \n \n$ \n \n7,856,989 $ \n \n8,309,540 $ \n \n9,517,324 \n \n359,072 411,953 246,820 277,261 878,448 \n77,290 1,152,696 \n941,803 8,500 \n \n359,072 434,154 246,820 278,011 878,448 \n77,290 1,152,696 \n941,803 35,682 \n \n640,805 730,624 228,506 240,872 773,181 \n76,747 1,229,240 \n878,094 70,726 \n800 445 \n \n$ \n \n12,210,832 $ \n \n12,713,516 $ \n \n15,186,564 \n \n$ \n \n-924,019 $ \n \n-1,426,703 $ \n \n-572,675 \n \n1,102,958 \n \n1,102,958 \n \n305,482 \n \n2 726 \n \n2 726 \n \nFund Balances - Ending \n \n$ \n \n181 665 $ \n \n-321 019 $===-2=6=7=19=3= \n \nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \n(1) Original and Final Budget amounts do not include budgeted revenues or expenditures of the various principal accounts. \nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \n \nSee notes to the basic financial statements. \n \n- 25- \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2006 \n \nSCHEDULE \"2\" \n \nFUNDING AGENCY PROGRAM/GRANT \nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program \nTotal Child Nutrition Cluster \nOther Programs Pass-Through From Georgia Department of Education Food Donation (1) \nTotal U. S. Department of Agriculture \nEducation, U. S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Preschool Grants \nTotal Special Education Cluster \nOther Programs Pass-Through From Georgia Department of Education Enhancing Education Through Technology Program Even Start Hurricane Education Recovery Improving Teacher Quality State Grants Mathematics and Science Partnerships Reading First State Grants Rural Education Safe and Drug-Free Schools and Communities State Grants for Innovative Programs Title I Grants to Local Educational Agencies Vocational Education - Basic Grants to States \nTotal U.S. Department of Education \nTotal Federal Financial Assistance \nNIA = Not Available \n \nCFDA NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nEXPENDITURES IN PERIOD \n \n10.553 10.555 \n \nN/A \n \nN/A \n \n$ \n \n$ \n \n(2) 732 260 \n732,260 \n \n10.550 \n \nNIA $ \n \n36152 768412 \n \n* 84.027 * 84.173 \n \nN/A $ \nN/A \n$ \n \n318,529 18 712 \n337,241 \n \n84.318 84.213 84.938 84.367 84.366 84.357 84.358 84.186 84.298 * 84.010 84.048 \n \nN/A N/A N/A N/A NIA N/A \nNIA N/A N/A N/A N/A \n$ \n \n151,873 175,000 (3) 156,196 42,518 \n60,410 12,770 \n9,641 5,780 498,274 29410 \n1479113 \n \n$ ===2,=24=7=,5=2=5 \n \n- 26 - \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2006 \n \nSCHEDULE \"2\" \n \nNotes to the Schedule of Expenditures of Federal Awards \n(1) The amount shown for the Food Donation Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the School District during the current fiscal year. \n(2) Expenditures for the funds earned on the School Breakfast Program ($155,442) were not maintained separately and are included in the 2006 National School Lunch Program. \n(3) Funds earned on the Hurricane Education Recovery program, in the amount of $4,347, do not require reporting of expenditures. \nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \nThe School District did not provide Federal Assistance to any Subrecipient. \nThe accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Wilkinson County Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \n \nSee notes to the basic financial statements. \n \n- 27 - \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2006 \n \nAGENCY/FUNDING \nGRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program \nEducation, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle Grades (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Categorical Grants Pupil Transportation Regular Bus Replacement Sparsity Nursing Services Principal Supplements Food Services Vocational Education Austerity Reduction Other State Programs K-3 Statewide Reading Program National Teacher Certification Preschool Handicapped Program Virtual Schools State Grant \nHuman Resources, Georgia Department of High School-Based Summer Learning Program \n \nSee notes to the basic financial statements. \n \n- 28- \n \nSCHEDULE \"3\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n495,498 \n \n556,316 4,719 \n963,805 31,512 \n470,824 52,159 \n782,082 722,030 178,878 809,801 \n38,198 -913 \n61,930 14,763 131,298 42,393 25,952 \n289,042 364,781 366,460 \n454,609 68,577 20,000 46,424 5,306 45,670 16,616 \n-407,475 \n28,471 3,903 \n37,437 50 \n11 907 \n$ ===6=,7=3=3.,0..=23= \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2006 \n \nSCHEDULE \"4\" \n \nPROJECT \n \nORIGINAL ESTIMATED \nCOST (1) \n \nCURRENT ESTIMATED COSTS (2) \n \nAMOUNT EXPENDED IN CURRENT \nYEAR (3) \n \nAMOUNT EXPENDED IN PRIOR YEARS (3) \n \nPROJECT STATUS \n \nAcquisition, construction and equipping of facility renovations for expanded vocational offerings at Wilkinson County High School, multipurpose gymnasium facility at Wilkinson County High School, an Athletic complex at the High School/Middle School campus to include upgrading existing baseball, softball soccer, track, tennis and football facilities, (4) classrooms at Primary/Elementary School, modifications to and improvement of parking facilities at all campuses, the installation of technology and security improvements at all campuses, administrative offices, and renovating, repairing, improving and equipping instructional and support facilities, existing school buildings and other buildings and facilities useful or desirable in connection therewith, and acquiring any necessary property therefor, both real and personal \n \n$ 5,200,000 $ 8,774,715 $ \n \n21696.456 $ 6,078,259 \n \nOngoing \n \n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \n(2) The School District's current estimate of total cost for the project. Includes all cost from project inception to completion. \n(3) The voters of Wilkinson County approved the imposition of a 1% sales tax to fund the above project and retire associated debt. Amounts expended for this project may include sales tax proceeds, state, local property taxes and/or other funds over the life of the project. \n \nSee notes to the basic financial statements. \n \n-29- \n \n (This page left intentionally blank) \n \n WILKINSON COUNTY BOARD OF EDUCATION GENERAL FUND QUALITY BASIC EDUCATION PROGRAM (QBE) \nALLOTMENTS AND EXPENDITURES BY PROGRAM YEAR ENDED JUNE 30, 2006 \n \nSCHEDULE \"5\" \n \nDESCRIPTION \n \nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) (2) \n \nELIGIBLE QBE PROGRAM COSTS \n \nSALARIES \n \nOPERATIONS \n \nTOTAL \n \nDirect Instructional Programs \n \nKindergarten Program \n \n$ \n \nKindergarten Program-Early Intervention Program \n \nPrimary Grades (1-3) Program \n \nPrimary Grades-Early Intervention (1-3) Program \n \nUpper Elementary Grades (4-5) Program \n \nUpper Elementary Grades-Early Intervention (4-5) \n \nProgram \n \nMiddle School (6-8) Program \n \nHigh School General Education (9-12) Program \n \nVocational Laboratory (9-12) Program \n \nStudents with Disabilities \n \nCategory I \n \nCategory II \n \nCategory Ill \n \nCategory IV \n \nGifted Student - Category VI \n \nRemedial Education Program \n \nAlternative Education Program \n \nEnglish Speakers of Other Languages (ESOL) \n \n694,978 $ 6,Q18 \n1,236,565 38,391 \n591,806 \n65,628 1,005,278 \n921,398 224,203 1,019,194 \n47,936 7,637 \n78,989 16 154 \n \n564,019 $ 13,829 \n1,195,921 132,518 619,520 \n71,159 1,442,220 1,480,854 \n256,234 \n48,058 463,772 449,448 \n52,601 \n1,515 268,866 \n22 645 \n \n16,425 $ \n48,976 127 \n40,917 \n50,102 77,372 34,522 \n20,188 5,361 54 533 \n \n580,444 13,829 \n1,244,897 132,645 660,437 \n71,159 1,492,322 1,558,226 \n290,756 \n48,058 483,960 454,809 \n52,655 533 \n1,515 268,866 \n22 645 \n \nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \n \n$ \n \n5,954,175 $ 7,083,179 $ \n \n294,577 $ \n \n7,377,756 \n \nMedia Center Program Staff and Professional Development \n \n167,080 33 133 \n \n205,144 28,635 \n \n17,985 20 568 \n \n223,129 49 203 \n \nTOTAL QBE FORMULA FUNDS \n \n$ \n \n6 154 388 $ 7,316,958 $ \n \n333,130 $ ===='7,=65=0=,0=8=8 \n \n(1) Comprised of State Funds plus Local Five Mill Share. (2) Allotments do not include the impact of the State budget austerity reduction. \n \nSee notes to the basic financial statements. \n \n- 31 - \n \n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \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 \nMarch 6, 2007 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Wilkinson County Board of Education \nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nLadies and Gentlemen: \nWe have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Wilkinson County Board of Education as of and for the year ended June 30, 2006, which collectively comprise Wilkinson County Board of Education's basic financial statements and have issued our report thereon dated March 6, 2007. We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \nInternal Control Over Financial Reporting \nIn planning and performing our audit, we considered Wilkinson County Board of Education's internal control over financial reporting in order to determine our auditing procedures for the purpose ofexpressing our opinions on the financial statements and not to provide an opinion on the internal control over financial reporting. However, we noted certain matters involving the internal control over financial reporting and its operation that we consider to be reportable conditions. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation of the internal control over financial reporting that, in our judgment, could adversely affect Wilkinson County Board of Education's ability to record, process, summarize and report financial data consistent with assertions of management in the financial statements. Reportable conditions are described in the accompanying Schedule of Findings and Questioned Costs as items FS-7581-06-01, FS-7581-06-02, FS-7581-06-03 and FS-7581-06-04. \n2006YB-30 \n \n A material weakness is a reportable condition in which the design or operation ofone or more ofthe internal control components does not reduce to a relatively low level the risk that misstatements caused by error or fraud in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, we believe none of the reportable conditions described above are material weaknesses. \nCompliance and Other Matters \nAs part of obtaining reasonable assurance about whether Wilkinson County Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions oflaws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \nThis report is intended solely for the information and use of the management and members of the Wilkinson County Board of Education and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully submitted, \n \nRWH:as 2006YB-30 \n \nsell W. Hinton, CPA, CGFM State Auditor \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 \nMarch 6, 2007 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members ofthe State Board of Education \nand Superintendent and Members of the Wilkinson County Board of Education \nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \nLadies and Gentlemen: \nCompliance \nWe have audited the compliance of Wilkinson County Board of Education with the types of compliance requirements described in the U.S. Office ofManagement and Budget (0MB) Circular A-133 Compliance Supplement that are applicable to each ofits major Federal programs for the year ended June 30, 2006. Wilkinson County Board ofEducation's major Federal programs are identified in the Summary of Auditor's Results Section of the accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major Federal programs is the responsibility ofWilkinson County Board of Education's management. Our responsibility is to express an opinion on Wilkinson County Board of Education's compliance based on our audit. \nWe conducted our audit of compliance in accordance with auditing standards generally accepted in the United States ofAmerica; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and 0MB Circular A133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and 0MB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Wilkinson County Board of Education's compliance \n \n2006SA-15 \n \n with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Wilkinson County Board ofEducation's compliance with those requirements. \nIn our opinion, the Wilkinson County Board ofEducation complied, in all material respects, with the requirements referred to above that are applicable to each of its major Federal programs for the year ended June 30, 2006. However, the results of our auditing procedures disclosed an instance of nonmaterial noncompliance with those requirements which is described in the accompanying Schedule of Findings and Questioned Costs as item FA-7581-06-01. \nInternal Control Over Compliance \nThe management of Wilkinson County Board of Education is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and performing our audit, we considered Wilkinson County Board of Education's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with 0MB Circular A-133. \nOur consideration ofthe internal control over compliance would not necessarily disclose all matters in the internal control that might be material weaknesses. A material weakness is a reportable condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level ofrisk that noncompliance with applicable requirements oflaws, regulations, contracts and grants caused by error or fraud that would be material in relation to a major Federal program being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over compliance and its operation that we consider to be material weaknesses. \nThis report is intended solely for the information and use of the management, members of the Wilkinson County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully submitted, \n~~o~~ State Auditor \nRWH:as 2006SA-15 \n \n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \n WILKINSON COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2006 \n \nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nFINDING CONTROL NUMBER AND STATUS \n \nFS-7581-04-01 FS-7581-05-01 \n \nFurther Action Not Warranted Unresolved - See Corrective Action/Reponses \n \nCORRECTIVE ACTION/RESPONSES \n \nCASH AND CASH EQUIVALENTS REVENUES/RECEIVABLES/RECEIPTS EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Internal Controls Finding Control Number: FS-7581-05-01 \n \nSeveral meetings were held with school principals and school bookkeepers to come up with a plan to separate duties and correct the above mentioned findings. Each principal is to sign offon financial reports monthly and submit a copy to the Board office. Procedures were put into place to separate the duties within each office. We also held in house workshops on properly documenting receipts and expenditures and implemented the use of purchase orders at the school level for school activity accounts. In addition, we employed a person to check in all goods when they are delivered. All items are delivered to the transportation department. There they are opened, counted, the shipping receipt is signed and a copy sent to the board office. The clerk at the bus shop also keeps a copy and sends a copy along with the goods to the appropriate school. It is then checked again by the person who placed the order. We believe we have proper procedures in order for fiscal year 2006 to sufficiently take care of this finding. \n \n- 1- \n \n WILKINSON COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2006 \n \nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \n \nFINDING CONTROL NUMBER AND STATUS \n \nFS-7581-05-01 \n \nUnresolved - See Corrective Action/Reponses \n \nCORRECTIVE ACTION/RESPONSES \n \nALLOWABLE COSTS/COST PRINCIPLES SPECIAL TESTS AND PROVISIONS Fiscal Requirements of Schoolwide Program Not Fully Implemented Finding Control Number: FA-7581-05-01 \n \nWilkinson County Board ofEducation staffmembers had discussions with Department of Education personnel to determine what steps should be taken to correct this finding. This included people from the state Title I program as well as Financial Review. We were told that we could consolidate any amount into Fund 400 along with Title I funds. We consolidated $2,000 from Title II A funds in an effort to rectify this finding. All expenditures were then moved to Fund 400. Also, the teachers that were questioned during the fiscal year 2005 audit are no longer being charged to the schoolwide program. We believe we made every possible attempt to correct this finding using the guidelines that were given to us by the Georgia Department of Education. We believe we have proper procedures in order for fiscal year 2007 to sufficiently take care of this finding. \n \n-2- \n \n SECTION IV FINDINGS AND QUESTIONED COSTS \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2006 \n \nI SUMMARY OF AUDITOR'S RESULTS \n \n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Wilkinson County Board of Education's financial statements was unqualified. \n \n2. Reportable Conditions in Internal Control Disclosed by the Audit of the Financial Statements The audit report for the Wilkinson County Board ofEducation disclosed financial statement reportable conditions related to the following control categories. \n \nCash and Cash Equivalents Employee Compensation General Ledger \n \nExpenditures/Liabilities/Disbursements Revenues/Receivables/Receipts Budget Preparation/Execution \n \nNone ofthe reportable conditions described above are considered to be material weaknesses. \n \n3. Noncompliance Material to the Financial Statements The audit of the Wilkinson County Board of Education disclosed no instances of noncompliance that were deemed to be material to the financial statements. \n \n4. Reportable Conditions in Internal Control Over Major Programs The audit report for the Wilkinson County Board of Education did not disclose any reportable conditions in internal control over major programs. \n \n5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Wilkinson County Board of Education's report on compliance with requirements applicable to major programs was unqualified. \n \n6. Audit Findings Required to be Reported by Section .510(a) ofOMB Circular A-133 The Wilkinson County Board ofEducation's audit did not disclose audit findings required to be reported by section .510(a) ofOMB Circular A-133; however, we noted an instance of nonmaterial noncompliance which is included in section IV of this report. \n \n7. Major Programs Federal awards audited as major programs are as follows: 84.010 Title I Grants to Local Educational Agencies 84.027 Special Education - Grants to States 84.173 Special Education - Preschool Grants \n \n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000. \n \n- 1- \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2006 \n \nI SUMMARY OF AUDITOR'S RESULTS \n \n9. Low Risk Auditee The Wilkinson County Board of Education qualified as a low risk auditee as defined by Section .530 ofOMB Circular A-133. \n \nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nBUDGET PREPARATION/EXECUTION Deficit Fund Balance Reportable Condition Finding Control Number: FS-7581-06-01 \n \nCondition: \n \nDeficit Fund Balance \n \nCriteria: \n \nChapter 25 Reportingfor LUAs with General Fund Deficit Balances of the Financial Management for Local Units ofAdministration states in part: \"The seriousness of fund balance deficits cannot be overstated. The Georgia Department of Education requires those LUAs with deficit balances to meet certain reporting requirements.\" \n \nQuestioned Cost: NIA \n \nInformation: \n \nThe School District's General Fund reported a deficit fund balance in the amount of $285,986. \n \nCause: \n \nThe School District incurred expenditures in excess of revenues during the year under review in the General Fund. \n \nEffect: \n \nA financial statement irregularity in accordance with O.C.G.A. 20-2-67. \n \nRecommendation: \n \nThe School District should establish policies and procedures designed to ensure that in future periods the School District does not report a deficit fund balance. \n \n-2 - \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2006 \n \nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nEXPENDITURES/LIABILITIES/DISBURSEMENTS EMPLOYEE COMPENSATION Inadequate Internal Controls - Central Office Reportable Condition Finding Control Number: FS-7581-06-02 \n \nCondition: \n \nThe accounting procedures ofthe School District were insufficient to provide for adequate internal controls. \n \nCriteria: \n \nThe School District'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 upon a review of 51 vouchers, the following deficiencies were noted: 1) Seven had no purchase orders or approval, four purchase orders were approved blank, and four purchase orders were approved/issued on or after the invoice date. A total of 30% of tested invoices did not have properly completed and approved purchase orders. 2) Eighteen vouchers were missing proper verification ofthe receipt of the goods. \n \nEmployee Compensation  Based on a review of20 employees, the following deficiencies were noted: 1) Three employees tested did not have documented, approved pay rates. 2) Twelve employees received pay based on unsigned timesheets. \n \nCause: \n \nThese deficiencies were a result of management's failure to ensure that internal controls were established, implemented and functioning at the central office. \n \nEffect: \n \nErrors and/or irregularities may not be detected in a timely manner. \n \nRecommendation: \n \nManagement should revise and monitor controls to provide reasonable assurance that transactions are processed according to established procedures. \n \n-3- \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2006 \n \nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nCASH AND CASH EQUIVALENTS REVENUES/RECEIVABLES/RECEIPTS Inadequate Internal Controls over School Activity Accounts Reportable Condition Finding Control Number: FS-7581-06-03 \n \nCondition: \n \nThis is a repeat finding (FS-7581-05-01) from the year ended June 30, 2005. The accounting procedures ofthe School District were insufficient to provide for adequate internal controls over school activity accounts. \n \nCriteria: \n \nThe School District'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 \nCash and Cash Equivalents  The bank reconciliations did not include evidence of approval by someone other than the person performing the bank reconciliation. \n \nRevenues/Receivables/Receipts  Based on a review of25 items, the following deficiencies were noted: 1) Eight receipts were not supported by adequate documentation, including gate receipts. No adequate system ofreconciliation or verification for the collection of gate receipts had been implemented. \n \nCause: \n \nThese deficiencies were a result of management's failure to ensure that internal controls were established, implemented and functioning at the school levels. \n \nEffect: \n \nErrors and/or irregularities may not be detected in a timely manner. \n \nRecommendation: \n \nManagement should revise and monitor controls to provide reasonable assurance that transactions are processed according to established procedures. \n \n-4- \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2006 \n \nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nGENERAL LEDGER Incomplete General Ledger/Late and Incomplete DE046 Financial Report Reportable Condition Finding Control Number: FS-7581-06-04 \n \nCondition: \n \nThe School District failed to include bond debt activity and accrued salaries and benefits payable in the DE046 financial report submitted to the Georgia Department of Education. Also, the DE046 financial report was submitted after the September 30th due date. \n \nCriteria: \n \nChapter 22 Annual Financial Reporting of the Financial Management for Local Units of Administration indicates that School Districts must prepare their financial statements in accordance with generally accepted accounting principles. DE046 reports are due by September 30th. \n \nQuestioned Cost: NIA \n \nInformation: \n \nLong-term and short-term bond debt and salaries and benefits payable were not recorded in the School District's general ledger as required. An audit adjustment was necessary to record general obligation debt of $3,195,000 and payables of $1,574,220 in the School District's governmental activities. The DE046 was submitted on October 3rd after a deadline extension was granted by Georgia Department of Education. \n \nCause: \n \nManagement failed to comply with the requirements of the Georgia Department of Education regarding financial reporting. \n \nEffect: \n \nThe failure ofthe School District to maintain a complete and accurate general ledger can lead to inaccurate internal and external reporting. This resulted in a general fund deficit that was not detected by the School District Board or Management. \n \nRecommendation: \n \nThe School District should implement controls to ensure that Georgia Department of Education policies and procedures are followed and implement procedures to ensure that all financial data is properly recorded in the general ledger and reported in the DE046 by the required deadline. \n \n-5 - \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2006 \n \nIII FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \n \nSPECIAL TESTS AND PROVISIONS Fiscal Requirements of Schoolwide Program Not Fully Implemented Nonmaterial Noncompliance U.S. Department of Education Through Georgia Department of Education Title I - Grants to Local Educational Agencies (84.010) Finding Control Number: FA-7581-06-01 \n \nCondition: \n \nThe School District identified two schools that participated in a schoolwide program funded with Title I Grants to Local Educational Agencies (CFDA 84.010) and Improving Teacher Quality State Grants (CFDA 84.367) (ITQ) programs; however, the School District did not consolidate the different Federal funds for each of those schools that participated in a schoolwide program. After consultation with GDOE, the District combined a token amount of ITQ funds into the schoolwide fund. Furthermore, the School District failed to produce school-specific budgets supporting the schoolwide plans. \n \nCriteria: \n \nIn accordance with provisions ofU. S. Department ofEducation Instructions and 0MB Circular A-133, Compliance Supplement provisions, eligible schools are able to use their Title I, Part A funds, in combination with other Federal, State and local funds, in order to upgrade the entire educational program of the school and to raise academic achievements for all students. By combining funds from Title I and other eligible U. S. Department of Education funded programs in support of a schoolwide program, U. S. Department of Education Instructions provide that specific schoolwide program costs lose their identity but only in those circumstances when funds are combined in a schoolwide program. \n \nQuestioned Cost: NIA \n \nInformation: \n \nIn line with 0MB Circular A-87 requirements, schoolwide expenditures should be charged to those Federal funding sources supporting the schoolwide program in a reasonable manner. When more than one Federal program supports a schoolwide program, then schoolwide program expenditures may be allocated to specific Federal funds in proportion to the different Federal funds provided in support of the schoolwide program. To distribute such costs, provisions ofOMB Circular A-87, Attachment E, F.3 state that a cost allocation plan should be developed, documented, and maintained for audit. An integral part of the cost allocation plan and the comprehensive plan is a schoolwide budget specifically designed to meet the requirements ofthe Comprehensive Needs Assessment. \n \n-6 - \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2006 \n \nIII FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \n \nSPECIAL TESTS AND PROVISIONS Fiscal Requirements of Schoolwide Program Not Fully Implemented Nonmaterial Noncompliance U.S. Department of Education Through Georgia Department of Education Title I - Grants to Local Educational Agencies (84.010) Finding Control Number: FA-7581-06-01 \n \nCause: \n \nSchool District management was not fully aware ofthe U.S. Department of Education requirements. \n \nEffect: \n \nFailure to appropriately allocate costs can result in noncompliance with requirements ofthe Federal requirements. \n \nRecommendation: \n \nThe School District should implement procedures to ( 1) combine such funds as prescribed by U. S. Department of Education and (2) in line with 0MB Circular A-87 provisions, allocate such schoolwide program costs to the respective Federal funds in a reasonable manner. School level schoolwide budgets should be included as part ofthe Comprehensive Plan and in support ofthe allocations. The School District should seek additional guidance from the Georgia Department of Education to implement procedures for combining and allocating schoolwide program expenditures. \n \n-7- \n \n SECTIONV MANAGEMENT'S RESPONSES \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF MANAGEMENT'S RESPONSES \nYEAR ENDED JUNE 30, 2006 \nFinding Control Number: FS-7581-06-01 \nWe have requested of management its views concerning this finding, its conclusions, its recommendations and the planned corrective actions. We have not received management's views as of the release of this audit report. \nFinding Control Number: FS-7581-06-02 \nWe have requested of management its views concerning this finding, its conclusions, its recommendations and the planned corrective actions. We have not received management's views as of the release of this audit report. \nFinding Control Number: FS-7581-06-03 \nWe have requested of management its views concerning this finding, its conclusions, its recommendations and the planned corrective actions. We have not received management's views as of the release of this audit report. \nFinding Control Number: FA-7581-06-01 \nWe have requested of management its views concerning this finding, its conclusions, its recommendations and the planned corrective actions. We have not received management's views as of the release of this audit report. \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw69-b2004-h2005","title":"Wilkinson County Board of Education, Irwinton, 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, Wilkinson County, 32.80241, -83.17125"],"dcterms_creator":["Georgia. 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(Wilkinson County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007; Salaries and travel reimbursement (Wilkinson County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2008, released in 2009?"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Auditors' reports--Georgia","Financial statements--Georgia","Wilkinson County (Ga.). Board of Education--Appropriations and expenditures"],"dcterms_title":["Wilkinson County Board of Education, Irwinton, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2005"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw69-b2004-h2005"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw69-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-be26-bw69-b2003-h2004","title":"Wilkinson County Board of Education, Irwinton, 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, Wilkinson County, 32.80241, -83.17125"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2004-06-30"],"dcterms_description":["Fiscal year ended June 30, 2000, released in 2001?-","Ceased with: Fiscal year ended June 30, 2008, released in 2009?","Title from cover.","Report year covers fiscal year.","Has supplements: Wilkinson County Board of Education, Irwinton, Georgia, schedule of salaries and travel, fiscal year ended June 30, 2000-fiscal year ended June 30, 2002; Report on salary and travel for the fiscal year ended ... (Wilkinson County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007; Salaries and travel reimbursement (Wilkinson County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2008, released in 2009?"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Auditors' reports--Georgia","Financial statements--Georgia","Wilkinson County (Ga.). Board of Education--Appropriations and expenditures"],"dcterms_title":["Wilkinson County Board of Education, Irwinton, 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-be26-bw69-b2003-h2004"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw69-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":"WILKINSON COUNTY BOARD OF EDUCATION \nIRWINTON, 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 WILKINSON COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \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 \n5 \n \nFUND FINANCIAL STATEMENTS \n \nC \n \nBALANCE SHEET \n \nGOVERNMENTAL FUNDS \n \n6 \n \nD \n \nRECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \n \nTO THE STATEMENT OF NET ASSETS \n \n7 \n \nE \n \nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES \n \nIN FUND BALANCES \n \nGOVERNMENTAL FUNDS \n \n8 \n \nF \n \nRECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT \n \nOF REVENUES, EXPENDITURES AND CHANGES IN FUND \n \nBALANCES TO THE STATEMENT OF ACTIVITIES \n \n9 \n \nG \n \nSTATEMENT OF FIDUCIARY NET ASSETS \n \nFIDUCIARY FUNDS \n \n10 \n \nH \n \nNOTES TO THE BASIC FINANCIAL STATEMENTS \n \n11 \n \nSCHEDULES \n \nREQUIRED SUPPLEMENTARY INFORMATION \n \nSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES \n \nIN FUND BALANCES - BUDGET AND ACTUAL \n \nGENERAL FUND \n \n27 \n \nSUPPLEMENTARY INFORMATION \n \n2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \n \n28 \n \n3 SCHEDULE OF STATE REVENUE \n \n29 \n \n4 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \n \n30 \n \n WILKINSON COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nSCHEDULES \n \nSUPPLEMENTARY INFORMATION \n \n5 ALLOTMENTS AND EXPENDITURES \n \nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \n \nBY PROGRAM \n \n31 \n \nSECTION II \nCOMPLIANCE AND INTERNAL CONTROL REPORTS \nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \n \nSECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \n \n WILKINSON COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \nSECTIONV MANAGEMENT'S RESPONSES SCHEDULE OF MANAGEMENT'S RESPONSES \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 \nJanuary 24, 2005 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Wilkinson County Board of Education \nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nLadies and Gentlemen: \nWe have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information (Exhibits A through H) ofthe Wilkinson County Board of Education, as of and for the year ended June 30, 2004, which collectively comprise the Board's basic financial statements as listed in the table of contents. These financial statements are the responsibility ofthe Wilkinson County Board of Education'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 and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. \nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the Wilkinson County Board of Education, as of June 30, 2004, and the respective changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. \n2004ARL-11 \n \n The Wilkinson County Board ofEducation 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. \nIn accordance with Government Auditing Standards, we have also issued our report dated January 24, 2005, on our consideration of the Wilkinson County Board of Education's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose ofthat report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. \nThe Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual, as presented on page 27, 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 Wilkinson County Board of Education's basic financial statements. The accompanying supplementary information which consist of Schedules 2 through 5, which includes the Schedule of Expenditures of Federal Awards as required by U.S. Office of Management and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. \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~-~ \nell W. Hinton State Auditor \nRWH:as 2004ARL-l l \n \n WILKINSON COUNTY BOARD OF EDUCATION \n \n WILKINSON COUNTY BOARD OF EDUCATION STATEMENT OF NET ASSETS JUNE 30, 2004 \nCash and Cash Equivalents Investments Accounts Receivable, Net \nTaxes State Government Federal Government Other Inventories Capital Assets Land Construction in Progress Land Improvements Buildings Equipment Less: Accumulated Depreciation \nTotal Assets \nLIABILITIES \nAccounts Payable Salaries Payable Long-Term Liabilities \nDue Within One Year Due in More Than One Year \nTotal Liabilities \nNET ASSETS \nInvested in Capital Assets, Net of Related Debt Restricted for \nBus Replacement Continuation of Federal Programs Debt Service Capital Projects Unrestricted \nTotal Net Assets \nTotal Liabilities and Net Assets \n \nEXHIBIT\"A\" \n \nGOVERNMENTAL ACTIVITIES \n \n$ \n \n270,379 \n \n8,688,202 \n \n722,826 812,946 353,460 \n5,925 12,882 \n \n208,715 506,264 539,229 10,953,189 2,094,416 -4 252,997 \n \n$ ====2='0=9=15=\"4=3=6= \n \n$ \n \n386,096 \n \n1,486,022 \n \n990,000 4,210,000 \n \n$ \n \n7,072,118 \n \n$ \n \n9,860,983 \n \n22,623 8,215 \n1,058,380 2,182,528 \n710,589 \n \n$ \n \n13,843,318 \n \n$ ===2=0='=9=1=5=4=36= \n \nThe notes to the basic financial statements are an integral part of this statement. -3- \n \n WILKINSON COUNTY BOARD OF EDUCATION 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 \nInstruction Support Services \nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Operations of Non-Instructional Services Food Services Interest on Short-Term and Long-Term Debt \n \n$ 9,342,658 $ \n442,711 629,768 238,366 272,298 899,481 139,134 1,201,188 934,725 \n63,957 \n833,135 157 865 \n \n307,954 $ 138,343 \n \n5,904,596 $ \n124,840 425,148 131,934 332,724 373,134 \n388,320 522,006 \n57,131 \n654,339 \n \n-3, 130,108 \n-317,871 -204,620 -106,432 \n60,426 -526,347 -139,134 -812,868 -412,719 \n-6,826 \n-40,453 -157 865 \n \nTotal Governmental Activities \n \n$ 15,155,286 $ \n \n446 297 $ ======\"'8==9=1'4==1=7=2= $ \n \n-5,794,817 \n \nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Debt Services For Capital Projects Intangible Recording Tax Real Estate Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \n \n$ \n \n4,237,125 \n \n26,187 \n \n1,167,047 344,423 38,266 10,022 \n142,618 88,248 \n108 702 \n \nTotal General Revenues \n \nChange in Net Assets \n \n$ \n \n367,821 \n \nNet Assets - Beginning of Year \n \n13 475 497 \n \nNet Assets - End of Year \n \n$ ===1=3=8=4=3=3=1=8= \n \nThe notes to the basic financial statements are an integral part of this statement. -5 - \n \n WILKINSON COUNTY BOARD OF EDUCATION BALANCE SHEET \nGOVERNMENTAL FUNDS JUNE 30. 2004 \n \nEXHIBIT\"C\" \n \nASSETS \nCash and Cash Equivalents Investments Accounts Receivable, Net \nTaxes State Government Federal Government Other Inventories \n \nGENERAL FUND \n \nDISTRICTWIDE \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ \n \n250,245 $ \n \n19,934 $ \n \n834,627 \n \n7,853,575 \n \n203,480 812,946 353,460 \n5,925 12,882 \n \n331,459 \n \n200 $ \n \n270,379 8,688,202 \n534,939 812,946 353,460 \n5,925 12,882 \n \nTotal Assets \n \n$ 2,473,565 $ 8,204,968 $ \n \n200 $ =====10a!a,6=7=8,~73=3= \n \nLIABILITIES AND FUND BALANCES \nLIABILITIES \nAccounts Payable Salaries Payable \nTotal Liabilities \nFUND BALANCES \nReserved for: Bus Replacement Debt Service Inventories Capital Projects \nUnreserved Undesignated Reported in: General Fund \nTotal Fund Balances \n \n$ \n \n386,096 \n \n1,486,022 \n \n$ 1,872,118 \n \n$ \n \n22,623 \n \n$ 1,058,180 $ \n \n12,882 \n \n7,146,788 \n \n565,942 \n \n$ \n \n601 447 $ 8,204,968 $ \n \n$ \n \n386,096 \n \n1,486,022 \n \n$ \n \n1,872,118 \n \n$ 200 \n200 $ \n \n22,623 1,058,380 \n12,882 7,146,788 \n565,942 \n8,806,615 \n \nTotal Liabilities and Fund Balances \n \n$ 2,473,565 $ 8,204,968 $ \n \n200 $ ==~10~,6~7~8ia;,,7;,;;33;;,. \n \nThe notes to the basic financial statements are an integral part of this statement. -6- \n \n WILKINSON COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \nTO THE STATEMENT OF NET ASSETS JUNE 30. 2004 \n \nEXHIBIT \"D\" \n \nTotal Fund Balances - Governmental Funds (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: \nLand Construction in Progress Land Improvements Buildings Equipment Accumulated Depreciation \nTotal Capital Assets \nSome of the School District's property tax revenues will be collected after year-end but are not available soon enough to pay for the current period's expenditures. \nLong-Term Liabilities, including Bonds Payable, are not due and payable in the current period and therefore are not reported as liabilities in the funds. Long-Term Liabilities at year-end consist of: \nBonds Payable \n \n$ \n \n8,806,615 \n \n$ \n \n208,715 \n \n506,264 \n \n539,229 \n \n10,953,189 \n \n2,094,416 \n \n-4,252,997 \n \n10,048,816 \n \n187,887 \n \n-5,200,000 \n \nNet Assets of Governmental Activities (Exhibit \"A\") \n \n$ 13,843,318 \n \nThe notes to the basic financial statements are an integral part of this statement. -7- \n \n WILKINSON COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES \nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2004 \n \nEXHIBIT \"E\" \n \nREVENUES \nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \nTotal Revenues \nEXPENDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation \nCapital Outlay Debt Services \nPrincipal Interest \nTotal Expenditures \nNet Change in Fund Balances \nFund Balances - Beginning \nFund Balances - Ending \n \nGENERAL FUND \n \nDISTRICTWIDE \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ 4,308,200 48,288 $ \n7,170,904 1,885,886 \n446,297 13,569 \n148,285 \n$ 14,021,429 $ \n \n344,423 $ \n \n$ 1,167,047 \n \n74,679 419,102 $ 1,167,047 $ \n \n4,308,200 1,559,758 7,170,904 1,885,886 \n446,297 88,248 \n148,285 \n15,607,578 \n \n$ 8,981,740 \n \n$ \n \n375,531 629,768 238,366 272,298 899,481 135,152 1,204,920 799,649 \n63,957 806,762 \n$ \n \n$ 835,565 \n \n3,982 \n \n1,005,000 157,865 \n \n$ 14,407,624 $ \n \n835,565 $ 1,166,847 $ \n \n$ \n \n-386, 195 $ -416,463 $ \n \n200 $ \n \n987,642 \n \n8,621,431 \n \n0 \n \n8,981,740 \n375,531 629,768 238,366 272,298 899,481 139,134 1,204,920 799,649 \n63,957 806,762 835,565 \n1,005,000 157,865 \n16,410,036 \n-802,458 \n9,609,073 \n \n$ \n \n601 447 $ 8,204,968 $ \n \n200 $ ===8\"'=,8=0=-6,=61=5= \n \nThe notes to the basic financial statements are an integral part of this statement. -8- \n \n WILKINSON COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \nREVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30. 2004 \n \nEXHIBIT \"F\" \n \nTotal Net Change in Fund Balances - Governmental Funds (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 Capital Outlay over Depreciation Expense \n \nBecause some property taxes will not be collected for several months after the School District's fiscal year ends, they are not considered \"available\" revenues. \n \nRepayment of Long-Term Debt is reported as an expenditure in Governmental Funds, but the repayment reduces Long-Term Liabilities in the Statement of Net Assets. In the current year, these amounts consist of: \n \nBond Principal Retirements \n \n$ \n \n-802,458 \n \n596,321 -386 154 \n \n210,167 -44,888 \n \n1,005,000 \n \nChange in Net Assets of Governmental Activities (Exhibit \"B\") \n \n$ ===3=6=7=,8=2=1 \n \nThe notes to the basic financial statements are an integral part of this statement. -9 - \n \n WILKINSON COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET ASSETS FIDUCIARY FUNDS JUNE 30, 2004 \nASSETS Cash and Cash Equivalents \nLIABILITIES Funds Held for Others \n \nEXHIBIT\"G\" \nAGENCY FUNDS $ ======5,=41=8= \n$ =====5,=41=8= \n \nThe notes to the basic financial statements are an integral part of this statement. - 10 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2004 \n \nEXHIBIT \"H\" \n \nNote 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \nREPORTING ENTITY \nThe Wilkinson County Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nBASIS OF PRESENTATION \nThe School District's basic financial statements are collectively comprised of the District-wide financial statements, fund financial statements and notes to the basic financial statements of the Wilkinson County Board of Education. \nDistrict-wide Statements: The Statement ofNet Assets and the Statement ofActivities display information about the financial activities ofthe overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District'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 School District related to the administration and support ofthe School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \n Program revenues include (a) charges paid by the recipients of goods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \nFund Financial Statements: The fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting ofinternal activities. Separate statements for each category (governmental and fiduciary) are presented. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \nThe School District reports the following major governmental funds: \n- 11 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2004 \n \nEXHIBIT \"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n General Fund is the School District's primary operating fund. It accounts for all financial resources ofthe School District, except those resources required to be accounted for in another fund. \n District-wide Capital Projects Fund accounts for financial resources including Bond Proceeds to be used for the acquisition, construction or renovation of major capital facilities. \n Debt Service Fund accounts for taxes (sales) legally restricted for the payment of general longterm principal, interest and paying agent's fees. \nThe School District reports the following fiduciary fund type: \n Agency funds account for assets held by the School District 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 District-wide governmental and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, grants and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis ofaccounting. Under this method, revenues are recognized when measurable and available. The School District considers all revenues reported in the governmental funds to be available if they are collected within sixty days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, which is recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds ofgeneral long-term liabilities and acquisitions under capital leases are reported as other financing sources. \n- 12 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2004 \n \nEXHIBIT \"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nThe School District funds certain programs by a combination ofspecific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \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 School District 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 School District in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the School District to invest its funds. 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 \n- 13 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2004 \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 \nRECEIVABLES \n \nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \n \nPROPERTY TAXES \n \nThe Wilkinson County Board of Commissioners fixed the property tax levy for the 2003 tax digest year (calendar year) on October 20, 2003 (levy date). Taxes were due on December 20, 2003. Taxes collected within the current fiscal year or within 60 days after year-end on the 2003 tax digest are reported as revenue in the governmental funds for fiscal year 2004. The Wilkinson County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2004, for maintenance and operations amounted to $4,282,013. \n \nThe tax millage rate levied for the 2003 tax year (calendar year) for the Wilkinson County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \n \nSchool Operations \n \n14.13 mills \n \nSALES TAXES \n \nSpecial Purpose Local Option Sales Tax, at the fund reporting level, during the year amounted to $1,511,470 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \n \nINVENTORIES \n \nFOOD INVENTORIES On the basic financial statements, inventories of donated food commodities used in the preparation of meals are reported at their Federally assigned value and purchased foods inventories are reported at cost (first-in, first-out). The School District uses the consumption method to account for \n \n- 14 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2004 \n \nEXHIBIT \"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \ninventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \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 District-wide financial statements, all purchased capital assets are valued at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at estimated fair market value on the date donated. Disposals are deleted at depreciated recorded cost. The cost of normal maintenance and repairs that do not add to the value ofassets or materially extend the useful lives of the assets is not capitalized. Depreciation is computed using the straight-line method. The School District does not capitalize book collections or works of art. \n \nCapitalization thresholds and estimated useful lives of capital assets reported in the District-wide statements are as follows: \n \nCapitalization Policy \n \nEstimated Useful Life \n \nLand Land Improvements Buildings and Improvements Equipment Construction in Progress \n \nALL \n \nNIA \n \n$ \n \n5,000 15 to 80 years \n \n$ \n \n5,000 10 to 80 years \n \n$ \n \n5,000 3 to 14 years \n \nALL \n \nNIA \n \nDepreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives. \n \nGENERAL OBLIGATION BONDS \n \nThe School District issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. Bond issuance costs are recognized in the financial statements during the fiscal year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the Statement of Net Assets. \n \n- 15 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2004 \n \nEXHIBIT \"H\" \n \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 of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. If a depository elects the pooled method (OCGA 45-8-13.1) the aggregate ofthe market value ofthe securities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool balance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive the requirement for security in the case of operating 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 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, 2004, the bank balances were $1,168,574. The amounts of the total bank balances are classified into three categories of credit risk: \n \n- 16 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2004 \n \nEXHIBIT \"H\" \n \nNote 3: DEPOSITS AND INVESTMENTS \n \nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the School District or by the School District's agent in the School District's name. \nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name. \nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the School District's name.) \n \nThe School District's deposits are classified by risk category at June 30, 2004, as follows: \n \nRisk Category \n \nBank Balance \n \n1 \n \n$ 244,661 \n \n2 \n \n0 \n \n3 \n \n923,913 \n \nTotal \n \n$ 1,168.574 \n \nCATEGORIZATION OF INVESTMENTS At June 30, 2004, the carrying value ofthe School District's total investments was $8,688,202 which is materially the same as fair value. This investment consisted entirely offunds invested in the Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services which are not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy ofthe State ofGeorgia, Office ofTreasury and Fiscal Services for the Local Government Investment Pool (Primary Liquidity Portfolio and Extended Term Portfolio) does not provide for investment in derivatives or similar investments. A description of the Primary Liquidity Portfolio is as follows: \n \nThe Primary Liquidity Portfolio consists of Georgia Fund 1, which is a combination local and state government investment pool, and Fund 6. Georgia Fund 1 is a stable net asset value investment pool which follows Standard and Poor's criteria for AAAm rated money market funds. The pool is not registered with the SEC as an investment company but does operate Georgia Fund 1 in a manner consistent with Rule 2a-7 of the Investment Company Act of 1940. The pool's primary objectives are safety of capital, investment income, liquidity and diversification while maintaining principal ($1.00 per share value). Net asset value is calculated daily and reported to the rating agency weekly to ensure stability. The pool distributes earnings (net of management fees) on a monthly basis and values participant's shares sold and redeemed at the pool's share price, $1.00 per share. Pooled cash and cash equivalents and investments are reported at cost. The pool does not issue any legally binding guarantees to support the value of the shares. Participation in the pool is voluntary and deposits consist of funds from local governments; operating and trust funds of Georgia's state agencies, colleges and universities; and current operating funds of the State of Georgia's General Fund. \n \n- 17 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2004 \n \nEXHIBIT\"H\" \n \nNote 3: DEPOSITS AND INVESTMENTS \nInvestments in Georgia Fund 1 and Fund 6 are directed toward short-term instruments such as U. S. Treasury obligations, securities issued or guaranteed as to principal and interest by the U. S. Government or any of its agencies or instrumentalities, banker's acceptances and repurchase agreements. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2004, was 24 days. The average investment duration for Fund 6 on June 30, 2004, was 0.22 years. \nThe Extended Term Portfolios consist of Fund 3 \"Georgia Extended Asset Pool\", Fund 7 and Fund 8. The Georgia Extended Asset Pool is a variable net asset value investment pool which follows Standard and Poor's criteria for AAAf money market rated funds. The pool is not registered with the SEC as an investment company. The pool's primary objective is the prudent management ofpublic funds on behalf of the State of Georgia and local governments seeking income higher than money market rates. Net Asset Value (NAV) is calculated daily to determine current share price. NAV is calculated by taking the closing fair value of securities owned plus other assets and subtracting liabilities. The remainder is then divided by the total number ofshares outstanding to compute NAV per share (current share price). The pool distributes earnings (net of management fees) which are reinvested as shares in the pool on a monthly basis and determines participant's shares sold and redeemed based on the current share price, which at June 30, 2004, was at $1.99 per share. The Office of Treasury and Fiscal Services has hired a third party bank, Investors Bank and Trust, to perform custody and valuation services to include calculation ofthe NAV on a daily basis. Pooled cash and cash equivalents and investments are reported at fair value. The pool does not issue any legally binding guarantees to support the value of the shares. Participation in the pool is voluntary and deposits consist of funds from local governments, operating and trust funds of State agencies, and current operating funds of the State's General Fund. \nInvestments in the Georgia Extended Asset Pool consist generally of securities issued or guaranteed as to principal and interest by the U. S. Government or any of its agencies or instrumentalities, banker's acceptances and repurchase agreements. The duration at June 30, 2004, was 0. 78 years. \nInvestments in Fund 7 consist generally of repurchase agreements and certain U. S. Government Securities. The average investment duration for Fund 7 on June 30, 2004, was 1.57 years. \nInvestments in Fund 8 consist generally ofmortgage-backed securities issued by U. S. Corporations (reported as Corporate Obligations in the disclosure of custodial risk), repurchase agreements and certain U. S. Government Securities, which include mortgage-backed securities such as collateralized mortgage obligations and adjustable rate mortgages. These mortgage-backed securities are reported as U. S. Government Securities in the disclosure of custodial risk. Investments in Fund 8 are transacted by an external investment management firm under direction of investment advisory agreements executed between the Office of Treasury and Fiscal Services and the investment management firm. \n \n- 18 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2004 \n \nEXHIBIT \"H\" \n \nNote 3: DEPOSITS AND INVESTMENTS \nThe agreement directs the investment firm to utilize the Merrill Lynch 1-3 year Treasury Index in managing the average duration of the overall portfolio, excluding cash, to within plus or minus 6 months ofthe duration of the Index. The average investment duration for Fund 8 on June 30, 2004, was 1.55 years. In addition, the investment advisory agreements place limitations on individual security purchases and holdings as follows: \n1) Limits the duration of any security at the time ofpurchase to a maximum offive (5) years. \n2) Requires any mortgage-backed security, at the time of purchase and periodically, thereafter, to pass a \"stress test\" which provides for a duration profile not to exceed 7 years given an instantaneous and permanent interest yield increase of 300 basis points. \n3) With the exception ofU. S. Treasury securities, limits individual security investments to no more than the greater of$5 million or 10% ofthe separate portfolio's total investments. \n4) Prohibits investments in interest only strips, principal only strips, inverse floaters, and Z tranche securities. \nNote 4: NON-MONETARY TRANSACTIONS \nThe School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 2 - Inventories \nNote 5: CAPITAL ASSETS \nThe following is a summary of changes in the Capital Assets during the fiscal year: \n \n- 19 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2004 \n \nEXHIBIT\"H\" \n \nNote 5: CAPITAL ASSETS \n \nBalances July 1, 2003 \n \nIncreases \n \nBalances Decreases June 30, 2004 \n \nGovernmental Activities Capital Assets, Not Being Depreciated: \nLand Construction in Progress \n \n$ 208,715 0 $ 506,264 \n \n$ 208,715 506,264 \n \nTotal Capital Assets Not Being Depreciated $ 208,715 $ 506,264 \n \n$ 714 979 \n \nCapital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements \n \n$ 11,014,069 2,267,063 $ 539,229 \n \n$ 129,640 \n \n60,880 $ 10,953, I 89 \n \n302,287 \n \n2,094,416 \n \n539,229 \n \nLess Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements \n \n2,500,476 1,511,101 \nI 78,850 \n \n199,867 150,339 35 948 \n \n21,297 302,287 \n \n2,679,046 1,359,153 \n214,798 \n \nTotal Capital Assets, Being Depreciated, Net $ 9,629,934 $ -256,514 $ \n \n39,583 $ 9,333,837 \n \nGovernmental Activity Capital Assets - Net $ 9,838,649 $ 249,750 $ \n \n39 583 $ 10,048,816 \n \nCurrent year depreciation expense by function is as follows: \n \nInstruction Support Services \nPupil Services Maintenance and Operation of Plant Student Transportation Services Food Services \n \n$ 193,126 \n \n$ \n \n35,948 \n \n1,319 \n \n141 649 \n \n178,916 14,112 \n \nNote 6: RESTRICTED ASSETS \nGeneral obligation bond proceeds and property tax levied specifically for retirement ofoutstanding bond principal, interest and paying agent's fees (Debt Service Funds) are reported as restricted assets in the Statement ofNet Assets because their use is limited by applicable bond covenants or statutory provisions. Restricted assets at June 30, 2004, were as follows: \n \n- 20 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2004 \n \nEXHIBIT \"H\" \n \nNote 6: RESTRICTED ASSETS \n \nDistrict-wide Capital Projects \n \nBond \n \nProceeds \n \nSPLOST \n \nDebt Service Funds \n \nRestricted Cash and Cash \n \nEquivalents: \n \nDebt Services \n \n$ \n \n19,934 $ \n \n200 \n \nRestricted Investments: \n \nDebt Services \n \n$ 1,038,246 \n \nCapital Acquisitions \n \n$ 5,108,456 $ 1,706,873 \n \nNote 7: RISK MANAGEMENT \n \nThe School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; acts of God and unemployment compensation. \n \nThe School District has obtained commercial insurance for risk ofloss associated with torts, assets, errors or omissions and job related illness or injuries to employees. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the School District's insurance coverage in any of the past three years. \n \nThe School District has elected to self-insure for all losses related to acts of God. The School District has not experienced any losses related to this risk in the past three years. \n \nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the General Fund with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \n \nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \n \n2003 2004 \n \nBeginning of Year Liability \n \nClaims and Changes in Estimates \n \nClaims Paid \n \nEnd of Year Liability \n \n$ \n \n0 $ \n \n3 360 $ \n \n3 360 $ \n \n0 \n \n$ \n \n0 $ \n \n0 $ \n \n0 $ \n \n0 \n \n- 21 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2004 \n \nEXHIBIT \"H\" \n \nNote 7: RISK MANAGEMENT \n \nThe School District has purchased a surety bond to provide additional insurance coverage as follows~ \n \nPosition Covered \n \nAmount \n \nAll Employees \n \n$ 100,000 \n \nNote 8: OPERATING LEASES \n \nWilkinson County Board of Education has entered into various leases as lessee for copiers. These leases are considered for accounting purposes to be operating leases. Lease expenditures for the year ended June 30, 2004, for governmental funds amounted to $63,148. Future minimum lease payments for these leases are as follows: \n \nYear Ending \n \nGovernmental Funds \n \n2005 2006 2007 \n \n$ \n \n59,074 \n \n55,000 \n \n4 583 \n \nTotal Note 9: LONG-TERM DEBT \n \n$====1==18=6=5===7 \n \nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: \n \nPurpose \n \nInterest Rate \n \nAmount \n \nGeneral Government - Series 2002 \n \n2.63% \n \n$==5=,2~00=,o==o=o \n \nThe changes in Long-Term Debt during the fiscal year ended June 30, 2004, were as follows: \n \n- 22 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2004 \n \nEXHIBIT \"H\" \n \nNote 9: LONG-TERM DEBT \n \nGovernmental Funds General \nObligation Bonds \n \nBalance July 1, 2003 \n \n$ 6,205,000 \n \nDeductions Debt Retired \n \n1,005,000 \n \nBalance June 30, 2004 \n \n$ 5,200,000 \n \nPortion of Long-Term Debt Due within One Year \n \n$ 990 000 \n \nAt June 30, 2004, payments due by fiscal year which includes principal and interest for these items are as follows: \n \nFiscal Year Ended June 30 \n \nGeneral Obligation \n \nDebt \n \nPrincipal \n \nInterest \n \n2005 2006 2007 2008 2009 \n \n$ 990,000 $ 1,015,000 1,040,000 1,065,000 1,090,000 \n \n123,742 97,376 70,352 42,672 14 333 \n \nTotal Principal and Interest \n \n$ 5,200,000 $ 348 475 \n \nNote 10: ON-BEHALF PAYMENTS \n \nThe School District has recognized revenues and costs in the amount of $115,359 for health insurance and retirement contributions paid on the School District's behalf by the following State Agencies. \n \nGeorgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance of Non-Certified Personnel In the amount of $113,995 \n \n- 23 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2004 \n \nEXHIBIT\"H\" \n \nNote 10: ON-BEHALF PAYMENTS \n \nOffice of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of $1,364 \n \nNote 11: SIGNIFICANT COMMITMENTS \n \nThe following is an analysis ofsignificant outstanding construction or renovation contracts executed by the School District as of June 30, 2004: \n \nProject \n \nUnearned Executed Contracts \n \nMiddle/High Ballfields \n \n$====30-,8~0==7 \n \nThe amount described in this note is not reflected in the basic financial statements. \n \nNote 12: 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 School District believes that such disallowances, if any, will be immaterial to its overall financial position. \n \nNote 13: RELATED PARTY TRANSACTIONS \n \nThe School District employed the services of James S. Price Construction Company for various small construction, renovation, and/or maintenance projects. This company is owned and operated by James S. Price, the husband of Linda Price, who is currently the Assistant Bookkeeper for the Wilkinson County Board of Education. While some of these services were secured by a bid procedure, all were not. Current year expenditures to James S. Price Construction Company totaled $36,673. \n \nNote 14: RETIREMENT PLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \n \nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and \n \n-24 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2004 \n \nEXHIBIT \"H\" \n \nNote 14: RETIREMENT PLANS \n \nsurvivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \n \nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.24% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \nFiscal Year \n \nPercentage Contributed \n \nRequired Contribution \n \n2004 2003 2002 \n \n100% 100% 100% \n \n$ 736,885 $ 755,554 $ 743,111 \n \n- 25 - \n \n WILKINSON COUNTY BOARD OF EDUCATION GENERAL FUND \nSCHEDULE OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \nYEAR ENDED JUNE 30. 2004 \n \nSCHEDULE \"1\" \n \nREVENUES \nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \nTotal Revenues \nEXPENDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation \nTotal Expenditures \nNet Changes in Fund Balances \nFund Balances - Beginning \nAdjustments \n \nNONAPPROPRIATED BUDGETS \n \nORIGINAL (1) \n \nFINAL (1) \n \nACTUAL AMOUNTS \n \n$ \n \n4,295,172 $ \n \n4,295,172 $ \n \n4,308,200 \n \n48,288 \n \n6,727,851 \n \n6,727,851 \n \n7,170,904 \n \n1,681,953 \n \n1,681,953 \n \n1,885,886 \n \n157,614 \n \n157,614 \n \n446,297 \n \n50,904 \n \n50,904 \n \n13,569 \n \n112,922 \n \n112,922 \n \n148 285 \n \n$ \n \n13,026,416 $ \n \n13,026,416 $ \n \n14,021,429 \n \n$ \n \n8,547,420 $ \n \n8,547,420 $ \n \n8,981,740 \n \n416,244 640,595 241,550 300,522 941,262 132,902 1,093,297 846,843 \n29,758 818 094 \n \n416,244 640,595 241,550 300,522 941,262 132,902 1,093,297 846,843 \n29,758 818,094 \n \n375,531 629,768 238,366 272,298 899,481 135,152 1,204,920 799,649 \n63,957 806,762 \n \n$ \n \n14,008,487 $ \n \n14,008,487 $ \n \n14 407,624 \n \n$ \n \n-982,071 $ \n \n-982,071 $ \n \n-386,195 \n \n1,661,560 \n \n1,661,560 \n \n987,642 \n \n-4,444 \n \n-4444 \n \nFund Balances - Ending \n \n$ \n \n675 045 $ \n \n675 045 $===6=0=1=4=47= \n \nNotes to the Schedule of Revenues. Expenditures and Changes in Fund Balances Budget and Actual \n(1) Original and Final Budget amounts do not include budgeted revenues or expenditures of the various principal accounts. \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- 27 - \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2004 \n \nSCHEDULE \"2\" \n \nFUNDING AGENCY PROGRAM/GRANT \nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program \nTotal Child Nutrition Cluster \nOther Programs Pass-Through From Georgia Department of Education Food Donation (1) \nTotal U S. Department of Agriculture \nEducation, U. S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Preschool Grants \nTotal Special Education Cluster \nOther Programs Pass-Through From Georgia Department of Education Enhancing Education Through Technology Program Improving Teacher Quality State Grants Rural Education Safe and Drug-Free Schools and Communities State Grants for Innovative Programs Title I Grants to Local Educational Agencies Vocational Education - Basic Grants to States \nTotal U. S. Department of Education \n \nCFDA NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nEXPENDITURES IN PERIOD \n \n10.553 10.555 \n \nNIA NIA $ \n$ \n \n(2) 705 854 \n705,854 \n \n10.550 \n \nNIA $ \n \n43 416 749 270 \n \n84.027 84.173 \n \nNIA \n \n$ \n \nNIA \n \n$ \n \n311,107 12.343 \n323,450 \n \n84.318 84.367 84.358 84.186 84.298 84.010 84.048 \n \nNIA NIA NIA NIA NIA NIA NIA \n$ \n \n45,229 115.854 47,942 \n13,801 3,206 \n674,989 28 971 \n1 253 442 \n \nTotal Federal Financial Assistance NIA = Not Available \n \n$ ===2\"'=0=0=2\"=7=1=2 \n \nNotes to the Schedule of Expenditures of Federal Awards \n \n(1) The amounts shown for the Food Donation Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the School District during the current fiscal year. \n(2) Expenditures for the funds earned on the School Breakfast Program ($136.030) were not maintained separately and are included in the 2004 National School Lunch Program. \n \nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \n \nThe School District did not provide Federal Assistance to any Subrecipient \n \nThe accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Wilkinson County Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \n \nSee notes to the basic financial statements. \n \n- 28 - \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30. 2004 \n \nAGENCY/FUNDING \nGRANTS Bright from the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program \nEducation, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Category I Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Categorical Grants Pupil Transportation Regular Bus Replacement Sparsity Nursing Services Principal Supplements Vocational Extended Day Mid-term Adjustment Hold-Harmless Education Equalization Funding Grant Food Services Austerity Reduction Other State Programs 4-8 Statewide After School Program K-3 Statewide Reading Program Health Insurance Preschool Handicapped Program Lottery Program Student Information System \nOffice of Treasury and Fiscal Services Public School Employees Retirement \n \nSee notes to the basic financial statements. \n \n- 29 - \n \nSCHEDULE \"3\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n503,511 \n \n408,193 17,902 \n965,772 61,848 \n403,088 83,247 \n838,650 688,231 212,813 \n939,633 61,702 65,418 64,443 6,239 \n131,621 41,656 27,211 \n291,221 366,634 388,076 \n420,008 99,127 19,500 48,338 6,088 9,008 56,713 77,686 51,178 \n-369,943 \n12,888 7,037 \n113,995 34,697 \n16,111 \n1,364 \n$ =====7=1=70=90=4= \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30 2004 \n \nSCHEDULE \"4\" \n \nPROJECT \nAcquisition, construction and equipping of facility renovations for expanded vocational offerings at Wilkinson County High School. multipurpose gymnasium facility at Wilkinson County High School, an Athletic complex at the High School/Middle School campus to include upgrading existing baseball, softball soccer, track, tennis and football facilities, (4) classrooms at Primary/Elementary School, modifications to and improvement of parking facilities at all campuses, the installation of technology and security improvements at all campuses. administrative offices. and renovating, repairing, improving and equipping instructional and support facilities, existing school buildings and other buildings and facilities useful or desirable in connection therewith, and acquiring any necessary property therefor. both real and personal. \n \nORIGINAL ESTIMATED \nCOST(1) \n \nCURRENT ESTIMATED \nCOST (2) \n \nAMOUNT EXPENDED IN CURRENT \nYEAR (3) \n \nAMOUNT EXPENDED \nIN PRIOR YEARS (3) \n \nPROJECT STATUS \n \n$ 5,200,000 $ 5,200,000 $ \n \n993 430 $ \n \n500 651 Ongoing \n \n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \n(2) The School District's current estimate of total cost for the project. Includes all cost from project inception to completion. \n(3) The voters of Wilkinson County approved the imposition of a 1% sales tax to fund the above project and retire associated debt. Amounts expended for this project may include sales tax proceeds, state, local property taxes and/or other funds over the life of the project. \n \nSee notes to the basic financial statements. \n \n- 30 - \n \n WILKINSON COUNTY BOARD OF EDUCATION GENERAL FUND- QUALITY BASIC EDUCATION PROGRAM (QBE\\ \nALLOTMENTS AND EXPENDITURES - BY PROGRAM YEAR ENDED JUNE 30. 2004 \n \nSCHEDULE \"5\" \n \nDESCRIPTION \n \nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) (2) \n \nELIGIBLE QBE PROGRAM COSTS \n \nSALARIES \n \nOPERATIONS \n \nTOTAL \n \nDirect Instructional Programs \n \nKindergarten Program \n \n$ \n \nKindergarten Program-Early Intervention Program \n \nPrimary Grades (1-3) Program \n \nPrimary Grades-Early Intervention (1-3) Program \n \nUpper Elementary Grades (4-5) Program \n \nUpper Elementary Grades-Early Intervention (4-5) \n \nProgram \n \nMiddle School (6-8) Program \n \nHigh School General Education (9-12) Program \n \nVocational Laboratory (9-12) Program \n \nStudents with Disabilities \n \nCategory II \n \nCategory Ill \n \nCategory IV \n \nGifted Student - Category VI \n \nRemedial Education Program \n \nAlternative Education Program \n \nEnglish Speakers of Other Languages (ESOL) \n \n491,550 $ 34,598 \n1,164,071 120,881 505,147 \n125,766 1,039,037 \n862,994 260,016 1,141,956 \n73,514 84,157 79,897 \n7,738 \n \n505,450 $ 23,754 1,056,211 173,229 577,572 \n171,512 1,406,388 1,308,560 \n241,765 \n588,821 301,067 \n91,141 23,834 \n9,076 166,059 \n7,995 \n \n11,990 $ \n61,579 319 \n32,367 \n108 61,413 65,950 30,386 \n13,662 19,441 \n478 607 \n1,818 1,656 \n \n517,440 23,754 \n1,117,790 173,548 609,939 \n171,620 1,467,801 1,374,510 \n272,151 \n602,483 320,508 \n91,619 24,441 \n9,076 167,877 \n9,651 \n \nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \n \n$ \n \n5,991,322 $ 6,652,434 $ \n \n301,774 $ \n \n6,954,208 \n \nMedia Center Program Staff and Professional Development \n \n163,111 33,641 \n \n214,401 13,789 \n \n24,730 21 686 \n \n239,131 35,475 \n \nTOTAL QBE FORMULA FUNDS \n \n$ \n \n6 188,074 $ 6,880,624 $ \n \n348,190 $===7!::22=8:!.8=1==4 \n \n(1) Comprised of State Funds plus Local Five Mill Share. (2) Allotments do not include the impact of the State budget austerity reduction. \n \nSee notes to the basic financial statements. \n \n- 31 - \n \n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \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 \nJanuary 24, 2005 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Wilkinson County Board of Education \nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nLadies and Gentlemen: \nWe have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Wilkinson County Board of Education as of and for the year ended June 30, 2004, which collectively comprise Wilkinson County Board ofEducation's basic financial statements and have issued our report thereon dated January 24, 2005. We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \nInternal Control Over Financial Reporting \nIn planning and performing our audit, we considered Wilkinson County Board of Education's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide an opinion on the internal control over financial reporting. However, we noted a certain matter involving the internal control over financial reporting and its operation that we consider to be a reportable condition. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe internal control over financial reporting that, in ourjudgment, could adversely affect Wilkinson County Board of Education's ability to record, process, summarize and report financial data consistent with assertions ofmanagement in the financial statements. The reportable condition is described in the accompanying Schedule of Findings and Questioned Costs as item FS-7581-0401. \n2004YB-30 \n \n A material weakness is a reportable condition in which the design or operation of one or more ofthe internal control components does not reduce to a relatively low level the risk that misstatements caused by error or fraud in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, we believe the reportable condition described above is not a material weakness. \nCompliance and Other Matters \nAs part of obtaining reasonable assurance about whether Wilkinson County Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \nThis report is intended solely for the information and use of the management and members of the Wilkinson County Board of Education and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully submitted, \n \nRWH:as 2004YB-30 \n \nState Auditor \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 \nJanuary 24, 2005 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Wilkinson County Board of Education \nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \nLadies and Gentlemen: \nCompliance \nWe have audited the compliance of Wilkinson County Board of Education with the types of compliance requirements described in the US Office ofManagement and Budget (0MB) Circular A-133 Compliance Supplement that are applicable to each of its major Federal programs for the year ended June 30, 2004. Wilkinson County Board of Education's major Federal programs are identified in the Summary of Auditor's Results Section of the accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major Federal programs is the responsibility of Wilkinson County Board of Education's management. Our responsibility is to express an opinion on Wilkinson County Board of Education's compliance based on our audit. \nWe conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and 0MB Circular A133, Audits o,f States, Local Governments, and Non-Profit Organizations. Those standards and 0MB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types ofcompliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Wilkinson County Board of Education's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Wilkinson County Board ofEducation's compliance with those requirements. \n2004SA-10 \n \n In our opinion, the Wilkinson County Board of Education complied, in all material respects, with the requirements referred to above that are applicable to each of its major Federal programs for the year ended June 30, 2004. \nInternal Control Over Compliance \nThe management of Wilkinson County Board of Education is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and performing our audit, we considered Wilkinson County Board of Education's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with 0MB Circular A-133. \nOur consideration ofthe internal control over compliance would not necessarily disclose all matters in the internal control that might be material weaknesses. A material weakness is a reportable condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level ofrisk that noncompliance with applicable requirements oflaws, regulations, contracts and grants caused by error or fraud that would be material in relation to a major Federal program being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over compliance and its operation that we consider to be material weaknesses. \nThis report is intended solely for the information and use of the management, members of the Wilkinson County Board of Education, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully submitted, \n \nRWH:as 2004SA-10 \n \nState Auditor \n \n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \n WILKINSON COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2004 \n \nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nFINDING CONTROL NUMBER AND STATUS \n \nFS-7581-03-01 \n \nUnresolved - See Corrective Action/Responses \n \nCORRECTIVE ACTION/RESPONSES \n \nREVENUES/RECEIVABLES/RECEIPTS EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Internal Controls Finding Control Number: FS-7581-03-01 \n \nThis was the first year school activity accounts were audited by Georgia Department of Education and the Department of Audits. We talked with the bookkeepers in each school and expressed the necessity ofhaving supporting documentation, approval ofexpenditures and original invoices with each disbursement. \n \n SECTION IV FINDINGS AND QUESTIONED COSTS \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2004 \nI SUMMARY OF AUDITOR'S RESULTS \n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Wilkinson County Board of Education's financial statements was unqualified. \n2. Reportable Conditions in Internal Control Disclosed by the Audit of the Financial Statements The audit report for the Wilkinson County Board of Education disclosed a financial statement reportable condition related to the following control categories. \nExpenditures/Liabilities/Disbursements Revenues/Receivables/Receipts \nThe reportable condition described above is not considered to be a material weakness. \n3. Noncompliance Material to the Financial Statements The audit of the Wilkinson County Board of Education disclosed no instances of noncompliance that were deemed to be material to the financial statements. \n4. Reportable Conditions in Internal Control Over Major Programs The audit report for the Wilkinson County Board of Education did not disclose any reportable conditions in internal control over major programs. \n5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Wilkinson County Board of Education's report on compliance with requirements applicable to major programs was unqualified. \n6. Audit Findings Required to be Reported by Section .5 lO(a) of 0MB Circular A-133 The Wilkinson County Board ofEducation's audit did not disclose audit findings required to be reported by section .510(a) of 0MB Circular A-133. \n7. Major Programs Federal awards audited as major programs are as follows: 10.553 Food Services - School Breakfast Program 10.555 Food Services - National School Lunch Program 84.027 Special Education - Grants to States 84.173 Special Education - Preschool Grants \n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000. \n- 1- \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2004 \nI SUMMARY OF AUDITOR'S RESULTS 9. Low Risk Auditee \nThe Wilkinson County Board ofEducation did not qualify as a low risk auditee as defined by Section .530 of 0MB Circular A-133. II FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS REVENUES/RECEIVABLES/RECEIPTS EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Internal Controls Reportable Condition Repeated From Prior Year Finding Control Number: FS-7581-04-01 Our examination of the school activity accounts disclosed weaknesses in internal control as discussed below: Revenues/Receivables/Receipts  No supporting documentation was available for any of the 20 cash receipts tested. Expenditures/Liabilities/Disbursements  15 expenditures out of 20 were not approved, and 2 did not have an original invoice. These deficiencies were a result ofmanagement's failure to ensure adequate controls over the school activity accounts were in place. Management should ensure transactions are authorized and establish controls and procedures to ensure that adequate documentation is maintained for school activity account transactions. III FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \n-2- \n \n SECTION V MANAGEMENT'S RESPONSES \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF MANAGEMENT'S RESPONSES \nYEAR ENDED JUNE 30, 2004 \nFinding Control Number: FS-7581-04-01 \nWe have requested of management its views concerning this finding, its conclusions, its recommendations and the planned corrective actions. We have not received management's views as of the release of this audit report. \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw69-b2002-h2003","title":"Wilkinson County Board of Education, Irwinton, 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, Wilkinson County, 32.80241, -83.17125"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2003-06-30"],"dcterms_description":["Fiscal year ended June 30, 2000, released in 2001?-","Ceased with: Fiscal year ended June 30, 2008, released in 2009?","Title from cover.","Report year covers fiscal year.","Has supplements: Wilkinson County Board of Education, Irwinton, Georgia, schedule of salaries and travel, fiscal year ended June 30, 2000-fiscal year ended June 30, 2002; Report on salary and travel for the fiscal year ended ... (Wilkinson County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007; Salaries and travel reimbursement (Wilkinson County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2008, released in 2009?"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Auditors' reports--Georgia","Financial statements--Georgia","Wilkinson County (Ga.). Board of Education--Appropriations and expenditures"],"dcterms_title":["Wilkinson County Board of Education, Irwinton, 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-be26-bw69-b2002-h2003"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw69-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":"WILKINSON COUNTY BOARD OF EDUCATION \nIRWINTON, 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 WILKINSON COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \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 FUNDS \n \n5 \n \nD \n \nRECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \n \nTO THE STATEMENT OF NET ASSETS \n \n6 \n \nE \n \nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES \n \nIN FUND BALANCES \n \nGOVERNMENTAL FUNDS \n \n7 \n \nF \n \nRECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT \n \nOF REVENUES, EXPENDITURES AND CHANGES IN FUND \n \nBALANCES 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 \n1 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES \n \nIN FUND BALANCES - BUDGET AND ACTUAL \n \nGENERAL FUND \n \n27 \n \nSUPPLEMENTARY INFORMATION \n \n2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \n \n28 \n \n3 SCHEDULE OF STATE REVENUE \n \n30 \n \n WILKINSON COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nSCHEDULES \n \nSUPPLEMENTARY INFORMATION \n \n4 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \n \n31 \n \n5 ALLOTMENTS AND EXPENDITURES \n \nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \n \nBY PROGRAM \n \n33 \n \nSECTION II \nCOMPLIANCE AND INTERNAL CONTROL REPORTS \nREPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \n \nSECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \nSECTION IV 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 \nJune 25, 2004 \n \nHonorable Sonny Perdue, Governor Members ofthe General Assembly Members ofthe State Board of Education \nand Superintendent and Members of the Wilkinson County Board of Education \nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nLadies and Gentlemen: \nWe have audited the accompanying financial statements ofthe governmental activities, each major fund, and the aggregate remaining fund information (Exhibits A through H) ofthe Wilkinson County Board of Education, as of and for the year ended June 30, 2003, which collectively comprise the Board's basic financial statements as listed in the table of contents. These financial statements are the responsibility ofthe Wilkinson County Board ofEducation'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 and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our op1mons. \nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective position ofthe governmental activities, each major fund, and the aggregate remaining fund information of the Wilkinson County Board of Education, as of June 30, 2003, 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. \n2003-34ARL-11 \n \n The Wilkinson County Board ofEducation 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 discussed in Note 2 to the basic financial statements, during fiscal year 2003, the Board completed a comprehensive inventory of its capital assets for inclusion in the basic financial statements, consolidated its individual school activity accounts for inclusion in the basic financial statements and changed its method of accounting for the salaries of certain ten-month employees from a cash basis to a basis that is generally accepted. These changes are in accordance with generally accepted accounting principles. \nAs described in Note 2, the Wilkinson County Board ofEducation has implemented a new financial reporting model as required by provisions ofGovernmental Accounting Standards Board Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments, as of June 30, 2003. \nIn accordance with Government Auditing Standards, we have also issued our report dated June 25, 2004, on our consideration of the Wilkinson County Board of Education's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. \nThe Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual, as presented on page 27, is 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 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 Wilkinson County Board of Education's basic financial statements. The accompanying supplementary information which consist of Schedules 2 through 5, which includes the Schedule of Expenditures of Federal Awards as required by U.S. Office of Management and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. \n2003-34ARL-11 \n \n A copy ofthis report has been filed as a permanent record in the office ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code ofGeorgia Annotated section 506-24. \nRespectfully submitted, \n0~ ....al.~.~ \n~sell W. Hinton State Auditor \nRWH:gp 2003-34ARL-11 \n \n WILKINSON COUNTY BOARD OF EDUCATION \n \n WILKINSON COUNTY BOARD OF EDUCATION STATEMENT OF NET ASSETS JUNE 30, 2003 \nASSETS \nCash and Cash Equivalents Investments Accounts Receivable, Net \nTaxes State Government Federal Government Other Inventories Capital Assets Land Land Improvements Buildings Equipment Less: Accumulated Depreciation \nTotal Assets \nLIABILITIES \nAccounts Payable Salaries Payable Long-Term Liabilities \nDue Within One Year Due in More Than One Year \nTotal Liabilities \nNET ASSETS \nInvested in Capital Assets, Net of Related Debt Restricted for \nBus Replacement Continuation of Federal Programs Capital Projects Unrestricted \nTotal Net Assets \nTotal Liabilities and Net Assets \nThe notes to the basic financial statements are an integral part of this statement. \n-3- \n \nEXHIBIT\"A\" \n \nGOVERNMENTAL ACTIVITIES \n \n$ \n \n353,827 \n \n9,537,369 \n \n673,767 873,108 353,789 \n11,989 8,731 \n \n208,715 539,229 11,014,069 2,267,063 -4,190,427 \n \n$ ===2=1:!:,6=5=0'=3=29,,.., \n \n$ \n \n416,568 \n \n1,553,264 \n \n1,005,000 5,200,000 \n \n$ \n \n8,174,832 \n \n$ \n \n8,644,599 \n \n35,552 15,537 3,654,403 1,125,406 \n \n$ \n \n13,475,497 \n \n WILKINSON COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \nFOR THE YEAR ENDED JUNE 30. 2003 \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 \nInstruction Support Services \nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Operations of Non-Instructional Services Food Services Interest on Short-Term and Long-Term Debt \nTotal Governmental Activities \n \n$ 9.715,110 $ \n485,974 497,797 249,032 275,661 1,037,973 248,489 1,130,847 930,745 \n63,604 \n811,204 93115 \n$ 15,539,551 $ \n \n397,909 $ 153,619 \n \n5,948,715 $ \n189,270 252,140 133,458 339,399 452,668 \n395,627 556,821 \n55,427 \n611,627 \n \n551,528 $====8!,.9=35~,1;5,2,, $ \n \n-3,368,486 \n-296,704 -245,657 -115,574 \n63,738 -585,305 -248,489 -735,220 -373,924 \n-8, 177 \n-45,958 -93 115 \n-6,052,871 \n \nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Debt Services For Capital Projects Intangible Recording Tax Real Estate Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \n \n$ \n \n4,360,501 \n \n26,142 \n \n1,262,071 227,291 35,784 33,594 405,282 152,572 171 859 \n \nTotal General Revenues \n \n$ _ ___::60.,:6:.:,.7=,5.:;09:.:6:.... \n \nChange in Net Assets \n \n$ \n \n622,225 \n \nNet Assets - Beginning of Year \n \n12,853,272 \n \nNet Assets - End of Year \n \n$ ==...:,;13;;.;4;.:,7,;;,5.;,4~97~ \n \nThe notes to the basic financial statements are an integral part of this statement. -4- \n \n WILKINSON COUNTY BOARD OF EDUCATION BALANCE SHEET \nGOVERNMENTAL FUNDS JUNE 30, 2003 \n \nEXHIBIT\"C\" \n \nASSETS \nCash and Cash Equivalents Investments Accounts Receivable, Net \nTaxes State Government Federal Government Other Inventories \nTotal Assets \nLIABILITIES AND FUND BALANCES \nLIABILITIES \nAccounts Payable Salaries Payable \nTotal Liabilities \nFUND BALANCES \nReserved for: Bus Replacement Continuation of Federal Programs Debt Service Inventories Capital Projects Undesignated Reported in: General Fund \nTotal Fund Balances \nTotal Liabilities and Fund Balances \n \nGENERAL FUND \n \nDISTRICTWIDE \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ 296,654 $ 57,173 $ 1,273,973 8,263,396 \n \n140,130 873,108 353,789 \n11,089 8 731 \n \n300,862 \n \n0 $ 353,827 9,537,369 \n440,992 873,108 353,789 \n11,089 8 731 \n \n$ 2,957,474 $ 8,621,431 $===0= $ 11,578,905 \n \n$ 416,568 1,553,264 \n$ 1,969,832 \n \n$ 416,568 1,553,264 \n$ 1,969,832 \n \n$ 35,552 6,806 $ 8,731 $ 8,621,431 \n936,553 \n$ 987,642 $ 8,621,431 $ \n \n$ \n \n35,552 \n \n6,806 \n \n0 \n \n0 \n \n8,731 \n \n8,621,431 \n \n936,553 \n \n0 $ 9,609,073 \n \n$ 2,957,474 $ 8,621,431 $===0= $ 11,578,905 \n \nThe notes to the basic financial statements are an integral part of this statement. -5- \n \n WILKINSON COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \nTO THE STATEMENT OF NET ASSETS JUNE 30, 2003 \n \nEXHIBIT\"D\" \n \nTotal Fund Balances - Governmental Funds (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: \nLand Land Improvements Buildings Equipment Accumulated Depreciation \nTotal Capital Assets \nSome of the School District's property tax revenues will be collected after year end but are not available soon enough to pay for the current period's expenditures. \nLong-Term Liabilities, including Bonds Payable, are not due and payable in the current period and therefore are not reported as liabilities in the funds. Long-Term Liabilities at year-end consist of: \nBonds Payable \n \n$ 9,609,073 \n \n$ \n \n208,715 \n \n539,229 \n \n11,014,069 \n \n2,267,063 \n \n-4,190,427 \n \n9,838,649 \n \n232,775 \n \n-6,205,000 \n \nNet Assets of Governmental Activities (Exhibit \"A\") \n \n$ 13,475,497 \n \nThe notes to the basic financial statements are an integral part of this statement. -6 - \n \n WILKINSON COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES \nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30. 2003 \n \nEXHIBIT\"E\" \n \nREVENUES \nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \nTotal Revenues \nEXPENDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation \nCapital Outlay Debt Services \nPrincipal Interest \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES (USES} \nProceeds of Long-Term Capital Related Debt- Par Value Transfers In Transfers Out \nTotal Other Financing Sources (Uses) \nNet Change in Fund Balances \nFund Balances - Beginning \nInventory - Net Change in Period \n \nGENERAL FUND \n \nDISTRICTWIDE \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ 4,266,483 69,378 $ \n7,634,012 1,706,422 \n224,775 25,640 \n480,357 \n$ 14,407,067 $ \n \n$ 227,291 $ 1,262,071 \n126,932 18,255 372,478 $ 1,262,071 $ \n \n4,266,483 1,558,740 7,634,012 1,706,422 \n224,775 152,572 498,612 \n16,041,616 \n \n$ 9,369,457 \n433,193 497,797 249,032 275,661 1,037,973 136,471 $ 1,128,546 874,043 \n63,604 801,046 \n$ 14,866,823 $ \n$ -459,756 $ \n \n$ \n \n106,850 $ \n \n5,168 \n \n612,396 \n \n1,190,000 93,115 \n \n719,246 $ 1,288,283 $ \n \n-346,768 $ \n \n-26,212 $ \n \n9,369,457 \n433,193 497,797 249,032 275,661 1,037,973 248,489 1,128,546 874,043 \n63,604 801,046 612,396 \n1,190,000 93115 \n16,874,352 \n-832,736 \n \n$ 5,200,000 $ \n-26,212 \n \n$ 5,173,788 $ \n \n$ -459,756 $ 4,827,020 $ \n \n1,448,069 \n \n3,794,411 \n \n-671 \n \n$ 26,212 \n26,212 $ 0 $ 0 \n \n5,200,000 26,212 -26,212 \n5,200,000 \n4,367,264 \n5,242,480 \n-671 \n \nFund Balances - Ending \n \n$ \n \n987,642 $ 8,621,431 $ \n \n0 $ ======9=,60=9=,0=7===3 \n \nThe notes to the basic financial statements are an integral part of this statement. -7- \n \n WILKINSON COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \nREVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30. 2003 \n \nEXHIBIT\"F\" \n \nTotal Net Change in Fund Balances - Governmental Funds (Exhibit \"E\") \n \n$ \n \n4,367,264 \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$ \n \n519,584 \n \n-383,514 \n \n136,070 \n \nBecause some property taxes will not be collected for several months after the School District's fiscal year ends, they are not considered \"available\" revenues. \n \n120,160 \n \nBond proceeds provide current financial resources to Governmental Funds; however, issuing debt increases Long-Term Liabilities in the Statement of Net Assets. In the current period, proceeds were received from: \n \nGeneral Obligation Bonds Issued \n \n-5,200,000 \n \nRepayment of Long-Term Debt is reported as an expenditure in Governmental Funds, but the repayment reduces Long-Term Liabilities in the Statement of Net Assets. In the current year, these amounts consist of: \n \nBond Principal Retirements \n \n1,190,000 \n \nFood Inventories are expensed on the District-wide Statements using the consumption method while on the fund level Food Inventories are recorded as expenditures when purchased. In the current period this difference amounts to. \n \n8 731 \n \nChange in Net Assets of Governmental Activities (Exhibit \"B\") \n \n$ ===62=2a!=,2=2=5 \n \nThe notes to the basic financial statements are an integral part of this statement. -8- \n \n WILKINSON COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET ASSETS FIDUCIARY FUNDS JUNE 30, 2003 \nASSETS Cash and Cash Equivalents \nLIABILITIES Funds Held for Others \n \nEXHIBIT\"G\" \nAGENCY FUNDS \n$ ======1=96=0= \n$ ===1=9=6=0= \n \nThe notes to the basic financial statements are an integral part of this statement. -9- \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2003 \n \nEXHIBIT\"H\" \n \nNote 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \nREPORTING ENTITY \nThe Wilkinson County Board of Education (School District) was established under the laws ofthe State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nBASIS OF PRESENTATION \nThe School District's basic financial statements are collectively comprised of the District-wide financial statements, fund financial statements and notes to the basic financial statements of the Wilkinson County Board of Education. \nDistrict-wide Statements: The Statement ofNet Assets and the Statement ofActivities display information about the financial activities ofthe overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District'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 School District related to the administration and support ofthe School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \n Program revenues include (a) charges paid by the recipients ofgoods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \nFund Financial Statements: The fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting ofinternal activities. Separate statements for each category (governmental and fiduciary) are presented. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \n \n- 10- \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30. 2003 \n \nEXHIBIT\"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nThe School District reports the following major governmental funds: \n General Fund is the School District's primary operating fund. It accounts for all financial resources ofthe School District, except those resources required to be accounted for in another fund. \n District-wide Capital Projects Fund accounts for financial resources including Bond Proceeds to be used for the acquisition, construction or renovation of major capital facilities. \n Debt Service Fund accounts for taxes (sales) legally restricted for the payment ofgeneral longterm principal, interest and paying agent's fees. \nThe School District reports the following fiduciary fund type: \n Agency funds account for assets held by the School District 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 District-wide governmental and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless ofwhen the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, grants and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year in which the underlying transaction (sale) takes place. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis ofaccounting. Under this method, revenues are recognized when measurable and available. The School District considers all revenues reported in the governmental funds to be available if they are collected within sixty days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as \n- 11 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2003 \n \nEXHIBIT \"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nexpenditures in governmental funds. Proceeds of general long-term liabilities and acquisitions under capital leases are reported as other financing sources. \nThe School District funds certain programs by a combination ofspecific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \nFor fiscal year 2003, the School District changed its method of accounting for the final two payments on one hundred and ninety day contracts and for the related revenue due from the State to fund these contracts. Adjustments have been made in the fiscal year 2003 financial statements to record costs for salaries and fringe benefits earned by employees through June 30, 2003, (even though paid in July and August 2003) and the related revenue due from the State to fund these contracts. Adjustments were also made for the similar salaries, benefits and related State revenues earned in fiscal year 2002 and recorded in fiscal year 2003. \nThe net effect of the above accounting treatment results in the accompanying financial statements reflecting costs for those salaries and benefits earned by employees during fiscal year 2003 and the related State revenue to fund these contracts. In addition, both the net assets and fund balance at July 1, 2002, have been restated for salaries and benefits earned by employees in fiscal year 2002 but not paid until July and August 2002 and for the related State revenue for these contracts. This change is in accordance with generally accepted accounting principles. See Restatement of Prior Year Fund Balance. \nRESTATEMENT OF PRIOR YEAR FUND BALANCE - GENERAL FUND \nIn prior years, the financial activities of the School District's School Food Services Fund was reported as Special Revenue Funds. This fund had a fund balance of$41,810 at July 1, 2002. For fiscal year 2003, these funds have been reported as part of the General Fund. In addition, governmental fund activity from the various school activity accounts, which were not reported in the prior year's financial statements, have been reported within the General Fund for fiscal year ended June 30, 2003. The governmental fund activity of the various school activity accounts had a fund balance of$73,282 at July 1, 2002. This change is in accordance with generally accepted accounting principles. \n \n- 12 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30. 2003 \n \nEXHIBIT\"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nGeneral Fund Balance July 1, 2002 \n \n$ 2,151,057 \n \nAdd Funds Consolidated with General Fund: School Food Services Fund School Activity Account - Governmental Activity \n \n41,810 73,282 \n \nAdd: State Revenue Related to July and August 2002 Salary Payments Earned by Employees in Fiscal Year 2002 \n \n869,543 \n \nDeduct: July and August 2002 Salary Payments Earned by Employees in Fiscal Year 2002 \n \n1,687,623 \n \nGeneral Fund Balance July 1, 2002 (Restated) \n \n$ 1,448.069 \n \nCHANGES IN ACCOUNTING PRINCIPLES \n \nThe Wilkinson County Board of Education has implemented a new financial reporting model as required by provisions of Governmental Accounting Standards Board Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments, as of June 30, 2003. \n \nThe provisions of GASB Statement No. 34 require the inclusion ofa Statement ofNet Assets. The elements comprising Net Assets - Beginning include the following: \n \nGeneral Fund (Restated) July 1, 2002 Capital Projects Fund \n \n$ 1,448,069 3,794,411 \n \nGovernmental Funds (Restated) July 1, 2002 Capital Assets Accumulated Depreciation Property Tax Revenue Timing Differences Bonds and Notes Payable Food Inventories Costing Differences \n \n$ 5,242,480 13,509,492 -3,806,913 112,615 -2,195,000 -9,402 \n \nNet Assets Beginning (See Exhibit \"B\") \n \n$ 12,853,272 \n \nCASH AND CASH EQUIVALENTS \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 \n \n- 13 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2003 \n \nEXHIBIT \"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \ninstitutions. Georgia Laws OCGA 45-8-14 authorize the Board 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 School District in nonparticipating interest-earning contracts (such as certificates ofdeposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the School District to invest its funds. 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 amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \n \n- 14 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2003 \n \nEXHIBIT\"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nPROPERTY TAXES \n \nThe Wilkinson County Board ofCommissioners fixed the property tax levy for the 2002 tax digest year (calendar year) on October 20, 2002 (levy date). Taxes were due on December 20, 2002. Taxes collected within the current fiscal year or within 60 days after year-end on the 2002 tax digest are reported as revenue in the governmental funds for fiscal year 2003. The Wilkinson County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% oftaxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2003, for maintenance and operations amounted to $4,240,341. \n \nThe tax millage rate levied for the 2002 tax year (calendar year) for the Wilkinson County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \n \nSchool Operations \n \n14.72 mills \n \nSALES TAXES \n \nSpecial Purpose Local Option Sales Tax, at the fund reporting level, during the year amounted to $1,489,362 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \n \nINVENTORIES \n \nFOOD INVENTORIES On the District-wide financial statements, inventories of donated food commodities used in the preparation ofmeals are reported at their Federally assigned value and purchased foods inventories are reported at cost (first-in, first-out). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \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 District-wide financial statements, all purchased capital assets are valued at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at fair market value on the date donated. Disposals are deleted at depreciated recorded cost. The cost ofnormal maintenance and repairs that do not add to the value \n \n- 15 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2003 \n \nEXHIBIT\"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nof assets or materially extend the useful lives of the assets is not capitalized. Depreciation is computed using the straight-line method. The School District does not capitalize book collections or works of art. \n \nCapitalization thresholds and estimated useful lives of capital assets reported in the District-wide statements are as follows: \n \nCapitalization Policy \n \nEstimated Useful Life \n \nLand Land Improvements Buildings and Improvements Equipment \n \nAll \n \nNIA \n \n$ \n \n5,000 15 to 80 years \n \n$ \n \n5,000 10 to 80 years \n \n$ \n \n5,000 3 to 14 years \n \nDepreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives. \n \nGENERAL OBLIGATION BONDS \n \nThe School District issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. Bond issuance costs are recognized in the financial statements during the fiscal year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the Statement ofNet Assets. \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- 16 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30. 2003 \n \nEXHIBIT\"H\" \n \nNote 3: DEPOSITS AND INVESTMENTS \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 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 $1,364,842. The amounts of the total bank balances are classified into three categories of credit risk: \nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the School District or by the School District's agent in the School District's name. \nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name. \nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the School District's name.) \nThe School District's deposits are classified by risk category at June 30, 2003, as follows: \n \n- 17 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2003 \n \nEXHIBIT \"H\" \n \nNote 3: DEPOSITS AND INVESTMENTS \n \nRisk Category \n \nBank Balance \n \n1 \n \n$ 311,459 \n \n2 \n \n0 \n \n3 \n \n1,053,383 \n \nTotal \n \n$ 1,364.842 \n \nCATEGORIZATION OF INVESTMENTS At June 30, 2003, the carrying value ofthe School District's total investments was $9,537,369 which is materially the same as fair value. This investment consisted entirely offunds invested in the Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services which are not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy ofthe State ofGeorgia, Office ofTreasury and Fiscal Services for the Local Government Investment Pool (Primary Liquidity Portfolio and Extended Term Portfolio) does not provide for investment in derivatives or similar investments. A description of the Primary Liquidity Portfolio is as follows: \n \nThe Primary Liquidity Portfolio consists of Georgia Fund 1, which is a combination local and state government investment pool, and Fund 6. Georgia Fund 1 is a stable net asset value investment pool which follows Standard and Poor's criteria for AAAm rated money market funds. The pool is not registered with the SEC as an investment company but does operate Georgia Fund 1 in a manner consistent with Rule 2a-7 of the Investment Company Act of 1940. The pool's primary objectives are safety of capital, investment income, liquidity and diversification while maintaining principal ($1.00 per share value). Net asset value is calculated daily and reported to the rating agency to ensure stability. The pool distributes earnings (net of management fees) on a monthly basis and values participant's shares sold and redeemed at the pool's share price, $1.00 per share. Pooled cash and cash equivalents and investments are reported at cost. The pool does not issue any legally binding guarantees to support the value of the shares. Participation in the pool is voluntary and deposits consist of funds from local governments; operating and trust funds of Georgia's state agencies, colleges and universities; and current operating funds of the State of Georgia's General Fund. \n \nInvestments in Georgia Fund 1 and Fund 6 are directed toward short-term instruments such as U.S. Treasury obligations, securities issued or guaranteed as to principal and interest by the U. S. Government or any of its agencies or instrumentalities, banker's acceptances and repurchase agreements. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2003, was 30 days. The average investment duration for Fund 6 on June 30, 2003, was 0.39 years. \n \nThe Extended Term Portfolios consist of Fund 3 \"Georgia Extended Asset Pool\", Fund 7 and Fund 8. The Georgia Extended Asset Pool is a variable net asset value investment pool which follows Standard and Poor's criteria for AAAf rated funds. The pool is not registered with the SEC as an \n \n- 18 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2003 \n \nEXHIBIT\"H\" \n \nNote 3: DEPOSITS AND INVESTMENTS \ninvestment company. The pool's primary objective is the prudent management of public funds on behalf of the State of Georgia and local governments seeking income higher than money market rates. Net Asset Value (NAV) is calculated daily to determine current share price. NAV is calculated by taking the closing fair value of securities owned plus other assets and subtracting liabilities. The remainder is then divided by the total number ofshares outstanding to compute NAV per share (current share price). The pool distributes earnings (net ofmanagement fees) on a monthly basis and determines participant's shares sold and redeemed based on the current share price, which at June 30, 2003, was at $2.03 per share. The Office of Treasury and Fiscal Services has hired a third party bank, Investors Bank and Trust, to perform custody and valuation services to include calculation ofthe NAV. Pooled cash and cash equivalents and investments are reported at fair value. The pool does not issue any legally binding guarantees to support the value of the shares. Participation in the pool is voluntary and deposits consist offunds from local governments, operating and trust funds of State agencies, and current operating funds of the State's General Fund. \nInvestments in the Georgia Extended Asset Pool consist generally ofsecurities issued or guaranteed as to principal and interest by the U.S. Government or any of its agencies or instrumentalities and repurchase agreements. The duration at June 30, 2003 was 0.70 years. \nInvestments in Fund 7 consist generally of repurchase agreements and certain U. S. Government Securities. The average investment duration for Fund 7 on June 30, 2003 was 1.17 years. \nInvestments in Fund 8 consist generally of repurchase agreements and certain U.S. Government Securities, which include mortgage-backed securities such as collateralized mortgage obligations and adjustable rate mortgages. These mortgage-backed securities are reported as U. S. Government Securities in the disclosure of custodial risk. Investments in Fund 8 are transacted by an external investment management firm under direction ofinvestment advisory agreements executed between the Office and the investment management firm. \nThe agreement directs the investment firm to utilize the Merrill Lynch 1-3 year Treasury Index in managing the average duration of the overall portfolio, excluding cash, to within plus or minus 6 months ofthe duration ofthe Index. The average investment duration for Fund 8 on June 30, 2003 was 1.49 years. In addition, the investment advisory agreements place limitations on individual security purchases and holdings as follows: \n1) Limits the duration of any security at the time ofpurchase to a maximum offive (5) years. \n2) Requires any mortgage-backed security, at the time of purchase and periodically, thereafter, to pass a \"stress test\" which provides for a duration profile not to exceed 7 years given an instantaneous and permanent interest yield increase of 300 basis points. \n3) With the exception ofU. S. Treasury securities, limits individual security investments to no more than the greater of$5 million or 10% ofthe separate portfolio's total investments. \n \n- 19 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2003 \n \nEXHIBIT\"H\" \n \nNote 3: DEPOSITS AND INVESTMENTS \n \n4) Prohibits investments in interest only strips, principal only strips, inverse floaters, and Z tranche securities. \n \nNote 4: NON-MONETARY TRANSACTIONS \n \nThe School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 2 - Inventories \n \nNote 5: CAPITAL ASSETS \n \nThe following is a summary of changes in the Capital Assets during the fiscal year: \n \nBalances July 1, 2002 \n \nIncreases \n \nBalances Decreases June 30, 2003 \n \nGovernmental Activities Capital Assets, Not Being Depreciated: \nLand \n \n$ \n \n74,800 $ 133,915 $ \n \n0 $ 208,715 \n \nCapital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements \n \n$ 10,965,469 $ 2,074,357 394,866 \n \n48,600 $ 192,706 144,363 \n \n0 $ 11,014,069 2,267,063 539,229 \n \nLess Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements \n \n2,300,364 1,358,836 \n147,713 \n \n200,112 152,265 31,137 \n \n2,500,476 1,511,101 \n178,850 \n \nTotal Capital Assets, Being Depreciated, Net $ 9,627,779 $ \n \n2,155 $ \n \n0 $ 9,629,934 \n \nGovernmental Activity Capital Assets - Net $ 9,702.579 $ 136,070 $ \n \n0 $ 9,838.649 \n \nCurrent year depreciation expense by function is as follows: \n \nInstruction Support Services \nPupil Services Maintenance and Operation of Plant Student Transportation Services Food Services \n \n$ 198,141 \n \n$ \n \n30,256 \n \n1,319 \n \n142,970 \n \n174,545 10,828 \n \n$===\"3-83~,5~1!::!,4 \n \n- 20- \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2003 \n \nEXHIBIT\"H\" \n \nNote 6: RESTRICTED ASSETS \n \nGeneral obligation bond proceeds are reported as restricted assets in the Statement of Net Assets because their use is limited by applicable bond covenants or statutory provisions. Restricted assets at June 30, 2003, were as follows: \n \nDistrict-wide Capital Projects Bond Proceeds \n \nRestricted Cash and Cash Equivalents: Capital Acquisitions \nRestricted Investments: Capital Acquisitions \n \n$ \n \n57,173 \n \n$ 8,263,396 \n \nNote 7: INTERFUND TRANSFERS \n \nInterfund transfers for the year ended June 30, 2003, consisted of the following: \n \nTransfer to \n \nTransfers From District-wide \nCapital Projects \n \nDebt Service Funds \n \n$====26\"\"\"',2\"\"'1==2 \n \nTransfers are used to move sales tax revenues collected by the Capital Projects Fund to the Debt Service Fund as supplemental funding source for debt service payments. \n \nNote 8: RISK MANAGEMENT \n \nThe School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; acts of God and unemployment compensation. \n \nThe School District has obtained commercial insurance for risk ofloss associated with torts, assets, errors or omissions and job related illness or injuries to employees. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Board's insurance coverage in any of the past three years. \n \nThe School District has elected to self-insure for all losses related to acts of God. The School District has not experienced any losses related to this risk in the past three years. \n \n- 21 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2003 \n \nEXHIBIT\"H\" \n \nNote 8: RISK MANAGEMENT \n \nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the General Fund with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount ofthat loss can be reasonably estimated. \n \nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \n \n2002 2003 \n \nBeginning ofYear Liability \n \nClaims and Changes in Estimates \n \nClaims Paid \n \nEnd ofYear Liability \n \n$ \n \n0 $ \n \n1 544 $ \n \n1 544 $ \n \n0 \n \n$ \n \n0 $ \n \n3,360 $ \n \n3,360 $ \n \n0 \n \nThe School District has purchased a surety bond to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nAll Employees \n \n$ 100,000 \n \nNote 9: OPERATING LEASES \n \nWilkinson County Board ofEducation has entered into various leases as lessee for copiers. These leases are considered for accounting purposes to be operating leases. Lease expenditures for the year ended June 30, 2003, for governmental funds amounted to $67,731. Future minimum lease payments for these leases are as follows: \n \nYear Ending \n \nGovernmental Funds \n \n2004 \n \n$ \n \n63,148 \n \n2005 \n \n59,074 \n \n2006 \n \n55,000 \n \n2007 \n \n4,583 \n \nTotal Note 10: LONG-TERM DEBT \n \n$===1==81-,8==0==5 \n \nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: \n \n-22- \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2003 \n \nEXHIBIT\"H\" \n \nNote 10: LONG-TERM DEBT \n \nPurpose \n \nInterest Rates \n \nAmount \n \nGeneral Government - Series 1998 General Government - Series 2002 \n \n3.80%-4.20% 2.63% \n \n$ 1,005,000 5,200,000 \n \n$ 6,205.000 \n \nThe changes in Long-Term Debt during the fiscal year ended June 30, 2003, were as follows: \n \nGovernmental Funds General \nObligation Bonds \n \nBalance July 1, 2002 \n \n$ 2,195,000 \n \nAdditions G.O. Bonds \n \n5,200,000 \n \nDeductions Debt Retired \n \n1,190,000 \n \nBalance June 30, 2003 \n \n$ 6,205,000 \n \nPortion of Long-Term Debt Due within One Year \n \n$ 1,005,000 \n \nAt June 30, 2003, payments due by fiscal year which includes principal and interest for these items are as follows: \n \nFiscal Year Ended June 30 \n2004 2005 2006 2007 2008 2009 \n \nGeneral Obligation \n \nDebt \n \nPrincipal \n \nInterest \n \n$ 1,005,000 $ 990,000 \n1,015,000 1,040,000 1,065,000 1,090,000 \n \n157,865 123,742 97,376 70,352 42,672 \n14,333 \n \nTotal Principal and Interest \n \n$ 6,205,000 $ 506,340 \n \n- 23 - \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2003 \n \nEXHIBIT\"H\" \n \nNote 11: ON-BEHALF PAYMENTS \nThe Board has recognized revenues and costs in the amount of $137,239 for health insurance and retirement contributions paid on the Board's behalf by the following State Agencies. \nGeorgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance ofNon-Certified Personnel In the amount of $112,980 \nOffice of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of $24,259 \nNote 12: SIGNIFICANT CONTINGENT LIABILITIES \nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. The School District believes that such disallowances, if any, will be immaterial to its overall financial position. \nNote 13: RELATED PARTY TRANSACTIONS \nThe School District employed the services of James S. Price Construction Company for various small construction, renovation, and/or maintenance projects. This company is owned and operated by James S. Price, the husband of Linda Price, who is currently the Assistant Bookkeeper for the Wilkinson County Board of Education. While some of these services were secured by a bid procedure, all were not. Current year expenditures to James S. Price Construction Company totaled $83,695. \nNote 14: RETIREMENT PLANS \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System ofGeorgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \n \n-24- \n \n WILKINSON COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2003 \n \nEXHIBIT\"H\" \n \nNote 14: RETIREMENT PLANS \n \nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.24% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \nFiscal Year \n \nPercentage Contributed \n \nRequired Contribution \n \n2003 2002 2001 \n \n100% 100% 100% \n \n$ 755,554 $ 743,111 $ 865,922 \n \n- 25 - \n \n WILKINSON COUNTY BOARD OF EDUCATION GENERAL FUND \nSCHEDULE OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \nYEAR ENDED JUNE 30. 2003 \n \nSCHEDULE \"1\" \n \nREVENUES \nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \nTotal Revenues \nEXPENDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation \nTotal Expenditures \nNet Change in Fund Balances \nFund Balances - Beginning \nInventory - Net Change in Period \n \nNONAPPROPRIATED BUDGETS \n \nORIGINAL (1) \n \nFINAL (1) \n \nACTUAL AMOUNTS \n \n$ \n \n4,282,242 $ \n \n4,282,242 $ \n \n4,266,483 \n \n69,378 \n \n7,035,245 \n \n7,035,245 \n \n7,634,012 \n \n220,176 \n \n220,176 \n \n1,706,422 \n \n224,775 \n \n50,000 \n \n50,000 \n \n25,640 \n \n110000 \n \n110 000 \n \n480 357 \n \n$ \n \n11,697,663 $ \n \n11,697,663 $ \n \n14,407,067 \n \n$ \n \n8,326,096 $ \n \n8,326,096 $ \n \n9,369,457 \n \n408,349 329,324 289,060 276,272 1,004,850 132,902 1,094,297 889,583 \n8,500 \n \n408,349 329,324 289,060 276,272 1,004,850 132,902 1,094,297 889,583 \n8,500 \n \n433,193 497,797 249,032 275,661 1,037,973 136,471 1,128,546 874,043 \n63,604 801 046 \n \n$ \n \n12,759,233 $ \n \n12,759,233 $ \n \n14,866,823 \n \n$ \n \n-1,061,570 $ \n \n-1,061,570 $ \n \n-459,756 \n \n2,087,747 \n \n2,087,747 \n \n1,448,069 \n \n-671 \n \nFund Balances - Ending \n \n$ \n \n1,026,177 $ \n \n1 026 177 $ ==,:.,;9~8;,;.7,~64.;,::2~ \n \nNotes to the Schedule of Revenues. Expenditures and Changes in Fund Balances Budget and Actual (1) Original and Final Budget amounts do not include budgeted revenues or expenditures of the various principal accounts. \n \nSee notes to the basic financial statements. \n \n-27- \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2003 \n \nSCHEDULE \"2\" \n \nFUNDING AGENCY PROGRAM/GRANT \nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food and Nutrition Program Food Services School Breakfast Program National School Lunch Program \nTotal Child Nutrition Cluster \nOther Programs Pass-Through From Georgia Department of Education Food and Nutrition Program Food Distribution Program (1) \nTotal U.S. Department of Agriculture \nEducation, U. S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Individuals with Disabilities Education Act Part B - Special Education Flow Through Capacity Building Improvement Preschool \nTotal Special Education Cluster \nOther Programs Pass-Through From Georgia Department of Education Elementary and Secondary Education Act Title I Grants to Local Educational Agencies School Improvement Title II Enhancing Education Through Technology Improving Teacher Quality Title Ill Technology Literacy Challenge TitleV Innovative Education Program Strategies Title VI Rural and Low Income Schools Safe and Drug-Free Schools and Communities Vocational Education - Basic Grants to States High School Program Basic Grant \nTotal U.S. Department of Education \n \nCFDA NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nEXPENDITURES IN PERIOD \n \n* 10.553 * 10.555 \n \nN/A \nN/A $ \n$ \n \n(2) 702,251 \n702,251 \n \n10.550 \n \nN/A \n$ \n \n35082 737 333 \n \n84.027 84.027 84.173 \n \nN/A $ \nN/A N/A \n$ \n \n230,125 5,627 11 850 \n247,602 \n \n* 84.010 * 84.010 \n84.318 84.367 \n84.318 \n84.298 \n84.358 84.186 \n84.048 \n \nN/A N/A N/A N/A N/A N/A N/A N/A \nN/A \n$ \n \n559,158 8,074 \n50,409 132,849 48,412 \n14,865 37,393 12,786 \n37635 1149183 \n \nTotal Federal Financial Assistance N/A = Not Available \n \n- 28 - \n \n$ ======'1,==88=6='=,5=1=6 \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2003 \n \nSCHEDULE 211 11 \n \nNotes to the Schedule of Expenditures of Federal Awards \n(1) The amount shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the School District during the current fiscal year. \n(2) Expenditures for the fund earned on the School Breakfast Program ($127,112) were not maintained separately and are included in the 2003 National School Lunch Program. \nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \nThe School District did not provide Federal Assistance to any Subrecipient. \nThe accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Wilkinson County Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the basic financial statements. \n \nSee notes to the basic financial statements. \n \n- 29 - \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30. 2003 \n \nAGENCY/FUNDING \nGRANTS Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Category I Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Categorical Grants Pupil Transportation Regular Bus Replacement Sparsity Nursing Services Principal Supplements Vocational Supervisors Vocational Extended Day Mid-term Adjustment Hold-Harmless Education Equalization Funding Grant Food Services Austerity Reduction Other State Programs 4-8 Statewide After School Program K-3 Statewide Reading Program Health Insurance Post Secondary Options Preschool Handicapped Program Lottery Programs Assistive Technology Computers in the Classroom Student Information System \nOffice of School Readiness Pre-Kindergarten Program \nGeorgia Institute of Technology Student Information System \nOffice of Treasury and Fiscal Services Public School Employees Retirement \n \nSee notes to the basic financial statements. \n \n- 30 - \n \nSCHEDULE \"3\" \n \nGOVERNMENTAL FUND TYPES GENERAL FUND \n \n$ \n \n324,598 \n \n77,602 \n \n766,845 \n \n338,473 \n \n433,649 \n \n211,349 \n \n821,786 \n \n738,839 \n \n187,163 \n \n790,634 42,543 86,828 63,392 7,259 133,468 45,299 27,654 \n \n285,775 363,330 395,425 \n \n445,160 109,228 \n19,000 51,264 \n6,471 9,322 3,356 185,271 74,379 54,388 -197,180 \n5,382 28,488 112,980 \n295 33,192 \n5,615 26,052 58,322 \n \n416,719 \n \n20,138 \n \n24 259 \n \n$ \n \n7634012 \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30. 2003 \n \nSCHEDULE \"4\" \n \nPROJECT \nWilkinson County Board of Education Acquisition. construction and equipping of laboratory facilities at Wilkinson County High School consisting of one (1) Technology Lab. two (2) Business/ Vocational Labs, one (1) English Lab, and one (1) Mathematics Lab; acquisition, construction and equipping of a new 700 fixed-seat auditorium facility; acquisition, construction and equipping of a new classroom wing at the Wilkinson County Primary School; acquiring, constructing and equipping and adding to, renovating, repairing, improving and equipping instructional and support facilities, existing school buildings and other buildings and facilities useful or desirable in connection therewith; and acquiring any necessary property therefor, both real and personal and acquiring any necessary or desirable rights in connection therewith. \n \nORIGINAL ESTIMATED \nCOST(1} \n \nCURRENT ESTIMATED \nCOST(2} \n \nAMOUNT EXPENDED IN CURRENT \nYEAR (3) \n \nAMOUNT EXPENDED \nIN PRIOR YEARS (3} \n \nPROJECT STATUS \n \n$ 7,500,000 $ \n \n6,924,264 $ \n \n271,702 $ 4,826,039 Complete \n \nWilkinson Board of Education Acquisition, construction and equipping of facility renovations for expanded vocational offerings at Wilkinson County High School, multipurpose gymnasium facility at Wilkinson County High School, an athletic complex at the High School/Middle School campus to include upgrading existing baseball, softball, soccer, track, tennis and football facilities, (4) classrooms at Primary/Elementary School, modifications to and improvement of parking facilities at all campuses, the installation of technology and security improvements at all campuses, administrative offices and renovating, repairing, improving and equipping instructional and support facilities, existing school buildings and other buildings and facilities useful or desirable in connection therewith, and acquiring any necessary property therefor, both real and personal. \n \n5,200,000 \n \n5,200,000 \n \n500 651 \n \nOngoing \n \n$ 12,700,000 $ \n \n12,124,264 $ \n \n772,353 $ 4,826,039 \n \n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \n(2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. \n(3) The voters of Wilkinson County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. Amounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \n \nSee notes to the basic financial statements. \n \n- 31 - \n \n WILKINSON COUNTY BOARD OF EDUCATION GENERAL FUND- QUALITY BASIC EDUCATION PROGRAM (QBE) \nALLOTMENTS AND EXPENDITURES - BY PROGRAM YEAR ENDED JUNE 30, 2003 \n \nSCHEDULE \"5\" \n \nDESCRIPTION \nDirect Instructional Programs Kindergarten Program Kindergarten Program-Early Intervention Program Primary Grades (1-3) Program Primary Grades-Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades-Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Category II Category Ill Category IV Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) \nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \nMedia Center Program Staff and Professional Development \n \nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) (2) \n \nELIGIBLE QBE PROGRAM COSTS \n \nSALARIES \n \nOPERATIONS \n \nTOTAL \n \n$ \n \n398.750 $ \n \n484,833 $ \n \n13,063 $ \n \n497,896 \n \n108,607 \n \n116,451 \n \n2,548 \n \n118,999 \n \n950,146 \n \n910,964 \n \n46,735 \n \n957,699 \n \n385,366 \n \n285,411 \n \n6,943 \n \n292,354 \n \n532,685 \n \n622,425 \n \n30,656 \n \n653,081 \n \n259,610 1,023,600 \n914,735 232,690 981,116 \n54,634 101,514 \n79,167 7,666 \n \n286,789 1,375,196 1,180,758 \n270,273 \n438,912 597,666 \n55,047 104,616 49,022 154,812 \n602 \n \n6,547 60,427 68,801 34,413 \n17,536 25,146 \n218 1,621 \n \n293,336 1,435,623 1,249,559 \n304,686 \n456,448 622,812 \n55,265 106,237 \n49,022 154,812 \n602 \n \n$ \n \n6,030,286 $ 6,933,777 $ \n \n314,654 $ \n \n7,248,431 \n \n164,442 34,074 \n \n237,298 20,399 \n \n17,101 20,423 \n \n254,399 40,822 \n \nTOTAL QBE FORMULA FUNDS \n \n$ \n \n6,228,802 $ 7,191,474 $ \n \n352,178 $ ===7=,5=4=3=,6=52= \n \n(1) Comprised of State Funds plus Local Five Mill Share. (2) Allotments do not include the impact of the State budget austerity reduction. \n \nSee notes to the basic financial statements. \n \n- 33- \n \n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \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 \nJune 25, 2004 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members ofthe Wilkinson County Board of Education \nREPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nLadies and Gentlemen: \nWe have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Wilkinson County Board of Education as of and for the year ended June 30, 2003, which collectively comprise Wilkinson County Board ofEducation's basic financial statements and have issued our report thereon dated June 25, 2004. We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \nCompliance \nAs part of obtaining reasonable assurance about whether Wilkinson County Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions oflaws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination offinancial statement amounts. However, providing an opinion on compliance with those provisions was not an objective ofour audit, and accordingly, we do not express such an opinion. The results ofour tests disclosed no instances ofnoncompliance that are required to be reported under Government Auditing Standards. \nInternal Control Over Financial Reporting \nIn planning and performing our audit, we considered Wilkinson County Board of Education's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal \n2003-34YB-30 \n \n control over financial reporting. However, we noted a certain matter involving the internal control over financial reporting and its operation that we consider to be a reportable condition. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe internal control over financial reporting that, in ourjudgment, could adversely affect Wilkinson County Board of Education's ability to record, process, summarize and report financial data consistent with assertions ofmanagement in the financial statements. The reportable condition is described in the accompanying Schedule of Findings and Questioned Costs as item FS-7581-03- \n01. \nA material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, we believe the reportable condition described above is not a material weakness. \nThis report is intended solely for the information and use of the management, members of the Wilkinson County Board of Education, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully submitted, \nRWH:gp 2003-34YB-30 \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 \nJune 25, 2004 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members ofthe State Board of Education \nand Superintendent and Members of the Wilkinson County Board of Education \nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \nLadies and Gentlemen: \nCompliance \nWe have audited the compliance of Wilkinson County Board of Education with the types of compliance requirements described in the US. Office ofManagement and Budget (0MB) Circular A-133 Compliance Supplement that are applicable to each ofits major Federal programs for the year ended June 30, 2003. Wilkinson County Board ofEducation's major Federal programs are identified in the Summary of Auditor's Results Section of the accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each ofits major Federal programs is the responsibility ofWilkinson County Board of Education's management. Our responsibility is to express an opinion on Wilkinson County Board of Education's compliance based on our audit. \nWe conducted our audit ofcompliance in accordance with auditing standards generally accepted in the United States ofAmerica; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States; and 0MB Circular A133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and 0MB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types ofcompliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Wilkinson County Board of Education's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Wilkinson County Board ofEducation's compliance with those requirements. \n2003SA-10 \n \n In our opinion, the Wilkinson County Board ofEducation complied, in all material respects, with the requirements referred to above that are applicable to each of its major Federal programs for the year ended June 30, 2003. \nInternal Control Over Compliance \nThe management of Wilkinson County Board of Education is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and performing our audit, we considered Wilkinson County Board of Education's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with 0MB Circular A-133. \nOur consideration ofthe internal control over compliance would not necessarily disclose all matters in the internal control that might be material weaknesses. A material weakness is a condition in which the design or operation ofone or more ofthe internal control components does not reduce to a relatively low level of risk that noncompliance with applicable requirements of laws, regulations, contracts and grants that would be material in relation to a major Federal program being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over compliance and its operation that we consider to be material weaknesses. \nThis report is intended solely for the information and use of the management, members of the Wilkinson County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully submitted, \n~-~ \n \nRWH:gp 2003SA-10 \n \nState Auditor \n \n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \n WILKINSON COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2003 \n \nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nFINDING CONTROL NUMBER AND STATUS \n \nFS-7581-01-02 FS-7581-02-01 \n \nFurther Action Not Warranted Previously Reported Corrective Action Implemented \n \n SECTION IV FINDINGS AND QUESTIONED COSTS \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30. 2003 \nI SUMMARY OF AUDITOR'S RESULTS \n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Wilkinson County Board of Education's financial statements was unqualified. \n2. Reportable Conditions in Internal Control Disclosed by the Audit of the Financial Statements The audit report for the Wilkinson County Board of Education disclosed a financial statement reportable condition related to the following control categories. \nExpenditures/Liabilities/Disbursements Revenues/Receivables/Receipts \nThe reportable condition described above is not considered to be a material weakness. \n3. Noncompliance Material to the Financial Statements The audit of the Wilkinson County Board of Education disclosed no instances of noncompliance that were deemed to be material to the financial statements. \n4. Reportable Conditions in Internal Control Over Major Programs The audit report for the Wilkinson County Board of Education did not disclose any reportable conditions in internal control over major programs. \n5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Wilkinson County Board of Education's report on compliance with requirements applicable to major programs was unqualified. \n6. Audit Findings Required to be Reported by Section .510(a) of 0MB Circular A-133 The Wilkinson County Board ofEducation's audit did not disclose audit findings required to be reported by section .510(a) of 0MB Circular A-133. \n7. Major Programs Federal awards audited as major programs are as follows: 10.553 Food and Nutrition Program - Food Services - School Breakfast Program 10.555 Food and Nutrition Program - Food Services - National School Lunch Program 84.010 Elementary and Secondary Education Act - Title I - Grants to Local Educational Agencies 84.010 Elementary and Secondary Education Act - Title I - School Improvement \n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000. \n9. Low Risk Auditee The Wilkinson County Board ofEducation did not qualify as a low risk auditee as defined by . Section .530 of 0MB Circular A-133. \n- 1- \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2003 \nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS REVENUES/RECEIVABLES/RECEIPTS EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Internal Controls Reportable Condition Finding Control Number: FS-7581-03-01 Our examination of the school activity accounts disclosed weaknesses in internal control as discussed below: Revenues/Receivables/Receipts \n No supporting documentation was available for 18 of 20 cash receipts tested. Expenditures/Liabilities/Disbursements \n 11 expenditures out of20 tested were not approved, and 6 did not have an original invoice. These deficiencies were a result ofmanagement's failure to ensure adequate controls over the school activity accounts were in place at the various school sites. Management should ensure transactions are authorized and establish controls and procedures to ensure that adequate documentation is maintained for school activity account transactions. III FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \n-2- \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw69-b2001-h2002","title":"Wilkinson County Board of Education, Irwinton, 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, Wilkinson County, 32.80241, -83.17125"],"dcterms_creator":["Georgia. 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(Wilkinson County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007; Salaries and travel reimbursement (Wilkinson County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2008, released in 2009?"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Auditors' reports--Georgia","Financial statements--Georgia","Wilkinson County (Ga.). Board of Education--Appropriations and expenditures"],"dcterms_title":["Wilkinson County Board of Education, Irwinton, 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-be26-bw69-b2001-h2002"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw69-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":"\" \n \n... \n,l,.' \n\" \n \n..\" \n \n.,.'. \n \n., \n....... I ',' ~ 1..:; ~ ' \n~ ~ .,/,.. \",\\0. : . \" _ \n \n \"I\"~ , \n \n,.; \n \n~ \n \n, \n \n'\"\\\"~ .' \" \n \n:, ,. \n \n, . 1\\'  \n,\" \"' \n \n,\" \n \n....  .;r\\ , \n \n\" \n \n',,' , \n \n. \n \n, 1, ...... \n \n,\" \n \n. .. :- , '. - ~ .~ ~ , \n \n.' 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' \n \n~! \n \n, '-'.'),, \n \n, I , 1' ': ,,' \n, \n \n,\" ~.' \n \n,' \n \nI' \n \n,', \n \n\" I' ~ , \n \n WILKINSON COUNTY BOARD OF EDYCATION - TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \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 \n4 \n \nC \n \nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES - BUDGET AND AcruAL \n \n(NON-GAAP BASIS) \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 \nSPECIAL REVENUE FUND \n \nE \n \nCOMBINING BALANCE SHEET \n \n20 \n \nF \n \nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \n \nAND CHANGES IN FUND BALANCES \n \n22 \n \nCAPITAL PROJECTS FUND \n \nG \n \nCOMBINING BALANCE SHEET \n \n24 \n \nH \n \nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \n \nAND CHANGES IN FUND BALANCES \n \n26 \n \nSCHEDULES \n \n1 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \n \n28 \n \n2 SCHEDULE OF STATE REVENUE \n \n30 \n \n3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \n \n31 \n \nALLOTMENTS AND EXPENDITURES \n \nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \n \n4 \n \nBY PROGRAM \n \n32 \n \n5 \n \nBY SITE \n \n33 \n \n WILKINSON COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \nSECTIOND COMPLIANCE AND INTERNAL CONTROL REPORTS REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WTI1I GOVERNMENT AUDITING STANDARDS REPORT ON COMPLIANCE WTI1I REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WTI1I OMB CIRCULAR A-133 \nSECTIONm AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \nSECTION IV 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. SUlle 214 Atlanta, Georgia 30334-8400 \nJanuary 10,2003 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Wilkinson County Board of Education \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nLadies and Gentlemen: \nWe have audited the accompanying general-pwpose financial statements of the Wilkinson County Board of Education, as of and for the year ended June 30, 2002, as listed in the table of contents. These general-purpose financial statements are the responsibility ofthe Wilkinson County Board of Education'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 and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our oplmon. \nAs described in the notes to the general-pwpose financial statements, the Board of Education's financial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described as follows: \n \n2002ARL-13 \n \n * The general-purpose financial statements of the Board of Education did not contain a \nGeneral Fixed Assets Account Group to account for property and equipment owned by the Board of Education which should be included to conform to generally accepted accounting principles. \n* School activity accounts maintained at the individual schools are not included in the \ngeneral-purpose financial statements. To conform to generally accepted accounting principles, these accounts should be included in the general-purpose financial statements. \n* The Board of Education did not recognize as expenditures, in the year ended \nJune 30, 2002, a portion of salaries and the corresponding employer's cost of related benefits earned for contractual services completed prior to June 30, 2002. Also funds received, subsequent to June 30, 2002, from the Georgia Department of Education for the State's share of these unrecorded salaries and related benefits were not recorded as revenue in the year under review. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 2001, were improperly recorded in the year ended June 30, 2002. To conform to generally accepted accounting principles, revenues should be recorded when available and measurable and expenditures should be recorded when incurred, rather than when funds are received or disbursed. \nThe aggregate effects on the general-purpose financial statements of these variances or omissions 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 matters referred to in the preceding paragraph, the general-purpose financial statements referred to above present fairly, in all material respects, the financial position of the Wilkinson County Board of Education as ofJune 30, 2002, and the results ofits operations for the year then ended, in conformity with accounting principles generally accepted in the United States of America. \nIn accordance with Government Auditing Standards, we have also issued our report dated January 10,2003, on our consideration ofthe Wilkinson County Board of Education's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. \nOur audit was performed for the purpose of forming an opinion on the general-purpose financial statements of the Wilkinson County Board of Education taken as a whole. The accompanying combining statements (Exhibits E through H) and the financial schedules (Schedules I through 5), which includes the Schedule of Expenditures of Federal Awards as required by U. S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the general-purpose financial statements. Such information has been subjected to the auditing \n2002ARL-13 \n \n procedures applied in the audit ofthe general-purpose financial statements and in our opinion, except for the effects ofthe matters referred to in the third paragraph, such information is fairly stated, in all material respects, in relation to the general-purpose financial statements taken as a whole. \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 \nRWH:as 2002ARL-13 \n \nRus 11 W. Hinton State Auditor \n \n WILKINSON COUNfY BOARD OF EDUCATION \n \n WILKINSON COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET \nALL FUND TYPES AND ACCOUNT GROUP JUNE 30, 2002 \n \nASSETS Cash and Cash Equivalents Investments Accounts Receivable Inventones \nFoce! Donated Commodities Purchased Food \nAmount to be Provided in Future Years \nFor Payment of Bond Debt \nTotal Assets \n \nGENERAL FUND \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nCAPITAL \n \nREVENUE \n \nPROJECTS \n \nFUND \n \nFUND \n \n$ \n \n338,992.87 $ \n \n33,88018 \n \n1,681,733.16 \n \n$ 3,821,89761 \n \n131,51193 \n \n212,825.59 \n \n323,578.58 \n \n6,792.07 2,610.28 \n \n$ 2,152,237.96 $ \n \n256,10812 $ 4,145.476 19 \n \nTotal liabilities and Fund Equity \n \n$ 2,152,237.96 $ \n \nThe notes to the general-purpose finanCial statements are an Integral part of thiS statement. -2- \n \n256,10812 $ 4,145.476.19 \n \n EXHIBITMAM \n \nDEBT SERVICE \nFUND \n \n$ \n \n0.00 \n \nACCOUNT GROUP \nGENERAL LONG-TERM \nDEBT \n \nTOTALS \n \n(Memorandum Only) \n \nJUNE 30, 2002 \n \nJUNE 30, 2001 \n \n$ \n \n372,873.05 $ \n \n163,804.35 \n \n5,503,630.77 \n \n6,684,384.87 \n \n667.916.10 \n \n616,503.14 \n \n_ _ _ _ _ $ 2,195,00000 \n \n6,79207 2.610.28 \n2,195,000.00 \n \n7,666.56 2.659.44 \n3,260,000.00 \n \n$ \n \n.-.O'DOO~ $ 2,195,000.00 $ 8,748.822.27 $ 10?35,018.36 \n \n$ \n \n135.006.08 \n \n42.367.71 $ \n \n42.086.65 \n \n160,730.80 \n \n152.073.76 \n \n693 \n \n216.059.00 \n \n54,604.00 \n \n92.99859 \n \n12,379.76 \n \n$ 2,195,000.00 \n \n2,195,000.00 \n \n3,260,000 00 \n \n$ 2,195,00000 $ 2,761,54335 $ 3,601,769.93 \n \n$ \n \n0.00 \n \n$ \n \n000 \n \n$ \n \n104,82956 $ \n \n183.789.48 \n \n6,792.07 2,610.28 1,556.056.13 2,238,354.98 \n \n7,666.56 2.65944 2,694,806 40 2,158,076.86 \n \n2.078,635 90 \n \n2,086,249 69 \n \n$ 5,987,278.92 $ 7,133,248 43 \n \n$ \n \n0...0.0... $ 2,195,000.00 $ 8,748,82227 $ 10,735,01836 \n \n-3- \n \n WILKINSON COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES \nALL GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30, 2002 \n \nREVENUES \nState Funds Federal Funds Taxes Other Funds \nTotal Revenues \nEXPENDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media ServIceS General Admlnistrabon School Administrabon BUSIness Administration MaIntenance and Operabon of Plant Student Transportation Services Other Support Services Food Services Operation \nCapital Outlay Debt Service \nPrincipal Interest Paying Agent Fees \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nFUNp BALANCE JULY 1 \nFood Inventory - Net Change In Period Donated Commodibes Purchased Food \nFUND BALANCE JUNE 30 \n \nGENERAL FUND \n \nSPECIAL REVENUE \nFUND \n \n$ 7,289,360,34 $ \n4,347,954.51 284,70823 \n$ 11,922,023,08 $ \n \n612,99631 1,554,969,27 \n184,89060 \n2,352,856.18 \n \n$ 7,764,440.00 $ 1,142,629.94 \n \n328,115,65 346,095.19 311,498.37 236,62544 925,611.77 131,91216 1,019,546,73 919,999.55 \n8,433,00 4,053,66 \n \n56,75548 196,795.28 \n82,226.10 \n1,76700 1,786.94 42,891.01 840,269.70 \n \n$ 11,996,331,52 $ \n \n$ \n \n-74,308.44 $ \n \n2,225,365 59 \n \n2,365,12145 -12,265.27 54,999,58 \n \n-874.49 -4916 \n \n$ 2,151,057 15 $ ==-..4.;,:1,,8;.;,1,;;;,;0.=66;:\" \n \nThe notes to the general-purpose financial statements are an Integral part of thiS statement - 4- \n \n EXHIBIT\"B\" \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTALS \n \n(Memorandum Only) \n \nYEAR ENDED \n \nJUNE 30, 2002 \n \nJUNE 30, 2001 \n \n$ \n \n168,085.00 \n \n$ 8,070,441.65 $ 7,698,860.28 \n \n1,554,969.27 \n \n1,552,477.16 \n \n45,599.36 $ 1,178,220.53 \n \n5,571,77440 \n \n5,888,997.23 \n \n111,699.54 \n \n3,34672 \n \n584,645.09 \n \n813,765.61 \n \n$ \n \n325,383.90 $ 1,181,567.25 $ 15,781,83041 $ 15,954,10028 \n \n$ 1,383,856.05 $ \n$ 1,383,856.05 $ $ -1,058,472.15 $ \n4,852,883.26 \n \n$ 8,907,069.94 $ 8,818,18687 \n \n384,871.13 542,89047 311,498.37 318,851.54 925,611.77 131,912.16 1,021,313.73 921,786.49 \n51,324.01 844,323.36 1,383,856.05 \n \n491,680.31 472,305.94 259,359.55 351,531.72 813,271.79 137,741.94 1,062,958.52 826,402.22 \n48,593.06 839,751.65 1,518,106.04 \n \n1,065,000.00 113,161.25 3,406 00 \n \n1,065,000.00 113,161.25 3,406 00 \n \n925,000.00 153,227.50 \n \n1,181,567.25 $ 16,926,876.27 $ 16,718,117.11 \n \n0.00 $ -1,145,045.86 $ \n \n-764,016.83 \n \n0.00 \n \n7,133,24843 \n \n7,902,062 32 \n \n-87449 -4916 \n \n5,00888 21182 \n \n$ 3,794,411.11 $-==---===~O.;;;OO~ $ 5,987,27892 $ 7,133,24843 \n \n- 5- \n \n WILKINSON COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nBUDGET AND ACTUAL - (NON-GAAP BASIS) GENERAL AND SPECIAL REVENUE FUNDS \nYEAR ENDED JUNE 30, 2002 \n \nEXHIBIT 'C' \n \nREVENUES \nState Funds Federal Funds Taxes Other Funds \nTotal Revenues \nEXPENDITURES \nCurrent Instrucbon Support services Pupil services Improvement of Instructional services Educabonal MedI8 services General Administration SChool Administration Business Adminlstrabon Maintenance and Operation of Plant Student Transportabon services Other Support seMceS Food seMces Operation \nTotal expenditures \nExcess of Revenues over (under) Expenditures \nFUND BALANCE JULY 1. 2001 \nFood Inventory - Net Change in Partod Donated CommodrtJes Purchased Food \nFUNp BALANCE JUNE 30. 2002 \n \nGENERAL FUND \n \nBUDGET \n \nACTUAL \n \n$ 7.059.936.00 $ 7,289.360.34 \n \n4.143.278,00 160,00000 \n \n4.347.954 51 284.70823 \n \nS 11.363.214 00 $ 11.922.023,08 \n \n$ 8.176.162.94 $ 7.764.440.00 \n \n387.486,00 324.642.00 338.913,00 238.038.00 870.938.00 129.642.00 1.030.11500 975.369.00 \n8.500,00 \n \n328.115.65 346.09519 311,498.37 236.625.44 925.611.n 131.912.16 1.019.546.73 919.999.55 \n8.433.00 4,05366 \n \n$ 12,479.805,94 $ 11.996.331 52 \n \nS -1.116.591.94 $ \n \n-74.308.44 \n \n2.093.401,10 \n \n2,225.385,59 \n \n$ 976,809.16 S 2,151.057,15 \n \nSPECIAL REVENUE FUND \n \nBUDGET \n \nACTUAL \n \n$ 52.00900 $ 612.996,31 1.530.941 00 1.554,969.27 \n \n186,81300 \n \n184.89060 \n \n$ 1.769,76300 $ 2.352.856,18 \n \n$ 557.803.20 $ 1.142.629 94 \n \n92.928.70 179,459,20 \n \n56.755,48 196.795.28 \n \n87.91400 \n \n82,226.10 \n \n1.50000 4.35995 12.556.95 869.703,00 \n \n1.767.00 1,786.94 42.891.01 840.26970 \n \n$ 1.806.225,00 $ 2.365.121.45 \n \n$ -36.462.00 $ -12.265.27 \n \n46,250,94 \n \n54.999.58 \n \n-874.49 -49.16 \n \n$ \n \n9.78894 $ 41.81066 \n \nThe notes to the general-purpose flnanaal statements are an Integral part 01 thIS statement -7- \n \n WILKINSON COUNTY BOARD OF EDUCATION \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 Wilkinson County Board ofEducation (School District) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The School District is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \nFUND ACCOUNTING \nThe School District uses funds and an account group to report on its financial position and the results ofits operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available fmancial resources. \nGeneral Fixed Assets are recorded as expenditures in the various funds at the time ofpurchase. A General Fixed Assets Account Group is not presently maintained by the School District. 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. \nAlthough \"school activity accounts\" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To confonn to generally accepted accounting principles, these accounts should be recorded in the general-purpose financial statements. \nThe general-purpose financial statements account for all State, Federal, Taxes and Other funds under control of the School District, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: \nGOVERNMENTAL FUND TYPES - are used to account for all or most of the School District's educational activities. Governmental Fund Types include: \nGENERAL FUND - the fund used to account for all financial resources of the School District except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. \n \n- 8- \n \n WILKINSON COUNTY BOARD OF EDUCAnON \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 2002 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nSPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are received primarily from the Georgia Department of Education and from the Federal government to accomplish specific educational objectives. \nCAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. \nDEBT SERVICE FUND - the fund used to account for the accumulation ofresources for, and the payment of, general long-term principal, interest and paying agent fees. \nACCOUNT GROUP \nGENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reporting device used to account for general obligation debt outstanding. \nBASIS OF ACCOUNTING \nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements ofthese funds present increases (i.e., revenues and other financing sources) and decreases (Le., 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. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group. \nGovernmental funds are accounted for using the modified accrual basis ofaccounting 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 School District considers receivables collected within sixty days after yearend to be available. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, local option sales taxes, intergovernmental grants and donations. Revenue for property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year the resources are received or susceptible to accrual. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \n- 9- \n \n - - - - - - - - - - - - - - - - - - - - - --- - - -- \n \nWILKINSON COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO mE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. ~002 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nExpenditures are generally recognized when the related fund liability is incurred. \nA departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share of these contracts. During fiscal year 2002, a substantial number ofpersonnel ofthe School District were employed for a one hundred and ninety day period beginning in August 2001 and ending in early June 2002. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September 2001 and ending in August 2002. State grants to fund the State's share of these contracts were disbursed from the Georgia Department of Education to the School District in the same twelve months. As of June 30, 2002, compensation under these employment contracts had been earned, but two of the twelve monthly payments, due for July and August 2002, had not been made. Payments for these two months were made and recorded as expenditures by the School District subsequent to June 30,2002. Also, the State's portion ofthe compensation paid in July and August 2002 was received and recorded as revenue in the fiscal year subsequent to June 30, 2002. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 2001, were recorded in the year ended June 30, 2002. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed. \nBUDGET \nThe Wilkinson County Board of Education's budget is a complete financial plan for the School District's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibi1jon regarding overexpenditure ofthe budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level of budget control was established by the Board at the aggregate level. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles. \nThe budget process begins when the School District's administration prepares a tentative budget for the Board's approval. After approval ofthis tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality. At the next regular meeting ofthe Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This final budget is then submitted, in accordance with provisions of the Quality Basic Education Act, OCGA Section 202-1 67(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \n \n- 10- \n \n Wll..KINSON COUNTY BOARD OF EDUCATION \n \nEXHffiIT \"0\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nruNE 30. 2.002 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \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 School District 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 School District in nonparticipating interest-earning contracts (such as certificates ofdeposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the School District to invest its funds and in selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \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(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 and other receivables disclosed from infonnation available. Receivables \n- 11 - \n \n Wll..KINSON COUNTY BOARD OF EDUCAnON \n \nEXHffiIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 2002 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nare 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. \n \nPROPERTY TAXES \n \nThe Wilkinson County Board of Commissioners fixed the property tax levy for the 2001 tax digest year (calendar year) on October 20. 2001 (levy date). Taxes were due on December 20. 2001. Taxes collected within the current fiscal year or within 60 days after year-end on the 2001 tax digest are reported as revenue in fiscal year 2002. The Wilkinson County Tax Commissioner bills and collects the property taxes for the School District. withholds 2.5% oftaxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues during the fiscal year ended June 30. 2002 for maintenance and operations amounted to $4.306.939.42. \n \nThe tax millage rate levied for the 2001 tax year (calendar year) for the Wilkinson County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \n \nSchool Operations \n \n~mills \n \nSALES TAXES \n \nSpecial Purpose Local Option Sales Tax revenue during the year amounted to $1.223.819.89 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \n \nINVENTORIES \n \nFOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost (first-in. first-out). Donated food commodities are recorded as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time ofpurchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations of fund balance which indicates that these amounts do not constitute \"available spendable resources\" even though they are a component of net current assets. \n \n- 12- \n \n WILKINSON COUNTY BOARD OF EDUCATION \n \nEXHffiIT \"0\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 2002 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nGENERAL OBLIGATION BONDS \nThe School District issues general obligation bonds to provide funds for the acquisition and construction ofmajor capital facilities. Bond premiums and discounts, as well as issuance costs, are recognized in the financial statements during the year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit ofthe govenunent. The outstanding amount of these bonds is recorded in the General Long-Term Debt Account Group. \nINTERFUND TRANSACTIONS \nThe School District 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. Neither are 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 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. 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. 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- 13 - \n \n WILKINSON COUNTY BOARD OF EDUCAnON \n \nEXHffiIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2002 \n \nNote 2: DEPOSITS AND INVESTMENTS \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 o,f 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(6) Industrial revenue bonds and bonds ofdevelopment 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, 2002, the bank balances were $808,183.97. The amounts ofthe total bank balances are classified into three categories of credit risk: \n \nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the School District or by the School District's agent in the School District's name. \nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name. \nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the School District's name.) \n \nThe School District's deposits are classified by risk category at June 30,2002, as follows: \n \nRisk Category \n \nBank Balance \n \n1 \n \n$ 219,622.92 \n \n2 \n \n563,387.17 \n \n3 \n \n25,173.88 \n \nTotal \n \n$ 808.183.97 \n \n- 14- \n \n WILKINSON COUNTY BOARD OF EDUCATION \n \nEXHffiIT \"0\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 2002 \n \nNote 2: DEPOSITS AND INVESTMENTS \nCATEGORIZAnON OF INVESTMENTS At June 30, 2002, the carrying value of the School District's total investments was $5,503,630.77 which is materially the same as fair value. This investment consisted entirely of funds invested in the Local Government Investment Pool administered by the State ofGeorgia, Office ofTreasury and Fiscal Services which are not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy of the State of Georgia, Office of Treasury and Fiscal Services for the Local Government Investment Pool (primary Liquidity Portfolio) does not provide for investment in derivatives or similar investments. A description ofthe Primary Liquidity Portfolio is as follows: \nThe Primary Liquidity Portfolio consists of Georgia Fund 1, which is a combination local and state government investment pool, and Fund 6. Georgia Fund 1 is a stable net asset value investment pool which follows Standard and Poor's criteria for AAAm rated money market funds. The pool is not registered with the SEC as an investment company but does operate Georgia Fund 1 in a manner consistent with Rule 2a-7 ofthe Investment Company Act of 1940 and is considered to be a Rule 2a7 like pool. The pool's primary objectives are safety of capital, investment income, liquidity and diversification while maintaining principal ($1.00 per share value). Net asset value is calculated weekly to ensure stability. The pool distributes earnings (net of management fees) on a monthly basis and values participant's shares sold and redeemed based on $1.00 per share. Pooled cash and \ncash equivalents and investments are reported at cost which approximates fair value. The pool does \nnot issue any legally binding guarantees to support the value ofthe shares. Participation in the pool is voluntary and deposits consist of funds from local governments; operating and trust funds of Georgia's state agencies, colleges and universities; and current operating funds of the State of Georgia's General Fund. \nInvestments in Georgia Fund 1 and Fund 6 are directed toward short-term instruments such as U. S. Treasury obligations, securities issued or guaranteed as to principal and interest by the U. S. Government or any of its agencies or instrumentalities, banker's acceptances and repurchase agreements. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2002, was 0.12 years. The average investment duration for Fund 6 on June 30, 2002, was 0.75 years. \nNote 3: NON-MONETARY TRANSACTIONS \nThe School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories \n \n- 15 - \n \n WILKINSON COUNTY BOARD OF EDUCATION \n \nEXHIDIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 2002 \n \nNote 4: RISK MANAGEMENT \n \nThe School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; acts of God and unemployment compensation. \n \nThe School District has obtained commercial insurance for risk ofloss associated with torts, assets, errors or omissions, and job related illness or injuries to employees. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the School District's insurance coverage in any of the past three years. \n \nThe School District has elected to self-insure for all losses related to acts of God. The School District has not experienced any losses related to this risk in the past three years. \n \nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the General Fund with expenditure and liability being reported when it is probable that a loss has occurred, and the amount ofthat l~ss can be reasonably estimated. \n \nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \n \nBeginning of Year Liability \n \nClaims and Changes in Estimates \n \nClaims Paid \n \nEnd of Year Liability \n \n2001 2002 \n \n$ \n \n0.00 $ \n \n2,194.75 $ \n \n2,194.75 $ \n \n0.00 \n \n$ \n \n0.00 $ \n \n1.544.00 $ \n \n1.544.00 $ \n \n0.00 \n \nThe School District has purchased a surety bond to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nAll employees \n \n$ 100,000.00 \n \nNote 5: OPERATING LEASES \n \nWilkinson County Board of Education has entered into various leases as lessee for copiers. These leases are considered for accounting purposes to be operating leases. Lease expenditures for the year ended June 30, 2002, amounted to $53,981.30. Future minimum lease payments for these leases are as follows: \n \n- 16 - \n \n WILKINSON COUNTY BOARD OF EDUCATION \n \nEXHffiIT \"0\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 2002 \n \nNote 5: OPERATING LEASES \n \nYear Ending \n \nAmount \n \n2003 2004 2005 2006 2007 \n \n$ 67,731.29 63,147.96 59,073.96 54,999.96 4,583.33 \n \nTotal \n \n$ 249.536.50 \n \nNote 6: GENERAL LONG-TERM DEBT \n \nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: \n \nPurpose \n \nInterest Rates \n \nAmount \n \nGeneral Government - Series 1998 \n \n3.80% - 4.20% $ 2.195.000.00 \n \nThe changes in General Long-Tenn Debt during the fiscal year ended June 30, 2002, were as follows: \n \nBalance July 1,2001 \nDeductions Debt Retired \nBalance June 30, 2002 \n \nGeneral Obligation \nBonds $ 3,260,000.00 \n1,065,000.00 $ 2.195,000.00 \n \nAt June 30, 2002, payments due by fiscal year which includes principal and interest for these items are as follows: \n \nFiscal Year Ended June 30 \n2003 2004 \nTotal Principal and Interest \n \nGeneral Obligation \nBonds \n$ 1,256,902.50 1,026.105.00 \n$ 2.283,007,50 \n \n- 17 - \n \n WILKINSON COUNTY BOARD OF EDUCATION \n \nEXHffiIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 2002 \n \nNote 7: ON-BEHALF PAYMENTS \nThe School District has recognized revenues and expenditures in the amount of $151,388.94 for health insurance and retirement contributions paid on the School District's behalfby the following State Agencies. \nGeorgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance ofNon-Certified Personnel In the amount of$128,972.94 \nOffice of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of $22,416.00 \nNote 8: CONTINGENT LIABILITIES \nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant terms. The School District believes that such disallowances, if any, will be immaterial to its overall financial position. \nNote 9: SUBSEOUENT EVENTS \nOn August 20, 2002, the voters of Wilkinson County voted in favor of a Special Purpose Local Option Sales Tax referendum for educational purposes. The imposition of the tax approved, as stated on the Official Ballot of Wilkinson County, is as follows: \n\"Shall a special one percent sales and use tax be imposed in Wilkinson County for a period not to exceed 20 calendar quarters and for the raising ofnot more than $8,100,000 for the purpose of the acquisition, construction and equipping of (i) facility renovations for expanded vocational offerings at Wilkinson County High School, (ii) a multi-purpose gymnasium facility at Wilkinson County High School, (iii) an athletic complex at the High SchooVMiddle School campus to include upgrading of existing baseball, softball, soccer, track, tennis and football facilities, (iv) four (4) classrooms at the Primary/Elementary School, (v) administrative offices, (iv) modifications to and improvement ofparking facilities at all campuses, (vi) the installation of technology and security improvements at all campuses, and (vii) renovating, repairing, improving and equipping instructional and support facilities, existing school buildings and other buildings and facilities useful or desirable in connection therewith, and acquiring any necessary property therefor, both real and personal in the amount of$8, 1OO,OOO? Ifimposition ofthe tax is approved by the voters, such vote shall also constitute approval of the issuance of general obligation debt of Wilkinson County School District in the principal amount of up to $5,500,000 for the above purposes, such debt to be secured by the proceeds ofthe special one percent sales and use tax.\" \n- 18- \n \n WILKINSON COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 2002 \n \nNote 10: RELATED PARTY TRANSACTIONS \n \nThe School District employed the services of James S. Price Construction Company for various small construction, renovation, and/or maintenance projects. This company is owned and operated by James S. Price, the husband of Linda Price, who is currently the Assistant Bookkeeper for the Wilkinson County Board ofEducation. These projects were not services normally secured through a bid procedure. Current year expenditures to James S. Price were $53,343.00. \n \nNote 11: RETIREMENT PLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \n \nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school districts are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \n \nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.24% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \nFiscal Year \n \nPercentage Contributed \n \nRequired Contribution \n \n2002 2001 2000 \n \n100% 100% 100% \n \n$ 743,110.78 $ 865,922.16 $ 848,379.37 \n \n- 19- \n \n WILKINSON COI.:.IN~IBO~BD OF EDUCATION COMBI\"'INt3.BAEAM~E SHEET SPECIAL REVENUE FUND \nJUNE 30, 2002 \n \nASSETS Cash and Cash Equivalents Accounts Receivable Inventories \nFood Donated Commodities Purchased Food \nTotal Assets \nLIABILITIES AND FUND EQUITY LIABILITIES \nCash Overdraft Accounts Payable Salaries f?ayable Expired G~nt Balances Payable Deferred Revenue \nTotal Uabilities FUND EgUITY \nFund Balances Reserved For Inventories Food Donated Commodities Purchased Food Unreserved Undesignated Total Fund Equity \nTotal Uabilities and Fund Equity \nSee notes to the general-purpose financial statements. - 20- \n \nSCHOOL FOOD \nSERVICES FUND \n \nLOTTERY PROGRAMS \n \n$ \n \n84,153.09 \n \n$ \n \n63,055.66 \n \n6,792.07 2,610.28 \n \n$ \n \n93,555.44 $ -=====6=3:!:ii,O.5.=.:5',;;66ii= \n \n$ \n \n2,443.39 \n \n$ \n \n8,678.38 \n \n13,371.70 \n \n43,066.40 \n \n47,240.57 \n \n$ \n \n51,744.78 $ \n \n63,055.66 \n \n$ \n \n6,792.07 \n \n2,610.28 \n \n32.408.31 $ \n \n0.00 \n \n$ \n \n41,810.66 $ \n \n0.00 \n \n$ \n \n93,555.44 $ ..-===6..3.=:,0=:;5=5.:.=66= \n \n EXHIBIT\"E\" \n \nFEDERAL PROGRAMS \n \nTOTALS \nJUNE 30, 2002 JUNE 3D, 2001 \n \n$ \n \n84,153.09 $ \n \n147,832.00 \n \n$ \n \n149,769.93 \n \n212,825.59 \n \n196,102.98 \n \n6,792.07 2,610.28 \n \n7,666.56 2,659.44 \n \n$ \n \n149,769.93 $ \n \n306,381.03 $ ====3=54:io1i,2=6s:0.=-98~ \n \n$ \n \n47,829.52 $ \n \n50,272.91 $ \n \n108,914.77 \n \n19,136.82 \n \n41,186.90 \n \n38,265.94 \n \n70,423.83 \n \n160,730.80 \n \n152,073.76 \n \n6.93 \n \n12,379.76 \n \n12,379.76 \n \n$ \n \n149,769.93 $ \n \n264,570.37 $ \n \n299,261.40 \n \n$ \n \n6,792.07 $ \n \n7,666.56 \n \n2,610.28 \n \n2,659.44 \n \n$ \n \n---'0;.;..0::.;0'- \n \n32,408.31 \n \n44,673.58 \n \n$ \n \n0.00 $ \n \n41,810.66 $ _ _...:54:..:.L:,99;=..9.~:.;58:::- \n \n$ \n \n149,769.93 $ \n \n306,381.03 $ \n \n3;,;;54;\",0\u0026;,2,.,60=.;;;,;98= \n \n- 21 - \n \n WILKINSON COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nSPECIAL REVENUE FUND YEAR ENDED JUNE 30, 2002 \n \nREVENUES \nState Funds Federal Funds Other Funds \nTotal Revenues \nEXPENDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services General Administration School Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nFUND BALANCE JULY 1 \nFood Inventory - Net Change in Period Donated Commodities Purchased Food \nFUND BALANCE JUNE 30 \n \nSCHOOL FOOD \nSERVICES FUND \n \nLOTIERY PROGRAMS \n \n$ \n \n58,688.00 $ \n \n554,308.31 \n \n584,425.83 \n \n184,890,60 \n \n$ \n \n828,004.43 $ \n \n554,308.31 \n \n$ \n \n515,263.44 \n \n2,061.70 16.30 \n \n$ \n \n840.269.70 \n \n1,767.00 344,40 \n34,855.47 \n \n$ \n \n840,269.70 $ \n \n554,308,31 \n \n$ \n \n-12,265.27 $ \n \n0.00 \n \n54,999,58 \n \n0.00 \n \n-874.49 -49.16 \n \n$ \n \n41,810.66 $ c::::::IIa:===-=O...=:OO:=. \n \nSee notes to the general-purpose financial statements. \n- 22- \n \n EXHIBIT\"F\" \n \nFEDERAL PROGRAMS \n \nTOTALS \n \nYEAR ENDED \n \nJUNE 3D, 2002 \n \nJUNE 30, 2001 \n \n$ \n \n612,996.31 $ \n \n487,474.06 \n \n$ \n \n970,543.44 \n \n1,554,969.27 \n \n1,517,034.37 \n \n184,890.60 \n \n186,673.98 \n \n$ \n \n970,543.44 $ 2,352,856.18 $ 2,191,182.41 \n \n$ \n \n627,366.50 $ 1,142,629.94 $ \n \n942,911.45 \n \n56,755.48 194,733.58 82,209.80 \n1,442.54 8,035.54 \n \n56,755.48 196,795.28 82,226.10 \n1,767.00 1,786.94 42,891.01 840,269.70 \n \n102,603.64 171,046.63 85,369.55 \n6,250.93 1,000.64 3,170.15 40,637.06 838,529.27 \n \n$ \n \n970,543.44 $ 2,365,121.45 $ 2,191,519.32 \n \n$ \n \n0.00 $ \n \n-12,265.27 $ \n \n-336.91 \n \n0.00 \n \n54,999.58 \n \n60,133.55 \n \n-874.49 -4916 \n \n-5,008.88 211.82 \n \n$ \n \n0.00 $ \n \n41,810.66 $===54=,9..9.=9.5..8= \n \n- 23- \n \n WILKINSON COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30. 2002 \n \nASSETS Cash and Cash Equivalents Investments Accounts Receivable \nTotal Assets \nLIABILITIES AND FUND EQUITY LIABILITIES \nCash Overdraft Contracts Payable Retainages Payable \nTotal Liabilities FUNPEQUITY \nFund Balances Reserved For Purposes of Bond Issue For SPLOST Projects Unreserved Undesignated Total Fund EqUity \nTotal Liabilities and Fund Equity \n \nBOND PROCEEDS \n \nGEORGIA STATE FINANCING AND \nINVESTMENT COMMISSION \n \n$ \n \n7,073.10 \n \n1,765,042.03 \n \n_ _ _ _ _ $ _ _..:..146=,0:,:::8::::.:,5.=.;:00::,.. \n \n$ 1,n2,115.13 $====14=6:!::,O=8.5...=00.... \n \n$ $ 216,059.00 \n$ 216,059.00 $ \n \n146,085.00 146,085.00 \n \n$ 1,556,056.13 \n \n0.00 $ \n \n0.00 \n \n$ 1,556,056.13 $ \n \n0.00 \n \n$ 1,n2,115.13 $=-==.1..4..:::;6==:;,0=85=.0=.0... \n \nSee notes to the general-purpose financial statements. - 24- \n \n EXHIBIT\"G\" \n \nSPECIAL PURPOSE LOCAL OPTION SALES TAX \n \nTOTALS JUNE 30, 2002 JUNE 30, 2001 \n \n$ \n \n4,005.82 $ \n \n11,078.92 $ \n \n9,789.03 \n \n2,056,855.58 \n \n3,821,897.61 \n \n4,764,692.90 \n \n177,493.58 \n \n323,578.58 \n \n226,003.92 \n \n$ 2.238,354.98 $ 4,156,555.11 $ 5,000,485.85 \n \n$ 146,085.00 216.059.00 $ \n$ 362.144.00 $ \n \n54,604.00 92.998.59 \n147.602.59 \n \n$ 1,556,056.13 $ \n \n$ 2.238.354.98 \n \n2.238,354.98 \n \n0.00 \n \n0.00 \n \n$ 2.238,354.98 $ 3.794,411.11 $ \n \n2,694.806.40 2,158,076.86 \n0.00 \n4,852,883.26 \n \n$ 2,238,354.98 $ 4,156,555.11 $ 5,000,485.85 \n \n- 25- \n \n WILKINSON COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nCAPITAL PROJECTS FUND YEAR ENDED JUNE 30, 2002 \n \nREVENUES State Funds Taxes Other Funds Total Revenues \nEXPENDITURES Capital Outlay Land and Land Improvements Building and Building Improvements Total Expenditures \nExcess of Revenues over (under) Expenditures FUND BALANCE JULY 1 \nFUND BALANCE JUNE 30 \n \nBOND PROCEEDS \n \nGEORGIA STATE FINANCING AND \nINVESTMENT COMMISSION \n \n$ \n \n22,000,00 $ \n \n146,085,00 \n \n76,984.78 \n \n$ \n \n98,984,78 $ \n \n146,085,00 \n \n$ 1,237,735,05 $ $ 1,237,735,05 $ $ -1,138,750,27 $ \n2,694,806 40 \n \n146,085,00 146,085,00 \n0.00 0,00 \n \n$ 1,556,056,13 $ ==\"-':::::=0=:,=:0..... \n \nSee notes to the general-purpose financial statements. - 26- \n \n EXHIBIT \"W \n \nSPECIAL PURPOSE LOCAL OPTION SALES TAX \n \nTOTALS \n \nYEAR ENDED \n \nJUNE 30, 2002 \n \nJUNE 30, 2001 \n \n$ \n \n168,085.00 \n \n$ \n \n45,599.36 \n \n45.599.36 $ \n \n550.259.14 \n \n34,714.76 \n \n111,699.54 \n \n263,326.99 \n \n80,314.12 $ \n \n325,383.90 $ \n \n813,586.13 \n \n$ \n \n3.944.00 \n \n$ \n \n36.00 $ 1,383,856.05 \n \n1,514,162.04 \n \n$ \n \n36.00 $ 1,383,856.05 $ 1,518,106.04 \n \n$ \n \n80.278.12 $ -1,058.472.15 $ \n \n-704,519.91 \n \n2,158,076.86 \n \n4,852,883.26 \n \n5,557,403.17 \n \n$ 2,238,354.98 $ 3,794.411.11 $ 4,852,883.26 \n \n- 27- \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENpED JUNE 30. 2002 \n \nSCHEDULE \"1\" \n \nFUNDING AGENCY PROGRAM/GRANT \n \nCFDA NUMBER \n \nAgnculture, U. S Department of \n \nChild NulnlJon Cluster \n \nPass-Through From Georgia Department of Education \n \nFood and Nutrition Program \n \nFood seMCes \n \nSchool Breakfast Program \n \n* 10.553 \n \nNalJonal School Lunch Program \n \n* 10.555 \n \nTotal Child NutntJon Cluster \n \nOther Programs Pass-Through From Georgia Department of Education Food and NutntJon Program Food DlSlnbutJon Program (1) \n \n10.550 \n \nTotal U. S Department of Agriculture \n \nEducation, U. S. Department of Speaal EducalJon Cluster Pass-Through From Georgia Department of Educabon Individuals with DIsabilities Education /J.d. Part B - Speaal EducalJon Flow Through Preschool Capacity Building Improvement Grant \n \n84.027 84173 84173 \n \nTotal Speaal EducalJon Cluster \n \nOther Programs \n \nPass-Through From Georgia Department of EducalJon \n \nElementary and secondary Educabon Ad \n \nTitle I \n \nGrants to Local EducalJonal Agendes \n \n* 84.010 \n \nTitle II \n \nEisenhower Professional Development \n \n84.281 \n \nTrtlelll \n \nTechnology LIteracy Challenge Fund Grants \n \n84 318 \n \nTitle. VI \n \nInnovalJve Education Program Strategies \n \n84.298 \n \nClass SIZe Reduction \n \n84.340 \n \nSafe and Drug-Free Schools and CommunilJes \n \n84.186 \n \nVocalJonal EducalJon - BaSIC Grants to States \n \nHigh School Program \n \nBaSIc Grant \n \n84.048 \n \nTotaIU.S DepartmentofEducalJon \n \nPASSTHROUGH \nENTITY 10 \nNUMBER \n \nFEDERAL REVENUE IN PERIOD \n \nEXPENDITURES IN PERIOD \n \nN1A \n \n$ 125,052.89 \n \nN1A \n \n418,694 44 $ \n \n$ 543,747.33 $ \n \n(2) 799,591.20 (3) \n799,59120 \n \nN1A \n \n40,67850 \n \n$ 584,425.83 $ \n \n40,67850 840,26970 \n \nN1A \n \n$ 143,261 81 $ \n \nN1A \n \n10,894.60 \n \nN1A \n \n4,33746 \n \n$ 158,493.87 $ \n \n143,261.81 10,894.60 4,33746 \n158,493.87 \n \nN1A \n \n500,315.56 \n \n500,31556 \n \nN1A \n \n15,82748 \n \n15,82748 \n \nN1A \n \n135,88553 \n \n135,885.53 \n \nN1A \n \n15,026.00 \n \nN1A \n \n83,58000 \n \nN1A \n \n15,495.00 \n \n15,026.00 83,58000 15.495.00 \n \nN1A \n \n45,92000 \n \n$ 970,54344 $ \n \n45,92000 970,54344 \n \nTotal Federal Flnanaal AsSistance \nN1A = Not Available \n \n$ 1,554,96927 $ 1,810,81314 \n \n- 28- \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEpERAL AWARDS \nYEAR ENDED JUNE 30. 2002 \n \nSCHEDULE \"1\" \n \nNotes to the Schedule of Expenditures of Federal Awards \n(1) The amounts shown for the Food DIstribution Program represent !he Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by !he system dunng the current fiscal year. \n(2) Expenditures for !he School Breakfast Program were not maintained separately and are induded In the 2002 Nabonal School Lunch Program. \n(3) Expenchtures for this program indude State and/or Other Funds Expenditures are not maintained by fund source. \nMajor Programs are identified by an astensk r) In front of !he CFDA number \nThe School Distrid did not provide Federal Assistance to any Subreaplent. \nThe accompanymg schedule of expenditures of Federal awards indudes !he Federal grant adJVity of !he Wilkinson County Board of Education and IS presented on !he modified aeaual basis of accounting which is !he basis of accounbng used in the presentation of the general-purpose finanaal statements \n \nsee notes to !he general-purpose financial statements. \n \n- 29- \n \n WILKINSON COUNTY BOARD OF EPUCATION \nSCHEPULE OF STATE REVENUE \nYEAR ENPER JUNE 30 2002 \n \nSCHEDULE \"2\" \n \nAGENCY/FUNpING \nGRANTS Community Affairs, Georgia Department of Local ASSIstance Grant \nEducetron, Georgl8 Department of QUalrty Basic Educa1Jon Direct InstructJonal Cost Kindergarten Program Kindergarten Program - Early IntetventJon Program Pnmary Grades (1-3) Program Pnmary Grades - Early Intervenbon (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades (4-5) Early InteIventJon Program Middle School (8-8) Program \nHllIh SChool General Educetron (9-12) Program \nVocational Laboratory (9-12) Program Students wtth Disabilities \ncategory I Gifted Student - Category VI Remed181 Educatlon Program AltematJve Educatron Program Media Center Program Staff and Protesslonal Development 20 Days Addltlonallnstrucbon Indued Cos1 eategorlcal Grants Pupil Transportabon Regular Bus Replacement Sparsity Nursing 8elvlces Post 5econdary OptIons PrindpalSuppements Vocational Supervisors VocatJorI8l Extended Day Mid-tenn Adjustment Hold-Harmless Education Equal!zBtlon Funding Grant Food SeIVlC8S Vocational Educal10n Other State Programs Environmental Saence Program Health Insurance Preschool HandlCBpped Program Lottery Programs AssIStive Technology Compu1ers in the Classroom Vocational-Technology SChool \nGeorgia State Flnanang and Investment Commission Reimbursement on Construction PI'Oj8CtS \nOffice of School Readmess Pre-Kindergarten Program \n0fIice of Treasury and FI8C8I services PubliC School Employees Re1Jrement \nCONTRACTS EduCBtlon, GeorgI8 Department of K-3 Statewide Reading Program 4-8 Statewide Reading Program \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nCAPITAL \n \nGENERAL \n \nREVENUE \n \nPROJECTS \n \nFUND \n \nFUND \n \nFUND \n \nTOTAL \n \n$ 22,00000 $ \n \n22,000.00 \n \n$ 317,82500 151,890 00 797,10000 157,028.00 423,888.00 208,44800 883,31800 785,41900 201,78900 \n830,50700 55,208 00 55,51900 89,378.00 \n147,304 00 27,893.00 45,47000 \n1,079,893.00 \n \n317,82500 151,890.00 797,100.00 157,02800 423,88800 208,448.00 883,31800 785,41900 201,78900 \n830,50700 55,208 00 55,51900 89,37800 \n147,304 00 27,89300 45,47000 \n1,079,893.00 \n \n458,978.00 132,75800 \n20,000.00 51,284.00 \n1,388 00 7,24300 9,322.00 3,838 00 n,88800 84,81400 \n$ 15,000 00 \n \n58,888.00 \n \n1,500.00 128.97294 \n33,19200 \n \n5,81500 43,85000 100,000 00 \n \n458,97800 132,758 00 \n20,00000 51,284 00 \n1,38800 7,24300 9,322.00 3,838.00 n,88800 84,814.00 58,88800 15,000.00 \n1,500.00 128,97294 \n33,192.00 \n5,81500 43,850 00 100,00000 \n \n148,08500 \n \n148,08500 \n \n405,04331 \n \n405,04331 \n \n22,41800 \n \n22,41800 \n \n28,950 00 19,40940 \n \n28,95000 19.40940 \n \nSee notes to the general-purpose financial statements \n \n$ 7,289136034 $ 612,996 31 $ 168,08500 $ 8,070,44185 30- \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30. 2002 \n \nSCHEDULE \"3\" \n \nPROJECT \n \nORIGINAL ESTIMATED \nCOST (1) \n \nCURRENT ESTIMATED COSTS (2) \n \nAMOUNT EXPENDED IN CURRENT \nYEAR (3) \n \nAMOUNT EXPENDED IN PRIOR YEARS (3) \n \nWilkinson County Board of Educabon \n \nAcqUIsition, constructJon and equipping \n \nof laboratory facilities at Wllkmson \n \nCounty High School consisbng of one (1) \n \nTechnology Lab, two (2) BUSiness! \n \nVocational Labs, one (1) English Lab, and \n \none (1) Mathematics Lab; acquisition, \n \nconstmctlon and equipping of a new 700 \n \nfixed-seat auditorium facility; acquisition, \n \nconstruction and equipping of a new \n \nclassroom wing at the Wilkinson County \n \nPrimary School; acquiring, constructJng, \n \nand equipping and adding to, \n \nrenovating, repairing, improving and \n \nequipping instructJonal and support \n \nfacilities, existing school buildings \n \nand other buiJcllngs and facilities useful \n \nor desirable in connectJon therewith; and \n \nacquiring any necessary property therefor, \n \nboth real and personal, and acquiring any \n \nnecessary or desirable nghts in \n \nconnection therewith \n \n$ 7,500,000.00 $ 6,924,264.26 $ 1,350,896.30 $ 3,475,142.51 \n \nPROJECT STATUS \nOngoing \n \n(1) The School District's origInal cost estimate as specified in the resolubon calling for the imposition of the Local Option Sales Tax. \n(2) The School District's current estimate of total cost for the proJect. Includes all costs from project mception to completion. \n(3) The voters of Wilkinson County approved the imposition of a 1% sales tax to fund the above project Amounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the project. \n \nSee notes to the general purpose finanCial statements. \n \n31 - \n \n WILKINSON COUNYY BOARD OF EDUCATION GENERAL FUND aUALITY BASIC EDUCATION PROGRAM (aBEl \nALLOTMENTS:AND EXPENDITURES BY PROGRAM YEAR ENDED JUNE -30, 2002 \n \nSCHEDULE \"4\" \n \nRESCRIPTION \n \nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) \n \nELIGIBLE aBE PROGRAM COSTS \n \nSALARIES \n \nOPERATIONS \n \nTOTAL \n \nDirect Instructional Programs \n \nKindergarten Program \n \nS \n \nKmdergarten Program-Early Intervention Program \n \nPrimary Grades (1-3) Program \n \nPrimary Grades-Early Intervention (1-3) Program \n \nUpper Elementary Grades (4-5) Program \n \nUpper Elementary Grades-Early Intervention (4-5) \n \nProgram \n \nMiddle School (6-8) Program \n \nHigh School General Education (9-12) Program \n \nVocational Laboratory (9-12) Program \n \nStudents with DlsabiliUes \n \nCategory II \n \ncategory III \n \ncategory IV \n \ncategory V \n \nGifted Student Category VI. \n \nRemedial Education Program \n \nAlternative Education Program \n \n393,943,00 $ 188.137.00 988,624.00 194,758,00 525,490.00 \n \n365,467,98 $ 236.84779 897,728.22 316,414,06 695,585.28 \n \n258,053.00 1,095,556.00 \n949,331.00 250,249.00 1,030,059.00 \n68,471.00 68.859.00 86,045.00 \n \n176.605.36 1,378,561.37 1.093.392 66 \n251.316.81 \n394,29271 550,671.59 61,711.10 \n11,631.84 42,202.22 37.921.30 186,144,45 \n \n6,186,74 $ 1,789.04 51.00703 6,143.71 35,185,21 \n \n371,654.72 238,636,83 948,735.25 322,55777 730,77049 \n \n5,584.24 61,864,18 77,351.54 14.197.38 \n \n182.189.60 1.440,425.55 1,170,744,20 \n265,51419 \n \n402,50 52,531,66 2,284.28 \n1,069.69 \n294.12 \n \n394,695.21 603,203.25 63,995.38 \n11.631.84 43,271.91 37,921,30 186,438:57 \n \nTOTAL DIRECT INSTRUCTIONAl PROGRAMS \n \nS \n \n6,095,575.00 S 6,696,494.54 S 315.891.32 S 7,012,385.86 \n \nMedia center Program Staff and Professional Development \n \n182,697.00 34,346.00 \n \n270,615.67 27,914.20 \n \n36.962,89 33,044,82 \n \n307,578,56 60,959.02 \n \nTOTAL aBE FORMULA FUNDS \n \n$ \n \n6.312.618.00 $ 6,995.02441 S 385,899.03 $ 7,380,92344 \n \n(1) Comprised of State Funds plus Local FIve MID Share. \n \nsee notes to the general-purpose finandal statements \n \n- 32- \n \n WILKINSON COUNlY BOARD OF EDUCATION GENERAL FUND - gUALllY BASIC EDUCATION PROGRAM CgBE) \nALLOTMENTS AND EXPENDITURES - BY SITE YEAR ENDED JUNE 30, 2002 \n \nSCHEDULE \"5\" \n \nWilkinson County Elementary School Wilkinson County Middle School Wilkinson County Primary School Wilkinson County High School Central Office (Alternative Education Program) \nTOTAL \n(1) Comprised of State Funds plus Local Five Mill Share. \n \nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) \n \nELIGIBLE aBE PROGRAM COSTS \n \n$ \n \n1,535.909.00 $ \n \n1.586,930.31 \n \n1.426,430.00 \n \n1.763,410.00 \n \n1,517,113.00 \n \n1,699,198.89 \n \n1.530,078,00 \n \n1,962,552,54 \n \n86.045.00 \n \n294.12 \n \n$ \n \n6.095,575.00 $ c::=:====7=,0:::;1.2...=:38=:5:=.8:i:::6 \n \nSee notes to the general-purpose financial statements. 33 - \n \n SECI10NII COMPLIANCE AND INTERNAL CONTROL REPORTS \n \n RUSSELL W. HINTON \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washmgton Street, S. W. Suite 214 Atlanta, GeorgIa 30334-8400 \nJanuary 10, 2003 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members ofthe State Board of Education \nand Superintendent and Members of the Wilkinson County Board of Education \nREPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nLadies and Gentlemen: \nWe have audited the financial statements ofWilkinson County Board ofEducation as ofand for the year ended June 30, 2002, and have issued our report thereon dated January 10, 2003. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general-purpose financial statements. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \nCompliance \nAs part of obtaining reasonable assurance about whether Wilkinson County Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions oflaws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination offinancial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results ofour tests disclosed no instances ofnoncompliance that are required to be reported under Government Auditing Standards. \nInternal Control Over Financial Reporting \nIn planning and performing our audit, we considered Wilkinson County Board of Education's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal \n2002YB-41 \n \n control over financial reporting. However, we noted a certain matter involving the internal control over financial reporting and its operation that we consider to be a reportable condition. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe internal control over financial reporting that, in ourjudgment, could adversely affect Wilkinson County Board of Education's ability to record, process, summarize and report financial data consistent with assertions ofmanagement in the financial statements. The reportable condition is described in the accompanying Schedule of Findings and Questioned Costs as item FS-7581-0201. \nA material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, we consider item FS-7581-02-01 to be a material weakness. \nThis report is intended solely for the information and use of the management, members of the Wilkinson County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully submitted, \n~.S~ \nRus ell W. Hinton State Auditor \nRWH:as 2002YB-41 \n \n RUSSELL W. HINTON \nSTATE AUDITOR \n(404\\65\u00262174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washmgton Street, S.W SUIte 214 Atlanta, Georgia 30334-8400 \nJanuary 10, 2003 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Wilkinson County Board ofEducation \nREPORT ON COMPLIANCE WITH REOUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULARA-133 \nLadies and Gentlemen: \nCompliance \nWe have audited the compliance of Wilkinson County Board of Education with the types of compliance requirements described in the U.S. Office ofManagement and Budget (OMB) Circular A-i33 Compliance Supplement that are applicable to each ofits major Federal programs for the year ended June 30, 2002. Wilkinson County Board ofEducation's major Federal programs are identified in the Summary of Auditor's Results Section of the accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major Federal programs is the responsibility ofWilkinson County Board of Education's management. Our responsibility is to express an opinion on Wilkinson County Board of Education's compliance based on our audit. \nWe conducted our audit ofcompliance in accordance with auditing standards generally accepted in the United States ofAmerica; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and OMB Circular A-133 require that we plan and perfonn the audit to obtain reasonable assurance about whether noncompliance with the types ofcompliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Wilkinson County Board of Education's compliance with those requirements and perfonning such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Wilkinson County Board ofEducation's compliance with those requirements. \n2002SA-IO \n \n In our opinion, the Wilkinson County Board ofEducation complied, in all material respects, with the requirements referred to above that are applicable to each ofits major Federal programs for the year ended June 30, 2002. \nInternal Control Over Compliance \nThe management of Wilkinson County Board of Education is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and performing our audit, we considered Wilkinson County Board of Education's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with OMB Circular A-133. \nOur consideration ofthe internal control over compliance would not necessarily disclose all matters in the internal control that might be material weaknesses. A material weakness is a condition in which the design or operation ofone or more ofthe internal control components does not reduce to a relatively low level of risk that noncompliance with applicable requirements of laws, regulations, contracts and grants that would be material in relation to a major Federal program being audited may occur and not be detected within a timely period by employees in the normal course ofperforming their assigned functions. We noted no matters involving the internal control over compliance and its operation that we consider to be material weaknesses. \nThis report is intended solely for the information and use of the management, members of the Wilkinson County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully submitted, \nRWH:as 2002SA-IO \n \n SECTIONm AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \n WILKINSON COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2002 \n \nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nFINDING CONTROL NUMBER AND STATUS \n \nFS-7581-0o-01 FS-7581-00-02 FS-7581-01-01 FS-7581-01-02 \n \nFurther Action Not Warranted Further Action Not Warranted Previously Reported Corrective Action Implemented Unresolved - See Corrective Action/Responses \n \nCORRECfIVE ACTIONIRESPONSES \n \nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Finding Control Number: FS-7581-01-02 \n \nThis finding will be cleared in fiscal year 2003 due to the implementation of GASB 34. \n \n SECfIONIV FINDINGS AND QUESTIONED COSTS \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2002 \nI SUMMARY OF AUDITOR'S RESULTS \n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Wilkinson County Board of Education's financial statements was qualified for various departures from generally accepted accounting principles. \n2. Reportable Conditions in Internal Control Disclosed by the Audit of the Financial Statements The audit report for the Wilkinson County Board of Education disclosed a financial statement reportable condition related to the following control category. \nGeneral Fixed Assets \nThe reportable condition described above is considered to be a material weakness. \n3. Noncompliance Material to the Financial Statements The audit of the Wilkinson County Board of Education disclosed no instances of noncompliance that were deemed to be material to the financial statements. \n4. Reportable Conditions in Internal Control Over Major Programs The audit report for the Wilkinson County Board of Education did not disclose any reportable conditions in internal control over major programs. \n5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Wilkinson County Board ofEducation's report on compliance with requirements applicable to major programs was unqualified. \n6. Audit Findings Required to be Reported by Section .51O(a) ofOMB Circular A-I33 The Wilkinson County Board ofEducation's audit did not disclose audit findings required to be reported by section .510(a) ofOMB Circular A-133. \n7. Major Programs Federal awards audited as major programs are as follows: 10.553 Food and Nutrition Program - Food Services - School Breakfast Program 10.555 Food and Nutrition Program - Food Services - National School Lunch Program 84.0 I0 Elementary and Secondary Education Act - Title I - Grants to Local Educational Agencies \n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000.00. \n9. Low Risk Auditee The Wilkinson County Board ofEducation did not qualify as a low risk auditee as defined by Section .530 ofOMB Circular A-l33. \n- 1- \n \n Wll.KINSON COUNTY BOARD OF EDUCAnON SCHEDULE OF FINDINGS AND OUESTIONED COSTS \nYEAR ENDED JUNE 30, 2002 \nIT FINANCIAL STATEMENT FINDINGS AND OUESTIONED COSTS GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Reportable Condition - Material Weakness Repeated from Prior Year Finding Control Number: FS-7581-02-01 The Wilkinson County Board ofEducation failed to maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. This condition results in the general-purpose financial statements ofthe School District being incomplete and not in accordance with generally accepted accounting principles. Appropriate action should be taken by the School District to establish accounting controls and procedures to provide for maintenance ofa General Fixed Assets Account Group. These subsidiary records should include an inventory of land, buildings and equipment owned by the School District and should include, but may not be limited to, date acquired, acquisition cost, estimated replacement cost, location, and description. Detailed records should be maintained ofall additions and deletions to the General Fixed Assets Account Group. ill FEDERAL AWARD FINDINGS AND OUESTIONED COSTS No matters were reported. \n-2- \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw69-b2000-h2001","title":"Wilkinson County Board of Education, Irwinton, 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, Wilkinson County, 32.80241, -83.17125"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2001-06-30"],"dcterms_description":["Fiscal year ended June 30, 2000, released in 2001?-","Ceased with: Fiscal year ended June 30, 2008, released in 2009?","Title from cover.","Report year covers fiscal year.","Has supplements: Wilkinson County Board of Education, Irwinton, Georgia, schedule of salaries and travel, fiscal year ended June 30, 2000-fiscal year ended June 30, 2002; Report on salary and travel for the fiscal year ended ... (Wilkinson County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007; Salaries and travel reimbursement (Wilkinson County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2008, released in 2009?"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Auditors' reports--Georgia","Financial statements--Georgia","Wilkinson County (Ga.). Board of Education--Appropriations and expenditures"],"dcterms_title":["Wilkinson County Board of Education, Irwinton, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2001"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw69-b2000-h2001"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw69-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":" WILKINSON COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS ~ \n \nSECTION I \n \nFINANCIAL \n \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATIONSCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \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 \n4 \n \nC \n \nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES - BUDGET AND ACTUAL \n \n\"l (NON-GAAP BASIS) \n \nGENERAL AND SPECIAL REVENUE FUNDS \n \n7 \n \nD NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \n8 \n \nADDITIONAL FINANCIAL INFORMATION \n \nCOMBINING STATEMENTS \n \nSPECIAL REVENUE FUND \n \nE \n \nCOMBINING BALANCE SHEET \n \n20 \n \nF \n \nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \n \nAND CHANGES IN FUND BALANCES \n \n22 \n \nCAPITAL PROJECTS FUND \n \nG \n \nCOMBINING BALANCE SHEET \n \n24 \n \nH \n \nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \n \nAND CHANGES IN FUND BALANCES \n \n25 \n \nSCHEDULES \n \n1 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \n \n26 \n \n2 SCHEDULE OF STATE REVENUE \n \n28 \n \n3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \n \n29 \n \nEARNINGS AND EXPENDITURES \n \nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS \n \n4 \n \nBY PROGRAM \n \n30 \n \n5 \n \nBY SITE \n \n31 \n \n WILKINSON COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \nI ,I \nSECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE vnTH GOVERNMENT AUDITING STANDARDS REPORT ON COMPLIANCE vnTH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-l33 \nSECTION ill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \n \n SECTION I FINANCIAL \n \n ,I \nI: \n \ni \n \n'v. ! \n,i!SSELL \n \nHINTOI'O \n \nI STATE AUDITOR \n \n(404) 656-2174 \n \nDEPARTl\\'IENT OF AlJDITS AND ACCOlJNTS \n25.:l Washinglon Slr':l:l. s.w.. SUill: 21.:l Allanl'!' Gl:orgia ~o:n.:l-X.:l()() \nFebruary 11, 2002 \n \nHonorable Roy E. Barnes, Governor \n \nMembers of the General Assembly \n \nMembers of the State Board of Education \n \nI' \n \nand \n \nI \n \nSuperintendent and Members of the \n \nWilkinson County Board of Education \n \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \n \nLadies and Gentlemen: \n \nWe have audited the accompanying general-purpose financial statements of the Wilkinson County Board of Education, as of and for the year ended June 30, 2001, as listed in the table of contents. These general-purpose financial statements are the responsibility ofthe Wilkinson County Board of Education's management. Our responsibility is to express an opinion on these general-purpose financial statements based on our audit. \n \nWe conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opInIOn. \n \nAs described in the notes to the general-purpose financial statements, the Board of Education's financial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described as follows: \n \n2001ARL-13 \n \n I: \n \n* The general-purpose financial statements of the Board of Education did not contain a \n \nGeneral Fixed Assets Account Group to account for property and equipment owned by \n \nthe Board of Education which should be included to conform to generally accepted \n \naccounting principles. \n \n- \n \n\" \n \n* School activity accounts maintained at the individual schools are not included in the \ngeneral-purpose financial statements. To conform to generally accepted accounting principles, these accounts should be included in the general-purpose financial \n \nstatements. \n \n* The Board of Education did not recognize as expenditures, in the year ended \n \nJune 30, 2001, a portion of salaries and the corresponding employer's cost of related \n \nbenefits earned for contractual services completed prior to June 30, 2001. Also funds \n \nreceived, subsequent to June 30, 2001, from the Georgia Department of Education for \n \nthe State's share of these unrecorded salaries and related benefits were not recorded as \n \nrevenue in the year under review. Conversely, the similar expenditures and related \n \nrevenues for contractual services completed prior to June 30, 2000, were improperly \n \nrecorded in the year ended June 30, 2001. To conform to generally accepted accounting \n \nI \n \nprinciples, revenues should be recorded when available and measurable and \n \nI \n \nexpenditures should be recorded when incurred, ratherthan when funds are received or disbursed. \n \nThe aggregate effects on the general-purpose financial statements of these variances or omissions \n \n,I' \n \nhave not been determined, but are believed to be material. \n \nIn our opinion, except for the effects on the general-purpose financial statements of the matters \n \nreferred to in the preceding paragraph, the general-purpose financial statements referred to above \n \n. \n \npresent fairly, in all material respects, the financial position of the Wilkinson County Board of \n \n'I \n \nEducation as ofJune 30, 2001, and the results ofits operations for the year then ended, in conformity \n \nwith accounting principles generally accepted in the United States of America. \n \nIn accordance with Government Auditing Standards, we have also issued our report dated February 11, 2002, on our consideration ofthe Wilkinson County Board of Education's internal control over financial reporting arid our tests of its compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. \n \nOur audi~ was performed for the purpose of forming an opinion on the general-purpose financial statements of the Wilkinson County Board of Education taken as a whole. The accompanying combining statements (Exhibits E through H) and the financial schedules (Schedules 1 through 5), which includes the Schedule of Expenditures of Federal Awards as required by U. S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the general-purpose financial statements. Such information has been subjected to the auditing procedures applied in the audit ofthe general-purpose financial statements and in our opinion, except \n \n200lARL-13 \n \n I I for the effects ofthe matters referred to in the third paragraph, such information is fairly stated, in all \nmaterial respects, in relation to the general-purpose financial statements taken as a whole. . A copy ofthis report has been filed as a permanent record in the office ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code ofGeorgia Annotated Section 506-24. \nRespectfully submitted, \n~~ \nRu ell W. Hinton State Auditor RWH:as 200lARL-13 \n,, \n! \n \n WILKINSON COUNTY BOARD OF EDUCAnON \n \n WILKINSON COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET \nALL FUND TYPES AND ACCOUNT GROUP JUNE 30, 2001 \n \nASSETS Cash and Cash Equivalents Investments Accounts Receivable Inventories \nFood Donated Commodities Purchased Food \nAmount to be Provided in Future Years For Payment of Bond Debt \nTotal Assets \n \nGENERAL FUND \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nCAPITAL \n \nREVENUE \n \nPROJECTS \n \nFUND \n \nFUND \n \n$ 115,098.09 $ 38,917.23 $ \n \n9,789.03 \n \n1,919,691.97 \n \n4,764,692.90 \n \n194,396.24 \n \n196,102.98 \n \n226,003.92 \n \n7,666.56 2,659.44 \n \n$ 2,229,186.30 $ 245,346.21 $ 5,000,485.85 \n \nLIABILITIES AND FUND EQUITY \nLIABILITIES \nAccounts Payable Salaries Payable Expired Grant Balances Payable Contracts Payable Retainages Payable General Obligation Bonds Payable \nTotal Liabilities \nFUND EqUITY \nFund Balances Reserved For Bus Replacement Funds For Inventories Food Donated Commodities Purchased Food For Purpose of Bond Issue For SPLOST Projects Unreserved Undesignated \nTotal Fund Equity \n \n$ \n \n3,820.71 $ 38,265.94 \n \n152,073.76 \n \n6.93 \n \n$ \n \n54,604.00 \n \n92,998.59 \n \n$ \n \n3,820.71 $ 190,346.63 $ 147,602.59 \n \n$ 183,789.48 \n \n$ \n2,041,576.11 $ 2,225,365.59 $ \n \n7,666.56 2,659.44 \n$ \n \n2,694,806.40 2,158,076.86 \n \n44,673.58 \n \n54,999.58 $ 4,852,883.26 \n \nTotal Liabilities and Fund Equity \n \n$ 2,229,186.30 $ 245,346.21 $ 5,000,485.85 \n \nThe notes to the general-purpose financial statements are an integral part of this statement. \n \n- 2- \n \n EXHIBIT \"A\" \n \nDEBT SERVICE \nFUND \n \n$ \n \n0.00 \n \nACCOUNT GROUP \nGENERAL LONG-TERM \nDEBT \n \nTOTALS \n \n(Memorandum Only) \n \nJUNE 30, 2001 \n \nJUNE 30, 2000 \n \n$ \n \n163,804.35 $ \n \n123,531.51 \n \n6,684,384.87 \n \n7,559,995.62 \n \n616,503.14 \n \n580,525.82 \n \n_ _ _ _ $ 3,260,000.00 \n \n7,666.56 2,659.44 0 \n \n12,675.44 2,447.62 \n \n3,260,000.00 \n \n4,185,000.00 \n \n$ \n \n0.00 $ 3,260,000.00 $ 10,735,018.36 $ 12,464,176.01 \n \n$ \n$ 3,260,000.00 $ 3,260,000.00 $ \n \n42,086.65 $ 152,073.76 \n6.93 54,604.00 92,998.59 3,260,000.00 \n3,601,769.93 $ \n \n48,329.08 157,070.71 \n137,899.10 33,814.80 \n4,185,000.00 \n4,562,113.69 \n \n$ \n \n0.00 \n \n$ \n \n0.00 \n \n$ \n \n183,789.48 $ \n \n158,414.20 \n \n7,666.56 2,659.44 2,694,806.40 2,158,076.86 \n \n12,675.44 2,447.62 \n4,012,838.91 1,544,564.26 \n \n2,086,249.69 \n \n2,171.121.89 \n \n$ 7,133,248.43 $ 7,902,062.32 \n \n$ \n \n0.00 $ 3,260,000.00 $0 10.735,018.36 $ 12,464,176.01 \n \n- 3- \n \n WILKINSON COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nALL GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30, 2001 \n \nREVENUES \nState Funds Federal Funds Taxes Other Funds \nTotal Revenues \nEXPENDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation \nCapital Outlay Debt Service \nPrincipal Interest \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 \nFood Inventory - Net Change in Period Donated Commodities Purchased Food \n \nGENERAL FUND \n \nSPECIAL REVENUE \nFUND \n \n$ 7,211,386,22 $ 35,442.79 \n4,260,510.59 363,764.64 \n$ 11 ,871 ,104.24 $ \n \n487,474,06 1,517,034,37 \n186,673.98 \n2,191,182.41 \n \n$ 7,875,275.42 $ \n389,076.67 301,259,31 259,359.55 266,162,17 807,020.86 137,741.94 1,061,957,88 823,232.07 \n7,956,00 1,222.38 \n \n942,911.45 \n102,603.64 171,046.63 \n85,369.55 6,250.93 \n1,000.64 3,170.15 40,637.06 838,529.27 \n \n$ 11 ,930,264,25' $ \n \n$ \n \n-59,160.01 $ \n \n2,191 ,519.32 -336.91 \n \n$ \n \n-59,160.01 $ \n \n2,284,525.60 \n \n-336,91 60,133.55 \n-5,008.88 211.82 \n \nFUND BALANCE JUNE 30 \n \n$ 2,225,365.59 $ ===5=4,!=:99=9~,5=8= \n \nThe notes to the general-purpose financial statements are an integral part of this statement. -4- \n \n EXHIBIT\"B\" \n \nTOTALS \n \nCAPITAL \n \nDEBT \n \n(Memorandum Only) \n \nPROJECTS \n \nSERVICE \n \nYEAR ENDED \n \n,I \n \nFUND \n \nFUND \n \nJUNE 30, 2001 \n \nJUNE 30, 2000 \n \nI\"., \n$ $ \n \n550,259.14 $ 263,326.99 \n813,586.13 $ \n \n$ 1,078,227.50 \n \n7,698,860.28 $ 1,552,477.16 5,888,997.23 \n813,765.61 \n \n7,321,683.08 1,734,751.65 5,829,841.46 \n801 ,743.49 \n \n1,078,227.50 $ 15,954,100.28 $ 15,688,019.68 \n \n$ 8,818,186.87 $ 8,251,412.75 \n \ni \n, \nII \n$ 1,518,106.04 \n \n491,680.31 472,305.94 259,359.55 351,531.72 813,271.79 137,741.94 1,062,958.52 826,402.22 \n48,593.06 839,751.65 1,518,106.04 \n \n651,571.97 524,844.27 229,186.72 375,832.31 744,515.77 127,402.65 1,224,495.75 666,664.96 \n70,954.19 906,481.83 1,108,216.96 \n \n$ \n \n925,000:00 \n \n153,227.50 \n \n925,000.00 153,227.50 \n \n815,000.00 187,212.50 \n \n$ 1,518,106.04 $ \n \n1,078,227.50 $ 16,718,117.11 $ 15,883,792.63 \n \n$ \n \n-704,519.91 $ \n \n0.00 $ \n \n-764,016.83 $ \n \n-195,772.95 \n \n\"f \n \n$ \n \n20,117.00 \n \n-20,117.00 \n \n$ \n \n0.00 \n \n$ \n \n-704,519.91 $ \n \n5,557,403.17 \n \n0.00 $ 0.00 \n \n-764,016.83 $ 7,902,062.32 \n \n-195,772.95 8,098,750.39 \n \n-5,008.88 211.82 \n \n-1,447.29 532.17 \n \n$ \n \n4,852,883.26 $ ====0=.=00= $ \n \n7,133,248.43 $ 7,902,062.32 \n \n- 5- \n \n II! \n \nWILKINSON COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES \nBUDGET AND ACTUAL - (NON-GAAP BASIS) GENERAL AND SPECIAL REVENUE FUNDS \nYEAR ENDED JUNE 30, 2001 \n \nEXHIBIT \"C\" \n \nFUND BALANCE JUNE 30, 2001 \n \n$ 1,196,841.87 $ 2,225,365.59 \n \n$ -20,510.21 $ \n \n54,999.58 \n \nThe notes to the general-purpose financial statements are an integral part of this statement. - 7- \n \n r-----------~--------------------------~~~------ \n \nWILKINSON COUNTY BOARD OF EDUCATION \n \nEXHIDIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 200 I \n \nNote I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nREPORTING ENTITY \nThe Wilkinson County Board of Education (School District) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The School District is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \nFUND ACCOUNTING \nThe School District uses funds and an account group to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity'with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. \nGeneral Fixed Assets are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not'presently maintained by the School District. To conform to generally accepted ac\u003c;ounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. \nAlthough \"school activity accounts\" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general-purpose financial statements. \nThe general-purpose financial statements account for all State, Federal, Taxes and Other funds under control of the School District, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: \nGOVERNMENTAL FUND TYPES - are used to account for all or most of a School District's educational activities. Governmental Fund Types include: \nGENERAL FUND - the fund used to account for all financial resources of the School District except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. \n \n-8- \n \n i. '. \" \n \n-'l \" \n \nWILKINSON COUNTY BOARD OF EDUCAnON \n \nEXHffiIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2001 \n \n, \nI \n.1 \nI Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nI \n \n\" \n \nSPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue \n \n:, \n \nsources (other than for major capital projects) that are legally restricted to expenditures for \n \nspecified purposes. These funds are received primarily from the Georgia Department of \n \nEducation and from the Federal government to accomplish specific educational objectives. \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 \nDEBT SERVICE FUND - the fund used to account for the accumulation ofresources for, and the payment of, general long-term principal, interest and paying agent fees. \n \nACCOUNT GROUP \n \nGENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reporting device used to account for general obligation debt outstanding. \n \nBASIS OF ACCOUNTING \n \nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements ofthese funds present increases (i.e., revenues and other financing sources) and decreases (i.e\" expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable res~urces. \n \nLiabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group. \n \nGovernmental funds are accounted for using the modified accrual basis of accounting under which: \n \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 School District considers receivables collected within sixty days after yearend to be available and therefore susceptible to accrual. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, local option sales taxes, intergovernmental grants and donations. Revenue for property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year the resources are received or susceptible to accrual. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \n \n-9- \n \n WILKINSON COUNTY BOARD OF EDUCATION \n \nEXHffiIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2001 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nExpenditures are generally recognized when the related fund liability is incurred: \n \nA departure from the above definitions is the accounting treatment afforded the final two payments \n \non General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia \n \nDepartment of Education for the State's share of these contracts. During fiscal year 2001, a \n \nsubstantial number ofpersonnel ofthe School District were employed for a one hundred and ninety \n \nday period beginning in August 2000 and ending in early June 2001. Personnel contracts for this \n \nemployment period specify that compensation be paid in twelve equal monthly payments beginning \n \nin September 2000 and ending in August 200 1. State grants to fund the State's share of these \n \ncontracts were disbursed from the Georgia Department of Education to .the S'chool District in the \n \nsame twelve months. As of June 30, 2001, compensation under these employment contracts had \n \nbeen earned, but two of the twelve monthlypayments, due for July and August 2001, had not been \n \nmade. Payments for these two months were made and recorded as expenditures by the School \n \nDistrict subsequent to June 30,2001. Also, the State's portion ofthe compensation paid in July and \n \nAugust 2001 was received and recorded as revenue in the fiscal year subsequent to June 30, 2001. \n \nConversely, the similar expenditures and related revenues for contractual services completed prior to \n \nJune 30, 2000, were recorded in the year ended June 30, 2001. Generally accepted accounting \n \nprinciples require that rev\"enues be recorded when available and measurable and that expenditures be \n \nrecorded when incurred, rather than when funds are received or disbursed. \n \n\" \n \n\" \n \nBUDGET \n \nThe Wilkinson County Board of Education's budget is a complete financial plan for the School \n \nDistrict's fiscal year and is based upon estimates of expenditures together with probable funding \n \nsources. There is no statutory prohibition regarding overexpenditure ofthe budget at any level. The \n \nbudget for all governmental funds is prepared by fund, function and object. The legal level of \n \nbudget control was established by the Board at the aggregate level. \"The budget for governmental \n \nfunds was prepared on a basis other than generally accepted accounting principles. \n \n\" \n \nThe budget process begins when the School District's administration prepares a tentative budget for \" \n \nthe Board's approval. After approval ofthis tentative budget by the Board, such budget is advertised \n \nat least once in a newspaper of general circulation in the locaiity. At the next regular meeting ofthe \n \nBoard after advertisement, the Board receives comments on the tentative budget, makes revisions as \n \nnecessary and adopts a final SCh091 budget. This final budget is then submitted, in accordance with \n \nprovisions of the Quality \"Basic Education Act, OCGA Section 20-2-167(c), to the Georgia \n \nDepartment of Education. The Board may increase or decrease the budget at any time during the \n \nyear. All unexpended budget authority lapses at fiscal year-end. \n \n. \n \nCASH AND CASH EQUIVALENTS \n \nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist of cash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial \n \n WILKINSON COUNTY BOARD OF EDUCATION \n \nEXHffiIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2001 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \ninstitutions. Georgia Laws OCGA 45-8-14 authorize the School District to deposit its funds in one or more solvent banks or insured Federal savings and loan associations. \nINVESTMENTS \nCOMPOSITION OF INVESTMENTS Investments made by the School District in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with II a maturity at purchase greater than one year are reported at fair value. The Official Code ofGeorgia Annotated Section 36-83-4 authorizes the School District to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \nObligations issl,l,ed by the State of Georgia or by other states, \nObligations issued by the United States government, \nObligations fully insured or guaranteed by the United States government or a United States government agency, \nObligations 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 and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on th~ general-purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \n \n- 11 - \n \n ,----------------------,~--------~~~~----------- \n \nWILKINSON COUNTY BOARD OF EDUCATION _ \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 200 1 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nPROPERTY TAXES \n \nThe Wilkinson County Board of Commissioners fixed the property tax levy for the 2000 tax year (calendar year) on October 29,2000 (levy date). Taxes were due on December 29,2000 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 2001. The Wilkinson County Tax Commissioner bills and collects the property taxes for the School District, withholds 2~5% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues during the fiscal-year ended June 30, 2001 for maintenance and operations amounted to $4,232,543.42. \n \nThe tax millage rate levied for the 2000 tax year (calendar year) for the Wilkinson County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \n \nSchool Operations \n \n14.28 mills \n \nSALES TAXES \n \nSpecial Purpose Local Option Sales Tax is to be used for capital outlay for educational purposes. Special Purpose Local Option Sales Tax revenue during the fiscal year amounted to $1,628,486.64 . and was recorded in the Capital Projects Fund. The State will terminate collection of this tax once an additional $3,219,532.29 has been collected or on March 31, 2003, whichever occurs first. \n \nINVENTORIES \n \nFOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost (first-in, first-out). Donated food commodities are recorded as revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time ofpurchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations of fund balance which indicates that these amounts do not constitute \"available spendable resources\" even though they are a component of net current assets. \n \nGENERAL OBLIGATION BONDS \nThe School District issues general obligation bonds to provide funds for the acquisition and construction ofmajor capital facilities. Bond premiums and discounts, as well as issuance costs, are recognized in the financial statements during the year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit ofthe government. The outstanding amount of these bonds is recorded in the General Long-Term Debt Account Group. \n \n- 12 - \n \n ...... \n \n\u003e~ \n \nWILKINSON COUNTY BOARD OF EDUCAnON \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2001 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nINTERFUND TRANSACTIONS . \n \nThe School District !las the following types of interfund transactions: \n \n. i. Reimbursements of expenditures initially made from a fund that are properly applicable to another I fund are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the \nfund that is reimbursed. \n \nMEMORANDUM ONLY - TOTAL COLUMNS \n \nTotal columns on the general-purpose financial statements are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results ofoperations in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. \n \nNote 2: DEPOSITS AND INVESTMENTS \n \n\" ,i \n \nCOLLATERALIZATION OF DEPOSITS \n \ni \n! \n \nOfficial Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on \n \n, ,i \n \ndeposit 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 \n \nvalue of such surety bond and the market value of securities pledged shall be equal to not less than \n \n110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. \n \nIfa depository elects the pooled method (OCGA 45-8-13.1) the aggregate ofthe market value ofthe \n \nsecurities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool \n \nbalance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, \n \nwaive the requirement for security in the case ofoperating funds placed in demand deposit checking \n \naccounts. \n \n! \n \n~I \nI \n \nAcceptable security for deposits consists of anyone 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- 13 - \n \n WILKINSON COUNTY BOARD OF EDUCAnON \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 200 1 \n \nNote 2: DEPOSITS AND INVESTMENTS \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(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 ~ome Loan Mortgage Association, and the Federal National Mortgage Association. \n \nCATEGORIZATION OF DEPOSITS At June 30, 2001, the bank balances were $1,044,066.62. The amounts ofthe total bank balances are classified into three categories of credit risk: \n \nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the School District or by the School District's agent in the School District's name. \nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name. \nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with ,securities held by the pledging financial institution, or by its trust department or agent but not in the School District's name.) \n \nThe School District's deposits are classified by risk category at June 30, 2001, as follows: . \n \nRisk Category \n \nBank Balance \n \n1 \n \n$ 212,935.75 \n \n2 \n \n640,546.52 \n \n3 \n \n190,584.35 \n \nTotal \n \n$1.044,066.62 \n \nCATEGORIZAnON OF INVESTMENTS At June 30, 2001, the carrying value of the School District's total investments was $6,684,384.87 which is materially the same as fair value. This investment consisted entirely of funds invested in the Local Government Investment Pool administered by the State ofGeorgia, Office ofTreasury and Fiscal Services which are not required to be categorized since the School District did not own any specific identifiable securities in the pool. The investment policy ofthe State of Georgia, Office of Treasury and Fiscal Services for the Local Government Investment Pool (Priinary Liquidity \n \n- 14- \n \n WILKINSON COUNTY BOARD OF EDUCAnON \n \nEXHffiIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 2001 \n \nNote 2: DEPOSITS AND INVESTMENTS \n \nPortfolio) does not provide for investment in d'erivatives or similar investments, A description ofthe Primary Liquidity Portfolio is as follows: \n \nThe Primary Liquidity Portfolio consists of Georgia Fund 1, which is a combination local and state \n \ngovernment investment pool, and Fund 6, Georgia Fund 1 is a stable net asset value investment pool. \n \nwhich follows Standard and Poor's criteria for AAAm rated money market funds. The pool is not \n \nregistered with the 'SEC as an investment company but does operate Georgia Fund 1 in a manner \n \nconsistent with Rule 2a-7 ofthe Investment Company Act of 1940 and is considered to be a Rule 2a- \n \n7 like pool. The pool's primary objectives are safety of capital, investment income, liquidity and \n \ndiversification while maintaining principal ($1.00 per share value). Net asset value is calculated \n \nweekly to ensure stability. The pool distributes earnings (net of management fees) on a monthly \n \nIi \n \nbasis and values participant's shares sold and redeemed based on $1.00 per share. Pooled cash and cash equivalents and investments are reported at cost which approximates fair value. The pool does \n \nnot issue any legally binding guarantees to support the value of the shares. Participation in the pool \n \nis voluntary and deposits consist of funds from local governments; operating and trust funds of \n \nGeorgia's state agencies, colleges and universities; and current operating funds of the State of \n \nGeorgia's General Fund. \n \nInvestments in Georgia Fund 1 and Fund 6 are directed toward short-term instruments such as U. S. \n \nTreasury obligations, securities issued or guaranteed as to principal and interest by the U. S. \nI \ni Government or any of its agencies or instrumentalities, banker's acceptances and repurchase \n \nI \n \nagreements. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2001, was 39 days. The,average \n \nI investment duration for Fund 6 on June 30,2001, was 6 months. \n \nJ \n \nNote 3: NON-MONETARY TRANSACTIONS \n \nThe School District receives food commodities from the United States Department of Agriculture (USDA)' for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories \n \nNote 4: RISK MANAGEMENT \n \nThe School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; natural disaster and unemployment compensation. \n \nThe School District has obtained commercial insurance for risk ofloss associated with torts, assets, errors or omissions, job related illness or injuries to employees and natural disaster. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the School District's insurance coverage in any ofthe past three years. \n \n. - 15 - \n \n WILKINSON COUNTY BOARD OF EDUCATION \n \nEXHIDIT tiD\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \n; \n \nJUNE 30, 2001 \n \nNote 4: RISK MANAGEMENT \n \nThe School District is self-insured with regard to unemployment compensation claims. The School \n \nDistrict accounts for claims within the General Fund with expenditure and liability being reported \n \nwhen it is probable that a loss has occurred, and the amount ofthat loss can be reasonably estimated. \n \n. \n \n, \n \nChanges in the unemployment compensation claims liability during the last two fiscal years are as \n \nfollows: \n \n. \n \n2000 2001 \n \nBeginning of Year Liability \n \nClaims and Changes in Estimates \n \nClaims Paid \n \nEnd of Year Liability \n \n$ \n \n0.00 $ 1,968.00 $ 1,968.00 $ \n \n0.00 \n \n$ \n \n0.00 $ 2,194.75 $ 2,194.75 $ \n \n0.00 \n \nThe School District has purchased a surety bond to provide additional insurance coverage as follows: \n \nPosition Covered All Employees \n \nAmount $ 50,000.00 \n \nNote 5: OPERATING LEASES \n \nWilkinson Comity Board of Education has entered into various leases as lessee for copiers. These leases are considered for accounting purposes to be operating leases. Lease expenditures for the year ended June 30, 2001, amounted to $68,233,20. Future minimum lease payments for these leases are as follows: \n \nYear Ending \n2002. 2003 2004 2005 2006 2007 \nTotal \n \nAmount \n$ 58,564.63 63,147.96 63,147.96 59,073.96 54,999.96 4,583.33 \n$ 303.517.80 \n \nNote 6: GENERAL LONG-TERM DEBT \n \nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: \n \nPurpose \n \nInterest Rates \n \nGeneral Government - Series 1998 \n \n3.80% - 4.20% \n \nAmount $ 3,260,000.00 \n \n- 16 - \n \n WILKINSON COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30,2001 \n \nNote 6: GENERAL LONG-TERM DEBT \n \nThe changes in General Long-Tenn Debt during the fiscal year ended June 30, 2001, were as follows: \n \nGeneral Obligation \nBonds \n \nBalance July 1,2000 \n \n$ 4,185,000.00 \n \nDeductions Debt Retired \n \n925,000.00 \n \nBalance June 30, 2001 \n \n$ 3,260,000.00 \n \nAt June 30, 2001, payments due by fiscal year which includes principal and interest for these items are as follows: \n \nFiscal Year Ended June 30 \n \nGeneral Obligation \nBonds \n \nI \nI \n \n2002 2003 \n \nI \n \n2004 \n \nI \nj \n \nTotal Principal and Interest \n \n$ 1,178,161.25 1,256,902.50 1,026,105.00 \n$ 3.461.168.75 \n \nI Note 7: ON-BEHALF PAYMENTS \n \nI \n \nI \nI \n \nThe School District has recognized revenues and expenditures in the amount of $162,148.42 (or health insurance and retirement contributions paid on the School District's behalfby the following \n \n~I \n \nState Agencies. \n \nI \n \nGeorgia Department of Education Paid to the Georgia Department of Community Health \n \nI \n \nFor Health Insurance of Non-Certified Personnel \n \nI \n \nIn the amount of$128,363.42 \n \nOffice of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of$33,785:00 \n \n- 17 - \n \n ,-~-----------------------------------~-~---- - - \n \nWILKINSON COUNTY BOARI:\u003e OF EDUCAnON \n \nEXHIDIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2001 \n \nNote 8: SIGNIFICANT COMMITMENTS \n \nThe following is an analysis ofsignificant outstanding construction or renovation contracts executedby the School District as of June 30, 2001: \n \nProject. \n \nUnearned Executed Contracts \n \nHigh School Classroom Additions \n \n$ 277,051.82 \n \nThe amounts described in this note are not reflected in the general-purpose financial statements. \n \nNote 9: 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 expenditures which are disallowed under grant terms. The School District believes that such disallowances, if any, will be immaterial to its overall financial position, \n \nNote 10: RELATED PARTY TRANSACTIONS \n \nThe School District employed the services of Mixon and Associates, Incorporated, a construction company. Mixon and Associates, Incorporated is owned and operated by Robert B. Mixon, Jr., the father ofRobert B. Mixon, III, who was the Chairman ofthe Wilkinson County Board ofEducation from July 1, 2000, until December 31,2000. A contract with Mixon and Associates, Incorporated (low bidder) was signed on August 1, 2000, for $66,296.00 (including change orders) for the construction of a pre-fabricated metal warehouse structure. Current year expenditures were $66,296.00. \n \nThe School District employed the services of James S. Price Construction Company for various small construction, renovation, and/or maintenance projects. This company is owned and operated by James S. Price, the husband of Linda Price, who is currently the Assistant Bookkeeper for the Wilkinson County Board of Education. These projects were not for services normally secured through a bid procedure. Current year expenditures to James S. Price were $27,102,29. \n \nThe School District employed the services of Accucom Networks, Incorporated for various telecommunications projects and/or services, some of which were E-rate projects. The new Chairman of the Wilkinson County Board of Education as of January 1, 2001, Dicky Branan, is a Marketing Manager for Accucom Networks, Incorporated. For their E-rate projects, the School District pays 100% oftheir bills to Accucom Networks; Incorporated, and in tum Accucom donates a portion of the bill (usually 20%) back to the School District. During the year under review, the School District paid -- $126,711.53 to Accucom Networks, Incorporated for various telecommunications services, and- in tum, the School district received $48,419.25 from Accucom \nNetworks, Incorporated. \n \n- 18 -' \n \n  . .-.... ,t. ,. :!; \n \nWILKINSON COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30,2001 \n \nNote 11: RETIREMENT PLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \n \nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school districts are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts.. \n \nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 11.29% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \nFiscal Year \n \nPercentage Contributed \n \nRequired Contribution \n \n2001 2000 1999 \n \n100% 100% 100% \n \n$ 865,922.16 $ 848,379.37 $ 865,187.64 \n \n- 19- \n \n  WILKINSON COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 2001 \n \nASSETS Cash and Cash Equivalents Accounts Receivable Inventories \nFood Donated Commodities Purchased Food \nTotal Assets \n \nSCHOOL FOOD \nSERVICES FUND \n \nLOTTERY PROGRAMS \n \n$ \n \n87,195.17 $ \n \n60,636.83 \n \n4,833.75 \n \n112.28 \n \n7,666.56 2,659.44 \n \n$ \n \n102,354.92 $ ===6=0:!:::,7.4..9. =.=11= \n \nLIABILITIES AND FUND EQUITY \nLIABILITIES \nCash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable \nTotal Liabilities \nFUND EQUITY \nFund Balances Reserved For Inventories Food Donated Commodities Purchased Food Unreserved Undesignated \nTotal Fund Equity \n \n$ \n \n7,909.82 $ \n \n39,445.52 \n \n$ \n \n47,355.34 $ \n \n12,568.86 48,173.32 \n6.93 \n60,749.11 \n \n$ \n \n7,666.56 \n \n2,659.44 \n \n44,673.58 $ \n \n0.00 \n \n$ \n \n54,999.58 $ \n \n0.00 \n \nTotal Liabilities and Fund Equity \nSee notes to the general-purpose financial statements. - 20- \n \n$ \n \n102,354.92 $ ===6;;;0;.,,7=4=9=:.1;.,;1= \n \n EXHIBIT \"E\" \n \nFEDERAL PROGRAMS \n \nTOTALS \n \nJUNE 30, 2001 \n \nJUNE 30, 2000 \n \n$ \n \n147,832.00 $ \n \n141,891.10 \n \n$ \nI \ni \n \nI \n \nI \nI \nI \nI \nI \n \n.1 \n \nI I \n \n$ \n \nI \n \nI \n! \n \n191,156.95 \n \n. 196,102.98 \n \n223,520.60 \n \n7,666.56 2,659.44 \n \n12,675.44 2,447.62 \n \n191,156.95 $ \n \n354,260.98 $ \n \n380,534.76 \n \nI \nI \n \n$ \n \nI \n \nI \nI \nI \ni \n \nI \nI \n \n$ \n \nI \n \n! \n \ni \n \n;1 \n \nI \n \n$ $ \n \n,108,914.77 $ 17,787.26 64,454.92 \n191.156.95 $ \n$ 0.00 0.00 $ \n \n) \n108,914.77 $ 38,265.94 \n152,073.76 6.93 \n299,261.40 $ \n7,666.56 $ 2,659.44 44,673.58 54,999.58 '$ \n \n121,484.01 41,846.49 157,070.71 320,401.21 \n12,675.44 2,447.62 45,010.49 60,133.55 \n \n$ \n \n191,156.95 $ \n \n354,260.98 $ ==3=8=0,;,;;,5=34.:::.=76= \n \n- 21 - \n \n WILKINSON COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nSPECIAL REVENUE FUND YEAR ENDED JUNE 30, 2001 \n \nFUND BALANCE JUNE 30 \n \n$ \n \n54,999.58 $.======~O.~OO~ \n \nSee notes to the general-purpose financial statements. - 22- \n \n EXHIBIT\"F\" \n \nFEDERAL PROGRAMS \n \nTOTALS \n \nYEAR ENDED \n \nJUNE 30, 2001 \n \nJUNE 30,2000 \n \n$ \n \n487,474.06 $ \n \n487,419.50 \n \n$ \n \n922,295.99 \n \n1,517,034.37 \n \n1,696,250.04 \n \n186,673.98 \n \n205,628.58 \n \n$ \n \n922,295.99 $ 2,191,182.41 $ 2,389,298.12 \n \n$ \n \n547,980.90 $ \n \n942,911.45 $ 1,004,070.91 \n \n102,603.64 170,617.15 \n84,426.89 6,250.93 1,000.64 3,094.79 6,321.05 \n \n102,603.64 171,046.63 85,369.55 \n6,250.93 1,000.64 3,170.15 40,637.06 838,529.27 \n \n136,234.69 224,570.63 105,599.36 \n526.10 1,613.35 2,524.49 54,955:57 903,575.84 22,678.30 \n \n$ \n \n922,295.99 $ 2,191,519.32 $ 2,456,349.24 \n \n$ \n \n0.00 $ \n \n-336.91 $ \n \n-67,051.12 \n \n0.00 \n \n60,133.55 \n \n128,099.79 \n \n-5,008.88 211.82 \n \n-1,447.29 532.17 \n \n$ \n \n0.00 $ \n \n54,999.58 $ ===6=0=,1=33=.=55= \n \n) \n \n- 23- \n \n WILKINSON COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30. 2001 \n \nEXHIBIT\"G\" \n \nASSETS Cash and Cash Equivalents Investments Accounts Receivable \n \nBOND PROCEEDS \n \nSPECIAL PURPOSE LOCAL OPTION SALES TAX \n \nTOTALS JUNE 30, 2001 JUNE 30, 2000 \n \n$ \n \n2,820.74 $ \n \n6,968.29 $ \n \n9,789.03 $ \n \n2,553.10 \n \n2,839,588.25 \n \n1,925,104.65 \n \n4,764,692.90 \n \n5,545,071.33 \n \n226,003.92 \n \n226,003.92 \n \n181,492.64 \n \nTotal Assets \n \n$ 2,842,408.99 $ 2,158,076.86 $5,000,485.85 $ 5,729,117.07 \n \nLIABILITIES AND FUND EQUITY \n \nLIABILITIES \n \nContracts Payable Retainages Payable \n \n$ 54,604.00 92,998.59 \n \n$ \n \n54,604.00 $ 137,899.10 \n \n92,998.59 \n \n33,814.80 \n \nTotal Liabilities \n \n$ 147,602.59 \n \n$ 147,602.59 $ 171,713.90 \n \nFUND EQUITY \n \nFund Balances Reserved For Purposes of Bond Issue For SPLOST Projects \n \n$ 2,694,806.40 \n \n$ 2,694,806.40 $ 4,012,838.91 \n \n$ 2,158,076.86 \n \n2,158,076.86 \n \n1,544,564.26 \n \nTotal Fund Equity \n \n$ 2,694,806.40 $ 2,158,076.86 $ 4,852,883.26 $ 5,557,403.17 \n \nTotal Liabilities and Fund Equity $ 2,842,408.99 $ 2,158,076.86 $ 5,000,485.85 $ 5,729,117.07 \n \nSee notes to the general-purpose financial statements. \n\\ \n \n- 24- \n \n ;~- \n \nWILKINSON COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"H\" \n \nCOMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \n \nCAPITAL PROJECTS FUND \n \nYEAR ENDED JUNE 30, 2001 \n \nBOND PROCEEDS \n \nSPECIAL PURPOSE LOCAL OPTION SALES TAX \n \nTOTALS YEAR ENDED JUNE 30, 2001 JUNE 30, 2000 \n \nREVENUES \n \nTaxes Other Funds \n \n$ $ 200,037.53 \n \n550,259.14 $ 63,289.46 \n \n550,259.14 $ 263,326.99 \n \n532,288.30 290,267.83 \n \nTotal Revenues \n \n$ 200,037.53 $ 613,548.60 $ 813,586.13 $ 822,556.13 \n \nEXPENDITURES \n \nCapital Outlay Land and Land Improvements Building and Building Improvements \n \n$ \n \n3,944.00 \n \n1,514,126.04 $ \n \n$ \n \n3,944.00 \n \n36.00 \n \n1,514,162.04 $ \n \n858,206.51 \n \nTotal Expenditures \n \n$ 1,518,070.04 $ \n \n36.00 $ 1,518,106.04 $ 858,206.51 \n \nExcess of Revenues over (under) Expenditures $ -1,318,032.51 $ 613,512.60 $ -704,519.91 $ -35,650.38 \n \nOTHER FINANCING SOURCES \n \nOperating Transfers In \n \n20,117.00 \n \nExcess of Revenues and Other Financing Sources over (under) Expenditures \n \n$ -1,318,032.51 $ 613,512,60 $ -704,519.91 $ -15,533.38 \n \nFUND BALANCE JULY 1 \n \n4,012,838.91 \n \n1,544,564.26 \n \n5,557,403.17 \n \n5,572,936.55 \n \nFUND BALANCE JUNE 30 \n \n$ 2,694,806.40 $ 2,158,076.86 $ 4,852,883.26 $ 5,557,403.17 \n \nSee notes to the general-purpose financial statements. \n \n- 25- \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2001 \n \nSCHEDULE \"1\" \n \nFUNDING AGENCY PROGRAM/GRANT \n \nCFDA NUMBER \n \nPASSTHROUGH \nENTITY 10 \nNUMBER \n \nFEDERAL REVENUE IN PERIOD \n \nEXPENDITURES IN PERIOD \n \nAgriculture, U, S. Department of \n \nChild Nutrition Cluster \n \nPass-Through From Georgia Department of Education \n \nFood and Nutrition Program \n \nFood Services School Breakfast Program National School Lunch Program \n \n10,553 \n 10,555 \n \nTotal Child Nutrition Cluster \n \nN/A $ 139,182.61 \n \nN/A \n \n409,293,78 $ \n \n$ 548,476.39 $ \n \n(2) 792,267,28 (3) \n792,267,28 \n \nOther Programs \n \nPass-Through From Georgia Department of Education \n \nFood and Nutrition Program \n \nFood Distribution Program (1) \n \n10,550 \n \nN/A \n \n46,261,99 \n \n46,261,99 \n \nTotal U, S. Department of Agriculture \n \n$ 594,738,38 $ \n \n838,529,27 \n \nEducation, U, S, Department of Special Education Cluster Pass-Through From Georgia Department of Education Individuals with Disabilities Education Act Part B - Special Education Flow Through Preschool \n \n84,027 84,173 \n \nN/A $ 125,961,30 $ \n \nN/A \n \n14,475,00 \n \n125,961,30 14,475,00 \n \nTotal Special Education Cluster \n \n$ 140,436,30 $ \n \n140,436,30 \n \nOther Programs \n \nPass-Through From Georgia' Department of Education \n \nElementary and Secondary Education Act \n \nTitle I Grants to Local Educational Agencies \nTitle II \n \n 84,010 \n \nEisenhower Professional Development \n \n8~,281 \n \nTitle III \n \nTechnology Literacy Challenge Fund Grants \n \n84,318 \n \nTitle VI \n \nInnovative Education Program Strategies \n \n84,298 \n \nClass Size Reduction \n \n84,340 \n \nGoals 2000 \n \nState and Local Education Systemic Improvement \n \nGrants \n \n84,276 \n \nSafe and Drug-Free Schools and Communities \n \n84,186 \n \nVocational Education - Basic Grants to States \n \nHigh School Program \n \nBasic Grant \n \n84,048 \n \nTotal U, S, Department of Education \n \nN/A \n \n442,579,38 \n \nN/A \n \n16,000,00 \n \nN/A \n \n116,845.13 \n \nN/A \n \n13,977,00 \n \nN/A \n \n67,743,00 \n \nN/A \n \n5,644.41 \n \nN/A \n \n84,713,77 \n \nN/A \n \n34,357,00 \n \n$ 922,295,99 $ \n \n442,579,38 16,000.00 \n116,845,13 13,977,00 67,743,00 \n5,644.41 84,713.77 \n34,357,00 922,295,99 \n \n- 26- \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2001 \n \nSCHEDULE \"1\" \n \nPASS- \n \nTHROUGH \n \nENTITY \n \nFEDERAL \n \nFUNDING AGENCY \n \nIi \n \nPROGRAM/GRANT \n \nCFDA NUMBER \n \nID NUMBER \n \nREVENUE IN PERIOD \n \nEXPENDITURES IN PERIOD \n \nI \n \nII \n \nJustice. U. S. Department of \n \n! \n \nPass-Through From Children and Youth Coordinating \n \nCouncil \n \nJuvenile Justice and Delinquency Prevention Program \n \nSubgrant No, 99J-14-9903-0029 \n \n16,540 \n \nN/A $ 35,442.79 \n \n(4) \n \nTotal Federal Financial Assistance \nN/A = Not Available \n \n$ '1.552,477.16 $ ====1,=76=0=,8=2=5=,2==6 \n \nNotes to the Schedule of Expenditures of Federal Awards \n \n(1) The amounts shown for the Food Distribution Program represent the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the system during the current fiscal year. \n(2) Expenditures for the School Breakfast Program were not maintained separately and are included in the 2001 National School Lunch Program, \n(3) Expenditures for this program include State and/or Other Funds. Expenditures are not maintained by fund source. \n(4) Expenditures on this program were not maintained by fund source. \n \nMajor Programs are identified by an asterisk (*) in front of the CFDA number, \n \nThe School District did not provide Federal Assistance to any Subrecipient. \n \nThe accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Wilkinson County Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the general-purpose financial statements, \n \nSee notes to the general-purpose financial statements. \n \n27 - \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2001 \n \nSCHEDULE \"2\" \n \nAGENCY/FUNDING \nGRANTS Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Category II Category III Category IV Category V Gifted Student - Category VI Remedial Education Program Alternative Education Program Media Center Program Staff and Professional Development Indirect Cost Categorical Grants Pupil Transportation Regular Bus Replacement Nursing Services Principal Supplements Vocational Supervisors Mid-term Adjustment Hold-Harmless Education Equalization Funding Grant Food Services Other State Programs At-Risk Summer School Program Environmental Science Program Health Insurance Mentoring Program Preschool Handicapped Program Remedial Summer School Lottery Programs Assistive Technology Computers in the Classroom \nGeorgia Council for the Arts Georgia Challenge Grant \nOffice of School Readiness Pre-Kindergarten Program \nOffice of Treasury and Fiscal Services Public School Employees Retirement \nCONTRACTS Education, Georgia Department of Georgia's Reading Challenge Reading First Program \n \nSee notes to the general-purpose financial statements, \n \n- 28- \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nGENERAL \n \nREVENUE \n \nFUND \n \nFUND \n \nTOTAL \n \n$ 259,655.00 195,855.00 744,783.00 269,198.00 466,835.00 899,224.00 721,375.00 275,433.00 \n348,303.00 380,261.00 \n42,591.00 16,657.00 78,422.00 120,554.00 68,370.00 148,263.00 40,719.00 1,086,747.00 \n \n$ \n \n259,655.00 \n \n195,855.00 \n \n744,783.00 \n \n269,198.00 \n \n466,835.00 \n \n899,224.00 \n \n721,375.00 \n \n275,433.00 \n \n348,303,00 380,261.00 \n42,591.00 16,657.00 78,422.00 120,554.00 68,370.00 148,263,00 40,719.00 1,086,747.00 \n \n439,224.00 134,890.00 52,309.00 \n7,464.00 11,774.00 50,563.00 74,428.00 \n$ \n \n56,780.00 \n \n3,107.01 750.00 \n128,363.42 6,864.52 \n30,776.00 3,536.27 \n \n4,229.19 37,391.00 \n \n439,224.00 134,890.00 \n52,309.00 7,464.00 11,774.00 \n50,563.00 74,428.00 56,780.00 \n3,107.01 750.00 \n128,363.42 6,864.52 \n30,776.00 3,536.27 \n4,229.19 37,391.00 \n \n5,000.00 \n \n5,000.00 \n \n389,073.87 \n \n389,073.87 \n \n33,785.00 \n \n33,785.00 \n \n40,496.00 24,811.00 \n \n40,496.00 24,811.00 \n \n$ 7,211,386.22 $ 487,474.06 $ 7,698,860.28 \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2001 \n \nSCHEDULE \"3\" \n \nPROJECT \nWilkinson County Board of Education Acquisition, construction and equipping of laboratory facilities at Wilkinson County High School consisting of one (1) Technology Lab, two (2) Business/ Vocational Labs, one (1) English Lab, and one (1) Mathematics Lab; acquisition, construction and equipping of a new 700 fixed-seat auditorium facility; acquisition, construction and equipping of a new classroom wing at the Wilkinson County Primary School; acquiring, constructing, and equipping and adding to, renovating, repairing, improving and equipping instructional and support facilities, existing school buildings and other buildings and facilities useful or desirable in connection therewith; and acquiring any necessary property therefor, both real and personal, and acquiring any necessary or desirable rights in connection therewith \n \nORIGINAL ESTIMATED \nCOST (1) \n \nCURRENT ESTIMATED COSTS (2) \n \nAMOUNT EXPENDED IN CURRENT \nYEAR (3) \n \nAMOUNT EXPENDED \nIN PRIOR YEARS \n \nPROJECT STATUS \n \n$ 7,500,000.00 $ 6,924,264.26 $ 1,667,369.54 $ 1,807,772,97 Ongoing \n \n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \n(2) The School District's current estimate of total cost for the projects. Includes all costs from project inception to completion. \n(3) The voters of Wilkinson County approved the imposition of a 1% sales tax to fund the above projects, Amounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \n \nSee notes to the general-purpose financial statements.' \n \n- 29 \n \n WILKINSON COUNTY BOARD OF EDUCATION GENERAL FUND gUALlTY BASIC EDUCATION PROGRAM \u003cgBE) \nEARNINGS AND EXPENDITURES - BY PROGRAM . YEAR ENDED JUNE 30, 2001 \n \nSCHEDULE \"4\" \n \nDESCRIPTION \n \nALLOTMENTS FROM GEORGIA DEPARTMENT OF . EDUCATION (1) \n \n. ELIGIBLE aBE PROGRAM COSTS \n \n'SALARIES \n \nOPERATIONS \n \nTOTAL \n \nDirect Instructional Programs \n \nKindergarten Program \n \n$ \n \nKindergarten Program-Early Intervention Program \n \nPrimary Grades (1-3) Program \n \nPrimary Grades-Early Intervention (1-3) Program \n \nUpper Elementary Grades (4-5) Program \n \nMiddle School (6-8) Program \n \nHigh School General Education (9-12) Program \n \nVocational Laboratory (9-12) Program \n \nStudents with Disabilities \n \nCategory II \n \nCategory III \n \nCategory IV \n \nCategory V \n \nGifted Student - Category VI \n \nRemedial Education Program \n \nAlternative Education Program \n \n319,453.00 $ 240,960,00 916,305.00 331,193.00 574,346.00 1,106,314.00 887,506.00 338,865.00 969,245.00 \n96,483.00 148,318.00 84,116.00 \n \n340,361.82 $ 211,549.82 942,122.36 331,141.20 718,953.21 1,352,601.57 1,051,720.54 307,337.97 \n399,444.87 571,048.86 \n78,750.19 1,432.98 \n74,093.92 267,905.37 206,505.77 \n \n12,281.52 $ 5,194,25 56,543.31 9,230.66 '17,099.03 41,160.98. 97,900.54 24,528.28 \n3,076.23 26,119.35 \n3,325.82 \n. 1,851.40 36,005.10 \n54.36 \n \n352,643.34 216,744.07 998,665.67 340,371.86 736,052.24 1,393,762.55 1,149,621.08 331,866.25 \n402:521.10 597,168.21 \n82,076.01 1,432.98 \n75,945.32 303,910.47 206,560.13 \n \nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \n \n$ \n \n6,013,104.00 $ 6,854.970.45 $ 334,370.83 $ 7,189,341.28 \n \nMedia Center Program Staff and Professional Development \n \n182,407.00 50,096.00 \n \n214,063.83 26,852,95 \n \n38,968,01 24,299.82 \n \n253,031.84 51,152.77 \n \nTOTAL aBE FORMULA FUNDS \n \n$ \n \n6,245.607.00 $ 7,095,887.23 $ 397,638.66 $ 7,493,525.89 \n \n(1) Comprised of State Funds plus Local Five Mill Share. \n \nSee notes to the general-purpose financial statements. \n \n- 30- \n \n WILKINSON COUNTY BOARD OF EDUCATION GENERAL FUND - QUALITY BASIC EDUCATION PROGRAM (OBE) \nEARNINGS AND EXPENDITURES - BY SITE YEAR ENDED JUNE 30, 2001 \n \nSCHEDULE \"5\" \n \nWilkinson County Elementary School Wilkinson County Middle School Wilkinson County Primary School Wilkinson County High School Centra.1 Office (Alternative Education Program) \nTOTAL \n(1) Comprised of State Funds plus Local Five Mill Share. \nI \nI \nI \ni \n \nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) \n \nELIGIBLE QBE PROGRAM COSTS \n \n$ \n \n1,470,997.00 $ \n \n1,575,154.91 \n \n1,450,521.00 \n \n1,716,266.47 \n \n1,421,584.00 \n \n1,792,803.68 \n \n1,585,886.00 \n \n2,105,116.22 \n \n84,116.00 \n \n$ \n \n6,013,104.00 $ ====7:l.,1=8=9~,3=4=1.~28= \n \nSee notes to the general-purpose financial statements. - 31 - \n \n !I \nSECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \n \n _~s~~~~~~~I~~NTON \n(404)656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washinl.!loll Stn:el. S.W.. Suile 214 \nAllanta. Gcorl.!ia 30334-X-HlO \nFebruary 11,2002 \n \nHonorable Roy E. Barnes, Governor Ii Members of the General Assembly \nI \nMembers of the State Board of Education and \nSuperintendent and Members of the Wilkinson County Board of Education \n \nREPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \n \nI Ladies and Gentlemen: \n \nIi \n \nI \n \ni \n \nI We have audited the financial statements of Wilkinson County Board ofEducation as of and for the \n \n'! \nI \n \nyear ended June 30, 2001, and have issued our report thereon dated February 11,2002. This report \n \nwas qualified for various departures from generally accepted accounting principles, as identified in \n \nthe auditor's report on the general-purpose financial statements. We conducted our audit in \n \naccordance with auditing standards generally accepted in the United States of America and the \n \nstandards applicable to financial audits contained in Government Auditing Standards, issued by the \n \nComptroller General of the United States. \n \nCompliance \n \nAs part of obtaining reasonable assurance about whether Wilkinson County Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions oflaws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results ofour tests disclosed no instances ofnoncompliance that are required to be reported under Government Auditing Standards. \n \nInternal Control Over Financial Reporting \n \nIn planning- and performing our audit, we considered Wilkinson County Board of Education's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal \n \n2001YB-40 \n \n control over financial reporting. However, we noted certain matters involving the internal control over financial reporting and its operation that we consider to be reportable conditions. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe internal control over financial reporting that, in our judgment, could adversely affect Wilkinson County Board of Education's ability to record, process, summarize and report financial data consistent with assertions ofmanagement in the financial statements. Reportable conditions an~ described in the accompanying Schedule ofFindings and Questioned Costs as items FS-7581-01-01 and FS-7581-01-02. \nA material weakness is a condition in which the design or operation ofone or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be 'i detected within a timely period by employees in the normal course of performing their assigned \nI \nfunctions. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions and, accordingly, ,\" would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However; ofthe reportable conditions described above, we consider item FS-7581-0102 to be a material weakness. \nThis report is intended solely for the information and use of the management, members of the Wilkinson County Board of Education, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully submitted, \n,I \n \nRWH:as 2001YB-40 ' \n \nRus 11 W. Hinton State Auditor \n \n i \nI \nI \n! \nlisSELI . \\\\'. HINTO!\" i STATE AUDITOR \nI (404) 656.2174 \n11 \nI \n \nDEPARTMENT OF AlJDITS AND ACCOUNTS \n254 Washingtoll Slrl:l:t. S.W.. Suile 214 Atlanta. Georgia 30.'34-:-\\WO \nFebruary 11,2002 \n \nHonorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Wilkinson County Board of Education \n \nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 \n \nLadies and Gentlemen: \n \nCompliance \n,I \n \n,I I \n \nWe have audited the compliance of Wilkinson County Board of Education with the types of \n \nu.s. i compliance requirements described in the Office ofManagement and Budget (OMB) Circular \n \nI A-i33 Compliance Supplement that are applicable to each ofits major Federal programs for the year \n \nended June 30, 2001. Wilkinson County Board ofEducation's major Federal programs are identified \n \nin the Summary of Auditor's Results Section of the accompanying Schedule of Findings and \n \nQuestioned Costs. Compliance with the requirements of laws, regulations, contracts and grants \n \napplicable to each of its major Federal programs is the responsibility ofWilkinson County Board of \n \nEducation's management. Our responsibility is to express an opinion on Wilkinson County Board of \n \nEducation's compliance based on our audit. \n \nWe conducted our audit of compliance in accordance with auditing standards generally accepted in the United States ofAmerica; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types ofcompliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Wilkinson County Board of Education's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Wilkinson County Board ofEducation's compliance with those requirements. \n \n2001SA-I0 \n \n In our opinion, the Wilkinson County Board ofEducation complied, in all material respects, with the requirements referred to above that are applicable to each of its major Federal programs for the year ended June 30, 2001. \n \nInternal Control Over Compliance \n \nI II \nThe management of Wilkinson County Board of Education is responsible for establishing and \n \nmaintaining effective internal control over compliance with requirements of laws, regulations, \n \ncontracts and grants applicable to Federal programs. In planning and performing our audit, we \n \nconsidered Wilkinson County Board of Education's internal control over compliance with \n \nI \nI \n \nrequirements that could have a direct and material effect on a major Federal program in order to \n \n,I determine our auditing procedures for the purpose of expressing our opinion on compliance and to \n \ntest and report on internal control over compliance in accordance with OMB Circular A-133. \n \nOur consideration ofthe internal control over compliance would not necessarily disclose all matters \n \nin the internal control that might be material weaknesses. A material weakness is a condition in \n \nwhich the design or operation ofone or more ofthe internal control components does not reduce to a \n \nrelatively low level of risk that noncompliance with applicable requirements of laws, regulations, \n \ncontracts and grants that would be material in relation to a major Federal program being audited may \n \nI occur and not be detected within a timely period by employees in the normal course of performing \nI their assigned functions. We noted no matters involving the internal control over compliance and its \n \nI \n,ii \n \noperation that we consider to be material weaknesses. \n \ni This report is intended solely for the information and use of the management, members of the \nI Wilkinson County Board of Education, Federal awarding agencies and pass-through entities and is \nI not intended to be and should not be used by anyone other than these specified parties. \nI \n \n:1 \n \nRespectfully submitted, \n \nRWH:as 2001SA-IO \n \nRu sell W. Hinton State Auditor \n \n SECTIONffi AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \n \" \nI \nI \n \nI \n \nWILKINSON COUNTY BOARD OF EDUCATION \n \nAUDITEE'S RESPONSE' \n \nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \nYEAR ENDED JUNE 30, 2001' \n \nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nFINDING CONTROL NUMBER AND STATUS \n \nFS-7581-99-01 FS-7581-99-02 FS-7581-00-01 FS-7581-00-02 \n \nFurther Action Not Warranted Further Action Not Warranted Partially Resolved - See Corrective Action/Responses Unresolved - See Corrective Action/Responses \n \nCORRECTIVE ACTIONIRESPONSES \nCASH AND CASH EQUIVALENTS GENERAL LEDGER Inadequate Control Procedures Finding Control Number: FS-7581-00-01 \n \nThis finding is partially resolved. Journal entries for funds ot~er than School Food Services (SFS) are being reviewed and approved by the Superintendent. A detailed explanation is being written on each journal entry. As for School Food Services, in future periods the journal entries are being approved by Judy Brown, the SFS Director. We will notify the SFS Bookkeeper that a detailed description needs to be written on each journal entry and any supporting documentation attached. We will also notify the SFS Bookkeeper that she is to contact Dr. Kathy Culpepper when she finishes reconciling bank statements so that Dr. Culpepper can review the reconciliations. \n \nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Finding Control Number: FS-7581-00-02 ' \n \nAt the February, 2002 Board meeting we will be asking the Board for approval to contract with a valuation firm to help with our historical costs and implementing a fixed asset plan. We will also be setting the threshold for general fixed assets at this same meeting. This finding hopefully will be resolved by June 30, 2002. \n \n I \nSECTION IV FINDINGS AND QUESTIONED COSTS \n \n r! \n \nWILKINSON COUNTY BOARD OF EDUCATION \n \nI: \n \nSCHEDULE OF FINDINGS AND QUESTIONED COSTS \n \nYEAR ENDED JUNE 30, 2001 \n \nI SUMMARY OF AUDITOR'S RESULTS \n \n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Wilkinson County Board of Education's financial statements was qualified for various departures from generally accepted accounting principles. \n \nI: 2. Reportable Conditions in Internal Control Disclosed by the Audit of the Financial Statements \n \nII \n \nThe audit report for the Wilkinson County Board ofEducation disclosed financial statement reportable conditions related to the following control categories. \n \nIi \n \nCash and Cash Equivalents \n \nGeneral Ledger \n \nGeneral Fixed Assets \n \nI!. \n \nI \n \nI \n \nrl \n \nOf the reportable conditions described above, General Fixed Assets is considered to be a material weakness. \n \nII \n \n3. Noncompliance Material to the Financial Statements The audit of the Wilkinson County Board of Education disclosed no instances of \n \nIi \n \nnoncompliance that were deemed to be material to the financial statements. \n \n4. Reportable Conditions in Internal Control Over Major Programs The audit report for the Wilkinson County Board of Education did not disclose any reportable conditions in internal control over major programs. \n \n5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Wilkinson County Board of Education's report on compliance with requirements applicable to major programs was unqualified. \n \n6. Audit Findings Required to be Reported by Section .510(a) ofOMB Circular A-I33 The Wilkinson County Board ofEducation's audit did not disclose audit findings required to be reported by section .5IO(a) ofOMB Circular A-I33. \n \n7. Major Programs Federal awards audited as major programs are as follows: 10.553 Food and Nutrition Program - Food Services - School Breakfast Program 10.555 Food and Nutrition Program - Food Services - National School Lunch Program 84.010 Elementary and Secondary Education Act - Title I - Grants to Local Educational Agencies \n \n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000.00. \n \n- 1- \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR-ENDED JUNE 30, 2001 \nI SUMMARY OF AUDITOR'S RESULTS \n9. Low Risk Auditee The Wilkinson County Board ofEducation did not qualify as a low risk auditee as defined by Section .530 ofOMB Circular A-l33. \nII FINANCIAL STATEMENT FINDINGS AND OUESTIONED COSTS \nCASH AND CASH EQUIVALENTS GENERAL LEDGER Inadequate Control Procedures Reportable Condition Repeated from Prior Year Finding Control Number: FS-758l-0l-0l \nA review of the School District's internal control policies and procedures noted deficiencies in providing for adequate internal control over the following functions and related procedures for the School Food Services Program: \n The bank reconciliation function was not separated from the general ledger posting and check preparation functions. In addition, the bank reconciliations were not reviewed by an individual independent of cash operations. \n The journal entries were not supported by adequate documentation and/or explanations. \nThese conditions were a result ofmanagement's decision to limit the number ofadministrative staff made responsible for accounting functions in these areas. The School District should review the accounting procedures in place, design procedures that would enhance segregation ofduties relative 'to the above control categories and implement those procedures to strengthen the internal control over the accounting functions. \nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Reportable Condition - Material Weakness Repeated from Prior Year Finding Control Number: FS-7581-01-02 \nThe Wilkinson County Board of Education failed to maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. This condition results in the general-purpose financial statements ofthe School District being incomplete and not in accordance with generally accepted accounting principles. Appropriate. action should be taken by the School District to establish accounting controls and procedures to provide for maintenance of a General Fixed Assets Account Group. These subsidiary records should \n-2- \n \n I \n \ni \n \nWILKINSON COUNTY BOARD OF EDUCATION \n \nI \n \ni \n \nSCHEDULE OF FINDINGS AND QUESTIONED COSTS \n \n,I \n \nYEAR ENDED JUNE 30, 2001 \n \nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Reportable Condition - Material Weakness Repeated from Pnor Year Finding Control Number: FS-7581-01-02 \ninclude an inventory of land, buildings and equipment owned by the School District and should include, but may not be limited to, date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of all additions and deletions to the General Fixed Assets Account Group. \nill FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \nNo matters were reported. \n \n'I \nI \n \n-3- \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw69-b1999-h2000","title":"Wilkinson County Board of Education, Irwinton, 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, Wilkinson County, 32.80241, -83.17125"],"dcterms_creator":["Georgia. 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(Wilkinson County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007; Salaries and travel reimbursement (Wilkinson County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2008, released in 2009?"],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Auditors' reports--Georgia","Financial statements--Georgia","Wilkinson County (Ga.). Board of Education--Appropriations and expenditures"],"dcterms_title":["Wilkinson County Board of Education, Irwinton, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2000"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. 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'. \nWILKINSON COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATIONSCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \n \nEXHffiITS \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 \n4 \n \nC \n \nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES - BUDGET AND ACTUAL \n \n(NON-GAAP BASIS) \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 \nSPECIAL REVENUE FUND \n \nE \n \nCOMBINING BALANCE SHEET \n \n20 \n \nF \n \nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \n \nAND CHANGES IN FUND BALANCES \n \n22 \n \nCAPITAL PROJECTS FUND \n \nG \n \nCOMBINING BALANCE SHEET \n \n24 \n \nH \n \nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \n \nAND CHANGES IN FUND BALANCES \n \n25 \n \nSCHEDULES \n \n1 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \n \n26 \n \n2 SCHEDULE OF STATE REVENUE \n \n28 \n \n3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \n \n29 \n \nANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS \n \nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS \n \n4 \n \nOVERALL \n \n31 \n \n5 \n \nBY PROGRAM \n \n32 \n \n  WILKINSON COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \nSECTIONll COMPLIANCE AND INTERNAL CONTROL REPORTS REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 \nSECTION ill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \n \n  SECTION I FINANCIAL \n \n ---~--~-~~._._.~ \n \n RUSSELL W. HINTON \nSTATE AUDITOR \n(404) 6562174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 \nApril 4, 2001 \n \nHonorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Wilkinson County Board of Education \nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nLadies and Gentlemen: \nWe have audited the accompanying general purpose financial statements of the Wilkinson County Board of Education, 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 Wilkinson County Board of Education'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 and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. \nAs described in the notes to the general purpose financial statements, the Board's financial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described as follows: \n* The general purpose financial statements of the Board did not contain a General Fixed \nAssets Account Group to account for property and equipment owned by the Board which should be included to conf.orm to generally accepted accounting principles. \n2000ARL-13 \n \n  * School activity accounts maintained at the individual schools are not included in the \ngeneral purpose financial statements. To conform to generally accepted accounting principles, these accounts should be included in the general purpose financial statements. \n* The Board did not recognize as expenditures, in the year ended June 30, 2000, a portion \nof salaries and the corresponding employer's cost of related benefits earned for contractual services completed prior to June 30, 2000. Also funds received; subsequent to June 30, 2000, from the Georgia Department of Education for the State's share of these unrecorded salaries and related benefits were not recorded as revenue in the year under review. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1999, were improperly recorded in the year ended June 30, 2000. To conform to generally accepted accounting principles, revenues should be recorded when available and measurable and expenditures should be recorded when incurred, rather than when funds are received or disbursed. \nThe aggregate effects on the general purpose financial statements of these variances or omissions have not been determined, but are believed to be material. \nIn our opinion, except for the effects on the general purpos'e financial statements of the matters referred to in the preceding paragraph, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Wilkinson County Board of Education as ofJune 30, 2000, and the results ofits operations for the year then ended, in conformity with generally accepted accounting principles. \nIn accordance with Government Auditing Standards, we have also issued our report dated April 4, 2001, on our consideration of the Wilkinson County Board of Education's internal control over financial reporting and our tests of its compliance with c.ertain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. \n. Our audit was performed for the purpose of forming an opinion on the general purpose financial statements of the Wilkinson County Board of Education taken as a whole. The accompanying combining statements (Exhibits E through H) and the financial schedules (Schedules 1 through 5), which includes the Schedule of Expenditures of Federal Awards as required by U. S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non\"'Profit Organizations, are presented for purposes of additional analysis and are not a required part of the general purpose financial statements. Such information has been subjected to the auditing procedures applied in the audit ofthe general purpose financial statements and in our opinion, except for the effects ofthe matters referred to in the third paragraph, such information is fairly stated, in all material respects, in relation to the general purpose fi~ancial statements taken as a whole. \n2000ARL-13 \n \n '/ \n \n A copy ofthis report has been filed as a pennanent record in the office ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code ofGeorgia Annotated Section 506-24. \nRespectfully submitted, \n \nRWH:gp 2000ARL-13 \n \nRu sell W. Hinton State Auditor \n \n .{) \n \n WILKINSON COUNTY BOARD OF EDUCATION \n \n WILKINSON COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET \nALL FUND TYPES AND ACCOUNT GROUP JUNE 30, 2000 \n \nASSETS Cash and Cash Equivalents Investments Accounts Receivable Inventories \nFood Donated Commodities Purchased Food \nAmount Available in Debt Service Fund Amount to be Provided in Future Years \nFor Payment of Bond Debt \nTotal Assets \n \nGENERAL FUND \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nCAPITAL \n \nREVENUE \n \nPROJECTS \n \nFUND \n \nFUND \n \n$ \n \n100,571.32 $ \n \n20,407,09 $ \n \n2,553.10 \n \n2,014,924.29 \n \n5,545,071.33 \n \n175,512,58 \n \n223,520.60 \n \n181,492.64 \n \n12,675.44 2,447.62 \n \n$ 2j291,008.19 $ \n \n259,050.75 $ .....-:5ilo,7=2=9:=,;,1.1.7;.;.=0.7.. \n \n EXHIBIT nAn ' \n \nDEBT SERVICE \nFUND \n \n$ \n \n0.00 \n \nACCOUNT, GROUP \nGENERAL LONG-TERM \nDEBT \n \nTOTALS \n \n(Memorandum Only) \n \nJUNE 30, 2000 \n \nJUNE 30,1999 \n \n$ \n \n123,531.51 $ \n \n289,340.18 \n \n7,559,995.62 \n \n7,562,539.68 \n \n580,525.82' \n \n489,209.37 \n \n- - - - - $ 4,185,000.00 \n \n12,675.44 2,447.62 \n4,185,000.00 \n \n,14,122.73 1,915.45 \n247,656.96 \n4,752,343.04 \n \n$ \n \n0.00 $ 4,185,000.00 $ 12,464,176.01 $ ~3,357,127.41 \n \n$ \n \n48,329.08 $ \n \n46,853.67 \n \n157,070.71 \n \n135,923.35 \n \n137,899.10 \n \n53,150.00 \n \n33,814.80 \n \n22,450.00 \n \n$ 4,185,000.00 \n \n4,185,000.00 \n \n5,000,000.00 \n \n$ 4,185,000.00 $ 4,562,113.69 $ 5,258,377.02 \n \n$ \n \n0.00 \n \n$ \n \n0.00 \n \n$ \n \n158,414.20 $ \n \n28,365.20 \n \n247,656.96 \n \n12,675.44 2,447.62 4,012,838.91 1,544,564.26 \n \n14,122.73 1,915.45 \n4,603,923.74 969,012.81 \n \n2,171,121.89 \n \n2,233,753.50 \n \n$ 7,902,062.32 $ 8,098,750.39 \n \n$ \n \n0.00 $ 4,185,000.00 $ 12,464,176.01 $ 13,357,127.41 \n \n-3- \n \n WILKINSON COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nALL GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30. 2000 \n \nREVENUES \nState Funds Federal Funds Taxes Other Funds \nTotal Revenues \nEXPENDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation \nCapital Outlay Debt Service \nPrincipal Interest Paying Agent Fees \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 \nFood Inventory - Net Change in P~riod Donated Commodities Purchased Food \n \nGENERAL FUND \n \nSPECIAL . REVENUE \nFUND \n \n$ 6,834,263.58 $ 38,501.61 \n4,542,997 ..62 305,847.08 \n$ 11,721,609.89 $ \n \n487,419.50 1,696,250.04 \n205,628.58 \n2,389,298.12 \n \n$ 7,247,341.84 $ 1,004,070.91 \n \n515,337.28 300,273.64 229,186.72 270,232.95 743,989.67 . 127,402.65 1,222,882.40 664,140.47 \n15,998.62 2,905.99 227,332.15 \n \n136,234.69 224,570.63 \n105,599.36 526.10 \n1,613.35 2,524.49 54,955.57 903,575.84 22,678.30 \n \n$ 11,567,024.38 $ $ . 154,585.51 $ \n \n2,456,349.24 -67,051.12 \n \n$ \n \n-20,117.00 \n \n$ \n \n-20,117.00 \n \n$ \n \n134,468.51 $ \n \n2,150,057.09 \n \n-67,051.12 128,099.79 \n-1,447.29 532.17 \n \nFUND BALANCE JUNE 30 \n \n$ 2,284,525.60 $ ===6=0=,1=33=.5=:5... \n \nThe notes to the general purpose financial statements are an integral part .of this statement. -4- \n \n EXHIBIT\"B\" \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTALS \n \n(Memorandum Only) \n \nYEAR ENDED \n \nJUNE 30, 2000 \n \nJUNE 30, 1999 \n \n$ 7,321,683.08 $ 7,543,328.48 \n \n1,734,751.65 \n \n1,468,123.98 \n \n$ \n \n532,288.30 $ \n \n754,555.54 \n \n5,829,841.46 \n \n5,555,754.21 \n \n290,267.83 \n \n801,743.49 \n \n642,078.37 \n \n$ \n \n822,556.13 $ \n \n754,555.54 $ 15,688,019.68 $ 15,209,285.04 \n \n$ 8,251,412.75 $ 8,036,631.67 \n \n$ \n \n858,206.51 \n \n651,571.97 524,844.27 229,186.72 375,832.31 744,515.77 127,402.65 1,224,495.75 666,664.96 \n70,954.19 906,481.83 1,108,216.96 \n \n588,393.71 365,373.19 200,629.28 339,637.12 784,176.48 129,641.90 1,066,004.60 742,403.57 \n37,652.29 987,996.73 749,385.78 \n \n$ \n \n815,000.00 \n \n187,212.50 \n \n815,000.00 187,212.50 \n \n228,424.58 191,506.55 \n12.00 \n \n$ \n \n858,206.51 $ 1,002,212.50 $ 15,883,792.63 $ 14,447,869.45 \n \n$ \n \n-35,650.38 $ \n \n-247,656;96 $ \n \n-195,n2.95 $ \n \n761,415.59 \n \n$ \n \n20,117.00 \n \n$ \n \n20,117.00 \n \n$ \n \n20,117.00 $ \n \n-20,117.00 \n \n$ \n \n0.00 $ \n \n118.88 -118.88 \n0.00 \n \n$ \n \n-15,533.38 $ \n \n5,572,936.55 \n \n-247,656.96 $ 247,656.96 \n \n-195,n2.95 $ 8,098,750.39 \n \n761,415.59 7,335,626.56 \n \n-1,447.29 532.17. \n \n2,380.49 -672.25 \n \n$ 5,557,403.17 $=======,0....0..0.,= $ _ 7,902,062.32 $ 8,098,750.39 \n \n-5- \n \n .' \n \n WILKINSON COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nBUDGET AND ACTUAL - (NONGAAP BASIS) GENERAL AND SPECIAL REVENUE FUNDS \nYEAR ENDED JUNE 30, 2000 \n \nEXHIBIT\"C\" \n \n. The notes to the general purpose financial statements are an integral part of this statement. -7- \n \n _ , WILKINSON COUNTY BOARD' OF EDUCAnON _ \n \nEXHIDIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \n'JUNE'.jO,2()OO \n \n, Notel:' SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nREPORTING ENTITY \n \nThe Wilkinson County Board of Education (Board) was established under the laws of the State of \n \n-Georgia and operates under the guidance of a\" school board elected by the voters and a \n \nSuperintendent appointed by the Board. The Board is organized as a separate legal 'entity and has \n \nthe power to levy taxes and issue bonds. Its budget is not subject to approval by any qtherentity. \n \nAccordingly, the Board is a primary government and consists of all the organizations that compose \n \nits legal entity. \n \n\" ,- \n \n- \n \nFUND ACCOUNTING \nThe Board uses funds and an account group to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A \nfund is a separate accounting entity with a self-balancing set of accounts. An account group is a \nfinancial 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, \nGeneral Fixed Assets are recorded-as expenditures in the various funds at the time ofpurchase. A General Fixed Assets Account Group is not presently maintained by the Board. ,To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. \n \nAlthough \"school activity accounts\" are maintained at the individual schools, neither the assets, liabilities'and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general purpose financial statements. \n \nThe general purpose financial statements account for all State, Federal, Taxes and Other funds under control of the Board, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these, notes. Funds and the account group presented in, this report are as follows: \nGOVERNMENTAL FUND TYPES - are used to account for all or most ofa Board's educational' activities: Governmental Fund Types include: \nGENERAL FUND - the fund used to account for all financial resources ofthe Board except those required to he accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. \n \n- 8- \n \n WILKINSON COUNTY BOARD OF EDUCATION \n \nEXHffiIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \n. JUNE 30, 2000 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nSPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are received primarily from the Georgia Department of Education and from the Federal government to accomplish specific educational objectives. \nCAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. \nDEBT SERVICE FUND - the fund used to account forthe accumulation ofresources for, and the payment of, general long-term principal, interest and paying agent fees. \nACCOUNT GROUP \nGENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reporting device used to account for general obligation debt outstanding. \nBASIS OF ACCOUNTING \nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements ofthese funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. \nLiabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group. \nGovernmental funds are accounted for using the modified accrual basis ofaccounting under which: \n. Revenues are recognized when susceptible to accrual (i.e., when theybecome both measurable and available). \"Measurable\" means the amount of the transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Those revenues considered susceptible to accrual are property taxes, local option sales taxes, intergovernmental grants and investment income. \nExpenditures are generally recognized when the related fund liability is incurred. \nA departure from the above definitions is the accounting treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources available from the Georgia Department of Education for the State's share of these contracts. During fiscal year 2000, a substantial number of personnel of the Board were employed for a one hundred and ninety day \n-9- \n \n ,------------------:---------------,-----~~----- ----- \n \n, \n \n' \n \nWILKINSON COUNTY BOARD OF EDUCATION \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2000, \n \nEXHffiIT tiD\" \n \nNote 1: SUMMARY OF SIGNIFICANT'ACC'OUNTING POLICIES - \n \nperiod beginning in late August 1999 and ending in early JUrie'lOOO. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in September .1999 and ending in August 2000. State grants to. fund the State's share of these .contracts were disbursed from the Georgia Department ofEducation to the Board in the same twelve months. As ofJune 30, 2000, compensation under these employment contracts had been earned, but two of the tWelve monthly payments, due for July and August 2000,had not been made. Payments for these two months were made and recorded as expenditures by the Board subsequent to June 30, 2000. Also,the State's portion of the compensation paid in July and August 2000 was received and recorded 'as revenue in the fiscal year subsequent to June 30, 2000. Conversely, the similar expenditures and related revenues for contractualseIirices completed prior to June 30, 1999, were recorded in the year ended June 30, 2000. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed. \n \nBUDGET \n \nThe Wilkinson County Board of Education's budget is a complete finanCial plan for the Board's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure 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 Board at the aggregate leveL The budget for governmental funds was prepared on a basis other than generally accepted accounting principles, \n \nThe budget process begins when the Board's administration prepares a tentative budget for the Board's approvaL After approval ofthis tentative budget by the Board, such budget is advertised at least once in a 'newspaper of general circulation in the locality.: At the next regular meeting ofthe Board after advertisemcimt,the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This final budget is then submitted, in accordance with , provisions of the Quality Basic Education Act, OCGA Section 20-2-167(c), to the Georgia Departm~ilt of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \n \n.CASH AND CASH EQUIVALENTS \n \nCOMPOSITION OF DEPOSITS . \n \nCash and cash equivalents consist of deposits in 'authorized financial institutions. ;Georgia Laws \n \nOCGA 45-8-14 authorize the Board to deposit its funds in one or more solvent banks, insured \n \nFederal savings and loan associations, or insured State chartered building and ,loan associations. \n \n- \n \n. \n \n- 10- \n \n WILKINSON COUNTY BOARD OF EDUCATION \n \nEXHffiIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCiAL STATEMENTS \n \nJUNE 30, 2000 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nINVESTMENTS \nCOMPOSITION OF INVESTMENTS Investments made by the Board in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the Board to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \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 npt reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \nPROPERTY TAXES \nThe Wilkinson County Board of Commissioners fixed the property tax levy for the 1999 tax year (calendar year) on October 14, 1999 (levy date). Taxes were due on December 31, 1999. The lien date for property taxes was January 1, 1999. Taxes collected within the current fiscal year or within \n- 11 - \n \n WILKINSON COUNTY BOARD OF EDUCATION \n \nEXHmIT \"D\" \n \n. NOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS. \n \nJUNE 30, 2000 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES . \n \n60 days after year-end are reported as revenue in fiscal year 2000. The Wilkinson County Tax Commissioner bills and collects the property taxes for the Board of Education, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance.oftaxes collected to the Board. \n \n.The tax millage rate levied for the 1999 tax year (~alendar year) for the Wilkinson County Board of Education was as follows (a mill equals $I'per thousand dollars ofassess~d value): \n \n. School Operations SALES TAXES. ,. ~ .. \n \n15.25 mills \n \n\" \n \n' \n \nSpecial Purpose Local Option Sales Tax is to be used for capital outlay for educational purposes and \n \ndebt service. \n \nSpecial \n \nPurpose \n \nLocal Option ., \n \nSales \n \nTax \n \nrevenu. e \n \nduring \n \nthe \n \nfiscal \n \nyear \n \namounted \n \nto \n \n$1,286,843.84 and was recorded in the Capital Projects and Debt Service Funds. The State will \n \nterminate collection ofthis t~ once an additional $4,848,018.93 has been collected or on March 31, \n \n2003, whichever occurs first. \n \nINVENTORIES \n \nFOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value..Purchased foods inventories are reported on the Combined Balance Sheet at cost (first-in, first-out). Donated food commodities are recorded as revenues and expenditures at the time cOJI11llodity items are received. Purchased foods inventories are recorded as expenditures atthe tIme ofpurchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations of fund balance which indicates that these amounts do not constitute ~tayailable spendable re~ourcestl even though they are a component of net current assets. \n \nGENERAL OBLIGATION BONDS \n \nThe Board issues general obligation bonds to provide funds forthe acquisition and construction of major capital facilities. Bond premilnlls and discounts, as ,well as issuance costs, are recognized in the financial statements during the year bonds are issued, General obligation bonds are ~direct obligations and pledge the full faith and creditofthe government. The o\\ltstanding amount 9fthese . bonds is recorded in.the'General Long,.Term Debt Account Gro,up.. \n \nINTERFUND TRANSACTIONS \n \nThe Board has the following types of interfund transactions: '. : -, ~ \n.\\ \n \n- 12- \n \n WILKINSON COUNTY BOARD OF EDUCAnON \n \nEXHffiIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2000 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \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. Neither are 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 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 amountofdeposit 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. \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 \n- 13- \n \n WILKINSON COUNTY BOARD OFEDUCATION \n \nEXHillIT \"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 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, 2000, the bank balances were $980,413.45. 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 \nsecurities held by the Board or by the Board's agent in the Board's name. ,Category 2 - ,Cash collateralized with securiti~s held by the pledging financial institution's \ntrust department or agent in the Board's name. \nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized \nwith se.curities held by the pledging financial institution, or by its trust \ndepartme~t ot agent but ,not in the Board's name,) \n \nThe Board's deposits are classified by 'riskcategory at June 30, 2000, as follows: \n \nRisk Category \n \n. ,~~ \\ \nBank Balance  \n \n1 \n \n; $ 201,658.16 \n \n2 \n \n774,667.28 \n \n3 \n \n4,088.01 \n \nTotal \n \n$ 980.413.45 \n \nCATEGORIZATION OF INVESTMENTS . \". At June 30, 2000, the carrying value of the Board's totalinvestments was $7;559,995,62 which is \nmaterially the same as fair value. This investment consisted entirely of funds invested in the Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal \n,Services which are not 'required to he categorized since the Board did not own any specific \nidentifiable securities in the pool. The investment policy ofthe State ofGeorgia, Office ofTreasury . and Fiscal Services for the Local Government Investnient Pool (Primary Liquidity Portfolio) does \nnot provide for investment inderivatives or similar investments: A ,description of the Primary . Liquidity 'Portfolio is.as follows: . \n \n- 14- \n \n WILKINSON COUNTY BOARD OF EDUCAnON \n \nEXHffiIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2000 \n \nNote 2: DEPOSITS AND INVESTMENTS \nThe Primary Liquidity Portfolio consists of Georgia Fund 1, which is a combination local and state government investment pool, and Fund 6. Georgia Fund 1 is a stable net asset value investment pool which follows Standard and Poor's criteria for AAAm rated money market funds. The pool is not registered with the SEC as an investment company but does operate Georgia Fund 1 in a manner consistent with Rule 2a-7 ofthe Investment Company Act of 1940 and is considered to be a Rule 2a7 like pool. The pool's primary objectives are safety of capital, investment income, liquidity and diversification while maintaining principal ($1.00 per share value). Net asset value is calculated weekly to ensure stability. The pool distributes earnings (net of management fees) on a monthly basis and values participant's shares sold and redeemed based on $1.00 per share. Pooled cash and cash equivalents and investments are reported at cost which approximates fair value. The pool does not issue any legally binding guarantees to support the value ofthe shares. Participation in the pool is voluntary and deposits consist of funds from local governments; operating and trust funds of Georgia's state agencies, colleges and universities; and current operating funds of the State of Georgia's General Fund. \nInvestments in Georgia Fund 1 and Fund 6 are directed toward short-term instruments such as U. S. Treasury obligations, securities issued or guaranteed as to principal and interest by the U. S. Government or any of its agencies or instrumentalities, banker's acceptances and repurchase agreements. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2000, was 23 days. The average investment duration for Fund 6 on June 30, 2000, was .80 year. \nNote 3: NON'-MONETARY TRANSACTIONS \nThe Board receives food commodities from the United States Department ofAgriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories \nNote 4: RISK MANAGEMENT \nThe Board is exposed to various risks ofloss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; natural disaster and unemployment compensation. \nThe Board has obtained commercialinsurance for risk ofloss associated with torts, assets, errors or omissions, job related illness or injuries to employees arid natural disaster. The Board has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Board's insurance coverage in any of the past three years. \nThe Board is self-insured with regard to unemployment compensation claims. The Board accounts for claims within the General Fund with expenditure and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \n \n- 15 - \n \n . WILKINSON COUNTY BOARD OF EDUCATION \n \n.EXHffiIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2000 \n \nNote 4: RISK MANAGEMENT \n \nChanges in the unemployment compensation claims liability during the last two fiscal years are as \n \nfollows: . \n \n.' \n \n1999 2000 \n \nBeginning of Year . Liability \n \nClaims and Changes in Estimates \n \n$ \n \n0.00 $ \n \n1,744.00 $ \n \n$ \n \n0.00 $ . 1,968.00 $ \n \nClaims P.a.id \n \nEnd of Year Liability \n \n1,744.00 $ \n \n0.00 \n \n1,968.00 $ \n \n0.00 \n \nThe Board has purchased surety bonds to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nAll Employees \n \n. $ 50,000.00 \n \nNote 5:. OPERATING LEASES \n \n. \n \n. \n \n. \n \n. \n \nWilkinson County Board of Education has entered into various leases as lessee for copiers. These \n \nleases are considered for accounting purposes to be operating leases. Lease expenditures for the year \n \nended June 30, 2000, amounted to $54;938.69. Future minirp.um lease payments for these leases are \n \nas follows: \n \n. \n \nYear Ending \n \nAmount \n \n2001 2002 2003 2004 2005 \nTotal\" \n \n$ 63,141.60 63;141.60 45,489.40 8,148.00 4,167.15 \n$ 184.087.75 \n \nNote 6: GENERAL LONG-TERM DEBT \n \nGENERAL OBLIGATION DEBT OUTSTANDING. Ge?eral O~ligatio;n Bonds currently ou~standing are as follows: \n \nPurpose \n \n. Interest Rates \n \n: General Government ~ Series ~ 998 \n \n'3.80% - 4.2Q% \n \nAmount $ 4.185.000.00 \n \n- 16- \n \n WILKINSON COUNTY BOARD OF EDUCAnON \n \nEXHIDIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2000 . \n \nNote 6: GENERAL LONG-TERM DEBT \n \nThe changes in General Long-Tenn Debt during the fiscal year ended June 30, 2000, were as follows: \n \nGeneral Obligation \nBonds \n \nBalance July 1, 1999 \n \n$ 5,000,000.00 \n \nDeductions Debt Retired \n \n815,000.00 \n \nBalance June 30, 2000 \n \n$ 4.185.000.00 \n \nAt June 30, 2000, payments due by fiscal year which includes principal and interest for these items are as follows: \n \nFiscal Year Ended June 30 \n \nGeneral Obligation \nBonds \n \n2001 2002 2003 2004 \n \n$ 1,078,227.50 1,178,161.25 1,256,902.50 1,026,105.00 \n \nTotal Principal and Interest \n \n$ 4.539396.25 \n \nNote 7: ON-BEHALF PAYMENTS \n \nThe Board has recognized revenues and expenditures in the amount of $162,134.86 for health insurance and retirement contributions paid on the Board's behalfby the following State Agencies. \n \nGeorgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance of Non-Certified Personnel In the amountof$126,506.86 \n \nOffice of Treasury and Fiscal Services \n \nPaid to the Public School Employees Retirement System \n \nFor Public School Employees Retirement (PSERS) Employer's Cost \n \nIn the amount of $35,628.00 \n \n. \n \n- 17 - \n \n WILKINSON COUNTY BOARD OF EDUCAnON \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2000 \n \nNote8: SIGNIFICANT COMMITMENTS \nThe following is an' analysis of ~ignificantoutstanding constniction or renovation contracts executed . by the Board as of June 30, 2000: \n \nProject \n \nUnearned Executed Contracts \n \nHigh School Classroom Addition \n \n$ 1.482.403.10 \n \nTheamount described in this note is not reflected in the general purpose financial statements~ \n \nNote 9: 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 expenditures which are disallowed under grant terms. The Board believes that such disallowances, if any, will be immaterial to its overall financial position. \n \nNote 10: RELATED PARTY TRANSACTIONS \n \nDuring the fiscal year 2000, the Wilkinson County Board of Education employed the services of Mixon \u0026 Associates, Incorporated, a construction company. Mixon \u0026 Associates; Incorporated is owned and operated by Robert B. Mixon, Jr., the father of Robert B. Mixon, III who was the Chairman ofthe Wilkinson County Board of Education during the fiscal year under review. \n \nDuring the year, the following contracts between the Wilkinson County Board of Education and Mixon \u0026 Associates, Incorporated (low bidder) were executed: \n \nA contract for $350,000.00 was signed on July 30, 1998, for a Four-Classroom Addition to Wilkinson County Primary/Elementary School. Current year expenditures were $150,500.00. \nA second contractfor $250,000.00 was signed onJuly 30, 1998, for a Cafeteria Addition to \nWilkinson County Middle/High School. Change Orders decreased this contract amount to $244,902.24. Current year expenditures were $120,402.24. \n \nA third contract for $26,900,00 was signed on May 2, 2000, for a Medical Training Center at the Wilkinson County High School. Change Orders increased this contract amount to $33,567.00. Current year expenditures were $33,567.00. \n \nMixon \u0026 Associates, Incorporated W3$ also pa.id $16,500.00 for constructing a retaining wall at the Wilkinson County High School on which bids. were not accepted.. \n \n. - 18- \n \n WILKINSON COUNTY BOARD OF EDUCAnON \n \nEXHffiIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2000 \n \nNote 10: RELATED PARTY TRANSACTIONS \n \nThe Wilkinson County Board of Education also employed the services of James S. Price Construction Company for various small construction/renovation projects. This company is owned and operated by James S. Price, the husband of Linda Price who is currently the Assistant Bookkeeper for the Wilkinson County Board of Education. These projects were not for services normally secured through a bid procedure. Current year expenditures were $100,597.50. \n \nNote 11: RETIREMENT PLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \n \nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \n \nTRS CONTRIBUTIONS REQUIRED AND MADE Employees of the Board who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer.contribution rate is 11.29% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \nFiscal Year \n \nPercentage Contributed \n \nRequired Contribution \n \n2000 1999 1998 \n \n100% 100% 100% \n \n$ 848,379.37 $ 865,187.64 $ 800,590.99 \n \n- 19- \n \n '.. \nWILKINSON COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET' SPECIAL REVENUE FUND JUNE 30. 2000 \n \nASSETS \n \n., ,.' \n\\: \n \nCash and Cash Equivalents \n \n.Accounts Receivable \n \nInventories Food Donated Commodities Purchased Food \n \n, SCHOOL FOOD \nSERVICES FUND \n \nLOTTERY PROGRAMS \n \n$ \n \n93,686.71 $ \n \n48,204.39 \n \n4,167.56 \n \n5,618.91 \n \n12,675.44 2,447.62 \n \nTotal Assets \n \n$ \n \n112,977.33 $ = =...5.=3=,8=2=3..3..0.== \n \nLIABILITIES AND FUND EQUITY \nLIABILITIES \nCash Overdraft , Accounts Payable \nSalaries Payable \nTotal Liabilities \n. \nFUND EQUITY \nFund Balances Reserved For Inventories Food Donated Commodities Purchased Food Unreserved Undesignated \nTotal Fund Equity \nTotal Liabilities and Fund Equity \n \n$ \n \n8,901.16 $' . \n \n12,076.08 \n \n43,942.62 \n \n41,747.22 \n \n$ \n \n52,843.78 $ \n \n53,823.30 \n \n$ \n \n12,675.44 \n \n2,447.62 \n \n45,010.49 $ \n \n$ \n \n60,133.55 $ \n \n0.00 0.00 \n \n$ \n \n112,977.33 $=='...5.=3=,8=2=3..3..0. == \n \nSee notes to the general purpose fin'ancial statements. . . - 20- \n \n EXHIBIT \"E\" \n \nFEDERAL PROGRAMS \n \nTOTALS \n \nJUNE 30, 2000 \n \nJUNE 30,1999 \n \n$ \n \n141,891.10 $ \n \n217,216.50 \n \n$ \n \n213,734.13 \n \n223,520.60 \n \n175,069.52 \n \n12,675.44 2,447.62 \n \n14,122.73 1,915.45 \n \n$ \n \n213,734.13 $ \n \n380,534.76 $ ======4=08=,3=2=4.=:20= \n \n$ \n \n121,484.01 $ \n \n121,484.01 $ . 103,685.47 \n \n20,869.25 \n \n41,846.49 \n \n40,615.59 \n \n71,380.87 \n \n157,070.71 \n \n135,923.35 \n \n$ \n \n213,734.13 $ \n \n320,401.21 $ \n \n280,224.41 \n \n$ \n \n12,675.44 $ \n \n14,122.73 \n \n2,447.62 \n \n1,915.45 \n \n$ \n \n---'0:;.;.;.0;:;.;;0'- \n \n45,010.49 \n \n112,061.61 \n \n$ \n \n. 0.00 $ \n \n60,133.55 . $ _ _1.:.,:2:.::;8.r.::,O.::;99::.:,.7.:.,:9::.. \n \n$ \n \n213,734.13 $ \n \n380,534.76 $==4=0=8=,3=24=.2=0= \n \n- 21 - \n \n WILKINSON COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nSPECIAL REVENUE FUND YEAR ENDED JUNE 30, 2000 \n \nFUND BALANCE JUNE 30 \nSee notes to the general purpose financial statements, \u003e  - 22- \n \n$ \n \n60,133.55 $ ====0;;;,;,=00== \n \n EXHIBIT \"F\" \n \nFEDERAL PROGRAMS \n \nTOTALS \n \nYEAR ENDED \n \nJUNE 30, 2000 \n \nJUNE 30,1999 \n \n$ \n \n487,419.50 $ \n \n473,335.35 \n \n$ 1,120,678.19 \n \n1,696,250.04 \n \n1,427,535.12 \n \n205,628.58 \n \n198,612.61 \n \n$ 1,120,678.19 $ 2,389,298.12 $ 2,099,483.08 \n \n$ \n \n633,422.20 $ 1,004,070.91 $ \n \n969,378.60 \n \n136,234.69 224,098.80 103,886.77 \n526.10 1,613.35 2,233.81 18,662.47 \n \n136,234.69 224,570.63 105,599.36 \n526.10 1,613.35 2,524.49 54,955.57 903,575.84 22,678.30 \n \n99,603.46 50,361.67 91,048.28 \n28,312.22 24,932.06 984,566.31 \n \n35,231.13 . 2,113.87 \n \n$ 1,120,678.19 $ 2,456,349.24 $ 2,285,547.60 \n \n$ \n \n0.00 $ \n \n-67,051.12 $ -186,064.52 \n \n118.88 \n \n$ \n \n0.00 $ \n \n-67,051.12 $ -185,945.64 \n \n0.00 \n \n128,099.79 \n \n312,337.19 \n \n-1,447.29 532.17 \n \n2,380.49 -672.25 \n \n$ \n \n0.00 $ \n \n60,133.55 $==;=1=2=8=,0.9.9.;;,;,.7..9.... \n \n- 23- \n \n WILKINSON COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30. 2000 \n \nEXHIBIT\"G\" \n \nASSETS Cash and Cash Equivalents Investments Accounts Receivable \nTotal Assets \n \nBOND PROCEEDS \n \nSPECIAL PURPOSE LOCAL OPTION SALES TAX \n \nTOTALS JUNE 30, 2000 .. JUNE 30, 1999 \n \n$ \n \n1,164.86 $ \n \n1,388.24 $ \n \n2,553.10 $ \n \n5,304.61 \n \n4,183,387.95 \n \n1,361,683.38 \n \n5,545,071.33 \n \n5,456,112.03 \n \n181,492.64 \n \n181,492.64 \n \n187,119.91 \n \n$ 4,184,552.81 $ 1,544,564.26 $ 5,729,117.07$ 5,648,536.55 \n \n\"'I \n \nSee notes to the general purpose financial statements. \n \n.- 24- \n \n WILKINSON COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"H\" \n \nCOMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \n \nCAPITAL PROJECTS FUND \n \nYEAR ENDED JUNE 30, 2000 \n \nFUND BALANCE JUNE 30 \n \n$ 4,012.838.91 $ 1,544.564.26 $ 5,557,403.17 $ 5.572,936,55 \n \nSee notes to the general purpose financial statements, \n \n- 25- \n \n WILKINSON COUNTY BOARD'OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS' \nYEAR ENDED JUNE 30. 2000 \n \nSCHEDULE \"1\" \n \nFUNDING AGENCY PROGRAM/GRANT ' \n \nCFDA NUMBER \n \nPASS THROUGH \nENTITY 10 \nNUMBER \n \nFEDERAL REVENUE IN PERIOD \n \nEXPENDITURES IN PERIOD \n \nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department. of Education Food and Nutrition Program Food Services School Breakfast Program National School Lunch Program \n \n10.553 \n 10.555 \n \nTotal Child Nutrition Cluster \n \nN/A $ 138,245.69 \n \nN/A \n \n396,840.44 $ \n \n$ 535,086.13 $ \n \n(2) 862,471.83 (3) \n862,471.83 \n \nOther Programs Pass-Through From Georgia Department of Education' Food and Nutrition Program,. Food Distribution Program (1) \n \n, 10.550 \n \nTotal U. S. Department of Agriculture \n \nN/A \n \n40,485.72 \n \n40,485.72 \n \n$ 575,571.85 $' .902,957.55 \n \nCorporation for National and Community Service Pass-Through From Georgia Department of Education Leam and Serve America School and Community Based Programs \n \n., 94.004 \n \n... \n \nN/A \n \n$ \n \n2,049,51 $ \n \n2,049.51 \n \nEducation, U. S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Individuals with Disabilities Education Act Part B - Special Education Flow Through Preschool Capacity Building Improvement Grant \n \n84.027 84.173 84.173 \n \nN/A $ 120,495.62 $ \n \nNlA \n \n16,145.43 \n \nNlA \n \n7,033.60 \n \n120,495.62 16,145.43 7,033.60 \n \nTotal Special Education Cluster \n \n$ 143,674.65 $ \n \n143,674.65 \n \nOther Programs \n \nPass-Through From Georgia Department of Education \n \nElementary and Secondary Education Act \n \nTitle I Grants to Local Educational Agencies \nTitle II \n \n 84.010 \n \nN/A \n \nEisenhower Professional Development \n \n84.281 \n \nNlA \n \nTitle III \n \nTechnology Literacy Challenge Fund Grants \n \n84.318 \n \nN/A \n \nTitle VI \n \nInnovative Education Program Strategies \n \n84.298 \n \nN/A \n \nClass Size Reduction \n \n84.340 \n \nNlA \n \nGoals 2000 \n \nState and Local Education Systemic Improvement \n \nGrants \n \n84.276 \n \nN/A \n \nSafe and Drug-Free Schools \n \n84.186 \n \nN/A \n \nVocationa.1 Education - Basic Grants to States \n \nHigh School Program \n \nBasic Grant \n \n84.048 \n \nNlA \n \n472,714.26 22,859.04 102,294.85 13,786.00 62,626.00 \n105,310.59 168,247.29 \n27,116.00 \n \n472,714.26 22,859.04 102,294.85 13,786.00 62,626.00 \n105,310.59 168,247.29 \n27,116.00 \n \nTotal U. S. Department of Education \n \n$ 1,118,628.68 $ 1,118,628.68 \n \n- 26- \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2000 \n \nSCHEDULE \"1\" \n \nFUNDING AGENCY PROGRAM/GRANT \n \nCFDA NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nFEDERAL REVENUE IN PERIOD \n \nJustice, U. S. Department of Pass-Through From Children and Youth Coordinating Council Juvenile Justice and Delinquency Prevention Program Subgrant No. 97J-14-9704-0025 \n \n16.540 \n \nN/A \n \n$ 38,501.61 \n \nEXPENDITURES IN PERIOD \n(4) \n \nTotal Federal Financial Assistance \n \n$ 1,734,751.65. $ 2,023.635.74 \n \nN/A = Not Available \n \nNotes to the Schedule of Expenditures of Federal Awards \n \n(1) The amounts shown for the Food Distribution Program represent the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the system during the current fiscal year. \n(2) Expenditures for the School Breakfast Program were not maintained separately and are induded in the 2000 National School Lunch Program. \n(3) Expenditures for this program indude State and/or Other Funds. Expenditures are not maintained by fund source. \n(4) Expenditures on this program were not maintained by fund source. \n \nMajor Programs are identified by an asterisk (0) in front of the CFDA number. \n \nThe Board did not provide Federal Assistance to any Subrecipient. \n \nThe accompanying schedule of expenditures of Federal awards indudes the Federal grant activity of the Wilkinson County Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the general purpose financial statements. \n \nSee notes to the general purpose financial statements. \n \n- 27- \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2000 \n \nSCHEDULE \"2\" \n \nAGENCY/FUNDING \nGRANTS Education, Georgia Department of Quality Basic Education General and Career Education Programs Special Education Programs Remedial Education Program Media Center Programs Staff Development Programs Indirect Cost Pupil Transportation Regular Bus Replacement Middle School Incentive Program Special Instructional Assistance In-School Suspension Mid-term Adjustment Counselors Grades 4 and 5 Technology Specialist Local Five Mill Share Educational Equalization Funding Grant Food Services Other State Programs Altemative Program At-Risk Summer School Program Health Insurance Innovative Programs Mentoring Program Preschool Handicapped Program Remedial Summer School Program Lottery Program Assistive Technology Computers in the Classroom \nGeorgia Council for the Arts Georgia Challenge Grant \nOffice of School Readiness Pre-Kindergarten Program \nOffice of Treasury and Fiscal Services Public School Employees Retirement \nCONTRACT Education, Georgia Department of Georgia's Reading Challenge \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nGENERAL \n \nREVENUE \n \nFUND \n \nFUND \n \nTOTAL \n \n$ 4,132,638.00 \n820,722,00 173,201.00 177,871.00 \n46,827.00 1,118,693.00 \n \n$ 4,132,638.00 \n820,722.00 173,201.00 177,871,00 \n46,827.00 1,118,693.00 \n \n398,469.00 130,049.00 157,033.00 166,064.00 \n71,214.00 ' 93,022.00 18,173.00 28,842.00 -1,325,520.00 231,592.00 \n$ \n \n54,706.00 \n \n398,469.00 130,049.00 157,033.00 166,064.00 \n71,214.00 93,022.00 18,173.00 28,842.00 -1,325,520.00 231,592.00 54,706.00 \n \n58,140.00 8,342.89 \n126,506.86 5,000.00 8,998.23 \n28,366.00 4,580.60 \n \n58,140.00 8,342.89 \n126,506.86 5,000.00 8,998.23 \n28,366.00 4,580.60 \n \n3,761.80 53,000.00 \n \n3..761.80 53,000.00 \n \n5,000.00 \n \n5,000.00 \n \n375,951.70 \n \n375,951.70 \n \n35,628.00 \n \n35,628.00 \n \n114,811.00 \n \n114,811.00 \n \n$ 6,834,263.58 $ 487,419.50 $ 7,321,683.08 \nSee notes to the general purpose financial statements: - 28- \n \n WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2000 \n \nSCHEDULE \"3\" \n \nPROJECT \nWilkinson County Board of Education Acquisition, construction and equipping of laboratory facilities at Wilkinson County High School consisting of one (1) Technology Lab, two (2) Business! Vocational Labs, one (1) English Lab and one (1 ) Mathematics Lab; acquisition, construction and equipping of a new 700 fixed-seat auditorium facility; acquisition, construction and equipping of a new classroom wing at the Wilkinson County Primary School; acquiring, constructing and equipping and adding to, renovating, repairing, improving and equipping instructional and support facilities, existing school buildings and other buildings and facilities useful or desirable in connection therewith; and acquiring any necessary property therefor, both real and personal and acquiring any necessary or desirable rights in connection therewith \n \nORIGINAL ESTIMATED \nCOST (1) \n \nCURRENT ESTIMATED COSTS (2) \n \nAMOUNT EXPENDED IN CURRENT \nYEAR (3) \n \nAMOUNT EXPENDED \nIN PRIOR YEARS \n \n$ 7,500,000.00 $ 5,796,820.79 $ 1,045,178.01 $ 762,594.96 \n \n(1) The Board's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \n(2) The Board's current estimate of total cost for the projects. Includes all cost from project inception to completion. \n(3) The voters of Wilkinson County approved the imposition of a 1% sales tax to fund the above projects: Amounts expended for these projects may include sales tax proceeds, state, local property taxes and!or other funds over the life of the projects. \n \nSee notes to the general purpose financial statements. - 29- \n \n ',. ' \" \n \n WILKINSON COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL \nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30. 2000 \n \nSCHEDULE \"4\" \n \nMinimum Expend!lure Requirements (Total Allotment) Expenditures on Combined Program Basis \nSalaries Operations \nLess: Expenditures for Media Center Programs in Excess of Total Media Allotment \nExpenditures per Audit \nAmount of Underexpenditure for Total Allotment \n \nFOURTEEN WEIGHTED AND MEDIA CENTER \nPROGRAMS \n \n100% TEST FOR OPERATIONS PORTION OF FOURTEEN WEIGHTED PROGRAMS \n \n$ \n \n5,397,454.00 $ _ _-.:..:15:;;:3:.:..:;,6;.::5.::.;9.~OO=- \n \n$ \n \n5,894,459.56 \n \n346,803.98 $ _.....,....._3~0:;;:6~7,...:..7.::.;5.~53=- \n \n$ \n \n6,241,263.54 \n \n-46,061.38 $ _ _....;;.6'-'-,1.;;.;95\"\"\",2=0=2.:..;..1.:::...6 \n \n$ \n \n0.00 $=====0='0=0 \n \nSee notes to the general purpose financial statements. - 31 - \n \n r-------------,---------------------------------- - \nWILKINSON COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - BY PROGRAM \nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30. 2000 \n \nGENERAL AND CAREER EDUCATION PROGRAMS Kindergarten (oJ Grades 1 - 3 (oJ Sub-Total - K-3 Grades 4 - 5 (oJ Grades 6 - 8 (0) Grades 9 - 12 (oJ High School Laboratories (oJ Vocational Education Laboratories (0) Total General and Career Education Programs \nSPECIAL EDUCATION PROGRAMS Regular Programs Caiegory II (0) Category III (0) Category IV (oJ Category V (0) Sub-Total- Regular Category Vi (Gifted) (oJ Total Special Education Programs \nREMEDIAL EDUCATION PROGRAM to) Total Fourteen Weighted Programs \nMEDIA CENTER PROGRAMS Salaries Operations Total Media Center Programs \n \nALLOTMENTS FROM GEORGIA DEPARTMENT OF \n \nREQUIRED \n \nORIGINAL \n \n% \n \nORIGINAL \n \nMID-TERM \n \n$ \n \n390,649.00 \n \n$ \n \n351,584.10 $ \n \n1,216,158.00 \n \n1,094,542.20 \n \n$ 1,606,807.00 90 $ 1,446,126.30 $ \n \n541.719.00 90 \n \n487,547.10 \n \n944,816.00 90 \n \n850,334.40 \n \n591,761.00 90 \n \n532,584.90 \n \n166,413.00 90 \n \n149,771.70 \n \n281,122:00 90 \n \n253,009.80 \n \n$ 4,132,638.00 \n \n$ 3,719,374.20 $ \n \n0.00 0.00 \n93.022.00 93.022.00 \n \n$ \n \n764.099.00 \n \n$ \n \n687,689.10 $ \n \n0.00 \n \n$ \n \n764,099.00 90 $ \n \n687,689.10 $ \n \n56.623.00 90 \n \n\"' 50,960.70 \n \n$ \n \n820.722.00 \n \n$ \n \n738,649.80 $ \n \n$ \n \n173,201.00 90 $ \n \n155,880.90 $ \n \n$ 5.126,561.00 \n \n$ 4.613,904.90 $ \n \n0.00 \n0.00 0.00 93,022.00 \n \n$ \n \n143.696.00 90 $ \n \n129.326.40 $ \n \n34,175.00 100 \n \n34.175.00 \n \n$ \n \n177,871.00 \n \n$ \n \n163,501.40 $ \n \n0.00 0.00 \n \nTotalFourteen Weighted and Media Center Programs $ 5,304,432.00 \n \n$ 4,777,406.30 $ \n \n93,022.00 \n \nSTAFF DEVELOPMENT PROGRAMS Cost of Instruction Professional Development \nTotal Staff Development Programs (0) Identifies Fourteen Weighted Programs. \nSee notes to the general purpose financial statements. \n \n$ \n \n15,201.00 \n \n31,626.00 \n \n$ \n \n15.201.00 $ \n \n31.626.00 \n \n$ \n \n46,827.00 100 $ \n \n46,827.00 $ \n \n- 32 - \n \n0.00 0.00 \n \n SCHEDULE \"5\" \n \nEDUCATION TOTAL \nREQUIRED \n \nACTUAL EXPENDITURES \n \nSALARIES \n \nOPERATIONS \n \nTOTAL \n \nAMOUNT OF UNDEREXPENDITURE \nFOR REQUIRED ALLOTMENT \n \n$ \n \n351,584.10 $ \n \n272,138.38 $ \n \n7,517.58 $ \n \n279,715.96 \n \n1,094,542.20 \n \n1,199,970.98 \n \n38,175.81 \n \n1,238,146.79 \n \n$ 1,446,126.30 $ 1,472,109.36 $ \n \n45,753.39 $ 1,517,862.75 $ \n \n0.00 \n \n487,547.10 \n \n636,261.13 \n \n32,090.60 \n \n668,351.73 \n \n0.00 \n \n850,334.40 \n \n992,493.77 \n \n76.606.04 \n \n1,069.099.81 \n \n0.00 \n \n532,584.90 \n \n627,085.82 \n \n63.360.70 \n \n690,446.52 \n \n0.00 \n \n242,793.70 \n \n336,101.32 \n \n3,696.87 \n \n339,798.19 \n \n0.00 \n \n253,009.80 \n \n308,661.92 \n \n27,243.80 \n \n335,905.72 \n \n0.00 \n \n$ 3,812.396.20 $ 4,372,713.32 $ \n \n248,751.40 $ 4,621,464.72 \n \n$ \n \n687,689.10 \n \n$ \n \n430,993.87 $ 457,817.83 \n77,964.41 17,489.84 \n \n4,429.93 $ 51,917.94 \n1,039.41 \n \n435,423.80 509,855.77 \n79,003.82 17,489.84 \n \n$ \n \n687,689.10 $ \n \n984.325.95 $ \n \n57.447.28 $ 1.041.773.23 \n \n0.00 \n \n50.960.70 \n \n73,872.59 \n \n453.18 \n \n74,325.77 \n \n0.00 \n \n$ \n \n738,649.80 $ 1.058.198.54 $ \n \n57,900.46 $ 1,116,099.00 . \n \n$ \n \n155,880.90 $ \n \n279.643.77 $ \n \n123.67 $ \n \n279,767.44 \n \n0.00 \n \n$ 4.706,926.90 $ 5,710.555.63 $ \n \n306.775.53 $ 6,017,331.16 \n \n$ \n \n129,326.40 $ \n \n183.903.93 \n \n$ \n \n183,903.93 \n \n0.00 \n \n34,175.00 \n \n$ \n \n40,028.45 \n \n40.028.45 \n \n0.00 \n \n$ \n \n163.501.40 $ \n \n183,903.93 $ \n \n40,028.45 $ \n \n223.932.38 \n \n$ 4,870,428.30 $ 5,894,459.56 $ \n \n346,803.98 $ 6.241,263.54 $ \n \n0.00 \n \n$ \n \n15.201.00 \n \n31.626.00 \n \n$ =='=46=,8=::2:=7.=00= \n \n$ \n \n32,493.31 $ \n \n32,493.31 \n \n20,853.95 \n \n20,853.95 \n \n$ \n \n53,347.26 $ \n \n53,347.26 $=======0=.0:.0 \n \n- 33 - \n \n ., \n \n  \nSECTIONll COMPLIANCE AND INTERNAL CONTROL REPORTS \n \n  RUSSELL W. HINTON \nSTATE AUDITOR \n(404) 6562174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.w.. Suite 214 \n\" \nAtlanta, Georgia 30334-8400 \nApril 4, 2001 \n \nHonorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Wilkinson County Board of Education \nREPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \nLadies and Gentlemen: \nWe have audited the financial statements ofWilkinson County Board ofEducation as ofand for the year ended June 30, 2000, and have issued Our report thereon dated April 4, 2001. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose financial statements. We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \nCompliance \nAs part of obtaining reasonable assurance about whether Wilkinson County Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions oflaws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial state~ent amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results ofour tests disclosed no instances ofnoncompliance that are required to be reported under Government Auditing Standards. \nInternal Control Over Financial Reporting \nIn planning and pc;:rforming our audit, we considered Wilkinson County Board of Education's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control over financial reporting. However, we noted certain matters involving the internal control \n2000YB-40 \n \n to .. ! \n. \", \nor \n\": \n \n over financial reporting and its operation that we consider to be reportable conditions. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe internal control over financial reporting that, in ourjudgment, could adversely affect Wilkinson County Board of Education's ability to record, process, summarize and report financial data consistent with assertions ofmanagement in the 'financial statements. Reportable conditions are described in the accompanying Schedule ofFindings and Questioned Costs as items FS-7581-00-01 and F~-7581-00-02. \n \nA material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration ofthe internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions, and accordingly, would not necessarily d'isclose all reportable conditions that are also considered to be material weaknesses. However, all of the reportable conditions described above are also considered to be material weaknesses. \n \nThis report is intended solely for the information and use ofmanagement, members ofthe Wilkinson County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \n \nRespectfully submitted, \n \n.. ~~_~sell \n \noo.~.~ \nW. Hinton \n \nState Auditor \n \nRWH:gp 2000YB-40 \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 \nApril 4, 2001 \n \nHonorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Wilkinson County Board of Education \nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULARA-133 \nLadies and Gentlemen: \nCompliance \nWe have audited the compliance of Wilkinson County Board of Education with the types of \nu.s. compliance requirements described in the Office ofManagement and Budget (OMB) Circular \nA-I33 Compliance Supplement that are applicable to each ofits major Federal programs for the year en~ed June 30, 2000. Wilkinson County Board ofEducation's major Federal programs are identified in the accompanying Schedule ofFindings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major Federal programs is the responsibility of Wilkinson County Board of Education's management. Our responsibility is to express an opinion on Wilkinson County Board of Education's compliance based' on our audit. \nWe conducted our audit ofcompliance in accordance with generally accepted auditing standards; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Wilkinson County Board of Education's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Wilkinson County Board ofEducation's compliance with those requirements. \n2000SA-IO \nj \n \n  In our opinion, the Wilkinson County Board ofEducation complied, in all material respects, with the requirements referred to above that are applicable to each of its major Federal programs for the year ended June 30, 2000. \nInternal Control Over Compliance \nThe management of Wilkinson County Board of Education is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal programs. In planning and performing our audit, we considered Wilkinson County Board of Education's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with OMB Circular A-l33. \nOur consideration ofthe internal control over compliance would not necessarily disclose all matters in the internal control that might be material weaknesses. A material weakness is a condition in which the design or operation ofone or more ofthe internal control components does not reduce to a relatively low level of risk that noncompliance with applicable requirements of laws, regulations, contracts and grants that would be material in relation to a major Federal program being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over compliance and its operation that we consider to be material weaknesses. \nThis report is intended solely for the information and use ofmanagement, members ofthe Wilkinson County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \nRespe~tfully submitted, \n \nRWH:gp 2000SA-IO \n \nRu ell W. Hinton State Auditor \n \n ,. \n \n SECTION ill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \n  WILKINSON COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2000 \n \nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nFINDING CONTROL NUMBER AND STATUS \n \nFS-7581-98-01 FS-7581-98-02 FS-7581-99-01 FS-7581-99-02 \n \nFurther Action Not Warranted Further Action Not Warranted Unresolved - See Corrective Action/Responses Unresolved - See Corrective Action/Responses \n \nCORRECTIVE ACTIONIRESPONSES \n \nCASH AND CASH EQUNALENTS GENERAL LEDGER Inadequate Control Procedures Finding Control Number: FS-7581-99-01 \n \nSchool Food Service bank reconciliations will be reviewed by the superintendent. Due to the fact that there is only one School Food Service Bookkeeper, it is nearly impossible for the bank reconciliation function to be separated from the general ledger posting and check preparation functions. Funds are not currently available to hire additional clerical personnel at this time. Journal entries will be reviewed and approved by the superintendent. \n \nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group' Finding Control Number: FS-7581-99';02 \n \nThe Board is currently taking steps to resolve this finding. A C.P.A. firm has inventoried all items in the system. They are still in the process ofobtaining historical costs and setting up the inventory system. Plans have already been made to construct a central receiving warehouse with a full-time clerk to keep up with new purchases and keep the inventory upto-date. All shipping will then be done to the warehouse instead ofeach individual school. \n \n .' , \n \nI.,. \" \n \n SECTIONN FINDINGS AND QUESTIONED COSTS \n \n  WILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2000 \n \nI SUMMARY OF AUDITOR'S RESULTS \n \n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Wilkinson County Board of Education's financial statements was qualified for various departures from generally accepted accounting principles. \n \n2. Reportable Conditions in Internal Control Disclosed by the Audit of the Financial Statements The audit report for the Wilkinson County Board ofEducation disclosed financial statement reportable conditions related to the following control categories. \n \nCash and Cash Equivalents General Fixed Assets \n \nGeneral Ledger \n \nAll of the reportable conditions described above are considered to be material weaknesses. \n \n3. Noncompliance Material to the Financial Statements The audit of the Wilkinson County Board ~f Education disclosed no instances of noncompliance that were deemed to be material to the financial statements. \n \n4. Reportable Conditions in Internal Control Over Major Programs The audit report for the Wilkinson County Board of Education did not disclose any reportable conditions in internal control over major programs. \n \n5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the .Wilkinson County Board ofEducation's report on compliance with requirements applicable to major programs was unqualified. \n \n6. Audit Findings Required to be Reported by Section .51 OCa) of OMB Circular A-133 The Wilkinson County Board ofEducation's audit did not disclose audit findings required to be reported by section .5l0(a) ofOMB Circular A-133. \n \n7. Major Programs Federal awards audited as major programs are as follows: 10.553 Food and Nutrition Program - Food Services - School Breakfast Program 10.555 Food and Nutrition Program - Food Services - National School Lunch Program 84.010 Elementary and Secondary Education Act - Title I - Grants to Local Educational Agencies \n \n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000.00. \n \n9. Low Risk Auditee The Wilkinson County Board ofEducation did not qualify as a low risk auditee as defined by Section .530 ofOMB Circular A-133. \n \n- 1- \n \n WILKINSON COUNTY BOARD 'OF EDUCATION SCHEDULE OFFINDINGS AND OUESTIONED COSTS \nYEAR ENDED JUNE 30, 2000 \nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n. CASH AND CASH EQUNALENTS GENERAL LEDGER Inadequate Control Procedures Reportable Condition - Material Weakness Repeated From Prior Year Finding Control Number: FS-758l-00-0l \nA review ofthe Board's internal control policies and procedures noted deficiencies in providing for aqequate internal control over the following functions and related procedures: \nFor the School Food Services Program, the bank reconciliation function was not separated from the gerieral ledger posting and check preparation functions. In addition, the bank reconciliations were not reviewed by an individual independent of cash operations. \nFor 'all programs, the journal entries are not supported by adequate documentation and/or explanations. In addition, journal entries were not reviewed and approved by someone independent ofjournal entry preparation and posting. \nThese conditions were a result ofmanagement's decision to limit the number of administrative staff made responsible for accounting functions in these areas. The Board should review the accounting procedures in place, design procedures that would enhance segregation ofduties relative to the above control categories and implement those procedures to strengthen the internal control over the accounting functions., ' \nGENERAL FIXED ASSETS Failure to Maintain \u003c;Jeneral Fixed Assets Account Group Reportable Condition - Material Weakness Repeated From Prior Year Finding Control Number: FS-758l-00-02 \nThe Wilkinson County Board of Education failed to maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. This condition results in ,the 'general purpose financial statements of the Board being incomplete and not in accordance with generally accepted accounting principles. Appropriate action . should be taken by the Board to establish accounting controls and procedures to provide for maintenance ofa General Fixed Assets Account Group. These subsidiary records should include an inventory of land, 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.-2- \n \n . ',\".\u003c '.' ..... ~. t'. '\" , \nWILKINSON COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2000 ill FEDERAL AWARD FINDINGS AND OUESTIONED COSTS No matters were reported. \n-3- \n \n    "}],"pages":{"current_page":1,"next_page":null,"prev_page":null,"total_pages":1,"limit_value":10,"offset_value":0,"total_count":9,"first_page?":true,"last_page?":true},"facets":[{"name":"type_facet","items":[{"value":"Text","hits":9}],"options":{"sort":"count","limit":16,"offset":0,"prefix":null}},{"name":"creator_facet","items":[{"value":"Georgia. Department of Audits","hits":9}],"options":{"sort":"count","limit":11,"offset":0,"prefix":null}},{"name":"subject_facet","items":[{"value":"Auditors' reports--Georgia","hits":9},{"value":"Financial statements--Georgia","hits":9},{"value":"Wilkinson County (Ga.). 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