{"response":{"docs":[{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bg79-b2007-h2008","title":"Greene County Board of Education, Greensboro, 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, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["2008-06-30"],"dcterms_description":["Began with: Fiscal year ended June 30, 2000; ceased with fiscal year ended June 30, 2008.","Report year covers fiscal year.","Has supplements: Greene County Board of Education, Greensboro, 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 ... (Greene County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007; Salaries and travel reimbursement (Greene County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2000, released in 2001? (online surrogate); title from PDF cover (Georgia Government Publications database, viewed March 15, 2023).","Fiscal year ended June 30, 2008, released in 2009? (online surrogate); (Georgia Government Publications database, viewed March 15, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia. Department of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Greene County Board of Education (Ga.)--Appropriations and expenditures--Periodicals","Education--Georgia--Greene County--Auditing--Periodicals","Education--Georgia--Greene County--Finance--Statistics--Periodicals"],"dcterms_title":["Greene County Board of Education, Greensboro, 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-bg79-b2007-h2008"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bg79-b2007-h2008"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["periodicals","state government records","audits","financial records","financial statements"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"GREENE COUNTY BOARD OF EDUCATION \nGREENSBORO, 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 GREENE 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 \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 \n10 \n \nG \n \nSTATEMENT OF FIDUCIARY NET ASSETS \n \nFIDUCIARY FUNDS \n \n11 \n \nH \n \nNOTES TO THE BASIC FINANCIAL STATEMENTS \n \n13 \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 \n31 \n \nSUPPLEMENTARY INFORMATION \n \n2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \n \n32 \n \n3 SCHEDULE OF STATE REVENUE \n \n34 \n \n GREENE 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 \n35 \n \n5 ALLOTMENTS AND EXPENDITURES \n \nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \n \nBY PROGRAM \n \n37 \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 GREENE 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 \nMay 28, 2009 \n \nHonorable Sonny Perdue, Governor Members ofthe General Assembly Members ofthe State Board of Education \nand Superintendent and Members of the Greene 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) of the Greene 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 ofcontents. These financial statements are the responsibility ofthe Greene County Board ofEducation's management. Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial statements of Lake Oconee Academy, Inc., which represents 61% of the assets and 100% of the revenues ofthe aggregate remaining fund information. Those financial statements were audited by other auditors whose report thereon has been furnished to us, and our opinion, insofar as it relates to the amounts included for Lake Oconee Academy, Inc., is based on the report of other auditors. \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 Greene 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 and the report of other auditors provide a reasonable basis for our opinions. \n2008ARL-12 \n \n In our opinion, based on our audit and the report of other auditors, the financial statements referred to previously 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 Greene 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 Greene 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 May 28, 2009, on our consideration ofthe Greene County Board ofEducation's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results ofthat testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be 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 31, 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 and the other auditors have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. \nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Greene 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 by us and the other auditors in the audit of the basic financial statements, and in our opinion, based on our audit and the report of other auditors, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. \n2008ARL-12 \n \n A copy of this report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. \nRespectfully submitted, \n \nRWH:as 2008ARL-12 \n \nRus ell W. Hinton, CPA, CGFM State Auditor \n \n GREENE COUNTY BOARD OF EDUCATION \n \n GREENE COUNTY BOARD OF EDUCATION STATEMENT OF NET ASSETS JUNE 30, 2008 \nASSETS \nCash and Cash Equivalents Investments Accounts Receivable, Net \nTaxes State Government Federal Government Other Inventories Capital Assets, Non-Depreciable Capital Assets, Depreciable (Net of Accumulated Depreciation) \nTotal Assets \nLIABILITIES \nAccounts Payable Salaries and Benefits Payable Payroll Withholdings Payable Loans Payable, Net of Unamortized Discount of $9,275 Long-Term Liabilities \nDue Within One Year Due in More Than One Year \nTotal Liabilities \nNET ASSETS \nInvested in Capital Assets, Net of Related Debt Restricted for \nContinuation of Federal Programs Debt Service Capital Projects Unrestricted (Deficit) \nTotal Net Assets \nTotal Liabilities and Net Assets \n \nEXHIBIT\"A\" \n \nGOVERNMENTAL ACTIVITIES \n \n$ \n \n4,994,756.91 \n \n9,370,684.89 \n \n979,757.45 832,404.25 522,541.16 \n52,576.61 32,396.32 1,206,123.07 24,428,110.57 \n \n$ ===42=,4=1=9,_35=1=.2=3 \n \n$ \n \n210,321.30 \n \n1,668,682.02 \n \n47,655.05 \n \n140,725.00 \n \n1,934,396.80 6,560,495.07 \n \n$ \n \n10,562,275.24 \n \n$ \n \n24,436,959.53 \n \n429,814.77 136,421.59 7,003,816.41 -149,936.31 \n \n$ \n \n31,857,075.99 \n \n$ ==4=2='=,4=1='9,=35=1=.2=3 \n \nThe notes to the basic financial statements are an integral part of this statement. \n- 1- \n \n GREENE 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 Central Support Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Food Services Interest on Short-Term and Long-Term Debt \nTotal Governmental Activities \nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Railroad Cars Other Taxes Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Other Sales 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 \n15,161,743.63 $ \n \n1,149,410.32 1,302,934.85 \n716,588.95 1,168,779.00 1,450,819.60 \n439,932.58 1,577,702.92 1,479,544.43 \n60,270.90 425,839.60 \n \n23,303.59 1,482,278.70 \n439,377.19 \n \n$ \n \n26,878,526.26 $ \n \n40,431.19 16,626.81 81,468.08 \n232,207.01 52,908.24 \n423,641.33 \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 \n5,677,269.18 \n \n172,366.33 458,561.49 265,762.12 671,463.96 707,425.82 \n15,311.04 642,735.28 504,872.09 $ \n800.70 73,438.36 \n \n162.88 1,188,122.46 \n \n$ \n \n10,378,291.71 $ \n \n$ 74,087.00 74 087.00 $ \n \n-9,444,043.26 \n-960,417.18 -844,373.36 -450,826.83 -497,315.04 -661,925.70 -424,621.54 -934,967.64 -900,585.34 \n-59,470.20 -352,401.24 \n209,066.30 -241,248.00 -439 377.19 \n-16,002,506.22 \n \n$ \n \n13,986,405.97 \n \n6,899.13 \n \n27,116.65 \n \n4,056,528.11 204,656.77 626,970.22 296,119.96 \n \n$ \n \n19,204,696.81 \n \n$ \n \n3,202,190.59 \n \n28,654,885.40 \n \n$ ======3=1='8=57..,,0,..7=5=.9=9 \n \n-3- \n \n GREENE COUNTY BOARD OF EDUCATION BALANCE SHEET \nGOVERNMENTAL FUNDS JUNE 30, 2008 \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 \n$ 3,973,382.96 $ 839,863.36 \n \n113,184.72 \n \n9,257,500.17 \n \n296,086.51 832,404.25 522,541.16 \n52,576.61 32,396.32 \n \n700,816.73 \n \nTotal Assets \n \n$ 5,822,572.53 $ 10,798,180.26 \n \nLIABILITIES AND FUND BALANCES \nLIABILITIES \nAccounts Payable Salaries and Benefits Payable Payroll Withholdings Payable Loans Payable \nTotal Liabilities \nFUND BALANCES \nReserved for: Continuation of Federal Programs Debt Service Capital Projects \nUnreserved Designated for Student Activities Undesignated Reported in: General Fund Lake Oconee Academy, Inc. (Deficit) \nTotal Fund Balances \n \n$ 87,956.91 $ 1,655,336.02 47,655.05 \n \n87,798.39 \n \n$ 1,790,947.98 $ \n \n87,798.39 \n \n$ 429,814.77 $ 10,710,381.87 \n112,269.73 3,489,540.05 \n$ 4,031,624.55 $ 10,710,381.87 \n \nTotal Liabilities and Fund Balances \n \n$ 5,822,572.53 $ 10,798,180.26 \n \nThe notes to the basic financial statements are an integral part of this statement. -4- \n \n EXHIBIT\"C\" \n \nDEBT SERVICE \nFUND \n \nNONMAJOR GOVERNMENTAL \nFUND \n \nTOTAL \n \n$ 136,421.59 $ \n \n45,089.00 $ 4,994,756.91 9,370,684.89 \n996,903.24 832,404.25 522,541.16 \n52,576.61 32,396.32 \n \n$ 136,421.59 $====4==5=0=8=9=.o=o $ 1s,802,2s3.38 \n \n$ \n \n34,566.00 $ 210,321.30 \n \n13,346.00 \n \n1,668,682.02 \n \n47,655.05 \n \n150,000.00 \n \n150,000.00 \n \n$ \n \n197 912.00 $ 2,076,658.37 \n \n$ 136,421.59 \n$ $ 136,421.59 $ \n \n$ 429,814.77 136,421.59 \n10,710,381.87 \n \n112,269.73 \n \n-152,823.00 \n \n3,489,540.05 -152,823.00 \n \n-152,823.00 $ 14,725,605.01 \n \n$ 136,421.59 $====4==5=,0==8==9==.0=0 $ 16,802,263.38 \n \n-5- \n \n (This page left intentionally blank) \n \n GREENE 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\") \n \n$ 14,725,605.01 \n \nAmounts reported for Governmental Activities in the Statement of Net Assets are different because: \n \nCapital Assets used in Governmental Activities are not financial resources and therefore are not reported in the funds. These assets consist of: \n \nLand Construction in Progress Land Improvements Building and Building Improvements Equipment Accumulated Depreciation \nTotal Capital Assets \n \n$ \n \n165,385.00 \n \n1,040,738.07 \n \n1,653,607.57 \n \n28,885,808.34 \n \n5,194,422.14 \n \n-11,305,727 .48 \n \n25,634,233.64 \n \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. \n \n-17,145.79 \n \nWhen issuing debt, Governmental Funds report the effect of issuance costs, premiums, discounts, and similar items when debt is first issued, whereas these amounts are deferred and amortized in the financial statements of Governmental Activities. The unamortized discount on loans payable is not recorded on the balance sheet for Governmental Funds. \n \n9,275.00 \n \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: \n \nBonds Payable Capital Leases Payable Installment Sales Agreement \nTotal Long-Term Liabilities \n \n$ -7,470,000.00 -652,561.87 -372,330.00 \n \n-8,494,891.87 \n \nNet Assets of Governmental Activities (Exhibit \"A\") \n \n$ 31,857,075.99 \n \nThe notes to the basic financial statements are an integral part of this statement. -7- \n \n GREENE COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2008 \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 Other Support Services Enterprise Operations Food Services Operation \nCapital Outlay Debt Services \nPrincipal Interest \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES {USES) \nDiscounts on Loans Payable Transfers 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 \n$ 13,974,863.01 204,656.77 $ \n7,159,710.56 3,292,668.15 \n423,641.33 102,248.68 133,811.96 \n \n4,056,528.11 524,672.86 \n \n$ 25,291,600.46 $ 4,581,200.97 \n \n$ 13,028,419.81 $ 837,255.40 \n \n1,105,074.00 938,679.91 440,297.23 \n1,053,363.38 1,379,274.01 \n435,548.77 1,502,819.29 1,146,217.37 \n60,270.90 335,638.23 288,699.52 1,175,082.32 \n4,697.84 \n \n42,054.32 302,419.94 \n23,653.36 11,006.69 75,097.86 637,296.92 \n2,183,428.70 \n \n180,673.27 38,251.50 \n \n23,580.00 14,125.69 \n \n$ 23,113,007.35 $ 4,149,918.88 \n \n$ 2,178,593.11 $ 431,282.09 \n \n$ \n \n-85,000.00 $ -3,649,077.50 \n \n$ \n \n-85,000.00 $ -3,649,077.50 \n \n$ 2,093,593.11 $ -3,217,795.41 \n \n1,938,031.44 13,928,177.28 \n \n$ 4,031,624.55 $ 10,710,381.87 \n \nThe notes to the basic financial statements are an integral part of this statement. -8 - \n \n EXHIBIT\"E\" \n \nDEBT SERVICE \nFUND \n \nNONMAJOR GOVERNMENTAL \nFUND \n \nTOTAL \n \n$ 13,974,863.01 \n \n4,261,184.88 \n \n7,159,710.56 \n \n3,292,668.15 \n \n423,641.33 \n \n$ \n \n48.68 \n \n626,970.22 \n \n$ \n \n162,308.00 \n \n296,119.96 \n \n$ \n \n48.68 $ \n \n162,308.00 $ 30,035,158.11 \n \n$ \n$ 3,155,000.00 387,000.00 \n$ 3,542,000.00 $ $ -3,541,951.32 $ \n \n70,202.00 $ 13,935,877.21 \n \n2,282.00 61,835.00 198,473.00 44,539.00 \n8,888.00 \n \n1,149,410.32 1,302,934.85 \n440,297.23 1,275,489.74 1,423,813.01 \n446,555.46 1,577,917.15 1,783,514.29 \n60,270.90 344,526.23 288,699.52 1,175,082.32 2,188,126.54 \n \n3,359,253.27 439 377.19 \n \n386,219.00 $ 31,191,145.23 \n \n-223,911.00 $ -1, 155,987.12 \n \n$ $ 3,649,077.50 \n$ 3,649,077.50 $ $ 107,126.18 $ \n29,295.41 \n \n-13,912.00 $ 85,000.00 \n \n-13,912.00 3,734,077.50 -3,734,077.50 \n \n71 088.00 $ \n \n-13 912.00 \n \n-152,823.00 $ -1,169,899.12 \n \n0.00 \n \n15,895,504.13 \n \n$ 136,421.59 $ \n \n-152,823.00 $ 14,725,605.01 \n \n-9- \n \n GREENE 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 lifes 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. \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: \nDiscount on Loans Payable Amortization of Discount on Loans Payable \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 Capital Lease Payments Installment Sales Agreement Payments \nTotal Long-Term Debt Repayments \nChange in Net Assets of Governmental Activities (Exhibit \"B\") \n \n$ -1,169,899.12 \n \n$ 1,920,978.13 \n-962,975.43 \n \n958,002.70 45,558.74 \n \n$ \n \n13,912.00 \n \n-4,637.00 \n \n9,275.00 \n \n$ 3,155,000.00 \n180,673.27 23,580.00 \n \n3,359,253.27 \n \n$ 3,202,190.59 \n \nThe notes to the basic financial statements are an integral part of this statement. - 10 - \n \n GREENE COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET ASSETS \nFIDUCIARY FUNDS JUNE 30, 2008 \nASSETS Cash and Cash Equivalents \nLIABILITIES Funds Held for Others \n \nEXHIBIT\"G\" \n \nAGENCY FUNDS \n$ =====28='=51=0=.9===8 \n \n$ \n \n28,510.98 \n \nThe notes to the basic financial statements are an integral part of this statement. - 11 - \n \n (This page left intentionally blank) \n \n GREENE 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 Greene County Board ofEducation (School District) was established under the laws ofthe State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \nBLENDED COMPONENT UNIT \nThe non-profit organization, Lake Oconee Academy, Inc., operates a charter school, Lake Oconee Academy. The Lake Oconee Academy, Inc., (Charter School) is a legally separate tax-exempt component unit of Greene County Board of Education (School District). The Charter School was created through a contract between the School District and the Charter School whereby the School District provides funds to the Charter School to cover the costs of its operations. \nAlthough the Charter School is legally separate from the School District, it is reported as a Special Revenue Fund ofthe School District because it is located in Greene County and almost exclusively provides benefits to the School District in that it is responsible for the public education of the students attending its school. Complete financial statements for the Charter School can be obtained from the Lake Oconee Academy, 6350 Lake Oconee Parkway, Suite 102, Greensboro, Georgia 30642. \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 Greene 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 ofActivities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \n \n- 13 - \n \n GREENE 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 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. All remaining governmental funds are aggregated and reported as nonmajor funds. \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), Bond Proceeds and proceeds from an installment sales agreement 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 \n \n- 14 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT \"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nearned 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. Proceeds of general long-term liabilities, acquisitions under capital leases and acquisitions under an installment sales agreement 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 of Georgia Annotated Section 45-8-14 authorize the School District to deposit its funds in one or more solvent banks, insured Federal savings and loan associations or insured chartered building and loan associations. \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 \n- 15 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT\"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \ncontracts 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 ofGeorgia, Office of Treasury and Fiscal Services, \n(7) Repurchase agreements, and \n(8) Obligations of other political subdivisions ofthe State of Georgia. \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. \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. \nPROPERTY TAXES \nThe Greene County Board ofCommissioners fixed the property tax levy for the 2007 tax digest year (calendar year) on October 4, 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 \n- 16 - \n \n GREENE 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 \nare reported as revenue in the governmental funds for fiscal year 2008. The Greene 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 $13,940,847.23. \n \nThe tax millage rate levied for the 2007 tax year (calendar year) for the Greene County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \n \nSchool Operations \n \n8.7 mills \n \nSALES TAXES \n \nSpecial Purpose Local Option Sales Tax, at the fund reporting level, during the year amounted to $4,056,528.11 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 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 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 \n- 17 - \n \n GREENE 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 \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$ 5,000.00 20 to 80 years \n \n$ 5,000.00 25 to 80 years \n \n$ 5,000.00 5 to 20 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 first year bonds are issued. \n \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 of Net Assets. \n \nNET ASSETS \n \nThe School District's net assets in the District-wide Statements are classified as follows: \n \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. \n \nRestricted net assets - These represent resources for which the School District is legally or contractually obligated to spend resources for continuation of Federal programs, debt service and capital projects in accordance with restrictions imposed by external third parties. \n \n- 18 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT \"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nUnrestricted net assets - Unrestricted net assets represent resources derived from property taxes, sales taxes, 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. \nNote 3: DEPOSITS AND INVESTMENTS \nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate ofthe face value of such surety bond and the market value of securities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. Ifa depository elects the pooled method (OCGA 45-8-13.1) the aggregate ofthe market value ofthe securities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool balance. \nAcceptable security for deposits consists of any one of or any combination of the following: \n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by or securities guaranteed by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \n- 19 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT\"H\" \n \nNote 3: DEPOSITS AND INVESTMENTS \n \nCATEGORIZATION OF DEPOSITS At June 30, 2008, the bank balances were $6,443,467.32. The amounts ofthe total uninsured bank balances are classified into three categories of custodial credit risk: \n \nCategory 1 - Uncollateralized, Category 2 - Cash collateralized with securities held by the pledging financial institution, or Category 3 - Cash collateralized with securities held by the pledging financial institution's \ntrust department or agent but not in the School District's name. \n \nThe School District's uninsured deposits are classified by custodial credit risk category at June 30, 2008, as follows: \n \nCustodial Credit Risk Category \n \nBank Balance \n \n1 \n \n$ \n \n0.00 \n \n2 \n \n6,198,571.62 \n \n3 \n \n36,179.97 \n \nTotal \n \n$6,234,751.59 \n \nCATEGORIZATION OF INVESTMENTS The School District's investments as of June 30, 2008, are presented below. All investments are presented by investment type and debt securities are presented by maturity. \n \nInvestment Type \n \nFair Value \n \nOther Investments U. S. Treasury Money Market Funds \n \n$ 235,081.16 \n \nInvestment Pools Office of Treasury and Fiscal Services Georgia Fund 1 \n \n9,135.603.73 \n \nTotal Investments \n \n$ 9,370,684.89 \n \nThe Georgia Fund 1, formerly referred to as LGIP, administered by the State of Georgia, Office of Treasury and Fiscal Services is 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 of Treasury 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 \n \n-20- \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT\"H\" \n \nNote 3: DEPOSITS AND INVESTMENTS \n \nFund 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 ofGeorgia 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, $1.00 per share. The pool is an AAAm rated investment pool by Standard and Poor's. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2008, was 40 days. \n \nThe U.S. Treasury Money Market funds are in an Institutional Treasury Portfolio Fund managed by Fidelity Investments. The Institutional Treasury Portfolio Fund is rated AAAm by Standard and Poor's. The weighted average maturity of the fund is approximately 60 days. \n \nNote 4: NON-MONETARY TRANSACTIONS \n \nThe School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 2 - Inventories \n \nNote 5: CAPITAL ASSETS \n \nThe following is a summary of changes in the Capital Assets during the fiscal year: \n \nBalances \nJuly 1. 2007 \n \nIncreases \n \nDecreases \n \nBalances June 30, 2008 \n \nGovernmental Activities Capital Assets, Not Being Depreciated: \nLand Construction in Progress \n \n$ 165,385.00 \n \n$ \n \n7,461.23 $ 1,033,276.84 \n \n0.00 $ 165,385.00 1,040,738.07 \n \nTotal Capital Assets Not Being Depreciated $ 172,846.23 $ 1,033,276.84 $ \n \n0.00 $ 1,206,123.07 \n \nCapital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements \n \n$28,822,808.34 $ 63,000.00 \n \n$28,885,808.34 \n \n4,635,129.85 824,701.29 $ 265,409.00 5,194,422.14 \n \n1,653,607.57 \n \n1,653,607.57 \n \nLess Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements \n \n6,603,026.97 2,926,532.91 1,078.601.17 \n \n493,097.92 405,560.70 \n64,316.81 \n \n265,409.00 \n \n7,096,124.89 3,066,684.61 1,142,917.98 \n \nTotal Capital Assets, Being Depreciated, Net $24,503,384.71 $ -75,274.14 $ \n \n0.00 $24,428,110.57 \n \nGovernmental Activity Capital Assets - Net $24,676,230.94 $ 958,002.70 $ \n \n0.00 $25,634,233.64 \n \n- 21 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT \"H\" \n \nNote 5: CAPITAL ASSETS \n \nCapital assets being acquired under capital leases as of June 30, 2008, are as follows: \n \nGovernmental Funds \n \nEquipment Less: Accumulated Depreciation \n \n$ 309,120.00 152,013.00 \n \n$ 157,107.00 \n \nCapital assets being acquired under installment sales agreements as ofJune 30, 2008, are as follows: \n \nGovernmental Funds \n \nConstruction in Progress \n \n$ 149,599.57 \n \nCurrent year depreciation expense by function is as follows: \n \nInstruction Support Services \nEducational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services \n \n$ 595,074.43 \n \n$ 34,828.00 22,425.13 26,607.50 878.40 8,218.25 181,738.35 36,099.50 \n \n310,795.13 57,105.87 \n \n$ 962,975.43 \n \nNote 6: RESTRICTED ASSETS \n \nSpecial Purpose Local Option Sales Tax (SPLOST), general obligation bond proceeds and installment sales agreement 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- 22 - \n \n GREENE 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: Debt Services Capital Acquisitions \nRestricted Investments: Capital Acquisitions \n \nDistrict-wide Capital Projects \n \nInstallment \n \nBond \n \nSales \n \nSP LOST \n \nProceeds \n \nAgreement \n \nDebt Service Funds \n \n$ 839,863.36 \n \n$ 136,421.59 \n \n$ 5,550,934.71 $ 3,471,484.30 $ 235,081.16 \n \nNote 7: INTERFUND TRANSFERS \n \nInterfund transfers for the year ended June 30, 2008, consisted of the following: \n \nTransfer to \n \nTransfers From \n \nDistrict-wide \n \nGeneral \n \nCapital \n \nFund \n \nProjects \n \nSpecial Revenue Fund - Lake Oconee Academy, Inc. $ 85,000.00 \n \nDebt Service Fund \n \n_ _ _ _ $ 3,649,077.50 \n \nTotal \n \n$ 85,000.00 $3,649,077.50 \n \nTransfers are used to move funding from the General Fund to Lake Oconee Academy for students enrolled in the charter school according to the approved charter and to move Special Purpose Local Option Sales Tax revenue (SPLOST) collected by the District-wide Capital Projects Fund to the Debt Service Fund as needed for repayment of bond principal and interest. \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 participates in the Georgia School Boards Association Risk and Insurance Management System, a public entity risk pool organized on July 1, 1994, to develop and administer a plan to reduce risk of loss on account of general liability, motor vehicle liability, or property damage, including safety engineering and other loss prevention and control techniques, and to administer one or more groups of self-insurance funds, including the processing and defense of claims brought against members ofthe system. The School District pays an annual premium to the system for its general insurance coverage. Additional coverage is provided through agreements by the system with other companies according to their specialty for property, boiler and machinery \n \n- 23 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT \"H\" \n \nNote 8: RISK MANAGEMENT \n \n(including coverage for flood and earthquake), general liability (including coverage for sexual harassment, molestation and abuse), errors and omissions, crime and automobile risks. Payment of excess insurance for the system varies by line of coverage. \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 \nBeginning ofYear Liability \n \nClaims and Changes in Estimates \n \nClaims Paid \n \nEndofYear Liability \n \n2007 2008 \n \n$ \n \n0.00 $ 43,222.00 $ 43,222.00 $ \n \n0.00 \n \n$ \n \n0.00 $ 47,574.00 $ 47,574.00 $ \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 $2,000,000.00. \n \nThe School District has purchased surety bonds to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nSuperintendent All Other Employees \n \n$ 100,000.00 $ 100,000.00 \n \nNote 9: SHORT-TERM DEBT \n \nThe School District issues tax anticipation notes in advance ofproperty tax collections, depositing the proceeds in its General Fund. This short-term debt is to provide cash for operations until property tax collections are received by the School District. Article IX, Section V, Paragraph V of the Constitution ofthe State ofGeorgia limits the aggregate amount ofshort-term debt to 75 percent ofthe 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 \n- 24- \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT \"H\" \n \nNote 9: SHORT-TERM DEBT \n \nShort-term debt activity for the fiscal year is as follows: \n \nBeginning Balance \n \nIssued \n \nRedeemed \n \nEnding Balance \n \nTax Anticipation Notes $====0-,0~0 $3.200.000,00 $3.200.000,00 $====0-,0~0 \n \nNote 10: LONG-TERM DEBT \n \nLOANS PAYABLE During the year ended June 30, 2008, the Lake Oconee Academy (Charter School) received noninterest bearing loans from a donor totaling $150,000.00. Under the agreement with the donor, these loans will be repaid from the Charter School cash flow as it generates revenue from additional grades and students to the school or the Charter School has received funding from the Federal Implementation Grant which is distributed to start-up charter schools. It is estimated that the loans will be repaid as of June 30, 2010. The Charter School has recognized the imputed interest (at the current prime rate of3.25%) on these non-interest bearing loans of$13,912.00 as a contribution for 2008, and will accrete this discount over the expected loan term. Interest accretion on these loans totaled $4,637.00 for 2008. \n \nCAPITAL LEASES The Greene County Board of Education has entered into various lease agreements for buses and energy conservation. These lease agreements qualify as capital leases for accounting purposes, and, therefore, have been recorded at the present value ofthe future minimum lease payments as ofthe date of their inception. \n \nINSTALLMENT SALES AGREEMENT The Greene County Board of Education entered into an agreement dated June 1, 2006, with the Northeast Georgia Regional Educational Service Agency for the construction and subsequent lease of the Rutland Center. Under the terms of the agreement, the School District will make annual payments through July 15, 2020. \n \nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: \n \nPurpose \n \nInterest Rate \n \nAmount \n \nGeneral Government - Series 2006 \n \n3.65% \n \n$ 7.470,000.00 \n \nThe changes in Long-Term Debt during the fiscal year ended June 30, 2008, were as follows: \n \n- 25 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT \"H\" \n \nNote 10: LONG-TERM DEBT \n \nBalance \nJuly 1. 2007 \n \nGovernmental Funds \n \nAdditions \n \nDeductions \n \nBalance June 30, 2008 \n \nDue Within One Year \n \nG.O. Bonds \n \n$10,625,000.00 $ \n \nCapital Leases \n \n833,235.14 \n \nInstallment Sales Agreement 395,910.00 \n \n0.00 $ 3,155,000.00 $ 7,470,000.00 $ 1,765,000.00 \n \n180,673.27 \n \n652,561.87 \n \n145,456.80 \n \n23,580.00 \n \n372,330.00 \n \n23,940.00 \n \n$1 l,85!1145.H $ \n \nQ,QQ $ 3,352,253.21 $ 8,!12!1,821.81 $ l ,23!l,326.8Q \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 \n2009 2010 2011 2012 2013 2014 - 2018 2019 - 2021 \nTotal Principal and Interest \n \nCagital Leases \n \nPrincigal \n \nInterest \n \nInstallment Sales Agreement \n \nPrincigal \n \nInterest \n \n$ 145,456.80 $ 152,680.83 136,511.20 217,913.04 \n \n29,364.78 $ 22,140.75 14,556.56 \n8,688.60 \n \n23,940.00 $ 24,930.00 26,010.00 27,090.00 28,170.00 159,300.00 82,890.00 \n \n15,488.93 14,493.03 13,455.94 12,373.92 11,246.98 37,668.40 5 791.97 \n \n$ 652.561,87 $ 74,750.69 $ 372,330.00 $ 110,519.17 \n \nFiscal Year Ended June 30 \n2009 2010 2011 2012 \nTotal Principal and Interest \n \nGeneral Obligation Debt \n \nPrincigal \n \nInterest \n \n$ l,765,000.00 $ 1,830,000.00 1,900,000.00 1,975,000.00 \n \n272,655.00 208,232.50 141,437.50 \n72,087.50 \n \n$ 7,470.000,00 $ 694,412,50 \n \nNote 11: ON-BEHALF PAYMENTS \n \nThe School District has recognized revenues and costs in the amount of $482,761.09 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 $452,803.88 \n \n- 26 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT\"H\" \n \nNote 11: ON-BEHALF PAYMENTS \n \nPaid to the Teachers Retirement System of Georgia For Teachers Retirement System (TRS) Employer's Cost In the amount of $27,181.21 \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$2,776.00 \n \nNote 12: SIGNIFICANT COMMITMENTS \n \nThe following is an analysis ofsignificant outstanding construction or renovation contracts executed by the School District as of June 30, 2008: \n \nProject \n \nUnearned Executed Contracts \n \nDistrict Paving Project \n \n$1,057,313.80 \n \nThe amount described in this note is not reflected in the basic financial statements. \n \nNote 13: 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 14: SUBSEQUENT EVENTS \n \nOn December 16, 2008, in the subsequent fiscal year, the School District entered into an Intergovernmental Contract with Greene County Development Authority (Authority) for the purpose ofconstructing educational facilities for use by Lake Oconee Academy, Inc. The construction costs for the facilities are financed by revenue bonds of $17,205,000.00 issued by the Authority on February 20, 2009. The bonds issued are limited obligations ofthe Authority and do not constitute a debt or general obligation ofthe School District. However, the Intergovernmental Contract obligates the School District to make payments to the Authority for all principal and interest due and payable for the issued bonds. \n \n- 27 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT \"H\" \n \nNote 15: POSTEMPLOYMENT BENEFITS \n \nGeorgia Retiree Health Benefit Fund \n \nPlan Description. The School District contributes to the Georgia Retiree Health Benefit Fund (\"GRHBF\"), a cost-sharing multiple-employer defined benefit postemployment healthcare plan administered by the Department of Community Health. GRHBF provides health insurance benefits to eligible retirees and their qualified beneficiaries. Pursuant to Title 45, Chapter 18 of the Official Code ofGeorgia Annotated, the authority to establish and amend the benefit provisions ofthe plan is assigned to the Board of Community Health. The Department of Community Health issues a publicly available financial report that includes financial statements and required supplementary information for GRHBF. That report may be obtained from the Department ofCommunity Health at 2 Peachtree Street, Atlanta, Georgia 30303. \n \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. \n \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 \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 $1,872,508.10, which equaled the required contribution. \n \nNote 16: RETIREMENT PLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \n \nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \n \n- 28 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2008 \n \nEXHIBIT \"H\" \n \nNote 16: RETIREMENT PLANS \n \nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.28% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \nFiscal Year \n \nPercentage Contributed \n \nRequired Contribution \n \n2008 2007 2006 \n \n100% 100% 100% \n \n$ 1,140,251.84 $ 1,174,497.73 $ 1,194,457.00 \n \n- 29 - \n \n (This page left intentionally blank) \n \n GREENE 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 Other Support Services Enterprise Operations Food Services Operation \nCapital Outlay Debt Service \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES {USES} \nOperating Transfers From Other Funds Operating Transfers To Other Funds \nTotal Other Financing Sources (Uses) \nNet Change in Fund Balances \nFund Balances - Beginning \nAdjustments \n \nNONAPPROPRIATED BUDGETS \n \nORIGINAL !1l \n \nFINAL (1) \n \nACTUAL AMOUNTS \n \n$ 13,552,415.33 $ 13,552,415.33 $ 13,974,863.01 \n \n204,656.77 \n \n6,882,298.77 \n \n7,046,705.98 \n \n7,159,710.56 \n \n3,605,623.89 \n \n3,526,619.33 \n \n3,292,668.15 \n \n53,281.43 \n \n53,281.43 \n \n423,641.33 \n \n34,300.00 \n \n34,300.00 \n \n102,248.68 \n \n168,289.71 \n \n168,289.71 \n \n133,811.96 \n \n$ 24,296,209.13 $ 24,381,611.78 $ 25,291,600.46 \n \n$ 13,722,769.25 $ 13,835,353.17 $ 13,028,419.81 \n \n966,224.20 991,284.62 502,176.54 1,091, 169.49 1,293,200.46 566,320.21 1,800,356.53 1,221,331.19 60,478.72 426,862.83 \n1,135,381.65 277,500.00 \n \n1,001,224.20 1,127,474.98 \n522,176.54 1,090,607.30 1,310,527.46 \n566,320.21 1,800,356.53 1,221,331.19 \n60,478.72 324,800.00 \n1,135,381.65 277,500.00 \n \n1,105,074.00 938,679.91 440,297.23 \n1,053,363.38 1,379,274.01 \n435,548.77 1,502,819.29 1,146,217.37 \n60,270.90 335,638.23 288,699.52 1,175,082.32 \n4,697.84 218,924.77 \n \n$ 24,055,055.69 $ 24,273,531.95 $ 23,113,007.35 \n \n$ \n \n241,153.44 $ \n \n108,079.83 $ \n \n2, 178,593.11 \n \n$ \n \n283,456.83 $ \n \n283,456.83 \n \n-283,456.83 \n \n-283,456.83 $ \n \n-85,000.00 \n \n$ \n \n0.00 $ \n \n0.00 $ \n \n-85,000.00 \n \n$ \n \n241,153.44 $ \n \n108,079.83 $ \n \n2,093,593.11 \n \n1,901,331.30 \n \n1,901,331.30 \n \n1,938,031.44 \n \n65,278.58 \n \n31,140.21 \n \nFund Balances - Ending \n \n$ \n \n2,201,763.32 $ \n \n2,040,551.34 $ \n \n4,031,624.55 \n \nNotes to the Schedule of Revenues, Ex11enditures 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- 31 - \n \n GREENE 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) Pass-Through From Office of Treasury and Fiscal Services National Forest Reserve Funds \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 Improving Teacher Quality 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 Pass-Through From Greene County Dreamers Twenty-First Century Community Learning Centers \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 \nNIA NIA $ \n$ \n \n(2) 965,148.35 \n965,148.35 \n \n10.550 10.665 \n \nNIA NIA \n$ \n \n81,445.29 {3} 1,046,593.64 \n \n84.027 84.173 \n \nNIA $ NIA \n$ \n \n468,190.00 35,270.00 \n503,460.00 \n \n84.048 84.318 84.367 84.358 84.186 84.298 * 84.010 \n84.287 \n \nNIA NIA NIA NIA NIA NIA NIA \nNIA \n$ \n \n33,324.00 117,451.00 224,460.00 64,091.00 \n1,292.13 4,386.00 876,978.29 \n243,190.14 \n2,068,632.56 \n \n$ \n \n127,110.32 \n \n$=====3=,2=42='=33,..6.,..5.2... \n \n- 32 - \n \n GREENE 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 ($360,810.26) were not maintained separately and are included in the 2008 National School Lunch Program. \n(3) Funds earned on this program, in the amount of $67,405.78, 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 Greene 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- 33- \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2008 \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 Gifted Student - Category VI Alternative Education Program English for Speakers of Other Languages (ESOL) Program Media Center Program 20 Days Additional Instruction Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Categorical Grants Pupil Transportation Regular Bus Replacement Sparsity Nursing Services Vocational Supervisors Mid-term Adjustment Hold-Harmless Preschool Handicapped Program Food Services Health Insurance Teachers' Retirement System Vocational Education Amended Formula Adjustment Other State Programs Charter Schools-Facility Funding High School Graduation Program Middle School Remedial National Teacher Certification Virtual School \nOffice of Treasury and Fiscal Services Public School Employees Retirement \n \nSee notes to the basic financial statements. \n \n- 34- \n \nSCHEDULE \"3\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n525,901.89 \n \n453,277.00 10,694.00 \n825,795.00 47,199.00 \n386,443.00 65,935.00 \n618,893.00 536,955.00 248,694.00 940,241.00 257,841.00 \n51,079.00 65,939.00 122,320.00 35,714.00 23,793.00 \n242,426.00 290,249.00 295,938.00 \n377,473.00 74,087.00 20,000.00 52,592.00 17,327.00 11,258.00 52,723.00 64,448.00 \n452,803.88 27,181.21 83,390.58 \n-192,896.00 \n20,000.00 42,096.00 \n2,886.00 5,888.00 \n350.00 \n2 776.00 \n$ ======7'==1=59==,7=1=0=.5=6 \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2008 \n \nSCHEDULE \"4\" \n \nPROJECT \nThe renovation, improvement and equipping of existing school buildings and other facilities, the acquisition, construction and equipping of additional administrative, support and physical education facilities at existing school and the acquisition of all property necessary or desirable therefore, both real and personal. \nAdding to, constructing, renovating, repairing, improving and equipping school system buildings and facilities, including but not limited to a school bus depot, athletic and fine arts facilities and security improvements and equipment; acquiring various new equipment, fixtures and furnishings for existing facilities system-wide, including computer technology and software, acquiring school buses and transportation equipment; equipping existing classrooms and instructional and support space; acquiring part of a psychoeducational facility; paying and general obligation debt of the School District in conjunction with the imposition of such sales and use tax; and paying the expenses incident to accomplishing the foregoing. \n \nORIGINAL ESTIMATED \nCOST(1) \n \nCURRENT ESTIMATED COSTS(2) \n \nAMOUNT EXPENDED IN CURRENT YEAR (3) \n \nAMOUNT EXPENDED \nIN PRIOR YEAR(3) \n \nPROJECT STATUS \n \n$ 10,000,000.00 $ 10,565,642.88 \n \n$ 10,565,642.88 Ongoing \n \n19,000,000.00 19,000,000.00 $ 4,261,220.88 \n \n1,366,925.93 Ongoing \n \n$ 291000,000.00 $ 29,565,642.88 $ 4,261,220.88 $ 11,932,568.81 \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 Greene 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-35- \n \n (This page left intentionally blank) \n \n GREENE 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 \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 \nCategoryV \n \nGifted Student - Category VI \n \nAlternative Education Program \n \nEnglish Speakers of Other Languages (ESOL) \n \n915,224.00 $ 20,887.00 1,724,506.00 95,693.00 815,454.00 \n \n828,276.99 $ 43,965.90 1,612,116.07 105,799.98 924,510.54 \n \n127,281.00 1,315,093.00 1,093,433.00 \n534,455.00 1,984,962.00 \n512,610.00 107,203.00 131 672.00 \n \n73,987.49 1,143,239.22 1,576,055.47 \n508,214.66 \n363,049.54 198,870.61 1,144,170.82 \n1,393.91 491,203.71 \n93,675.02 178,476.28 \n \n49,814.76 $ 415.18 \n60,506.00 1,048.12 \n26,953.26 \n242.35 50,380.59 120,689.83 23,389.31 \n144,142.99 \n5,269.15 \n7,299.92 \n \n878,091.75 44,381.08 \n1,672,622.07 106,848.10 951,463.80 \n74,229.84 1,193,619.81 1,696,745.30 \n531,603.97 \n507,192.53 198,870.61 1,144,170.82 \n1,393.91 496,472.86 \n93,675.02 185,776.20 \n \nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \n \n$ \n \n9,378,473.00 $ 9,287,006.21 $ 490,151.46 $ 9,777,157.67 \n \nMedia Center Program Staff and Professional Development \n \n253,747.00 48 182.00 \n \n332,369.89 \n \n57,090.40 \n \n389,460.29 171,992.98 \n \nTOTAL QBE FORMULA FUNDS \n \n$ \n \n9,680,402.00 $ 9,619,376.10 $ 547,241.86 $ 10,338,610.94 \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- 37 - \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 \nMay 28, 2009 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Greene 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 Greene County Board of Education as of and for the year ended June 30, 2008, which collectively comprise Greene County Board of Education's basic financial statements and have issued our report thereon dated May 28, 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. Other auditors audit the financial statements of the Lake Oconee Academy, Inc., (Charter School), as described in our report on Greene County Board ofEducation's financial statements. This report does not include the results ofother auditors testing of internal control over financial reporting or compliance and other matters that are reported on separately by those auditors. \nInternal Control Over Financial Reporting \nIn planning and performing our audit, we considered Greene County Board of Education's internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinions on the financial statements, but not for the purpose ofexpressing an opinion on the effectiveness of the Greene County Board of Education's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Greene County Board of Education's internal control over financial reporting. \n \n2008YB-30X \n \n Our 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. \nA control deficiency exists when the design or operation ofa control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the Greene County Board of Education's ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the Greene County Board of Education's financial statements that is more than inconsequential will not be prevented or detected by the Greene County Board of Education's internal control. We consider items FS-6661-08-01 and FS-6661-08-02 in the accompanying Schedule of Findings and Questioned Costs to be significant deficiencies 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 Greene 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 none of the significant deficiencies described above are material weaknesses. \nCompliance and Other Matters \nAs part of obtaining reasonable assurance about whether Greene 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 Greene County Board of Education in a separate letter dated May 28, 2009. \nGreene County Board of Education's response to the findings identified in our audit is described in the accompanying Schedule ofManagement's Responses. We did not audit Greene County Board of Education's response and, accordingly, we express no opinion on it. \n2008YB-30X \n \n This report is intended solely for the information and use of management, members of the Greene 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. \nRespectfully submitted, \n--:.?~ m. w . ~ \n~u1sell W. Hinton, CPA, CGFM State Auditor \nRWH:as 2008YB-30X \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 \nMay 28, 2009 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Greene 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 ofGreene County Board ofEducation with the types ofcompliance requirements described in the U.S. Office of Management and Budget (0MB) Circular A-133 Compliance Supplement that are applicable to its major Federal program for the year ended June 30, 2008. Greene County Board of Education's major Federal program is identified in the Summary of Auditor's Results Section of the accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements oflaws, regulations, contracts and grants applicable to its major Federal program is the responsibility of Greene County Board of Education's management. Our responsibility is to express an opinion on Greene County Board ofEducation'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 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 Greene County Board ofEducation'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 Greene County Board of Education's compliance with those requirements. \nIn our opinion, the Greene County Board of Education complied, in all material respects, with the requirements referred to above that are applicable to its major Federal program for the year ended June 30, 2008. \nInternal Control Over Compliance \nThe management of Greene 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 Greene County Board ofEducation's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose ofexpressing our opinion on compliance, but not for the purpose ofexpressing an opinion on the effectiveness ofinternal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Greene 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 ofcompliance 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 ofa Federal program will not be prevented or detected by the entity's internal control. \nOur consideration ofthe 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 of management, members ofthe Greene 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~.m_w.~ \nRussell W. Hinton, CPA, CGFM State Auditor \nRWH:as 2008SA-10 \n \n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \n GREENE COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2008 \n \nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nFINDING CONTROL NUMBER AND STATUS \n \nFS-6661-06-03 FS-6661-07-01 \n \nFurther Action Not Warranted Unresolved - See Corrective Action/Responses \n \nCORRECTIVE ACTION/RESPONSES \n \nEXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Internal Controls over Credit Card Expenditures Finding Control Number: FS-6661-07-01 \n \nWe concur with this finding. The Board implemented a new purchasing policy in September 2008. It is the intent of the Administration that credit cards are the responsibility of each holder. \n \nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \n \nFINDING CONTROL NUMBER AND STATUS \n \nF A-6661-06-02 \n \nPartially Resolved - See Corrective Action/Responses \n \nCORRECTIVE ACTION/RESPONSES \n \nSPECIAL TESTS AND PROVISIONS Deficiencies in Hiring \"Highly Qualified\" Personnel U.S. Department of Education Through Georgia Department of Education Title I Grants to Local Educational Agencies (CFDA 84.010) Finding Control Number: FA-6661-06-02 \n \nThe Board is currently awaiting a review from the Georgia Department ofEducation to see if a reclaim of funds is appropriate. \n \n SECTION IV FINDINGS AND QUESTIONED COSTS \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2008 \n \nI SUMMARY OF AUDITOR'S RESULTS \n \n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Greene County Board ofEducation's financial statements was unqualified. \n \n2. Significant Deficiencies in Internal Control Disclosed by the Audit ofthe Financial Statements The audit report for the Greene County Board of Education disclosed financial statement significant deficiencies related to the following control categories. \n \nCash and Cash Equivalents Employee Compensation Accounting Controls (Overall) \n \nExpenditures/Liabilities/Disbursements Revenues/Receivables/Receipts \n \nNone of the significant deficiencies described above are considered to be material weaknesses. \n \n3. Noncompliance Material to the Financial Statements The audit of the Greene County Board of Education disclosed no instances of noncompliance that were deemed to be material to the financial statements. \n \n4. Significant Deficiencies in Internal Control Over Major Programs The audit report for the Greene County Board ofEducation did not disclose any significant deficiencies in internal control over major programs. \n \n5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Greene 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 .510(a) ofOMB Circular A-133 The Greene County Board ofEducation's audit did not disclose audit findings required to be reported by section .510(a) ofOMB Circular A-133. \n \n7. Major Programs The Federal award audited as a major program is as follows: 84.010 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 Greene County Board ofEducation qualified as a low risk auditee as defined by Section .530 ofOMB Circular A-133. \n \n- 1- \n \n GREENE 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 Inadequate Internal Controls over Credit Card Expenditures Significant Deficiency Finding Control Number: FS-6661-08-01 \n \nCondition: \n \nThis is a repeat finding (FS-6661-06-03 and FS-6661-07-01) from the fiscal years ended June 30, 2006, and June 30, 2007, respectively. The School District has not established internal controls related to management's usage of credit cards issued in the name of the Board. \n \nCriteria: \n \nThe School District's management is responsible for designing and maintaining internal controls that provide reasonable assurance that expenditures are properly authorized, documented and allowable. \n \nQuestioned Cost: NIA \n \nInformation: \n \nWeaknesses in internal controls related to the credit card usage by management, including Board Members and the Superintendent, were as follows: \n \n The School District did not have a written policy regarding the use of credit cards by management. \n Procedures were not in place to ensure that charges were allowable prior to the use of the credit cards. \n More than one card with the same account number was being used to charge expenditures and travel; thereby, making it difficult to determine if purchases were made by authorized users. \n Personal expenses were charged to the Board's credit card by a Board Member. The School District was later reimbursed for these expenditures. \n The School District does not appear to be following Statewide Travel Regulations issued by the State Accounting Office regarding meal reimbursements. \n Travel charges were not identified by individual, making it difficult to determine whether travel paid to employees and board members was properly reported on the Salary and Travel Supplement to Georgia Department of Audits and Accounts. \n \nCause: \n \nThese deficiencies were a result of management's failure to ensure that internal controls were established, implemented and functioning with regard to the credit cards. \n \n-2- \n \n GREENE 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 Inadequate Internal Controls over Credit Card Expenditures Significant Deficiency Finding Control Number: FS-6661-08-01 \n \nEffect: \n \nErrors and/or irregularities may not be detected in a timely manner. Travel reported on the Salary and Travel Supplement may be incorrect. \n \nRecommendation: \n \nWe recommend that management move quickly and decisively to address the deficiencies noted above because management's actions related to establishing good internal controls are the foundation for an effective internal control structure. Effective internal control policies and procedures should be implemented to ensure that credit card expenditures are properly authorized, documented, allowable and utilized for educational purposes only. \n \nACCOUNTING CONTROLS (OVERALL) CASH AND CASH EQUIVALENTS EMPLOYEE COMPENSATION REVENUES/RECEIVABLES/RECEIPTS Inadequate Separation of Duties Significant Deficiency Finding Control Number: FS-6661-08-02 \n \nCondition: \n \nThe accounting procedures ofthe School District were insufficient to provide for adequate separation of duties related to accounting controls (overall), cash and cash equivalents, employee compensation and revenues/receivables/receipts. \n \nCriteria: \n \nThe School District's management is responsible for designing and maintaining internal controls that provide adequate separation of duties involving key accounting functions, both manual and automated. \n \nQuestioned Cost: NIA \n \nInformation: \n \nAccounting Controls (Overall)  Access controls in the Financial Accounting System did not prevent users from accessing accounting functions that were outside of their area of responsibility. \n \n-3 - \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2008 \n \nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nACCOUNTING CONTROLS (OVERALL) CASH AND CASH EQUIVALENTS EMPLOYEE COMPENSATION REVENUES/RECEIVABLES/RECEIPTS Inadequate Separation of Duties Significant Deficiency Finding Control Number: FS-6661-08-02 \n \nCash and Cash Equivalents  The bank reconciliation was not performed by someone independent of the general ledger function, including the ability to post journal entries.  Bank reconciliations were not reviewed by an individual independent of the reconciliation process. \n \nEmployee Compensation  Personnel and payroll functions were not separated. The same individual that enters employee information into the personnel system also calculates employee compensation, processes payroll transactions, and posts information to the general ledger. \n \nRevenues/Receivables/Receipts  Deposits preparation was not separated from the record keeping and cash custody functions. \n \nCause: \n \nThis deficiency was a result of the School District's decision to limit the number of administrative staff made responsible for accounting functions. \n \nEffect: \n \nFraud, errors and/or irregularities may not be detected in a timely manner. \n \nRecommendation: \n \nManagement should review this decision to determine ifemployee duties can be reassigned to achieve a higher degree of internal controls, including monitoring, with the existing staffand should also implement procedures to ensure that key accounting functions of custody, record keeping and authorization are separated. \n \nIII FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \n \nNo matters were reported. \n \n-4- \n \n SECTIONV MANAGEMENT'S RESPONSES \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF MANAGEMENT'S RESPONSES \nYEAR ENDED JUNE 30, 2008 \nFinding Control Number: FS-6661-08-01 \nConcur: \nAt the conclusion of fiscal year 2008, the policy pertaining to Credit Card use had not been implemented. On September 8, 2008, the Greene County Board ofEducation passed its Credit Card policy, Descriptor Code: DJE. The policy addresses controls and allowable uses of Credit Cards. The policy has been implemented and the uses of cards are monitored by the Business Department and CFO. \nFinding Control Number: FS-6661-08-02 \nConcur: \nDue to the limited size of staff in the Business Department and the current software being used, we have created and implemented internal procedures to serve as mitigating controls. The procedures provide compensating duties that overlap each ofthe noted Functions that are of concern. Although procedures have been created, the process will continue to be reviewed for effectiveness. As warranted, changes will be made. \nContact Person: Dean N. Ware Title: CFO Phone: (706) 454-1008 Fax: (706) 453-9019 e-mail: dean.ware@Greene.kl2.ga.us \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bg79-b2006-h2007","title":"Greene County Board of Education, Greensboro, 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, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["2007-06-30"],"dcterms_description":["Began with: Fiscal year ended June 30, 2000; ceased with fiscal year ended June 30, 2008.","Report year covers fiscal year.","Has supplements: Greene County Board of Education, Greensboro, 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 ... (Greene County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007; Salaries and travel reimbursement (Greene County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2000, released in 2001? (online surrogate); title from PDF cover (Georgia Government Publications database, viewed March 15, 2023).","Fiscal year ended June 30, 2008, released in 2009? (online surrogate); (Georgia Government Publications database, viewed March 15, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia. Department of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Greene County Board of Education (Ga.)--Appropriations and expenditures--Periodicals","Education--Georgia--Greene County--Auditing--Periodicals","Education--Georgia--Greene County--Finance--Statistics--Periodicals"],"dcterms_title":["Greene County Board of Education, Greensboro, 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-bg79-b2006-h2007"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bg79-b2006-h2007"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["periodicals","state government records","audits","financial records","financial statements"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"GREENE COUNTY BOARD OF EDUCATION \nGREENSBORO, 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 GREENE 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 \nI \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 \nI SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES \n \nIN FUND BALANCES - BUDGET AND ACTUAL \n \nGENERALFUND \n \n25 \n \nSUPPLEMENTARY INFORMATION \n \n2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \n \n26 \n \n3 SCHEDULE OF STATE REVENUE \n \n27 \n \n GREENE 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 \n28 \n \n5 ALLOTMENTS AND EXPENDITURES \n \nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \n \nBY PROGRAM \n \n29 \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 GREENE 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 \nApril 3, 2008 \n \nHonorable Sonny Perdue, Governor Members ofthe General Assembly Members of the State Board of Education \nand Superintendent and Members of the Greene 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) of the Greene 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 Greene 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 Greene 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-l l \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 ofthe Greene County Board of Education, as ofJune 30, 2007, and the respective changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. \nThe Greene 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 April 3, 2008, on our consideration ofthe Greene County Board ofEducation's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results ofthat testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be 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 Greene 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~~--Q;)_ ~~ Russell W. Hinton, CPA, CGFM State Auditor \nRWH:as 2007ARL-11 \n \n GREENE COUNTY BOARD OF EDUCATION \n \n GREENE COUNTY BOARD OF EDUCATION STATEMENT OF NET ASSETS JUNE 30, 2007 \nASSETS \nCash and Cash Equivalents Investments Accounts Receivable, Net \nTaxes State Government Federal Government Other Inventories Capital Assets Land Construction in Progress Buildings Equipment Land Improvements Less: Accumulated Depreciation \nTotal Assets \nLIABILITIES \nAccounts Payable Salaries and Benefits Payable Payroll Withholdings 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 \nContinuation of Federal Programs Debt Service 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 \n2,765,819.49 \n \n12,390,900.13 \n \n1,060,044.47 1,023,080.82 1,159,362.93 \n50,438.16 36,700.14 \n \n165,385.00 7,461.23 \n28,822,808.34 4,635,129.85 1,653,607.57 \n-10,608, 161.05 \n \n$ ===43='==16=2;.,;,5=7=7=08,.,, \n \n$ \n \n392,968.41 \n \n2,174,235.92 \n \n50,342.21 \n \n36,000.00 \n \n3,359,253.27 8,494,891.87 \n \n$ \n \n14,507,691.68 \n \n$ \n \n22,414,215.84 \n \n320,317.27 193,500.00 5,641,292.93 \n85,559.36 \n \n$ \n \n28,654,885.40 \n \n$ ==4=3.l=1,.6.2.='=57=7=.0=8 \n \n GREENE 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 Central Support Services Other Support Services Operations of Non-Instructional Services Food Services Operation Enterprise Operations 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 Capital Projects Intangible Recording Tax Investment Earnings Miscellaneous \nSpecial Item Rutland Psychoeducational Facility Land Donation \nTotal General Revenues and Special Item \nChange in Net Assets \nNet Assets - Beginning of Year \nNet Assets - End of Year \n \nEXPENSES \n \nCHARGES FOR SERVICES \n \n$ 13,996,867.33 $ \n1,206,523.74 1,229,724.43 \n507,375.80 739,776.53 1,250,148.48 569,267.50 1,447,078.73 1,190,955.41 \n20,653.98 475,394.27 \n1,204,234.93 263,218.56 364,062.81 \n$ 24,465,282.50 $ \n \n21,133.26 7,160.05 132.47 \n206,164.93 119.52 \n53,283.22 278,223.35 \n566,216.80 \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 \n6,777,957.37 \n \n264,396.03 574,124.59 248,790.55 558,653.16 553,772.07 \n \n567,127.43 507,222.35 $ \n20,653.98 52,464.29 \n \n1,140,639.52 \n \n$ \n \n11,265,801.34 $ \n \n$ 145,329.00 145,329.00 $ \n \n-7, 197,776.70 \n-934,967.66 -655,599.84 -258,452.78 -181,123.37 -490,211.48 -569,267.50 -879,831.78 -538,404.06 \n-422,929.98 \n-10,312.19 15,004.79 -364,062.81 \n-12,487,935.36 \n \n$ \n \n11,801,454.92 \n \n20,637.82 \n \n3,786,107.52 326,944.90 642,980.72 326,160.30 \n \n41 185.00 \n \n$ \n \n16,945,471.18 \n \n$ \n \n4,457,535.82 \n \n24,197,349.58 \n \n$ ===2=8=,6=54=,8=8=5=.4=0 \n \n-3- \n \n GREENE 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 Other Inventories \nTotal Assets \nLIABILITIES AND FUND BALANCES \nLIABILITIES \nAccounts Payable Salaries and Benefits Payable Payroll Withholdings Payable Retainages Payable \nTotal Liabilities \nFUND BALANCES \nReserved for: Continuation of Federal Programs Debt Service Capital Projects Inventories \nUnreserved Designated for Student Activities 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$ 1,433,226.64 $ 1,303,297.44 $ \n \n108,794.97 \n \n12,282,105.16 \n \n442,981.32 1,023,080.82 1,159,362.93 \n50,438.16 36 700.14 \n \n679,767.68 \n \n29,295.41 $ 2,765,819.49 12,390,900.13 \n1,122,749.00 1,023,080.82 1,159,362.93 \n50,438.16 36,700.14 \n \n$ 4,254,584.98 $ 14,265,170.28 $ \n \n29,295.41 $ 18,549,050.67 \n \n$ \n \n91,975.41 $ \n \n2,174,235.92 \n \n50,342.21 \n \n$ 2,316,553.54 $ \n \n300,993.00 \n36,000.00 336,993.00 \n \n$ \n \n392,968.41 \n \n2,174,235.92 \n \n50,342.21 \n \n36,000.00 \n \n$ 2,653,546.54 \n \n$ 283,617.13 \n \n$ \n \n164,204.59 $ \n \n13,763,972.69 \n \n36,700.14 \n \n166,400.03 \n \n1 451 314.14 \n \n$ 1,938,031.44 $ 13,928,177.28 $ \n \n$ 29,295.41 \n \n283,617.13 193,500.00 13,763,972.69 \n36,700.14 \n \n166,400.03 \n \n1,451 314.14 \n \n29,295.41 $ 15,895,504.13 \n \n$ 4,254,584.98 $ 14,265,170.28 $ \n \n29 295.41 $ 18,549,050.67 \n \nThe notes to the basic financial statements are an integral part of this statement. -4- \n \n GREENE 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\") \n \n$ \n \nAmounts reported for Governmental Activities in the Statement of Net Assets are different because: \n \nCapital Assets used in Governmental Activities are not financial resources and therefore are not reported in the funds. These assets consist of: \n \nLand Construction in Progress Land Improvements Buildings Equipment Accumulated Depreciation \nTotal Capital Assets \n \n$ \n \n165,385.00 \n \n7,461.23 \n \n1,653,607.57 \n \n28,822,808.34 \n \n4,635,129.85 \n \n-10,608,161.05 \n \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. \n \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: \n \nBonds Payable Installment Sales Agreement Capital Leases \nTotal Long-Term Liabilities \n \n$ -10,625,000.00 -395,910.00 -833,235.14 \n \n15,895,504.13 \n24,676,230.94 -62,704.53 \n-11,854, 145.14 \n \nNet Assets of Governmental Activities (Exhibit \"A\") \n \n$ =====2=8,=65=4=,8=8=5.=40= \n \nThe notes to the basic financial statements are an integral part of this statement. -5- \n \n GREENE 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 Central Support Services Other Support Services Food Services Operation Enterprise Operations \nCapital Outlay Debt Services \nInterest Redemption of Principal \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES (USES) \nCapital Contributions Issuance of Bonds Operating Transfers From Other Funds Operating Transfers To Other Funds Installment Sales Agreement \nTotal Other Financing Sources (Uses) \nNet Change in Fund Balances \nFund Balances - Beginning \n \nGENERAL FUND \n \nDISTRICTWIDE \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ 11,936,404.25 326,944.90 $ \n7,835,498.79 3,575,631.55 \n566,216.80 69,735.95 \n326,160.30 \n \n3,786,107.52 \n573,108.22 $ \n \n$ 24,636,592.54 $ 4,359,215.74 $ \n \n$ \n136.55 \n \n11,936,404.25 4,113,052.42 7,835,498.79 3,575,631.55 566,216.80 642,980.72 326,160.30 \n \n136.55 $ 28,995,944.83 \n \n$ 13,205,738.12 \n \n$ 13,205,738.12 \n \n1,206,523.74 1,229,724.43 \n442,507.28 \n702,547.85 $ \n1,200,590.97 486,216.22 \n1,437,926.85 1,175,376.85 \n20,653.98 342,968.67 1,104,070.78 263,218.56 \n \n450.00 83,051.28 189,691.00 \n1,043,083.03 \n \n1,206,523.74 1,229,724.43 \n442,507.28 702,997.85 1,200,590.97 569,267.50 1,437,926.85 1,365,067.85 \n20,653.98 342,968.67 1,104,070.78 263,218.56 1,043,083.03 \n \n46,720.31 172,204.46 \n \n11,610.00 $ \n \n305,732.50 \n \n18 090.00 \n \n1,555,000.00 \n \n364,062.81 1,745,294.46 \n \n$ 23,036,989.07 $ 1 345 975.31 $ 1,860,732.50 $ 26,243,696.88 \n \n$ 1 599 603.47 $ 3,013,240.43 $ -1,860,595.95 $ 2,752,247.95 \n \n$ \n \n41,185.00 \n \n$ \n \n41,185.00 \n \n9,000,000.00 \n \n9,000,000.00 \n \n$ 1,834,489.82 \n \n1,834,489.82 \n \n-1,834,489.82 \n \n-1,834,489.82 \n \n414,000.00 \n \n414 000.00 \n \n$ 7,620,695.18 $ 1,834,489.82 $ 9,455,185.00 \n \n$ 1,599,603.47 $ 10,633,935.61 $ \n \n-26,106.13 $ 12,207,432.95 \n \n338 427.97 \n \n3,294,241.67 \n \n55,401.54 \n \n3,688,071.18 \n \nFund Balances - Ending \n \n$ 1,938,031.44 $ 13,928,177.28 $ \n \nThe notes to the basic financial statements are an integral part of this statement. \n \n-6 - \n \n29,295.41 $ 15,895,504.13 \n \n GREENE 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. \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 \nSome of the School District's assets acquired this year were financed with an Installment Sales Agreement. In Governmental Funds, an Installment Sales Agreement is considered a source of financing, but in the Statement of Net Assets, the Installment Sales Agreement obligation is reported as a Long-Term Liability. \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 Capital Lease Payments Installment Sales Agreement \nTotal Long-Term Debt Repayments \n \n$ 12,207,432.95 \n \n$ 973,141.99 -940,022.05 \n \n33,119.94 -114,311.53 \n \n-9,000,000.00 -414,000.00 \n \n$ 1,555,000.00 172,204.46 18,090.00 \n \n1,745,294.46 \n \nChange in Net Assets of Governmental Activities (Exhibit \"B\") \n \n$ \n \nThe notes to the basic financial statements are an integral part of this statement. -7- \n \n GREENE COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET ASSETS \nFIDUCIARY FUNDS JUNE 30, 2007 \nASSETS Cash and Cash Equivalents \nLIABILITIES Funds Held for Others \n \nEXHIBIT\"G\" \n \nAGENCY FUNDS \n$ ==25='=77=0=.9===6 \n \n$ \n \n25,770.96 \n \nThe notes to the basic financial statements are an integral part of this statement. -8- \n \n GREENE 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 Greene County Board ofEducation (School District) was established under the laws ofthe State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \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 Greene 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 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. \n \n-9- \n \n GREENE 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), Bond Proceeds and proceeds from an installment sales agreement 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 \n- 10 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \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 of general long-term liabilities, acquisitions under capital leases, and acquisitions under an installment sales agreement 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 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 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- 11 - \n \n GREENE 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(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 Greene County Board ofCommissioners fixed the property tax levy for the 2006 tax digest year (calendar year) on October 5, 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 Greene County Tax Commissioner bills and collects the property taxes for the School District 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 $11,915,766.43. \n \nThe tax millage rate levied for the 2006 tax year (calendar year) for the Greene County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \n \nSchool Operations \n \n8.192 mills \n \nSALES TAXES \n \nSpecial Purpose Local Option Sales Tax, at the fund reporting level, during the year amounted to $3,786,107.52 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- 12 - \n \n GREENE 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 \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 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 \n \nAll \n \nNIA \n \n$ 5,000.00 20 to 80 years \n \n$ 5,000.00 25 to 80 years \n \n$ 5,000.00 5 to 20 years \n \nDepreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives. \n \n- 13 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT \"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nGENERAL OBLIGATION BONDS \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. \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 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, 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. \nNote 3: DEPOSITS AND INVESTMENTS \nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate ofthe face value of such surety bond and the market value of securities pledged shall be equal to not less than 110 percent ofthe publie 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. \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 \n- 14 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT \"H\" \n \nNote 3: 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 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(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 $3,768,914.93. The amounts of the total uninsured bank balances are classified into three categories of custodial credit risk: \n \nCategory 1 - Uncollateralized, Category 2 - Cash collateralized with securities held by the pledging financial institution, or \nby its trust department or agent in the School District's name, Category 3 - Cash collateralized with securities held by the pledging financial institution's \ntrust department or agent but not in the School District's name. \n \nThe School District's uninsured deposits are classified by custodial credit risk category at June 30, 2007, as follows: \n \nCustodial Credit Risk Category \n \nBank Balance \n \n1 \n \n$ \n \n0.00 \n \n2 \n \n3,468,480.45 \n \n3 \n \n93,624.70 \n \nTotal \n \n$ 3!562!105.15 \n \n- 15 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT \"H\" \n \nNote 3: DEPOSITS AND INVESTMENTS \n \nCATEGORIZATION OF INVESTMENTS The School District's investments as of June 30, 2007, are presented below. All investments are presented by investment type and debt securities are presented by maturity. \n \nInvestment Type \n \nFair Value \n \nOther Investments U. S. Treasury Money Market Funds \n \n$ 411,259.46 \n \nInvestment Pools Office of Treasury and Fiscal Services Georgia Fund 1 \n \n11,979,640.67 \n \nTotal Investments \n \n$ 12,390,900.13 \n \nThe Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services is 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 of Treasury 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 of Audits and Accounts at http://www.audits.state.ga.us/internet/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, $1.00 per share. The pool is an AAAm rated investment pool by Standard and Poor's. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2007, was 15 days. \n \nThe U. S. Treasury Money Market funds are in a Treasury Portfolio Fund managed by Fidelity Investments. The Treasury Portfolio Fund is rated AAAm by Standard and Poor's and Aaa by Moody's. The weighted average maturity of the fund is approximately 13 days. \n \n- 16 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT \"H\" \n \nNote 4: NON-MONETARY TRANSACTIONS \n \nThe School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 2 - Inventories \n \nNote 5: CAPITAL ASSETS \n \nThe following is a summary of changes in the Capital Assets during the fiscal year: \n \nGovernmental Activities Capital Assets, Not Being Depreciated: \nLand Construction in Progress \nTotal Capital Assets Not Being Depreciated \nCapital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements \nLess Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements \nTotal Capital Assets, Being Depreciated, Net \nGovernmental Activity Capital Assets - Net \n \nBalances Jul:r: 1, 2006 \n \nIncreases \n \nDecreases \n \nBalances June 30, 2007 \n \n$ 124,200.00 $ 268,766.00 \n$ 392,966.00 $ \n \n41,185.00 \n \n$ 165,385.00 \n \n48,541.23 $ 309,846.00 \n \n7,461.23 \n \n89,726.23 $ 309,846.00 $ 172,846.23 \n \n$28,110,170.00 $ 4,173,982.00 1,634,132.00 \n \n712,638.34 $ 461,147.85 \nI 9,475.57 \n \n0.00 $ 28,822,808.34 4,635,129.85 1,653,607.57 \n \n6,122,898.00 2,535,912.00 1,009,329.00 \n \n480,128.97 390,620.91 \n69,272.17 \n \n6,603,026.97 2,926,532.91 1,078,601.17 \n \n$ 24,250,145.00 $ 253,239.71 $ \n \n0.00 $24,503,384.71 \n \n$ 24,643, 11 J.QQ $ 342,965,94 $ 3Q2,846,QQ $ 24 616 23Q 24 \n \nCapital assets being acquired under capital leases as of June 30, 2007, are as follows: \n \nGovernmental Funds \n \nEquipment Less: Accumulated Depreciation \n \n$ 309,120.00 121,101.00 \n \n$ 188,019.00 \n \nCapital assets being acquired under installment sales agreements as ofJune 30, 2007, are as follows: \n \nGovernmental Funds \n \nConstruction in Progress \n \n$==7\"\"\",4=\"=6=\"1==.2==3 \n \n- 17 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT \"H\" \n \nNote 5: CAPITAL ASSETS \n \nCurrent year depreciation expense by function is as follows: \n \nInstruction Support Services \nEducational Media Services General Administration School Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services \n \n$ 583,271.48 \n \n$ 34,828.00 22,425.13 26,607.50 4,913.66 143,098.51 71,099.50 \n \n302,972.30 53,778.27 \n \n$ 940,022.05 \n \nNote 6: RESTRICTED ASSETS \n \nSpecial Purpose Local Option Sales Tax (SPLOST), general obligation bond proceeds and installment sales agreement 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 \nRestricted Cash and Cash Equivalents: Debt Services Capital Acquisitions \nRestricted Investments: Capital Acquisitions \n \nDistrict-wide Capital Projects \n \nInstallment \n \nBond \n \nSales \n \nSPLOST \n \nProceeds \n \nAgreement \n \nDebt Service Funds \n \n$ 164,204.59 $ 1,139,092.85 \n \n$ 29,295.41 \n \n$ 4,159,425.40 $7,711,420.30 $ 411,259.46 \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 District-wide Capital Projects \n \nDebt Service Fund \n \n$ 1,834,489.82 \n \n- 18 - \n \n GREENE 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 Special Purpose Local Option Sales Tax revenue (SPLOST) collected by the District-wide Capital Projects Fund to the Debt Service Fund as needed for repayment ofbond principal and interest. \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 participates in the Georgia School Boards Association Risk and Insurance Management System, a public entity risk pool organized on July 1, 1994, to develop and administer a plan to reduce risk of loss on account of general liability, motor vehicle liability, or property damage, including safety engineering and other loss prevention and control techniques, and to administer one or more groups of self-insurance funds, including the processing and defense of claims brought against members ofthe system. The School District pays an annual premium to the system for its general insurance coverage. Additional coverage is provided through agreements by the system with other companies according to their specialty for property, boiler and machinery (including coverage for flood and earthquake), general liability (including coverage for sexual harassment, molestation and abuse), errors and omissions, crime and automobile risks. Payment of excess insurance for the system varies by line of coverage. \n \nFor the current fiscal year, due to the costs of available coverage, the School District significantly reduced coverage for acts of God. \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 \n2006 2007 \n \nBeginning of Year Liability \n \nClaims and Changes in Estimates \n \nClaims Paid \n \nEnd of Year Liability \n \n$ \n \n0.00 $ \n \n3,100.00 $ \n \n3,100.00 $ \n \n0.00 \n \n$ \n \n0.00 $ 43,222.00 $ 43,222.00 $ \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 \n \n- 19 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT \"H\" \n \nNote 8: RISK MANAGEMENT \n \nannual 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 $2,000,000.00. \n \nThe School District has purchased surety bonds to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nSuperintendent All Other Employees \n \n$ 100,000.00 $ 100,000.00 \n \nNote 9: SHORT-TERM DEBT \n \nThe School District issues tax anticipation notes 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 ofshort-term debt to 75 percent ofthe 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 \nTax Anticipation Notes \n \nBeginning Balance \n \nIssued \n \nRedeemed \n \nEnding Balance \n \n$===-o-.o=o $ 3.sso,ooo.oo $ 3,sso.ooo.oo $===='o\"\"'.o\"\"\"o \n \nNote 10: LONG-TERM DEBT \n \nCAPITAL LEASES The Greene County Board of Education has entered into various lease agreements for buses and energy conservation. These lease agreements qualify as capital leases for accounting purposes, and, therefore, have been recorded at the present value of the future minimum lease payments as of the date of their inception. \n \nINSTALLMENT SALES AGREEMENT The Greene County Board of Education entered into an agreement dated June 1, 2006, with the Northeast Georgia Regional Educational Service Agency for the construction and subsequent lease of the Rutland Center. Under the terms of the agreement, the School District will make annual payments through July 15, 2020. \n \n- 20 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \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 2006 \n \n2.50% - 3.60% $ 1,625,000.00 \n \n3.65% \n \n9,000,000.00 \n \n$ 10,625,000.00 \n \nThe changes in Long-Term Debt during the fiscal year ended June 30, 2007, were as follows: \n \nBalance July 1, 2006 \nAdditions Installment Sales Agreement G. 0. Bonds \nDeductions Debt Retired \nBalance June 30, 2007 \nPortion of Long-Term Debt Due within One Year \n \nCapital Leases \n \nGovernmental Funds \n \nInstallment \n \nGeneral \n \nSales \n \nObligation \n \nAgreement \n \nBonds \n \nTotal \n \n$ 1,005,439.60 $ \n \n0.00 $ 3,180,000.00 $ 4,185,439.60 \n \n414,000.00 \n \n414,000.00 \n \n9,000,000.00 9,000,000.00 \n \n172,204.46 \n \n18,090.00 1,555,000.00 1,745,294.46 \n \n$ 833,235.14 $ 395 910.0Q $10,625 00Q,00 $11,854,145.14 \n \n$ 180,673.27 $ 23,580.00 $ 3,155,000.00 $ 3,359,253.27 \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 \n2008 2009 2010 2011 2012 2013 - 2017 2018 - 2022 \nTotal Principal and Interest \n \nCaQital Leases \n \nPrinciQal \n \nInterest \n \nInstallment Sales Agreement \n \nPrinciQal \n \nInterest \n \n$ 180,673.27 $ 145,456.80 152,680.83 136,511.20 217,913.04 \n \n38,251.50 $ 23,580.00 $ \n \n29,364.78 \n \n23,940.00 \n \n22,140.75 \n \n24,930.00 \n \n14,556.56 \n \n26,010.00 \n \n8,688.60 \n \n27,090.00 \n \n152,910.00 \n \n117,450.00 \n \n15,955.57 15,488.92 14,493.01 13,455.92 12,373.91 44,029.41 10,677.86 \n \n$ 833,235.14 $ 113,002.19 $ 395,910.00 $ 126,474.60 \n \n- 21 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT \"H\" \n \nNote 10: LONG-TERM DEBT \n \nFiscal Year Ended June 30 \n2008 2009 2010 2011 2012 \nTotal Principal and Interest \n \nGeneral Obligation \n \nDebt \n \nPrincipal \n \nInterest \n \n$ 3,155,000.00 $ 334,450.00 \n \n1,765,000.00 \n \n272,655.00 \n \n1,830,000.00 \n \n208,232.50 \n \n1,900,000.00 \n \n141,437.50 \n \n1,975,000.00 \n \n72,087.50 \n \n$10.625.000.00 $ 1.028.862.50 \n \nNote 11: 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 12: 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 \n- 22- \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2007 \n \nEXHIBIT \"H\" \n \nNote 12: RETIREMENT PLANS \nFiscal Year \n2007 2006 2005 \n \nPercentage Contributed \n100% 100% 100% \n \nRequired Contribution \n$ 1,174,497.73 $ 1,194,457.00 $ 1,168,476.00 \n \n- 23 - \n \n (This page left intentionally blank) \n \n GREENE 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 Central Support Services Other Support Services Food Services Operation Enterprise Operations Debt Services \nTotal Expenditures \nExcess of Revenues over {under) Expenditures \nOTHER FINANCING SOURCES {USES} \nOther Sources Other Uses \nTotal Other Financing Sources {Uses) \nNet Change in Fund Balances \nFund Balances - Beginning \nAdjustments \nFund Balances - Ending \n \nNONAPPROPRIATED BUDGETS \n \nORIGINAL (1) \n \nFINAL (1) \n \nACTUAL AMOUNTS \n \n$ \n \n11,756,960.02 $ \n \n11,756,960.02 $ \n \n11,936,404.25 \n \n326,944.90 \n \n7,587,223.61 \n \n7,606,078.61 \n \n7,835,498.79 \n \n3,886,412.73 \n \n4,122,345.66 \n \n3,575,631.55 \n \n60,389.08 \n \n60,389.08 \n \n566,216.80 \n \n67,721.35 \n \n67,721.35 \n \n69,735.95 \n \n567,892.96 \n \n577,892.96 \n \n326,160.30 \n \n$ \n \n23,926,599.75 $ \n \n24,191,387.68 $ \n \n24,636,592.54 \n \n$ \n \n14,322,599.63 $ \n \n13,346,263.67 $ \n \n13,205,738.12 \n \n1,238,657.34 1,523,674.06 \n480,125.74 744,863.29 1,256,189.20 412,292.88 1,527,331.81 1,341,831.24 \n30,180.53 246,411.90 1,105,759.50 191,588.93 \n \n1,258,103.59 1,546,546.04 \n463,760.47 735,274.81 1,255,522.20 412,292.88 1,527,331.81 1,280,632.88 \n7,344.43 337,547.11 1,107,605.00 191,588.93 \n \n1,206,523.74 1,229,724.43 \n442,507.28 702,547.85 1,200,590.97 486,216.22 1,437,926.85 1,175,376.85 \n20,653.98 342,968.67 1,104,070.78 263,218.56 218,924.77 \n \n$ \n \n24,421,506.05 $ \n \n23,469,813.82 $ \n \n23,036,989.07 \n \n$ \n \n-494,906.30 $ \n \n721,573.86 $ \n \n1,599,603.47 \n \n$ \n \n176,574.33 $ \n \n176,574.33 \n \n-235,419.33 \n \n-235,419.33 \n \n$ \n \n-58,845.00 $ \n \n-58,845.00 \n \n$ \n \n-553,751.30 $ \n \n662,728.86 $ \n \n1,599,603.47 \n \n158,277.64 \n \n158,277.64 \n \n338,427.97 \n \n-21,674.63 \n \n101,562.20 \n \n$ \n \n-417 148.29 $ \n \n922,568.70 $ \n \n1,938,031.44 \n \nNotes to the Schedule of Revenues, Ex12enditures 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 GREENE 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) Pass-Through From Office of Treasury and Fiscal Services National Forest Reserve Funds \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 Reading First State Grants Rural Education Safe and Drug-Free Schools and Communities - State Grants State Grants for Innovative Programs Tille I Grants to Local Educational Agencies Twenty-First Century Community Learning Centers Vocational Education - Basic Grants to States \nTotal U. S. Department of Education \nDefense, U.S. Department of Direct Department of the Air Force R.O.T.C. Program \n \nCFDA NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nEXPENDITURES IN PERIOD \n \n10.553 10.555 \n10.550 10.665 \n \nNIA \n \nNIA \n \n$ \n \n$ \n \n(2) 1,011,565.15 \n1,011,565.15 \n \nN/A N/A \n$ \n \n63,551.91 (3) 1 075 117.06 \n \n84.027 84.173 \n84.318 84.367 84.357 84.358 84.186 84.298 84.010 84.287 84.048 \n \nNIA \n \n$ \n \nNIA \n \n$ \n \n521,941.30 38,125.00 \n560,066.30 \n \nNIA N/A NIA N/A N/A N/A NIA NIA NIA \n$ \n \n117,123.95 208,685.04 198,558.62 \n60,944.00 18,144.00 4,619.00 1,008,276.60 204,461.65 38 176.00 \n2 419 055.16 \n \n$ _ _ _ _16~6_8_0_.7_8 \n \nTotal Federal Financial Assistance \nN/A = Not Available \n \n$ ===3,=5=10.,.,8=5=3=.0=0 \n \nNotes to the Schedule of Expenditures of Federal Awards \n \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 ($336,111.12) were not maintained separately and are included in the 2007 National School Lunch Program. \n(3) Funds earned on this program in the amount of $67,544.40 do not require reporting of expenditures. \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 Greene 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- 26- \n \n GREENE 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 Category II Category Ill Category IV Category V 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 State Bonds Sparsity Nursing Services Principal Supplements Migrant Mid-Term Mid Term Hold Harmless Vocational Supervisors Food Services Vocational Education Amended Formula Adjustment Other State Programs Middle School Summer Remedial Program National Teacher Certification Preschool Handicapped Program Statewide K-8 Reading and Mathematics Program \n \nSee notes to the basic financial statements. \n \n- 27 - \n \nSCHEDULE \"3\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n560,404.10 \n \n442,381.00 5,414.00 \n1,000,938.00 44,324.00 \n501,825.00 38,885.00 \n827,429.00 551,225.00 364,220.00 \n180,789.00 353,288.00 574,800.00 \n50,026.00 63,155.00 216,400.00 \n5,847.00 63,871.00 62,207.00 143,943.00 42,817.00 27,166.00 \n280,372.00 337,915.00 348,969.00 \n392,240.00 45,329.00 \n100,000.00 20,000.00 53,134.00 6,979.00 5,039.00 22,042.00 18,859.00 67,378.00 \n103,435.00 -211,435.00 \n3,855.00 5,550.00 78,535.00 35,948.69 \n$ ==7=-'=83=5'\"=,4=9=8=.7=9 \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2007 \n \nSCHEDULE \"4\" \n \nPROJECT \nThe renovation, improvement and equipping of existing school buildings and other facilities, the acquisition, construction and equipping of additional administrative, support and physical education facilities at existing school and the acquisition of all property necessary or desirable therefore, both real and personal. \nAdding to, constructing, renovating, repairing, improving and equipping school system buildings and facilities, including but not limited to a school bus depot, athletic and fine arts facilities and security improvements and equipment; acquiring various new equipment, fixtures and furnishings for existing facilities system-wide, including computer technology and software, acquiring school buses and transportation equipment; equipping existing classrooms and instructional and support space; acquiring part of a psychoeducational facility; paying and general obligation debt of the School District in conjunction with the imposition of such sales and use tax; and paying the expenses incident to accomplishing the foregoing. \n \nORIGINAL ESTIMATED \nCOST(1) \n \nCURRENT ESTIMATED COSTS (2) \n \nAMOUNT EXPENDED IN CURRENT YEAR (3) \n \nAMOUNT EXPENDED \nIN PRIOR YEAR (3) \n \nPROJECT STATUS \n \n$ 10,000,000.00 $ 10,565,642.88 $ 284,781.88 $ 10,239,781.00 Ongoing \n \n19,000,000.00 \n \n19,000,000.00 \n \n1,366,925.93 \n \nOngoing \n \n$ 29,000,000.00 $ 29,565,642.88 $ 1 651 707.81 $ 10,239,781.00 \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 Greene 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- 28 - \n \n GREENE 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 \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 \nCategoryV \n \nGifted Student - Category VI \n \nRemedial Education Program \n \nAlternative Education Program \n \nEnglish Speakers of Other Languages (ESOL) \n \n753,841.00 $ 13,549.00 \n1,719,521.00 80,872.00 \n855,983.00 \n \n811,278.51 $ 20,859.13 \n1,599,072.20 104,644.37 950,659.83 \n \n74,465.00 1,425,423.00 \n949,971.00 622,106.00 2,081,733.00 \n380,377.00 8,665.00 \n109,513.00 100,868.00 \n \n96,669.97 1,484,873.01 1,421,582.87 \n596,768.14 \n412,986.96 144,060.43 1,307,808.95 \n0.24 294,666.80 288,685.56 \n72,215.82 145,962.44 \n \n22,577.94 $ \n36,605.20 369.00 \n18,731.39 \n446.44 29,215.78 169,207.54 34,975.67 \n2,538.81 562.76 \n123,611.53 49,611.01 696.77 2,285.00 \n377.20 1 156.64 \n \n833,856.45 20,859.13 \n1,635,677.40 105,013.37 969,391.22 \n97,116.41 1,514,088.79 1,590,790.41 \n631,743.81 \n415,525.77 144,623.19 1,431,420.48 \n49,611.25 295,363.57 290,970.56 \n72,593.02 147119.08 \n \nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \n \n$ \n \n9,176,887.00 $ 9,752,795.23 $ \n \n492,968.68 $ 10,245,763.91 \n \nMedia Center Program Staff and Professional Development \n \n247,262.00 46 884.00 \n \n351,571.69 \n \n52,929.85 \n \n404,501.54 42,866.66 \n \nTOTAL QBE FORMULA FUNDS \n \n$ \n \n9,471,033.00 $ 10,104,366.92 $ \n \n545,898.53 $ 10,693,132.11 \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-29- \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 \nApril 3, 2008 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Greene 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 Greene County Board of Education as of and for the year ended June 30, 2007, which collectively comprise Greene County Board of Education's basic financial statements and have issued our report thereon dated April 3, 2008. 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. \nInternal Control Over Financial Reporting \nIn planning and performing our audit, we considered Greene County Board ofEducation's internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinions on the financial statements, but not for the purpose ofexpressing an opinion on the effectiveness of the Greene County Board of Education's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Greene County Board of Education's internal control over financial reporting. \nOur consideration ofinternal control over financial reporting was for the limited purpose described in the preceding paragraph and would not necessarily identify all deficiencies in internal control over financial reporting that might be significant deficiencies or material weaknesses. However, as discussed below, we identified a certain deficiency in internal control over financial reporting that we consider to be a significant deficiency. \n2007YB-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 affect the Greene County Board of Education's ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the Greene County Board ofEducation's financial statements that is more than inconsequential will not be prevented or detected by the Greene County Board of Education's internal control. We consider item FS-6661-07-01 in the accompanying Schedule of Findings 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 Greene 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 Greene 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 Greene County Board of Education in a separate letter dated April 3, 2008. \nGreene County Board of Education's response to the findings identified in our audit is described in the accompanying Schedule ofManagement's Responses. We did not audit Greene County Board of Education's response and, accordingly, we express no opinion on it. \n2007YB-30 \n \n This report is intended solely for the information and use of the management, members of the Greene 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~w.~-h Russell W. Hinton, CPA, CGFM State Auditor \nRWH:as 2007YB-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 \nApril 3, 2008 \n \nHonorable Sonny Perdue, Governor Members ofthe General Assembly Members of the State Board of Education \nand Superintendent and Members of the Greene 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 ofGreene County Board ofEducation with the types ofcompliance requirements described in the U.S. Office of Management and Budget (0MB) Circular A-133 Compliance Supplement that are applicable to each of its major Federal programs for the year ended June 30, 2007. Greene County Board of Education's major Federal programs are identified in the Summary of Auditor's Results Section ofthe accompanying Schedule ofFindings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major Federal programs is the responsibility of Greene County Board of Education's management. Our responsibility is to express an opinion on Greene 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 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 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 Greene County Board ofEducation'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 Greene County Board of Education's compliance with those requirements. \nIn our opinion, the Greene County Board of Education complied, in all material respects, with the requirements referred to above that are applicable to each ofits major Federal programs for the year ended June 30, 2007. \nInternal Control Over Compliance \nThe management of Greene 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 Greene County Board ofEducation's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose ofexpressing our opinion on compliance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Greene 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 ofcompliance 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 Greene 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:as 2007SA-10 \n \n~on~~l:s \nState Auditor \n \n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \n GREENE 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-6661-05-01 Further Action Not Warranted \n \nFS-6661-06-01 Further Action Not Warranted \n \n(1) \n \nFS-6661-06-02 Further Action Not Warranted \n \n(1) \n \nFS-6661-06-03 Unresolved - See Corrective Action/Responses \n \nFS-6661-06-04 Previously Reported Corrective Action Implemented \n \nFS-6661-06-05 Previously Reported Corrective Action Implemented \n \nFS-6661-06-06 Previously Reported Corrective Action Implemented \n \nCORRECTIVE ACTION/RESPONSES \n \nEXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Internal Controls over Procurement Card Expenditures Finding Control Number: FS-6661-06-03 \n \nWe concur with this finding. The Board is currently reviewing this matter and available options. \n \nAUDITOR'S COMMENTS \n \n(1) Findings, of this nature, which do not require reporting in the audit report in accordance with Governmental Auditing Standards (Yellow Book) and/or 0MB Circular A-133 requirements, will be reported via management letter in subsequent periods. \n \nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \n \nFINDING CONTROL NUMBER AND STATUS \n \nFA-6661-06-01 Previously Reported Corrective Action Implemented FA-6661-06-02 Unresolved - See Corrective Action/Responses \n \n- 1- \n \n GREENE COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2007 \nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS CORRECTIVE ACTION/RESPONSES SPECIAL TESTS AND PROVISIONS Deficiencies in Hiring \"Highly Qualified\" Personnel U.S. Department of Education Through Georgia Department of Education Title I Grants to Local Education Agencies (CFDA 84.010) Finding Control Number: FA-6661-06-02 The Board is awaiting a review from the Georgia Department of Education to see if a reclaim of funds is appropriate. \n-2- \n \n SECTION IV FINDINGS AND QUESTIONED COSTS \n \n GREENE 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 Greene 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 Greene 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 Greene 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 Greene County Board ofEducation 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 Greene County Board ofEducation's report on compliance with requirements applicable to major programs was unqualified. \n6. Audit Findings Required to be Reported by Section .5 l0(a) of 0MB Circular A-133 The Greene County Board ofEducation's audit did not disclose audit findings required to be reported by section .5 lO(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 84.287 Twenty-First Century Community Leaming Centers \n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000.00. \n9. Low Risk Auditee The Greene County Board of Education qualified as a low risk auditee as defined by Section .530 of 0MB Circular A-133. \n- 1- \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2007 \n \nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nEXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Internal Controls over Credit Card Expenditures Significant Deficiency Finding Control Number: FS-6661-07-01 \n \nCondition: \n \nThis is a repeat finding (FS-6661-06-03) from fiscal year ended June 30, 2006. The School District has not established internal controls related to management's usage of credit cards issued in the name of the Board. \n \nCriteria: \n \nThe School District's management is responsible for designing and maintaining internal controls that provide reasonable assurance that expenditures are properly authorized, documented and allowable. \n \nQuestioned Cost: NIA \n \nInformation: \n \nWeaknesses in internal controls related to credit card usage by management, including Board Members and the Superintendent, were noted as follows: \n The School District did not have a written policy regarding the use of credit cards by management. \n Procedures were not in place to ensure that charges were allowable prior to the use of the credit cards. \n More then one card with the same account number was being used to charge expenditures and travel; thereby, making it difficult to determine if purchases were made by authorized users. \n Personal expenses were charged to the Board's credit card by a Board Member. The School District was later reimbursed for these expenditures. \n Travel charges for fuel, meals and lodging were not properly documented by receipts, reimbursement forms or other supporting documentation. \n The School District does not appear to be following the Statewide Travel Regulations issued by the State Accounting Office regarding meal reimbursements. \n Travel charges were not identified by individual, making it difficult to determine whether travel paid to employees and board members was properly reported on the Salary and Travel Supplement to the Georgia Department of Audits and Accounts. \n \nCause: \n \nThese deficiencies were a result of management's failure to ensure that internal controls were established, implemented and functioning with regard to the credit cards. \n \n-2 - \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2007 \n \nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nEXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Internal Controls over Credit Card Expenditures Significant Deficiency Finding Control Number: FS-6661-07-01 \n \nEffect: \n \nErrors and/or irregularities may not be detected in a timely manner. Travel reported on the Salary and Travel Supplement may be incorrect. \n \nRecommendation: \n \nWe recommend that management move quickly and decisively to address the deficiencies cited above because management's actions related to establishing good internal controls are the foundation for an effective internal control structure. Effective internal control policies and procedures should be implemented to ensure that credit card expenditures are properly authorized, documented, allowable and utilized for educational purposes only. \n \nIII FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \n \nNo matters were reported. \n \n-3- \n \n SECTIONV MANAGEMENT'S RESPONSES \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF MANAGEMENT'S RESPONSES \nYEAR ENDED JUNE 30, 2007 \nFinding Control Number: FS-6661-07-01 \nWe concur with this finding. The Board is currently reviewing this matter and available options. It is the intent of the Administration to implement the use of American Express Cards that are the responsibility of each holder. Attempts will be made to implement by December 2008. \nContact Person: Dean N. Ware Title: CFO Phone: (706) 454-1008 Fax: (706) 453-9019 E-mail Address: dean.ware@greene.k12.ga.us \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bg79-b2005-h2006","title":"Greene County Board of Education, Greensboro, 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, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["2006-06-30"],"dcterms_description":["Began with: Fiscal year ended June 30, 2000; ceased with fiscal year ended June 30, 2008.","Report year covers fiscal year.","Has supplements: Greene County Board of Education, Greensboro, 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 ... (Greene County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007; Salaries and travel reimbursement (Greene County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2000, released in 2001? (online surrogate); title from PDF cover (Georgia Government Publications database, viewed March 15, 2023).","Fiscal year ended June 30, 2008, released in 2009? (online surrogate); (Georgia Government Publications database, viewed March 15, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia. Department of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Greene County Board of Education (Ga.)--Appropriations and expenditures--Periodicals","Education--Georgia--Greene County--Auditing--Periodicals","Education--Georgia--Greene County--Finance--Statistics--Periodicals"],"dcterms_title":["Greene County Board of Education, Greensboro, 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-bg79-b2005-h2006"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bg79-b2005-h2006"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["periodicals","state government records","audits","financial records","financial statements"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"GREENE COUNTY BOARD OF EDUCATION \nGREENSBORO, GEORGIA REPORT ON AUDIT \nOF THE FINANCIAL STATEMENTS \nFOR THE FISCAL YEAR ENDED JUNE 30, 2006 \nSTATE OF GEORGIA \nDEPARTMENT OF AUDITS AND ACCOUNTS \nRussell W. Hinton State Auditor \n \n GREENE 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 \nI \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 \nI 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 GREENE 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 GREENE 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 \nJune 25, 2007 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members ofthe State Board of Education \nand Superintendent and Members ofthe Greene 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) of the Greene 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 Greene 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 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 ofthe Greene 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 Greene 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. \nIn accordance with Government Auditing Standards, we have also issued our report dated June 25, 2007, on our consideration ofthe Greene County Board ofEducation's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose ofthat report is to describe the scope ofour testing ofinternal control over financial reporting and compliance and the results ofthat testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. \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 Greene 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. \ntJ.~ Respectfully submitted, sell W. Hinton, CPA, CGFM State Auditor \nRWH:as 2006ARL-11 \n \n GREENE COUNTY BOARD OF EDUCATION \n \n GREENE 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 Other Prepaid Items Inventories Capital Assets Land Construction in Progress Land Improvements Buildings Equipment Less: Accumulated Depreciation \nTotal Assets \nLIABILITIES \nAccounts Payable Salaries 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 \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 \n449,975 \n \n3,557,915 \n \n902,122 918,302 918,400 \n4,466 100 \n27,860 \n \n124,200 268,766 1,634,132 28,110,170 4,173,982 -9,668,139 \n \n$ ===3=1..,4..,.2.2,.2.5...,1= \n \n$ \n \n346,718 \n \n2,511,083 \n \n181,661 \n \n1,727,205 2,458,235 \n \n$ \n \n7,224,902 \n \n$ \n \n20,582,410 \n \n210,310 55,685 \n3,189,801 159 143 \n \n$ \n \n24,197,349 \n \n$ ===3=1..,4..,.2=2,.2.5...,1... \n \nThe notes to the basic financial statements are an integral part of this statement. \n-1- \n \n GREENE 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 Central Support Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Food Services Interest on Short-Term and Long-Term Debt \nTotal Governmental Activities \nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Sales Taxes Special Purpose Local Option Sales Tax For Capital Projects Intangible Recording Tax Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \nSpecial Items Gain on Sale of Building \nTotal General Revenues and Special Items \nChanges in Net Assets \nNet Assets - Beginning of Year \nNet Assets - End of Year \n \nEXPENSES \n \nCHARGES FOR SERVICES \n \n$ \n \n14,555,385 $ \n \n1,004,861 1,385,903 \n508,460 650,031 1,283,542 370,498 1,422,413 1,266,971 \n22,226 328,249 \n \n195,590 1,139,341 \n219 449 \n \n$ \n \n24,352,919 $ \n \n80,489 \n37,377 52,856 170 722 \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 \n6,882,522 \n \n151,462 681,928 152,107 435,149 335,018 \n \n363,736 590,482 $ \n23,091 78,210 \n \n1,068,270 \n \n$ \n \n10 761 975 $ \n \n$ 67,023 67 023 $ \n \n-7,592,374 \n-853,399 -703,975 -356,353 -214,882 -948,524 -370,498 -1,058,677 -609,466 \n865 -250,039 \n-158,213 -18,215 \n-219 449 \n-13,353,199 \n \n$ \n \n10,768,742 \n \n3,219,382 255,078 2,999 212,550 682,037 \n \n122 058 \n \n$ \n \n15,262,846 \n \n$ \n \n1,909,647 \n \n22,287,702 \n \n$ =====2=4=19=7=3=4=9 \n \n. 3. \n \n GREENE 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 Other Prepaid Items Inventories \nTotal Assets \nLIABILITIES AND FUND BALANCES \nLIABILITIES \nAccounts Payable Salaries Payable Retainages 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 \n378,275 $ \n \n16,298 $ 55,402 $ \n \n449,975 \n \n626,344 \n \n2,931,571 \n \n3,557,915 \n \n254,832 918,302 918,400 \n4,466 100 \n27,860 \n \n595,683 \n \n850,515 918,302 918,400 \n4,466 100 \n27,860 \n \n$ \n \n3,128,579 $ 3,543,552 $ \n \n55,402 $==6=,7=2=7=,5=33= \n \n$ \n \n279,068 $ \n \n2,511,083 \n \n$ 2,790,151 $ \n \n67,650 181 661 249,311 \n \n$ \n \n346,718 \n \n2,511,083 \n \n181,661 \n \n$ 3,039,462 \n \n$ \n \n182,450 \n \n$ \n \n182,450 \n \n$ \n \n283 $ 55,402 \n \n55,685 \n \n27,860 \n \n27,860 \n \n3,293,958 \n \n3,293,958 \n \n128,118 \n \n128,118 \n \n$ \n \n338,428 $ 3,294,241 $ 55,402 $ 3,688,071 \n \n$ 3,128,579 $ 3,543,552 $ 55,402 $ ==6...,,7=2=7,,..53=3= \n \nThe notes to the basic financial statements are an integral part of this statement. -4- \n \n GREENE 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 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 Capital Leases \nTotal Long-Term Liabilities \nNet Assets of Governmental Activities (Exhibit \"A\") \n \n$ \n \n3,688,071 \n \n$ \n \n124,200 \n \n268,766 \n \n1,634,132 \n \n28,110,170 \n \n4,173,982 \n \n-9,668,139 \n \n24,643,111 \n \n51,607 \n \n$ -3,180,000 -1,005,440 \n \n-4 185 440 \n \n$ 24,197,349 \n \nThe notes to the basic financial statements are an integral part of this statement. -5 - \n \n GREENE 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 Central Support Services Other Support Services Enterprise Operations Food Services Operation \nCapital Outlay Debt Services \nPrincipal Interest \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES (USES) \nCapital Leases Transfers In Transfers Out \nTotal Other Financing Sources (Uses) \nSPECIAL ITEMS \nProceeds from Sale of Buildings \nNet Change in Fund Balances \nFund Balances - Beginning \n \nGENERAL FUND \n \nDISTRICTWIDE \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ 10,987,034 \n \n255,078 $ 3,219,382 \n \n7,178,839 \n \n3,653,158 \n \n170,722 \n \n100,356 \n \n111,279 $ \n \n682,037 \n \n$ 23,027,224 $ 3,330,661 $ \n \n$ \n915 915 $ \n \n10,987,034 3,474,460 7,178,839 3,653,158 170,722 212,550 682 037 \n26,358,800 \n \n$ 14,146,273 \n \n$ \n \n1,004,861 \n \n1,385,903 \n \n472,727 \n \n637,254 \n \n1,256,242 \n \n370,496 \n \n$ \n \n2 \n \n1,418,418 \n \n1,155,782 \n \n22,226 \n \n255,301 \n \n195,590 \n \n1,084,165 \n \n$ 291,740 \n \n200,541 61 734 \n \n1,495,000 157715 \n \n$ 23,667,513 $ 291 740 $ 1,652,717 $ \n \n$ -640,289 $ 3,038,921 $ -1,651,802 $ \n \n14,146,273 \n1,004,861 1,385,903 \n472,727 637,254 1,256,242 370,498 1,418,418 1,155,782 \n22,226 255,301 195,590 1,084,165 291,740 \n1,695,541 219 449 \n25,611,970 \n746 830 \n \n$ \n \n108,700 \n \n$ \n \n108,700 \n \n$ 1,706,685 \n \n1,706,685 \n \n$ -1,706,685 \n \n-1 706 685 \n \n$ \n \n108 700 $ -1,706,685 $ 1,706,685 $ \n \n108 700 \n \n$ \n \n159 621 \n \n$ -371,968 $ 1,332,236 $ \n \n710 396 \n \n1,962,005 \n \n$ 54,883 $ \n519 \n \n159 621 1,015,151 2,672,920 \n \nFund Balances - Ending \n \n$ \n \n338 428 $ 3,294,241 $ \n \n55,402 $ =====3=,6=8=8,=07=1= \n \nThe notes to the basic financial statements are an integral part of this statement. -6- \n \n GREENE 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 and building 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 and carrying value of the building sold. \nSome of the Capital Assets acquired this year were financed with capital leases. In Governmental Funds, a capital lease arrangement is considered a source of financing, but in the Statement of Net Assets, the lease obligation is reported as a Long-Term Liability. \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 Capital Lease Payments \nTotal Long-Term Debt Repayments \nChange in Net Assets of Governmental Activities (Exhibit \"B\") \n \n$ 1,015,151 \n \n$ 447,351 -883,841 \n \n-436,490 -218,292 \n \n-37,563 \n \n-108,700 \n \n$ 1,495,000 200,541 \n \n1,695,541 \n \n$ ====1=9,..09=,6=4==7 \n \nThe notes to the basic financial statements are an integral part of this statement. -7- \n \n GREENE COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET ASSETS \nFIDUCIARY FUNDS JUNE 30, 2006 \nASSETS Cash and Cash Equivalents \nLIABILITIES Funds Held for Others \n \nEXHIBIT\"G\" \nAGENCY FUNDS \n$ ===25====77=1= \n$ ====25=7=71= \n \nThe notes to the basic financial statements are an integral part of this statement. -8- \n \n GREENE 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 Greene County Board ofEducation (School District) was established under the laws ofthe State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \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 Greene 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 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. \n \n-9- \n \n GREENE 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- 10 - \n \n GREENE 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. Proceeds ofgeneral 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. \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 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 GREENE 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 Greene County Board ofCommissioners fixed the property tax levy for the 2005 tax digest year (calendar year) on July 29, 2005 (levy date). Taxes were due on November 15, 2005 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2005 tax digest are reported as revenue in the governmental funds for fiscal year 2006. The Greene 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, 2006, for maintenance and operations amounted to $10,987,034. \n \nThe tax millage rate levied for the 2005 tax year (calendar year) for the Greene County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \n \nSchool Operations \n \n11.00 mills \n \nSALES TAXES \n \nSpecial Purpose Local Option Sales Tax, at the fund reporting level, during the year amounted to $3,219,382 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- 12 - \n \n GREENE 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 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 \nPREPAID ITEMS \n \nPayments made to vendors for services that will benefit periods subsequent to June 30, 2006, are recorded as prepaid items. \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 \n \nAll \n \nNIA \n \n$ \n \n5,000 20 to 80 years \n \n$ \n \n5,000 25 to 80 years \n \n$ \n \n5,000 5 to 20 years \n \nDepreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives. \n \n- 13 - \n \n GREENE 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 \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 \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 Fund General Fund - Regular \n \n$ \n \n10,619 \n \nThe Greene County Board of Education plans to decrease spending to liquidate this deficit. \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 ofsecurities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. \nIfa depository elects the pooled method (OCGA 45-8-13 .1) the aggregate ofthe market value ofthe \nsecurities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool balance. At June 30, $52,422 ofdeposits were not secured by surety bond, insurance or collateral as specified above. The School District is working with the affected financial institutions to ensure appropriate levels of collateral are maintained for all of the School District's deposits. \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- 14 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT\"H\" \n \nNote 3: DEPOSITS AND INVESTMENTS \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(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 Banlc, the Federal Intermediate Credit Banlc, the Central Banlc for Cooperatives, the Farm Credit Banlcs, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \n \nCATEGORIZATION OF DEPOSITS At June 30, 2006, the banlc balances were $1,241,498. The amounts of the total banlc balances are classified into four categories of custodial credit risk: \n \nCategory 1 - Cash that is insured (e.g., Federal Deposit Insurance) or collateralized with securities held by the School District or by the School District's agent in the School District's name. \nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name. \nCategory 3 - Cash collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the School District's name. \nCategory 4 - Uncollateralized. \n \nThe School District's deposits are classified by custodial credit risk category at June 30, 2006, as follows: \n \nCustodial Credit Risk Category \n \nBanlc Balance \n \n1 \n \n$ 215,795 \n \n2 \n \n973,281 \n \n3 \n \n0 \n \n4 \n \n52,422 \n \nTotal \n \n$ 1,241,498 \n \n- 15 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT\"H\" \n \nNote 3: DEPOSITS AND INVESTMENTS \nCATEGORIZATION OF INVESTMENTS At June 30, 2006, the carrying value ofthe School District's total investments was $3,557,915 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. A description of the Primary Liquidity Portfolio is as follows: \nThe Primary Liquidity Portfolio consists of Georgia Fund I, 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, $1.00 per share. Pooled cash and cash equivalents and investments are reported at cost. The pool does not issue any legally binding guarantees to support the value of the shares. Participation in the pool is voluntary and deposits consist of funds from local governments; operating and trust funds of Georgia's state agencies, colleges and universities; and current operating funds of the State of Georgia's General Fund. \nInvestments in Georgia Fund 1 are directed toward short-term instruments such as U.S. Treasury obligations, securities issued or guaranteed as to principal and interest by the U.S. Government or any of its agencies or instrumentalities, banker's acceptances and repurchase agreements. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2006, was 28 days. \nNote 4: NON-MONETARY TRANSACTIONS \nThe School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 2 - Inventories \nNote 5: CAPITAL ASSETS \nThe following is a summary of changes in the Capital Assets during the fiscal year: \n \n- 16 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT \"H\" \n \nNote 5: CAPITAL ASSETS \n \nBalances July 1, 2005 \n \nIncreases \n \nBalances Decreases June 30, 2006 \n \nGovernmental Activities Capital Assets, Not Being Depreciated: \nLand Construction in Progress \n \n$ 125,392 3,519,707 $ \n \n$ \n \n1,192 $ \n \n268,766 \n \n3,519,707 \n \n124,200 268,766 \n \nTotal Capital Assets Not Being Depreciated $ 3,645,099 $ 268,766 $ 3,520.899 $ 392.966 \n \nCapital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements \n \n$ 24,780,221 $ 4,034,882 1,634,132 \n \n3,519,707 $ 178,585 \n \n189,758 $ 28,110,170 \n \n39,485 \n \n4,173,982 \n \n1,634,132 \n \nLess Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements \n \n5,837,406 2,201,461 \n938.303 \n \n438,879 373,936 \n71.026 \n \n153,387 39,485 \n \n6,122,898 2,535,912 1,009.329 \n \nTotal Capital Assets, Being Depreciated, Net $ 21,472,065 $ 2,814.451 $ \n \n36,371 $ 24,250,145 \n \nGovernmental Activity Capital Assets - Net $ 25,117.164 $ 3.083.217 $ 3,557,270 $ 24.643.111 \n \nCapital assets being acquired under capital leases as of June 30, 2006, are as follows: \n \nEquipment Less: Accumulated Depreciation \n \nGovernmental Funds \n$ 309,120 74.518 \n \nCurrent year depreciation expense by function is as follows: \n \n$==2-34-,6=0==2 \n \nInstruction Support Services \nEducational Media Services General Administration School Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services \n \n$ 536,385 \n \n$ \n \n34,828 \n \n12,453 \n \n26,608 \n \n3,894 \n \n144,795 \n \n71.100 \n \n293,678 53.778 \n \n- 17 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT \"H\" \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 \nDistrict-wide Capital Projects \n \nBond \n \nSPLOST \n \nProceeds \n \nDebt Service Funds \n \nRestricted Cash and Cash Equivalents: Debt Services Capital Acquisitions \nRestricted Investments: Debt Services Capital Acquisitions \n \n$ \n \n$ \n \n283 \n \n$ 2,931,288 \n \n$ \n16,298 \n \n55,402 \n \nNote 7: INTERFUND TRANSFERS \n \nInterfund transfers for the year ended June 30, 2006, consisted of the following: \n \nTransfer to \n \nTransfers From District-wide Capital Projects \n \nDebt Service Fund \n \n$ 1,706.685 \n \nTransfers are used to move Special Purpose Local Option Sales Tax revenue (SPLOST) collected by the District-wide Capital Projects Fund to the Debt Service Fund as needed for payment of bond principal and interest. \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 of loss associated with torts, assets, errors or omissions and acts ofGod. 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 \n- 18 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT\"H\" \n \nNote 8: RISK MANAGEMENT \n \nThe School District participates in the Georgia School Boards Association Risk and Insurance Management System, a public entity risk pool organized on July 1, 1994, to develop and administer a plan to reduce risk of loss on account of general liability, motor vehicle liability, or property damage, including safety engineering and other loss prevention and control techniques, and to administer one or more groups of self-insurance funds, including the processing and defense of claims brought against members ofthe system. The School District pays an annual premium to the system for its general insurance coverage. Additional coverage is provided through agreements by the system with other companies according to their specialty for property, boiler and machinery (including coverage for flood and earthquake), general liability (including coverage for sexual harassment, molestation and abuse), errors and omissions, crime and automobile risks. Payment of excess insurance for the system varies by line of coverage. \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 \nBeginning of Year Liability \n \nClaims and Changes in Estimates \n \nClaims Paid \n \nEnd of Year Liability \n \n2005 \n \n$ \n \n0 $ \n \n897 $ \n \n897 $ \n \n0 \n \n2006 \n \n$ \n \n0 $ \n \n3,100 $ \n \n3,100 $ \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 $2,000,000. \n \nThe School District has purchased surety bonds to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nSuperintendent All Other Employees \n \n$ 100,000 $ 100,000 \n \n- 19 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT \"H\" \n \nNote 9: SHORT-TERM DEBT \n \nThe School District issues tax anticipation notes 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 ofshort-term debt to 75 percent ofthe 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 \nTax Anticipation Notes \n \n$===0 $ 2,100.000 $ 2,100.000 $======0 \n \nNote 10: LONG-TERM DEBT \n \nCAPITAL LEASES The Greene County Board of Education has entered into various lease agreements as lessee for buses. These lease agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at the present value of the future minimum lease payments as of the date of their inception. \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 \n \n2.50% - 3.60% $ 3,180.000 \n \nThe changes in Long-Term Debt during the fiscal year ended June 30, 2006, were as follows: \n \n- 20 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT \"H\" \n \nNote 10: LONG-TERM DEBT \n \nGovernmental Funds \n \nGeneral \n \nCapital \n \nObligation \n \nLeases \n \nBonds \n \nTotal \n \nBalance July 1, 2005 \n \n$ 1,097,281 $ 4,675,000 $ 5,772,281 \n \nAdditions Capital Leases \n \n108,700 \n \n108,700 \n \nDeductions Debt Retired \n \n200.541 \n \n1,495.000 \n \n1,695.541 \n \nBalance June 30, 2006 \n \n$ 1,005.440 $ 3,180.000 $ 4,185.440 \n \nPortion of Long-Term Debt Due within One Year \n \n$ 172.205 $ 1,555.000 $ 1,727.205 \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 \nCaQital Leases \n \nPrinciQal \n \nInterest \n \n2007 2008 2009 2010 2011 2012 - 2015 \n \n$ 172,205 $ 180,673 145,457 152,681 136,511 217.913 \n \n46,720 38,251 29,365 22,141 14,557 \n8,689 \n \nTotal Principal and Interest \n \n$ 1,005.440 $ 159.723 \n \nFiscal Year Ended June 30 \n \nGeneral Obligation \n \nDebt \n \nPrinciQal \n \nInterest \n \n2007 2008 \n \n$ 1,555,000 $ 1,625.000 \n \n111,370 59,500 \n \nTotal Principal and Interest \n \n$ 3,180.000 $ 1:Z0,8:Z0 \n \n- 21 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT \"H\" \n \nNote 11: SPECIAL ITEM \nOn December 29, 2005, the School District sold Open Gate Alternative School at 140 Dolvin Avenue for $159,621. The gain on the sale of this property was $122,058. \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. \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 13: SUBSEQUENT EVENTS \nOn July 18, 2006, the voters of Greene County voted in favor of a Special Purpose Local Option Sales Tax referendum for educational purposes. The imposition of the tax approved by voters, as stated on the Official Ballot of Greene County is as follows: \n\"Shall a one percent sales and use tax for educational purposes be continued in Greene County for a period not to exceed twenty (20) calendar quarters upon expiration of the sales and use tax for educational purposes presently in effect, and for the purpose of raising not more than $19,000,000 of net proceeds by said tax, which net proceeds shall go to the Greene County School District for the purpose of(i) adding to, constructing, renovating, repairing, improving and equipping school system buildings and facilities, including but not limited to a school bus depot, athletic and fine arts facilities and security improvements and equipment, (ii) acquiring various new equipment, fixtures and furnishings for existing facilities system-wide, including computer technology equipment and software, (iii) acquiring heating, air conditioning and energy efficiency equipment, (iv) acquiring textbooks and other instructional materials, (v) acquiring school buses and transportation equipment, (vi) equipping existing classrooms and instructional and support space, (vii) acquiring part of a psycho-educational facility, (viii) paying any general obligation debt ofthe School District in conjunction with the imposition of such sales and use tax, and (ix) paying the expenses incident to accomplishing the foregoing? \nIf imposition of the tax is approved by the voters, such vote shall also constitute approval of the issuance of general obligation debt of the Greene County School District in a principal amount of $9,000,000 for the purposes of the Greene County School District described in items (i) - (vii) and (ix) above and for the purpose of payment of a portion of the interest on such debt.\" \n \n-22 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2006 \n \nEXHIBIT \"H\" \n \nNote 14: RETIREMENT PLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \n \nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \n \nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.24% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \nFiscal Year \n \nPercentage Contributed \n \nRequired Contribution \n \n2006 2005 2004 \n \n100% 100% 100% \n \n$ 1,194,457 $ 1,168,476 $ 1,141,146 \n \n- 23 - \n \n (This page left intentionally blank) \n \n GREENE 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 Central Support Services Other Support Services Enterprise Operations Food Services Operation \nDebt Service \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES (USES) \nOther Sources Other Uses \nTotal Other Financing Sources (Uses) \nSPECIAL ITEMS \nProceeds from Sale of Buildings \nNet Change in Fund Balances \nFund Balances - Beginning \nFund Balances - Ending \n \nNONAPPROPRIATED BUDGETS \n \nORIGINAL (1) \n \nFINAL (1) \n \nACTUAL AMOUNTS \n \n$ \n \n10,691,747 $ \n \n10,691,747 $ \n \n10,987,034 \n \n105,000 \n \n105,000 \n \n255,078 \n \n7,339,737 \n \n7,395,540 \n \n7,178,839 \n \n3,810,709 \n \n4,134,588 \n \n3,653,158 \n \n60,389 \n \n60,389 \n \n170,722 \n \n23,922 \n \n23,922 \n \n100,356 \n \n183 291 \n \n183 291 \n \n682 037 \n \n$ \n \n22,214,795 $ \n \n22 594477 $ \n \n23,027,224 \n \n$ \n \n13,522,859 $ \n \n13,744,757 $ \n \n14,146,273 \n \n1,002,189 1,315,284 \n522,527 664,434 1,174,813 346,009 1,491,950 1,105,224 \n30,182 236,190 \n1,057,709 \n \n1,043,505 1,448,777 \n522,527 689,508 1,174,624 346,011 1,491,950 1,124,313 \n30,181 237,443 \n1,057,709 \n \n1,004,861 1,385,903 \n472,727 637,254 1,256,242 370,496 1,418,418 1,155,782 \n22,226 255,301 195,590 1,084,165 262,275 \n \n$ \n \n22,469,370 $ \n \n22,911,305 $ \n \n23,667,513 \n \n$ \n \n-254 575 $ \n \n-316 828 $ \n \n-640,289 \n \n$ \n \n239,287 $ \n \n239,287 $ \n \n108,700 \n \n-123 132 \n \n-123 132 \n \n$ \n \n116 155 $ \n \n116 155 $ \n \n108 700 \n \n$ \n \n159 621 \n \n$ \n \n-138,420 $ \n \n-200,673 $ \n \n-371,968 \n \n581 973 \n \n581 973 \n \n710 396 \n \n$ \n \n443 553 $ \n \n381 300 $ \n \n338428 \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 GREENE 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 Direct Safe and Drug-Free Schools and Communities - National 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 State Grants for Innovative Programs Title I Grants to Local Educational Agencies Twenty-First Century Community Learning Centers Vocational Education - Basic Grants to States \nTotal U.S. Department of Education \nDefense, U. S. Department of Direct Department of the Air Force R.O.T.C. Program \n \nCFDA NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nEXPENDITURES IN PERIOD \n \n. 10.553 . 10.555 \n \nN/A N/A $ \n$ \n \n(2) 974 638 \n974,638 \n \n10.550 \n \nN/A $ \n \n37635 1 012 273 \n \n. 84.027 . 84.173 \n \nN/A \n \n$ \n \nN/A \n \n$ \n \n425,388 40 175 \n465,563 \n \n84.184 \n84.318 84.367 84.358 84.186 \n. 84.298 84.010 84.287 84.048 \n \nN/A N/A \nNIA N/A N/A \nN/A \nN/A N/A \n$ \n \n98,378 \n217,357 117,319 68,256 24,150 \n9,921 1,270,300 \n264,906 43 541 \n2,579,691 \n \n$ \n \n99600 \n \nTotal Federal Financial Assistance NIA = Not Available \n \n$ ===3:!'=69=1,5=64= \n \n- 26 - \n \n GREENE 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 ($317,212) were not maintained separately and are included in the 2006 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 Greene 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 GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2006 \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 Student Achievement Mid-term Adjustment Hold-Harmless Food Services Vocational Education Austerity Reduction Other State Programs National Teacher Certification Preschool Handicapped Program \n \nSee notes to the basic financial statements. \n \n- 28 - \n \nSCHEDULE \"3\" \n \nGOVERNMENTAL FUND TYPE GENERAL FUND \n \n$ \n \n438,266 \n \n402,357 11,850 \n989,569 33,376 \n468,512 53,979 \n809,216 540,124 335,649 \n1,104,639 238,328 -807 59,980 33,961 135,043 41,135 27,227 \n274,215 327,585 363,736 \n374,366 67,023 20,000 54,334 7,209 42,345 \n243,190 68,754 \n102,463 -533,902 \n12,797 32 320 \n$ ===7=1=7=8=8=39= \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2006 \n \nSCHEDULE \"4\" \n \nPROJECT \nThe renovation, improvement and equipping of existing school buildings and other facilities, the acquisition, construction and equipping of additional administrative, support and physical education facilities at existing school, and the acquisition of all property necessary or desirable therefore, both real and personal \n \nORIGINAL ESTIMATED \nCOST (1) \n \nCURRENT ESTIMATED COSTS (2) \n \nAMOUNT EXPENDED IN CURRENT \nYEAR (3) \n \nAMOUNT EXPENDED \nIN PRIOR YEARS (3) \n \nPROJECT STATUS \n \n$ 10,000,000 $ 10,239,781 $ \n \n449,455 $ 9,790,326 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 Greene 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 GREENE 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 (1l (2l \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 \nCategory V \n \nGifted Student - Category VI \n \nRemedial Education Program \n \nAlternative Education Program \n \nEnglish Speakers of Other Languages (ESOL) \n \n674,838 $ \n37,943 1,622,845 \n104,368 771,366 \n115,654 1,368,948 \n915,471 565,615 1,855,437 \n410,380 \n102,067 59 797 \n \n951,952 $ \n144 1,965,426 \n139,637 716,380 \n121,919 1,499,821 1,573,834 \n722,599 \n113,077 262,655 1,435,563 \n22,117 366,503 197,925 \n8,369 140,541 \n62,366 \n \n41,098 $ \n98,695 333 \n71,945 \n915 105,222 141,478 \n52,404 \n959 1,197 177,101 37,567 7,244 9,441 3,581 \n1 794 \n \n993,050 144 \n2,064,121 139,970 788,325 \n122,834 1,605,043 1,715,312 \n775,003 \n114,036 263,852 1,612,664 \n59,684 373,747 207,366 \n11,950 140,541 64160 \n \nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \n \n$ \n \n8,604,729 $ 10,300,828 $ \n \n750,974 $ \n \n11,051,802 \n \nMedia Center Program Staff and Professional Development \n \n227,518 45 505 \n \n327,344 23,405 \n \n83,578 22 544 \n \n410,922 45949 \n \nTOTALQBEFORMULAFUNDS \n \n$ \n \n8 877752 $ 10.S51.577 $ \n \n857 096 $ =====11..,,5.,.0=8=,6=73== \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 \nJune 25, 2007 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members ofthe Greene 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 Greene County Board of Education as of and for the year ended June 30, 2006, which collectively comprise Greene County Board of Education's basic financial statements and have issued our report thereon dated June 25, 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 Greene County Board ofEducation's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinions on the financial statements and not to provide an opinion on the internal control over financial reporting. 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 Greene County Board ofEducation'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-6661-06-01, FS-6661-06-02, FS-6661-06-03, FS-6661-06-04, FS-6661-06-05 and FS-6661-06-06. \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 Greene 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 Greene County Board ofEducation and is not intended to be and should not be used by anyone other than these specified parties. \nRespectfully submitted, \n~ \n~ i n t o n , CPA, CGFM State Auditor \nRWH:as 2006YB-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 25, 2007 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Greene County Board of Education \nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULARA-133 \nLadies and Gentlemen: \nCompliance \nWe have audited the compliance ofGreene County Board ofEducation with the types ofcompliance requirements described in the U.S. Office of Management and Budget (0MB) Circular A-133 Compliance Supplement that are applicable to each of its major Federal programs for the year ended June 30, 2006. Greene 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 Greene County Board of Education's management. Our responsibility is to express an opinion on Greene 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 ofthe United States; and 0MB Circular A133, Audits ofStates, Local Governments, and Non-Profit Organizations. Those standards and 0MB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Greene County Board ofEducation's compliance with \n \n2006SA-15 \n \n 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 Greene County Board of Education's compliance with those requirements. \nIn our opinion, the Greene County Board of Education complied, in all material respects, with the requirements referred to above that are applicable to each ofits major Federal programs for the year ended June 30, 2006. However, the results of our auditing procedures disclosed instances of nonmaterial noncompliance with those requirements, which are described in the accompanying Schedule of Findings and Questioned Costs as items FA-6661-06-01 and FA-6661-06-02. \nInternal Control Over Compliance \nThe management of Greene 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 Greene County Board ofEducation's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose ofexpressing our opinion on compliance 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 management, members of the Greene 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---=;\u003e~ ~@ ~ \n~:sell W. Hinton, CPA, CGFM State Auditor \nRWH:as 2006SA-15 \n \n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \n GREENE 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-6661-04-01 FS-6661-05-01 \n \nFurther Action Not Warranted Unresolved - See Corrective Action/Responses \n \nCORRECTIVE ACTION/RESPONSES \n \nCASH AND CASH EQUIVALENTS REVENUES/RECEIVABLES/RECEIPTS EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Internal Controls over Principal Accounts Finding Control Number: FS-6661-05-01 \n \nIn an effort to address the inadequate separation of duties at the school level, the Greene County Board of Education has implemented an auditing practice that we hope will compensate for the lack of personnel needed. A staff member from the County Office Business Department will at random, audit one to two schools a month to ensure that proper procedures and practices are being followed. The audits will consist of sampling expenditures and reviewing of receipts. Issues of concern will be discussed with the principals with hopes of resolving concerns in a manner that is acceptable to all parties. \n \nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \n \nFINDING CONTROL NUMBER AND STATUS \n \nFA-6661-04-01 \n \nPreviously Reported Corrective Action Implemented \n \n SECTION IV FINDINGS AND QUESTIONED COSTS \n \n GREENE 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 Greene 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 Greene County Board of Education disclosed financial statement reportable conditions related to the following control categories. \n \nCash and Cash Equivalents Employee Compensation Revenues/ReceivabIes/Receipts Budget Preparation/Execution \n \nExpenditures/Liabilities/Disbursements General Ledger Accounting Controls (Overall) \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 Greene 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 Greene 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 Greene 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 .510(a) ofOMB Circular A-133 The Greene County Board of Education's audit did not disclose an audit finding required to be reported by section .5 IO(a) ofOMB Circular A-133; however, we noted certain instances ofnonmaterial noncompliance which are included in section IV of this report. \n \n7. Major Programs Federal awards audited as major programs are as follows: 10.553 Food Services - School Breakfast Program 10.555 Food Services - National School Lunch Program 84.010 Title I Grants to Local Educational Agencies 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 GREENE 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 Greene County Board of Education did not qualify as a low risk auditee as defined by Section .530 ofOMB Circular A-133. \n \nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nCASH AND CASH EQUIVALENTS REVENUES/RECEIVABLES/RECEIPTS EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Internal Controls over School Activity Accounts Reportable Condition Finding Control Number: FS-6661-06-01 \n \nCondition: \n \nThis is a repeat finding (FS-6661-05-01 and FS-6661-04-01) from the years ended June 30, 2005, and June 30, 2004, respectively. The accounting procedures of the School District were insufficient to provide for adequate internal controls over the school activity accounts. \n \nCriteria: \n \nThe School District's management is responsible for designing and maintaining internal controls to provide reasonable assurance that transactions are processed according to established procedures. \n \nQuestioned Cost: NIA \n \nInformation: \n \nCash and Cash Equivalents  The bank reconciliation function was not separated from the record keeping and voucher payment functions.  Bank statement was not properly reconciled to the General Ledger as presented for audit. \n \nRevenues/Receivables/Receipts  The cash receipts and deposit preparation functions were not separated from the record keeping and cash custody functions.  Based on a review of twenty items, thirteen receipts did not contain adequate supporting documentation and two receipts were not deposited in a timely manner. \n \n-2- \n \n GREENE 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 EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Internal Controls over School Activity Accounts Reportable Condition Finding Control Number: FS-6661-06-01 \n \nExpenditures/Liabilities/Disbursements  The check writing function was not separated from the record keeping function.  Based on a review oftwenty items, purchase orders were not utilized for two vouchers and ten vouchers did not contain adequate supporting documentation. \n \nCause: \n \nThese deficiencies were the result of management's decision to limit the number of administrative staffmade responsible for the accounting functions and management's failure to ensure that adequate internal controls were established, implemented and functioning at the school level. \n \nEffect: \n \nErrors and/or irregularities may not be detected in a timely manner. \n \nRecommendation: \n \nThe School District should implement procedures to ensure that the key accounting functions of custody, record keeping and authorization are separated and/or utilize oversight for these incompatible activities. In addition, management should monitor controls to provide reasonable assurance that transactions are processed according to established policies and implement those procedures deemed necessary to strengthen internal controls over the accounting functions. \n \n-3- \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2006 \n \nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nACCOUNTING CONTROLS (OVERALL) Inadequate Access Controls Reportable Condition Finding Control Number: FS-6661-06-02 \n \nCondition: \n \nThe accounting procedures of the School District did not contain adequate separation of duties in the Financial Accounting System. \n \nCriteria: \n \nSeparation of duties involving key accounting functions, both manual and automated, is the basis for achieving an adequate system of internal control. \n \nQuestioned Cost: NIA \n \nInformation: \n \nAccess controls in the Financial Accounting System do not prevent users from accessing accounting functions that are outside of their area of responsibility. \n \nCause: \n \nThe School District's management is responsible for designing and maintaining internal controls that restrict access to programs or data. Management has not limited the access rights of users of the Financial Accounting System. \n \nEffect: \n \nErrors and/or irregularities may not be detected in a timely manner. \n \nRecommendation: \n \nManagement should ensure that the access controls in the accounting information system complement the system ofinternal control by limiting an employee's access to only the accounting functions necessary for the performance of the employee's duties. \n \n-4- \n \n GREENE 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 Inadequate Internal Controls over Procurement Card Expenditures Reportable Condition Finding Control Number: FS-6661-06-03 \n \nCondition: \n \nThe School District has not established a policy related to procurement cards. The School District did not ensure that purchases made with the Board's procurement cards had prior authorization and were for allowable expenditures. \n \nCriteria: \n \nThe School District's management is responsible for designing and maintaining internal controls that provide reasonable assurance that expenditures are properly authorized, documented and allowable. \n \nQuestioned Cost: NIA \n \nInformation: \n \nWeaknesses in internal controls related to procurement card usage were noted as follows: \n The School District did not have a written policy regarding the use of procurement cards. \n There were no procedures in place to ensure that charges were allowable prior to the use of the procurement cards. \n A review of five procurement card payments revealed the following: (1) There were charges for thirty-two meals which exceeded the meal limits established in the Statewide Travel Regulations. (2) One charge was for gasoline purchased for an individual's personal vehicle. This is in violation of Statewide Travel Regulations. (3) One charge was for a gasoline purchase unrelated to School District duties. The School District was later reimbursed for this expenditure. \n \nCause: Effect: \n \nThese deficiencies were a result of management's failure to ensure that internal controls were established, implemented and functioning with regard to the procurement cards. \na Errors and/or irregularities may not be detected in timely manner. \n \nRecommendation: \n \nThe School District should establish written policies and procedures to ensure that procurement card expenditures are properly authorized, documented, allowable and utilized for educational purposes only. \n \n-5- \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2006 \n \nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nEMPLOYEE COMPENSATION Inadequate Internal Controls Reportable Condition Finding Control Number: FS-6661-06-04 \n \nCondition: \n \nThe School District failed to verify that employees' compensation disbursements were based on approved salary schedules. In addition, the School District failed to maintain leave records for all employees eligible for leave. \n \nCriteria: \n \nThe School District's management is responsible for designing and maintaining internal controls to provide reasonable assurance that employees' salaries are paid according to approved salary schedules. The School District must ensure that leave records are maintained for all employees eligible for leave. \n \nQuestioned Cost: NIA \n \nInformation: \n \nBased on a review of twenty-four employees' payroll records, the following deficiencies were noted: \n Three employees received compensation based on the incorrect experience level which resulted in underpayments to the employees. \n One employee received compensation based on the incorrect experience level which resulted in overpayment to the employee. \n Nine employees' supplemental and extra pay were not properly approved or documented. \n One employee's pay changes were not documented or approved.  One employee's contract was not available for review.  One employee's leave records were not available for review. \n \nCause: \n \nThese deficiencies were the result of management's failure to implement proper internal control procedures over the employee compensation functions. \n \nEffect: \n \nErrors and/or irregularities may not be detected in a timely manner. \n \nRecommendation: \n \nManagement should develop and implement policies and procedures to ensure that employees are accurately compensated for work performed. In addition, management should implement procedures to ensure that employee leave records are properly maintained and accurate. \n \n-6- \n \n GREENE 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 Failure to Report Financial Statements in a Timely Manner Reportable Condition Finding Control Number: FS-6661-06-05 \n \nCondition: \n \nThe School District failed to submit the DE046 financial report to the Georgia Department of Education in a timely manner. \n \nCriteria: \n \nChapter 1 Introduction to LUA Accounting ofthe Financial Management for Georgia Local Units of Administration indicates that \"accounting records must provide meaningful, reliable, accurate and timely information to the many persons and groups with legitimate interests in the financial affairs of an LUA.\" \n \nQuestioned Cost: NIA \n \nInformation: \n \nThe School District's DE046 financial report was submitted to the Georgia Department of Education on November 10, 2006. \n \nCause: \n \nManagement failed to comply with the due date of September 30, 2006, as established by the Georgia Department of Education. \n \nEffect: \n \nThe failure ofthe School District to prepare and submit the financial report in a timely manner prohibits legitimate users of the report from being able to have timely access to the financial information provided. \n \nRecommendation: \n \nThe School District should implement policies and/or procedures which will ensure timely submission of the DE046 financial report as specified by the Georgia Department of Education. \n \n-7- \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2006 \n \nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nBUDGET PREPARATION/EXECUTION Deficit Fund Balance Reportable Condition Finding Control Number: FS-6661-06-06 \n \nCondition: \n \nThe School District had a deficit fund balance at the end of fiscal year 2006. \n \nCriteria: \n \nChapter 25 Reportingfor LUAs with General Fund Deficit Balances of the Financial Management for Georgia Local Units of Administration states in part: \"The seriousness of fund balance deficits cannot be overstated. The Georgia Department ofEducation 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 $10,619. \n \nCause: \n \nDuring the year under review, expenditures exceeded revenues in the School District's 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 the School District does not report a deficit fund balance in future periods. In addition, the School District should ensure that procedures are in place to comply with the legal provisions specified in O.C.G.A. 20-2-67. \n \n- 8- \n \n GREENE 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 (CFDA 84.010) Finding Control Number: FA-6661-06-01 \n \nCondition: \n \nThe School District failed to combine a sufficient amount of other eligible U. S. Department ofEducation programs with Title I, Part A funds to support its schoolwide program. \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 ofthe school and to raise academic achievement 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 \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. \n \nQuestioned Cost: NIA \n \n-9- \n \n GREENE 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 (CFDA 84.010) Finding Control Number: FA-6661-06-01 \n \nInformation: \n \nThe School District identified three 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) programs; however, the School District did not properly consolidate the different Federal funds for each of those schools that participated in a schoolwide program. Furthermore, the amount of Improving Teacher Quality State Grants consolidated with Title I Grants to Local Educational Agencies in support of the schoolwide program was insignificant. \n \nCause: \n \nSchool District personnel were not fully aware of these requirements and failed to consolidate sufficient amounts of different Federal funds utilized at the schools that participated in the schoolwide program. \n \nEffect: \n \nFailure to appropriately consolidate sufficient Federal funds utilized at the schoolwide schools can result in noncompliance with requirements of the Federal requirements. \n \nRecommendation: \n \nThe School District should implement procedures (1) to combine Title I, Part A funds with sufficient amounts ofother Federal funds in order to adequately implement a schoolwide program and (2) in line with 0MB Circular A-87 provisions, allocate such schoolwide program costs to the respective Federal funds in a reasonable manner. 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- 10 - \n \n GREENE 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 Deficiencies in Hiring \"Highly Qualified\" Personnel Nonmaterial Noncompliance U.S. Department of Education Through Georgia Department of Education Title I Grants to Local Educational Agencies (CFDA 84.010) Finding Control Number: FA-6661-06-02 \n \nCondition: \n \nThe School District failed to ensure the \"highly qualified\" requirements were met by those individuals employed at schoolwide program schools funded by the Title I Grants to Local Educational Agencies (CFDA 84.010) program. \n \nCriteria: \n \n\"Highly Qualified\" requirements are set forth in 34 CFR section 200.58, which states, in part, as follows: \"An LEA must ensure that all teachers hired after the first day of the 2002 year who teach a core academic subject be highly qualified. Additionally, all teachers ofcore academic subjects must be highly qualified by the end of 2005-2006 school year. To be a highly qualified teacher, the individual must: (1) hold at least a bachelor's degree (2) be certified by the State, including alternative routes to certification (3) pass a rigorous State test on subject knowledge that the teacher teaches and on teaching skills.\" \n \nQuestioned Cost: NIA \n \nInformation: \n \nA schoolwide program was conducted at all three schools which received Title I funding. The School District allowed four employees to teach subjects at the schoolwide program schools they were not \"highly qualified\" to teach. \n \nCause: \n \nThe School District failed to ensure employees were providing instruction only for subjects for which they were qualified to teach. \n \nEffect: \n \nThe School District is not ensuring that students' needs of instruction from \"highly qualified\" teachers are being met in the classrooms. \n \nRecommendation: \n \nThe School District should implement procedures to ensure that only \"highly qualified\" employees are hired for positions requiring \"Highly Qualified\" status or adjust its employees' schedules so that students are taught by qualified individuals. \n \n- 11 - \n \n SECTIONV MANAGEMENT'S RESPONSES \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF MANAGEMENT'S RESPONSES \nYEAR ENDED JUNE 30, 2006 \nFinding Control Number: FS-6661-06-01 \nWe concur with this finding. Due to the restaffing of a number of key positions in the school's administration, the Board is reviewing steps and procedures that will address Inadequate Separation ofDuties. In cases where the financial cost will not allow for the hiring ofadditional employees, the Board is planning to implement compensating duties that will address the concerns. \nFinding Control Number: FS-6661-06-02 \nWe concur with this finding. This matter is under review by the system's new administration and it is our intent to reset the access codes within Genesis that will restrict access to the actual areas needed for each employee to complete his/her assignments. Due to the limited number of staff members, it is anticipated that a number ofindividuals will have either full access to all programs, or to nearly all programs. With cross training being implemented the issue becomes more difficult to address. \nFinding Control Number: FS-6661-06-03 \nWe concur with this finding. The Board is currently reviewing this matter and available options. \nFinding Control Number: FS-6661-06-04 \nWe concur with this finding. Prior to June 2007, the Board maintained leave records on manual cards. In June 2007, the data was recorded/recreated in a Software program. The Board also approved the changing of the Leave Data policy so that all unused leave continues to build a balance, thereby making the tracking ofleave more accurate. The leave tracking component ofthe Genesis program is also being fully utilized to track all leave and not just sick leave. \nFinding Control Number: FS-6661-06-05 \nWe concur with this finding. I am unable to explain why the report was not transmitted by the fiscal year 2006 due date, but the upcoming due dates will be met. \nFinding Control Number: FS-6661-06-06 \nWe concur with this finding. The deficit was the result of a number of items. The largest contributing factors being the failure to book a number of M\u0026O Tax Collections proceeds as receivables and being over staffed. In February 2007, the Board implemented a RIF thereby reducing the staff size by twenty-five positions. The RIF of employees saved more than $250,000 for fiscal year 2007. Also, Federal Programs were reviewed and it was determined that a number of positions were budgeted in the programs, but the salaries were being posted to General Fund. This was corrected. In the future, efforts will be made to ensure that all receivables are accounted for prior to year-end closing. Also, additional positions have been identified for fiscal year 2008, and those positions have also been eliminated. \n- 1- \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF MANAGEMENT'S RESPONSES \nYEAR ENDED JUNE 30, 2006 Finding Control Number: FA-6661-06-01 We concur with this finding. This issue has been resolved in fiscal year 2007 with the co-mingling of Innovation funds with Title I. Greene County will be following the directions from Financial Review to combine additional Federal Programs with Title I funding. Finding Control Number: FA-6661-06-02 We concur with this finding. This matter has been addressed with School Administrators with the Board emphasizing the need to screen potential teachers prior to offering a contract. Those who did not obtain \"High Quality\" status were not renewed at the end of the school year. Contact Person: Dean Ware Phone: (706) 453-7688 Fax Number: (706) 453-9019 E-mail Address: dean.ware@greene.k12.ga.us \n-2 - \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bg79-b2004-h2005","title":"Greene County Board of Education, Greensboro, 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, 32.75042, -83.50018"],"dcterms_creator":["Georgia. 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(online surrogate); (Georgia Government Publications database, viewed March 15, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia. Department of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Greene County Board of Education (Ga.)--Appropriations and expenditures--Periodicals","Education--Georgia--Greene County--Auditing--Periodicals","Education--Georgia--Greene County--Finance--Statistics--Periodicals"],"dcterms_title":["Greene County Board of Education, Greensboro, 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-bg79-b2002-h2003"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bg79-b2002-h2003"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["periodicals","state government records","audits","financial records","financial statements"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"GREENE COUNTY BOARD OF EDUCATION \nGREENSBORO, 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 GREENE 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 \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 \n1 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES \n \nIN FUND BALANCES - BUDGET AND ACTUAL \n \nGENERALFUND \n \n27 \n \n GREENE COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \n \nSECTION I \n \nFINANCIAL \n \nSCHEDULES \n \nSUPPLEMENTARY INFORMATION \n \n2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \n \n28 \n \n3 SCHEDULE OF STATE REVENUE \n \n30 \n \n4 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \n \n32 \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 \nJuly 1, 2004 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members ofthe State Board of Education \nand Superintendent and Members of the Greene 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) of the Greene 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 Greene 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 opinions. \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 Greene 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 Greene 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. \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 Greene 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. \nIn accordance with Government Auditing Standards, we have also issued our report dated July 1, 2004, on our consideration ofthe Greene County Board ofEducation'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 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 Greene 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. \nRWH:as 2003-34ARL-l 1 \n \n GREENE COUNTY BOARD OF EDUCATION \n \n GREENE COUNTY BOARD OF EDUCATION STATEMENT OF NET ASSETS JUNE 30, 2003 \nCash and Cash Equivalents Investments Accounts Receivable, Net \nTaxes State Government Federal Government Other Prepaid Items Inventories Capital Assets Land Construction in Progress Land Improvements Buildings Equipment Less: Accumulated Depreciation \nTotal Assets \nLIABILITIES \nAccounts Payable Salaries Payable Expired Grant Balances 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 \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 \n3,661,074 \n \n4,165,484 \n \n568,668 1,093,554 \n639,540 7,662 954 \n36,000 \n \n125,392 1,350,557 1,597,482 23,977,680 3,215,269 -7,420,046 \n \n$ ===3=3=,0=19:,2=7==0 \n \n$ \n \n595,039 \n \n1,875,014 \n \n27,486 \n \n400,770 \n \n234,186 \n \n3,616,952 7,369,041 \n \n$ \n \n14,118,488 \n \n$ \n \n17,341,478 \n \n230,184 9,158 \n201,469 1118493 \n \n$ \n \n18,900,782 \n \n$ \n \n33,019,270 \n \nThe notes to the basic financial statements are an integral part of this statement. -3- \n \n GREENE COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \nFOR THE YEAR ENDED JUNE 30. 2003 \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 Central Support Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Community Services Food Services Interest on Short-Term and Long-Term Debt \nTotal Governmental Activities \nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Sales Taxes Special Purpose Local Option Sales Tax For Debt Services For Capital Projects Real Estate Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \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$ 16.061,084 \n739,813 1,199,312 \n409,261 297,988 1,108,591 135.186 1,630,573 1,932,682 144,430 \n60,315 \n110,053 406,334 1,099,656 $ 449,884 \n$ 25,785,162 $ \n \n57,664 57664 \n \nThe notes to the basic financial statements are an integral part of this statement. -4- \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 \n9,812,762 $ \n \n138,047 577,918 170,993 \n88,604 82,161 \n \n2,586 612,601 \n \n79,554 \n \n1,017,084 \n \n$ \n \n12,582,310 $ \n \n230,921 $ 230 921 $ \n \n-6,017,401 \n-601,766 -621,394 -238,268 -209,384 -1,026,430 -135,186 -1,627,987 -1,320,081 -144,430 \n19,239 \n-110,053 -406,334 \n-24,908 -449,884 \n-12,914,267 \n \n$ \n \n8,761,794 \n \n1,028,618 1,100,078 \n75,444 21,147 242,783 502,286 \n \n$ \n \n11,732,150 \n \n$ \n \n-1,182,117 \n \n20,082,899 \n \n$ \n \n18 900 782 \n \n- 5- \n \n GREENE 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 Prepaid Items Inventories \n \nGENERAL FUND \n \nDISTRICTWIDE \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTAL \n \n$ \n \n698,889 $ 2,953,027 $ \n \n1,206,747 \n \n2,958,737 \n \n287,809 1,061,602 \n639,540 7,564 954 \n36,000 \n \n401,849 31,952 \n98 \n \n9,158 $ \n \n3,661,074 4,165,484 \n689,658 1,093,554 \n639,540 7,662 954 \n36 000 \n \nTotal Assets \n \n$ 3,939,105 $ 6,345,663 $ \n \n9158 $===1=0=,2=9~3,=92=6~ \n \nLIABILITIES AND FUND BALANCES \n \nLIABILITIES \n \nAccounts Payable \n \n$ \n \nSalaries Payable \n \nDeferred Revenue \n \nContracts Payable \n \nRetainages 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 \nUndesignated Reported in: \n \nGeneral Fund \n \nTotal Fund Balances \n \n$ \n \n566,938 $ 1,875,014 \n27,486 \n2,469,438 $ \n194,184 36,000 \n$ \n1,239,483 1,469,667 $ \n \n28,101 400,770 234,186 663,057 \n$ 5,682,606 \n5,682,606 $ \n \n$ \n$ $ 9,158 \n9,158 $ \n \n595,039 1,875,014 \n27,486 400,770 234186 \n3,132,495 \n194,184 9,158 36,000 \n5,682,606 \n1,239,483 7 161 431 \n \nTotal Liabilities and Fund Balances $ 3,939,105 $ 6,345,663 $ \n \n9158 $=====10=,2=9=3=,9=2=6 \n \nThe notes to the basic financial statements are an integral part of this statement. -6- \n \n GREENE COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \nTO THE STATEMENT OF NET ASSETS JUNE 30, 2003 \n \nEXHIBIT\"D\" \n \nTotal Fund Balances - Governmental Funds (Exhibit \"C\") \n \n$ 7,161,431 \n \nAmounts reported for Governmental Activities in the Statement of Net Assets are different because: \n \nCapital Assets used in Governmental Activities are not financial resources and therefore are not reported in the funds. These assets consist of: \n \nLand Construction in Progress Land Improvements Buildings Equipment Accumulated Depreciation \nTotal Capital Assets \n \n$ \n \n125,392 \n \n1,350,557 \n \n1,597,482 \n \n23,977,680 \n \n3,215,269 \n \n-7,420,046 \n \n22,846,334 \n \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. \n \n-120,990 \n \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: \n \nBonds Payable Capital Leases \nTotal Long-Term Liabilities \n \n$ -9,500,000 -1,485,993 \n \n-10,985,993 \n \nNet Assets of Governmental Activities (Exhibit \"A\") \n \n$ 18,900,782 \n \nThe notes to the basic financial statements are an integral part of this statement. -7- \n \n GREENE 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 Central Support Services Other Support Services Enterprise Operations Community Services Food Services Operation \nCapital Outlay Debt Services \nPrincipal Interest \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES {USES} \nCapital Leases Transfers 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$ \n \n8,855,098 \n \n$ \n \n8,855,098 \n \n75,444 $ 1,100,078 $ 1,028,618 \n \n2,204,140 \n \n8,982,105 \n \n230,921 \n \n9,213,026 \n \n3,565,335 \n \n3,565,335 \n \n57,664 \n \n57,664 \n \n40,434 \n \n201,469 \n \n880 \n \n242,783 \n \n558,205 \n \n98 \n \n558,303 \n \n$ \n \n22,134,285 $ 1,532,566 $ 1,029,498 $ 24,696,349 \n \n$ \n \n14,141,073 \n \n$ 14,141,073 \n \n739,813 1,199,312 \n444,563 617,611 1,266,499 135,183 1,576,945 818,365 144,430 \n78,991 110,053 33,700 1,204,335 \n$ \n \n$ 5,049,786 \n \n739,813 \n \n1,199,312 \n \n444,563 \n \n617,611 \n \n1,266,499 \n \n3 \n \n135,186 \n \n1,576,945 \n \n818,365 \n \n144,430 \n \n78,991 \n \n110,053 \n \n33,700 \n \n1,204,335 \n \n5,049,786 \n \n182,581 84086 \n \n1,500,000 365,798 \n \n1,682,581 449 884 \n \n$ \n \n22,777,540 $ 5,049,786 $ 1,865,801 $ 29,693,127 \n \n$ \n \n-643,255 $ -3,517,220 $ -836,303 $ -4,996,778 \n \n$ \n \n163,050 \n \n$ \n \n2,732 \n \n-2 732 \n \n$ \n \n163,050 \n \n2,732 \n \n-2 732 \n \n$ \n \n160,318 $ \n \n2,732 \n \n$ \n \n163,050 \n \n$ \n \n-482,937 $ -3,514,488 $ -836,303 $ -4,833,728 \n \n1,952,604 \n \n9,197,094 \n \n845,461 \n \n11,995,159 \n \n$ \n \n1,469,667 $ 5,682,606 $ \n \n9158 $ \n \n7 161 431 \n \nThe notes to the basic financial statements are an integral part of this statement. -8- \n \n GREENE 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\") \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. \nSome of the Capital Assets acquired this year were financed with capital leases. In Governmental Funds, a capital lease arrangement is considered a source of financing, but in the Statement of Net Assets, the lease obligation is reported as a Long-Term Liability. \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 Capital Lease Payments \nTotal Long-Term Debt Repayments \n \n$ -4,833,728 \n \n$ 2,918,093 -692,709 \n \n2,225,384 -93,304 \n \n-163,050 \n \n$ 1,500,000 182,581 \n \n1,682,581 \n \nChange in Net Assets of Governmental Activities (Exhibit \"B\") \n \n$ -1, 182,117 \n \nThe notes to the basic financial statements are an integral part of this statement. -9- \n \n GREENE COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET ASSETS \nFIDUCIARY FUNDS JUNE 30. 2003 \nASSETS Cash and Cash Equivalents \nLIABILITIES Funds Held for Others \n \nEXHIBIT\"G\" \nAGENCY FUNDS $===1=8'=26=8= \n$===1=8'=26=8= \n \nThe notes to the basic financial statements are an integral part of this statement. -10- \n \n GREENE 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 Greene County Board ofEducation (School District) was established under the laws ofthe State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \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 Greene 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 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 ofintemal 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 GREENE 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 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 and grants from Georgia State Financing and Investment Commission 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 are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds ofgeneral long-term liabilities and acquisitions under capital leases are reported as other financing sources. \n- 12 - \n \n GREENE 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 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, Lottery Programs and Federal Programs were reported as Special Revenue Funds. These funds had a combined fund balance of $314,976 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 ofthe various school activity accounts had a fund balance of $42,284 at July 1, 2002. This change is in accordance with generally accepted accounting principles. \n \n- 13 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2003 \n \nEXHIBIT\"H\" \n \nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nGeneral Fund Balance July 1, 2002 \n \n$ 2,529,940 \n \nAdd Funds Consolidated with General Fund: School Food Services Fund School Activity Account - Governmental Activity \n \n314,976 42,284 \n \nAdd: State Revenue Related to July and August 2002 Salary Payments Earned by Employees in Fiscal Year 2002 \n \n1,032,107 \n \nDeduct: July and August 2002 Salary Payments Earned by Employees in Fiscal Year 2002 \n \n1,966,703 \n \nGeneral Fund Balance July 1, 2002 (Restated) \n \n$ 1,952,604 \n \nCHANGES IN ACCOUNTING PRINCIPLES \n \nThe Greene 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 of a Statement ofNet Assets. The elements comprising Net Assets - Beginning include the following: \n \nGeneral Fund (Restated) July 1, 2002 Capital Projects Fund Debt Service Fund \n \n$ 1,952,604 9,197,094 845,461 \n \nGovernmental Funds (Restated) July 1, 2002 Capital Assets Accumulated Depreciation Property Tax Revenue Timing Differences Bonds and Notes Payable Capital Leases Payable \n \n$ 11,995,159 27,348,287 -6,727,337 -27,686 -11,000,000 -1,505,524 \n \nNet Assets Beginning (See Exhibit \"B\") \n \n$ 20,082,899 \n \n- 14 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2003 \n \nEXHIBIT\"H\" \n \nNote 2: 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 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 \n- 15 - \n \n GREENE 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 \ndisclosed 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 Greene County Board ofCommissioners fixed the property tax levy for the 2002 tax digest year (calendar year) on September 12, 2002 (levy date). Taxes were due on November 25, 2002 (lien date). 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 Greene County Tax Commissioner bills and collects the property taxes for the School District, withholds 1% 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, 2003, for maintenance and operations amounted to $8,855,098. \n \nThe tax millage rate levied for the 2002 tax year (calendar year) for the Greene County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \n \nSchool Operations \n \n11.00 mills \n \nSALES TAXES \n \nSpecial Purpose Local Option Sales Tax, at the fund reporting level, during the year amounted to $2,128,696 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 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 \nPREPAID ITEMS \n \nPayments made to vendors for services that will benefit periods subsequent to June 30, 2003, are recorded as prepaid items. \n \n- 16 - \n \n GREENE 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 \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 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 \n \nAll \n \nNIA \n \n$ \n \n5,000 20 to 80 years \n \n$ \n \n5,000 25 to 80 years \n \n$ \n \n5,000 10 to 30 years \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 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. 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 \n- 17 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2003 \n \nEXHIBIT\"H\" \n \nNote 3: DEPOSITS AND INVESTMENTS \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 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 $4,376,600. The amounts of the total bank balances are classified into three categories of credit risk: \nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the School District or by the School District's agent in the School District's name. \nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name. \nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the School District's name.) \nThe School District's deposits are classified by risk category at June 30, 2003, as follows: \n \n- 18 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2003 \n \nEXHIBIT\"H\" \n \nNote 3: DEPOSITS AND INVESTMENTS \n \nRisk Category \n \nBank Balance \n \n1 \n \n$ 173,578 \n \n2 \n \n4,203,022 \n \n3 \n \n0 \n \nTotal \n \n$ 4,376.600 \n \nCATEGORIZATION OF INVESTMENTS At June 30, 2003, the carrying value ofthe School District's total investments was $4,165,484 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. 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, $1.00 per share. Pooled cash and cash equivalents and investments are reported at cost. The pool does not issue any legally binding guarantees to support the value of the shares. Participation in the pool is voluntary and deposits consist of funds from local governments; operating and trust funds of Georgia's state agencies, colleges and universities; and current operating funds of the State of Georgia's General Fund. \n \nInvestments in Georgia Fund 1 and Fund 6 are directed toward short-term instruments such as U.S. Treasury obligations, securities issued or guaranteed as to principal and interest by the U. S. Government or any of its agencies or instrumentalities, banker's acceptances and repurchase agreements. The weighted average maturity of Georgia Fund 1 may not exceed 60 days. The weighted average maturity for Georgia Fund 1 on June 30, 2003, was 30 days. The average investment duration for Fund 6 on June 30, 2003, was 0.39 years. \n \n- 19 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2003 \n \nEXHIBIT\"H\" \n \nNote 4: NON-MONETARY TRANSACTIONS \n \nThe School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 2 - Inventories \n \nNote 5: CAPITAL ASSETS \n \nThe following is a summary of changes in the Capital Assets during the fiscal year: \n \nBalances July 1, 2002 \n \nIncreases \n \nBalances Decreases June 30, 2003 \n \nGovernmental Activities Capital Assets, Not Being Depreciated: \nLand Construction in Progress \n \n$ 125,392 \n \n$ 125,392 \n \n2,611,125 $ 1,207,881 $ 2,468,449 \n \n1,350,557 \n \nTotal Capital Assets Not Being Depreciated $ 2,736,517 $ 1,207,881 $ 2,468,449 $ 1,475,949 \n \nCapital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements \n \n$ 21,509,231 $ 2,076,559 1,025,980 \n \n2,468,449 $ 1,138,710 \n571,502 \n \n0 $ 23,977,680 3,215,269 1,597,482 \n \nLess Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements \n \n4,646,606 1,347,952 \n732,779 \n \n378,880 247,986 \n65,843 \n \n5,025,486 1,595,938 \n798,622 \n \nTotal Capital Assets, Being Depreciated, Net $ 17,884,433 $ 3,485,952 $ \n \n0 $ 21,370,385 \n \nGovernmental Activity Capital Assets - Net $ 20,620.950 $ 4,693.833 $ 2,468.449 $ 22,846.334 \n \nCapital assets being acquired under capital leases as of June 30, 2003, are as follows: \n \nGovernmental Funds \n \nEquipment Less: Accumulated Depreciation \n \n$ 513,187 224,061 \n \n$====!!!2~89!=!,,~12~6 \n \n- 20- \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2003 \n \nEXHIBIT \"H\" \n \nNote 5: CAPITAL ASSETS \n \nCurrent year depreciation expense by function is as follows: \n \nInstruction \n \nSupport Services \n \nEducational Media Services \n \n$ \n \nGeneral Administration \n \nSchool Administration \n \nMaintenance and Operation of Plant \n \nStudent Transportation Services \n \nOther Support Services \n \nCommunity Services \n \nFood Services \n \n$ \n27,404 4,927 13,304 6,596 \n137,055 40,751 45,832 \n \n416,840 275,869 \n \nNote 6: RESTRICTED ASSETS \n \n$===6~92-,7==\"0=\"=9 \n \nGeneral obligation bond proceeds and property tax levied specifically for retirement of outstanding bond principal, interest and paying agent's fees (Debt Service Funds) are reported as restricted assets in the Statement ofNet Assets because their use is limited by applicable bond covenants or statutory provisions. Restricted assets at June 30, 2003, were as follows: \n \nDistrict-wide Capital Projects Bond Proceeds \n \nDebt Service Funds \n \nRestricted Cash and Cash Equivalents: Debt Services Capital Acquisitions \nRestricted Investments: Capital Acquisitions \n \n$ \n$ 2,970,638 \n$ 2,958,737 \n \n9,158 \n \nNote 7: INTERFUND TRANSFERS \n \nInterfund transfers for the year ended June 30, 2003, consisted of the following: \n \nTransfer to District-wide Capital Projects \n \nTransfers From General Fund \n$====2-,7==3==2 \n \n- 21 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30. 2003 \n \nEXHIBIT\"H\" \n \nNote 7: INTERFUND TRANSFERS \n \nTransfers are used to move property tax revenues collected by the General Fund to District-wide Capital Projects Fund as required match or supplemental funding source for capital construction projects. \n \nNote 8: RISK MANAGEMENT \n \nThe School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; acts of God and unemployment compensation. \n \nThe School District has obtained commercial insurance for risk ofloss associated with torts, assets, errors or omissions, job related illness or injuries to employees and acts ofGod. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Board's insurance coverage in any ofthe past three years. \n \nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the same fund that the employee's salary and benefits were paid. Claims are accounted for with expenditure and liability being reported when it is probable that a loss has occurred, and the amount ofthat loss can be reasonably estimated. The School District has not incurred any liabilities for unemployment compensation during the past two fiscal years. \n \nThe School District has purchased surety bonds to provide additional insurance coverage as follows: \n \nPosition Covered \nSuperintendent All Other Employees \n \nAmount \n$ 100,000 $ 100,000 \n \nNote 9: LONG-TERM DEBT \n \nCAPITAL LEASES The Greene County Board ofEducation has entered into various lease agreements as lessee for buses and other equipment. These lease agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at the present value of the future minimum lease payments as of the date of their inception. \n \nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: \n \nPurpose General Government - Series 1998 General Government - Series 2002 \n- 22- \n \nInterest Rates \n3.75% - 4.15% 2.50% - 3.60% \n \nAmount \n$ 2,000,000 7,500,000 \n$ 9,500,000 \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2003 \n \nEXHIBIT\"H\" \n \nNote 9: LONG-TERM DEBT \n \nThe changes in Long-Term Debt during the fiscal year ended June 30, 2003, were as follows: \n \nGovernmental Funds \n \nGeneral \n \nCapital \n \nObligation \n \nLeases \n \nBonds \n \nTotal \n \nBalance July 1, 2002 \n \n$ 1,505,524 $ 11,000,000 $ 12,505,524 \n \nAdditions Capital Leases \n \n163,050 \n \n163,050 \n \nDeductions Debt Retired \nBalance June 30, 2003 \n \n182,581 \n \n1,500,000 \n \n1,682,581 \n \n$ 1,485.993 $ 9,500.000 $ 10,985.993 \n \nPortion of Long-Term Debt Due within One Year \n \n$ 231,952 $ 3,385,000 $ 3,616,952 \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 2009-2013 \n \nCapital Leases \n \nPrincipal \n \nInterest \n \n$ 231,952 $ 170,593 179,060 144,596 151,872 607,920 \n \n64,746 59,738 51,271 42,384 35,109 71,885 \n \nTotal Principal and Interest \n \n$ 1,485.993 $ 325.133 \n \nFiscal Year Ended June 30 \n2004 2005 2006 2007 2008 \n \nGeneral Obligation \n \nDebt \n \nPrincipal \n \nInterest \n \n$ 3,385,000 $ 1,440,000 1,495,000 1,555,000 1,625,000 \n \n274,160 198,034 157,715 111,370 58,500 \n \nTotal Principal and Interest \n \n$ 9,500.000 $ 799 779 \n \n- 23 - \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2003 \n \nEXHIBIT\"H\" \n \nNote 10: ON-BEHALF PAYMENTS \n \nThe Board has recognized revenues and costs in the amount of$197,915 for health insurance and retirement contributions paid on the Board's behalf by the following State Agencies. \n \nGeorgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance ofNon-Certified Personnel In the amount of $170,918 \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 $26,997 \n \nNote 11: SIGNIFICANT COMMITMENTS \n \nThe following is an analysis ofsignificant outstanding construction or renovation contracts executed by the School District as of June 30, 2003: \n \nProject \n \nUnearned Executed Contracts \n \nRenovation of Corry-Boston-Jackson Administration and Education Building \n \n$ 2,398.217 \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 \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 \n-24- \n \n GREENE COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \nJUNE 30, 2003 \n \nEXHIBIT\"H\" \n \nNote 13: 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 9.24% 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$ 1,098,680 $ 1,020,537 $ 1,185,784 \n \n- 25 - \n \n GREENE 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 Central Support Services Other Support Services Enterprise Operations Community Services Food Services Operation \nDebt Service \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES (USES) \nOther Sources Other Uses \nTotal Other Financing Sources (Uses) \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 \n8,465,380 $ \n \n8,465,380 $ \n \n8,855,098 \n \n75,444 \n \n8,945,344 \n \n8,804,487 \n \n8,982,105 \n \n4,047,296 \n \n4,824,822 \n \n3,565,335 \n \n89,200 \n \n89,200 \n \n57,664 \n \n98,149 \n \n98,149 \n \n40,434 \n \n282,158 \n \n282,158 \n \n558,205 \n \n$ \n \n21,927,527 $ \n \n22,564,196 $ \n \n22,134,285 \n \n$ \n \n13,395,069 $ \n \n14,099,243 $ \n \n14,141,073 \n \n743,704 1,118,095 \n466,734 610,652 1,220,637 183,878 1,460,490 1,115,514 143,980 309,566 \n34,316 1,218,925 \n \n757,302 1,200,652 \n471,149 637,432 1,232,794 185,438 1,464,517 1,232,658 144,080 216,540 \n34,021 1,235,794 \n \n739,813 1,199,312 \n444,563 617,611 1,266,499 135,183 1,576,945 818,365 144,430 \n78,991 110,053 \n33,700 1,204,335 1417107 \n \n$ \n \n22,021,560 $ \n \n22,911,620 $ \n \n23,927,980 \n \n$ \n \n-94 033 $ \n \n-347 424 $ \n \n-1,793,695 \n \n$ \n \n335,124 $ \n \n400,511 $ \n \n1,313,490 \n \n-302,245 \n \n-367,631 \n \n-2 732 \n \n$ \n \n32,879 $ \n \n32,880 $ \n \n1,310,758 \n \n$ \n \n-61,154 $ \n \n-314,544 $ \n \n-482,937 \n \n2,684,103 \n \n2,684,103 \n \n1,952,604 \n \n-27,696 \n \n-27 696 \n \nFund Balances - Ending \n \n$ \n \n2,595,253 $ \n \n2,341,863 $===1=4=6=9=66.,.7= \n \nNotes to the Schedule of Revenues. Expenditures and Changes in Fund Balances Budget and Actual \n \n(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 GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30. 2003 \n \nSCHEDULE \"2\" \n \nFUNDING AGENCY PROGRAM/GRANT \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 \nTotal Child Nutrition Cluster \n \nOther Programs Pass-Through From Georgia Department of Education Food and Nutrition Program Food Distribution Program (1) Pass-Through From Office of Treasury and Fiscal Services National Forest Reserve Funds \n \nTotal U. S. Department of Agriculture \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 \n \nTotal Special Education Cluster \n \nOther Programs Direct 21st Century Community Leaming Centers After School Learning Centers After School Program Safe and Drug-Free Schools and Communities Mentoring Grants Pass-Through From Georgia Department of Education Elementary and Secondary Education Act Title I Grants to Local Educational Agencies School Improvement Title II Eisenhower Professional Development Enhancing Education Through Technology Improving Teacher Quality Title IV Safe and Drug-Free Schools and Communities 21st Century Community Learning Centers TitleV Innovative Education Program Strategies Title VI Rural and Low Income Schools Reading Excellence - Local Reading Improvement Vocational Education - Basic Grants to States High School Program Basic Grant \n \nTotal U. S. Department of Education \n \n- 28 - \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) 1,051,342 \n1,051,342 \n \n10.550 10.665 \n \nN/A N/A \n$ \n \n66,117 63 768 1,181,227 \n \n84.027 84.173 84.027 \n \nN/A $ N/A NIA \n$ \n \n328,359 45,137 10 671 \n384,167 \n \n84.287 84.184B \n. 84.010 \n. 84.010 \n84.281 84.318 84.367 84.186 84.287 84.298 \n. 84.358 84.338 \n84.048 \n \nN/A N/A \nN/A N/A N/A \nN/A N/A \nNIA \nN/A N/A \nNIA \n$ \n \n97,234 95,507 \n1,053,060 3,190 2,302 \n29,051 204,745 \n24,306 177,479 \n22,060 41,288 331,696 \n54478 2,520,563 \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30. 2003 \n \nSCHEDULE \"2\" \n \nFUNDING AGENCY PROGRAM/GRANT \nDefense, U. S. Department of Direct Department of the Air Force R.O.T.C. Program \n \nCFDA NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nEXPENDITURES IN PERIOD \n \n$ _ _ _-'3'-\"6-'-'9'-\"-82=- \n \nTotal Federal Financial Assistance \nN/A = Not Available \n \n$ ===3='=73=8=7,=7=2 \n \nNotes to the Schedule of Expenditures of Federal Awards \n \n(1) The amounts shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the School District during the current fiscal year. \n(2) Expenditures for the funds earned on the School Breakfast Program ($242,575) were not maintained separately and are included in the 2003 National School Lunch Program. \n \nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \n \nThe School District did not provide Federal Assistance to any Subrecipient. \n \nThe accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Greene County Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the basic financial statements. \n \nSee notes to the basic financial statements. \n \n- 29- \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30. 2003 \n \nSCHEDULE \"3\" \n \nAGENCY/FUNDING \n \nGOVERNMENTAL FUND TYPES \n \nCAPITAL \n \nGENERAL \n \nPROJECTS \n \nFUND \n \nFUND \n \nGRANTS \n \nEducation, Georgia Department of \n \nQuality Basic Education \n \nDirect Instructional Cost \n \nKindergarten Program \n \n$ \n \n440,872 \n \n$ \n \nKindergarten Program - Early Intervention Program \n \n85,173 \n \nPrimary Grades (1-3) Program \n \n981,334 \n \nPrimary Grades - Early Intervention (1-3) Program \n \n239,786 \n \nUpper Elementary Grades (4-5) Program \n \n415,213 \n \nUpper Elementary Grades - Early Intervention (4-5) Program \n \n203,113 \n \nMiddle School (6-8) Program \n \n904,313 \n \nHigh School General Education (9-12) Program \n \n566,268 \n \nVocational Laboratory (9-12) Program \n \n401,799 \n \nStudents with Disabilities \n \nCategory I \n \n157,209 \n \nCategory II \n \n343,810 \n \nCategory Ill \n \n564,223 \n \nCategory IV \n \n39,534 \n \nCategoryV \n \n126,087 \n \nGifted Student - Category VI \n \n219,931 \n \nRemedial Education Program \n \n24,775 \n \nEnglish Speakers of Other Languages (ESOL) \n \n26,940 \n \nMedia Center Program \n \n151,369 \n \n20 Days Additional Instruction \n \n47,897 \n \nStaff and Professional Development \n \n33,313 \n \nIndirect Cost \n \nCentral Administration \n \n344,543 \n \nSchool Administration \n \n354,847 \n \nFacility Maintenance and Operations \n \n455,613 \n \nCategorical Grants \n \nPupil Transportation \n \nRegular \n \n362,582 \n \nBus Replacement \n \n87,654 \n \nSparsity \n \n19,000 \n \nNursing Services \n \n58,962 \n \nPrincipal Supplements \n \n8,883 \n \nVocational Supervisors \n \n18,419 \n \nFood Services \n \n78,394 \n \nVocational Education \n \n231,981 \n \nAusterity Reduction \n \n-249,304 \n \nOther State Programs \n \n4-8 Statewide After School Program \n \n21,827 \n \nK-3 Statewide Reading Program \n \n33,052 \n \nAlternative Program \n \n66,391 \n \nApprenticeship Program \n \n47,500 \n \nChildren Intervention School Services-Medicaid Reimbursement \n \n1,371 \n \nHealth Insurance \n \n170,918 \n \nNext Generation Schools \n \n224,414 \n \nOutdoor Classroom State Grant \n \n1,000 \n \nPreschool Handicapped Program \n \n29,954 \n \nLottery Programs \n \nAssistive Technology \n \n6,719 \n \nComputers in the Classroom \n \n17 \n \nStudent Information System \n \n49,091 \n \nGeorgia Institute of Technology Student Information System \n \n22,314 \n \nGeorgia State Financing and Investment Commission Reimbursement on Construction Projects \n \n$ \n \n230,921 \n \n- 30- \n \nTOTAL \n440,872 85,173 \n981,334 239,786 415,213 203,113 904,313 566,268 401,799 \n157,209 343,810 564,223 \n39,534 126,087 219,931 24,775 26,940 151,369 47,897 \n33,313 \n344,543 354,847 455,613 \n362,582 87,654 19,000 58,962 8,883 18,419 78,394 \n231,981 -249,304 \n21,827 33,052 66,391 47,500 \n1,371 170,918 224,414 \n1,000 29,954 \n6,719 17 \n49,091 \n22,314 \n230,921 \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30. 2003 \n \nSCHEDULE \"3\" \n \nAGENCY/FUNDING \nGRANTS Office of School Readiness Pre-Kindergarten Program \nOffice of the Governor Greene County Board of Commissioners Children and Youth Coordinating Council \nOffice of Treasury and Fiscal Services Public School Employees Retirement \nCONTRACT Education, Georgia Department of After School Programs \n \nGOVERNMENTAL FUND TYPES \n \nCAPITAL \n \nGENERAL \n \nPROJECTS \n \nFUND \n \nFUND \n \nTOTAL \n \n$ \n \n496,342 \n \n$ \n \n496,342 \n \n1,665 26,997 \n \n1,665 26,997 \n \n38,000 \n \n38,000 \n \n$ \n \n8,982,105 $ \n \n230,921 $ \n \n9,213,026 \n \nSee notes to the basic financial statements. \n \n- 31 - \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30. 2003 \n \nSCHEDULE \"4\" \n \nPROJECT \nThe acquisition, construction and equipping of new middle school and the renovating, refurbishing, modifying and equipping of existing facilities, including the construction of additional classrooms and providing for technology \nThe renovation, improvement and equipping of existing school buildings and other facilities, the acquisition, construction and equipping of additional administrative, support and physical education facilities at existing school, and the acquisition of all property necessary or desirable therefor, both real and personal \n \nORIGINAL ESTIMATED \nCOST (1) \n \nCURRENT ESTIMATED COSTS (2) \n \nAMOUNT EXPENDED IN CURRENT \nYEAR (3) \n \nAMOUNT EXPENDED \nIN PRIOR YEARS(3) \n \nPROJECT STATUS \n \n$ \n \n8,563,600 $ 13,292,499 $ \n \n133,759 $ 13,158,740 Ongoing \n \n10,000,000 10,000,000 \n \n5,281,829 \n \n488,860 Ongoing \n \n$ 18,563,600 $ 23,292,499 $ \n \n5,415,588 $ 13,647,600 \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 Greene 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-32- \n \n GREENE 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 \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 \nCategory V \n \nGifted Student - Category VI \n \nRemedial Education Program \n \nAlternative Education Program \n \nEnglish Speakers of Other Languages (ESOL) \n \n645,625 $ \n106,860 1,388,448 \n332,337 598,653 \n265,063 1,263,674 \n817,280 565,872 1,713,329 \n308,460 35,595 94,087 37627 \n \n693,204 $ \n43,421 1,263,019 \n433,632 795,302 \n144,918 1,260,098 1,338,659 \n639,277 \n216,650 619,523 791,221 \n39,168 192,838 243,928 \n93,196 111,658 \n65647 \n \n47,236 $ \n510 144,071 \n4,739 99,304 \n4,356 150,516 266,737 \n58,723 \n4,896 25,934 141,511 \n647 3,209 12,147 \n1 966 \n \n740,440 43,931 \n1,407,090 438,371 894,606 \n149,274 1,410,614 1,605,396 \n698,000 \n221,546 645,457 932,732 \n39,815 196,047 256,075 \n93,196 111,658 \n67 613 \n \nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \n \n$ \n \n8,172,910 $ 8,985,359 $ \n \n966,502 $ \n \n9,951,861 \n \nMedia Center Program Staff and Professional Development \n \n213,790 46 803 \n \n292,935 13199 \n \n136,140 46,782 \n \n429,075 59 981 \n \nTOTAL QBE FORMULA FUNDS \n \n$ \n \n8,433,503 $ 9,291,493 $ \n \n1,149,424 $ =::::1,;:,0,~44;;,;0;;i,;,9~1~7 \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 \nJuly 1, 2004 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members of the Greene 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 Greene County Board of Education as of and for the year ended June 30, 2003, which collectively comprise Greene County Board of Education's basic financial statements and have issued our report thereon dated July 1, 2004. 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 Greene 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 Greene 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-10 \n \n control over financial reporting. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control over financial reporting that might be material weaknesses. A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over financial reporting and its operation that we consider to be material weaknesses. \nThis report is intended solely for the information and use ofthe management, members ofthe Greene 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:as 2003-34YB-10 \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 \nJuly 1, 2004 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \nand Superintendent and Members ofthe Greene 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 ofGreene County Board ofEducation with the types ofcompliance requirements described in the US. Office of Management and Budget (0MB) Circular A-133 Compliance Supplement that are applicable to each ofits major Federal programs for the year ended June 30, 2003. Greene County Board of Education's major Federal programs are identified in the Summary of Auditor's Results Section ofthe 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 Greene County Board of Education's management. Our responsibility is to express an opinion on Greene 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 ofStates, Local Governments, and Non-Profit Organizations. Those standards and 0MB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types 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 Greene 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 Greene County Board of Education's compliance with those requirements. \n2003SA-10 \n \n In our opinion, the Greene County Board of Education complied, in all material respects, with the requirements referred to above that are applicable to each ofits major Federal programs for the year ended June 30, 2003. \nInternal Control Over Compliance \nThe management of Greene 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 Greene County Board ofEducation's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with 0MB Circular A-133. \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 ofthe management, members ofthe Greene 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----=espectfully submitted, \n \nlo~ \n \nRWH:as 2003SA-10 \n \nState Auditor \n \n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \n GREENE 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-6661-01-01 FS-6661-02-01 \n \nFurther Action Not Warranted Previously Reported Corrective Action Implemented \n \n SECTION IV FINDINGS AND QUESTIONED COSTS \n \n GREENE 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 Greene 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 Greene County Board of Education did not disclose any reportable conditions related to the financial statements. \n3. Noncompliance Material to the Financial Statements The audit ofthe Greene County Board ofEducation disclosed no instances ofnoncompliance that were deemed to be material to the financial statements. \n4. Reportable Conditions in Internal Control Over Major Programs The audit report for the Greene 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 Greene County Board ofEducation'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 Greene 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: 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 84.338 Reading Excellence - Local Reading Improvement \n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000. \n9. Low Risk Auditee The Greene County Board of Education qualified as a low risk auditee as defined by Section .530 ofOMB Circular A-133. \n- 1- \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2003 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-bg79-b2001-h2002","title":"Greene County Board of Education, Greensboro, 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, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["2002-06-30"],"dcterms_description":["Began with: Fiscal year ended June 30, 2000; ceased with fiscal year ended June 30, 2008.","Report year covers fiscal year.","Has supplements: Greene County Board of Education, Greensboro, 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 ... (Greene County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007; Salaries and travel reimbursement (Greene County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2000, released in 2001? (online surrogate); title from PDF cover (Georgia Government Publications database, viewed March 15, 2023).","Fiscal year ended June 30, 2008, released in 2009? (online surrogate); (Georgia Government Publications database, viewed March 15, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia. Department of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Greene County Board of Education (Ga.)--Appropriations and expenditures--Periodicals","Education--Georgia--Greene County--Auditing--Periodicals","Education--Georgia--Greene County--Finance--Statistics--Periodicals"],"dcterms_title":["Greene County Board of Education, Greensboro, 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-bg79-b2001-h2002"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bg79-b2001-h2002"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["periodicals","state government records","audits","financial records","financial statements"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":":=iA ' A'aoo \n \n- \n \n, \n \n-, \n, . \\~, -' I' ' \nf, \n \n.. \n-,, \n \n,' \n \n. 'R l \n \n\" \n,, \n \n.:::l l,, ' \n \n' \n \n' \n \n,- \n \n,- \n \n. ' 4... , \n \n- . ' _, \u003e \u003e \n \n-' \n \n\u003e' \n \nc:, -;;,9 t -i lo\u003c,t-;I \n \n- , \n \n\u003e, ,_ \n \n., \" \n \n- 1 ,, '. ', \n \n\" -, \n \n' \n \n' :I  \n \n- \n \n' \n \n.... \n \n., \n. \n' ,, \n \n.. -'l, \n, \n \n....- ' \nI -' '' \n \n,._ \n \n,,, \n \ni. \n \n, .. \n,, \n_,, -, \n' , \n \n\" \n \n' , \n \n,' . \n \n-: ': GRE~NECO(JNT'(.BOARD,'OF EDUCATION. \n \nGREENSBORo. , \n \n-G'EOR\"GIA \n \n: ' \n \n' ' \n\" \n \n. ,,, \n \n., , ' :_ REPORT,-ON AUDIT:- \n \n.' - \n \n, \n \nofrHE FINANCIAL srArEM.ENrs'.. ,, \n \n\" \n \n' FOR THE FISCAL YEAR-ENDED iUNE 30, :2002 \n \n' \n \n,  ~  \n \n,,  \n \n,  \n \n \n \n r \n \n'-- \n \nI .., ( ' \n \n. ' \n \n' -. \n \n' '. \n \nt' \n \n, '' \n \n- \n \n, . \n'1 \n \n-\" \n \nRuss_ell-W: H\\l')ton \n \n,, \n \nState Auditor ' \n \n,, \n \n, \n- .'I r, \n, ' \n \nI  \n \n, , -. \n \n'. \n \n, \n \n'- ; \n \n' J \n \nI \n \n., \n, ' \" \n \n GREENE 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 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 ACTTJAL \n \n(NON-GAAP BASIS) \n \nGENERAL AND SPECIAL REVENUE FUNDS \n \n6 \n \nD NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \n7 \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 \nII \n \nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \n \nAND CHANGES IN FUND BALANCES \n \n25 \n \nSCHEDULES \n \nSCHEDULE 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 \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 GREENE COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \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 ACCORDANCEwrnIGOVERNMENTAUDITINGSTANDARDS REPORT ON COMPLIANCE WTil-1 REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITII 0MB CIRCULAR A-133 \nSECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \nSECTIONN FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \n \n SECTION! FINANCIAL \n \n {tJ\u003c,.\u003c,EU. W. HINTON \nSTATE AUDITOR (404\\656-;,1;4 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, SW ~u,tc 214 AtlJntJ, Georgia 30334-8400 \nApnl 25, 2003 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board ofEducahon \nand Supenntendent and Members of the Greene 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 accompanymg general-purpose financial statements of the Greene County Board of Education, as of and for the year ended June 30, 2002, as hsted m the table of contents These general-purpose financial statements are the respons1bt!Jty of the Greene County Board of Education's management Our respons1b1hty 1s to express an opm1on on these general-purpose financial statements based on our audit \nWe conducted our audit m accordance with aud1tmg standards generally accepted m the Umtcd States of Amenca and the standards apphcable to financtal audits contamed m Government Aud1tmg Standards, issued by the Comptroller General of the Uruted States Those standards require that we plan and perform the audit to obtam reasonable assurance about whether the financial statements are free ofmatenal misstatement An audit mcludes exammmg, on a test basis, evidence supportmg the amounts and disclosures m the financial statements An audit also mcludes assessmg the accounting pnnc1plcs used and s1gruficant estimates made by management, as well as evaluatmg the overall financial statement presentation We beheve that our audit prov,des a reasonable basis for our op1mon \nAs descnbed m the notes to the general-purpose financial statements, the Board of Educatmn's financial statements have been prepared usmg certam accountmg practices and pohc1es wluch, m our opmton, vary m some respects from generally accepted accountmg pnnc1ples These vananccs arc descnbed as follows \n \n2002ARL-l3 \n \n  The general-purpose financial statements of the Board of Educat10n did not contain a General Fixed Assets Account Group to account for property and equipment owned by the Board of Educat10n which should be included to conform to generally accepted accounting pnnc1ples. \n School acllv1ty accounts mainta1Ded at the 1Dd1v1dual schools arc not included m the general-purpose financial statements To conform to generally accepted accounting pnnc1ples, these accounts should be included in the general-purpose financial statements \n The Board of Educallon did not recognize as expenditures, in the year ended June 30, 2002, a portion of salanes and the correspond1Dg employer's cost of related benefits earned for contractual services completed pnor to June 30, 2002. Also funds received, subsequent to June 30, 2002, from the Georgia Department ofEducallon for the State's share of these unrecorded salanes and related benefits were not recorded as revenue in the year under review Conversely, the similar expenditures and related revenues for contractual services completed pnor to June 30, 200 I, were improperly recorded in the year ended June 30, 2002 To conform to generally accepted accountmg pnnc1ples, 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 f1Danc1al statements of these vanances or om1ss1ons have not been determ1Ded, but are believed to be matenal \nIn our opin10n, except for the effects on the general-purpose financial statements of the matters referred to m the preceding paragraph, the general-purpose financial statements referred to above present fairly, in all matenal respects, the financial pos1hon of the Greene County Board of Educallon as ofJune 30, 2002, and the results of1ts operallons for the year then ended, in conformity with account1Dg pnnc1ples generally accepted ID the United States of Amenca \nIn accordance with Governrnent Auditing Standards, we have also issued our report dated Apnl 25, 2003, on our cons1dera11on of the Greene County Board of Educallon's internal control over financial report1Dg and our tests of1ts compliance with certain prov1S1ons oflaws, regulallons, contracts and grants That report 1s an integral part of an audit performed in accordance With Government Auditing Standards and should be read in conJunctJon With this report ID cons1denng the results of our audit \nOur audit was performed for the purpose of forming an op1ruon on the general-purpose financial statements of the Greene County Board of Educat10n taken as a whole The accompany1Dg combin1Dg statements (Exlub1ts E through H) and the financial schedules (Schedules I through 5), which 1Dcludes the Schedule of Expenditures of Federal Awards as requrred by U S Office of Management and Budget Circular A-133, Audzts of States, local Governments, and Non-Profit Orgamzat1ons, are presented for purposes of add11lonal analysis and are not a required part of the general-purpose financial statements Such informallon has been subJected to the auditing \n2002ARL-!3 \n \n procedures apphed m the audit of the general-purpose financial statements and m our op1mon, except for the effects ofthe matters referred tom the th1rd paragraph, such mformallon 1s fiurly stated, mall matenal respects, m relation to the general-purpose financial statements taken as a whole. \n \nA copy ofth1s report has been filed as a permanent record m the office ofthe State Auditor and made available to the press ofthe State, as provided for by Offic1al Code ofGeorgia Annotated Secllon 506-24. \n \nRespectfully submitted, \n \n- \n \n(\u003cl.\u003c1~h \n \nRWHas 2002ARL-13 \n \nState Auditor \n \n GREENE COUNTY BOARD OF EDUCATION \n \n GREENE COUND' BOARD QF EDUCATION COMBINED BALANCE SHEET \nALL FUND TYPES AND ACCOUNT GROlP JUNE 30 2002 \n \nCash and Cash EqlJIValents \nInvestments \nAccounts Recewable \nPrepaod Items \nlnventones Food Donated Commod1bes Purchased Food \nAmount Available In Debi Service Fund \nAmooot to be Provided In Future Years For Payment of Sood Debt \nCapital Lease Agreement\u0026 \nTotalAsaete \n \nGENERAL \nFUND \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nCAPITAL \n \nREVENUE \n \nPROJECTS \n \nFUND \n \nFUND \n \n$ \n \n834,333 88 $ \n \n105 474 85 $ 6,757,591 51 \n \n1,489,086 86 \n \n125,416 42 \n \n190,574 41 \n \n229 568 17 \n \n320 553 25 \n \n393,875 13 \n \n36,060 00 \n \n23,939 24 8 718 33 \n \n$ 2 58Q 048 71 $ 584 102 09 s __,~,\"\".:::2:.:04~1.:,o::;:s_ \n \nLIABILITIES AND FUND EOUIIY \nLIABILITIES \nCash Overdraft Accounts Payable Salone, Payabla Expired Grant Balances Payable Contracts Payablo Rotanages Payable Deferred Revenue Capet.al Lease Agreements Ganeral O b i - Bonda Peyable \nTotal Llablllbes \nFUND EQUITY \nFund Balance\u0026 Rese:ved For Debt Service For lnventor18s Food Donated Commodities Purchased Food For Purpose of Bond IS\u0026Ue For State Gaprtal Outlay Projects UnreseMld Unclesignated \nTotal Fund EQIJlly \n \n$ \n \n58 108 36 S \n \n47,17332 $ \n \n99 984 80 \n \n220,35239 \n \n25087 \n \n1,349 87 \n \n$ \n \n59108 38 S 269 126 45 $ ___99=-='-'80\"'- \n \n$ \n \n23 939 24 \n \n8,718 33 \n \n$ 7,242,056 25 \n \n$ 215291940 35 $ 2,5291940 35 $ \n \n282 318 07 314 975 64 $ \n \nODO 7,242,056 25 \n \nTotal Liabl1rtles and Fund Equrty \n \n$ 2~104871 $ \n \n584 102 09 $ 7 342 041 05 \n \nThe notes to the g e n e r a ~ financial statements are en Integral part of this statement . 2. \n \n DEBT \nSERVICE \nFUND \n \ns \n \n555 236 92 \n \n2.245 260 99 \n \nACCOUNT \nGROUP \nGENERAL \nLONG-TERM \nDEBT \n \nTOTALS \n \n(Memorandum Only) \n \nJUNE 30 2002 \n \nJUNE 301 2001 \n \ns 8 252.636 96 S \n \n846,37215 \n \n4,050,338 68 \n \n4 928 565 48 \n \n943 996 55 \n \n938,768 75 \n \n36 060 00 \n \n41 918 00 \n \ns 2,600,497 91 \n \n23 939 24 8 718 33 \n2 800 497 91 \n \n21,201 40 6,498 09 \n2,544 203 05 \n \n8180,502 09 1 505 523 75 \n \n8 199 502 09 1,505,523 75 \n \n2 305 796 95 1 537 317 80 \n \ns 2 soo 40101 s 12 sos 523 1s s 2s,e21 1213 s1 s 13 111 641 67 \n \n$ \n \ns \n \n206,266 48 \n \n220,352 39 \n \n25087 \n \ns 1.~.52375 \n11,000,000 00 \n \n134987 1,505,523 75 11000000 00 \n \n$ 12 505 523 75 $ 12 933 743 36 $ \n \n233 181 46 184,332 59 183,669 77 \n23 548 85 299,951 93 379 72211 \n1,537,317 80 4 850 000 00 \n7 691 724 51 \n \ns 2 800 497 91 \n000 \ns 2 800 497 91 \n \ns $ 2 BOO 497 91 \n \n2 544 203 05 \n \n23,939 24 8 718 33 \n7 242 056 25 \n2 1e1212sa -42 \ns 12 687 470 15 $ \n \n21 201 40 \ne 498 09 \n33 338 32 1714989 \n2,8571528 41 \n547991716 \n \n$ 2 800 497 91 $ 1~505,523 75 $ 25 821,213 51 $ 13 171 641 67 \n \n-3- \n \n GREENE COUNTY BOARD OF EDUCATION COMBINED STATEMENT OE BE\\/ENUES EXPENPITUBES AND CHANGES IN FUND BALANCES \nALL GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30 2002 \n \nREVENUES \nState Funds Federal Funds Taxos Other Funds \nTotal Revenues \nEXPENDITURES \nCooent Instruction Support SeMces Pup,ISeMCeS Improvement of lnstrudlonal SeMCSS Educational Media Services General Administrauon Sdlool Adm1rustrabon Business Admm1strab0n Maintenance encl Operat,on of Plant Student TransportabOn Servicos Central Support Servk:es Other Support Serw::es Food Services Opera1lon ConYnlnty Services Operabons \nCaprtal Outlay Debt SeMCe \nPnoopal ln1erest \nPaY'1IJ Agent Fees \nTotal Expendll\\.nls \nExcess of Revenues over (under) Expendrtures \nOTHER FINANCING SOURCES (USES) \nAcaued lnterttSt on Bonds Sold Premiun on Bonds Sold Proceeds from General Obbgation Bonds \nParValue Capital Leases Operating Transfors In Operating Transfers Out \nTola! Other F1nanang Sourcos (Uses) \nExcess of Revenuos and Othor Financmg Sources over (under) Expendrtures and Other Flnanc:mg Uses \nFUND BALANCE JULY 1 \nFood Inventory - Net Change In Penod \nDonatocl Con'Wnod1tles Pun:hasod Food \nFUND BALANCE JUNE 30 \nTho notes to the general-purpose finanaa1 statements are an mtegral part of this statement \n-4 - \n \nGENERAL FUND \n \nSPECIAi. REVENUE \nFUND \n \n$ 8,382,221 88 $ 63,261 85 \n7,851,487 35 262 206 81 \n$ 16 539 1n 89 $ \n \n669,750 72 2,692,977 23 \n87 060 54 \n3 449 788 49 \n \n$ 10,438,274 66 $ \n616,787 29 709,287 43 423,455 86 458,069 34 1,047,789 76 159 931 47 1,368,555 62 978,842 54 121,470 99 \n9,000 00 3,507 71 32,008 67 \n \n1,983,802-48 \n70,312 35 83,003 59 \n72,011 63 5,843 63 \n82,903 37 99967 \n88,592 84 1,119,80413 \n605 49 \n \n228 856 05 95,818 80 \n \n$ 16 69165619 $ \n \n$ \n \n-152 478 30 $ \n \n3 507 879 18 -58 090 69 \n \n$ \n \n197,062 00 \n \n$ \n \n-99 387 92 \n \n$ \n \n97 694 OB $ \n \ns \n \n-54,784 22 $ \n \n2 584,724 57 \n \n67,804 92 67 804 92 \n9 514 23 300,503 33 \n \n2 737 84 2 220 24 \n \n$ 2,529,940 35 $ \n \n314 975 64 \n \n EXHIBIT \"B\" \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTALS \n \n!Memorandum Q!!!y} \n \nYEAR ENDED \n \nJUNE 30. 2002 \n \nJUNE 301 2001 \n \ns \n \n176,500 00 \n \ns s 9,208,472 60 \n \n9,515,597 05 \n \ns 486,004 62 \n \n1,521,250 00 \n \n2 756 239 08 9,858,741 97 \n \n2,409,776 39 8 736,404 98 \n \n120 795 73 \n \n211 08 \n \n470 274 16 \n \n1002634 26 \n \ns \n \ns s s 783 300 35 \n \n1 521 461 08 \n \n22.293.n1 81 \n \n2166441268 \n \ns s 12 422 077 14 \n \n12,022 994 66 \n \ns \n \n112 778 69 \n \ns \n \n767,615 37 \n \n2268 \n \n687,099 64 792,291 02 423 455 86 530,080 97 1,053,633 39 272,710 16 1,368 555 62 1,06174591 122,493 34 \n97,592 64 1,123,31184 \n32,614 16 767,615 37 \n \n732,582 22 764 874 43 410 386 33 615,457 19 1,130,400 15 161,926 66 1,203,195 17 834,381 33 123,958 23 \n50,447 47 1,124,220 08 \n36,367 41 3,699,602 11 \n \n135000000 171 50000 55000 \n \n1 578,656 05 267 316 60 550 00 \n \n1,300,047 40 326,699 53 570 00 \n \ns \n \ns s s 880 394 06 \n \n11522107268 \n \n2216021002 11 \n \n2415381110 37 \n \ns \n \ns -97 093 71 \n \ns -61160 \n \ns -306 274 30 \n \n-2 673 697 69 \n \ns \n \ns \n \n5,405 60 \n \n7 259 664 62 \n \n31,76300 -8 169 67 \ns s 7,288,663 75 \n \ns 8 401 61 \n240,3351B 8,169 67 \ns 256 90646 \n \n6,401 61 5 405 60 \n7,500,000 00 197,062 00 \ns 107,537 59 \n-107 537 59 \ns 771086921 \n \n72 986 62 -72 986 62 \n0 00 \n \ns s 7,191 570 04 \n \ns s 256 294 66 \n \n7,402 594 91 \n \n-2,B73,697 69 \n \n50 486 21 \n \n2,544,203 05 \n \n5,479,917 16 \n \n8,347,967 36 \n \n2,737 84 2 220 24 \n \n6 960 52 -1 303 03 \n \ns s s s 712421056 25 \n \n2 BOO 497 91 \n \n12 887 470 15 \n \n5 479 917 16 \n \n. 5. \n \n GREENE COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES EXPENPIIURES ANP CHANGES IN FUND BALANCES \nBUDGET AND ACTUAL - \u003cNON-GAAP BASIS) GENERAL ANO SPECIAL REVENUE FUNDS \nYEAR ENDED JUNE 30 2002 \n \nEXHIBIT \"C\" \n \nGENERAL FUND \n \nBUDGET \n \nACTUAL \n \nREVENUES \nState Funds Federal Funds \nTaxes \nOther- Funds \nTotal Revenues \n \n$ 8,752,016 00 s 8 362 221 88 \n \n11500000 \n \n83,261 65 \n \n7,480,221 87 \n \n7,851 487 35 \n \n525 500 00 \n \n262 206 81 \n \ns 16 872 737 87 s 16 539 177 89 \n \n~PJ;NDIIl!BES \nCurrent \nlnstrucbon \nSupport S.rw:es Pupil SeMcea Improvement of lnstrucbonal Sel'VIC85 Educabonal Med.la SeMces Generel Adm1rustrat1on \nSchool Admll'\\lstrauon \nBuS1neas Adminlitrauon Mamtenanca and Operabon of Plant Student Tran11portation Services \nCentral Support Serv,ces \nother Support Servtces Food SeMces Operabon Community SeMCeS Operatlom Ceprtal Outlay Debt Service \nTotal Expenditures \nExcess of ReV8TlU81 over (under) Expend:lturas \n \n$ 10 775 148 97 s 10,438 274 66 \n \n629 366 67 755,312 08 455,020 16 583 832 85 1 160 014 54 217 095 73 1348,14006 1,013 872 87 139 502 02 \n9 000 00 \n27 008 54 6011140 \n \n616 787 29 709,287 43 423,455 86 458 069 34 t 047 789 76 159 931 47 1 368 555 62 978,842 54 121,470 90 \n9 000 00 3 507 71 32 008 67 \n324 674 85 \n \ns 17 173 425 89 s 16 691 656 19 s -300 688 02 s -152 478 30 \n \nOTHER El~NCIN~ SOURCES !USESl Qthe,- Sources \nOther Uaes \nTotal Other Fnandng Sources (Uses) \n \ns \n \n56 500 00 $ \n \n-128 888 99 \n \ns -72 388 99 s \n \n197 062 00 .99 367 92 \n97 694 08 \n \nExcess of Revenues and Other Fanencmg Sources over (under) Expendrtures and Other Financing Uses $ -373 075 01 $ \n \n-54 764 22 \n \nFUND BALANCE JULY 1 2001 \nAdJustments Fcxx:1 Inventory - Net Changa mPenod \nDonated Comrnodrttes \nPurchased FOOd \n \n2 387 350 56 8 41 \n \n2 584 724 57 \n \nE!.1Nl2 BALAN~E JlltiE ~Q 2Q02 \n \n$ 2 014 283 96 s 2 529 940 35 \n \nSPECIAL REVENUE FUND \n \nBUDGET \n \nACTUAL \n \ns 681,391 08 s 669,750 72 \n \n2 828 410 51 \n \n2 692 977 23 \n \n79 273 45 \n \n67 060 S\u003c \n \ns 3 589 075 04 s 3 449 788 49 \n \n$ 1 979,689 04 s 1 983 802 48 \n \n11645928 136 681 87 \n10 299 27 42 321 95 70 225 18 \n \n70 312 35 83 003 59 \n7201163 5,843 63 \n \n8 703 72 62 515 91 \n1 093 00 99 810 55 1,120,12243 \n1 196 64 \n \n82 903 37 999 67 \n88 592 84 1,119 804 13 \n60549 \n \ns 3 650 018 84 $ 3 507 879 18 \n$ 60 943 80 $ -58 090 69 \n \ns $ 77 562 84 \n \n67 604 92 \n \ns 77 562 64 s 67 604 92 \n \ns $ 16 619 04 \n \n9 514 23 \n \n325 226 57 \n \n300 503 33 \n \n-21 207 39 \n \n2,737 84 2 220 24 \n \n$ 320 638 22 s 314 975 64 \n \nThe notes to the general-purpose finanaal statements are an integral part of this statement \n. 6- \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2002 \n \nNote I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nREPORTING ENTITY \nThe Greene County Board ofEducation (School D1stnct) was established under the laws ofthe State of Georgia and operates under the gmdance of a school board elected by the voters and a Supenntendent appomted by the Board The School D1stnct 1s organized as a separate legal entity and has the power to levy taxes and JSsue bonds Its budget 1s not subJect to approval by any other entity Accordmgly, the School D1stnct 1s a pnmary government and consists of all the organizations that compose its legal entity \nFUND ACCOUNTING \nThe School Distnct uses funds and an account group to report on its financial position and the results of1ts operattons Fund accountmg 1s designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certam governmental functions or activities A fund 1s a separate accountmg entity with a self-balancmg set of accounts An account group 1s a financial reportmg device designed to provide accountability for certam assets and hab1htics that are not recorded m the funds because they do not directly affect expendable available financial resources \nGeneral Fr\"ed Assets are recorded as expenditures m the vanous funds at the time of purchase A General Fixed Assets Account Group 1s not presently mamtained by the School D1stnct. To conform to generally accepted accounting pnnc1ples, a General Fixed Assets Account Group should be maintamed for reportmg the cost of assets acquired by governmental fund types \nAlthough \"school activity accounts\" are maintained at the ind1v1dual schools, neither the assets, habihtles and fund eqwty, nor the revenues, expenditures and changes m fund balances of these accounts are reflected m these financial statements To conform to generally accepted accounttng pnnc1ples, these accounts should be recorded m the general-purpose financial statements \nThe general-purpose financial statements account for all State, Federal, Taxes and Other funds under control of the School D1stnct, m comphance With generally accepted accountmg pnnc1pies applicable to governmental umts, unless otherwise chsciosed m these notes Funds and the account group presented m this report are as follows \nGOVERNMENTAL FUND TYPES - are used to account for all or most of the School D1stnct's educational activities Governmental Fund Types mciude \nGENERAL FUND - the fund used to account for all financial resources of the School D1stnct except those reqmred to be accounted form another fund These transactions relate to resources obtamed and used for services provided by a board of education \n \n-7- \n \n GREENE COUNTY BOARD OF EDUCATION \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 rcstncted to expend!tures for specified purposes. These funds are received pnmanly from the Georgia Department of Educahon and from the Federal government to accomplish specific educahonal obJechves \nCAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acqu1S1!ion or construchon of maJor capital fac1lihes. \nDEBT SERVICE FUND-the fund used to account for the accumulat10n ofresources for, and the payment of, general long-term pnnc1pal, mterest and paymg agent fees \nACCOUNT GROUP \nGENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reportmg device used to account for general obligahon debt outstandmg and capital lease obligations \nBASIS OF ACCOUNTING \nThe accountmg and financial reportmg treatment applied to a fund 1s determmed by its measurement focus. All governmental funds are accounted for usmg a current financial resources measurement focus. With tlus measurement focus, only current assets and current hab1h!ies generally are mcluded on the balance sheet. Operatmg statements ofthese funds present mcreases (1 e, revenues and other financmg sources) and decreases (1 e, expenditures and other financmg uses) m net current assets The1r reported fund balance 1s considered a measure of available spendable resources \nLrnb11ihes which are expected to be financed from available spendable resources are reported as liab11it1es m the governmental funds Other liab11ihes, which are not expected to be financed from available spendable resources, are reported m the General Long-Term Debt Account Group \nGovernmental funds are accounted for usmg the modified accrual basis of accountmg under which \nRevenues are recognized when suscep!ible to accrual (1 e , when they become both measurable and available) \"Measurable\" means the amount of the transachon can be determmed and \"available\" means collectible w1thm the current penod or soon enough thereafter to be used to pay liab11itles of the current penod The School Distnct considers receivables collected w1thm sixty days after yearend to be ava!lable Property taxes, sales taxes and mtercst are considered to be suscepllble to accrual Nonexchange transachons, m which the School D1stnct gives (or receives) value without directly rece1vmg (or g:ivmg) equal value m exchange, mclude property taxes, local opt10n sales taxes, mtergovernrnental grants and donations Revenue for property taxes 1s recognized m the fiscal year for which the taxes are levied Revenue from sales taxes 1s recognized m the fiscal year the resources are received or suscep!ible to accrual Revenue from grants and donations 1s recognized m the fiscal year m which all eligibility reqmrements have been sallsfied \n \n- 8- \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2002 \n \nNote I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nExpenditures are generally recogruzed when the related fund hab1hty 1s mcurrcd \nA departure from the above defimttons ts the accountmg treatment afforded the final two payments on General Fund teachers' and bus drivers' contracts, and the resources ava1lable from the Georgia Department of Education for the State's share of these contracts Dunng fiscal year 2002, a substantial number ofpersonnel ofthe School District were employed for a one hundred and nmety day penod begmnmg m August 2001 and endmg m early June 2002 Personnel contracts for this employment penod specify that compensation be paid m twelve equal monthly payments begmmng m September 2001 and endmg m August 2002. State grants to fund the State's share of these contracts were disbursed from the Georgia Department of Education to the School D1stnct m 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 D1stnct subsequent to June 30, 2002 Also, the State's portion of the compensation paid m July and August 2002 was received and recorded as revenue m the fiscal year subsequent to June 30, 2002 Conversely, the s1m1lar expenditures and related revenues for contractual serv1ces completed pnor to June 30, 2001, were recorded m the year ended June 30, 2002 Generally accepted accountmg pnnc1ples require that revenues be recorded when available and measurable and that expenditures be recorded when mcurred, rather than when funds are received or disbursed. \nBUDGET \nThe Greene County Board of Education's budget ts a complete financial plan for the School D1stnct's fiscal year and ts based upon estimates of expenditures together with probable fundmg sources There 1s no statutory prohibition regardmg overexpend1ture of the budget at any level The budget for all governmental funds 1s prepared by fund, function and obJect The legal level of budget control was estabhshed by the Board at the aggregate level The budget for governmental funds was prepared on a basts other than generally accepted accountmg pnnc1ples \nThe budget process begms when the School D1stnct's adm1mstratton prepares a tentative budget for the Board's approval. After approval ofth1s tentative budget by the Board, such budget 1s advertised at least once ma newspaper of general c1rculatton m the locahty. At the next regular meetmg of the Board after advertisement, the Board receives comments on the tentative budget, makes rev1s1ons as necessary and adopts a fmal school budget Tots final budget 1s then submitted, m accordance with prov1s1ons of the Quality Baste Education Act, OCGA Section 20-2-167(c), to the Georgia Department of Education. The Board may mcrease or decrease the budget at any time dunng the year. All unexpended budget authonty lapses at fiscal year-end. \n \n- 9- \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO Tiffi GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2002 \n \nNote I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nCASH AND CASH EQUIVALENTS \nCOMPOSITTON OF DEPOSITS Cash and cash eqmvalents consist ofcash on hand, demand deposits and short-term investments with onginal matunues of three months or less from the date of acqms1uon m authonzed financial inshtut10ns Georgia Laws OCGA 45-8-14 authonze the School D1stnct to deposit its funds in one or more solvent banks or msured Federal savmgs and Joan assoc1ahons \nINVESTMENTS \nCOMPOSITION OF INVESTMENTS Investments made by the School D1stnct m nonpart1c1patmg mterest-earmng contracts (such as certificates ofdeposit) and repurchase agreements are reported at cost Part1c1paung interest-earmng contracts and money market mvestments with a matunty at purchase of one year or Jess are reported at amortized cost Both part1c1patmg mterest-earnmg 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 authonzes the School D1stnct to mvest its funds and m selecting among options for mvestrnent or among 1nstltut1onal bids for deposits, the highest rate ofreturn shal) be the obJecuve, given eqmvalent cond1t10ns of safety and hqu1d1ty Funds may be invested in the fo11owmg. \n(I) Obhgat10ns issued by the State of Georgia or by other states, \n(2) Obhgauons issued by the Umted States government, \n(3) Obhgauons fu11y insured or guaranteed by the Umted States government or a Umted States government agency, \n(4) Obligations of any corporation of the Umted States government, \n(5) Pnme banker's acceptances, \n(6) The Local Government Investment Pool adrn1rustcred by the State of Georgia, Office of Treasury and Fiscal Services, \n(7) Repurchase agreements, and \n(8) Obhgahons of other pohucal subd1v1s1ons of the State of Georgia \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2002 \n \nNote I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nRECEIVABLES \n \nReceivables consist of grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from mformahon available Receivables are recorded when either the asset or revenue recogrutlon cntcna has been met Receivables recorded on the general-purpose financial statements do not mcludc any amounts which would necessitate the need for an allowance for uncollecl!ble receivables \n \nPROPERTY TAXES \n \nThe Greene County Board of Comm1ss1oners fixed the property tax levy for the 200 I tax digest year (calendar year) on September 4, 2001 (levy date). Taxes were due on November 20, 2001 (hen date) Taxes collected w1thm the current fiscal year or within 60 days after year-end on the 2001 tax digest are reported as revenue m fiscal year 2002 The Greene County Tax Comm1ss10ner bills and collects the property taxes for the School D1stnct, withholds I% of taxes collected as a fee for tax collectton and remits the balance of taxes collected to the School D1stnct Property tax revenues dunng the fiscal year ended June 30, 2002 for maintenance and operahons amounted to $7,768,885.72 \n \nThe tax millage rate levied for the 2001 tax year (calendar year) for the Greene County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value) \n \nSchool Operations \n \n.lLQQmills \n \nSALES TAXES \n \nSpecial Purpose Local Option Sales Tax revenue dunng the year amounted to $2,007,254 62 and 1s to be used for capital outlay for educal!onal purposes or debt service This sales tax was authonzed by local referendum and the sales tax must be re-authonzed at least every five years \n \nINVENTORIES \n \nFOOD INVENTORIES Inventones of donated food commod1hes used m the preparalion of meals are reported on the Combmed Balance Sheet at their Federally assigned value Purchased foods mventones are reported on the Combmed Balance Sheet at cost (first-m, first-out) Donated food commod1t1es are recorded as revenues and expenditures at the tune commochty items are received Purchased foods mventones arc recorded as expenditures at the time ofpurchase. The mventones reported on the balance sheet for donated food commod11ies and for purchased foods are equally offset by reservat10ns of fund balance which md1cates that these amounts do not constitute \"available spendable resources\" even though they are a component of net current assets \n \n-II - \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2002 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nPREPAID ITEMS \nPayments made to vendors for services that will benefit pcnods subsequent to June 30, 2002, are recorded as prepaid items \nGENERAL OBLIGATION BONDS \nThe School D1stnct issues general obhgahon bonds to provide funds for the acqms11Ion and constructlon ofmaJor capital fac1hlles Bond premmms and discounts, as well as issuance costs, are recogmzed m the financial statements dunng the year bonds arc issued General obhgat1on bonds are direct obhgations and pledge the full faith and credit ofthe government The outstandmg amount of these bonds 1s recorded m the General Long-Term Debt Account Group. \nINTERFUND TRANSACTIONS \nThe School D1stnct has the followmg types of mterfund transactlons \nReimbursements of expenditures 1mt1ally made from a fund that are properly applicable to another fund are recorded as expenditures m the re1mbursmg fund and as reductions of expenditures m the fund that 1s reimbursed \nOperating transfers are recorded for all mterfund transactions other than reimbursements \nMEMORANDUM ONLY - TOTAL COLUMNS \nTotal columns on the general-purpose fmancial statements are captioned \"Memorandum Only\" to md1cate that they are presented only to fac1htate financial analysis Data m these columns do not present financial position or results ofoperations m conformity with generally accepted accountmg pnnc1ples. Neither are such data comparable to a consohdat1on Interfund ehmmat10ns have not been made m the aggregation ofth1s 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 many depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee ofmsurance, orby collateral The aggregate ofthe face value of such surety bond and the market value of secunues pledged shall be equal to not less than 110 percent ofthe pubhe funds bcmg secured after the deduction ofthe amount ofdeposit insurance. If a depository elects the pooled method (OCGA 45-8-13 1) the aggregate of the market value ofthe \n \n- 12 - \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO TIIE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2002 \n \nNote 2 DEPOSITS AND INVESTMENTS \nsecunties pledged to secure a pool ofpubhc funds shall be not less than 110 percent ofthe da!ly pool balance. OCGA Section 45-8-11 (b) provides an officer holding pubhc funds may, in his discretion, waive the requirement for secunty in the case ofoperating funds placed in demand deposit checking accounts. \nAcceptable secunty for deposits consists of any one of or any combination of the following \n(1) Surety bond signed by a surety company duly quahfied and authonzed 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 dtrect obhgations of the Umted States or of the State of Georgia, \n(4) Bonds, b11ls, notes, certificates of indebtedness or other obhgat1ons of the counties or mumc1paht1es of the State of Georgia, \n(5) Bonds of any pubhc authonty created by the laws ofthe State of Georgia, providing that the statute that created the authonty authonzed the use of the bonds for th.is purpose, \n(6) lndustnal revenue bonds and bonds of development authontles created by the laws of the State of Georgia, and \n(7) Bonds, b11ls, notes, certificates of indebtedness, or other obhgatlons of a subs1d1ary corporation of the Umted States government, which are fully guaranteed by the Umted States government both as to pnnc1pal and interest or debt obhgat10ns issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal lntenned1ate 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, 2002, the bank balances were $8,857,471 48. The amounts ofthe total bank balances are classified into three categones of credit nsk \nCategory I - Cash that 1s insured (e g, Federal depository insurance) or collateral1zed with secunttes held by the School D1stnct or by the School D1stnct's agent in the School D1stnct's name \nCategory 2 - Cash collaterahzed with secunhes held by the pledging financial mslltut1on's trust department or agent in the School D1stnct's name \nCategory 3 - Uncollaterahzed deposits. (This includes any bank balance that 1s collateral1zed with secuntles held by the pledging financial institution, or by tis trust department or agent but not in the School D1stnct's name.) \n- 13 - \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2002 \n \nNote 2 DEPOSITS AND INVESTMENTS \n \nThe School D1stnct's deposits are classified by nsk category at June 30, 2002, as follows \n \nR.tsk Category \n \nBank Balance \n \n1 \n \n$ I 13,281 18 \n \n2 \n \n8,744,190 30 \n \n3 \n \n000 \n \nTotal \n \nS 8,857,471,48 \n \nCATEGORIZATION OF INVESTMENTS At June 30, 2002, the carrymg value of the School D1stnct's total mvestments was $4,050,338.68 which 1s matenally the same as fair value This mvestment consisted entirely of funds mvested m the Local Government Investment Pool adm1mstered by the State ofGeorgia, Office ofTreasury and Fiscal Services which are not reqmred to be categonzed smce the School Distnct did not own any specific identifiable secuntles m the pool The mvestment policy of the State of Georgia, Office of Treasury and Fiscal Services for the Local Government Investment Pool (Pnmary L1qu1chty Portfolio) does not provide for mvestment m denvatlves or s1m1lar mvestments A descnpt1on ofthe Pnmary L1qmd1ty Portfolio 1s as follows \n \nThe Pnmary L1qmd1ty Portfolio consists of Georgia Fund I, which 1s a combmat1on local and state government mvestment pool, and Fund 6 Georgia Fund l 1s a stable net asset value mvestment pool which follows Standard and Poor's cntena for AAAm rated money market funds The pool is not registered with the SEC as an mvestment company but does operate Georgia Fund 1 m a manner consistent with Rule 2a-7 ofthe Investment Company Act of 1940 and 1s considered to be a Rule 2a7 hke pool The pool's pnmary objectives are safety of capital, mvestment mcome, liqmd1ty and d1vers1ficat1on while mamtanung pnnc1pal ($1 00 per share value) Net asset value 1s calculated weekly to ensure stability The pool d1stnbutes eammgs (net of management fees) on a monthly basis and values part1c1pant's shares sold and redeemed based on $1 00 per share Pooled cash and cash eqmvalents and mvestments are reported at cost which approximates fair value The pool does not issue any legally bmdmg guarantees to support the value of the shares Part1c1pahon m the pool 1s voluntary and deposits consist of funds from local governments, operatmg and trust funds of Georgia's state agencies, colleges and un1vers1t1es, and current operatmg funds of the State of Georgia's General Fund \n \nInvestments m Georgia Fund 1 and Fund 6 are directed toward short-term mstruments such as U S Treasury obhgahons, secuntles issued or guaranteed as to pnnc1pal and mterest by the U S Government or any of its agencies or mstrumentaht1es, banker's acceptances and repurchase agreements The weighted average matunty of Georgia Fund 1 may not exceed 60 days The weighted average matunty for Georgia Fund I on June 30, 2002, was O 12 years The average investment durahon for Fund 6 on June 30, 2002, was O75 years. \n \n- 14 - \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2002 \n \nNote 3. NON-MONETARY TRANSACTIONS \n \nThe School District receives food comrnod!t1es from the United States Department of Agnculture (USDA) for school breakfast and lunch programs. These comrnod1t1es are recorded at their Federally assigned value. See Note 1 - Inventories \n \nNote 4: RISK MANAGEMENT \n \nThe School D1stnct 1s exposed to vanous nsks of loss related to torts; theft of, damage to, and destruction of assets, errors or onuss1ons, Job related illness or inJunes to employees, acts of God and unemployment compensalion. \n \nThe School D1stnct has obtamed comrnerc1al insurance for nsk ofloss associated with torts, assets, errors or om1ss1ons,3ob related illness or mJunes to employees and acts ofGod The School D1stnct has neither s1gn1ficantly reduced coverage for these nsks nor incurred losses (settlements) which exceeded the School D1stnct's msurance coverage in any of the past three years \n \nThe School D1stnct 1s self-insured with regard to unemployment compensation clarms The School D1stnct accounts for chums w1thm the same fund that the employee's salary and benefits were paid Clauns are accounted for with expenditure and hab1hty bemg reported when 1t 1s probable that a loss has occurred, and the amount of that loss can be reasonably estimated \n \nChanges m the unemployment compensation claims hab1hty dunng the last two fiscal years are as follows. \n \n2001 2002 \n \nBcgmmng of Year Liab1hty \n \nClaims and Changes m Estimates \n \n$ \n \n0 00 $ \n \n2 517 00 $ \n \n$ \n \n0 00 $ \n \n0 OQ $ \n \nClaims Paid \n \nEnd of Year Liab1hty \n \n2 517 00 $ \n \n0 00 \n \n0 00 s \n \n000 \n \nThe School D1stnct has purchased surety bonds to provide add1t1onal msurance coverage as follows \n \nPosition Covered \n \nAmount \n \nSupenntendent All Other Employees \n \n$ 100,000 00 $ 100,000 00 \n \nNote 5 GENERAL LONG-TERM DEBT \n \nCAPITAL LEASES The Greene County Board of Education has entered mto vanous lease agreements as lessee for buses and other equipment. These lease agreements quahfy as capital leases for aecountmg purposes and, therefore, have been recorded at the present value of the future mm1mum lease payments as of the date of their mcept1on. \n \n- 15 - \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2002 \n \nNote 5 GENERAL LONG-TERM DEBT \n \nGENERAL OBLIGATION DEBT OUTSTANDING General Obhgat1on Bonds currently outstanding are as follows: \n \nPurpose \n \nInterest Rates \n \nAmount \n \nGeneral Government - Senes I998 General Government - Series 2002 \n \n3.75%-4 15% 2.50%-3 60% \n \n$ 3,500,000 00 7,500,000 00 \n \n$ II,000.000,00 \n \nThe changes in General Long-Term Debt dunng the fiscal year ended June 30, 2002, were as follows: \n \nCapital Leases \n \nGeneral Obhgauon \nBonds \n \nTotal \n \nBalance July I, 2001 \n \n$1,537,317 80 $ 4,850,000 00 $ 6,387,317 80 \n \nAdditions Capital Leases GO Bonds \n \n197,062.00 \n \n197,062 00 \n \n7,500,000 00 7,500,000 00 \n \nDeductions Debt Retired \nBalance June 30, 2002 \n \n228.856 05 1,350,000 00 1,578,856 05 \nz~ $ 1~o~ ~~J $ I 1,QQQ.QQQ,Q0 $16.~Q~.~,J.1~ \n \nAt June 30, 2002, payments due by fiscal year which includes pnnc1pal and interest for these items are as follows \n \n- 16 - \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2002 \n \nNote 5 GENERAL LONG-TERM DEBT \n \nFiscal Year Ended June 30 \n \nCapital Leases \n \nGeneral Obhgallon \nBonds \n \nTotal Debt \n \n2003 2004 2005 2006 2007 2008 - 2012 2013 \nTotal Pnnc1pal and Interest \n \n$ 319,270 22 $ 1,865,798 33 $ 2, I 85,068 55 \n \n264,258 54 3,659,160 00 3,923,418 54 \n \n198,090 42 1,638,035 00 1,836,125 42 \n \n198,090 42 1,652,715 00 1,850,805 42 \n \n154,740 00 1,666,370 00 1,821,11000 \n \n773,700 00 1,683,500 00 2,457,200 00 \n \n77 370 00 \n \n77.370 00 \n \n$1,985,519 60 $12.165.578,33 $)4.)51.097,93 \n \nDeduct. Imputed Interest \n \n479,995 85 \n \nNet Present Value of Future \nM1rumum Lease Payments $ 1.505.523 75 \n \nNote 6 ON-BEHALF PAYMENTS \n \nThe School D1stnct has recogruzed revenues and expenditures m the amount of$236,281 72 for health msurance and relirement contnbuhons paid on the School D1stnct's behalf by the followmg State Agencies. \n \nGeorgia Department ofEducat10n Paid to the Georgia Department of Commuruty Health For Health Insurance of Non-Certified Personnel In the amount of $182,174 28 \n \nPaid to the Teachers Relirement System of Georgia For Teachers Retirement System (TRS) Employer's Cost In the amount of $32,758 44 \n \nOffice of Treasury and Fiscal Services Paid to the Public School Employees Relirement System For Public School Employees Relirement (PSERS) Employer's Cost In the amount of $21,349 00 \n \n- 17 - \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO Tiffi GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 2002 \n \nNote 7. SIGNIFICANT COMMITMENTS \n \nThe followmg 1s an analysis ofs1gmficant outstandmg construction or renovat10n contracts executed by the School D1stnct as of June 30, 2002 \n \nPro1ect \n \nUnearned Executed Contracts \n \nSPLOST Renoval!on of Greensboro Elementary School \nSPLOST Renoval!on of High School Technology Lab \nSPLOST Renovation of High School Softball Field \n \n$1,988,675 00 84,400 00 538,050 00 \n$ 2.61 ),125.00 \n \nThe amounts descnbed m this note are not reflected m the general-purpose financial statements \n \nNote 8 CONTINGENT LIABILITIES \n \nAmounts received or receivable pnnc1pally from the Federal government are subJect to audit and review by grantor agencies This could result m requests for rermbursement to the grantor agency for any expend!tures which are disallowed under grant terms The School D1stnct beheves that such d1sallowances, 1f any, will be 1mmatenal to Its overall financial pos1t1on \n \nNote 9 RETIREMENT PLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \n \nTRS PLAN DESCRIPTION Substantially all teachers, adrmmstral!ve and clencal personnel employed by local school d1stncts are covered by the Teachers Rel!rement System of Georgia (TRS), which 1s a cost-shanng multiple employer defined benefit pension plan TRS provides service rel!rement, d1sab1hty rel!rement and survivors benefits for its members m accordance with State statute The Teachers Rel!rement System of Georgia issues a separate stand alone financial audit report and a copy can be obtamcd from the Georgia Department of Audits and Accounts \n \nTRS CONTRIBUTIONS REQUIRED AND MADE Employees of the School D1stnct who are covered by TRS are reqmred by State statute to contnbute 5% ofthe1r gross earnmgs to TRS The School D1stnct makes monthly employer contnbul!ons to TRS at rates adopted by the TRS Board of Trustees m accordance with State statute and as advised by the1r independent actuary The reqmred employer contnbul!on rate 1s 9 24% and employer contnbuhons for the current fiscal year and the precedmg two fiscal years are as follows \n \n- 18 - \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2002 \n \nNote 9 RETIREMENT PLANS \nFiscal Year \n2002 2001 2000 \n \nPercentage Contnbutcd \n100% 100% 100% \n \nRequired Contnbut1on \n$ 1,020,536 9 I $1,185,783 63 $1,111,656 39 \n \n- 19 - \n \n GREENE COUNlY BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 2002 \n \nASSETS \nCash and Cash Equivalents \nInvestments \nAccounts Receivable \nlnventones Food Donated Commod1bes Purchased Food \n \nSCHOOL FOOD \nSERVICES FUND \n \nLOTTERY PROGRAMS \n \n$ \n \n201,754 90 $ \n \n29,981 72 \n \n125,416 42 \n \n9,097 42 \n \n45,984 98 \n \n23,939 24 8 718 33 \n \nTotal Assets \n \n$ \n \n368,926 31 $===7:,;;5;,;9~66=7~0= \n \nLIABILiTIES AND FUND EQUITY \nLIABILITIES \nCash Overdraft Accounts Payable Salanes Payable Expired Grant Balances Payable Deferred Revenue \nTotal L1ab1lrtJes \nFUND EQUITY \nFund Balances Reserved For lnventones Food Donated Commod1t1es Purchased Food Unreserved Undes1gnated \nTotal Fund Equity \n \n$ \n \n3,781 14 $ \n \n16,12854 \n \n50,169 53 \n \n59,838 16 \n \n$ \n \n53 950 67 $ \n \n75 966 70 \n \n$ \n \n23,939 24 \n \n8,718 33 \n \n282 318 07 $ \n \n000 \n \n$ \n \n314 975 64 s \n \n000 \n \nTotal L1ab1hbes and Fund Equity See notes to the genera~purpose financial statements \n- 20 - \n \n$ \n \n3681926 31 $ ~-.:.7~5:::;96::;6~7;,,;;0~ \n \n EXHIBIT \"E\" \n \nFEDERAL PROGRAMS \n \nTOTALS \n \nJUNE 30, 2002 \n \nJUNE 30, 2001 \n \n$ \n \n231,736 62 $ \n \n231,715 02 \n \n125,416 42 \n \n122,361 02 \n \n$ \n \n265,470 85 \n \n320,553 25 \n \n320,329 29 \n \n23,939 24 8 718 33 \n \n21,201 40 6 498 09 \n \n$ \n \n265 470 85 $ \n \n110 363 86 $~....1_0_2..,1_04_8_2_ \n \n$ \n \n126,261 77 $ \n \n126,261 77 $ \n \n139,991 62 \n \n27,263 64 \n \n47,17332 \n \n54,804 87 \n \n110,344 70 \n \n220,352 39 \n \n183,669 77 \n \n250 87 \n \n25087 \n \n23,13523 \n \n1 349 87 \n \n134987 \n \n$ \n \n265,470 85 $ \n \n395,388 22 $ \n \n401 601 49 \n \n$ \n \n$ _ _ _ _~0~0~0- \n \n$ \n \n0 00 $ \n \n23,939 24 $ 8,718 33 \n \n21,201 40 6,498 09 \n \n282 318 07 \n \n272,803 84 \n \n314 975 64 $ -~3~00==50=3=-.3:c,3'-- \n \n$ \n \n265 470 85 $ \n \n710 363 86 $ =--7,..0.2.,.'=1\"'04'=8a;,;2.,, \n \n- 21 - \n \n GREENE COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES \nSPECIAL REVENUE FUND YEAR ENDEO JUNE 30. 2002 \n \nREVENUES \nState Funds Federal Funds Other Funds \nTotal Revenues \nEXPENDITURES \nCurrent lnstruc!Jon Support SeMces Pupil SeMces Improvement of Instructional SeMces Educational Media Services General Adm1mstrat1on School Adm1mstrallon Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food SeMces Operabon Community Services Operations \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES \nOperating Transfers In \nExcess of Revenues and Other Financing Sources over (under) Expenditures \nFUND BALANCE JULY 1 \nFood Inventory - Net Change m Penod Donated Commod1t1es Purchased Food \nFUND BALANCE JUNE 30 \nSee notes to the general-purpose financial statements \n- 22 - \n \nSCHOOL FOOD \nSERVICES FUND \n \nLOTTERY PROGRAMS \n \n$ \n \n86.642 24 $ \n \n955.615 58 \n \n87 060 54 \n \n$ 1,129,318 36 $ \n \n583,108 48 583,108 48 \n \n$ \n \n535,647 86 \n \n41,028 95 551 02 \n \n13,299 94 \n \n$ 1,119,80413 \n \n$ 111980413 $ \n \n$ \n \n9,514 23 $ \n \n590 527 77 -7,41929 \n \n$ \n \n9,514 23 $ \n \n300,503 33 \n \n2,737 B4 2 220 24 \n \n7 419 29 \n000 000 \n \n$ 314 975 64 s ~-~=o_o_o_ \n \n EXHIBIT \"P' \n \nFEDERAL \nPROGRAMS \n \nTOTALS \n \nYEAR ENDED \n \nJUNE 30, 2002 \n \nJUNE 30, 2001 \n \n$ \n \n669,750 72 $ \n \n605,331 53 \n \n$ 1,737,361 65 \n \n2,692,977 23 \n \n2,407,768 10 \n \n87 060 54 \n \n93 452 10 \n \n$ 1,737,361 65 $ 3,449,788 49 $ 3,106,551 73 \n \n$ 1,448,154 62 $ 1,983,802 48 $ 1,647,090 76 \n \n29,283 40 82,452 57 \n72,011 63 5,843 63 \n69,603 43 99967 \n88,592 84 \n60549 \n \n70,312 35 83,003 59 \n72,011 63 5,843 63 \n82,903 37 99967 \n88,592 84 1,119,80413 \n60549 \n \n81,561 41 77,171 95 \n214 79 65,457 10 57,064 57 10,097 49 61,632 94 \n2,490 24 41,447 47 1,124,220 08 \n1 111 41 \n \n$ 1797547 28 $ 3,507,879 18 $ 3.169,560 21 \n \n$ \n \n-60,185 63 $ \n \n-58,090 69 $ \n \n-63,008 48 \n \n60 185 63 \n \n67 604 92 \n \n72,986 62 \n \n$ \n \n000 $ \n \n9,514 23 $ \n \n9,97814 \n \n0 00 \n \n300,503 33 \n \n284,877 70 \n \n2,737 84 2 220 24 \n \n6,950 52 -1 303 03 \n \n$ \n \n000 $ \n \n314 975 64 $====300==='5=03==33.,, \n \n- 23 - \n \n GREENE COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET \nCAPITAL PROJECTS FUND JUNE 30 2002 \n \nEXHIBIT \"G\" \n \nCash and Cash Equlvalents Investments Accounts RecelVSble \nTotal Assets \nblABILITIE~ A!!jD FUN!;l EQUITY LIABILITIES \nCash Overdraft Accounts Payable Contracts Payable Retalnages Payable \nTotal Uab1lrues \nFUND EQUITY \nFund Balances Reserved For Purposes of Bond Issue For State Capital Outlay Projects Unreserved Undeslgneted Total Fund Equity \nTotal llablfibes and Fund Equity \n \nBONO PROCEEDS \n \nGEORGIA STATE FINANCING AND \nINVESTMENT COMMISSION \n \nTOTALS JUNE 30, 2002 JUNE 30, 2001 \n \n$ 6,757,591 51 $ \n \n0 00 $ 6,757,591 51 $ 123,113 61 \n \n190 574 41 \n \n190,574 41 \n \n608,357 52 \n \n393 875 13 \n \n393 875 13 \n \n354 984 19 \n \n$ 1,342.041 05 $ \n \n000 $ 71342,041 05 $ 1,086,455 32 \n \n$ 99,984 BO $ 99 984 80 \n \n$ 356.295 07 \n \n$ \n \n99,984 BO \n \n299,951 93 \n \n379 72211 \n \n$ \n \n99 984 BO $ 1,035,969 11 \n \n$ 7,242,056 25 0 00 $ \n$ 7,242,056 25 s \n$ 1,342,041 05 $ \n \n$ 7,242,056 25 $ \n \n000 \n \n000 \n \n000 $ 7,242,056 25 $ \n \n33,336 32 17,149 89 \n0 00 \n50 486 21 \n \n000 $ 1,3421041 05 $ 1,086,455 32 \n \nSee notes to the general-purpose financial statements \n \n- 24 - \n \n GREENE COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES EXPENDrTURES AND CHANGES IN FUND BALANCES \nCAPITAL PROJECTS FUND YEAR ENDED JUNE 30 2002 \n \nEXHIBIT \"H\" \n \nBOND PROCEEDS \n \nGEORGIA STATE FINANCING AND \nINVESTMENT COMMISSION \n \nTOTALS \n \nYEAR ENDED \n \nJUNE 30, 2002 \n \nJUNE 30, 2001 \n \nREVENUES \nState Funds Taxes Other FLrlds \nTotal Revenues \n \n$ \n \n176,500 00 $ \n \n176,500 00 $ \n \n298,651 00 \n \n$ \n \n486,004 62 \n \n486 004 62 \n \n1,169,75566 \n \n120 795 73 \n \n120 795 73 \n \n169 436 65 \n \n$ \n \n606,600 35 $ \n \n176 500 00 $ \n \n783 300 35 $ 1 657 645 51 \n \nEXPENDITURES \nCurrent SupportSeMcel Business Administration Central Support 8eMCeS \nCapital Outlay Bu,ldlng and Bulldlng lmprovemenls Equipment \nTotal Expendltins \nExcess of R........,.s over (under) Expenartures \n \n$ \n \n112.m 69 \n \n$ \n \n112n869 \n \n$ \n \n1,440 55 \n \n386,236 94 $ 67 520 00 \n \n313 858 43 \n \n700,095 37 67 520 00 \n \n3 461 797 52 176 517 75 \n \n$ \n \n566,535 83 $ \n \n313 858 43 s \n \n880 394 06 $ 3,639,755 82 \n \n$ \n \n40 264 72 $ \n \ns -137 358 43 \n \ns -97 093 71 \n \n-1 981 910 31 \n \nOJt:IER FIN[INCING SOURCEl;; !USES) \n \nPremiums on Bonds Sold Proceeds from Genaral Obhgabon Bonds \nPar Value Operating Transfers In Opara11ng Transfers Out \nTotal Other Flnanang Sources (Uses) \n \n$ \n \n5,405 60 \n \n7,259,664 82 $ \n-96 615 21 \ns s 7 168 455.21 \n \nExcess of Revenues and Other Financing Sources \n \nover (LY'lder) Expendlll.nls and Other F,nandng Uses \n \ns 7 208 719 93 $ \n \nFUND BALANCE JULY 1 \n \n33 336 32 \n \n$ 120,208 54 \ns 120 208 54 \n \n5,405 60 \n7,259,664 82 \ns 120,208 54 \n-96 615 21 \ns 7,288,663 75 \n \n532,347 23 -532 347 23 \n0 00 \n \ns -17,149 89 \n17 149 89 \n \ns 7,191,57004 \n \n-1 981,910 31 \n \n50 486 21 \n \n2.032.396 52 \n \nFUND BALANCE JL!NJa 30 \n \ns 712421056 25 $ \n \ns 000 \n \n7 242 056 25 $ \n \n50 486 21 \n \nsee notes to the general-pu'pose fklancial statements \n \n- 25- \n \n GREENE COUNTY BOARD OF EDUCATION \nSCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30 2002 \n \nSCHEDULE \"1\" \n \nFUNDING AGENCY PROGRAM/GRANT \nAgnwtture, U S Department of Child Nutrttlon Cluster Pass-Through From Geo,gia Department of Education Food and Nutribon Program Food SeMCeS School Breakfast Program National School Lunch Program \n \nCFDA NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nFEDERAL REVENUE IN PERIOD \n \nEXPENDITURES IN PERIOD \n \n10 553 10 555 \n \nNIA \n \n$ 246 128 05 \n \n(2) \n \nNIA \n \ns 619 272 55 \n \n1 053 871 93 (3) \n \nTotal Child Nutrition Cluster \n \n$ 86540060 $ \n \n1 053 871 93 \n \nOther Programs \n \nPass-Through From Gaorgla Department of Education \n \nFood and Nutr1Uon Program \n \nFood Dlstnbutlon Program (1 ) \n \nPass-Through From Offlc:e of School Reachness \n \nFood and NutnUOn Program \n \ncare Child and Adult \n \nFood Program \n \nPass-Through From Office of Treasury and Fiscal ServlC8s \n \nNlabonal Forest Raserve Funds \n \nTotal U S Department of AgriaJ!tlre \n \n10 550 \n10 558 10685 \n \nNIA \n \n65,932 20 \n \n65,932 20 \n \nNIA \n \n24,282 78 \n \n(2) \n \nNIA \n \n83,261 85 \n \n \n \n$ 1 0188TT43 $ \n \n1119 80413 \n \nEducation, U S Department of Special Education Cluster Pass-TIYough From Georgia Department of Educabon Individuals wtth DlsabUitl\u0026s Educabon Ad Part B - Special Education Gapaaty Building Improvement Flow Through Preschool \n \n84027 84 027 84173 \n \nNIA \n \ns 40,902 00 $ \n \nNIA \n \n294,868 86 \n \nNIA \n \n9 28715 \n \n40,902 00 294 868 86 \n9 287 15 \n \nTotal Special Education Cluster \n \n$ 345 058 01 $ \n \n345 058 01 \n \nOther Programs \n \nDirect \n \n21st cantu:y Community Leaming Centers \n \nAfter School Leaming Centers \n \nMer Sdlool Program \n \n84 287 \n \nPass-TIYough From Gaorgla Department of Education \n \nElementary and Secondary Education Act \n \nrrtlel \n \nGrants to Local Educational Agenoes \n \n84010 \n \nNIA \n \nTIUe II \n \nEisenhower Profass,onal oe..topmant \n \n84 281 \n \nNIA \n \nTIiie VI \n \nlmovative EducaUon Program Strategies \n \n84 298 \n \nNIA \n \nClass Size Reductlon \n \n84 340 \n \nNIA \n \nSafe and Drug-Free Schools and Communities \n \n84186 \n \nNIA \n \nVocational EducaUon - Basic Grants to States \n \nHigh School Program \n \nBaslc Grant \n \n84048 \n \nNIA \n \n358 738 27 \n748,569 02 20 288 33 21,993 00 \n120,104 00 25,1TT 52 \n75 608 00 \n \n358,738 27 \n746,819 89 (3) 20.288 33 21,993 00 \n120 104 00 25 177 52 \n75 608 00 \n \nTotal u S Department of Educabon \n \n$ 1 715 538 15 $ \n \n1 71578702 \n \n- 28 - \n \n GREENE COUNTY BOARD OF EDUCATIDN \nSCHEDULE OF EXPENDIT\\JRES OF FEDERAL AWARDS YEAR ENDED JUNE 30 2002 \n \nSCHEDULE \"1  \n \nFUNDING AGENCY \nPRQGRAM'GRANJ: \nDefense, U S Department of Dlrad Department of the A,r Force R O T C Program \n \nCFDA NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nFEDERAL \nREVENUE IN PERIOD \n \nEXPENDITURES IN PERIOD \n \ns 21 825 50 S \n \n81 760 26 (3) \n \nTotal Federal Fuianclal Assistance \n \nS 2 756,239 08 S \n \nNIA = Nol Available \n \nNotes to the Sd-eclute of Erfldltures of Federal Awards \n \n(1) The amounts shown for the Food DlstnbutJon Program represents the Federally assigned value of normonetary asststance for donated commodltles received and/or consumed by the system during the current fiscal year \n(2) Expenditures for the Child and Adult care Food Program and the School Breakfast Program were not malntalned separately and are Included In the 2002 Nabonal School LL\u003clch Program \n(3) Expend:llns for ltls program llldude State, and/or Other Funds Expendlbea an, not malnta:ned by fund source \n(4) Funds earned on this program do not require reporting of expenditures \n \nMajor Programs era Identified by an asterisk (1 In front of the CFDA mrnbel' \n \nThe School Dtlllrict did not provide Federal Assistance to any Subreaptent \n \nThe accompanying schedule of axpend:tures of Federal awards Includes the Federal grant actJvrty of the Greene County Board of Educabon and Is preaented on the modlfled acaual basis of acoountlng wtudl Is the ba\u0026Ls of accounllng used In the presentation of the general purpose finaooal statements \n \n2 917 351 41 \n \nSee notes to the general-purpose ftnanclat IIBtements \n \n- 27 - \n \n GREENE COUt{TY BOARD OF EDUCATION \nSCHEDULE OF STATE RE\\/ENUE \nYEAR ENDED JUNE 3Q 2002 \n \nSCHEDULE\"2\" \n \nAGENCY/FUNDING \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nCAPITAL \n \nGENERAL \n \nREVENUE \n \nPROJECTS \n \nFUND \n \nFUND \n \nFUND \n \nTOTAL \n \nGRANTS Community Affairs Georgia Department of \nGovernor Emergency Funds \nLocal Assistance Grant \n \n$ \n \n3,000 00 \n \ns \n \n3,000 00 \n \nEducalloo Georgia Department of Ouatlty Basic Educabon Direct lnabuctlonal Cost Kindergarten Program Kindergarten Program - Earty lntervenbon Program Prlmary Grades (1-3) Program Prlmary Grades - Early Intervention (1-3) Program Upper Elemen1ary Grades (4-5) Program Upper Elemen1ary Grades (4-5) Early lntervon11on Program Middle School (6-8) Program High School General Educatlon (!l-12) Program Vocational Leboratory (!l-12) Program Students wrth 0Jsab1~bes Category I Gifted Student - Category VI Remedial Education Program Altemabve Education Program Enghsh Speakers of Other Lenguagos (ESOL) 20 Days Add1110nal lnstruclion \nMedia Center Program \nStaff and Professklnal Development lnchrect Cost Faahty Mamtenance and Operations School Admlnlstratlon Categorical Grants Pupil Transportation \nRegular Bus Replacement Sparsity Nursing Services Principal Supplements VocabonaJ Supervisors Mid-term Adjustments Hold-Harmless Food SeMces Other State Programs Apprenticeship Program Heatth Insurance Outdoor Cla\u0026Sroom State Grant Preschool Handappecl Program Teachers' ReUrement Statewide K-3 Reading Program Statewkte 4-8 After SChool Program Technology/Career High Schools Thal Work Lottery Programs A\u0026s1\u0026bve Technok\u003egy Computers In the Classroom \n \n570,043 00 20,809 00 1,026,625 00 215,810 00 495,166 00 \n100,733 00 866,670 00 673,180 00 406,342 00 \n1,145,154 00 216,277 00 28,546 00 70,134 00 25,680 00 50,492 00 172,874 00 33,110 00 277,86800 483,387 00 373,219 00 \n \n367,224 00 113,797 00 20,000 00 58,982 00 \n9,263 00 18,419 00 150,408 00 \n$ \n \n86,642 24 \n \n50,00000 182,174 28 \n750 00 28,655 00 32,758 44 28,763 16 20,580 00 \n4,000 00 \n \n6 708 13 100 938 86 \n \n570,043 00 20,80900 1,026,825 00 215,810 00 495,166 00 \n100,733 00 866,670 00 673,180 00 406,342 00 \n1,145,154 00 216,277 00 28,546 00 70,134 00 25 680 00 50.492 00 172,874 00 33,110 00 277,868 00 483,387 00 373,219 00 \n367.224 00 113,797 00 20,000 00 \n58,962 00 9,263 00 \n18,419 00 150,408 00 86,642 24 \n50,000 00 182,174 28 \n750 00 28,655 00 32,758 44 28,76316 20,580 00 \n4,000 00 \n6,708 13 100,938 86 \n \nGeorgia State Fmancmg and Investment CommlHD'l Reimbursement on Construction Pf'Of8d9 \n \n$ 176,500 00 \n \n176,500 00 \n \nOffice of School Readiness Pr\u0026-Klndergarten Program \n \n475,461 49 \n \n475,461 49 \n \n- 28  \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30 2002 \n \nSCHEDULE \"2\" \n \nAGENCY/FUNDING \nGRANTS Office of Treasury end Fiscal SeMces Public School Employees Rebremenl \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nCAPITAL \n \nGENERAL \n \nREVENUE \n \nPROJECTS \n \nFUND \n \nFUND \n \nFUND \n \nTOTAL \n \n$ 21 349 00 \n \n$ 21 349 00 \n \n$ B362,221 88 $ 669,750 72 $ 176,500 00 $ 9,208.472 60 \n \nSee notes to the general-purpose finallClal statements \n \n-29- \n \n GREENE COUNTY BOARD OF EDUCATION \nSCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS YEAR ENDED JUNE 30 2002 \n \nSCHEDULE \"3\" \n \nPROJECT \nThe acqulslbon, C006trucUon and equipping of a new Rllddle school and the renovating, refurbishing, mochfy1ng end equipping of existing facillbes Including the construcbon of addlttonal classrooms and providing for tedlnology \nThe renovation, Improvement and equipping of exlstl:ng \u0026chool bu~d1ngs and other facllrtles, the acquisition, constructton end equipping of add1bonal admimstrabve, support and physical educabon facllitles et exist.mg schools and the acquisition of all property necessary or desirable therefor, both real and personal \n \nORIGINAL ESTIMATED \nCOST (1) \n \nCURRENT ESTIMATED COSTS (2) \n \nAMOUNT EXPENDED IN CURRENT \nYEAR (3) \n \nAMOUNT EXPENDED \nIN PRIOR YEARS (3) \n \nPROJECT STATUS \n \nS 8,563,600 00 S 13,212,200 77 S 563,583 63 $ 12,595, 1S6 49 OngCHng \n \n10,000,000 00 10,000 000 00 \n \n488 860 43 \n \nOngoing \n \nS 18,563 600 00 S 23 212 200 77 $ 1 052,444 06 $ 12,595, 1S6 49 \n \n(1) The School District's ong1nal cost estimate es speafted In the resolution caning for the 1mposibon of the Local Option \nSales Tax \n(2) The School Dlstncfs current estimate of total cost for the pJ'Qlects Includes au cost from Protect 1nceptlon to completion \n(3) The votel\"8 of Greene County approved the lmposrtion of a 1% sales tax to fund the above pro,lects and retire assooated debt Amounts expended for these pl'qects 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 finane\u0026al statements \n \n- 31 - \n \n ---------------- - - \nGREENE COUNTY BOARD Of EDUCATION \nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAM {QBE\\ \nALLOTMENTS AND EXPENDfTURES - BY PROGRAM \nYEAR ENDED JUNE 30 2002 \n \nSCHEDULE \"4\" \n \nDESCRIPTION \nDk'ed lnstrucllonal Programs Kmclergarten Program Kindergarten Program-Earty Intervention Program Prlma,y Grades (1-3) Program Prlma,y Grades-Early lnt\"\"\"'\"11on (1-3) Program Upper Bemantary Grades (4--5) Program Upper Elemanta,y Grades-Early lnte,ventlon (4-5) Program Mlddlo School (6-8) Program High School Ganoral Education (9-12) Program Vocational Laboratory (9-12) Program Students with Dlsabllltlea Cstego,y I category II Category Ill category IV CategoryV Gifted Student - Cstegory VI Remedial Education Program Ahematlve Education Program Enghsh Speake1'3 of Other Languages (ESOL) \nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \nMedia Center Program Staff and Profeu!onal Development \n \nALLOTMENTS FROM GEORGIA DEPARTMENT OF \nEDUCATION (1) \n \nELIGIBLE QBE PROGRAM COSTS \n \nSALARIES \n \nOPERATIONS \n \nTOTAL \n \n$ \n \n755,911 00 $ 781,715 65 $ \n \n35 160 34 $ \n \n818,875 99 \n \n27,594 00 \n \n29,510 64 \n \n2,560 49 \n \n32,071 13 \n \n1,361,365 00 1,276,202 87 \n \n87 210 99 \n \n1,363,413 66 \n \n286,177 00 \n \n284,421 43 \n \n5 512 56 \n \n289,933 99 \n \n656,620 00 \n \n707,802 78 \n \n80,912 16 \n \n788,714 94 \n \n133,579 00 1,149,258 00 \n892,877 00 536,833 00 1,518,541 00 \n286,796 00 37,854 00 93,002 00 34,052 00 \n \n128,233 60 1,290,205 34 1 145,490 86 \n583,466 87 \n206,156 55 565,689 37 788 322 73 45,235 64 172,080 03 285 323 32 110,486 53 137,483 35 \n64 748 17 \n \n6,892 71 105 858 65 94 364 78 83,941 63 \n6,425 42 9,723 31 168 347 39 1,31092 6 611 44 6,341 66 1,281 89 \n2,613 26 \n \n135,126 31 1,395,861 99 1,239,855 64 \n667,408 30 \n212,581 97 575,412 68 956,670 12 46,548 56 178,671 47 291,664 98 111,748 42 137,463 35 \n67,381 43 \n \n$ \n \n7,772 257 00 $ 8,602,535 33 $ 704 847 60 $ 9,307,382 93 \n \n229,241 00 43,907 00 \n \n278,154 08 19 4~ 49 \n \n136 480 43 24,412 51 \n \n414,634 51 43 907 00 \n \nTOTAL QBE FORMULA FUNDS \n \ns \n \n8,045,405 00 $ 6 900 183 90 $ 865,740 54 $ 9,765 924 44 \n \n(1) Comprised of State Funcla plus Local Five M,11 Share \n \nSee notes lo the general-purpose financial statements \n \n- 32 - \n \n GREENE COUNTY BOARD OF EDUCATION \nGENERAL FUND QUALITY BASIC EDUCATION PROGRAM (QBE) \nALLOTMENTS AND EXPENDITURES - BY SITE \nYEAR ENDED JUNE 30. 2002 \n \nSCHEDULE \"5\" \n \nSITE Anrta Whrte Carson Middle School Union Point Elementary School Greensboro Elementary School Greene-Taliaferro High School Open Gate School (Greene County Altemabve School) Central Office (Altemat1ve Educabon Program) \nTOTAL \n(1) Compnsed of State Funds plus Local Five Mill Share \n \nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) \n \nELIGIBLE QBE PROGRAM COSTS \n \n$ \n \n1,543,572 00 $ \n \n2,044,381 24 \n \n1,410,241 00 \n \n1,508,001 10 \n \n2,652,178 00 \n \n2,963,023 48 \n \n2,073,264 00 \n \n2,692,202 52 \n \n99,774 59 \n \n93,002 00 \n \n$ \n \n7 772 257 00 $ ==9,;;,30~7:.,38=2.;;,93= \n \nSee notes to the general-purpose financial statements \n. 33. \n \n SECTION II COMPLIANCE AND INTERNAL CON1ROL REPORTS \n \n tJ\u003c;.~EI.L W. HIN roN \nSTAil AUDITOR {404) fi~217-4 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 WJshmgton Street, SW ',u,te 214 At!Jnta, Georgia 30334-ll400 \nApnl 25, 2003 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board ofEducal!on \nand Supenntendent and Members of the Greene County Board ofEducalion \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 ofGreene County Board ofEducat10n as of and for the year ended June 30, 2002, and have issued our report thereon dated Apnl 25, 2003 This report was quahfied for vanous departures from generally accepted accounting pnnc1ples, as 1den1tfied in the auditor's report on the general-purpose financial statements We conducted our audit in accordance with auditing standards generally accepted in the Umted States of Amenca and the standards apphcable to financial audits contained in Government Auditing Standards. issued by the Comptroller General of the Umted States \nComphance \nAs part of obtaining reasonable assurance about whether Greene County Board of Educat10n's financial statements are free of matenal misstatement, we performed tests of 11s comphance with certain prov1s10ns oflaws, regula!tons, contracts and grants, noncomphance w11h which could have a direct and matenal effect on the determination of financial statement amounts However. providing an op1mon on comphance with those prov1s1ons was not an obJective of our audit, and accordingly, we do not express such an opinion The results of our tests disclosed no instances ofnoncomphance that are reqmred to be reported under Government Auditing Standards \nInternal Control Over Financial Reporting \nIn planmng and performing our audit, we considered Greene County Board of Education's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our op1mon on the financial statements and not to provide assurance on the internal \n2002YB-41 \n \n control over financial reportmg However, we noted a certam matter mvolvmg the mternal control over financial reportmg and its operation that we consider to be a reportable cond1t1on. Reportable cond1tions mvolve matters commg to our atten!Jon relatmg to s1gmficant defic1enc1es m the design or operation of the mtemal control over financial reportmg that, m ourJudgment, could adversely affect Greene County Board ofEduca!Ion's ability to record, process, summanze and report financial data consistent with assertions of management m the financial statements The reportable cond1!Ion 1s descnbed m the accompanymg Schedule ofFmdmgs and Quest10ned Costs as item FS-6661-02-01 \n \nA matenal weakness 1s a cond1!Ion m which the design or opera!Ion of one or more of the mtemal control components does not reduce to a relatively low level the nsk that misstatements m amounts that would be matenal m relation to the financial statements bemg audited may occur and not be detected withm a timely penod by employees m the normal course of performmg their assigned functions. Our cons1derat:1on of the mtemal control over financial reportmg would not necessanly disclose all matters m the mtemal control that rrught be reportable cond1tions and, accordmgly, would not necessanly disclose all reportable cornh!Ions that are also considered to be matenal weaknesses. However, we consider item FS-6661-02-01 to be a matenal weakness. \n \nThis report 1s mtended solely for the mforma!Ion and use ofthe management, members ofthe Greene County Board of Education, Federal awardmg agencies and pass-through entities and 1s not mtcnded to be and should not be used by anyone other than these specified parties \n \nRespectfully submitted, \n \n- \n \n~~~ \n \nHmton State Auditor \n \nRWHas 2002YB-41 \n \n {U',SFI I W. HIN ror-. \nSTATE .a.LJDITOfi \n(40,i)~2l74 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, SW Suite 214 Atlanta, Gcorg1J 30334-8400 \nApnl 25, 2003 \n \nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board ofEducatmn \nand Supenntendent and Members of the Greene County Board of Educatmn \nREPORT ON COMPLIANCE WITH REOUlREMENTS 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 Greene County Board of Educa!Ion with the types ofcomphance reqmrements descnbed m the US Office of Management and Budget (0MB) Circular A-133 Compltance Supplement that are apphcable to each of1ts maJor Federal programs for the year ended June 30, 2002 Greene County Board ofEducatmn's maJor Federal programs are 1den1Ified m the Summary of Auditor's Results Section of the accompanymg Schedule of Fmdmgs and Ques!Ioned Costs Compliance with the reqmrements of laws, regulaltons, contracts and grants apphcable to each of Its maJor Federal programs 1s the respons1b1lity of Greene County Board of Education's management Our respons1b1lity 1s to express an opm1on on Greene County Board of Educa!Ion's comphance based on our audit \nWe conducted our audit ofcomphancc m accordance with aud1tmg standards generally accepted m the United States of Amcnca, the standards apphcablc to financial audits contamed m Government Aud1tmg Standards, issued by the Comptroller General of the United States, and 0MB Circular Al 33, Audits of States, Local Governments, and Non-Profit Orgamzatwns Those standards and 0MB Circular A-133 reqmre that we plan and perform the audit to obtam reasonable assurance about whether noncompliance with the types ofcomphance reqmrements referred to above that could have a direct and matenal e!Tect on a ma1or Federal program occurred An audit mcludes e'\u003cammmg. on a test basis, evidence about the Greene County Board of Education's compliance with those requirements and performing such other procedures as we considered necessary m the circumstances We beheve that our audit provides a reasonable basis for our opmmn Our audit does not provide a legal determmat1on on Greene County Board ofEducation's comphance with those requirements \n2002SA-10 \n \n In our opm10n, the Greene County Board ofEducahon compiled, mall matenal respects, with the reqmrements referred to above that are applicable to each of1ts maJor Federal programs for the year ended June 30, 2002 \nInternal Control Over Comphance \nThe management of Greene County Board of Education 1s responsible for establishmg and mamtammg effective mtemal control over compliance with reqmrements of laws, regulauons, contracts and grants applicable to Federal programs In planrung and performmg our audit, we considered Greene County Board ofEducation's mtemal control over compliance with rcqurrements that could have a direct and matenal effect on a maJor Federal program m order to determme our auditing procedures for the purpose of expressmg our op1mon on compliance and to test and report on mtemal control over compliance m accordance with 0MB Circular A-133 \nOur cons1derat10n ofthe mternal control over compliance would not necessanly disclose all matters in the mtemal control that might be matenal weaknesses A matenal weakness 1s a cond11!on m wluch the design or operallon ofone or more of the mtemal control components does not reduce to a relallvely low level of nsk that noncompliance with applicable reqmrements of laws, regulations, contracts and grants that would be matenal m relal!on to a maJor Federal program bemg audited may occur and not be detected within a hmely penod by employees m the normal course of performmg their assigned functlons. We noted no matters mvolvmg the mtemal control over comphance and its operal!on that we consider to be matenal weaknesses \nThis report 1s mtended solely for the mformallon and use ofthe management, members ofthe Greene County Board ofEducation, Federal awardmg agencies and pass-through entIIIes and 1s not mtended to be and should not be used by anyone other than these specified parties \n- ~~ Respectfully submitted, Hmton State Auditor \nRWH.as 2002SA-10 \n \n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \n GREENE 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-6661-00-0 I FS-6661-01-0 I \n \nFurther Action Not Warranted Unresolved - No Corrective Action Implemented \n \nCORRECTIVE ACTION/RESPONSES \n \nGENERAL FIXED ASSETS Failure to Mamtam General Fixed Assets Account Group Fmdmg Control Number: FS-6661-01-01 \n \nWe began corrective act10n implementation m the Spnng of2002 by contracting with The Valuahon AdVJsory Group, Inc to provide us with a current assessment value and hstmg of the system's fixed assets They have provided us with this information m their report dated June 13, 2002. In order to mamtam an ongomg and current hstmg of these assets, the Board of Education has estabhshed the position of an internal auditor, MaJone Ellenberg, whose mam duty will be to oversee this function of the financial reporting entity The School D1stnct 1s expected to be m full compliance by June 30, 2003, for GASB 34 reqmrements m regards to General Fixed Assets \n \n SECTION IV FINDINGS AND QUESTIONED COSTS \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2002 \nI SUMMARY OF AUDITOR'S RESULTS \nI Type of Report Issued on the Financial Statements The auditor's op1mon on the Greene County Board of Education's financial statements was qualified for vanous departures from generally accepted accounting pnnc1ples \n2 Reportable Conditions in Internal Control Disclosed by the Audit of the Financial Statements The audit report for the Greene County Board of Education disclosed a financial statement reportable condition related to the following control category \nGeneral Fixed Assets \nThe reportable condition descnbed above 1s considered to be a matenal weakness \n3 Noncompliance Matenal to the Financial Statements The audit ofthe Greene County Board ofEducauon disclosed no instances ofnoncompliance that were deemed to be matenal to the financial statements \n4 Reportable Cond1t10ns in Internal Control Over Ma1or Programs The audit report for the Greene County Board of Educa!Ion did not disclose any reportable cond1t10ns m internal control over maJor programs \n5 Type of Report Issued on Compliance for MaJOr Programs The auditor's opm1on on the Greene County Board ofEduca!Ion's report on compliance with reqmrements applicable to maJor programs was unqualified \n6 Audit Fmdmgs Requ1Ted to be Reported by Section .510/a) ofOMB C1Tcular A-133 The Greene County Board ofEducation's audit did not d!sclose audit findings rcqmred to be reported by section 510(a) ofOMB C1Tcular A-133 \n7 MaJOr Programs Federal awards audited as maJor programs are as follows IO 553 Food and Nutn!Ion Program - Food Services - School Breakfast Program 10 555 Food and Nutn!Ion Program - Food Services - Nat10nal School Lunch Program 84 287 21st Century Commumty Leaming Centers - After School Leaming Centers After School Program \n8 Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000 00 \n9 Low Risk Aud1tee The Greene County Board ofEduca!Ion qualified as a low nsk aud1tee as defined by Sect10n 530 ofOMB C1Tcular A-133 \n-I- \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2002 \nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS GENERAL FIXED ASSETS Failure to Mamtain General Fixed Assets Account Group Reportable Cond1!Jon - Matenal Weakness Repeated From Pnor Year Fmdmg Control Number FS-6661-02-01 The Greene County Board of Education did not mamtam a system-wide General Fixed Assets Account Group w1thm the formal accounting records as required by generally accepted accounting pnnc1ples. This condition results m the general-purpose financial statements ofthe School D1stnct bemg mcomplete and not in accordance with generally accepted accounting pnnc1ples. Appropnate act10n should be taken by the School D1stnct to establish accoun!Jng controls and procedures to provide for mamtenance of a General Fixed Assets Account Group These subs1d1ary records should mclude an mventory of land, bmldmgs and equipment owned by the School D1stnct and should include, but may not be hm1ted to, date acqmred, acqms1tlon cost, estimated replacement cost, location and descnpt1on Detailed records should be mruntamed of all adchtlons 311d deletions to the General Fixed Asset Account Group ill FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported \n-2- \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bg79-b2000-h2001","title":"Greene County Board of Education, Greensboro, 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, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["2001-06-30"],"dcterms_description":["Began with: Fiscal year ended June 30, 2000; ceased with fiscal year ended June 30, 2008.","Report year covers fiscal year.","Has supplements: Greene County Board of Education, Greensboro, 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 ... (Greene County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007; Salaries and travel reimbursement (Greene County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2000, released in 2001? (online surrogate); title from PDF cover (Georgia Government Publications database, viewed March 15, 2023).","Fiscal year ended June 30, 2008, released in 2009? (online surrogate); (Georgia Government Publications database, viewed March 15, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia. Department of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Greene County Board of Education (Ga.)--Appropriations and expenditures--Periodicals","Education--Georgia--Greene County--Auditing--Periodicals","Education--Georgia--Greene County--Finance--Statistics--Periodicals"],"dcterms_title":["Greene County Board of Education, Greensboro, 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-bg79-b2000-h2001"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bg79-b2000-h2001"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["periodicals","state government records","audits","financial records","financial statements"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":" ., ' ,.~ .~. \nGREENE 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 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 \nB \n \nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES \n \nALL GOVERNMENTAL FUND TYPES \n \nC \n \nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \n \nCHANGES IN FUND BALANCES - BUDGET AND ACTUAL \n \n(NON:OGAAP BASIS) \n \nGENERAL AND SPECIAL REVENUE FUNDS \n \nD NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nADDffiONAL FINANCIAL INFORMATION \n \nCOMBINING STATEMENTS \n \nSPECIAL REVENUE FUND \n \nE \n \nCOMBINING BALANCE SHEET \n \nF \n \nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \n \nAND CHANGES IN FUND BALANCES \n \nCAPITAL PROJECTS FUND \n \nG \n \nCOMBINING BALANCE SHEET \n \nH \n \nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \n \nAND CHANGES IN FUND BALANCES \n \nSCHEDULES \n \n1 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \n \n2 SCHEDULE OF STATE REVENUE \n \n3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \n \nALLOTMENTS AND EXPENDITURES \n \nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \n \n4 \n \nBY PROGRAM \n \n5 \n \nBY SITE \n \nPage \n2 \n4 7 8 \n20 \n22 24 \n25 26 28 29 30 31 \n \n GREENE COUNTY BOARD OF EDUCATION -TABLE OF CONTENTS- \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 WITII GOVERNMENT AUDITING STANDARDS REPORT ON COMPLIANCE WITII REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITII 0MB CIRCULAR A-133 \nSECTION ID AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \nSECTIONN FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \n \n SECTION I FINANCIAL \n \n RussELL W. HtNTON \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nApril 22, 2002 \n \nHonorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board ofEducation \nand Superintendent and Members ofthe Greene County Board ofEducation \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 Greene County Board of Education, as of and for the year ended June 30, 2001, as listed in the table of contents. These general-purpose financial statements are the responsibility of the Greene 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 \nOplDlOn. \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 * The general-purpose financial statements of the Board of Education did not contain a General 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 general-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, 2001, a portion of salaries and the corresponding employer's cost of related benefits earned for contractual services completed prior to June 30, 2001. Also funds received, subsequent to June'30, 2001, 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, 2000, were improperly recorded in the year ended June 30, 2001. 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 paragr:aph, the general-purpose financial statements referred to above present fairly, in all material respects, the financial position of the Greene County Board of Education as ofJune 30, 2001, 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 April 22, 2002, on our consideration ofthe Greene County Board ofEducation'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 Greene County Board of Education taken as a whole. The accompanying combining statements (E~bits 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-Pro.fit 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 \n2001ARL-13 \n \n procedures applied in the audit ofthe general-pmpose 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-pmpose 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. \nectfullysubmi~ \n \nRWH:gp 2001AR.Ir13 \n \nRus ell W. Hinton Stat Auditor \n \n GREENE COUNrY BOARD OF EDUCATION \n \n GREENE COUNTY BOARD OF EDUCATION \nCOMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUP \nJUNE 30. 2001 \n \nASSETS \nCash and cash Equivalents \nInvestments \nAccounts Receivable \nPrepaid Items \nInventories Food Donated Commodities Purchased Food \nAmount Available In Debt Service Fund \nAmount to be Provided In Future Years For Payment of: Bond Debt capltal Lease Agreements \n \nGENERAL FUND \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nCAPITAL \n \nREVENUE \n \nPROJECTS \n \nFUND \n \nFUND \n \n$ \n \n447,478.22 $ \n \n91,723.40 \n \n1,960,244.42 \n \n122,361.02 $ \n \n608,357.52 \n \n264,455.27 \n \n320,329.29 \n \n354,984.19 \n \n41,918.00 \n \n21,201.40 6,498.09 \n \nTotal Assets \n \n$ 2.714.095.91 $ 562.113.20 $ \n \n963.341.71 \n \nLIABILITIES AND FU!::IQ EQUITY \nLIABILITIES \nCash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable Contracts Payable Retainages Payable capital Lease Agreements General Obligation Bonds Payable \nTotal Liabilities \nFUND EQUITY \nFund Balances Reserved For Bus Replacement Funds For Continuation of Federal Programs For Debt Service For Inventories Food Donated Commodities Purchased Food For Purpose of Bond Issue For State capital Outlay Projects Unreserved Undeslgnated \nTotal Fund Equity \n \n$ \n \n233,181.46 \n \n$ \n \n128,957.72 $ \n \n54,804.87 \n \n183,669.77 \n \n413.62 \n \n23,135.23 \n \n299,951.93 \n \n379,722.11 \n \n$ \n \n129,371.34 $ 261,609.87 $ \n \n912,855.50 \n \n$ \n \n21,201.40 \n \n6,498.09 \n \n$ \n \n$ 2,584,724.57 $ 2,584,724.57 $ \n \n272,803.84 300,503.33 $ \n \n33,336.32 17,149.89 \n0.00 \n50,486.21 \n \nTotal Liabilities and Fund Equity \n \n$ 2.714.095.91 $ 562.113.20 $ \n \nThe notes to the general-purpose financial statements are an integral part of this statement. -2- \n \n963.341.71 \n \n EXHIBIT\"A\" \n \nDEBT SERVICE \nFUND \n \n$ \n \n307,170.53 \n \n2,237,602.52 \n \nACCOUNT GROUP \nGENERAL LONG-TERM \nDEBT \n \nTOTALS \n \n(Memorandum On~) \n \nJUNE 30, 2001 \n \nJUNE30,2000 \n \n$ \n \n846,372.15 $ 1,042,639.93 \n \n4,928,565.48 \n \n8,632,669.19 \n \n939,768.75 \n \n758,846.49 \n \n41,918.00 \n \n6,415.00 \n \n$ 2,544,203.05 \n \n21,201.40 6,498.09 \n2,544,203.05 \n \n14,250.88 7,801.12 \n3,039,548.63 \n \n2,305,796.95 1,537,317.80 \n \n2,305,796.95 1,537,317.80 \n \n2,960,451.37 1,687,365.20 \n \n$ 215441n3.05 $ 613871317.80 $ 1311711641.67 $ 1811491987.81 \n \n$ \n \n233,181.46 \n \n$ \n \n570.00 \n \n184,332.59 $ \n \n354,347.78 \n \n183,669.n \n \n187,438.97 \n \n23,548.85 \n \n687.75 \n \n299,951.93 \n \n995,564.10 \n \n379,722.11 \n \n576,616.65 \n \n$ 1,537,317.80 \n \n1,537,317.80 \n \n1,687,365.20 \n \n4,850,000.00 \n \n4,850,000.00 \n \n6,000,000.00 \n \n$ \n \n570.00 $ 6,387,317.80 $ 7,691,724.51 $ 9,802,020.45 \n \n$ 2,544,203.05 \n0.00 $ 2,544,203.05 \n \n$ \n \n17,010.08 \n \n2,591.32 \n \n$ 2,544,203.05 \n \n3,039,548.63 \n \n21,201.40 6,498.09 \n33,336.32 17,149.89 \n \n14,250.88 7,801.12 2,000,807.99 31,588.53 \n \n2,857,528.41 \n \n3~34,368.81 \n \n$ 5,479,917.16 $ 8,347,967.36 \n \n$ 215441n3.05 $ 613871317.80 $ 1311711641.67 $ 1811491987.81 \n \n-3- \n \n GREENE 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 Central Support Services Other Support Services Food Services Operation Community Services Operations \ncapital OuUay Debt Service \nPrincipal Interest Paying Agent Fees \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES {USES) \nCapital Leases Operating 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$ 8,611,614.52 $ 2,008.29 \n6,701,014.60 708,874.56 \n$ 16,023,511.97 $ \n \n605,331.53 2,407,768.10 \n93,452.10 \n3,106,551.73 \n \n$ 10,375,903.90 $ \n651,020.81 687,702.48 410,171.54 550,000.09 1,073,335.58 161,926.66 1,193,097.68 772,748.39 119,960.89 \n9,000.00 \n35,256.00 61,286.84 \n150,047.40 105,487.03 \n \n1,647,090.76 \n81,561.41 TT,171.95 \n214.79 65,457.10 57,064.57 \n10,097.49 61,632.94 2,490.24 41,447.47 1, 124,220.08 \n1,111.41 \n \n$ 16,356,945.29 $ 3,169,560.21 $ -333.433.32 $ -63,008.48 \n \n$ \n \n$ \n \n-72,986.62 \n \n$ \n \n-72.986.62 $ \n \n$ -406,419.94 $ 2,991,144.51 \n \n72,986.62 \n72,986.62 \n9,978.14 284,8TT.70 \n6,950.52 -1.303.03 \n \nFUND BALANCE JUNE 30 \n \n$ 2.584,724.57 $ \n \nThe notes to the general-purpose financial statements are an integral part of this statement -4- \n \n300,503.33 \n \n EXHIBITe \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTALS \n \n{Memorandum Onl:t} \n \nYEAR ENDED \n \nJUNE 301 2001 \n \nJUNE 30, 2000 \n \n$ \n \n298,651.00 \n \n1,169,755.66 $ 189,438.85 \n \n$ 1,657,845.51 $ \n \n$ \n865,634.72 10,868.75 \n \n9,515,597.05 $ 2,409,n6.39 8,736,404.98 1,002,634.26 \n \n12,254,811.07 2,188,256.74 7,517,354.79 1,047,929.12 \n \n876,503.47 $ 21 .664.412.68 $ 23,008.351.72 \n \n$ \n \n1,440.55 $ \n \n3,638,315.27 \n \n$ 3,639,755.82 $ $ -1,981,910.31 $ \n \n$ 12,022,994.66 $ 10,585,075.14 \n \n66.55 \n \n732,582.22 764,874.43 410,386.33 615,457.19 1,130,400.15 161,926.66 1,203,195.17 834,381.33 123,958.23 \n50,447.47  1,124,220.08 \n36,367.41 3,699,602.11 \n \n820,578.46 784,372.05 328,822.33 429,997.05 1,059,862.73 143,206.61 1,032,234.71 1,094,140.75 120,211.59 87,070.79 1,034,700.40 24,362.23 8,154,793.15 \n \n1,150,000.00 221,212.50 570.00 \n \n1,300,047.40 326,699.53 570.00 \n \n404,974.20 264,044.41 \n913.64 \n \n1.371,849.05 $ 24,538,110.37 $ 26,369,360.24 \n \n-495,345.58 $ -2,873,697.69 $ -3,361,008.52 \n \n$ 1,594,160.04 \n \n$ \n \n72,986.62 \n \n74,068.67 \n \n-72,986.62 \n \n-74,068.67 \n \n$ \n \n0.00 $ 1.594,160.04 \n \n$ -1,981,910.31 $ 2,032,396.52 \n \n-495,345.58 $ 3,039,548.63 \n \n-2,873,697.69 $ 8,347,967.36 \n \n-1,766,848.48 10,117,091.51 \n \n6,950.52 -1,303.03 \n \n-3,988.69 1,713.02 \n \n$ \n \n50,486.21 $ 2.544,203.05 $ 5,479,917.16 $ 8,347,967.36 \n \n-5- \n \n GREENE 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 \nGENERAL FUND \n \nACTUAL \n \n(BUDGET \n \nBUDGET \n \nBASIS) \n \nREVENUES \n \nState Funds Federal Funds Taxes Other Funds \nTotal Revenues \nEXPENDITURES \n \n$ 8,705,487.00 $ 105,000.00 \n6,223,370.61 593,500.00 \n \n8,611,614.52 2,008.29 \n6,701,014.60 708,874.56 \n \n$ 15,627,357.61 $ 16,023,511.97 \n \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Community Services Operations \nCapital Outlay Debt Service \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \n \n$ 10,434,793.59 $ 10,375,903.90 \n \n628,299.49 654,348.86 422,518.16 552,650.39 1,080,067.82 185,795.27 1,331,269.43 956,004.27 137,766.90 \n1,075.00 \n \n651,020.81 687,702.48 410,171.54 550,000.09 1,073,335.58 161,926.66 1,193,097.68 772,748.39 119,960.89 \n9,000.00 \n \n31,588.00 24,300.00 \n \n35,256.00 61,286.84 255,534.43 \n \n$ 16,440,477.18 $ 16,356,945.29 \n \n$ -813, 119.57 $ -333.433.32 \n \nOTHER FINANCING SOURCES {USESl \n \nOther Sources Other Uses \n \n$ -120,086.66 $ \n \nTotal Other Financing Sources (Uses) $ -120,086.66 $ \n \n-72,986.62 -72,986.62 \n \nExcess of Revenues and Other Financing Sources \n \nover (under) Expenditures and Other Financing \n \nUses \n \n$ \n \n-933,206.23 $ \n \n-406,419.94 \n \nFUND BALANC!;;; JULY 1, 2000 \n \n2,915,203.23 \n \n2,991.144.51 \n \nAdjustments Food Inventory  Net Change In Period \nDonated Commodities Purchased Food \n \nFUND BALANCE JUNE 30, 2001 \n \n$ 1.981.997.00 $ 2.584.724.57 \n \nSPECIAL REVENUE FUND \n \nACTUAL \n \n(BUDGET \n \nBUDGET \n \nBASIS) \n \n$ 401,657.29 $ 605,331.53 \n \n2,763,608.61 \n \n2,407,768.10 \n \n84,386.91 \n \n93,452.10 \n \n$ 3,249,652.81 $ 3,106,551.73 \n \n$ 1,783,764.82 $ 1,647,090.76 \n \n59,708.10 134,266.96  \n300.00 60,084.68 57,941.01 \n \n81,561.41 77,171.95 \n214.79 65,457.10 57,064.57 \n \n10,368.00 54,084.02 16,134.12 66,321.00 1,050,773.08 \n5,936.44 \n \n10,097.49 61,632.94 \n2,490.24 41,447.47 1,124,220.08 . 1,111.41 \n \n$ 3,299,682.23 $ 3,169,560.21 $ -50,029.42 $ -63,008.48 \n \n$ 83,000.00 $ 72,986.62 $ 83,000.00 $ 72,986.62 \n \n$ 32,970.58 $ \n \n9,978.14 \n \n285,673.76 \n \n284,877.70 \n \n2,855.74 \n \n6,950.52 -1,303.03 \n \n$ 321,500.08 $ 300,503.33 \n \nThe notes to the general-purpose financial statements are an integral part of this statement. -7- \n \n GREENE COUNTY BOARD OF.EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE30.2001 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nREPORTING ENTITY \nThe Greene County Board of~ducation (School District) was established under the laws ofthe State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The School District is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \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 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 accounting principles~ a General Fixed Assets Account Group should be maintained for reporting the cost ofassets 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 ~ccounts 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 GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 2001 \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 and capital lease obligations. \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. \nas Liabilities which are expected to be financed from available spendable resources are reported \nliabilities 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 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 susceptibl~ 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 GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2001 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nI \n \n,_ \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 on General Fund teachers' and bus drivers! contracts, and the resources available from the Georgia Department of Education for the State's share of these contracts. During fiscal year 2001, a substantial number ofpersonnel ofthe School District were employed for a one hundred and ninety day period beginning in August 2000 and ending in early June 2001. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning \nin September 2000 and ending in August 2001. State grants to fund the State's share of these \ncontracts were disbursed from the Georgia Department of Education to the School District in the same twelve months. As of June 30, 2001, compensation under these employment contracts had been earned, but two ofthe twelve monthly payments, due for July and August 2001, had not been made. Payments for these two months were made and recorded as expenditures by the School District subsequent to June 30, 2001., Also, the State's portion ofthe compensation paid in July and August 2001 was received and recorded as revenue in the fiscal year subsequent to June 30, 2001. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 2000, were recorded in the year ended June 30, 2001. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be _recorded when incurred, rather than wheh,funds are received or disbursed. \n \nBUD.GET \n,. \nThe Greene County Board ofEducation's budget is a complete financial plan for theSchool District's -fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure ofthe budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level of budget .cotrol 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 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 on9e in a newspaper ofgeneral circulation in the locality. At the next regular meeting ofthe Board after advertisement,_the Board receives comments on the tentative budget, makes revisions as necessary and. adopts a final school budget. This final budget is then submitted, in accordance with provisions of the Quality Basic Education Act, OCGA Section 20-2-167(c), to the Georgia \nor Department of Education. The Board may increase decrease the budget at any time_during the \n. year. Al_l unexpended budget authority lapses at fiscal year-end. \n \n.CASH 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. -10- \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE30,2001 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \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. \n \nINVESTMENTS \n \nCOMPOSITION OF INVESTMENTS \n \nInvestments made by the School District in nonparticipating interest-earning contracts (such as \n \ncertificates ofdeposit) and repurchase agreements are reported at cost. Participating interest-earning \n \ncontracts and money market investments with a maturity at purchase ofone year or less are reported \n \nat amortized cost. Both participating interest-earning contracts and money market investments with \n \na maturity at purchase greater than one year are reported at fair value. The Official Code ofGeorgia \n \nAnnotated Section 36-83-4 authorizes the School District to invest its funds. In selecting among \n \noptions for investment or among institutional bids for deposits, the highest rate ofretum shall be the \n \nobjective, given equivalent conditions of safety and liquidity. Funds may be invested in the \n \nfollowing: \n \n. \n \n(1) Obligations issued by the State of Georgia or by other states, \n \n(2) Obligations issued by the United States government, \n \n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \n \n(4) Obligations of any corporation ofthe United States government, \n \n(5) Prime banker's acceptances, \n \n(6) The Local Government Investment Pool administered by the State ofGeorgia, Office of Treasury and Fiscal Services, \n \n(7) Repurchase agreements, and \n \n(8) Obligatjons ofother political subdivisions ofthe State of Georgia. \n \nRECEIVABLES \n \nReceivables consist ofgrant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general-purpose financial statements do not include any amounts which would necessitate the need for an allowance for unccillectible receivables. \n \n- 11 - \n \n c - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ~ ~ - - - --- - \n \nGREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2001 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \n.PROPERTY TAXES \n \nThe Greene County Board of Commissioners fixed the property tax levy for the 2000 tax year (calendar year) on September 1, 2000 (levy date). Taxes were due on November 20, 2000 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 2001. The Greene County Tax Commissioner bills and collects the property taxes for the School District, withholds 1% 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 $6,619~182.58..  \n \nThe tax millage rate levied for the 2000 tax year (calendar year) for the Greene County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \n \nSchool Operations \n \nll:J!Qmills \n \nSALES TAXES \n \nSpecial Purpose Local Option Sales Tax is to be used for capital outlay for educational purposes and debt service. Special Purpose Local Option Sales Tax revenue during the fiscal year amounted to $2,035,390.38 and was recorded in the Capital Projects and Debt Service Funds. The State will t~rminate collection of this tax once an additional $2,920,313.31 has been collected or on June 30, 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 \nPREPAID ITEMS \n. - \nPayments made io vendors for services that will benefit periods subsequent to June 30, 2001, are ,recorded as prepaid items.. \n \n- 12 - \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D'' \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2001 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \nGENERAL OBLIGATION BONDS \n \n The 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-Tenn Debt Account Group. \n \nINTERFUND TRANSACTIONS \n \nThe School District has the following types of interfund transactions: \n \nReimbursements ofexpenditures initially made from a fund that are properly applicable to another \n \nfund are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the \n \nfund that is reimbursed. \n \n \n \nOperating fransfers are recorded for all interfund transactions other than reimbursements. \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 \nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum ofmoney which has not been secured by surety bond~ by guarantee ofinsurance, or by collateral. The aggregate ofthe face value ofsuch surety bond and the market value 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. \n \nAcceptable security for deposits consists of any one of or any combination of the following: \n \n- 13 - \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2001 \n \nNote 2: DEPOSITS AND INVESTMENTS \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 ofdevelopment authorities created by the laws ofthe State of Georgia, and \n \n (7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land ,Bank, the Federal Honie Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \n \nCATEGORIZATION OF DEPOSITS At June 30, 2001, the bank balances were $1,643,403.57. The amounts ofthe total bank balances are classified into three categories of credit risk: \n \nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with \n \nsecurities hel~ by the School District or by the School District's agent in the \n \nSchool District's name. \n \n. . \n \nCateg\u003c\u003ery.2 - Cash collateralized with securities held by the pledging financial institution's \n \ntrust department or agent in the School District's name. \nCategory 3 - .Uncollateralized deposits. (This includes any bank balance that is collateraliied \n \nwith securities held by the pledging .financial institution, or by its trust \n \ndepartment or agent but not in the School District's name.) \n \nThe School District's deposits are cla~s~fied by risk category at June 30, 2001, as follows: \n \n- 14- \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2001 \n \nNote 2: DEPOSITS AND INVESTMENTS \n \nRisk Category \n \nBank Balance \n \n1 \n \n$ 105,706.07 \n \n2 \n \n1,537,697.50 \n \n3 \n \n0.00 \n \nTotal \n \n$ 1,643,403.57 \n \nCATEGORIZATION OF INVESTMENTS At June 30, 2001, the carrying value of the School District's total investments was $4,928,565.48 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 ofGeorgia, 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: \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 MAm 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. \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, 2001, was 39 days. The average investment duration for Fund 6 on June 30, 2001, was 6 months. \n \n- 15 - \n \n GREENE COUNTY BOARD OFEDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO TIIE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2001 \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 ofassets; errors or omissions;job related illness or injuries to employees; natural disaster and unemployment compensation. \n \n The School District Iias 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 of the past three years. _ \n \nThe School District is self-insured with regard to unemployment compensation claims. The School \n \nDistrict accounts for claims within the same fund that the employee's salary and benefits were paid. \n \nClaims are accounted for with expenditure and liability being reported when it is probable that a loss \n \nhas occurred, and the amount of that loss can be l'.easonably estimated. \n \n \n \nChanges in the unemployment compensation claims liability during the last two fiscal years are as \n \n_follows: \n \n  \n \n- \n2000 \n2001 \n \nBeginning ofYear LiabiliU'. \n \nClaims and Changes in Estimates \n \nClaims Paid \n \nEndofYear LiabiliU'. \n \n$ \n \n0.00 $ \n \n1,407.00 $ \n \n1,407.00 - $ \n \n0.00 \n \n$ \n \n0.00 $ \n \n2,517.00 $ \n \n2,517.00 $ \n \n0.00 \n \nThe School District has purchased surety bonds to provide additional insurance coverage as follows: \n \nPosition Covered \nSuperintendent All Other Employees \nNote 5: GENERAL LONG-TERM DEBT \n \nAmount \n$ 100,000.00 - $ 100,000.00 \n \nCAPITAL LEASES The Greene County Board ofEducation has entered into various lease agreements as lessee for buses and other equipment. These lease agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at the present value of the future minimum lease payments as of the date oftheir inception. \n \n- 16 - \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO TI1E GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 200 i \n \nNote 5: 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 \n3.75% - 4.15% $ 4,850,000.00 \n \nThe changes in General Long-Term Debt during the fiscal year ended June 30, 2001, were as follows: \n \nCapital Leases \n \nGeneral Obligation \nBonds \n \nTotal \n \nBalance July 1, 2000 \n \n$1,687,365.20 $ 6,000,000.00 $ 7,687,365.20 \n \nDeductions Debt Retired \n \n150,047.40 1,150,000.00 1,300,047.40 \n \nBalance June 30, 2001 \n \n$ 1,537,317.80 $ 4.850.000,00 $ 6,381,311.80 \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 \nCapital Leases \n \nGeneral Obligation \nBonds \n \nTotal Debt \n \n2002 2003 2004 2005 2006 2007 - 2011 2012 -2013 \n \n$ 281,324.43 $ 1,521,500.00 $ 1,802,824.43 \n \n275,919.80 1,613,750.00 1,889,669.80 \n \n220,908.12 2,041,500.00 2,262,408.12 \n \n154,740.00 \n \n154,740.00 \n \n154,740.00 \n \n154,740.00 \n \n773,700.00 \n \n773,700.00 \n \n232,110.00 \n \n232,110.00 \n \nTotal Principal and Interest Deduct: Imputed Interest \n \n$ 2,093,442.35 $ 5,116,150.00 $ 7,270.192,35 \n556,124.55 \n \nNet Present Value of Future Minimum Lease Payments $ 1,537,311.80 \n \n- 17 - \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE30,2001 \n \nNote 6: ON-BEHALF PAYMENTS \n \nThe School District has recogrrized revenues and expenditures in 'the amount of $239,812.10 for health insurance and retirement contributions paid on the School District's behalfby the following State Agencies. \n \nGeorgia Department of Education Paid tothe Georgia Department of Community Health For Health Insurance ofNon-Certified Personnel In the amount of $168,984.76 \n \nPaid to the Teachers Retirement System of Georgia \n \nFor Teachers Retirement System (TRS) Employer's Cost \n \nIn the amoUIJ.t of $37,042.34 \n \n\" \n \n... \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 $33,785.00 \n \nNote 7: SIGNIFICANT COMMITMENTS \n \nThe following is an analysis ofsignificant outstanding construction or renovation contracts executed by th~ School Pi.strict as of June 30, 2001, together with funding available: . ' \n \nProject \n97/96S-666-022 .Gre~nsboro Primary Additions Project Union Point Gyin Project . \n \nUnearned Executed Contracts \n \nFunding Available From State \n \n$ 246,451.02 350,974.74 19,618.52 \n \n$ 100,000.00 \n \n$ 61'.Z,Q44,28 $ lQQ.0QQ.00 \n \nThe amounts described in this note are not reflected in the general-purpos~ finanqial statements. \n. . Note 8: 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 \n.  - 18 - \n \n GREENE COUNfY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO 1HE GENERAL-PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30. 2001 \n \nNote 9: SUBSEQUENT EVENTS \n \nOn November 6, 2001, the voters of Greene County voted in favor of a Special Purpose Local Option Sales Tax referendum for education purposes. The imposition of the tax approved by the voters, as stated on the Official Ballot of Greene County is as follows: \n \n\"Shall a special one percent sales and use tax be imposed in Greene County for a period of time not to exceed 20 calendar quarters, commencing upon the expiration of the special one percent sales and use tax currently being imposed in Greene County, and for the raising ofnot more than $10,000,000 for the purpose offunding the renovation, improvement and equipping ofexisting school buildings and other facilities, the acquisition, construction and equipping of additional administrative, support and physical education facilities at existing schools, and the acquisition of all property necessary or desirable therefor, both real and personal, the maximum cost of such projects to be funded with sales and use tax proceeds not to exceed $10,000,000? Ifimposition ofthe tax is approved by the voters, such vote shall also constitute approval of the issuance of general obligation debt of Greene. County School District in the principal amount of$7,500,000 for the above purposes?\" \n \nNote 10: RETIREMENT PLANS \n \nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \n \nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school districts are covered by the Teachers Retirement System ofGeorgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \n \nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School District who are covered by TRS are required by State stat1,1te to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 11.29% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \n \nFiscal Year \n \nPercentage Contributed \n \nRequired Contribution \n \n2001 2000 1999 \n \n100% 100% 100% \n \n$ 1,185,783.63 $ 1,111,656.39 $ 1,103,646.06 \n \n- 19 - \n \n GREENE COUNTY BOARD OF'EDUCATION .COMBINING BALANCE SHEET \nSPECIAL REVENUE FUND JUNE 30, 2001 \n/ \n \nASSETS \nCash and Cash Equivalents \nInvestments \nAccounts Receivable \nInventories Food Donated Commodities Purchased Food \n \nSCHOOL FOOD \nSERVICES FUND \n \nLOTTERY PROGRAMS \n \n$ \n \n187,930.73 $ \n \n43,784.29 \n \n122,361.02 \n \n11,111.29 \n \n21,201.40 6.498.09 \n \nTotal Assets \n \n$ \n \n349.102.53 $ ===43==,7=8=4-=29= \n \nLIABILITIES AND FUND EQUITY \n \nLIABILITIES \n \nC~sh Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable \n \nTotal Liabilities \n \nFUND EQUITY \n \n. Fund Balances Reserved For Continuation of Federal Programs For Inventories Food Donated Commodities Purchased Food Unreserved Undesignated \n \n' .. . \n \nTotal Fund Equity \n \nTotal Liabilities and Fund Equity See notes to the general-purpose financial statements. \n-20- \n \n$ \n \n'3,435.07 $ \n \n9,296.06 \n \n45,164.13 \n \n34,488.23 \n \n$ \n \n48.599.20 .$ \n \n43,784.29 \n \n$ \n \n21,201.40 \n \n6,498.09 \n \n272.803.84 $ \n \n0.00 \n \n$ \n \n300.503.33 $ \n \n0.00 \n \n$ \n \n349.102.53 $ \n \n43,784.29 \n \n EXHIBIT\"E\" \n \nFEDERAL PROGRAMS \n \nTOTALS \n \nJUNE 30, 2001 \n \nJUNE30, 2000 \n \n$ \n \n231,715.02 $ \n \n236,300.50 \n \n122,361.02 \n \n115,286.35 \n \n$ \n \n309,218.00 \n \n320,329.29 \n \n215,701.17 \n \n21,201.40 6,498.09 \n \n14,250.88 7,801.12 \n \n$ \n \n309,218.00 $ \n \n702,104.82 $ =====5=8=9=,34=0=.0=2= \n \n$ \n \n139,991.62 $ \n \n139,991.62 $ \n \n73,900.61 \n \n42,073.74 \n \n54,804.87 \n \n42,517.35 \n \n104,017.41 \n \n183,669.77 \n \n187,438.97 \n \n23,135.23 \n \n23,135.23 \n \n605.39 \n \n$ \n \n309,218.00  $ \n \n401,601.49 $ \n \n304,462.32 \n \n$ \n \n2,591.32 \n \n$ \n \n21,201.40 \n \n6,498.09 \n \n14,250.88 7,801.12 \n \n$ \n \n0.00 \n \n272,803.84 \n \n260,234.38 \n \n$ \n \n0.00 $ \n \n300,503.33 $ \n \n284,877.70 \n \n$ \n \n309,218.00 $ \n \n702,104.82 $ =====5=8=9=,34=0=.0=2= \n \n- 21 - \n \n GREENE COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nSPECIAL REVENUE FUND \nYEAR ENDED JUNE 30, 2001 \n \nREVENUES \nState Funds Federal Funds Other Funds \nTotal Revenues \nEXPENDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Community Services Operations \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES \nOperating Transfers In \nExcess of Revenues and Other Financing Sources over (under) Expenditures \nFUND BALANCE JULY 1 \nFood Inventory. - Net Change in Period Donated Commodities Purchased Food \nFUND BALANCE JUNE 30 \nSee notes to the general-purpose financial statements. \n-22- \n \nSCHOOL FOOD \nSERVICES FUND \n \nLOTTERY PROGRAMS \n \n$ \n \n75,212.00 $ \n \n968,125.44 \n \n93,452.10 \n \n$ 1,136,789.54 $ \n \n530,119.53 5301119.53 \n \n$ \n \n479,842.83 \n \n39,830.00 317.79 \n \n10,128.91 \n \n,$ 1,124,220.08 \n \n$ 1,124,220.08 $ \n \n$ \n \n12,569.46 $ \n \n530,119.53 0.00 \n \n$ \n \n12,569.46 $ \n \n0.00 \n \n282,286.38 \n \n0.00 \n \n6,950.52 -1,303.03 \n \n$ \n \n300,so3:33 $ =======o=.o=o= \n \n EXHIBIT\"F\" \n \nFEDERAL PROGRAMS \n \nTOTALS \n \nYEAR ENDED \n \nJUNE 30_. 2001 \n \nJUNE 301 2000 \n \n$ \n \n605,331.53 $ \n \n491,704.85 \n \n$ 1,439,642.66 \n \n2,407,768.10 \n \n2,168,476.27 \n \n93,452.10 \n \n111,705.41 \n \n$ 1,439,642.66 $ _ __3_.,_1__0_6_...5_ 51.73 $ 2,771,886.53 \n \n$ 1,167,247.93 $ 1,647,090.76 $ 1,441,954.75 \n \n41,731.41 76,854.16 \n214.79 65,457.10 57,064.57 10,097.49 51,504.03 \n2,490.24 41,447.47 \n1 111.41 \n \n81,561.41 77,171.95 \n214.79 65,457.10 57,064.57 10,097.49 61,632.94 \n2,490.24 41,447.47 1,124,220.08 \n1 111.4~ \n \n52,546.82 87,803.34 \n1,255.48 59,687.14 55,176.44 \n9,953.57 51,599.12 4,437.51 63,537.99 1,034,700.40 \n1,022.23 \n \n$ 1,515,220.60 $ 3,169,560.21 $ 2,863,674.79 \n \n$ \n \n-75,577.94 $ \n \n-63,008.48 $ \n \n-91,788.26 \n \n72,986.62 \n \n72,986.62 \n \n74,068.67 \n \n$ \n \n-2,591.32 $ \n \n9,978.14 $ \n \n-17,719.59 \n \n2,591.32 \n \n 284,877.70 \n \n304,872.96 \n \n6,950.52 -1.303.03 \n \n-3,988.69 1,713.02 \n \n$ \n \n0.00 $ \n \n300,503.33 $-=======2=84==,8=77==70= \n \n-23- \n \n GREENE COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30. 2001 \n \nEXHIBIT\"G\" \n \nASSETS Cash and Cash Equivalents Investments Aca\u003eunts Receivable \n \nBOND PROCEEDS \n \nGEORGIA STATE FINANCING AND \nINVESTMENT COMMISSION \n \nTOTALS JUNE 30, 2001 . JUNE 30, 2000 \n \n$ \n \n123,113.61 $ 123,113.61 $ \n \n47,962.18 \n \n$ 608,357.52 \n \n608,357.52 \n \n3,664,794.09 \n \n354,984.19 \n \n354,984.19 \n \nTotal Assets \n \n$ 963.341.71 $ \n \n123.113.61 $ 1,086.455:32 $ 3.712.756.27 \n \nLIABILITIES AND FUND EQUJTY \nLIABILITIES \nCash Overdraft Accounts Payable Contracts Payable Retalnages Payable \nTotal Liabilities \nFUND EQUITY \nFund Balances Reserved For Purposes of Bond Issue For State Capital OuUay Projects Unreserved Undesignated \nTotal Fund Equity \n \n$ 356,295.07 \n299,951;93 273,758.39 $ \n$ 930,005.39 $ \n \n$ 105,963.72 \n \n356,295.07 $ \n299,951.93 379,722.11 \n \n108,179.00 995,564.10 576,616.65 \n \n105,963.72 $ 1,035,969.11 $ 1,680,359.75 \n \n$ 33,336.32 ' $. \n0.00 \n$ 33,336.32 $ \n \n$ 17,149.89 \n0.00 \n17,149.89 $ \n \n33,336.32 $ 2,000,807.99 \n \n, 17,149.89 \n \n31,588.53 \n \n0.00 \n \n0.00 \n \n50,486.21 $ 2,032,396.52 \n \nTotal Liabilities and Fund Equity \n \n$ . 963,341.71 $ \n \n123,113.61 $ 1,086,455.32 $ 3,712,756.27 \n \nSee notes bthe general~purpose financial statements. \n \n -'\"''';\" \nGREENE COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES \nCAPITAL PROJECTS FUND YEAR ENDED JUNE 30. 2001 \n \nEXHIBIT\"H\" \n \nREVENUES \n \nBOND PROCEEDS \n \nGEORGIA STATE FINANCING AND \nINVESTMENT COMMISSION \n \nTOTALS YEAR ENDED JUNE 301 2001 JUNE 30, 2000 \n \nState Funds Taxes Other Funds \n \n$ $ 1,169,755.66 \n189,438.85 \n \n298,651.00 $ \n \n298,651.00 $ 1,169,755.66 \n189,438.85 \n \n3,408,826.10 283,499.36 \n \nTotal Revenues EXPENDITURES \n \n$ 1,359,194.51 $ \n \n298,651.00 $ 1,657,845.51 $ 31692,g5.46 \n \nCurrent Support Services Central Support Services \nCapital Outlay Land and Land Improvements Building and Building Improvements Equipment \n \n$ \n \n1,440.55 \n \n2,703,927.65 $ 88,950.75 \n \n$ \n \n1,440.55 $ \n \n2,018.45 \n \n757,869.87 87,567.00 \n \n3,461,797.52 176,517.75 \n \n149,67828 6,697,018.83 \n \nTotal Expenditures Excess of Revenues over (under) Expenditures \n \n$ 2,794,318.95 $ $ -1,435,124.44 $ \n \n845,436.87 $ 3,639,755.82 $ 6,848,715.56 -546,785.87 $ -1,981,910.31 $ -3,156,390.10 \n \nOTHER FINANCING SOURCES (!,!SES) \n \nOperating Transfers In Operating Transfers Out \n \n$ $ -532,347.23 \n \n532,347.23 $ 532,347.23 $ 2,133,017.54 \n \n-532,347.23 \n \n-2,133,017.54 \n \nTotal Other Financing Sources (Uses) \n \n$ -532,347.23 $ \n \n532,347.23 $ \n \n0.00 $ \n \n0.00 \n \nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \n \n$ -1,967,471.67 $ \n \n-14,438.64 $ -1,981,910.31 $ -3,156,390.10 \n \nFUND BALANCE JULY 1 \n \n2,000,807.99 \n \n31,588.53 \n \n2,032,396.52 \n \n5, 188,786.62 \n \nFUND BALANCE JUNE 30 \n \n$ 331336.32 $ \n \n17.149.89 $ \n \n501486.21 $ 21032,396.52 \n \nSee notes to the general-purpose financial statements. \n \n-25- \n \n GREENE COUNTY BOARD OF EDUCATION . . \nSCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 3~. 2001 \n \nSCHEDULE \"1\" \n \nFUNDING AGENCY PROGRAM/GRANT \n \nCFDA NUMBER \n \nPASSTHROUGH \nENTITY ID \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 10.555 \n \nNIA \n \n$ 259,455.37 \n \n(2) \n \nNIA \n \n6261338.87 $ \n \n1,066,102.69 (3) \n \nTotal Child Nutrition Cluster \n \n$ 885,794.24 $ \n \n1,066,102.69 \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 \nNIA \n \nPass-Through From Office of School Readiness \n \nFood and Nutrition Program \n \nChild and Adult Care Food Program \n \n10.558 \n \nNIA \n \nPass-Through From Office of Treasury and Fiscal \n \nServices \n \nNational Forest Reserve.Funds \n \n10.665 \n \nNIA \n \n58;117.39 24,213.81 \n21008.29 \n \n58,117.39 (2) {41 \n \nTotal U. S. Department of Agriculture \n \n$ 9701133.73 $ \n \n1, 1241220.08 \n \nEducation, U. S. Department of Special Education Cluster. Pass-Through Frain Georgia Department of Education Individuals with Disabilities Education Act Part B - Special Education Capacity Building Improvement Flow Through Preschool \n \n. 84.027 \n.. 84.027 84.173 \n \nNIA \n \n$ \n \n4,271.24 $ \n \nNIA \n \n244,350.66 \n \nNIA \n \n51,473.37 \n \n4,271.24 244,366.01 (3) \n51,473.37 \n \nTotal Special Education Cluster \n \n$ 300,095.27 $ \n \n300,110.62 \n \nOther Programs \n \nDirect \n \n21st Century Community Leaming Centers/After \n \nSchool Leaming Centers \n \nAfter School Program \n \n84.287 \n \nPass-Through From Georgia Department of Education \n \nElementary and Secondary Education Act Title I Grants to Local Educational Agencies \n \n. 84.010 \n \nNIA \n \nTltlell \n \nEisenhower Professional Development \n \n84.281 \n \nNIA \n \nTitle VI \n \nInnovative Education Program Strategies \n \n84,298 \n \nNIA \n \nClass Size Reduction \n \n84.340 \n \nNIA \n \nSafe and Drug-Free Schools and Communities \n \n84.186 \n \nNIA \n \nVocational Education - Basic Grants to States \n \nHigh School Program \n \nBasic Grant \n \n84.048 \n \nNIA \n \n224,029.57 \n662,369.00 18,249.00 23,737.00 96,524.00 17,066.91 \n62,167.72 \n \n224,029.57 \n662,369.00 20,840.32 23,764.65 (3) 96,524.00 17,066.91 \n62,167.72 \n \nTotal U.S. Department of Education \n \n$ 11404,238.47 $ \n \n1,406,872.79 \n \n-26- \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2001 \n \nSCHEDULE \"1\" \n \nFUNDING AGENCY PROGRAM/GRANT \nDefense, U. S. Department of Direct Department of the Air Force R.O.T.C. Program \n \nCFDA NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nFEDERAL REVENUE IN PERIOD \n \nEXPENDITURES IN PERIOD \n \n$ 351404.19 $ \n \n108.347.81 (3) \n \nTotal Federal Financial Assistance \n \n, \n \n$ 2,409,776.39 $ 2,639,440.68 \n \nNIA= Not Available \n \nNotes to the Schedule of Expenditures of Federal Awards \n \n(1) The amounts shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the system during the current fiscal year. \n(2) Expenditures for the Child and Adult Care Food Program and 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) Funds earned on this program do not require reporting of expenditures. \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 Subrecipfent. \n \nThe accompanying schedule of expenditures of Federal awards Includes the Federal grant activity of the Greene 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 GREENE COUNTY BOARD Of EDUCATION \n~Cl::IEDUbE OE !AIE BE~Et::!!.!E YEAB Et::!PED JUt::IE 30. 2001 \n \nSCHEDULE 2 \n \nAGEt::ICY/fYt::IDlt::IG \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 Laboraiory (9-12) Program Students with Disabilities Category I Category II Category Ill CategorylV CategoryV Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) Special Education - Supplemental Speech Media Center Program Staff and Professional Development Indirect Cost Categorical Grants Pupil Transportation Regular Bus Replacement Nursing Services Principal Supplements Vocational Supervisors Education Equalization Funding Grant Food Services Vocational Education Other State Programs Apprenticeship Program Health Insurance Mentoring Program Mentor Teachers Preschool Handicapped Program Remedial Summer School Teachers' Retirement Tuition for the Multi-Handicapped Lottery Programs Applied Technology Labs Assistive Technology Computers in the Classroom \nGeorgia State Financing and Investment Commission Reimbursement on Construction Projects \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 \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nCAPITAL \n \nGENERAL \n \nREVENUE PROJECTS \n \nFUND \n \nFUND \n \nFUND \n \nTOTAL \n \n$ 461,670.00 25,904.00 \n1,138,482.00 220,345.00 575,607.00 898,163.00 823,373.00 489,855.00 \n'108,793.00 \n444,446.00 453,344.00 \n40,756.00 56,965.00 151,039.00 67,691.00 81,825.00 27,804.00 \n3,960.00 . 180,029.00 \n50,391.00 1,212,495.00 \n \n351,843.00 108,676.00 61,524.00 \n9,645.00 21,836.00 10,553.00 \n$ 4,000.00 \n \n75,212.00 \n \n50,000.00 168,984.76 \n4,000.00 326.00 \n39,012.00 7,800.96 \n37,042.34 1,177.08 \n \n190,000.00 373.43 \n47,737.00 \n \n$ 461,670.00 25,904.00 \n1, 138,482.00 220,345.00 575,607.00 898,163.00 823,373.00 469,855.00 \n108,793.00 444,446.00 453,344.00 \n40,756.00 56,965.00 151,039.00 67,691.00 81,825.00 27,804.00 \n3,960.00 180,029.00 \n50,391.00 1.212,495.00 \n351,843.00 108,676.00 61,524.00 \n9,645.00 21,836.00 10,553.00 75,212.00 \n4,000.00 \n50,000.00 168,984.76 \n4,000.00 326.00 \n39,012.00 7,800.96 \n37,042.34 1,177.08 \n190,000.00 373.43 \n47,737.00 \n \n$ 298,651.00 292,009.10 33,785.00 \n \n298,651.00 292,009.10 \n33,785.00 \n \n130,689.00 57,783.38 \n \n130,689.00 57.783.38 \n \nSee notes to the general-purpose financial statements. \n \n$ 81611,614.52 $ 605,331.53 $ 298,651.00 $ 9,515.597.05 -28- \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2001 \n \nSCHEDULE \"3\" \n \nPROJECT \nThe acquisition, construction and equipping of a new middle school and the renovating, refurbishing, modifying  and equipping of existing facilities, including the construction of additional classrooms and providing for technology \n \nORIGINAL ESTIMATED \nCOST (1) \n \nCURRENT ESTIMATED COSTS (2) \n \nAMOUNT EXPENDED IN CURRENT \nYEAR(3) \n \nAMOUNT EXPENDED \nIN PRIOR YEARS (3) \n \n$ 8,563,600.00 $ 13,212,200.77 $ 3,860,097.77 $ 8,735,058.72 \n \nPROJECT STATUS \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 Greene 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 general-purpose financial statements. \n \n-29- \n \n , GREENE COUNTY BOARD OF EDUCATION GENERAL FUND QUALITY BASIC EDUCATION PROGRAM (QBE) \nALLOTMENTS AND EXPENDITURES BY PROGRAM YEAR ENDED JUNE 30, 2001 \n \nSCHEDULE \"4\" \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 Middle Grades (6-8) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabifities Category I Category II Category 111. Category IV CategoryV 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) \n \nELIGIBLE QBE PROGRAM COSTS \n \nSALARIES OPERATIONS \n \nTOTAL \n \n$ \n \n591,372.00 $ 643,865.08 .$ \n \n34,938.78 $ \n \n678,803.86 \n \n33,182.00 \n \n187,211.01 \n \n1,207.69 \n \n188,418.70 \n \n1,458,328.00 1,334,662.63 \n \n88,393.03 \n \n1,423,055.66 \n \n282,249.00 \n \n18,734.52 \n \n396.90 \n \n19,131.42 \n \n737,318.0,0 \n \n835,098.56 \n \n94,982.27 \n \n930,080.83 \n \n634,261.50 \n \n48,927.TT \n \n683,189.27 \n \n1, 150,493.00 \n \n749,755.17 \n \n75,996.12 \n \n825,751.29 \n \n1,054,692.00 1,460,426.71 \n \n119,123.13 \n \n1,579,549.84 \n \n627,475.00 \n \n56_1,542.29 \n \nf?6, 122.44 \n \n627,664.73 \n \n1,419,621.00 \n \n175,392.03 \n \n15,102.47 \n \n190,494.50 \n \n576,902.01 \n \n~8.366.37 \n \n595,268.38 \n \n761,229.18 \n \n133,933.50 \n \n895,162.68 \n \n. 26,312.75 \n \n11,654.11 \n \n37,966.86 \n \n124,490.77 \n \n18,677.71 \n \n143,168.48 \n \n193,471.09 \n \n122,347.07 \n \n3,236.29 \n \n125,583.36 \n \n86,709.00 \n \n127,262.67 \n \n1,158.20 \n \n128,420.87 \n \n104,813.00 \n \n143,859.45 \n \n4,046.53 \n \n147,905.98 \n \n35,616.00 \n \n52,829.18 \n \n2,183.73 \n \n55,012.91 \n \n$ \n \n7,775,339.00 $ 8,536,182.58 $ 738,447.04 $ 9,274,629.62 \n \n230,606.00 64,548.00 \n \n276,600.34 24,819.60 \n \n128,637.79 39,728.40 \n \n405,238.13 64,548.00 \n \nTOTAL QBE FORMULA FUNDS \n \n$ \n \n8,070,493.00 $ 8,837,602.52 $ 906,813.23 $ 9,744,415.75 \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 ,.... \nGREENE COUNTY BOARD OF EDUCATION GENERAL FUND - QUALITY BASIC EDUCATION PROGRAM (QBE} \nALLOTMENTS AND EXPENDITURES - BY SITE YEAR ENDED JUNE 30, 2001 \n \nSCHEDULE \"5\" \n \nSITE , Anita White Carson Middle School \nUnion Point Elementary School Greensboro Elementary School Greene-Taliaferro High School Greene County Preschool Open Gate School (Greene County Alternative) 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 QBE PROGRAM COSTS \n \n$ \n \n1,473,790.00 $ \n \n2,068,870.65 \n \n1,288,354.00 \n \n1,363,437.83 \n \n2,496,956.00 \n \n2,827,768.54 \n \n2,411,426.00 \n \n2,883,344.06 \n \n6,751.28 \n \n124,457.26 \n \n1041813.00 \n \n$ \n \n7,7751339.00 $ =====9=,2==74==,6=2=9=.6=2 \n \nSee notes to the general-purpose financial statements. - 31 - \n \n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \n \n w. RUSSELL \n \nHINTON \n \nSTATE AUDITOR \n \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nApril22,2002 \n \nHonorable Roy E. Barnes, Governor Members ofthe General Assembly Members ofthe State Board ofEducation \nand Superintendent and Members of the Greene County Board ofEducation \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 ofGreene County Board ofEducation as ofand for the year ended June 30, 2001, and have issued our report thereon dated April 22, 2002. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general-purpose financial statements. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \nCompliance \nAs part of obtaining reasonable assurance about whether Greene 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 Greene County Board ofEducation's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial s~tements and not to provide assurance on the internal \n2001YB-40 \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 Greene County Board ofEducation's ability to record, process, summarize and report financial data consistent with assertions of management in the financial statements. The reportable condition is described in the accompanying Schedule ofFindings and Questioned Costs as item FS-6661-01-01. \nA 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 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 disclose all reportable conditions that are also considered to be material weaknesses. However, the reportable condition described above is also considered to be a material weakness. \nThis report is intended solely for the information and use ofthe management, members ofthe Greene 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. \nespectfully s u b m i ~ ~ \n \nRWH:gp 2001YB-40 \n \nSta e 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 \nApril 22, 2002 \n \nHonorable Roy E. Barnes, Governor Members ofthe General Assembly Members ofthe State Board ofEducation \nand Superintendent and Members ofthe Greene County Board ofEducation \nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULARA-133 \nLadies and Gentlemen: \nCompliance \nWe have audited the compliance ofGreene County Board ofEducation with the types ofcompliance requirements described in the U.S. Office of Management and Budget (0MB) Circular A-133 Compliance Supplement that are applicable to each ofits major Federal programs for the year ended June 30, 2001. Greene County Board of Education's major Federal programs are identified in the Summary ofAuditor's Results Section ofthe accompanying Schedule ofFindings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major Federal programs is the responsibility of Greene County Board of Education's management. Our responsibility is to express an opinion on Greene 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 Greene 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 Greene County Board ofEducation's compliance with those requirements. \n2001SA-10 \n \n In our opinion, the Greene County Board of Education complied, in all material respects, with the requirements referred to above that are applicable to each ofits major Federal programs for the year ended June 30, 2001. \n \nInternal Control Over Compliance \n \nThe management of Greene 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 Greene County Board ofEducation's internal control over compliance with requirements \n \nthat could have a direct and material effect on a major Federal program in order to determine our \n \nauditing procedures for the purpose ofexpressing our opinion on compliance and to test and report \n \non internal control over compliance in accordance with 0MB Circular A-133. \n \n\\ \n \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 ofrisk that noncompliance with applicable requirements oflaws, regulations, contracts and grants that would be material in relation to a majorFederal 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. \n \nThis report is intended solely for the information and use ofthe management, members ofthe Greene 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~ \n \nLO~ \n \nRWH:gp 2001SA-10 \n \n SECTION ill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \n GREENE COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2001 \n \nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \n \nFINDING CONTROL NUMBER AND STATUS \n \nFS-6661-99-01 FS-6661-00-01 \n \nFurther Action Not Warranted Unresolved - See Corrective Action/Responses \n \nCORRECTIVE ACTION/RESPONSES \n \nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Finding Control Number: FS-6661-00-01 \n \nThe Greene County Board of Education contracted with The Valuation Advisory Group during Fiscal Year 2001 to establish accounting controls and procedures to provide for maintenance of a general fixed assets group. The Valuation Advisory Group states that they will provide the Greene County Board of Education with a comprehensive and auditable property record prior to the close ofFiscal Year 2002. The management ofthe Greene County Board of Education believes that the School District should be able to comply with generally accepted accounting principles (GAAP) and GASB Statement 34 by the close of Fiscal Year 2002. \n \n SECTION IV FINDINGS AND QUESTIONED COSTS \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2001 \nI SUMMARY OF AUDITOR'S RESULTS \n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Greene County Board ofEducation'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 Greene County Board ofEducation 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 ofthe Greene County Board ofEducation disclosed no instances ofnoncompliance that were deemed to be material to the financial statements. \n4. Reportable Conditions in Internal Control Over Major Programs The audit report for the Greene County Board ofEducation did not disclose any reportable conditions in internal control over major programs. \n5. Type ofReport Issued on Compliance for Major Programs The auditor's opinion on the Greene 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 Greene 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: 84.010 Elementary and Secondary Education Act - Title I - Grants to Local Educational Agencies 84.027 Individuals with Disabilities Education Act - Part B - Special Education Capacity Building Improvement 84.027 Individuals with Disabilities Education Act - Part B- Special Education Flow Through 84.173 Individuals with Disabilities Education Act - Part B - Special Education Preschool \n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000.00. \n- 1- \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \n. YEAR ENDED JUNE 30. 2001 \nI SUMMARY OF AUDITOR'S RESULTS 9. Low Risk Auditee \nThe Greene County Board of Education qualified as a low risk auditee based on a waiver \ngrant~d by the U.S. Department of Education. II FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Reportable Condition - Material Weakness Repeated From Prior Year Finding Control Number: FS-6661-01-01 The Greene County Board of Education did not maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. 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 GrQup. ill FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \n-2- \n \n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bg79-b1999-h2000","title":"Greene County Board of Education, Greensboro, 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, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["2000-06-30"],"dcterms_description":["Began with: Fiscal year ended June 30, 2000; ceased with fiscal year ended June 30, 2008.","Report year covers fiscal year.","Has supplements: Greene County Board of Education, Greensboro, 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 ... (Greene County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007; Salaries and travel reimbursement (Greene County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2000, released in 2001? (online surrogate); title from PDF cover (Georgia Government Publications database, viewed March 15, 2023).","Fiscal year ended June 30, 2008, released in 2009? (online surrogate); (Georgia Government Publications database, viewed March 15, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia. Department of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Greene County Board of Education (Ga.)--Appropriations and expenditures--Periodicals","Education--Georgia--Greene County--Auditing--Periodicals","Education--Georgia--Greene County--Finance--Statistics--Periodicals"],"dcterms_title":["Greene County Board of Education, Greensboro, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2000"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be26-bg79-b1999-h2000"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bg79-b1999-h2000"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["periodicals","state government records","audits","financial records","financial statements"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"STATE O.F GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS GA \nA 8'o o \n~ RI \n 2 \" \n~-,9 \n\\999-.2000 \nI \nGREENE COUNTY BOARD OF EDUCATION \nGREENSBORO, GEORGIA REPORT ON AUDIT \nOF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE30, 2000 \nRussell W. Hinton State Auditor \n \n GREENE 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 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 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 \nADDffiONAL 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 \nBYPROGRAM \n \n32 \n \n GREENE COUNTY BOARD OF EDUCATION -TABLE OF CONTENTS- \nSECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULARA-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 RusSELL W. HtNTON \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nFebruary 6, 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 Greene 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 hav~ audited the accompanying general purpose financial statements ofthe Greene 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 of the Greene 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 conform 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 of 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 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 Greene 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 February 6, 2001, on our consideration of the Greene 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 p~rformed for the purpose of forming an opinion on the general purpose financial statements of the Greene 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 financial statements taken as a whole. \n2000ARL-13 \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, \n \nRWH:gp 2000ARL-13 \n \nState Auditor \n \n GREENE COUNTY BOARD OF EDUCATION \n \n GREENE COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET \nALL FUND TYPES AND ACCOUNT GROUP JUNE 30, 2000 \n \nASSETS \nCash and Cash Equivalents \nInvestments \nAccounts Receivable \nPrepaid Items \nInventories Food Donated Commodities Purchased Food \nAmount Available in Debt Service Fund \nAmount to be Provided in Future Years For Payment of: Bond Debt Capital Lease Agreements \n \nGENERAL FUND \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nCAPITAL \n \nREVENUE \n \nPROJECTS \n \nFUND \n \nFUND \n \n$ \n \n830,015.90 $ \n \n162,399.89 $ \n \n47,962.18 \n \n2,129,810.14 \n \n115,286.35 \n \n3,664,794.09 \n \n228,637.26 \n \n215,701.17 \n \n6,415.00 \n \n14,250.88 7,801.12 \n \nTotal Assets \n \n$ 3,194,878.30 $ \n \n515,439.41 $ 3,712,756.27 \n \nLIABILITIES AND FUND EQUITY \nLIABILITIES \nAccounts Payable Salaries Payable Expired Grant Balances Payable Contracts Payable Retainages Payable Capital Lease Agreements General Obligation Bonds Payable \nTotal Liabilities \nFUND EQUITY \nFund Balances Reserved For Bus Replacement Funds For Continuation of Federal Programs For Debt Service For Inventories Food Donated Commodities Purchased Food For Purpose of Bond Issue For State Capital Outlay Projects Unreserved Un designated \nTotal Fund Equity \n \n$ \n \n203,651.43 $ \n \n42,517.35 $ \n \n108,179.00 \n \n187,438.97 \n \n82.36 \n \n605.39 \n \n995,564.10 \n \n576,616.65 \n \n$ \n \n203,733.79 $ \n \n230,561.71 $ 1,680,359.75 \n \n$ \n \n17,010.08 \n \n$ \n \n2,591.32 \n \n2,974,134.43 $ 2,991,144.51 $ \n \n14,250.88 7,801.12 $ \n260,234.38 \n284,877.70 $ \n \n2,000,807.99 31,588.53 \n0.00 \n2,032,396.52 \n \nTotal Liabilities and Fund Equity \n \n$ 3,194,878.30 $ \n \nThe notes to the general purpose financial statements are an integral part of this statement. \n \n-2- \n \n515,439.41 $ 3,712,756.27 \n \n EXHIBIT\"A\" \n \nDEBT SERVICE \nFUND \n \n$ \n \n2,261.96 \n \n2,722,778.61 \n \n314,508.06 \n \nACCOUNT GROUP \nGENERAL LONG-TERM \nDEBT \n \nTOTALS \n \n{Memorandum Onll'.) \n \nJUNE 30, 2000 \n \nJUNE 30, 1999 \n \n$ 1,042,639.93 $ \n \n966,601.32 \n \n8,632,669.19 \n \n8,586,729.64 \n \n758,846.49 \n \n743,281.41 \n \n6,415.00 \n \n6,487.00 \n \n$ 3,039,548.63 \n \n14,250.88 7,801.12 \n3,039,548.63 \n \n18,239.57 6,088.10 \n1,519,898.44 \n \n2,960,451.37 1,687,365.20 \n \n2,960,451.37 1,687,365.20 \n \n4,730,101.56 248,179.36 \n \n$ 3,039,548.63 $ 7,687,365.20 $ 18,149,987.81 $ 16,825,606.40 \n \n$ \n \n354,347.78 $ \n \n43,391.69 \n \n187,438.97 \n \n165,832.23 \n \n687.75 \n \n1,111.61 \n \n995,564.10 \n \n576,616.65 \n \n$ 1,687,365.20 \n \n1,687,365.20 \n \n248,179.36 \n \n6,000,000.00 \n \n6,000,000.00 \n \n6,250,000.00 \n \n$ 7,687,365.20 $ 9,802,020.45 $ 6,708,514.89 \n \n$ 3,039,548.63 \n0.00 $ 3,039,548.63 \n \n$ \n \n17,010.08 $ \n \n36,683.55 \n \n2,591.32 \n \n33,308.88 \n \n3,039,548.63 \n \n1,519,898.44 \n \n14,250.88 7,801.12 2,000,807.99 31,588.53 \n \n18,239.57 6,088.10 4,688,786.62 500,000.00 \n \n3,234,368.81 \n \n3,314,086.35 \n \n$ 8,347,967.36 $ 10,117,091.51 \n \n$ 3,039,548.63 $ 7,687,365.20 $ 18,149,987.81 $ 16,825,606.40 \n \n-3- \n \n GREENE 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 Central Support Services Other Support Services Food Services Operation Community Services Operations \nCapital Outlay Debt Service \nPrincipal Interest Paying Agent Fees \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES (USES} \nCapital Leases Operating 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$ 8,354,280.12 $ 19,780.47 \n5,601,395.96 549,181.27 \n$ 14,524,637.82 $ \n \n491,704.85 2,168,476.27 \n111 705.41 \n2,771,886.53 \n \n$ 9,143,120.39 $ \n768,031.64 696,568.71 327,566.85 370,309.91 1,004,686.29 143,206.61 1,022,281.14 1,042,541.63 113,430.05 \n23,532.80 \n23,340.00 1,308,096.04 \n154,974.20 15,431.91 \n$ 16,157,118.17 $ \n$ -1,632,480.35 $ \n \n1,441,954.75 \n52,546.82 87,803.34 \n1,255.48 59,687.14 55,176.44 \n9,953.57 51,599.12 4,437.51 63,537.99 1,034,700.40 \n1,022.23 \n2,863,674.79 \n-91,788.26 \n \n$ 1,594,160.04 $ \n-74,068.67 \n$ 1,520,091.37 $ \n \n$ \n \n-112,388.98 $ \n \n3,103,533.49 \n \n74,068.67 \n74 068.67 \n-17,719.59 304,872.96 \n-3,988.69 1 713.02 \n \nFUND BALANCE JUNE 30 \n \n$ 2,991,144.51 $ ======2=84=,=87=7=.7=0= \n \nThe notes to the general purpose financial statements are an integral part of this statement. \n-4- \n \n EXHIBIT \"B\" \n \nCAPITAL PROJECTS \nFUND \n \nDEBT SERVICE \nFUND \n \nTOTALS \n \n(Memorandum Only) \n \nYEAR ENDED \n \nJUNE 301 2000 \n \nJUNE 30, 1999 \n \n$ 3,408,826.10 \n \n$ \n \n$ 1,915,958.83 \n \n283,499.36 \n \n103,543.08 \n \n12,254,811.07 $ 2,188,256.74 7,517,354.79 1,047,929.12 \n \n8,939,756.86 2,108,972.23 6,910,459.39 \n995,549.56 \n \n$ 3,692,325.46 $ 2,019,501.91 $ 23,008,351.72 $ 18,954,738.04 \n \n$ 10,585,075.14 $ 9,700,752.07 \n \n$ \n \n2,018.45 $ \n \n6,846,697.11 \n \n325.58 \n \n820,578.46 784,372.05 328,822.33 429,997.05 1,059,862.73 143,206.61 1,032,234.71 1,094,140.75 120,211.59 \n87,070.79 1,034,700.40 \n24,362.23 8,154,793.15 \n \n849,442.93 728,552.98 312,256.34 541,090.67 1,031,967.28 105,231.45 1,011,799.91 904,076.44 118,089.78 \n61,081.80 987,098.64 \n28,268.89 1,427,252.14 \n \n250,000.00 248,612.50 \n913.64 \n \n404,974.20 264,044.41 \n913.64 \n \n234,171.97 228,442.45 \n500.00 \n \n$ 6,848,715.56 $ 499,851.72 $ 26,369,360.24 $ 18,270,075.74 \n \n$ -3,156,390.10 $ 1;519,650.19 $ -3,361,008.52 $ \n \n684,662.30 \n \n$ 1,594,160.04 $ 74,068.67 -74,068.67 \n$ 1,594,160.04 $ \n \n244,282.00 72,496.16 -72,496.16 \n244,282.00 \n \n$ -3,156,390.10 $ 1,519,650.19 $ -1,766,848.48 $ \n \n5,188,786.62 1,519,898.44 \n \n10,117,091.51 \n \n928,944.30 9., 186,362.20 \n \n-3,988.69 1,713.02 \n \n1,861.78 -76.77 \n \n$ 2,032,396.52 $ 3,039,548.63 $ 8,347,967.36 $ 1o,117,091.51 \n \n-5- \n \n GREENE 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. 2000 \n \nEXHIBIT \"C\" \n \nGENERAL FUND \n \nACTUAL \n \n(BUDGET \n \nBUDGET \n \nBASIS) \n \nREVENUES \n \nState Funds Federal Funds Taxes Other Funds \n \n$ 8,421,756.39 $ 36,850.00 \n5,368,000.00 445,000.00 \n \n8,354,280.12 19,780.47 \n5,601,395.96 549,181.27 \n \nTotal Revenues \n \n$ 14,271,606.39 $ 14,524,637.82 \n \nEXPENDITURES \n \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Community Services Operations \nCapital Outlay Debt Service \n \n$ 9,290,382.99 $ 9,143,120.39 \n \n877,591.89 689,313.88 342,082.56 435,559.22 1,057,149.78 192,898.57 1,167,852.65 930,967.11 140,386.79 \n4,864.00 \n \n768,031.64 696,568.71 327,566.85 370,309.91 1,004,686.29 143,206.61 1,022,281.14 1,042,541.63 113,430.05 \n23,532.80 \n \n29,981.50 10,000.00 \n \n23,340.00 1,308,096.04 \n170 406.11 \n \nTotal Expenditures \n \n$ 15, 169,030.94 $ 16,157,118.17 \n \nExcess of Revenues over (under) Expenditures \n \n$ -897,424.55 $ -1,632,480.35 \n \nOTHER FINANCING SOURCES /USES) \n \nOther Sources Other Uses \n \n$ \n \n21,100.00 $ 1,594, 160.04 \n \n-100,000.00 \n \n-74,068.67 \n \nTotal Other Financing Sources (Uses) \n \n$ -78,900.00 $ 1,520,091.37 \n \nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses $ -976,324.55 $ \n \n-112,388.98 \n \nFUND BALANCE JULY 1. 1999 \n \n2,963,966.56 \n \n3, 103,533.49 \n \nAdjustments \n \nSPECIAL REVENUE FUND \n \nACTUAL \n \n(BUDGET \n \nBUDGET \n \nBASIS) \n \n$ 413,618.58 $ 491,704.85 \n \n2,524,378.58 \n \n2,168,476.27 \n \n91 711.42 \n \n111 705.41 \n \n$ 3,029,708.58 $ 2,771,886.53 \n \n$ 1,579,183.47 $ 1,441,954.75 \n \n65,739.66 60,755.45 \n4,075.20 35,937.10 78,567.90 \n9,999.10 11,962.00 49,081.30 14,400.00 93,431.00 1,028,011.79 5,000.00 \n \n52,546.82 87,803.34 \n1,255.48 59,687.14 55,176.44 \n9,953.57 51,599.12 \n4,437.51 63,537.99 1,034,700.40 \n1,022.23 \n \n$ 3,036,143.97 $ 2,863,674.79 $ -6,435.39 $ -91,788.26 \n \n$ 62,913.34 $ \n \n74,068.67 \n \n$ 62,913.34 $ 74,068.67 \n \n$ 56,477.95 $ -17,719.59 \n \n308,586.07 \n \n304,872.96 \n \n-1,958.97 \n \n-2,275.67 \n \n~ \n \nFUND BALANCE JUNE 30 2000 \n \n$ 119871642.01 $ 219911144.51 \n \n$ 3631105.05 $ 2841877.70 \n \nThe notes to the general purpose financial statements are an integral part of this statement. -7- \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE30,2000 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nREPORTING ENTITY \nThe Greene County Board of Education (Board) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the Board is a primary government and consists of all the organizations that compose its legal entity. \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 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 availaqle 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. \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 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 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 GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 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 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 and capital lease obligations. \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 of accounting under which: \nRevenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). \"Measurable\" means the amount of the transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. 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 GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2000 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nperiod beginning in late August 1999 and ending in early June 2000. Personnel contracts for this employment period specify that compensation be paid in twelve equal monthly payments beginning in 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 ofthe twelve monthly payments, due for July and August 2000, had notbeen made. Payments for these two months were made and recorded as expenditures by the Board subsequent to June 30, 2000. Also, the State's portion ofthe compensation paid in July and August 2000 was received and recorded as revenue in the fiscal year subsequent to June 30, 2000. Conversely, the similar expenditures and related revenues for contractual services completed prior to June 30, 1999, were recorded in the year ended June 30, 2000. Generally accepted accounting principles require that revenues be recorded when available and measurable and that expenditures be recorded when incurred, rather than when funds are received or disbursed. \nBUDGET \nThe Greene 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 ofbudget control was established by the Board at the aggregate level. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles. \nThe budget process begins when the Board's administration prepares a tentative budget for the Board's approval. After approval ofthis tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality. At the next regular meeting of the Board after advertisement, the Board receives comments on the tentative budget, makes revisions as necessary and adopts a final school budget. This final budget is then submitted, in accordance with provisions of the Quality Basic Education Act, OCGA Section 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \nCASH AND CASH EQUIVALENTS \nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits in authorized financial institutions. Georgia Laws OCGA 45-8-14 authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. \n \n-10- \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"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 not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \nPROPERTY TAXES \nThe Greene County Board of Commissioners fixed the property tax levy for the 1999 tax year (calendar year) on August 24, 1999 (levy date). Taxes were due on November 15, 1999. The lien date for property taxes was January 1, 1999. Taxes collected within the current fiscal year or within \n- 11 - \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS  \n \nJUNE30, 2000 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \n60 days after year-end are reported as revenue in fiscal year 2000. The Greene County Tax Commissioner bills and collects the property taxes for the Board ofEducation, withholds 1.00% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the Board. \n \nThe tax millage rate levied for the 1999 tax year (calendar year) for the Greene County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \n \nSchool Operations \n \n11.00 mills \n \nSALES TAXES \n \nSpecial Purpose Local Option Sales Tax is to be used for capital outlay for educational purposes and debt service. Special Purpose Local Option Sales Tax revenue during the fiscal year amounted to $1,915,958.83 and was recorded in the Debt Service Fund. The State will terminate collection of this tax once an additional $4,955,703.69 has been collected or on June 30, 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 \nPREPAID ITEMS \n \nPayments made to vendors for services that will benefit periods subsequent to June 30, 2000, are recorded as prepaid items. \n \nGENERAL OBLIGATION BONDS \n \nThe Board issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. Bond premiums and discounts, as well as issuance costs, are recognized in the financial statements during the year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit ofthe government. The outstanding amount ofthese bonds is recorded in the General Long-Term Debt Account Group. \n \n- 12 - \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE 30, 2000 \n \nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \nINTERFUND TRANSACTIONS \nThe Board has the following types of interfund transactions: \nReimbursements of expenditures initially made from a fund that are properly applicable to another fund are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. \nOperating transfers are recorded for all interfund transactions other than reimbursements. \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. Certain reclassifications have been made to the comparative data to conform to the current year classifications. \nNote 2: DEPOSITS AND INVESTMENTS \nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum ofmoney which has not been secured by surety bond, by guarantee ofinsurance, or by collateral. The aggregate 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 1l0percent ofthe daily pool balance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive the requirement for security in the case ofoperating funds placed in demand deposit checking accounts. \nAcceptable security for deposits consists of any one of or any combination of the following: \n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \n \n- 13 - \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO TI-IE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE30, 2000 \n \nNote 2: DEPOSITS AND INVESTMENTS \n \n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities ofthe State of Georgia, \n \n(5) Bonds of any public authority created by the laws 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 Home Loan Mortgage Association, and the Federal National Mortgage Association. \n \nCATEGORIZATION OF DEPOSITS At June 30, 2000, the bank balances were $2,063,602.88. The amounts ofthe total bank balances are classified into three categories of credit risk: \n \nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities he_ld by the Board or by the Board's agent in the Board's name. \nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Board's name. \nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agentbut not in the Board's name.) \n \nThe Board's depp_sits are classified by risk category at June 30, 2000, as follows: \n \nRisk Category \n \nBank Balance \n \n1 \n \n$ 203,673.55 \n \n2 \n \n1,411,407.00 \n \n3 \n \n448,522.33 \n \nTotal \n \n$ 2.063.602.88 \n \nCATEGORIZATION OF INVESTMENTS At June 30, 2000, the carrying value of the Board's total investments was $8,632,669.19 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 of Georgia, Office of Treasury and Fiscal Services which are not required to be categorized since the Board did not own any specific \n \n- 14 - \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE30, 2000 \n \nNote 2: DEPOSITS AND INVESTMENTS \nidentifiable 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. 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, 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 commercial insurance for risk ofloss associated with torts, assets, errors or omissions, job related illness or injuries to employees and 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. \n- 15 - \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE30,2000 \n \nNote 4: RISK MANAGEMENT \n \nThe Board is self-insured with regard to unemployment compensation claims. The Board accounts for claims within the same fund that the employee's salary and benefits were paid. Claims are accounted for with expenditure 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 \n1999 2000 \n \nBeginning of Year Liability \n \nClaims and Changes in Estimates \n \n$ \n \n0.00 $ \n \n3,246.00 $ \n \n$ \n \n0.00 $ \n \n1407.00 $ \n \nClaims Paid \n \nEnd of Year Liability \n \n3,246.00 $ \n \n0.00 \n \n1,407.00 $ \n \n0.00 \n \nThe Board has purchased surety bonds to provide additional insurance coverage as follows: \n \nPosition Covered \n \nAmount \n \nSuperintendent All Other Employees \n \n$ 100,000.00 $ 100,000.00 \n \nNote 5: GENERAL LONG-TERM DEBT \n \nCAPITAL LEASES The Greene County Board ofEducation has entered into various lease agreements as lessee for buses and other equipment. These lease agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at the present value of the future minimum lease payments as of the date oftheir inception. \n \nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds CWTently outstanding are as follows: \n \nPurpose \n \nInterest Rates \n \nAmount \n \nGeneral Government - Series 1998 \n \n3.75%- 4.15% $ 6,000,000.00 \n \nThe changes in General Long-Term Debt during the fiscal year ended June 30, 2000, were as follows: \n \n- 16 - \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nnJNE 30, 2000 \n \nNote 5: GENERAL LONG-TERM DEBT \n \nBalance July 1, 1999 \nRetroactive Restatement of Prior Year Balances \nBalance July 1, 1999 Restated \nAdditions Capital Leases \nDeductions Debt Retired Payments \nBalance June 30, 2000 \n \nCapital Leases \n \nGeneral Obligation \nBonds \n \nTotal \n \n$ 289,956.71 $ 6,250,000.00 $6,539,956.71 \n \n-41,777.35 \n \n-41,777.35 \n \n$ 248,179.36 $ 6,250,000.00 $ 6,498,179.36 \n \n1,594,160.04 \n \n1,594,160.04 \n \n154,974.20 \n \n250,000.00 \n \n250,000.00 154,974.20 \n \n$ 1.687.365.20 $ 6.000.000.00 $ 7.687.365.20 \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 \nCapital Leases \n \nGeneral Obligation \nBonds \n \nTotal Debt \n \n2001 2002 2003 2004 20Q5 2006- 2010 2011 - 2015 \n \n$ 255,534.43 $ 1,371,212.50 $1,626,746.93 \n \n281,324.43 1,521,500.00 1,802,824.43 \n \n275,919.80 1,613,750.00 1,889,669.80 \n \n220,908.12 2,041,500.00 2,262,408.12 \n \n154,740.00 \n \n154,740.00 \n \n773,700.00 \n \n773,700.00 \n \n386,850.00 \n \n386,850.00 \n \nTotal Principal and Interest $2,348,976.78 $ 6.547.962.50 $ 8.896.939.28 \n \nDeduct: Imputed Interest \n \n661,611.58 \n \nNet Present Value of Future Minimum Lease Payments $ 1.687.365.20 \n \nNote 6: ON-BEHALF PAYMENTS \n \nThe Board has recognized revenues and expenditures in the amount of $217,423.41 for health insurance and retirement contributions paid on the Board's behalfby the following State Agencies. \n \n- 17 - \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE30,2000 \n \nNote 6: ON-BEHALF PAYMENTS \n \nGeorgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance ofNon-Certified Personnel In the amount of $149,934.05 \n \nPaid to the Teachers Retirement System of Georgia For Teachers Retirement System (TRS) Employer's Cost In the amount of $32,409.36 \n \n. Office 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 $35,080.00 \n \nNote 7: SIGNIFICANT COMMITMENTS \n \nThe following is an analysis ofsignificant outstanding construction or renovation contracts executed by the Board as of June 30, 2000, together with funding available: \n \nProject \n \nUnearned Executed Contracts \n \nFunding Available From State \n \n97 /96S-666-022 Greensboro Primary Additions Project Union Point Gym Project \n \n$ 926,785.10 1,891,648.57 122,559.50 \n \n$ 398,651.00 \n \n$ 2.940.993.17 $ 398,651.00 \n \nThe amounts described in this note are not reflected in the general purpose financial statements. \n \nNote 8: 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 \nThe Board is a defendant in various legal proceedings pertaining to matters incidental to the performance of routine Board operations. The ultimate disposition of these proceedings is not presently determinable, but is not believed to be material to the general purpose financial statements. \n \n- 18 - \n \n GREENE COUNTY BOARD OF EDUCATION \n \nEXHIBIT \"D\" \n \nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \n \nJUNE30,2000 \n \nNote 9: 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$ 1,111,656.39 $ 1,103,646.06 $ 1,006,103.62 \n \n- 19 - \n \n GREENE COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 2000 \n \nASSETS \nCash and Cash Equivalents \nInvestments \nAccounts Receivable \nInventories Food Donated Commodities Purchased Food \n \nSCHOOL FOOD \nSERVICES FUND \n \nLOTTERY PROGRAMS \n \n$ \n \n193,340.74 $ \n \n42,959.76 \n \n115,286.35 \n \n677.79 \n \n14,250.88 71801.12 \n \nTotal Assets \nLIABILITIES AND FUND EQUITY \nLIABILITIES \nCash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable \nTotal Liabilities \nFUND EQUITY \nFund Balances Reserved For Continuation of Federal Programs For Inventories Food Donated Commodities Purchased Food Unreserved Undesignated \nTotal Fund Equity \nTotal Liabilities and Fund Equity \nSee notes to the general purpose financial statements. - 20- \n \n$ \n \n331,356.88 $ ====4=21=95=9.=76= \n \n$ \n \n3,450.32 $ \n \n9,580.04 \n \n45,620.18 \n \n33,379.72 \n \n$ \n \n491070.50 $ \n \n421959.76 \n \n$ \n \n14,250.88 \n \n7,801.12 \n \n2601234.38 $ \n \n$ \n \n2821286.38 $ \n \n0.00 0.00 \n \n$ \n \n331,356.88 $ ===4=2=,9=5=9.=76= \n \n EXHIBIT\"E\" \n \nFEDERAL PROGRAMS \n \nOTHER PROGRAMS \n \nTOTALS \n \nJUNE 30, 2000 \n \nJUNE 30, 1999 \n \n$ \n \n0.00 $ \n \n236,300.50 $ \n \n226,427.29 \n \n115,286.35 \n \n108,856.50 \n \n$ \n \n215,023.38 \n \n215,701.17 \n \n318,345.04 \n \n14,250.88 7,801.12 \n \n18,239.57 6,088.10 \n \n$ \n \n215,023.38 $ \n \n0.00 $ \n \n589,340.02 $ ==6=7=7=,9=56==50= \n \n$ \n \n73,900.61 \n \n29,486.99 \n \n108,439.07 \n \n605.39 \n \n$ \n \n212,432.06 \n \n$ \n \n73,900.61 $ \n \n167,615.91 \n \n42,517.35 \n \n38,523.79 \n \n187,438.97 \n \n165,832.23 \n \n605.39 \n \n1111.61 \n \n$ \n \n304,462.32 $ \n \n373,083.54 \n \n$ \n \n2,591.32 \n \n0.00 $ \n \n$ \n \n2,591.32 $ \n \n$ \n \n215,023.38 $ \n \n$ \n \n2,591.32 $ \n \n33,308.88 \n \n0.00 0.00 $ \n \n14,250.88 7,801.12 \n260,234.38 \n284,877.70 $ \n \n18,239.57 6,088.10 \n247,236.41 \n304,872.96 \n \n0.00 $ \n \n589,340.02 $ ===6=77=,9=56=.50= \n \n- 21 - \n \n GREENE COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nSPECIAL REVENUE FUND YEAR ENDED JUNE 30, 2000 \n \nREVENUES \nState Funds Federal Funds Other Funds \nTotal Revenues \nEXPENDITURES \nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Community Services Operations \nTotal Expenditures \nExcess of Revenues over (under) Expenditures \nOTHER FINANCING SOURCES \nOperating Transfers In \nExcess of Revenues and Other Financing Sources over (under) Expenditures \nFUND BALANCE JULY 1 \nFood Inventory- Net Change in Period Donated Commodities Purchased Food \nFUND BALANCE JUNE 30 \nSee notes to the general purpose financial statements. - 22- \n \nSCHOOL FOOD \nSERVICES FUND \n \nLOTTERY PROGRAMS \n \n$ \n \n73,100.00 $ \n \n874,090.62 \n \n100,507.75 \n \n$ 1,047,698.37 $ \n \n360,407.85 360,407.85 \n \n$ \n \n308,333.45 \n \n38,074.00 2,031.70 \n \n11,968.70 \n \n$ 1,034,700.40 \n \n$ 1,034,700.40 $ \n \n$ \n \n12,997.97 $ \n \n360,407.85 0.00 \n \n$ \n \n12,997.97 $ \n \n0.00 \n \n271,564.08 \n \n0.00 \n \n-3,988.69 1,713.02 \n \n$ 282,286.38 $ ====o=.o=o= \n \n EXHIBIT\"F\" \n \nFEDERAL PROGRAMS \n \nOTHER PROGRAMS \n \nTOTALS \n \nYEAR ENDED \n \nJUNE 30, 2000 \n \nJUNE 30, 1999 \n \n$ $ 1,294,385.65 \n3,697.66 \n$ 1,298,083.31 $ \n \n58,197.00 $ 7,500.00 \n65,697.00 $ \n \n491,704.85 $ 2,168,476.27 \n111 705.41 \n2,771,886.53 $ \n \n431,710.30 2,102,668.30 \n103,232.76 \n2,637,611.36 \n \n$ 1,078,221.29 $ \n \n14,472.82 75,474.65 \n1,255.48 59,687.14 55,176.44 \n9,953.57 39,630.42 \n4,437.51 63,537.99 \n \n1,022.23 \n \n$ 1,402,869.54 $ \n \n$ \n \n-104,786.23 $ \n \n55,400.01 $ 10,296.99 \n65,697.00 $ 0.00 $ \n \n1,441,954.75 $ \n52,546.82 87,803.34 \n1,255.48 59,687.14 55,176.44 \n9,953.57 51,599.12 \n4,437.51 63,537.99 1,034,700.40 \n1,022.23 \n2,863,674.79 $ \n-91,788.26 $ \n \n1,271,315.85 \n53,789.36 95,053.58 \n74,408.02 51,750.97 \n8,128.50 41,647.24 \n47,269.94 987,098.64 \n1177.39 \n2,631,639.49 \n5,971.87 \n \n74,068.67 \n \n$ \n \n-30,717.56 $ \n \n33,308.88 \n \n74,068.67 \n \n72,496.16 \n \n0.00 $ 0.00 \n \n-17,719.59 $ 304,872.96 \n \n78,468.03 224,619.92 \n \n-3,988.69 1?13.02 \n \n1,861.78 -76.77 \n \n$ \n \n2,591.32 $ \n \n0.00 $ \n \n284,877.70 $ ==3=0=4=,8=72==96= \n \n- 23- \n \n GREENE COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE30,2000 \n \nEXHIBIT\"G\" \n \nASSETS Cash and Cash Equivalents Investments \n \nBOND PROCEEDS \n \nGEORGIA STATE FINANCING AND \nINVESTMENT COMMISSION \n \nTOTALS JUNE 30, 2000 JUNE 30, 1999 \n \n$ 16,373.65 $ \n \n31,588.53 $ \n \n47,962.18 $ 126,911.35 \n \n2,249,131.94 \n \n1,415,662.15 \n \n3,664,794.09 \n \n5,061,875.27 \n \nTotal Assets \n \n$ 2,265,505.59 $ \n \n1,447,250.68 $ 3,712,756.27 $ 5,188,786.62 \n \nLIABILITIES AND FUND EQUITY \nLIABILITIES \nAccounts Payable Contracts Payable Retainages Payable \nTotal Liabilities \nFUND EQUITY \nFund Balances Reserved For Purposes of Bond Issue For State Capital Outlay Projects Unreserved Undesignated \nTotal Fund Equity \n \n$ $ 219,131.10 \n45,566.50 \n$ 264,697.60 $ \n \n108,179.00 $ 776,433.00 531,050.15 \n \n108,179.00 995,564.10 576,616.65 \n \n1,415,662.15 $ 1,680,359.75 \n \n$ 2,000,807.99 $ \n0.00 \n$ 2,000,807.99 $ \n \n$ 2,000,807.99 $ 4,688,786.62 \n \n31,588.53 \n \n31,588.53 \n \n500,000.00 \n \n0.00 \n \n0.00 \n \n0.00 \n \n31,588.53 $ 2,032,396.52 $ 5,188,786.62 \n \nTotal Liabilities and Fund Equity \n \n$ 2,265,505.59 $ \n \n1,447,250.68 $ 3,712,756.27 $ 5,188,786.62 \n \nSee notes to the general purpose financial statements. \n \n GREENE COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \nCAPITAL PROJECTS FUND YEAR ENDED JUNE 30, 2000 \n \nEXHIBIT \"H\" \n \nBOND PROCEEDS \n \nGEORGIA STATE FINANCING AND \nINVESTMENT COMMISSION \n \nTOTALS YEAR ENDED JUNE 30, 2000 JUNE 30, 1999 \n \nREVENUES \n \nState Funds Other Funds \n \n$ $ 283,499.36 \n \n3,408,826.10 $ 3,408,826.10 $ 283,499.36 \n \n156,052.90 296,587.93 \n \nTotal Revenues \n \n$ 283,499.36 $ 3,408,826.10 $ 3,692,325.46 $ 452,640.83 \n \nEXPENDITURES \n \nCurrent Support Services General Administration Central Support Services \nCapital Outlay Land and Land Improvements Building and Building Improvements \n \n$ \n \n2,018.45 \n \n$ 836,442.00 \n \n$ \n \n9,564.96 \n \n$ \n \n2,018.45 \n \n149,678.28 5,860,576.83 \n \n149,678.28 6,697,018.83 \n \n176,934.22 1,250,317.92 \n \nTotal Expenditures \n \n$ 838,460.45 $ 6,010,255.11 $ 6,848,715.56 $ 1,436,817.10 \n \nExcess of Revenues over (under) Expenditures \n \n$ -554,961.09 $ -2,601,429.01 $ -3,156,390.10 $ -984, 176.27 \n \nOTHER FINANCING SOURCES {USES} \n \nOperating Transfers In Operating Transfers Out \n \n$ $ -2,133,017.54 \n \n2,133,017.54 $ 2,133,017.54 $ 298,461.27 \n \n-2,133,017.54 \n \n-298,461.27 \n \nTotal Other Financing Sources (Uses) $ -2,133,017.54 $ 2,133,017.54 $ \n \n0.00 $ \n \n0.00 \n \nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \n \n$ -2,687,978.63 $ \n \n-468,411.47 $ -3,156,390.10 $ -984, 176.27 \n \nFUND BALANCE JULY 1 \n \n4,688,786.62 \n \n500,000.00 \n \n5, 188,786.62 \n \n6,172,962.89 \n \nFUND BALANCE JUNE 30 \n \n$ 2,000,807.99 $ \n \n31,588.53 $ 2,032,396.52 $ 5,188,786.62 \n \nSee notes to the general purpose financial statements. \n \n-25- \n \n GREENE 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 \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 \n. 10.553 . 10.555 \n \nN/A \n \n$ 221,796.51 \n \nN/A \n \n583,329.35 $ \n \n(2) 991,924.84 \n \nTotal Child Nutrition Cluster \n \n$ 805,125.86 $ \n \n991,924.84 \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 \nPass-Through From Office of School Readiness \n \nFood and Nutrition Program \n \n. Child and Adult Care Food Program \n \n10.558 \n \nNIA \n \nPass-Through From Office of Treasury and Fiscal Services \n \nNational Forest Reserve Funds \n \n10.665 \n \nNIA \n \n42,775.56 \n26,189.20 19,780.47 \n \n42,775.56 \n(2) (4) \n \nTotal U.S. Department of Agriculture \n \n$ 893,871.09 $ 1,034,700.40 \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 Act \n \n84.027 84.173 84.173 \n \nNIA $ 234,346.64 $ \n \nNIA \n \n39,387.01 \n \nNIA \n \n6,420.83 \n \n234,346.64 (5) 39,387.01 (5) 6,420.83 (5) \n \nTotal Special Education Cluster \n \n$ 280,154.48 $ \n \n280,154.48 \n \nOther Programs Direct 21st Century Community Leaming Centers/After School Leaming Centers After School Program Pass-Through From Georgia Department of Education Elementary and Secondary Education Act Title I Grants to Local Educational Agencies Title II Eisenhower Professional Development Title VI Innovative Education Program Strategies Class Size Reduction Goals2000 State and Local Education Systemic Improvement Grants Technology Literacy Challenge Fund Grants Safe and Drug-Free Schools and Communities Vocational Education - Basic Grants to States High School Program Basic Grant \n \n84.287 \n \n84.010 \n \nNIA \n \n84.281 \n \nNIA \n \n84.298 \n \nNIA \n \n84.340 \n \nNIA \n \n84.276 \n \nNIA \n \n84.318 \n \nNIA \n \n84.186 \n \nNIA \n \n84.048 \n \nNIA \n \n77,464.75 \n715,876.55 17,520.00 23,552.00 89,490.00 \n9,584.46 52,018.00 \n \n77,464.75 \n715,876.55 29,539.42 23,552.00 (5) 89,490.00 \n5,915.11 12,783.03 9,584.46 \n55,715.66 (3) \n \nTotal U.S. Department of Education \n \n$ 1,265,660.24 $ 1,300,075.46 \n \n 26- \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \nYEAR ENDED JUNE 30, 2000 \n \nSCHEDULE 1 \n \nFUNDING AGENCY PROGRAM/GRANT \nDefense, U. S. Department of Direct Department of the Air Force R.O.T.C. Program \n \nCFDA NUMBER \n \nPASSTHROUGH \nENTITY ID \nNUMBER \n \nFEDERAL REVENUE IN PERIOD \n \nEXPENDITURES IN PERIOD \n \n$ 28,725.41 $ \n \n102,794.08 (3) \n \nTotal Federal Financial Assistance \n \n$ 2,188,256.74 $ ==2,=43=7==,56===9.,,94= \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 represents 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 Child and Adult Care Food Program and the School Breakfast Program were not maintained separately and are included in the 2000 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) Funds earned on this program do not require reporting of expenditures. (5) Includes Federal Assistance of $15,952.00 provided to subrecipients. \n \nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \n \nThe accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Greene County Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the general purpose financial statements. \n \nSee notes to the general purpose financial statements. \n \n-27- \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2000 \n \nSCHEDULE \"2\" \n \nAGENCY/FUNDING \nGRANTS Education, Georgia Department of Quality Basic Education General and Career Education Programs Special Education Programs Remedial Education Program Media Center Programs Staff Development Programs Indirect Cost Pupil Transportation Regular Bus Replacement Middle School Incentive Program Special Instructional Assistance In-School Suspension Counselors Technology Specialist Local Five Mill Share Educational Equalization Formula Food Services Vocational Education Other State Programs Alternative Program Health Insurance Mentor Teachers Preschool Handicapped Program Remedial Summer School Teachers' Retirement Tuition for the Multi-Handicapped Lottery Programs Assistive Technology Computers in the Classroom \nGeorgia State Financing and Investment Commission Reimbursement on Construction Projects \nOffice of School Readiness Pre-Kindergarten Program \nOffice of Treasury and Fiscal Services Public School Employees Retirement \nCONTRACT Education, Georgia Department of Reading First Program \n \nGOVERNMENTAL FUND TYPES \n \nSPECIAL \n \nCAPITAL \n \nGENERAL \n \nREVENUE \n \nPROJECTS \n \nFUND \n \nFUND \n \nFUND \n \nTOTAL \n \n$ 4,950,394.00 1,739,471.00 206,587.00 217,761.00 66,236.00 1,461,720.00 \n \n366,331.00 101,015.00 126,297.00 \n88,720.00 67,403.00 17,272.00 57,685.00 -1,810,064.00 258,353.00 \n$ 51,361.64 \n \n73,100.00 \n \n77,813.00 149,934.05 \n972.00 49,097.00 \n9,794.12 32,409.36 32,637.95 \n \n14,473.52 53,176.00 \n \n$ 4,950,394.00 1,739,471.00 206,587.00 217,761.00 66,236.00 1,461,720.00 \n366,331.00 101,015.00 126,297.00 \n88,720.00 67,403.00 17,272.00 57,685.00 -1,810,064.00 258,353.00 73,100.00 51,361.64 \n77,813.00 149,934.05 \n972.00 49,097.00 \n9,794.12 32,409.36 32,637.95 \n14,473.52 53,176.00 \n \n$ 3,408,826.10 292,758.33 35,080.00 \n \n3,408,826.10 292,758.33 35,080.00 \n \n58,197.00 \n \n58;197.00 \n \n$ 8,354,280.12 $ 491,704.85 $ 3,408,826.10 $ 12,254,811.07 \n \nSee notes to the general purpose financial statements. \n \n- 28- \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \nYEAR ENDED JUNE 30, 2000 \n \nSCHEDULE \"3\" \n \nPROJECT \nThe acquisition, construction and equipping of a new middle school and the renovating, refurbishing, modifying and equipping of existing facilities,. including the construction of additional classrooms and providing for technology \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$ 8,563,600.00 $ 12,550,110.00 $ 7,096,223.25 $ 1,638,835.47 \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 project. Includes all cost from project inception to completion. \n(3) The voters of Greene County approved the imposition of a 1% sales tax to fund the above project 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 project. \n \nSee notes to the general purpose financial statements. - 29 - \n \n GREENE 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 Expenditure 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 \n7,114,213.00 $ \n \n234,616.00 \n \n$ \n \n7,906,142.03 \n \n938,682.78 $ _ ____;;,;86:;.;.7_.i.;,6;_;,4.=.2;.:;.95.:.. \n \n$ \n \n8,844,824.81 \n \n-105,275.93 $ _ _~8,:.;_7.;;.;39'\"\"',5:;..;4~8.=8..::....8 \n \n$ \n \n0.00 $ =========0.=00= \n \nSee notes to the general purpose financial statements. - 31 - \n \n GREENE 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 \nKindergarten (*) Grades 1 - 3 (*) \nSub-Total - K-3 \nGrades 4 - 5 (*) Grades 6 - 8 (*) Grades 9 - 12 (*) High School Laboratories (*) Vocational Education Laboratories (*) \nTotal General and Career Education Programs \nSPECIAL EDUCATION PROGRAMS \nRegular Programs Category I (*) Category II (*) Category Ill (*) Category IV (*) Category V (*) Sub-Total - Regular Category VI (Gifted) (*) Total Special Education Programs \nREMEDIAL EDUCATION PROGRAM (*l Total Fourteen Weighted Programs \nMEDIA CENTER PROGRAMS \nSalaries Operations \nTotal Media Center Programs \n \nALLOTMENTS FROM GEORGIA DEPARTMENT OF \n \nREQUIRED \n \nORIGINAL \n \n~ \n \nORIGINAL \n \nMID-TERM \n \n$ \n \n480,280.00 \n \n$ \n \n432,252.00 $ \n \n0.00 \n \n1,322, 120.00 \n \n1,189,908.00 \n \n$ 1,802,400.00 90 $ 1,622,160.00 $ \n \n0.00 \n \n515,577.00 90 \n \n464,019.30 \n \n1,087,807.00 90 \n \n979,026.30 \n \n624,767.00 90 \n \n562,290.30 \n \n373,320.00 90 \n \n335,988.00 \n \n546,523.00 90 \n \n491,870.70 \n \n$ 4,950,394.00 \n \n$ 4,455,354.60 $ \n \n0.00 \n \n$ 1,632, 155.00 \n \n$ 1,468,939.50 $ \n \n0.00 \n \n$ 1,632,155.00 90 $ 1,468,939.50 $ \n \n107,316.00 90 \n \n96,584.40 \n \n$ 1,739,471.00 \n \n$ 1,565,523.90 $ \n \n$ \n \n206,587.00 90 $ \n \n185,928.30 $ \n \n$ 6,896,452.00 \n \n$ 6,206,806.80 $ \n \n$ \n \n172,780.00 90 $ \n \n155,502.00 $ \n \n44,981.00 100 \n \n44,981.00 \n \n$ \n \n217,761.00 \n \n$ \n \n200,483.00 $ \n \n0.00 \n0.00 0.00 0.00 \n0.00 0.00 \n \nTotal Fourteen Weighted and Media Center Programs $ 7,114,213.00 \n \n$ 6,407,289.80 $ \n \n0.00 \n \nSTAFF DEVELOPMENT PROGRAMS Cost of Instruction Professional Development \nTotal Staff Development Programs (*) Identifies Fourteen Weighted Programs. See notes to the general purpose financial statements. \n \n$ \n \n21,459.00 \n \n44,m.oo \n \n$ \n \n21,459.00 $ \n \n44,777.00 \n \n0.00 0.00 \n \n$ \n \n66,236.00 100 $ \n \n66,236.oo $ ====o=.o=o \n \n- 32  \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 \n432,252.00 $ \n \n503,545.00 $ \n \n42,855.90 $ \n \n546,400.90 \n \n1,189,908.00 \n \n1,234,506.77 \n \n130,205.76 \n \n1,364,712.53 \n \n$ 1,622,160.00 $ 1,738,051.77 $ \n \n173,061.66 $ 1,911,113.43 $ \n \n0.00 \n \n464,019.30 \n \n650,261.31 \n \n64,103.77 \n \n714,365.08 \n \n0.00 \n \n979,026.30 \n \n1,304,187.61 \n \n90,666.72 \n \n1,394,854.33 \n \n0.00 \n \n562,290.30 \n \n858,325.54 \n \n150,876.88 \n \n1,009,202.42 \n \n0.00 \n \n335,988.00 \n \n526,518.12 \n \n40,176.81 \n \n566,694.93 \n \n0.00 \n \n491,870.70 \n \n471,353.93 \n \n104,048.38 \n \n575,402.31 \n \n0.00 \n \n$ 4,455,354.60 $ 5,548,698.28 $ \n \n622,934.22 $ 6,171,632.50 \n \n$ 1,468,939.50 $ \n \n292,745.84 $ 528,187.70 765,077.45 \n12,937.80 150,270.19 \n \n28,283.39 $ 68,621.75 123,609.84 \n433.07 7,999.93 \n \n321,029.23 596,809.45 888,687.29 \n13,370.87 158,270.12 \n \n$ 1,468,939.50 $ 1,749,218.98 $ \n \n228,947.98 $ 1,978,166.96 \n \n0.00 \n \n96,584.40 \n \n104,377.10 \n \n5,557.75 \n \n109,934.85 \n \n0.00 \n \n$ 1,565,523.90 $ 1,853,596.08 $ \n \n234,505.73 $ 2,088,101.81 \n \n$ \n \n185,928.30 $ \n \n251,850.57 $ \n \n10,203.00 $ \n \n262,053.57 \n \n0.00 \n \n$ 6,206,806.80 $ 7,654,144.93 $ \n \n867,642.95 $ 8,521,787.88 \n \n$ \n \n155,502.00 $ \n \n251,997.10 \n \n$ \n \n251,997.10 \n \n0.00 \n \n44,981.00 \n \n$ \n \n71,039.83 \n \n71,039.83 \n \n0.00 \n \n$ \n \n200,483.00 $ \n \n251,997.10 $ \n \n71,039.83 $ \n \n323,036.93 \n \n$ 6,407,289.80 $ .7,906,142.03 $ \n \n938,682.78 $ 8,844,824.81 $ \n \n0.00 \n \n$ \n \n21,459.00 \n \n44,777.00 \n \n$ ===66=,2=3=6=.0=0 \n \n$ \n \n36,443.92 $ \n \n36,443.92 \n \n29;792.08 \n \n29,792.08 \n \n$ \n \n66,236.00 $ \n \n66,236.00 $=======0=.0=0 \n \n 33 - \n \n SECTION IT COMPLIANCE AND INTERNAL CONTROL REPORTS \n \n w. RUSSELL \n \nHINTON \n \nSTATE AUDITOR \n \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nFebruary 6, 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 Greene 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 Greene County Board ofEducation as ofand for the year ended June 30, 2000, and have issued our report thereon dated February 6, 2001. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general purpose fmancial 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 ofthe United States. \nCompliance \nAs part of obtaining reasonable assurance about whether Greene 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 Greene County Board ofEducation's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control over financial reporting. However, we noted a certain matter involving the internal control \n2000YB-40 \n \n over financial reporting and its operation that we consider to be a reportable condition. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe internal control over financial reporting that, in ourjudgment, could adversely affect Greene County Board ofEducation's ability to record, process, summarize and report financial data consistent with assertions of management in the financial statements. The reportable condition is described in the accompanying Schedule ofFindings and Questioned Costs as item FS-6661-00-01. \nA material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions, and accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, the reportable condition described above is also considered to be a material weakness. \nThis report is intended solely for the information and use of management, members of the Greene 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 2000YB-40 \n \nState Auditor \n \n RussELL W. H1NTON \nSTATE AUDITOR \n(404) 656-2174 \n \nDEPARTMENT OF AUDITS AND ACCOUNTS \n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \nFebruary 6, 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 Greene County Board ofEducation \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 ofGreene County Board ofEducation with the types ofcompliance requirements described in the U.S. Office of Management and Budget (0MB) Circular A-133 Compliance Supplement that are applicable to each ofits major Federal programs for the year ended June 30, 2000. Greene County Board of Education's major Federal programs are identified in the accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major Federal programs is the responsibility ofGreene County Board ofEducation's management. Our responsibility is to express an opinion on Greene 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 0MB Circular A-133, 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 Greene County Board ofEducation's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Greene County Board of Education's compliance with those requirements. \n2000SA-10 \n \n In our opinion, the Greene County Board of Education complied, in all material respects, with the requirements referred to above that are applicable to each ofits major Federal programs for the year ended June 30, 2000. \nInternal Control Over Compliance \nThe management of Greene 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 Greene County Board ofEducation's internal control over compliancewith 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 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 management, members of the Greene 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~~OQ_~~ ~sell W. Hinton State Auditor \nRWH:gp 2000SA-10 \n \n SECTION ill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \n \n GREENE 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-6661-98-01 FS-6661-99-01 \n \nFurther Action Not Warranted Unresolved - See Corrective Action/Responses \n \nCORRECTIVE ACTION/RESPONSES \n \nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Finding Control Number: FS-6661-99-01 \n \nThe Greene County Board ofEducation has been actively seeking names, addresses, and phone numbers of companies who will establish accounting controls and procedures to provide for maintenance ofa general fixed assets account group. In each instance, the cost of establishing the accounting system for the control category of general fixed assets has been prohibitive. Our staff members in the central office have attended the GASB 34 meetings and we do plan to resolve the deficiency prior to the close of fiscal year 2002. We are corresponding with the other school systems who wish to resolve this deficiency and hope that the Greene County System will be able to resolve this deficiency within the next few months. \n \n SECTION IV FINDINGS AND QUESTIONED COSTS \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2000 \nI SUMMARY OF AUDITOR'S RESULTS \n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Greene County Board ofEducation's financial statements was qualified for various departures from generally accepted accounting principles. \n2. Reportable Conditions in Internal Control Disclosed bythe Audit of the Financial Statements The audit report for the Greene County Board ofEducation 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 ofthe Greene County Board ofEducation disclosed no instances ofnoncompliance that were deemed to be material to the financial statements. \n4. Reportable Conditions in Internal Control Over Major Programs The audit report for the Greene County Board ofEducation 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 Greene 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 Greene 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 \n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000.00. \n9. Low Risk Auditee The Greene County Board ofEducation was audited as a low risk auditee based on a waiver granted by the U. S. Department of Education. \n- 1- \n \n GREENE COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \nYEAR ENDED JUNE 30, 2000 \nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Reportable Condition - Material Weakness Repeated From Prior Year Finding Control Number: FS-6661-00-01 The Greene County Board of Education did not maintain a system-wide General Fixed Assets Account Group within the formal accounting records as required by generally accepted accounting principles. 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 ofland, buildings and equipment owned by the Board and should include, but may not be limited to, date acquired, acquisition cost, estimated replacement cost, location and description. Detailed records should be maintained of all additions and deletions to the General Fixed Assets Account Group. III FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \n-2- \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. 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