{"response":{"docs":[{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw9-b2007-h2008","title":"Worth County Board of Education, Sylvester, 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, Worth County, 31.55151, -83.85088"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2008-06-30"],"dcterms_description":["Began with fiscal year ended June 30, 2000, issued in 2001; ceased with fiscal year ended June 30, 2008, issued in 2009.","Report year covers fiscal year.","Has supplements: Worth County Board of Education, Sylvester, 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 ... (Worth County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007; Salaries and travel reimbursement (Worth County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2000, issued in 2001 (online surrogate); title from PDF cover (Georgia Government Publications database, viewed May 13, 2016).","Fiscal year ended June 30, 2008, issued in 2009 (online surrogate); (Georgia Government Publications database, viewed May 13, 2016)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Worth County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Worth County--Auditing--Periodicals.","Education--Georgia--Worth County--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Worth County.--fast--(OCoLC)fst01217122","Georgia Government Documents--Serial"],"dcterms_title":["Worth County Board of Education, Sylvester, 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-bw9-b2007-h2008"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw9-b2007-h2008"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":null},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw9-b2006-h2007","title":"Worth County Board of Education, Sylvester, 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, Worth County, 31.55151, -83.85088"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2007-06-30"],"dcterms_description":["Began with fiscal year ended June 30, 2000, issued in 2001; ceased with fiscal year ended June 30, 2008, issued in 2009.","Report year covers fiscal year.","Has supplements: Worth County Board of Education, Sylvester, 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 ... (Worth County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007; Salaries and travel reimbursement (Worth County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2000, issued in 2001 (online surrogate); title from PDF cover (Georgia Government Publications database, viewed May 13, 2016).","Fiscal year ended June 30, 2008, issued in 2009 (online surrogate); (Georgia Government Publications database, viewed May 13, 2016)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Worth County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Worth County--Auditing--Periodicals.","Education--Georgia--Worth County--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Worth County.--fast--(OCoLC)fst01217122","Georgia Government Documents--Serial"],"dcterms_title":["Worth County Board of Education, Sylvester, 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-bw9-b2006-h2007"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw9-b2006-h2007"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"WORTH COUNTY BOARD OF EDUCATION \r\nSYLVESTER; GEORGIA REPORT ON AUDIT \r\nOF THE FINANCIAL STATEMENTS \r\nFOR THE FISCAL YEAR ENDED JUNE 30; 2007 \r\nSTATE OF GEORGIA \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\nRussell W. Hinton State Auditor \r\n \r\n WORTH COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\nEXHIBITS \r\n \r\nBASIC FINANCIAL STATEMENTS \r\n \r\nDISTRICT-WIDE FINANCIAL STATEMENTS \r\n \r\nA \r\n \r\nSTATEMENT OF NET ASSETS \r\n \r\n1 \r\n \r\nB \r\n \r\nSTATEMENT OF ACTIVITIES \r\n \r\n2 \r\n \r\nFUND FINANCIAL STATEMENTS \r\n \r\nC \r\n \r\nBALANCE SHEET \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\n4 \r\n \r\nD \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\n \r\nTO THE STATEMENT OF NET ASSETS \r\n \r\n5 \r\n \r\nE \r\n \r\nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES \r\n \r\nIN FUND BALANCES \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\n6 \r\n \r\nF \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT \r\n \r\nOF REVENUES, EXPENDITURES AND CHANGES IN FUND \r\n \r\nBALANCES TO THE STATEMENT OF ACTIVITIES \r\n \r\n7 \r\n \r\nG \r\n \r\nSTATEMENT OF FIDUCIARY NET ASSETS \r\n \r\nFIDUCIARY FUNDS \r\n \r\n8 \r\n \r\nH \r\n \r\nSTATEMENT OF CHANGES IN FIDUCIARY NET ASSETS \r\n \r\nFIDUCIARY FUNDS \r\n \r\n9 \r\n \r\nI \r\n \r\nNOTES TO THE BASIC FINANCIAL STATEMENTS \r\n \r\n10 \r\n \r\nSCHEDULES \r\n \r\nREQUIRED SUPPLEMENTARY INFORMATION \r\n \r\n1 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES \r\n \r\nIN FUND BALANCES - BUDGET AND ACTUAL \r\n \r\nGENERAL FUND \r\n \r\n25 \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\n2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\n26 \r\n \r\n3 SCHEDULE OF STATE REVENUE \r\n \r\n27 \r\n \r\n WORTH COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nSCHEDULES \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\n4 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\n \r\n28 \r\n \r\n5 ALLOTMENTS AND EXPENDITURES \r\n \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \r\n \r\nBY PROGRAM \r\n \r\n29 \r\n \r\nSECTION II \r\nCOMPLIANCE AND INTERNAL CONTROL REPORTS \r\nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \r\n \r\nSECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n WORTH COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\nSECTIONV MANAGEMENT'S RESPONSES SCHEDULE OF MANAGEMENT'S RESPONSES \r\n \r\n SECTION I FINANCIAL \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nMay 8, 2008 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Worth County Board of Education \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nLadies and Gentlemen: \r\nWe have audited the accompanying financial statements ofthe governmental activities, each major fund, and the aggregate remaining fund information (Exhibits A through I) of the Worth 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 Worth County Board of Education's management. Our responsibility is to express opinions on these financial statements based on our audit. \r\nWe conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free 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 Worth County Board of Education's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. \r\n \r\n2007ARL-11 \r\n \r\n In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the Worth County Board of Education, as of June 30, 2007, and the respective changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. \r\nThe Worth County Board of Education has not presented Management's Discussion and Analysis that accounting principles generally accepted in the United States of America has determined is necessary to supplement, although not to be part of, the basic financial statements. \r\nIn accordance with Government Auditing Standards, we have also issued our report dated May 8, 2008, on our consideration ofthe Worth 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. \r\nThe Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual, as presented on page 25, is not a required part of the basic financial statements but is supplementary information required by the accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods ofmeasurement and presentation ofthe required supplementary information. However, we did not audit the information and express no opinion on it. \r\nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Worth County Board of Education's basic financial statements. The accompanying supplementary information which consist of Schedules 2 through 5, which includes the Schedule of Expenditures of Federal Awards as required by U.S. Office of Management and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. \r\nA copy of this report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. \r\nRespectfully submitted, \r\n~U).4k \r\nRussell W. Hinton, CPA, CGFM State Auditor \r\nRWH:gp 2007ARL-l l \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\n WORTH COUNTY BOARD OF EDUCATION STATEMENT OF NET ASSETS JUNE 30, 2007 \r\nASSETS \r\nCash and Cash Equivalents Investments Accounts Receivable, Net \r\nInterest Taxes State Government Federal Government Other Inventories Prepaid Items Capital Assets Land Improvements Other Than Buildings Buildings and Improvements Equipment Computer Applications Less: Accumulated Depreciation \r\nTotal Assets \r\nLIABILITIES \r\nAccounts Payable Salaries and Benefits Payable Contracts Payable Long-Term Liabilities \r\nDue Within One Year Due in More Than One Year \r\nTotal Liabilities \r\nNET ASSETS \r\nInvested in Capital Assets, Net of Related Debt Restricted for \r\nContinuation of Federal Programs Debt Service Capital Projects Unrestricted \r\nTotal Net Assets \r\nTotal Liabilities and Net Assets \r\nThe notes to the basic financial statements are an integral part of this statement. -1- \r\n \r\nEXHIBIT\"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n7,955,702.01 \r\n \r\n644,279.16 \r\n \r\n9,111.24 437,318.78 2,319,670.30 1,595,292.51 100,202.74 \r\n17,568.90 27,020.40 \r\n \r\n1,753,041.00 2,132,559.00 28,207,005.00 5,107,570.00 \r\n89,012.00 -7,720,973.33 \r\n \r\n$ ==4=2,=67=4=,3=7=9=7.=1 \r\n \r\n$ \r\n \r\n266,513.51 \r\n \r\n3,779,946.48 \r\n \r\n2,777.00 \r\n \r\n1,177,775.13 5 284.96 \r\n \r\n$ \r\n \r\n5,232,297.08 \r\n \r\n$ \r\n \r\n29,568,213.67 \r\n \r\n315,277.30 2,427,818.39 2,002,818.19 3,127,955.08 \r\n \r\n$ \r\n \r\n37,442,082.63 \r\n \r\n$ =====4=2,==6=74=,3=7=9=7.=1 \r\n \r\n WORTH COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30, 2007 \r\n \r\nGOVERNMENTAL ACTIVITIES \r\nInstruction Support Services \r\nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Food Services Interest on Short-Term and Long-Term Debt \r\nTotal Governmental Activities \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Debt Services Real Estate Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \r\nTotal General Revenues \r\nChange in Net Assets \r\nNet Assets - Beginning of Year \r\n \r\nEXPENSES \r\n \r\nCHARGES FOR SERVICES \r\n \r\n$ 21,318,900.61 $ \r\n1,139,972.14 1,101,102.47 \r\n664,446.64 726,760.66 1,817,486.36 242,356.61 1,988,050.17 1,834,970.15 \r\n61,151.34 83,541.24 \r\n133,731.48 1,987,332.46 \r\n45,624.61 \r\n$ 33 145,426.94 $ \r\n \r\n796.46 \r\n399,715.96 351,867.38 752 379.80 \r\n \r\nNet Assets - End of Year \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -2- \r\n \r\n EXHIBIT \"B\" \r\n \r\nPROGRAM REVENUES \r\n \r\nOPERATING \r\n \r\nCAPITAL \r\n \r\nGRANTS AND \r\n \r\nGRANTS AND \r\n \r\nCONTRIBUTIONS CONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET ASSETS \r\n \r\n$ 16,539,106.47 \r\n304,402.87 308,511.40 440,911.37 700,190.39 912,985.51 \r\n6,847.96 1,190,357.96 1,070,979.90 $ \r\n2,941.60 63,876.09 \r\n1,530,482.01 \r\n$ 23,071,593.53 $ \r\n \r\n$ 353,644.00 353,644.00 $ \r\n \r\n-4, 778,997.68 \r\n-835,569.27 -792,591.07 -223,535.27 \r\n-26,570.27 -904,500.85 -235,508.65 -797,692.21 -410,346.25 \r\n-58,209.74 -19,665.15 \r\n265,984.48 -104,983.07 \r\n-45 624.61 \r\n-8,967,809.61 \r\n \r\n$ \r\n \r\n6,070,334.87 \r\n \r\n19,571.10 \r\n \r\n1,605,468.21 32,119.77 \r\n2,706,826.00 113,804.36 214,367.98 \r\n \r\n$ \r\n \r\n10,762,492.29 \r\n \r\n$ \r\n \r\n1,794,682.68 \r\n \r\n35,647,399.95 \r\n \r\n$ ==3=7=,4=42='=08=2=.6=3 \r\n \r\n-3- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION BALANCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30, 2007 \r\n \r\nEXHIBIT \"C\" \r\n \r\nASSETS \r\nCash and Cash Equivalents Investments Accounts Receivable, Net \r\nInterest Taxes State Government Federal Government Other Inventories Prepaid Items \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 4,332,520.48 $ 1,460,076.32 $ 2,163,105.21 $ 7,955,702.01 \r\n \r\n126,654.11 \r\n \r\n517,625.05 \r\n \r\n644,279.16 \r\n \r\n5,685.78 245,567.48 2,319,670.30 1,595,292.51 \r\n25,024.47 17,568.90 27 020.40 \r\n \r\n3,425.46 75,178.27 \r\n \r\n264,713.18 \r\n \r\n9,111.24 510,280.66 2,319,670.30 1,595,292.51 100,202.74 \r\n17,568.90 27 020.40 \r\n \r\nTotal Assets \r\n \r\n$ 8,695,004.43 $ 2,056,305.10 $ 2,427,818.39 $ 13,179,127.92 \r\n \r\nLIABILITIES AND FUND BALANCES \r\nLIABILITIES \r\nAccounts Payable Salaries and Benefits Payable Contracts Payable \r\nTotal Liabilities \r\nFUND BALANCES \r\nReserved for: Continuation of Federal Programs Debt Service Inventories Capital Projects \r\nUnreserved Designated for Student Activities Designated for Workers' Compensation Undesignated Reported in: General Fund \r\nTotal Fund Balances \r\n \r\n$ 215,803.60 $ 3,779,946.48 \r\n$ 3,995,750.08 $ \r\n \r\n50,709.91 2 777.00 \r\n53 486.91 \r\n \r\n$ 266,513.51 3,779,946.48 2 777.00 \r\n$ 4,049,236.99 \r\n \r\n$ 302,268.06 \r\n \r\n$ 302,268.06 \r\n \r\n$ 2,427,818.39 \r\n \r\n2,427,818.39 \r\n \r\n17,568.90 \r\n \r\n17,568.90 \r\n \r\n$ 2,002,818.19 \r\n \r\n2,002,818.19 \r\n \r\n164,875.78 3,080.24 \r\n \r\n164,875.78 3,080.24 \r\n \r\n4 211 461.37 \r\n \r\n4211461.37 \r\n \r\n$ 4,699,254.35 $ 2,002,818.19 $ 2 427 818.39 $ 9,129,890.93 \r\n \r\nTotal Liabilities and Fund Balances \r\n \r\n$ 8,695,004.43 $ 2,056,305.10 $ 2,427,818.39 $ 13,179,127.92 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -4 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET ASSETS JUNE 30, 2007 \r\n \r\nEXHIBIT\"D\" \r\n \r\nTotal Fund Balances - Governmental Funds (Exhibit \"C\") \r\nAmounts reported for Governmental Activities in the Statement of Net Assets are different because: \r\nCapital Assets used in Governmental Activities are not financial resources and therefore are not reported in the funds. These assets consist of: \r\nLand Improvements Other Than Buildings Buildings and Building Improvements Equipment Computer Applications Accumulated Depreciation \r\nTotal Capital Assets \r\nSome of the School District's property tax revenues will be collected after year-end but are not available soon enough to pay for the current period's expenditures. \r\nLong-Term Liabilities, including Bonds Payable, are not due and payable in the current period and therefore are not reported as liabilities in the funds. Long-Term Liabilities at year-end consist of: \r\nBonds Payable Capital Leases \r\nTotal Long-Term Liabilities \r\n \r\n$ 9,129,890.93 \r\n \r\n$ 1,753,041.00 2,132,559.00 \r\n28,207,005.00 5,107,570.00 89,012.00 -7,720,973.33 \r\n \r\n29,568,213.67 \r\n \r\n-72,961.88 \r\n \r\n$ -1,175,000.00 -8,060.09 \r\n \r\n-1, 183,060.09 \r\n \r\nNet Assets of Governmental Activities (Exhibit \"A\") \r\n \r\n$ 37,442,082.63 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -5- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2007 \r\n \r\nEXHIBIT\"E\" \r\n \r\nREVENUES \r\nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Food Services Operation \r\nCapital Outlay Debt Services \r\nPrincipal Interest \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) \r\nTransfers In Transfers Out \r\nTotal Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 6,215,223.85 \r\n32,119.77 21,390,143.12 \r\n4,741,920.42 752,379.80 \r\n44,511.80 $ \r\n214117.98 \r\n$ 33,390,416.74 $ \r\n \r\n$ \r\n68,111.82 250.00 \r\n \r\n$ 1,605,468.21 \r\n1,180.74 \r\n \r\n6,215,223.85 1,637,587.98 21,390,143.12 4,741,920.42 \r\n752,379.80 113,804.36 214 367.98 \r\n \r\n68,361.82 $ 1,606,648.95 $ 35,065,427.51 \r\n \r\n$ 21,055,742.38 $ \r\n1,137,269.19 1,100,139.31 \r\n650,930.21 728,432.24 1,788,842.02 222,460.56 1,953,568.61 1,887,015.22 \r\n61,151.34 83,541.24 133,731.48 1,954,990.96 \r\n \r\n2,510.91 1 016.61 \r\n \r\n$ 32,761,342.28 $ \r\n \r\n$ \r\n \r\n629 074.46 $ \r\n \r\n17,523.11 \r\n \r\n$ 21,073,265.49 \r\n \r\n44,439.04 886,289.64 \r\n \r\n1,137,269.19 1,100,139.31 \r\n650,930.21 728,432.24 1,788,842.02 222,460.56 1,998,007.65 1,887,015.22 \r\n61,151.34 83,541.24 133,731.48 1,954,990.96 886,289.64 \r\n \r\n$ 1,135,000.00 \r\n44 608.00 \r\n \r\n1,137,510.91 45 624.61 \r\n \r\n948 251.79 $ 1 179 608.00 $ 34,889,202.07 \r\n \r\n-879 889.97 $ \r\n \r\n427 040.95 $ \r\n \r\n176 225.44 \r\n \r\n$ $ -746 316.61 \r\n \r\n746,316.61 \r\n \r\n$ \r\n \r\n746,316.61 \r\n \r\n-746 316.61 \r\n \r\n$ ~746 316.61 $ \r\n \r\n746 316.61 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n$ -117,242.15 $ -133,573.36 $ \r\n \r\n427,040.95 $ \r\n \r\n176,225.44 \r\n \r\n4 816 496.50 \r\n \r\n2,136,391.55 \r\n \r\n2 000 777.44 \r\n \r\n8,953,665.49 \r\n \r\nFund Balances - Ending \r\n \r\n$ 4,699,254.35 $ 2,002,818.19 $ 2,427,818.39 $ 9,129,890.93 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -6 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \r\nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2007 \r\n \r\nEXHIBIT\"F\" \r\n \r\nTotal Net Change in Fund Balances - Governmental Funds (Exhibit \"E\") \r\nAmounts reported for Governmental Activities in the Statement of Activities are different because: \r\nCapital Outlays are reported as expenditures in Governmental Funds. However, in the Statement of Activities, the cost of Capital Assets is allocated over their estimated useful lives as depreciation expense. In the current period, these amounts are: \r\nCapital Outlay Depreciation Expense \r\nExcess of Capital Outlay over Depreciation Expense \r\nBecause some property taxes will not be collected for several months after the School District's fiscal year ends, they are not considered \"available\" revenues. \r\nIn the Statement of Activities, only the gain on the sale of the equipment is reported, whereas in the Governmental Funds, the entire proceeds from the sale increase financial resources. Thus, the change in net assets differs from the change in fund balances by the carrying value of the equipment sold. \r\nRepayment of Long-Term Debt is reported as an expenditure in Governmental Funds, but the repayment reduces Long-Term Liabilities in the Statement of Net Assets. In the current year, these amounts consist of: \r\nBond Principal Retirements Capital Lease Payments \r\nTotal Long-Term Debt Repayments \r\n \r\n$ 176,225.44 \r\n \r\n$ 1,392,821.00 -770,008.33 \r\n \r\n622,812.67 \r\n \r\n-125,318.34 \r\n \r\n-16,548.00 \r\n \r\n$ 1,135,000.00 2 510.91 \r\n \r\n1,137,510.91 \r\n \r\nChange in Net Assets of Governmental Activities (Exhibit \"B\") \r\n \r\n$ 1,794,682.68 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -7- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET ASSETS \r\nFIDUCIARY FUNDS JUNE 30, 2007 \r\n \r\nEXHIBIT\"G\" \r\n \r\nASSETS Cash and Cash Equivalents Investments \r\nTotal Assets \r\nLIABILITIES Funds Held for Others \r\nNET ASSETS Held in Trust for Private Purposes \r\nTotal Liabilities and Net Assets \r\n \r\nPRIVATE PURPOSE TRUSTS \r\n \r\nAGENCY FUNDS \r\n \r\n$ $ _-\"5'-'-,8\"-'1-'-6=.2\"'\"-4 \r\n \r\n17,942.31 \r\n \r\n$ \r\n \r\n5,816.24 $ 17,942.31 \r\n \r\n$ 17,942.31 \r\n \r\n$ _ _5...._,8_1_6_.2_4 \r\n \r\n$ \r\n \r\n5,816.24 $ 17,942.31 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -8- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS \r\nFIDUCIARY FUNDS YEAR ENDED JUNE 30, 2007 \r\nADDITIONS Investment Earnings Interest \r\nDEDUCTIONS Scholarships Change in Net Assets \r\nNet Assets - Beginning \r\nNet Assets - Ending \r\n \r\nEXHIBIT\"H\" \r\n \r\nPRIVATE PURPOSE TRUSTS \r\n \r\n$ \r\n \r\n266.21 \r\n \r\n$ \r\n \r\n550.00 \r\n \r\n$ \r\n \r\n-283.79 \r\n \r\n61100.03 \r\n \r\n$ =====5!::::81=6=.2=4 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -9- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nREPORTING ENTITY \r\nThe Worth County Board ofEducation (School District) was established under the laws ofthe State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF PRESENTATION \r\nThe School District's basic financial statements are collectively comprised of the District-wide financial statements, fund financial statements and notes to the basic financial statements of the Worth County Board of Education. \r\nDistrict-wide Statements: The Statement ofNet Assets and the Statement ofActivities display information about the financial activities ofthe overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \r\nThe Statement ofActivities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \r\n Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support ofthe School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \r\n Program revenues include (a) charges paid by the recipients ofgoods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \r\nFund Financial Statements: The fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting ofinternal activities. Separate statements for each category (governmental and fiduciary) are presented. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \r\n \r\n- 10 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nThe School District reports the following major governmental funds: \r\n General Fund is the School District's primary operating fund. It accounts for all financial resources ofthe School District, except those resources required to be accounted for in another fund. \r\n District-wide Capital Projects Fund accounts for financial resources including Bond Proceeds to be used for the acquisition, construction or renovation of major capital facilities. \r\n Debt Service Fund accounts for taxes (sales) legally restricted for the payment of general longterm principal, interest and paying agent's fees. \r\nThe School District reports the following fiduciary fund types: \r\n Private Purpose Trust funds report trust arrangements under which income may be expended to provide an award to the spelling champion and a scholarship to a senior class student. \r\n Agency funds account for assets held by the School District as an agent for various funds, governments or individuals. \r\nBASIS OF ACCOUNTING \r\nThe basis ofaccounting determines when transactions are reported on the financial statements. The District-wide governmental and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, 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. \r\nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \r\nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis ofaccounting. Under this method, revenues are recognized when measurable and available. The School District considers all revenues reported in the governmental funds to be available if they are collected within sixty days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund \r\n- 11 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nliability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds ofgeneral long-term liabilities and acquisitions under capital leases are reported as other financing sources. \r\nThe School District funds certain programs by a combination ofspecific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \r\nCASH AND CASH EQUIVALENTS \r\nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist ofcash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Official Code of Georgia Annotated Section 45-8-14 authorize the School District to deposit its funds in one or more solvent banks or insured Federal savings and loan associations. \r\nINVESTMENTS \r\nCOMPOSITION OF INVESTMENTS Investments made by the School District in nonparticipating interest-earning contracts (such as certificates ofdeposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase of one year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code ofGeorgia Annotated Section 36-83-4 authorizes the School District to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \r\n(1) Obligations issued by the State of Georgia or by other states, \r\n(2) Obligations issued by the United States government, \r\n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \r\n(4) Obligations of any corporation of the United States government, \r\n(5) Prime banker's acceptances, \r\n \r\n- 12 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\n(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \r\n \r\n(7) Repurchase agreements, and \r\n \r\n(8) Obligations of other political subdivisions of the State of Georgia. \r\n \r\nThe School District does not have a formal policy regarding investment policies that address credit risks, custodial credit risks, concentration ofcredit risks, interest rate risks or foreign currency risks. \r\n \r\nRECEIVABLES \r\n \r\nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\n \r\nPROPERTY TAXES \r\n \r\nThe Worth County Board ofCommissioners fixed the property tax levy for the 2006 tax digest year (calendar year) on July 20, 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 Worth County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% oftaxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2007, for maintenance and operations amounted to $6,195,652.75. \r\n \r\nThe tax millage rate levied for the 2006 tax year (calendar year) for the Worth County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n15.0 mills \r\n \r\nSALES TAXES \r\n \r\nSpecial Purpose Local Option Sales Tax, at the fund reporting level, during the year amounted to $1,605,468.21 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \r\n \r\n- 13 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nINVENTORIES \r\n \r\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. \r\n \r\nPREPAID ITEMS \r\n \r\nPayments made to vendors for services that will benefit periods subsequent to June 30, 2007, are recorded as prepaid items. \r\n \r\nCAPITAL ASSETS \r\n \r\nCapital assets purchased, including capital outlay costs, are recorded as expenditures in the fund financial statements at the time of purchase (including ancillary charges). On the District-wide financial statements, all purchased capital assets are valued at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at estimated fair market value on the date donated. Disposals are deleted at depreciated recorded cost. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. Depreciation is computed using the straight-line method. The School District does not capitalize book collections or works ofart. During the fiscal year under review, no events or changes in circumstances affecting a capital asset that may indicate impairment were known to the School District. \r\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the District-wide statements are as follows: \r\n \r\nCapitalization Policy \r\n \r\nEstimated Useful Life \r\n \r\nLand Buildings and Building Improvements Improvements Other Than Buildings Equipment Computer Applications \r\n \r\nAny Amount $ 100,000.00 $ 50,000.00 $ 5,000.00 $ 10,000.00 \r\n \r\nNIA 20 to 80 years 20 to 80 years \r\n4 to 12 years 5 years \r\n \r\n- 14 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nDepreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives. \r\nGENERAL OBLIGATION BONDS \r\nThe School District issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. Bond issuance costs are recognized in the financial statements during the fiscal year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the Statement of Net Assets. \r\nNET ASSETS \r\nThe School District's net assets in the District-wide Statements are classified as follows: \r\nInvested in capital assets, net of related debt - This represents the School District's total investment in capital assets, net ofoutstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of invested in capital assets, net of related debt. \r\nRestricted net assets - These represent resources for which the School District is legally or contractually obligated to spend resources for bus replacement, continuation of Federal programs, debt service and capital projects in accordance with restrictions imposed by external third parties. \r\nUnrestricted net assets - Unrestricted net assets represent resources derived from property taxes, sales taxes, grants and contributions not restricted to specific programs, charges for services, and miscellaneous revenues. These resources are used for transactions relating to the educational and general operations of the School District, and may be used at the discretion of the Board to meet current expenses for those purposes. \r\nNote 3: DEPOSITS \r\nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate ofthe face value of such surety bond and the market value of securities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. Ifa depository elects the pooled method (OCGA 45-8-13.1) the aggregate ofthe market value ofthe securities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool balance. \r\n \r\n- 15 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 3: DEPOSITS \r\nAcceptable security for deposits consists of any one of or any combination of the following: \r\n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or ofthe State of Georgia, \r\n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n(6) Industrial revenue bonds and bonds ofdevelopment authorities created by the laws ofthe State of Georgia, and \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\nCATEGORIZATION OF DEPOSITS At June 30, 2007, the bank balances were $11,812,654.20. The amounts ofthe total uninsured bank balances are classified into three categories of custodial credit risk: \r\nCategory 1 - Uncollateralized, Category 2 - Cash collateralized with securities held by the pledging financial institution, or Category 3 - Cash collateralized with securities held by the pledging financial institution's \r\ntrust department or agent but not in the School District's name. \r\nThe School District's uninsured deposits are classified by custodial credit risk category at June 30, 2007, as follows: \r\n \r\n- 16 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 3: DEPOSITS \r\n \r\nCustodial Credit Risk Category \r\n \r\nBank Balance \r\n \r\n1 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n2 \r\n \r\n2,239,151.96 \r\n \r\n3 \r\n \r\n6,961,662.67 \r\n \r\nTotal \r\n \r\n$ 9,200,814.63 \r\n \r\nNote 4: NON-MONETARY TRANSACTIONS \r\n \r\nThe School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 2 - Inventories \r\n \r\nNote 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the Capital Assets during the fiscal year: \r\n \r\nBalances July I, 2006 \r\n \r\nIncreases \r\n \r\nBalances Decreases June 30, 2007 \r\n \r\nGovernmental Activities Capital Assets, Not Being Depreciated: \r\nLand Construction in Progress \r\n \r\n$ 1,035,919.00 $ 717,122.00 \r\n \r\n$ 1,753,041.00 \r\n \r\n1,335,435.00 \r\n \r\n$ 1,335,435.00 \r\n \r\n0.00 \r\n \r\nTotal Capital Assets Not Being Depreciated $ 2,371,354.00 $ 717,122.00 $ 1,335,435.00 $ I,753,041.00 \r\n \r\nCapital Assets Being Depreciated Buildings and Building Improvements Improvements Other Than Buildings Equipment Computer Applications \r\n \r\n$26,871,570.00 $1,335,435.00 \r\n \r\n1,996,395.00 136,164.00 \r\n \r\n5,002,572.00 450,523.00 $ \r\n \r\n0.00 \r\n \r\n89,012.00 \r\n \r\n$28,207,005.00 2,132,559.00 \r\n345,525.00 5,107,570.00 89,012.00 \r\n \r\nLess Accumulated Depreciation for: Buildings and Building Improvements Improvements Other Than Buildings Equipment Computer Applications \r\n \r\n4,455,063.00 213,520.00 \r\n2,611,359.00 0.00 \r\n \r\n332,799.47 25,805.60 \r\n384,699.55 26,703.71 \r\n \r\n328,977.00 \r\n \r\n4,787,862.47 239,325.60 \r\n2,667,081.55 26,703.71 \r\n \r\nTotal Capital Assets, Being Depreciated, Net $26,590,595.00 $ 1,241,125.67 $ 16,548.00 $27,815,172.67 \r\n \r\nGovernmental Activity Capital Assets - Net $28,961,949,QQ $ 1,958,247,67 $ 1.351,983,QQ $29,568,213.67 \r\n \r\n- 17 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 5: CAPITAL ASSETS \r\n \r\nCapital assets being acquired under capital leases as of June 30, 2007, are as follows: \r\n \r\nGovernmental Funds \r\n \r\nEquipment Less: Accumulated Depreciation \r\n \r\n$ 13,750.00 4,203.00 \r\n \r\n$ 9,547.00 \r\n \r\nCurrent year depreciation expense by function is as follows: \r\n \r\nInstruction Support Services \r\nPupil Services Improvements of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Food Services \r\n \r\n$ 323,318.02 \r\n \r\n$ 1,677.46 901.30 \r\n19,296.08 5,605.15 31,454.65 27,518.54 2,625.00 315;248.37 \r\n \r\n404,326.55 42,363.76 \r\n \r\n$ 770,008.33 \r\n \r\nNote 6: RESTRICTED ASSETS \r\n \r\nSpecial Purpose Local Option Sales Tax (SPLOST) and general obligation bond proceeds are restricted assets in the Statement of Net Assets because their use is limited by applicable bond covenants or statutory provisions. Restricted assets at June 30, 2007, were as follows: \r\n \r\nDistrict-wide Ca12ital Projects \r\n \r\nBond \r\n \r\nSPLOST \r\n \r\nProceeds \r\n \r\nDebt Service Funds \r\n \r\nRestricted Cash and Cash Equivalents: Debt Services Capital Acquisitions \r\nRestricted Investments: Capital Acquisitions \r\n \r\n$2,163,105.21 $ 384,368.44 $ 1,075,707.88 \r\n$ 361,948.17 $ 155,676.88 \r\n \r\n- 18 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 7: INTERFUND TRANSFERS \r\n \r\nInterfund transfers for the year ended June 30, 2007, consisted of the following: \r\n \r\nTransfer to \r\n \r\nTransfers From General Fund \r\n \r\nDistrict-wide Capital Projects \r\n \r\n$ 746,316.61 \r\n \r\nTransfers are used to move property tax revenues collected by the General Fund to the District-wide Capital Projects Fund as supplemental funding source for capital construction projects. \r\n \r\nNote 8: RISK MANAGEMENT \r\n \r\nThe School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; acts of God and unemployment compensation. \r\n \r\nThe School District has obtained commercial insurance for risk ofloss associated with torts, assets and errors or omissions. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the School District's insurance coverage in any of the past three years. \r\n \r\nThe School District has elected to self-insure for all losses related to acts of God. The School District has not experienced any losses related to this risk in the past three years. \r\n \r\nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the General Fund with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \r\n \r\nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \r\n \r\nBeginning of Year Liability \r\n \r\nClaims and Changes in Estimates \r\n \r\nClaims Paid \r\n \r\nEnd of Year Liability \r\n \r\n2006 2007 \r\n \r\n$ \r\n \r\n4,188.00 $ \r\n \r\n0.00 $ \r\n \r\n4,188.00 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n0.00 \r\n \r\nThe School District participates in the Georgia Education Workers' Compensation Trust, a public entity risk pool organized on December 1, 1991, to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The School District pays an annual premium to the Trust for its general insurance coverage. Additional insurance coverage is \r\n \r\n- 19 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 8: RISK MANAGEMENT \r\n \r\nprovided through an agreement by the Trust with the Midwest Employers Casualty Company to provide coverage for potential losses sustained by the Trust in excess of $500,000.00 loss per occurrence, up to $2,000,000.00. \r\n \r\nThe School District has purchased surety bonds to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent Each Principal \r\n \r\n$ 20,000.00 $ 5,000.00 - $ 10,000.00 \r\n \r\nNote 9: OPERATING LEASES \r\n \r\nWorth County Board ofEducation has entered into various leases as lessee for digital copiers. These leases are considered for accounting purposes to be operating leases. Lease expenditures for the year ended June 30, 2007, for governmental funds amounted to $52,416.00. Future minimum lease payments for these leases are as follows: \r\n \r\nYear Ending \r\n \r\nGovernmental Funds \r\n \r\n2008 2009 2010 2011 \r\n \r\n$ 60,787.65 66,313.80 66,313.80 5,526.15 \r\n \r\nTotal \r\n \r\n$ 198,941.40 \r\n \r\nNote 10: LONG-TERM DEBT \r\n \r\nCAPITAL LEASES The Worth County Board of Education entered into various lease agreements for copiers. 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 oftheir inception. \r\n \r\nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: \r\n \r\nPurpose \r\n \r\nInterest Rate \r\n \r\nAmount \r\n \r\nGeneral Government - Series 2002 \r\n \r\n2.56% \r\n \r\n$ 1.175.000.00 \r\n \r\n- 20- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 10: LONG-TERM DEBT \r\n \r\nVoters have authorized $12,000,000.00 in general obligation debt for various SPLOST approved projects which was not issued as of June 30, 2007. \r\n \r\nThe changes in Long-Term Debt during the fiscal year ended June 30, 2007, were as follows: \r\n \r\nGovernmental Funds \r\n \r\nGeneral \r\n \r\nCapital \r\n \r\nObligation \r\n \r\nLeases \r\n \r\nBonds \r\n \r\nTotal \r\n \r\nBalance July 1, 2006 \r\n \r\n$ 10,571.00 $ 2,310,000.00 $ 2,320,571.00 \r\n \r\nDeductions Debt Retired \r\n \r\n2,510.91 1,135,000.00 1,137,510.91 \r\n \r\nBalance June 30, 2007 \r\n \r\n$ 8,060.09 $ 1,175,000.00 $ 1,183,060.09 \r\n \r\nPortion of Long-Term Debt Due within One Year \r\n \r\n$ 2,775.13 $ 1,175,000.00 $ 1,177,775.13 \r\n \r\nAt June 30, 2007, payments due by fiscal year which includes principal and interest for these items are as follows: \r\n \r\nFiscal Year Ended June 30 \r\n \r\nCagital Leases \r\n \r\nPrincigal \r\n \r\nInterest \r\n \r\n2008 2009 2010 2011 \r\n \r\n$ 2,775.13 $ 2,253.53 1,656.43 1,375.00 \r\n \r\n752.36 473.69 270.48 \r\n68.94 \r\n \r\nTotal Principal and Interest \r\n \r\n$ 8,060.09 $ 1,565.47 \r\n \r\nFiscal Year Ended June 30 \r\n \r\nGeneral Obligation \r\n \r\nDebt \r\n \r\nPrincigal \r\n \r\nInterest \r\n \r\n2008 \r\n \r\n$ 1,175,000.00 $ 15,040.00 \r\n \r\n- 21 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 11: ON-BEHALF PAYMENTS \r\n \r\nThe School District has recognized revenues and costs in the amount of $476,505.97 for health insurance and retirement contributions paid on the School District's behalf by the following State Agencies. \r\n \r\nGeorgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance of Non-Certified Personnel In the amount of$465,024.16 \r\n \r\nPaid to the Teachers Retirement System of Georgia For Teachers Retirement System (TRS) Employer's Cost In the amount of $6,925.81 \r\n \r\nOffice of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of $4,556.00 \r\n \r\nNote 12: SIGNIFICANT COMMITMENTS \r\n \r\nThe following is an analysis ofsignificant outstanding construction or renovation contracts executed by the School District as of June 30, 2007: \r\n \r\nProject \r\n \r\nUnearned Executed Contracts \r\n \r\nWorth County High School Electrical Upgrade \r\n \r\n$ 45,000.00 \r\n \r\nThe amount described in this note is not reflected in the basic financial statements. \r\n \r\nNote 13: SIGNIFICANT CONTINGENT LIABILITIES \r\n \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. The School District believes that such disallowances, if any, will be immaterial to its overall financial position. \r\n \r\nThe School District is a defendant in various legal proceedings pertaining to matters incidental to the performance ofroutine School District operations. The ultimate disposition ofthese proceedings is not presently determinable, but is not believed to be material to the basic financial statements. \r\n \r\n-22 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2007 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 14: RETIREMENT PLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\n \r\nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\n \r\nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.28% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n2007 2006 2005 \r\n \r\n100% 100% 100% \r\n \r\n$ 1,702,626.00 $ 1,609,947.00 $ 1,579,304.00 \r\n \r\n- 23 - \r\n \r\n (This page left intentionally blank) \r\n \r\n WORTH COUNTY BOARD OF EDUCATION GENERAL FUND \r\nSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30, 2007 \r\n \r\nSCHEDULE \"1\" \r\n \r\nREVENUES \r\nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Food Services Operation Debt Services \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES} \r\nOther Sources Other Uses \r\nTotal Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL (1) \r\n \r\nFINAL (1) \r\n \r\nACTUAL AMOUNTS \r\n \r\n$ \r\n \r\n5,863,959.85 $ \r\n \r\n5,863,959.85 $ \r\n \r\n6,215,223.85 \r\n \r\n32,119.77 \r\n \r\n20,350,673.00 \r\n \r\n20,350,673.00 \r\n \r\n21,390,143.12 \r\n \r\n4,234,343.54 \r\n \r\n4,830,683.00 \r\n \r\n4,741,920.42 \r\n \r\n375,183.00 \r\n \r\n375,183.00 \r\n \r\n752,379.80 \r\n \r\n37,265.00 \r\n \r\n37,265.00 \r\n \r\n44,511.80 \r\n \r\n98 000.00 \r\n \r\n98 000.00 \r\n \r\n214 117.98 \r\n \r\n$ 30,959,424.39 $ 31,555,763.85 $ 33 390 416.74 \r\n \r\n$ 20,199,872.25 $ 20,624,046.48 $ 21,055,742.38 \r\n \r\n1,078,538.52 997,580.85 641,156.08 618,863.09 \r\n1,874,488.16 249,924.60 \r\n1,910,690.25 1,788,065.55 \r\n58,681.04 78,673.96 \r\n2,109,146.05 \r\n \r\n1,046,834.39 1,115,921.94 \r\n645,671.08 682,373.13 1,874,188.16 249,924.60 1,916,990.25 1,815,868.21 \r\n70,681.04 91,722.00 \r\n2,109,146.05 \r\n \r\n1,137,269.19 1,100,139.31 \r\n650,930.21 728,432.24 1,788,842.02 222,460.56 1,953,568.61 1,887,015.22 \r\n61,151.34 83,541.24 133,731.48 1,954,990.96 \r\n3 527.52 \r\n \r\n$ 31,605,680.40 $ 32,243,367.33 $ 32,761,342.28 \r\n \r\n$ \r\n \r\n-646 256.01 $ \r\n \r\n-687,603.48 $ \r\n \r\n629 074.46 \r\n \r\n$ \r\n \r\n184,706.00 $ \r\n \r\n646,275.34 \r\n \r\n$ \r\n \r\n-746 316.61 \r\n \r\n$ \r\n \r\n184 706.00 $ \r\n \r\n646 275.34 $ \r\n \r\n-746 316.61 \r\n \r\n$ \r\n \r\n-461,550.01 $ \r\n \r\n-41,328.14 $ \r\n \r\n-117,242.15 \r\n \r\n4,813,095.56 \r\n \r\n4 819 056.77 \r\n \r\n4,816,496.50 \r\n \r\nFund Balances - Ending \r\n \r\n$ \r\n \r\n4,351,545.55 $ \r\n \r\n4 777 728.63 $==4,=6=99=,2=5=4=.3=5 \r\n \r\nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \r\n(1) Original and Final Budget amounts do not include budgeted revenues or expenditures of the various principal accounts. \r\nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\nSee notes to the basic financial statements. \r\n- 25 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2007 \r\n \r\nSCHEDULE \"2\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program \r\nTotal Child Nutrition Cluster \r\nOther Programs Direct Food Donation Pass-Through From Georgia Department of Education Food Donation (1) \r\nTotal U. S. Department of Agriculture \r\nEducation, U. S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Preschool Grants \r\nTotal Special Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education English Language Acquisition Grants Enhancing Education Through Technology Program Improving Teacher Quality State Grants Reading First State Grants State Grants for Innovative Programs Title I Grants to Local Educational Agencies Vocational Education - Basic Grants to States \r\nTotal U. S. Department of Education \r\nDefense, U. S. Department of Direct Department of the Army R.O.T.C. Program \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10.553 10.555 \r\n10.550 10.550 \r\n \r\nN/A \r\n \r\n(2) \r\n \r\nN/A $ 1,848,785.83 \r\n \r\n$ 1,848,785.83 \r\n \r\n(2) \r\n \r\nN/A \r\n \r\n439.20 \r\n \r\n$ 1,849,225.03 \r\n \r\n* 84.027 84.173 \r\n84.365 84.318 * 84.367 * 84.357 84.298 84.010 84.048 \r\n \r\nN/A \r\n \r\n$ \r\n \r\nN/A \r\n \r\n$ \r\n \r\n729,459.90 33 638.69 \r\n763,098.59 \r\n \r\nNIA \r\n \r\n145.00 \r\n \r\nN/A \r\n \r\n72,443.49 \r\n \r\nNIA \r\n \r\n332,954.47 \r\n \r\nNIA \r\n \r\n385,088.45 \r\n \r\nN/A \r\n \r\n10,032.50 \r\n \r\nN/A \r\n \r\n1,628,598.83 \r\n \r\nNIA \r\n \r\n78 721.00 \r\n \r\n$ 3,271,082.33 \r\n \r\n$ _ __,5:....:.4c1..:..:78,:.:;.2:::...4:_ \r\n \r\nTotal Federal Financial Assistance \r\nNIA = Not Available \r\nNotes to the Schedule of Expenditures of Federal Awards \r\n \r\n$ ==5~17~4..;4~85;,;,.6~0;=, \r\n \r\n(1) The amount shown for the Food Donation Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the School District during the current fiscal year. \r\n(2) Expenditures for the funds earned on the Food Donation Program ($118,856.00) and the School Breakfast Program ($320,141.10) were not maintained separately and are included in the 2007 National School Lunch Program. \r\n \r\nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \r\nThe School District did not provide Federal Assistance to any Subrecipient. \r\nThe accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Worth County Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\nSee notes to the basic financial statements. \r\n \r\n- 26 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2007 \r\n \r\nAGENCY/FUNDING \r\nGRANTS Bright from the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program \r\nEducation, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle 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 CategoryV Gifted Student - Category VI Remedial Education Program Alternative Education Program Media Center Program 20 Days Additional Instruction Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Categorical Grants Pupil Transportation Regular Bus Replacement Sparsity Nursing Services Principal Supplements Mid-term Adjustment Hold-Harmless Education Equalization Funding Grant Food Services Vocational Education Amended Formula Adjustment Other State Programs Graduation Coach Health Insurance National Teacher Certification Preschool Handicapped Program Pupil Transportation - State Bonds Remedial Summer School Statewide K-8 Reading and Mathematics Program Teachers' Retirement \r\nOffice of Treasury and Fiscal Services Public School Employees Retirement \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 27 - \r\n \r\nSCHEDULE \"3\" \r\n \r\nGOVERNMENTAL FUND TYPE GENERAL FUND \r\n \r\n$ \r\n \r\n570,948.18 \r\n \r\n707,377.00 542,926.00 2,579,426.00 333,631.00 1,338,596.00 176,277.00 2,383,225.00 1,771,545.00 1,077,933.00 \r\n78,688.00 265,786.00 725,500.00 138,303.00 348,377.00 227,930.00 \r\n47,567.00 192,278.00 378,155.00 122,096.00 \r\n72,516.00 \r\n484,744.00 748,673.00 1,012,595.00 \r\n934,820.00 103,644.00 \r\n20,000.00 82,775.00 12,312.00 301,334.00 2,706,826.00 110,948.00 187,433.57 -319,998.00 \r\n40,075.00 465,024.16 \r\n11,629.00 79,073.00 250,000.00 \r\n4,413.95 63,259.45 \r\n6,925.81 \r\n4 556.00 \r\n$ ==2==1==,3=9=0'\"=14=3=.1=2= \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2007 \r\n \r\nSCHEDULE \"4\" \r\n \r\nPROJECT \r\nConstruction and equipping of capital outlay projects for the Worth County School District consisting of Worth County High School auditorium, six additional classrooms at Worth County High School, multi-purpose P.E. building at Worth County High School, new choral room at Worth County Middle School, three additional classrooms at Worth Primary School; Renovations, additions, expansions, improvements, modifications, purchasing new equipment including technology and security equipment, buses and transportation equipment and equipping all other existing school facilities of the Worth County School District, to include the acquisition of any property, necessary or desirable therefore \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n \r\nAMOUNT EXPENDED IN CURRENT \r\nYEAR (3) \r\n \r\nAMOUNT EXPENDED \r\nIN PRIOR YEAR (3) \r\n \r\n$ 9,100,000.00 $ 9,100,000.00 $ 992,859.79 $ 4,614,290.00 \r\n \r\nPROJECT STATUS \r\nOngoing \r\n \r\n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \r\n(2) The School District's current estimate of total cost for the project. Includes all cost from project inception to completion. \r\n(3) The voters of Worth County approved the imposition of a 1% sales tax to fund the above project and retire associated debt. Amounts expended for this project may include sales tax proceeds, state, local property taxes and/or other funds over the life of the project. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 28 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION GENERAL FUND- QUALITY BASIC EDUCATION PROGRAM (QBE) \r\nALLOTMENTS AND EXPENDITURES - BY PROGRAM YEAR ENDED JUNE 30, 2007 \r\n \r\nSCHEDULE \"5\" \r\n \r\nDESCRIPTION \r\nDirect Instructional Programs Kindergarten Program Kindergarten Program-Early Intervention Program Primary Grades (1-3) Program Primary Grades-Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades-Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Category II Category Ill Category IV CategoryV Gifted Student - Category VI Remedial Education Program Alternative Education Program \r\nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \r\nMedia Center Program Staff and Professional Development \r\n \r\nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION {1) {2) \r\n \r\nELIGIBLE QBE PROGRAM COSTS \r\n \r\nSALARIES \r\n \r\nOPERATIONS \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n785,166.00 $ 1,204,324.24 $ \r\n \r\n18,547.04 $ 1,222,871.28 \r\n \r\n627,293.00 \r\n \r\n101.16 \r\n \r\n746.30 \r\n \r\n847.46 \r\n \r\n2,869,286.00 \r\n \r\n2,842,020.63 \r\n \r\n86,710.03 \r\n \r\n2,928,730.66 \r\n \r\n377,890.00 \r\n \r\n582,150.93 \r\n \r\n1,464.39 \r\n \r\n583,615.32 \r\n \r\n1,489,350.00 \r\n \r\n1,839,944.15 \r\n \r\n86,764.27 \r\n \r\n1,926,708.42 \r\n \r\n208,112.00 2,699,209.00 2,005,599.00 1,197,542.00 1,762,238.00 \r\n246,446.00 58,908.00 \r\n216,623.00 \r\n \r\n442,093.37 2,945,193.01 2,952,720.64 \r\n656,323.81 \r\n320,469.64 1,148,828.58 \r\n186,680.71 \r\n208,407.17 41,275.97 \r\n386,346.82 \r\n \r\n910.00 61,167.83 191,279.07 87,070.85 \r\n2,973.91 3,607.39 3,166.61 4,833.27 7,704.03 \r\n12,456.79 \r\n \r\n443,003.37 3,006,360.84 3,143,999.71 \r\n743,394.66 \r\n323,443.55 1,152,435.97 \r\n189,847.32 4,833.27 \r\n216,111.20 41,275.97 \r\n398,803.61 \r\n \r\n$ \r\n \r\n14,543,662.00 $ 15,756,880.83 $ 569,401.78 $ 16,326,282.61 \r\n \r\n424,410.00 81 715.00 \r\n \r\n518,919.38 25,332.52 \r\n \r\n70,039.66 53,683.06 \r\n \r\n588,959.04 79,015.58 \r\n \r\nTOTAL QBE FORMULA FUNDS \r\n \r\n$ \r\n \r\n15,049,787.00 $ 16,301,132.73 $ 693,124.50 $ 16,994,257.23 \r\n \r\n(1) Comprised of State Funds plus Local Five Mill Share. (2) Allotments do not include the impact of the State amended formula adjustment. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n-29- \r\n \r\n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nMay 8, 2008 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Worth County Board of Education \r\nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Worth County Board of Education as of and for the year ended June 30, 2007, which collectively comprise Worth County Board of Education's basic financial statements and have issued our report thereon dated May 8, 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. \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit, we considered Worth 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 Worth County Board of Education's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Worth County Board of Education's internal control over financial reporting. \r\nOur consideration of internal control over financial reporting was for the limited purpose described in the preceding paragraph and would not necessarily identify all deficiencies in internal control over financial reporting that might be significant deficiencies or material weaknesses. However, as discussed below, we identified certain deficiencies in internal control over financial reporting that we consider to be significant deficiencies. \r\n2007YB-30 \r\n \r\n A control deficiency exists when the design or operation ofa control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affect the Worth 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 Worth County Board of Education's financial statements that is more than inconsequential will not be prevented or detected by the Worth County Board of Education's internal control. We consider item FS-7591-07-01, in the accompanying Schedule of Findings and Questioned Costs to be a significant deficiency in internal control over financial reporting. \r\nA material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement ofthe financial statements will not be prevented or detected by the Worth County Board of Education's internal control. \r\nOur consideration of the internal control over financial reporting was for the limited purpose described in the first paragraph ofthis section and would not necessarily disclose all deficiencies in internal control that might be significant deficiencies and, accordingly, would not necessarily disclose all significant deficiencies that are also considered to be material weaknesses. However, we believe that the significant deficiency described above is not a material weakness. \r\nCompliance and Other Matters \r\nAs part of obtaining reasonable assurance about whether Worth County Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions oflaws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \r\nWe noted certain matters that we have reported to management ofWorth County Board ofEducation in a separate letter dated May 8, 2008. \r\nWorth 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 Worth County Board of Education's response and, accordingly, we express no opinion on it. \r\n2007YB-30 \r\n \r\n This report is intended solely for the information and use ofthe management, members ofthe Worth County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n~lD-~ Russell W. Hinton, CPA, CGFM State Auditor \r\nRWH:gp 2007YB-30 \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nMay 8, 2008 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Worth County Board of Education \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \r\nLadies and Gentlemen: \r\nCompliance \r\nWe have audited the compliance of Worth County Board ofEducation with the types ofcompliance requirements described in the U.S. Office of Management and Budget (0MB) Circular A-133 Compliance Supplement that are applicable to each ofits major Federal programs for the year ended June 30, 2007. Worth 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 Worth County Board of Education's management. Our responsibility is to express an opinion on Worth County Board of Education's compliance based on our audit. \r\nWe conducted our audit ofcompliance in accordance with auditing standards generally accepted in the United States ofAmerica; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and 0MB Circular A133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and 0MB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Worth 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 Worth County Board of Education's compliance with those requirements. \r\n2007SA-10 \r\n \r\n In our opinion, the Worth County Board of Education complied, in all material respects, with the requirements referred to above that are applicable to each of its major Federal programs for the year ended June 30, 2007. \r\nInternal Control Over Compliance \r\nThe management of Worth 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 Worth 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 Worth County Board of Education's internal control over compliance. \r\nA control deficiency in an entity's internal control over compliance exists when the design or operation ofa control does not allow management or employees, in the normal course ofperforming their assigned functions, to prevent or detect noncompliance with a type ofcompliance requirement of a Federal program on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the entity's ability to administer a Federal program such that there is more than a remote likelihood that noncompliance with a type of compliance requirement of a Federal program that is more than inconsequential will not be prevented or detected by the entity's internal control. \r\nA material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that material noncompliance with a type of compliance requirement ofa Federal program will not be prevented or detected by the entity's internal control. \r\nOur consideration of the internal control over compliance was for the limited purpose described in the first paragraph of this section and would not necessarily identify all deficiencies in internal control that might be significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. \r\nThis report is intended solely for the information and use ofthe management, members ofthe Worth County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n5~00 w.4\\~ Russell W. Hinton, CPA, CGFM State Auditor \r\nRWH:gp 2007SA-10 \r\n \r\n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n WORTH COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2007 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER \r\n \r\nAUDITEE'S RESPONSE/STATUS \r\n \r\nSEE AUDITOR'S COMMENTS \r\n \r\nFS-7591-04-02 Unresolved - See Corrective Action/Responses \r\n \r\nFS-7591-05-01 Further Action Not Warranted \r\n \r\nFS-7591-06-01 Previously Corrective Action Implemented \r\n \r\nFS-7591-06-02 Unresolved - See Corrective Action/Responses \r\n \r\nFS-7591-06-03 Previously Corrective Action Implemented \r\n \r\nFS-7591-06-04 Further Action Not Warranted \r\n \r\n(1) \r\n \r\nFS-7591-06-05 Previously Corrective Action Implemented \r\n \r\nCORRECTIVE ACTION/RESPONSES \r\n \r\nEMPLOYEE COMPENSATION EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Internal Control Procedures Finding Control Number: FS-7591-04-02 \r\n \r\nThe School District continues to contend that it had correctly classified its employees under both Health Insurance Plans based on the Georgia Department of Community Health (DCH) definitions and guidelines in effect during fiscal year 2004. On the advice of council, we do not believe the School District should be liable for any additional payment to DCH. We will await the outcome of other litigations in this matter and will work with all parties toward the resolution of this finding in the future. \r\n \r\nCASH AND CASH EQUIVALENT REVENUES/RECEIVABLES/RECEIPTS EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Accounting Procedures over School Activity Accounts Finding Control Number: FS-7591-06-02 \r\n \r\nAlthough the School District is unable to hire sufficient staffto eliminate this weakness in internal controls due to budget constraints, it continues its efforts to implement compensating controls and provide the necessary training sufficient to resolve this finding. \r\n \r\n- 1- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2007 \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS AUDITOR'S COMMENTS (1) Findings/internal control deficiencies of this nature, that are not deemed significant deficiencies or material weaknesses and do not require reporting in the audit report in accordance with Statements on Auditing Standards (SAS) 112 or Governmental Auditing Standards (Yellow Book), will be communicated in a management letter in subsequent periods. \r\nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n-2- \r\n \r\n SECTION IV FINDINGS AND QUESTIONED COSTS \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2007 \r\n \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n \r\n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Worth County Board of Education's financial statements was unqualified. \r\n \r\n2. Significant Deficiencies in Internal Control Disclosed by the Audit ofthe Financial Statements The audit report for the Worth County Board of Education disclosed a financial statement significant deficiency related to the following control categories. \r\n \r\nCash and Cash Equivalents Revenues/Receivables/Receipts \r\n \r\nExpenditures/Liabilities/Disbursements \r\n \r\nThe significant deficiency described above is not considered to be a material weakness. \r\n \r\n3. Noncompliance Material to the Financial Statements The audit ofthe Worth County Board ofEducation disclosed no instances ofnoncompliance that were deemed to be material to the financial statements. \r\n \r\n4. Significant Deficiencies in Internal Control Over Major Programs The audit report for the Worth County Board of Education did not disclose any significant deficiencies in internal control over major programs. \r\n \r\n5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Worth County Board ofEducation's report on compliance with requirements applicable to major programs was unqualified. \r\n \r\n6. Audit Findings Required to be Reported by Section .510(a) ofOMB Circular A-133 The Worth County Board of Education's audit did not disclose audit findings required to be reported by section .510(a) ofOMB Circular A-133. \r\n \r\n7. Major Programs Federal awards audited as major programs are as follows: 84.027 Special Education - Grants to States 84.173 Special Education - Preschool Grants 84.357 Reading First State Grants 84.367 Improving Teacher Quality State Grants \r\n \r\n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000.00 \r\n \r\n- 1- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2007 \r\n \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n \r\n9. Low Risk Auditee The Worth County Board ofEducation qualified as a low risk auditee as defined by Section .530 ofOMB Circular A-133. \r\n \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nCASH AND CASH EQUIVALENT REVENUES/RECEIVABLES/RECEIPTS EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Accounting Procedures over School Activity Accounts Significant Deficiency Finding Control Number: FS-7591-07-01 \r\n \r\nCondition: \r\n \r\nThis is a repeat finding (FS-7591-06-02, FS-7591-05-01, FS-7591-04-01 and FS-7591-03-01) from the years ended June 30, 2006, June 30, 2005, June 30, 2004, and June 30, 2003, respectively. The accounting procedures of the School District were insufficient to provide for adequate internal controls over the school activity accounts. \r\n \r\nCriteria: \r\n \r\nThe School District's management is responsible for designing and maintaining internal controls that provide proper separation of duties and reasonable assurance that transactions are processed according to established procedures. \r\n \r\nQuestioned Cost: NIA \r\n \r\nInformation: \r\n \r\nCash and Cash Equivalents  The bank reconciliation function was not separated from the record keeping function.  For one ofthe school accounts tested, there was no evidence that an administrative review was performed on the bank reconciliation for five of the twelve months. \r\n \r\nRevenues/Receivables/Receipts  Deposit preparation was not separated from the record keeping and cash custody functions.  Based on a review of thirty items, the following deficiencies were noted: 1) Eleven receipts tested did not have adequate supporting documentation. \r\n \r\n-2- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2007 \r\n \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nCASH AND CASH EQUIVALENT REVENUES/RECEIVABLES/RECEIPTS EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Accounting Procedures over School Activity Accounts Significant Deficiency Finding Control Number: FS-7591-07-01 \r\n \r\n2) Two receipts could not be reconciled to bank deposit slips. \r\n3) One gate receipt deposit did not have a reconciliation of attendance to monies collected. \r\n4) Nine receipts were not deposited in a timely manner. \r\n \r\nExpenditures/Liabilities/Disbursements  Based on a review oftwenty-five items, the following deficiencies were noted: 1) Six vouchers did not have the supervisory approval. 2) Two vouchers did not contain invoices. 3) Two instances were noted where checks were written out of sequence and in one instance a block of eighty-four checks were skipped and not used. 4) All of the governmental activity account expenditures were initially charged to the Instruction function with athletic account expenditures being reclassified via a journal entry. Ten of the vouchers tested were questionable as to whether the expenditures were charged to the correct function. \r\n \r\nCause: \r\n \r\nThese deficiencies were a result of management's failure to ensure that internal controls were established, implemented and functioning at the school level. \r\n \r\nEffect: \r\n \r\nErrors and/or irregularities may not be detected in a timely manner. \r\n \r\nRecommendation: \r\n \r\nThe School District should implement procedures to ensure that the key accounting functions of custody, record keeping and authorization be separated and/or utilize management oversight of these incompatible activities. Additionally, management should revise and monitor controls to provide reasonable assurance that transactions are processed according to established procedures. \r\n \r\n-3- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2007 III FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n-4 - \r\n \r\n SECTIONV MANAGEMENT'S RESPONSES \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF MANAGEMENT'S RESPONSES \r\nYEAR ENDED JUNE 30, 2007 \r\nFinding Control Number: FS-7591-07-01 \r\nWe concur with this finding. The School District will continue its efforts to adequately train bookkeepers in all facets of accounting procedures. This will include maintaining adequate documentation ofall receipts and revenue as well as disbursements ofthe School Activity Accounts. Monthly receipt transactions along with bank reconciliations will be sent to the Finance Director for review to monitor and correct deficiencies in a timely manner. \r\nContact Person: Lisa A. Deariso, Finance Director Phone: (229) 776-8600 Fax Number: (229) 776-8603 E-mail Address: ldeariso@worth.kl2.ga.us \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw9-b2005-h2006","title":"Worth County Board of Education, Sylvester, 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, Worth County, 31.55151, -83.85088"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2006-06-30"],"dcterms_description":["Began with fiscal year ended June 30, 2000, issued in 2001; ceased with fiscal year ended June 30, 2008, issued in 2009.","Report year covers fiscal year.","Has supplements: Worth County Board of Education, Sylvester, 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 ... (Worth County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007; Salaries and travel reimbursement (Worth County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2000, issued in 2001 (online surrogate); title from PDF cover (Georgia Government Publications database, viewed May 13, 2016).","Fiscal year ended June 30, 2008, issued in 2009 (online surrogate); (Georgia Government Publications database, viewed May 13, 2016)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Worth County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Worth County--Auditing--Periodicals.","Education--Georgia--Worth County--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Worth County.--fast--(OCoLC)fst01217122","Georgia Government Documents--Serial"],"dcterms_title":["Worth County Board of Education, Sylvester, 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-bw9-b2005-h2006"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw9-b2005-h2006"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"WORTH COUNTY BOARD OF EDUCATION \r\nSYLVESTER, GEORGIA REPORT ON AUDIT \r\nOF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2006 \r\nSTATE OF GEORGIA \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\nRussell W. Hinton State Auditor \r\n \r\n WORTH COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\nEXHIBITS \r\n \r\nBASIC FINANCIAL STATEMENTS \r\n \r\nDISTRICT-WIDE FINANCIAL STATEMENTS \r\n \r\nA \r\n \r\nSTATEMENT OF NET ASSETS \r\n \r\n1 \r\n \r\nB \r\n \r\nSTATEMENT OF ACTIVITIES \r\n \r\n2 \r\n \r\nFUND FINANCIAL STATEMENTS \r\n \r\nC \r\n \r\nBALANCE SHEET \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\n4 \r\n \r\nD \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\n \r\nTO THE STATEMENT OF NET ASSETS \r\n \r\n5 \r\n \r\nE \r\n \r\nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES \r\n \r\nIN FUND BALANCES \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\n6 \r\n \r\nF \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT \r\n \r\nOF REVENUES, EXPENDITURES AND CHANGES IN FUND \r\n \r\nBALANCES TO THE STATEMENT OF ACTIVITIES \r\n \r\n7 \r\n \r\nG \r\n \r\nSTATEMENT OF FIDUCIARY NET ASSETS \r\n \r\nFIDUCIARY FUNDS \r\n \r\n8 \r\n \r\nH \r\n \r\nSTATEMENT OF CHANGES IN FIDUCIARY NET ASSETS \r\n \r\nFIDUCIARY FUNDS \r\n \r\n9 \r\n \r\nI \r\n \r\nNOTES TO THE BASIC FINANCIAL STATEMENTS \r\n \r\n10 \r\n \r\nSCHEDULES \r\n \r\nREQUIRED SUPPLEMENTARY INFORMATION \r\n \r\n1 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES \r\n \r\nIN FUND BALANCES - BUDGET AND ACTUAL \r\n \r\nGENERAL FUND \r\n \r\n25 \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\n2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\n26 \r\n \r\n3 SCHEDULE OF STATE REVENUE \r\n \r\n28 \r\n \r\n WORTH COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nSCHEDULES \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\n4 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\n \r\n30 \r\n \r\n5 ALLOTMENTS AND EXPENDITURES \r\n \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \r\n \r\nBY PROGRAM \r\n \r\n31 \r\n \r\nSECTION II \r\nCOMPLIANCE AND INTERNAL CONTROL REPORTS \r\nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \r\n \r\nSECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n WORTH COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\nSECTIONV MANAGEMENT'S RESPONSES SCHEDULE OF MANAGEMENT'S RESPONSES \r\n \r\n SECTION I FINANCIAL \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nJuly 2, 2007 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Worth County Board of Education \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nLadies and Gentlemen: \r\nWe have audited the accompanying financial statements ofthe governmental activities, each major fund, and the aggregate remaining fund information (Exhibits A through I) of the Worth 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 Worth County Board ofEducation's management. Our responsibility is to express opinions on these financial statements based on our audit. \r\nWe conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opm1ons. \r\nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the Worth County Board of Education, as of June 30, 2006, and the respective changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. \r\n2006ARL-11 \r\n \r\n The Worth County Board of Education has not presented Management's Discussion and Analysis that accounting principles generally accepted in the United States has determined is necessary to supplement, although not to be part of, the basic financial statements. \r\nIn accordance with Government Auditing Standards, we have also issued our report dated July 2, 2007, on our consideration ofthe Worth County Board ofEducation's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose ofthat report is to describe the scope ofour testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. \r\nThe Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual, as presented on page 25, is not a required part of the basic financial statements but is supplementary information required by the accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods ofmeasurement and presentation ofthe required supplementary information. However, we did not audit the information and express no opinion on it. \r\nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Worth County Board of Education's basic financial statements. The accompanying supplementary information which consist of Schedules 2 through 5, which includes the Schedule of Expenditures of Federal Awards as required by U.S. Office of Management and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. \r\nA copy of this report has been filed as a permanent record in the office of the State Auditor and made available to the press of the State, as provided for by Official Code of Georgia Annotated section 50-6-24. \r\nRespectfully submitted, \r\n~-~~ w.4:Js. \r\nRussell W. Hinton, CPA, CGFM State Auditor \r\nRWH:as 2006ARL-11 \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\n WORTH COUNTY BOARD OF EDUCATION STATEMENT OF NET ASSETS JUNE 30, 2006 \r\nASSETS \r\nCash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Other Prepaid Items Inventories Capital Assets Land Construction in Progress Land Improvements Buildings Equipment Less: Accumulated Depreciation \r\nTotal Assets \r\nLIABILITIES \r\nAccounts Payable Salaries Payable Contracts Payable Long-Term Liabilities \r\nDue Within One Year Due in More Than One Year \r\nTotal Liabilities \r\nNET ASSETS \r\nInvested in Capital Assets, Net of Related Debt Restricted for \r\nContinuation of Federal Programs Debt Service Capital Projects Unrestricted \r\nTotal Net Assets \r\nTotal Liabilities and Net Assets \r\nThe notes to the basic financial statements are an integral part of this statement. -1- \r\n \r\nEXHIBIT\"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n6,784,970 \r\n \r\n2,096,874 \r\n \r\n512,618 2,165,909 \r\n977,417 47,898 97,108 18,564 \r\n \r\n1,035,919 1,335,435 1,996,395 26,871,570 5,002,572 -7,279,942 \r\n \r\n$ ===4=1,6=6=3=,3=07= \r\n \r\n$ \r\n \r\n51,478 \r\n \r\n3,518,143 \r\n \r\n125,715 \r\n \r\n1,137,511 1,183,060 \r\n \r\n$ \r\n \r\n6,015,907 \r\n \r\n$ \r\n \r\n28,961,949 \r\n \r\n390,907 2,000,777 \r\n281,924 4 011 843 \r\n \r\n$ \r\n \r\n35,647,400 \r\n \r\n$ ===4.;,,i1,~66;;,;;3,!,;;;13~07~ \r\n \r\n WORTH COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30, 2006 \r\n \r\nGOVERNMENTAL ACTIVITIES \r\nInstruction Support Services \r\nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services 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 \r\nTotal Governmental Activities \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Sales Taxes Special Purpose Local Option Sales Tax For Debt Services Real Estate Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \r\nTotal General Revenues \r\nChange in Net Assets \r\nNet Assets - Beginning of Year \r\nNet Assets - End of Year \r\n \r\nEXPENSES \r\n \r\nCHARGES FOR SERVICES \r\n \r\n$ \r\n \r\n19,819,749 $ \r\n \r\n1,023,073 1,030,659 \r\n621,601 617,201 1,737,066 224,430 1,860,657 1,817,769 \r\n45,114 89,670 \r\n \r\n8,704 155,522 1,928,873 \r\n73 725 \r\n \r\n$ \r\n \r\n31,053,813 $ \r\n \r\n2,886 \r\n376,562 349,576 729 024 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -2- \r\n \r\n EXHIBIT\"B\" \r\n \r\nPROGRAM REVENUES \r\n \r\nOPERATING \r\n \r\nCAPITAL \r\n \r\nGRANTS AND \r\n \r\nGRANTS AND \r\n \r\nCONTRIBUTIONS CONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET ASSETS \r\n \r\n$ \r\n \r\n15,606,594 $ \r\n \r\n231,144 312,344 370,314 570,584 752,948 \r\n \r\n1,059,164 1,022,715 \r\n68 60,574 \r\n \r\n1,486,712 \r\n \r\n$ \r\n \r\n21,473,161 $ \r\n \r\n24,957 $ 67 72 \r\n1,545 449 \r\n2,357 65 \r\n338 155,280 \r\n4,067 \r\n189 197 $ \r\n \r\n-4, 185,312 \r\n-791,862 -718,243 -249,742 \r\n-46,168 -981,761 -224,365 -801,155 -639,774 \r\n-45,046 -29,096 \r\n-8,704 221,040 -88,518 -73 725 \r\n-8,662,431 \r\n \r\n$ \r\n \r\n5,945,982 \r\n \r\n1,595,404 30,948 \r\n2,586,969 110,818 204 387 \r\n \r\n$ \r\n \r\n10,474,508 \r\n \r\n$ \r\n \r\n1,812,077 \r\n \r\n33,835,323 \r\n \r\n$ =======35..,,6.,,4=7=,4=00.., \r\n \r\n-3- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION BALANCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30, 2006 \r\n \r\nEXHIBIT\"C\" \r\n \r\nASSETS \r\nCash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Other Prepaid Items Inventories \r\nTotal Assets \r\nLIABILITIES AND FUND BALANCES \r\nLIABILITIES \r\nAccounts Payable Salaries Payable Contracts Payable \r\nTotal Liabilities \r\nFUND BALANCES \r\nReserved for: Continuation of Federal Programs Debt Service Inventories Capital Projects \r\nUnreserved Designated for Local Capital Outlay Undesignated Reported in: General Fund \r\nTotal Fund Balances \r\nTotal Liabilities and Fund Balances \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 4,670,987 $ \r\n \r\n415,797 $ 1,698,186 $ \r\n \r\n269,825 \r\n \r\n1,827,049 \r\n \r\n157,671 2,165,909 \r\n977,417 28,637 97,108 18 564 \r\n \r\n19,261 \r\n \r\n302,591 \r\n \r\n6,784,970 2,096,874 \r\n460,262 2,165,909 \r\n977,417 47,898 97,108 18 564 \r\n \r\n$ \r\n \r\n2,262,107 $ 2,000,777 $ ====12.;;,6=4=9,=00=2= \r\n \r\n$ \r\n \r\n51,478 \r\n \r\n3,518,143 \r\n \r\n$ \r\n \r\n$ 3,569,621 $ \r\n \r\n125 715 125 715 \r\n \r\n$ \r\n \r\n51,478 \r\n \r\n3,518,143 \r\n \r\n125 715 \r\n \r\n$ \r\n \r\n3,695,336 \r\n \r\n$ \r\n \r\n380,862 \r\n \r\n$ \r\n \r\n$ 2,000,777 \r\n \r\n18,564 \r\n \r\n$ 2,136,392 \r\n \r\n361,948 \r\n \r\n4,055,123 \r\n \r\n$ 4 816 497 $ 2,136,392 $ 2,000,777 $ \r\n \r\n380,862 2,000,777 \r\n18,564 2,136,392 \r\n361,948 \r\n4 055 123 \r\n8,953,666 \r\n \r\n$ 8,386,118 $ 2,262,107 $ 2,000,777 $ \r\n \r\n12,649,002 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -4- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET ASSETS JUNE 30, 2006 \r\n \r\nEXHIBIT\"D\" \r\n \r\nTotal Fund Balances - Governmental Funds (Exhibit \"C\") \r\nAmounts reported for Governmental Activities in the Statement of Net Assets are different because: \r\nCapital Assets used in Governmental Activities are not financial resources and therefore are not reported in the funds. These assets consist of: \r\nLand Construction in Progress Land Improvements Buildings Equipment Accumulated Depreciation \r\nTotal Capital Assets \r\nSome of the School District's property tax revenues will be collected after year-end but are not available soon enough to pay for the current period's expenditures. \r\nLong-Term Liabilities, including Bonds Payable, are not due and payable in the current period and therefore are not reported as liabilities in the funds. Long-Term Liabilities at year-end consist of: \r\nBonds Payable Capital Leases \r\nTotal Long-Term Liabilities \r\n \r\n$ \r\n \r\n8,953,666 \r\n \r\n$ 1,035,919 1,335,435 1,996,395 \r\n26,871,570 5,002,572 -7,279,942 \r\n \r\n28,961,949 \r\n \r\n52,356 \r\n \r\n$ -2,310,000 -10 571 \r\n \r\n-2,320,571 \r\n \r\nNet Assets of Governmental Activities (Exhibit \"A\") \r\n \r\n$ 35,647,400 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -5- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2006 \r\n \r\nEXHIBIT\"E\" \r\n \r\nREVENUES \r\nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Food Services Operation \r\nCapital Outlay Debt Services \r\nPrincipal Interest \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES {USES) \r\nCapital Leases Transfers In Transfers Out \r\nTotal Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 5,977,748 30,948 \r\n19,255,555 $ 4,959,855 \r\n729,024 30,757 \r\n210,712 \r\n$ 31,194,599 $ \r\n \r\n$ 33,917 \r\n \r\n$ 1,595,404 \r\n \r\n78,613 \r\n \r\n1,448 \r\n \r\n112,530 $ 1,596,852 $ \r\n \r\n5,977,748 1,626,352 19,289,472 4,959,855 \r\n729,024 110,818 210 712 \r\n32,903,981 \r\n \r\n$ 19,229,683 $ 187,921 \r\n \r\n$ \r\n \r\n1,035,384 \r\n \r\n1,029,468 \r\n \r\n596,087 \r\n \r\n616,290 \r\n \r\n1,698,153 \r\n \r\n223,319 \r\n \r\n$ \r\n \r\n32 \r\n \r\n1,833,442 \r\n \r\n21,636 \r\n \r\n1,736,484 \r\n \r\n120,000 \r\n \r\n43,439 \r\n \r\n1,675 \r\n \r\n89,670 \r\n \r\n8,704 \r\n \r\n155,522 \r\n \r\n1,861,741 \r\n \r\n1,409,767 \r\n \r\n1,509 573 \r\n \r\n1,095,000 73152 \r\n \r\n$ 30,159,468 $ 1,740,999 $ 1,168,184 $ \r\n \r\n$ 1,035,131 $ -1,628,469 $ 428,668 $ \r\n \r\n19,417,604 \r\n1,035,384 1,029,468 \r\n596,087 616,290 1,698,153 223,351 1,855,078 1,856,484 \r\n45,114 89,670 \r\n8,704 155,522 1,861,741 1,409,767 \r\n1,096,509 73 725 \r\n33,068,651 \r\n-164 670 \r\n \r\n$ \r\n \r\n7,250 \r\n \r\n$ \r\n \r\n$ 839,126 \r\n \r\n$ -839,126 \r\n \r\n$ \r\n \r\n7 250 $ -839, 126 $ 839,126 $ \r\n \r\n$ 1,042,381 $ -2,467,595 $ 1,267,794 $ \r\n \r\n3 774116 \r\n \r\n4,603,987 \r\n \r\n732,983 \r\n \r\n7,250 839,126 -839,126 \r\n7 250 \r\n-157,420 \r\n9111 086 \r\n \r\nFund Balances - Ending \r\n \r\n$ 4,816,497 $ 2,136,392 $ 2,000,777 $====8-=,9=5=3,=66=6= \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -6- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \r\nREVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30, 2006 \r\n \r\nEXHIBIT\"F\" \r\n \r\nTotal Net Change in Fund Balances - Governmental Funds (Exhibit \"E\") \r\nAmounts reported for Governmental Activities in the Statement of Activities are different because: \r\nCapital Outlays are reported as expenditures in Governmental Funds. However, in the Statement of Activities, the cost of Capital Assets is allocated over their estimated useful lives as depreciation expense. In the current period, these amounts are: \r\nCapital Outlay Depreciation Expense \r\nExcess of Capital Outlay over Depreciation Expense \r\nBecause some property taxes will not be collected for several months after the School District's fiscal year ends, they are not considered \"available\" revenues. \r\nIn the Statement of Activities, only the gain on the sale of the equipment is reported, whereas in the Governmental Funds, the entire proceeds from the sale increase financial resources. Thus, the change in net assets differs from the change in fund balances by the carrying value of the equipment sold. \r\nSome of the Capital Assets acquired this year were financed with capital leases. In Governmental Funds, a capital lease arrangement is considered a source of financing, but in the Statement of Net Assets, the lease obligation is reported as a Long-Term Liability. \r\nRepayment of Long-Term Debt is reported as an expenditure in Governmental Funds, but the repayment reduces Long-Term Liabilities in the Statement of Net Assets. In the current year, these amounts consist of: \r\nBond Principal Retirements Capital Lease Payments \r\nTotal Long-Term Debt Repayments \r\nChange in Net Assets of Governmental Activities (Exhibit \"B\") \r\n \r\n$ \r\n \r\n-157,420 \r\n \r\n$ 1,648,504 -730,175 \r\n \r\n918,329 -31,766 \r\n \r\n-6,325 \r\n \r\n-7,250 \r\n \r\n$ 1,095,000 1 509 \r\n \r\n1,096,509 \r\n \r\n$ =====1!='8=12:!e,0=7=7 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -7- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET ASSETS \r\nFIDUCIARY FUNDS JUNE 30, 2006 \r\n \r\nEXHIBIT\"G\" \r\n \r\nASSETS Cash and Cash Equivalents Investments \r\nCertificate of Deposit Accounts Receivable, Net \r\nInterest \r\nTotal Assets \r\nLIABILITIES Funds Held for Others \r\nNET ASSETS Held in Trust for Private Purposes \r\nTotal Liabilities and Net Assets \r\n \r\nPRIVATE PURPOSE TRUSTS \r\n \r\nAGENCY FUNDS \r\n \r\n$ \r\n \r\n326 $ \r\n \r\n17,412 \r\n \r\n5,751 \r\n \r\n23 \r\n \r\n$ \r\n \r\n6 100 $ ====1=7=4=12.,. \r\n \r\n$ \r\n \r\n17,412 \r\n \r\n$ ___6=.:...10;;.;:0;... \r\n \r\n$ \r\n \r\n6 100 $ ==1==7=4==12== \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -8- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS \r\nFIDUCIARY FUNDS YEAR ENDED JUNE 30, 2006 \r\n \r\nEXHIBIT\"H\" \r\n \r\nADDITIONS Contributions Donors Investment Earnings Interest Total Additions \r\nDEDUCTIONS Scholarships Change in Net Assets \r\nNet Assets - Beginning \r\nNet Assets - Ending \r\n \r\nPRIVATE PURPOSE TRUSTS \r\n \r\n$ \r\n \r\n75 \r\n \r\n176 \r\n \r\n$ \r\n \r\n251 \r\n \r\n550 \r\n \r\n$ \r\n \r\n-299 \r\n \r\n6 399 \r\n \r\n$ ===6=1=00= \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -9 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nREPORTING ENTITY \r\nThe Worth County Board ofEducation (School District) was established under the laws ofthe State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF PRESENTATION \r\nThe School District's basic financial statements are collectively comprised of the District-wide financial statements, fund financial statements and notes to the basic financial statements of the Worth County Board of Education. \r\nDistrict-wide Statements: The Statement ofNet Assets and the Statement ofActivities display information about the financial activities ofthe overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \r\nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \r\n Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support ofthe School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \r\n Program revenues include (a) charges paid by the recipients ofgoods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \r\nFund Financial Statements: The fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting ofinternal activities. Separate statements for each category (governmental and fiduciary) are presented. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \r\n \r\n- 10 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nThe School District reports the following major governmental funds: \r\n General Fund is the School District's primary operating fund. It accounts for all financial resources ofthe School District, except those resources required to be accounted for in another fund. \r\n District-wide Capital Projects Fund accounts for financial resources including Bond Proceeds and grants from Georgia State Financing and Investment Commission to be used for the acquisition, construction or renovation of major capital facilities. \r\n Debt Service Fund accounts for taxes (sales) legally restricted for the payment ofgeneral longterm principal, interest and paying agent's fees. \r\nThe School District reports the following fiduciary fund types: \r\n Private Purpose Trust funds report trust arrangements under which income may be expended to provide an award to the spelling champion and a scholarship to a senior class student. \r\n Agency funds account for assets held by the School District as an agent for various funds, governments or individuals. \r\nBASIS OF ACCOUNTING \r\nThe basis ofaccounting determines when transactions are reported on the financial statements. The District-wide governmental and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless ofwhen the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, 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. \r\nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \r\nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis ofaccounting. Under this method, revenues are recognized when measurable and available. The School District considers all revenues reported in the governmental funds to be \r\n- 11 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\navailable if they are collected within sixty days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds ofgeneral long-term liabilities and acquisitions under capital leases are reported as other financing sources. \r\nThe School District funds certain programs by a combination ofspecific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \r\nCASH AND CASH EQUIVALENTS \r\nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist ofcash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Georgia Laws OCGA 45-8-14 authorize the School District to deposit its funds in one or more solvent banks or insured Federal savings and loan associations. \r\nINVESTMENTS \r\nCOMPOSITION OF INVESTMENTS Investments made by the School District in nonparticipating interest-earning contracts (such as certificates ofdeposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code ofGeorgia Annotated Section 36-83-4 authorizes the School District to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \r\n(1) Obligations issued by the State of Georgia or by other states, \r\n(2) Obligations issued by the United States government, \r\n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \r\n(4) Obligations of any corporation of the United States government, \r\n \r\n- 12 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\n(5) Prime banker's acceptances, \r\n \r\n(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \r\n \r\n(7) Repurchase agreements, and \r\n \r\n(8) Obligations of other political subdivisions of the State of Georgia. \r\n \r\nThe School District does not have a formal policy regarding investment policies that address credit risks, custodial credit risks, concentration ofcredit risks, interest rate risks or foreign currency risks. \r\n \r\nRECEIVABLES \r\n \r\nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\n \r\nPROPERTY TAXES \r\n \r\nThe Worth County Board ofCommissioners fixed the property tax levy for the 2005 tax digest year (calendar year) on June 22, 2005 (levy date). Taxes were due on December 20, 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 Worth County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% oftaxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2006, for maintenance and operations amounted to $5,977,748. \r\n \r\nThe tax millage rate levied for the 2005 tax year (calendar year) for the Worth County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n15.00 mills \r\n \r\nSALES TAXES \r\n \r\nSpecial Purpose Local Option Sales Tax, at the fund reporting level, during the year amounted to $1,595,404 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \r\n \r\n- 13 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nINVENTORIES \r\n \r\nFOOD INVENTORIES On the basic financial statements, inventories ofdonated food commodities used in the preparation ofmeals are reported at their Federally assigned value and purchased foods inventories are reported at cost (first-in, first-out). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \r\n \r\nPREPAID ITEMS \r\n \r\nPayments made to vendors for services that will benefit periods subsequent to June 30, 2006, are recorded as prepaid items. \r\n \r\nCAPITAL ASSETS \r\n \r\nCapital assets purchased, including capital outlay costs, are recorded as expenditures in the fund financial statements at the time of purchase (including ancillary charges). On the District-wide financial statements, all purchased capital assets are valued at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at estimated fair market value on the date donated. Disposals are deleted at depreciated recorded cost. The cost of normal maintenance and repairs that do not add to the value ofassets or materially extend the useful lives of the assets is not capitalized. Depreciation is computed using the straight-line method. The School District does not capitalize book collections or works of art. \r\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the District-wide statements are as follows: \r\n \r\nCapitalization Policy \r\n \r\nEstimated Useful Life \r\n \r\nLand Land Improvements Buildings and Improvements Equipment \r\n \r\nAny Amount \r\n \r\n$ \r\n \r\n10,000 \r\n \r\n$ \r\n \r\n50,000 \r\n \r\n$ \r\n \r\n5,000 \r\n \r\nNIA 20 to 80 years 20 to 80 years 4 to 12 years \r\n \r\nDepreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives. \r\n \r\n- 14 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nGENERAL OBLIGATION BONDS \r\nThe School District issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. Bond issuance costs are recognized in the financial statements during the fiscal year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the Statement ofNet Assets. \r\nNote 3: DEPOSITS \r\nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum ofmoney which has not been secured by surety bond, by guarantee 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. lfa depository elects the pooled method (OCGA 45-8-13.1) the aggregate ofthe market value ofthe securities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool balance. At June 30, $1,353,461 ofdeposits were not secured by surety bond, insurance or collateral as specified above. The School District is working with the affected financial institutions to ensure appropriate levels of collateral are maintained for all of the School District's deposits. \r\nAcceptable security for deposits consists of any one of or any combination of the following: \r\n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n \r\n- 15 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 3: DEPOSITS \r\n \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\n \r\nCATEGORIZATION OF DEPOSITS At June 30, 2006, the bank balances were $10,101,947. The amounts ofthe total bank balances are classified into four categories of custodial credit risk: \r\n \r\nCategory 1 - Cash that is insured (e.g., Federal Deposit Insurance) or collateralized with securities held by the School District or by the School District's agent in the School District's name. \r\nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name. \r\nCategory 3 - Cash collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the School District's name. \r\nCategory 4 - Uncollateralized. \r\n \r\nThe School District's deposits are classified by custodial credit risk category at June 30, 2006, as follows: \r\n \r\nCustodial Credit Risk Category \r\n \r\nBank Balance \r\n \r\n1 \r\n \r\n$ 2,143,430 \r\n \r\n2 \r\n \r\n910,911 \r\n \r\n3 \r\n \r\n5,694,145 \r\n \r\n4 \r\n \r\n1,353.461 \r\n \r\nTotal \r\n \r\n$ 10,101.947 \r\n \r\nNote 4: NON-MONETARY TRANSACTIONS \r\n \r\nThe School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 2 - Inventories \r\n \r\n- 16 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the Capital Assets during the fiscal year: \r\n \r\nBalances July 1. 2005 \r\n \r\nIncreases \r\n \r\nBalances Decreases June 30, 2006 \r\n \r\nGovernmental Activities Capital Assets, Not Being Depreciated: \r\nLand Construction in Progress \r\n \r\n$ 1,035,919 \r\n \r\n$ \r\n \r\n218,819 $ 1,116,616 \r\n \r\n0 $ 1,035,919 1,335,435 \r\n \r\nTotal Capital Assets Not Being Depreciated $ 1.254,738 $ 1,116,616 $ \r\n \r\n0 $ 2,371,354 \r\n \r\nCapital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements \r\n \r\n$ 26,871,570 4,801,069 $ 1,996,395 \r\n \r\n531,888 $ \r\n \r\n$ 26,871,570 \r\n \r\n330,385 \r\n \r\n5,002,572 \r\n \r\n1,996,395 \r\n \r\nLess Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements \r\n \r\n4,130,609 2,554,653 \r\n188,565 \r\n \r\n324,454 380,766 \r\n24,955 \r\n \r\n324,060 \r\n \r\n4,455,063 2,611,359 \r\n213,520 \r\n \r\nTotal Capital Assets, Being Depreciated, Net $ 26,795,207 $ -198,287 $ \r\n \r\n6,325 $ 26,590,595 \r\n \r\nGovernmental Activity Capital Assets - Net $ 28,049.945 $ 918.329 $ \r\n \r\n6.325 $ 28.961.949 \r\n \r\nCapital assets being acquired under capital leases as of June 30, 2006, are as follows: \r\n \r\nGovernmental Funds \r\n \r\nEquipment Less: Accumulated Depreciation \r\n \r\n$ \r\n \r\n13,750 \r\n \r\n2,484 \r\n \r\n$,==~1~1.2~6~6 \r\n \r\n- 17 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 5: CAPITAL ASSETS \r\n \r\nCurrent year depreciation expense by function is as follows: \r\n \r\nInstruction Support Services \r\nPupil Services Improvements of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation ofPlant Student Transportation Services Food Services \r\n \r\n$ 311,636 \r\n \r\n$ \r\n \r\n839 \r\n \r\n901 \r\n \r\n19,296 \r\n \r\n5,605 \r\n \r\n29,430 \r\n \r\n816 \r\n \r\n4,219 \r\n \r\n3062661 \r\n \r\n367,767 502772 \r\n \r\n$ 730,175 \r\n \r\nNote 6: RESTRICTED ASSETS \r\n \r\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: \r\n \r\nDistrict-wide Capital Projects Bond Proceeds \r\n \r\nDebt Service Funds \r\n \r\nRestricted Cash and Cash Equivalents: Debt Services Capital Acquisitions \r\nRestricted Investments: Capital Acquisitions \r\n \r\n$ 1,698,186 $ 415,797 \r\n$ 1,827,049 \r\n \r\nNote 7: INTERFUND TRANSFERS \r\n \r\nInterfund transfers for the year ended June 30, 2006, consisted of the following: \r\n \r\n- 18 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 7: INTERFUND TRANSFERS \r\n \r\nTransfer to \r\n \r\nTransfers From District-wide Capital Projects \r\n \r\nDebt Service Fund \r\n \r\n$=====!!!,8,!!5:39=1,.0!,!!12~6 \r\n \r\nTransfers are used to move prior year Special Purpose Local Option Sales Tax (SPLOST) revenue recorded in the District-wide Capital Projects Fund to the Debt Service Fund. \r\n \r\nNote 8: RISK MANAGEMENT \r\n \r\nThe School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; acts of God and unemployment compensation. \r\n \r\nThe School District has obtained commercial insurance for risk ofloss associated with torts, assets and errors or omissions. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the School District's insurance coverage in any ofthe past three years. \r\n \r\nThe School District has elected to self-insure for all losses related to acts of God. The School District has not experienced any losses related to this risk in the past three years. \r\n \r\nThe School District is self-insured with regard to unemployment compensation claims. The School District accounts for claims within the General Fund with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount ofthat loss can be reasonably estimated. \r\n \r\nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \r\n \r\nBeginning of Year Liability \r\n \r\nClaims and Changes in Estimates \r\n \r\nClaims Paid \r\n \r\nEndofYear Liability \r\n \r\n2005 2006 \r\n \r\n$ \r\n \r\n0 $ \r\n \r\n72,313 $ \r\n \r\n68,125 $ \r\n \r\n4,188 \r\n \r\n$ \r\n \r\n4188 $ \r\n \r\n0 $ \r\n \r\n4188 $ \r\n \r\n0 \r\n \r\nThe School District participates in the Georgia Education Workers' Compensation Trust, a public entity risk pool organized on December 1, 1991, to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The School District pays an annual premium to the Trust for its general insurance coverage. Additional insurance coverage is \r\n \r\n- 19 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 8: RISK MANAGEMENT \r\n \r\nprovided through an agreement by the Trust with the Midwest Employers Casualty Company to provide coverage for potential losses sustained by the Trust in excess of $500,000 loss per occurrence, up to $2,000,000. \r\n \r\nThe School District has purchased surety bonds to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent Each Principal \r\n \r\n$ \r\n$ 5,000 - $ \r\n \r\n20,000 10,000 \r\n \r\nNote 9: LONG-TERM DEBT \r\n \r\nCAPITAL LEASES The Worth County Board of Education has entered into various lease agreements as lessee for copiers. 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 oftheir inception. \r\n \r\nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: \r\n \r\nPurpose \r\n \r\nInterest Rate \r\n \r\nAmount \r\n \r\nGeneral Government - Series 2002 \r\n \r\n2.56% \r\n \r\n$ 2,310.000 \r\n \r\nThe changes in Long-Term Debt during the fiscal year ended June 30, 2006, were as follows: \r\n \r\n- 20- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 9: LONG-TERM DEBT \r\n \r\nGovernmental Funds \r\n \r\nGeneral \r\n \r\nCapital \r\n \r\nObligation \r\n \r\nLeases \r\n \r\nBonds \r\n \r\nTotal \r\n \r\nBalance July 1, 2005 \r\n \r\n$ \r\n \r\n4,830 $ 3,405,000 $ 3,409,830 \r\n \r\nAdditions Capital Leases \r\n \r\n7,250 \r\n \r\n7,250 \r\n \r\nDeductions Debt Retired \r\n \r\n1 509 \r\n \r\n1,095,000 \r\n \r\n1,096,509 \r\n \r\nBalance June 30, 2006 \r\n \r\n$ \r\n \r\n10,571 $ 2,310.000 $ 2,320,571 \r\n \r\nPortion of Long-Term Debt \r\n \r\nDue within One Year \r\n \r\n$ \r\n \r\n2,511 $ 1,135,000 $ 1,137,511 \r\n \r\nAt June 30, 2006, payments due by fiscal year which includes principal and interest for these items are as follows: \r\n \r\nFiscal Year Ended June 30 \r\n \r\nCa12ital Leases \r\n \r\nPrinci12al \r\n \r\nInterest \r\n \r\n2007 2008 2009 2010 2011 \r\n \r\n$ \r\n \r\n2,511 $ \r\n \r\n1,017 \r\n \r\n2,775 \r\n \r\n752 \r\n \r\n2,254 \r\n \r\n474 \r\n \r\n1,656 \r\n \r\n270 \r\n \r\n1,375 \r\n \r\n69 \r\n \r\nTotal Principal and Interest \r\n \r\n$ \r\n \r\n10,571 $ \r\n \r\n2,582 \r\n \r\nFiscal Year Ended June 30 \r\n \r\nGeneral Obligation \r\n \r\nDebt \r\n \r\nPrinci12al \r\n \r\nInterest \r\n \r\n2007 2008 \r\n \r\n$ 1,135,000 $ 1,175,000 \r\n \r\n44,608 15,040 \r\n \r\nTotal Principal and Interest \r\n \r\n$ 2,310.000 $ \r\n \r\n5~,Mi48 \r\n \r\n- 21 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 10: SIGNIFICANT CONTINGENT LIABILITIES \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. The School District believes that such disallowances, if any, will be immaterial to its overall financial position. \r\nThe School District is a defendant in various legal proceedings pertaining to matters incidental to the performance ofroutine School District operations. The ultimate disposition ofthese proceedings is not presently determinable, but is not believed to be material to the basic financial statements. \r\nNote 11: SUBSEQUENT EVENTS \r\nOn March 20, 2007, the voters of Worth County voted in favor of a Special Purpose Local Option Sales Tax referendum for educational purposes and the issuance of general obligation debt of the School District in the principal amount of$12,000,000. The imposition ofthe tax approved by the voters and the authorization to issue debt, as stated on the Official Ballot of Worth County is as follows: \r\nQUESTION ONE \r\n\"Shall the Board of Education of Worth County be authorized to issue a total of$12,000,000 in aggregate principal amount of Worth County School District General Obligation Bonds to pay the costs of (i) acquiring, constructing and equipping a new elementary school in Worth County; (ii) adding to, remodeling, renovating, improving, and equipping Worth County Primary, Middle, and High Schools and other educational buildings, properties, and facilities of the School District; and (iii) acquiring property, both real and personal, and equipment necessary for the school system, including school buses, maintenance and bus garage vehicles, computers and related technology, safety and security equipment, a fireproof records vault, copiers, energy management systems, heating and air conditioning systems, lighting, and similar equipment?\" \r\nQUESTION TWO \r\n\"Shall a one percent sales and use tax be imposed in the Worth County School District for a period of time not to exceed twenty consecutive calendar quarters and for the raising of not more than $11,000,000 to pay for the following capital outlay projects: (i) acquiring, constructing and equipping a new elementary school in Worth County; (ii) adding to, remodeling, renovating, improving, and equipping Worth County Primary, Middle, and High Schools and other educational buildings, properties, and facilities of the School District; and (iii) acquiring property, both real and personal, and equipment necessary for the school system, including school buses, maintenance and bus garage vehicles, computers and related technology, safety and security equipment, a fireproof records vault, copiers, energy management systems, heating and air conditioning systems, lighting, and similar equipment; and repaying a portion ofthe principal and interest on Worth County School District General Obligation Bonds if approved?\" \r\n- 22 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2006 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 12: RETIREMENT PLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\n \r\nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System 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. \r\n \r\nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.24% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n2006 2005 2004 \r\n \r\n100% 100% 100% \r\n \r\n$ 1,609,947 $ 1,579,304 $ 1,660,065 \r\n \r\n- 23 - \r\n \r\n (This page left intentionally blank) \r\n \r\n WORTH COUNTY BOARD OF EDUCATION GENERAL FUND \r\nSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30, 2006 \r\n \r\nSCHEDULE \"1\" \r\n \r\nREVENUES \r\nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Community Services Food Services Operation \r\nDebt Service \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES \r\nOther Sources \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL (1) \r\n \r\nFINAL (1) \r\n \r\nACTUAL AMOUNTS \r\n \r\n$ \r\n \r\n5,797,946 $ \r\n \r\n5,797,426 $ \r\n \r\n5,977,748 \r\n \r\n20,000 \r\n \r\n20,000 \r\n \r\n30,948 \r\n \r\n18,726,017 \r\n \r\n18,736,787 \r\n \r\n19,255,555 \r\n \r\n3,926,060 \r\n \r\n5,208,743 \r\n \r\n4,959,855 \r\n \r\n360,438 \r\n \r\n360,438 \r\n \r\n729,024 \r\n \r\n36,265 \r\n \r\n36,265 \r\n \r\n30,757 \r\n \r\n148 788 \r\n \r\n148 788 \r\n \r\n210,712 \r\n \r\n$ \r\n \r\n29,015,514 $ \r\n \r\n30,308,447 $ \r\n \r\n31,194,599 \r\n \r\n$ \r\n \r\n19,360,238 $ \r\n \r\n20,005,585 $ \r\n \r\n19,229,683 \r\n \r\n1,190,136 675,627 573,674 653,201 \r\n1,761,191 258,418 \r\n1,934,252 1,704,609 \r\n27,760 111,362 \r\n1,965,545 \r\n \r\n1,235,212 1,102,227 \r\n653,025 770,862 1,765,410 258,418 1,934,204 1,779,837 \r\n35,260 85,294 \r\n1,965,544 \r\n \r\n1,035,384 1,029,468 \r\n596,087 616,290 1,698,153 223,319 1,833,442 1,736,484 \r\n43,439 89,670 \r\n8,704 155,522 1,861,741 \r\n2,082 \r\n \r\n$ \r\n \r\n30,216,013 $ \r\n \r\n31,590,878 $ \r\n \r\n30,159,468 \r\n \r\n$ \r\n \r\n-1,200,499 $ \r\n \r\n-1,282,431 $ \r\n \r\n1,035,131 \r\n \r\n1,152,568 \r\n \r\n1168118 \r\n \r\n7 250 \r\n \r\n$ \r\n \r\n-47,931 $ \r\n \r\n-114,313 $ \r\n \r\n1,042,381 \r\n \r\n3,800,630 \r\n \r\n3,800,630 \r\n \r\n3 774116 \r\n \r\nFund Balances - Ending \r\n \r\n$ \r\n \r\n3,752,699 $ \r\n \r\n3,686,317 $===4=,8=1.,.6,...,49=7= \r\n \r\nNotes to the Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual \r\n \r\n(1) Original and Final Budget amounts do not include budgeted revenues or expenditures of the various principal accounts. \r\n \r\nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 25- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2006 \r\n \r\nSCHEDULE \"2\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture, U.S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program \r\nTotal Child Nutrition Cluster \r\nOther Programs Direct Food Donation Pass-Through From Georgia Department of Education Food Donation (1) \r\nTotal U. S. Department of Agriculture \r\nEducation, U. S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Preschool Grants \r\nTotal Special Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Enhancing Education Through Technology Program Hurricane Education Recovery Improving Teacher Quality State Grants Reading First State Grants State Grants for Innovative Programs Title I Grants to Local Educational Agencies Vocational Education - Basic Grants to States \r\nTotal U.S. Department of Education \r\nDefense, U.S. Department of Direct Department of the Army R.O.T.C. Program \r\nTotal Federal Financial Assistance \r\nN/A = Not Available \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10.553 10.555 \r\n \r\nN/A N/A $ \r\n$ \r\n \r\n(2) 1754967 \r\n1,754,967 \r\n \r\n10.550 10.550 \r\n \r\nNIA \r\n$ \r\n \r\n(2) 1 863 \r\n1,756,830 \r\n \r\n84.027 84.173 \r\n \r\nN/A $ \r\nN/A \r\n$ \r\n \r\n889,394 49726 \r\n939,120 \r\n \r\n84.318 \r\n84.938 \r\n 84.367 \r\n84.357 \r\n84.298 \r\n 84.010 \r\n84.048 \r\n \r\nN/A N/A NIA N/A N/A N/A N/A \r\n$ \r\n \r\n24,432 (3) \r\n332,255 655,408 \r\n15,841 1,441,482 \r\n80,025 \r\n3,488,563 \r\n \r\n$ \r\n \r\n51 850 \r\n \r\n$===5=!.,2=9=7=,2=43= \r\n \r\n- 26- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2006 \r\n \r\nSCHEDULE \"2\" \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\n(1) The amount shown for the Food Donation Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the School District during the current fiscal year. \r\n(2) Expenditures for the funds earned on Food Donation Program {$98,272) and the School Breakfast Program ($308,110) were not maintained separately and are included in the 2006 National School Lunch Program. \r\n(3) Funds earned on the Hurricane Education Recovery program, in the amount of $45,044, do not require reporting of expenditures. \r\nMajor Programs are identified by an asterisk {*) in front of the CFDA number. \r\nThe School District did not provide Federal Assistance to any Subrecipient. \r\nThe accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Worth County Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 27 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2006 \r\n \r\nSCHEDULE \"3\" \r\n \r\nAGENCY/FUNDING \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nCAPITAL \r\n \r\nGENERAL \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nGRANTS \r\n \r\nBright From the Start: \r\n \r\nGeorgia Department of Early Care and Learning \r\n \r\nPre-Kindergarten Program \r\n \r\n$ \r\n \r\n619,663 \r\n \r\n$ \r\n \r\nEducation, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Category I Category II Category Ill Category IV CategoryV Gifted Student - Category VI Remedial Education Program Alternative Education Program Media Center Program 20 Days Additional Instruction Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Categorical Grants Pupil Transportation Regular Bus Replacement Sparsity Nursing Services Principal Supplements Education Equalization Funding Grant Food Services Vocational Education Austerity Reduction Other State Programs National Teacher Certification Preschool Handicapped Program Statewide K-8 Reading and Mathematics Program \r\n \r\n611,590 650,101 2,342,172 338,653 1,226,083 233,159 2,445,724 1,837,415 971,912 \r\n41,409 259,940 705,637 284,490 386,610 165,939 \r\n75,748 190,948 356,861 119,065 \r\n71,903 \r\n476,526 733,641 1,033,977 \r\n880,620 155,280 \r\n20,000 85,823 13,002 2,541,926 112,314 98,301 -960,617 \r\n8,628 48,460 72,652 \r\n \r\nGeorgia State Financing and Investment Commission Reimbursement on Construction Projects \r\n \r\n_ _ _ _ _ $ _ _....;.33=91\"\"'7_ \r\n \r\nTOTAL \r\n619,663 \r\n611,590 650,101 2,342,172 338,653 1,226,083 233,159 2,445,724 1,837,415 971,912 \r\n41,409 259,940 705,637 284,490 386,610 165,939 \r\n75,748 190,948 356,861 119,065 \r\n71,903 \r\n476,526 733,641 1,033,977 \r\n880,620 155,280 \r\n20,000 85,823 13,002 2,541,926 112,314 98,301 -960,617 \r\n8,628 48,460 72,652 \r\n33 917 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n$ 19,255,555 $ \r\n \r\n33 917 $====19..,.2==8==9=,4==72..,. \r\n \r\n- 28 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2006 \r\n \r\nSCHEDULE \"4\" \r\n \r\nPROJECT \r\nConstruction and equipping of capital outlay projects for the Worth County School District consisting of Worth County High School auditorium, six additional classrooms at Worth County High School, multi-purpose P.E. building at Worth County High School, new choral room at Worth County Middle School, three additional classrooms at Worth Primary School \r\nRenovations, additions, expansions, improvements, modifications, purchasing new equipment and equipping all other existing school facilities of the Worth County School District, to include the acquisition of all property, both real and personal necessary therefore \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n \r\nAMOUNT EXPENDED IN CURRENT YEAR (3) (4) \r\n \r\nAMOUNT EXPENDED \r\nIN PRIOR YEARS (3) (4) \r\n \r\nPROJECT STATUS \r\n \r\n$ 6,300,000 $ 6,300,000 $ \r\n \r\n1,116,616 $ \r\n \r\n1,507,851 Ongoing \r\n \r\n2,800,000 \r\n \r\n2,800,000 \r\n \r\n624,383 \r\n \r\n958,663 Ongoing \r\n \r\n$ 9,100,000 $ 9,100,000 $ \r\n \r\n1,740,999 $ ===='2,=46=6=,5=1=4 \r\n \r\n(1) The School District's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \r\n \r\n(2) The School District's current estimate of total cost for the projects. Includes all cost from project inception to completion. \r\n \r\n(3) The voters of Worth County approved the imposition of a 1% sales tax to fund the above projects and retire associated debt. Amounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \r\n \r\n(4) In addition to the expenditures shown above, the School District has incurred interest to provide advance funding for the above projects as follows: \r\n \r\nPrior Years \r\n \r\n$ \r\n \r\n333,625 \r\n \r\nCurrent Year \r\n \r\n73152 \r\n \r\nTotal \r\n \r\n$ ==40=6=7=7=7 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 29- \r\n \r\n (This page left intentionally blank) \r\n \r\n WORTH COUNTY BOARD OF EDUCATION GENERAL FUND- QUALITY BASIC EDUCATION PROGRAM (QBE) \r\nALLOTMENTS AND EXPENDITURES BY PROGRAM YEAR ENDED JUNE 30, 2006 \r\n \r\nSCHEDULE \"5\" \r\n \r\nDESCRIPTION \r\n \r\nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1} (2} \r\n \r\nELIGIBLE QBE PROGRAM COSTS \r\n \r\nSALARIES \r\n \r\nOPERATIONS \r\n \r\nTOTAL \r\n \r\nDirect Instructional Programs \r\n \r\nKindergarten Program \r\n \r\n$ \r\n \r\nKindergarten Program-Early Intervention Program \r\n \r\nPrimary Grades (1-3) Program \r\n \r\nPrimary Grades-Early Intervention (1-3) Program \r\n \r\nUpper Elementary Grades (4-5) Program \r\n \r\nUpper Elementary Grades-Early Intervention (4-5) \r\n \r\nProgram \r\n \r\nMiddle School (6-8) Program \r\n \r\nHigh School General Education (9-12) Program \r\n \r\nVocational Laboratory (9-12) Program \r\n \r\nStudents with Disabilities \r\n \r\nCategory II \r\n \r\nCategory Ill \r\n \r\nCategory IV \r\n \r\nCategoryV \r\n \r\nGifted Student - Category VI \r\n \r\nRemedial Education Program \r\n \r\nAlternative Education Program \r\n \r\n716,329 $ 721,339 2,654,614 390,601 1,379,944 \r\n265,066 2,790,005 2,070,694 1,093,543 1,816,666 \r\n184,934 90,651 217 036 \r\n \r\n868,699 $ 431,795 2,400,183 464,353 1,594,586 \r\n639,277 2,593,272 2,669,723 \r\n617,731 \r\n389,187 806,234 109,676 \r\n5,244 194,551 \r\n38,408 361,880 \r\n \r\n19,311 $ 908 \r\n91,037 5,122 \r\n40,468 \r\n114,623 132,428 85,540 \r\n7,395 495 \r\n5356 \r\n \r\n888,010 432,703 2,491,220 469,475 1,635,054 \r\n639,277 2,707,895 2,802,151 \r\n703,271 \r\n389,187 806,234 109,676 \r\n5,244 201,946 \r\n38,903 367,236 \r\n \r\nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \r\n \r\n$ \r\n \r\n14,391,422 $ 14,184,799 $ \r\n \r\n502,683 $ \r\n \r\n14,687,482 \r\n \r\nMedia Center Program Staff and Professional Development \r\n \r\n403,739 81 048 \r\n \r\n487,857 22,522 \r\n \r\n59,777 40,022 \r\n \r\n547,634 62 544 \r\n \r\nTOTAL QBE FORMULA FUNDS \r\n \r\n$ \r\n \r\n14,876,209 $ 14,695.178 $ \r\n \r\n602.482 $ ======1.5.,.=29_1.,6..6._,o \r\n \r\n(1) Comprised of State Funds plus Local Five Mill Share. (2) Allotments do not include the impact of the State budget austerity reduction. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 31 - \r\n \r\n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nJuly 2, 2007 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Worth County Board of Education \r\nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Worth County Board of Education as of and for the year ended June 30, 2006, which collectively comprise Worth County Board of Education's basic financial statements and have issued our report thereon dated July 2, 2007. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit, we considered Worth County Board of Education's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinions on the financial statements and not to provide an opinion on the internal control over financial reporting. 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 Worth 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-7591-06-0 I, FS-7591-06-02, FS-7591-06-04 and FS-7591-06-05. \r\n2006YB-30 \r\n \r\n A material weakness is a reportable condition in which the design or operation ofone or more ofthe internal control components does not reduce to a relatively low level the risk that misstatements caused by error or fraud in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, we believe none of the reportable conditions described above are material weaknesses. \r\nCompliance and Other Matters \r\nAs part of obtaining reasonable assurance about whether Worth County Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions oflaws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \r\nThis report is intended solely for the information and use of the management and members of the Worth County Board ofEducation and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n \r\nRWH:as 2006YB-30 \r\n \r\nID~ \r\nell W. Hinton, CPA, CGFM State Auditor \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nJuly 2, 2007 \r\n \r\nHonorable Sonny Perdue, Governor Members ofthe General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Worth County Board of Education \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \r\nLadies and Gentlemen: \r\nCompliance \r\nWe have audited the compliance ofWorth 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, 2006. Worth 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 Worth County Board of Education's management. Our responsibility is to express an opinion on Worth County Board of Education's compliance based on our audit. \r\nWe conducted our audit ofcompliance in accordance with auditing standards generally accepted in the United States ofAmerica; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States; and 0MB Circular A133, Audits ofStates, Local Governments, and Non-Profit Organizations. Those standards and 0MB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test basis, evidence about the Worth County Board ofEducation's compliance with those requirements and performing such other procedures as we considered necessary in the \r\n \r\n2006SA-10 \r\n \r\n circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Worth County Board of Education's compliance with those requirements. \r\nIn our opinion, the Worth County Board of Education complied, in all material respects, with the requirements referred to above that are applicable to each of its major Federal programs for the year ended June 30, 2006. \r\nInternal Control Over Compliance \r\nThe management of Worth 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 Worth 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 internalcontrol over compliance in accordance with 0MB Circular A-133. \r\nOur consideration ofthe internal control over compliance would not necessarily disclose all matters in the internal control that might be material weaknesses. A material weakness is a reportable condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level ofrisk that noncompliance with applicable requirements oflaws, regulations, contracts and grants caused by error or fraud that would be material in relation to a major Federal program being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over compliance and its operation that we consider to be material weaknesses. \r\nThis report is intended solely for the information and use ofthe management, members ofthe Worth County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n~4'.,..mw_aj~ \r\n~Jsell W. Hinton, CPA, CGFM State Auditor \r\nRWH:as 2006SA-10 \r\n \r\n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n WORTH COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2006 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\nFS-7591-04-01 FS-7591-04-02 FS-7591-05-01 \r\n \r\nFurther Action Not Warranted Unresolved - See Corrective Action/Responses Unresolved - See Corrective Action/Responses \r\n \r\nCORRECTIVE ACTION/RESPONSES \r\n \r\nEMPLOYEE COMPENSATION EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Internal Control Procedures Finding Control Number: FS-7591-04-02 \r\n \r\nThe School District continues to contend that it had correctly classified its employees under both Health Insurance Plans based on the Georgia Department of Community Health (DCH) definitions and guidelines in effect during fiscal year 2004. On the advice of council, we do not believe the School District should be liable for any additional payment to DCH. We will await the outcome of other litigations in this matter and will work with all parties toward the resolution of this finding in the future. \r\n \r\nCASH AND CASH EQUIVALENTS REVENUES/RECEIVABLES/RECEIPTS EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Accounting Procedures Finding Control Number: FS-7591-05-01 \r\n \r\nAlthough the School District is unable to hire sufficient staffto eliminate this weakness in internal controls due to budget constraints, it continues its efforts to implement compensating controls sufficient to resolve this finding. \r\n \r\nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\n \r\nNo matters were reported. \r\n \r\n SECTION IV FINDINGS AND QUESTIONED COSTS \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2006 \r\n \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n \r\n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Worth County Board of Education's financial statements was unqualified. \r\n \r\n2. Reportable Conditions in Internal Control Disclosed by the Audit of the Financial Statements The audit report for the Worth County Board of Education disclosed financial statement reportable conditions related to the following control categories. \r\n \r\nCash and Cash Equivalents Revenues/Receivables/Receipts \r\n \r\nExpenditures/Liabilities/Disbursements General Ledger \r\n \r\nNone ofthe reportable conditions described above are considered to be material weaknesses. \r\n \r\n3. Noncompliance Material to the Financial Statements The audit ofthe Worth County Board ofEducation disclosed no instances ofnoncompliance that were deemed to be material to the financial statements. \r\n \r\n4. Reportable Conditions in Internal Control Over Major Programs The audit report for the Worth County Board of Education did not disclose any reportable conditions in internal control over major programs. \r\n \r\n5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Worth County Board ofEducation's report on compliance with requirements applicable to major programs was unqualified. \r\n \r\n6. Audit Findings Required to be Reported by Section .5 lO(a) of 0MB Circular A-133 The Worth County Board ofEducation's audit did not disclose audit findings required to be reported by section .510(a) ofOMB Circular A-133. \r\n \r\n7. Major Programs Federal awards audited as major programs are as follows: 84.010 Title I Grants to Local Educational Agencies 84.367 Improving Teacher Quality State Grants \r\n \r\n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000. \r\n \r\n9. Low Risk Auditee The Worth County Board ofEducation qualified as a low risk auditee as defined by Section .530 of 0MB Circular A-133. \r\n \r\n- 1- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2006 \r\n \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nCASH AND CASH EQUIVALENTS Uncollateralized Deposits Reportable Condition Nonmaterial Noncompliance Finding Control Number: FS-7591-06-01 \r\n \r\nCondition: \r\n \r\nThe School District failed to have its bank balances fully collateralized as required by the Official Code of Georgia Annotated Section 45-8-12. \r\n \r\nCriteria: \r\n \r\nThe Official Code ofGeorgia Annotated Section 45-8-12 provides, in part, as follows: \"The collecting officer or officers holding public funds may not have on deposit at any one time in any depository for a time longer than ten days a sum ofmoney belonging to the public body when such depository has not given bond to the public body as set forth in this code section. 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 of the public funds being secured after the deduction ofthe amount ofdeposit insurance.\" \r\n \r\nQuestioned Cost: NIA \r\n \r\nInformation: \r\n \r\nOne of the School District's individual banks had uncollateralized bank balances at June 30, 2006, in the amount of $1,353,461. \r\n \r\nCause: \r\n \r\nManagement failed to adequately monitor the collateralization ofbalances at individual banks. \r\n \r\nEffect: \r\n \r\nThe School District is not in compliance with O.C.G.A. 45-8-12. \r\n \r\nRecommendation: \r\n \r\nThe School District should implement adequate procedures to monitor the collateralization ofbank balances to ensure compliance at all times with State laws governing deposits and investments. \r\n \r\n-2 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2006 \r\n \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nCASH AND CASH EQUIVALENTS REVENUES/RECEIVABLES/RECEIPTS EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Accounting Procedures over School Activity Accounts Reportable Condition Finding Control Number: FS-7591-06-02 \r\n \r\nCondition: \r\n \r\nThis is a repeat finding (FS-7591-05-01, FS-7591-04-01 andFS7591-03-01) from the years ended June 30, 2005, 2004, and 2003, respectively. The accounting procedures ofthe School District were insufficient to provide for adequate internal controls over the school activity accounts. \r\n \r\nCriteria: \r\n \r\nThe School District's management is responsible for designing and maintaining internal controls that provide proper separation of duties and reasonable assurance that transactions are processed according to established procedures. \r\n \r\nQuestioned Cost: NIA \r\n \r\nInformation: \r\n \r\nCash and Cash Equivalents  The bank reconciliation function was not separated from the record keeping function. \r\n \r\nRevenues/Receivables/Receipts  Deposit preparation was not separated from the record keeping and cash custody functions.  Based on a review of twenty-five items, the following deficiencies were noted: 1) Twenty-two receipts tested did not have adequate supporting documentation, 2) we were unable to reconcile receipts to bank deposit slips, 3) one gate receipt deposit did not reconcile with gate documentation in the amount of $31, and 4) two months of receipts from one of the schools tested was not provided for review. \r\n \r\n-3- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2006 \r\n \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nCASH AND CASH EQUIVALENTS REVENUES/RECEIVABLES/RECEIPTS EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Accounting Procedures over School Activity Accounts Reportable Condition Finding Control Number: FS-7591-06-02 \r\n \r\nExpenditures/Liabilities/Disbursements  Based on a review of twenty-five items, the following deficiencies were noted: 1) Seven vouchers did not have the appropriate supervisory approval, 2) six vouchers did not have the expenditure function to be charged identified, and 3) one voucher was overpaid by $22.50.  A review of credit card bills for two schools tested revealed undocumented charges of$2,951 of $3,256 in total charges. \r\n \r\nCause: \r\n \r\nThese deficiencies were a result of management's failure to ensure that internal controls were established, implemented and functioning at the school level. \r\n \r\nEffect: \r\n \r\nErrors and/or irregularities may not be detected in a timely manner. \r\n \r\nRecommendation: \r\n \r\nThe School District should implement procedures to ensure that the key accounting functions of custody, record keeping and authorization are separated and/or utilize management oversight of these incompatible activities. Additionally, management should revise and monitor controls to provide reasonable assurance that transactions are processed according to established procedures. \r\n \r\n-4- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2006 \r\n \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nEXPENDITURES/LIABILITIES/DISBURSEMENTS Improper Expenditure Nonmaterial Noncompliance Finding Control Number: FS-7591-06-03 \r\n \r\nCondition: \r\n \r\nOur examination of activity revealed an improper transfer of funds from the School District's General Fund - Regular to the Worth County High School activity account. \r\n \r\nCriteria: \r\n \r\nThe Official Code of Georgia Annotated Section 20-2-411 provides, in part, as follows: \"....school funds shall be used for educational purposes and may be used to pay for salaries of personnel and to pay for the utilization of school facilities, including school buses; for extracurricular and interscholastic activities, including literary events, music, and athletic programs, within individual schools and between schools in the same or different school systems when such activities are sponsored by local boards of education as an integral part ofthe total school program; and for no other purpose... \" \r\n \r\nQuestioned Cost: $25,000 \r\n \r\nInformation: \r\n \r\nThe School District transferred $25,000 to the Worth County High School activity account to assist in the payment of miscellaneous athletic expenditures. \r\n \r\nCause: \r\n \r\nExpenditures ofthis nature are considered to be beyond the customary scope of expenditures, for \"educational purposes\", as set-forth in Georgia law. \r\n \r\nEffect: \r\n \r\nThe School District is not in compliance with O.C.G.A. 20-2-411. \r\n \r\nRecommendation: \r\n \r\nThe School District should implement procedures to ensure that Georgia law is followed and appropriate action should be taken to ensure reimbursement of the $25,000 for deposit to the School District's General Fund - Regular. \r\n \r\n-5- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2006 \r\n \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nEXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Accounting Controls Reportable Condition Finding Control Number: FS-7591-06-04 \r\n \r\nCondition: \r\n \r\nThe accounting procedures ofthe School District were insufficient to provide adequate controls over the disbursement of School District funds. \r\n \r\nCriteria: \r\n \r\nThe School District's management is responsible for designing and maintaining internal controls that provide reasonable assurance that transactions are processed according to established procedures. \r\n \r\nQuestioned Cost: NIA \r\n \r\nInformation: \r\n \r\nExpenditures/Liabilities/Disbursements  Based on a review of thirty items, it was noted that eleven items did not reflect supervisory approval for payment of voucher. \r\n \r\nCause: \r\n \r\nThese deficiencies were the result of management's failure to ensure that internal controls were established, implemented and functioning. \r\n \r\nEffect: \r\n \r\nErrors and/or irregularities may not be detected in a timely manner. \r\n \r\nRecommendation: \r\n \r\nThe School District should establish and implement appropriate procedures to ensure that all transactions are properly reviewed and approved prior to payment. \r\n \r\nGENERAL LEDGER Failure to Report the Financial Statements in a Timely Manner Reportable Condition Finding Control Number: FS-7591-06-05 \r\n \r\nCondition: \r\n \r\nThe School District failed to submit the DE046 financial report to the Georgia Department of Education in a timely manner. \r\n \r\nCriteria: \r\n \r\nChapter I 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.\" \r\n \r\n-6 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2006 \r\n \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nGENERAL LEDGER Failure to Report the Financial Statements in a Timely Manner Reportable Condition Finding Control Number: FS-7591-06-05 \r\n \r\nQuestioned Cost: NIA \r\n \r\nInformation: \r\n \r\nThe School District's DE046 financial report was submitted to the Georgia Department of Education on October 6, 2006. \r\n \r\nCause: \r\n \r\nManagement failed to comply with the due date of September 30, 2006, as established by the Georgia Department of Education. \r\n \r\nEffect: \r\n \r\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. \r\n \r\nRecommendation: \r\n \r\nThe School District should implement controls to ensure that Georgia Department of Education policies and procedures are followed and implement procedures to ensure that the DE046 financial report is submitted in a timely manner. \r\n \r\nIII FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\n \r\nNo matters were reported. \r\n \r\n-7- \r\n \r\n SECTIONV MANAGEMENT'S RESPONSES \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF MANAGEMENT'S RESPONSES \r\nYEAR ENDED JUNE 30, 2006 \r\nFinding Control Number: FS-7591-06-01 \r\nWe concur with this finding. The Finance Director has been in contact with the School District's bank to ensure that all funds are marked as public and are sufficiently collateralized. \r\nFinding Control Number: FS-7591-06-02 \r\nWe concur with this finding. The School District's bookkeepers continue to be trained to adequately document all receipts and revenue of the School Activity Accounts. Monthly receipt transactions along with bank reconciliations will be sent to the Finance Director for review. \r\nFinding Control Number: FS-7591-06-03 \r\nWe concur with this finding. The School District has been reimbursed the $25,000 that had been loaned to the Worth County High School. These funds have been deposited into the School District's General Fund - Regular. \r\nFinding Control Number: FS-7591-06-04 \r\nWe concur with this finding. The School District will implement procedures to ensure adequate documentation that all payments are made with proper authorization. \r\nFinding Control Number: FS-7591-06-05 \r\nWe concur with this finding. The School District will implement procedures to ensure that all financial reports will be submitted in a timely manner. \r\nContact Person: Lisa A. Deariso, Finance Director Phone: (229) 776-8600 Fax Number: (229) 776-8603 email: ldeariso@worth.k12.ga.us \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw9-b2004-h2005","title":"Worth County Board of Education, Sylvester, 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, Worth County, 31.55151, -83.85088"],"dcterms_creator":["Georgia. 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Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Worth County, 31.55151, -83.85088"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2004-06-30"],"dcterms_description":["Began with fiscal year ended June 30, 2000, issued in 2001; ceased with fiscal year ended June 30, 2008, issued in 2009.","Report year covers fiscal year.","Has supplements: Worth County Board of Education, Sylvester, 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 ... 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Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw9-b2003-h2004"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw9-b2003-h2004"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"WORTH COUNTY BOARD OF EDUCATION \r\nSYLVESTER, GEORGIA REPORT ON AUDIT \r\nOF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2004 \r\nSTATE OF GEORGIA \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\nRussell W. Hinton State Auditor \r\n \r\n WORTH COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\nEXHIBITS \r\n \r\nBASIC FINANCIAL STATEMENTS \r\n \r\nDISTRICT-WIDE FINANCIAL STATEMENTS \r\n \r\nA \r\n \r\nSTATEMENT OF NET ASSETS \r\n \r\n3 \r\n \r\nB \r\n \r\nSTATEMENT OF ACTIVITIES \r\n \r\n4 \r\n \r\nFUND FINANCIAL STATEMENTS \r\n \r\nC \r\n \r\nBALANCE SHEET \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\n6 \r\n \r\nD \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\n \r\nTO THE STATEMENT OF NET ASSETS \r\n \r\n7 \r\n \r\nE \r\n \r\nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES \r\n \r\nIN FUND BALANCES \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\n8 \r\n \r\nF \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT \r\n \r\nOF REVENUES, EXPENDITURES AND CHANGES IN FUND \r\n \r\nBALANCES TO THE STATEMENT OF ACTIVITIES \r\n \r\n9 \r\n \r\nG \r\n \r\nSTATEMENT OF FIDUCIARY NET ASSETS \r\n \r\nFIDUCIARY FUNDS \r\n \r\n10 \r\n \r\nH \r\n \r\nSTATEMENT OF CHANGES IN FIDUCIARY NET ASSETS \r\n \r\nFIDUCIARY FUNDS \r\n \r\n11 \r\n \r\nI \r\n \r\nNOTES TO THE BASIC FINANCIAL STATEMENTS \r\n \r\n13 \r\n \r\nSCHEDULES \r\n \r\nREQUIRED SUPPLEMENTARY INFORMATION \r\n \r\n1 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES \r\n \r\nIN FUND BALANCES - BUDGET AND ACTUAL \r\n \r\nGENERAL FUND \r\n \r\n25 \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\n2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\n26 \r\n \r\n3 SCHEDULE OF STATE REVENUE \r\n \r\n28 \r\n \r\n4 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\n \r\n29 \r\n \r\n WORTH COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nSCHEDULES \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\n5 ALLOTMENTS AND EXPENDITURES \r\n \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \r\n \r\nBY PROGRAM \r\n \r\n31 \r\n \r\nSECTION II \r\nCOMPLIANCE AND INTERNAL CONTROL REPORTS \r\nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \r\n \r\nSECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n WORTH COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\nSECTIONV MANAGEMENT'S RESPONSES SCHEDULE OF MANAGEMENT'S RESPONSES \r\n \r\n SECTION I FINANCIAL \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR (404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nJuly 11, 2005 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Worth County Board of Education \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nLadies and Gentlemen: \r\nWe have audited the accompanying financial statements ofthe governmental activities, each major fund, and the aggregate remaining fund information (Exhibits A through I) of the Worth County Board of Education, as of and for the year ended June 30, 2004, which collectively comprise the Board's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the Worth County Board of Education's management. Our responsibility is to express opinions on these financial statements based on our audit. \r\nWe conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opm10ns. \r\nIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the Worth County Board of Education, as of June 30, 2004, and the respective changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. \r\n2004ARL-11 \r\n \r\n The Worth County Board of Education has not presented Management's Discussion and Analysis that accounting principles generally accepted in the United States has determined is necessary to supplement, although not to be part of, the basic financial statements. \r\nIn accordance with Government Auditing Standards, we have also issued our report dated July 11, 2005, on our consideration ofthe Worth County Board ofEducation's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose ofthat report is to describe the scope ofour testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. \r\nThe Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual, as presented on page 25 is not a required part of the basic financial statements but is supplementary information required by the accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation ofthe required supplementary information. However, we did not audit the information and express no opinion on it. \r\nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Worth County Board of Education's basic financial statements. The accompanying supplementary information which consist of Schedules 2 through 5, which includes the Schedule of Expenditures of Federal Awards as required by U.S. Office of Management and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. \r\nA copy ofthis report has been filed as a permanent record in the office ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code of Georgia Annotated section 506-24. \r\nRespectfully submitted, \r\n~~-~ Russell W. Hinton State Auditor \r\nRWH:as 2004ARL-1 l \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\n WORTH COUNTY BOARD OF EDUCATION STATEMENT OF NET ASSETS JUNE 30. 2004 \r\nASSETS \r\nCash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Other Prepaid Items Inventories Capital Assets Land Construction in Progress Land Improvements Buildings Equipment Less: Accumulated Depreciation \r\nTotal Assets \r\nLIABILITIES \r\nAccounts Payable Salaries Payable Retainages Payable Deposits and Deferred Revenues Long-Term Liabilities \r\nDue Within One Year Due in More Than One Year \r\nTotal Liabilities \r\nNET ASSETS \r\nInvested in Capital Assets, Net of Related Debt Restricted for \r\nContinuation of Federal Programs Debt Service Capital Projects Unrestricted \r\nTotal Net Assets \r\nTotal Liabilities and Net Assets \r\n \r\nEXHIBIT\"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n4,603,482 \r\n \r\n3,218,987 \r\n \r\n433,909 2,133,891 1,054,554 \r\n79,939 60,417 25,194 \r\n \r\n1,035,919 540,794 \r\n1,996,395 25,620,316 \r\n4,980,103 -6 791 337 \r\n \r\n$ \r\n \r\n1,055,569 \r\n \r\n2,806,614 \r\n \r\n42,625 \r\n \r\n86,327 \r\n \r\n1,065,000 3,405 000 \r\n \r\n$ \r\n \r\n8461135 \r\n \r\n$ \r\n \r\n27,665,605 \r\n \r\n587,772 402,483 963,215 912 353 \r\n \r\n$ \r\n \r\n30,531,428 \r\n \r\n$ ==.,;;3~8.;;,,99;;,;2;,.;,5~6,;;,,,3 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -3- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30. 2004 \r\n \r\nGOVERNMENTAL ACTIVITIES \r\nInstruction Support Services \r\nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services Community Services Food Services Interest on Short-Term and Long-Term Debt \r\nTotal Governmental Activities \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations For Debt Services Sales Taxes Special Purpose Local Option Sales Tax For Debt Services Real Estate Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \r\nTotal General Revenues \r\nChange in Net Assets \r\nNet Assets - Beginning of Year \r\nNet Assets - End of Year \r\n \r\nEXPENSES \r\n \r\nCHARGES FOR SERVICES \r\n \r\n$ \r\n \r\n19,659,479 $ \r\n \r\n1,107,565 558,570 639,999 810,362 \r\n1,778,924 233,681 \r\n1,722,440 1,612,878 \r\n44,700 342,237 \r\n \r\n161,798 1,962,638 \r\n127,616 \r\n \r\n$ \r\n \r\n30,762,887 $ \r\n \r\n18,697 \r\n409,153 320,044 747 894 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -4 - \r\n \r\n EXHIBIT \"B\" \r\n \r\nPROGRAM REVENUES \r\n \r\nOPERATING \r\n \r\nCAPITAL \r\n \r\nGRANTS AND \r\n \r\nGRANTS AND \r\n \r\nCONTRIBUTIONS CONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET ASSETS \r\n \r\n$ \r\n \r\n15,717,492 \r\n \r\n182,103 351,427 378,881 612,809 783,934 \r\n \r\n1,132,459 936,279 $ \r\n \r\n102,967 \r\n \r\n5,499 1,424,727 \r\n \r\n$ \r\n \r\n21,628,577 $ \r\n \r\n$ 200,173 200,173 $ \r\n \r\n-3,923,290 \r\n-925,462 -207, 143 -261, 118 -197,553 -994,990 -233,681 -589,981 -476,426 \r\n-44,700 -239,270 \r\n252,854 -217,867 -127,616 \r\n-8,186,243 \r\n \r\n$ \r\n \r\n5,357,538 \r\n \r\n23 \r\n \r\n1,515,808 28,640 \r\n1,838,709 77,348 \r\n324,383 \r\n \r\n$ \r\n \r\n9,142,449 \r\n \r\n$ \r\n \r\n956,206 \r\n \r\n29,575,222 \r\n \r\n$ ======30=,5=3=1'=,4=28= \r\n \r\n-5 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION BALANCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30. 2004 \r\n \r\nEXHIBIT\"C\" \r\n \r\nASSETS \r\nCash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Other Prepaid Items Inventories \r\nTotal Assets \r\nLIABILITIES AND FUND BALANCES \r\nLIABILITIES \r\nAccounts Payable Salaries Payable Retainages Payable Deposits and Deferred Revenue \r\nTotal Liabilities \r\nFUND BALANCES \r\nReserved for: Continuation of Federal Programs Debt Service Inventories Capital Projects \r\nUnreserved Designated for Self-Insurance Undesignated Reported in: General Fund \r\nTotal Fund Balances \r\nTotal Liabilities and Fund Balances \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 1,957,221 $ 2,472,683 $ \r\n \r\n207,768 \r\n \r\n3,011,219 \r\n \r\n152,939 2,133,891 1,054,554 \r\n79,939 60,417 25,194 \r\n \r\n173,578 $ \r\n \r\n4,603,482 3,218,987 \r\n \r\n228,905 \r\n \r\n381,844 2,133,891 1,054,554 \r\n79,939 60,417 25,194 \r\n \r\n$ 5,671,923 $ 5,483,902 $ 402,483 $ 11,558,308 \r\n \r\n$ 1,055,119 $ 2,806,614 \r\n86,327 \r\n$ 3,948,060 $ \r\n \r\n450 42,625 \r\n43,075 \r\n \r\n$ 1,055,569 2,806,614 42,625 86 327 \r\n$ 3,991,135 \r\n \r\n$ 570,767 $ \r\n25,194 $ 5,440,827 \r\n5,140 \r\n1,122,762 \r\n$ 1,723,863 $ 5,440,827 $ \r\n \r\n$ 402,483 \r\n \r\n570,767 402,483 \r\n25,194 5,440,827 \r\n \r\n5,140 \r\n \r\n1,122,762 \r\n \r\n402,483 $ 7 567,173 \r\n \r\n$ 5,671,923 $ 5,483,902 $ 402,483 $ 11,558,308 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -6 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET ASSETS JUNE 30. 2004 \r\n \r\nEXHIBIT\"D\" \r\n \r\nTotal Fund Balances - Governmental Funds (Exhibit \"C\") \r\nAmounts reported for Governmental Activities in the Statement of Net Assets are different because: \r\nCapital Assets used in Governmental Activities are not financial resources and therefore are not reported in the funds. These assets consist of: \r\nLand Construction in Progress Land Improvements Buildings Equipment Accumulated Depreciation \r\nTotal Capital Assets \r\nSome of the School District's property tax revenues will be collected after year-end but are not available soon enough to pay for the current period's expenditures. \r\nLong-Term Liabilities, including Bonds Payable, are not due and payable in the current period and therefore are not reported as liabilities in the funds. Long-Term Liabilities at year-end consist of: \r\nBonds Payable \r\nNet Assets of Governmental Activities (Exhibit \"A\") \r\n \r\n$ \r\n \r\n7.567,173 \r\n \r\n$ 1,035,919 540,794 \r\n1,996,395 25,620,316 \r\n4,980,103 -6,791,337 \r\n \r\n27,382,190 \r\n \r\n52,065 \r\n \r\n-4,470,000 $ 30,531,428 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -7- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2004 \r\n \r\nEXHIBIT \"E\" \r\n \r\nREVENUES \r\nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Community Services Food Services Operation \r\nCapital Outlay Debt Services \r\nPrincipal Interest \r\nTotal Expenditures \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nFund Balances - Ending \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 5,199,347 28,640 \r\n19,050,895 4,616,564 \r\n747,894 36,897 $ \r\n338,565 \r\n$ 30,018,802 $ \r\n \r\n$ \r\n \r\n23 $ \r\n \r\n1,515,808 \r\n \r\n38,818 1,491 \r\n \r\n1,633 \r\n \r\n40,309 $ 1,517,464 $ \r\n \r\n5,199,370 1,544,448 19,050,895 4,616,564 \r\n747,894 77,348 \r\n340,056 \r\n31,576,575 \r\n \r\n$ 19,280,809 \r\n \r\n$ \r\n \r\n1,107,565 557,660 613,675 806,853 \r\n1,753,106 232,568 \r\n1,714,508 1,538,584 \r\n44,700 342,237 161,798 1,885,869 \r\n9,892 $ \r\n \r\n861,172 \r\n \r\n$ 1,030,000 127,616 \r\n \r\n$ 30,049,824 $ \r\n \r\n861,172 $ 1,157,616 $ \r\n \r\n$ \r\n \r\n-31,022 $ -820,863 $ \r\n \r\n359,848 $ \r\n \r\n1,754,885 \r\n \r\n6,261,690 \r\n \r\n42,635 \r\n \r\n19,280,809 \r\n1,107,565 557,660 613,675 806,853 \r\n1,753,106 232,568 \r\n1,714,508 1,538,584 \r\n44,700 342,237 161,798 1,885,869 871,064 \r\n1,030,000 127,616 \r\n32,068,612 \r\n-492,037 \r\n8,059,210 \r\n \r\n$ 1 723,863 $ 5 440 827 $ \r\n \r\n402 483 $ ===7\"\"=5=6=7\"=1,=73= \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -8- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \r\nREVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30. 2004 \r\n \r\nEXHIBIT\"F\" \r\n \r\nTotal Net Change in Fund Balances - Governmental Funds (Exhibit \"E\") \r\n \r\n$ \r\n \r\nAmounts reported for Governmental Activities in the Statement of Activities are different because: \r\n \r\nCapital Outlays are reported as expenditures in Governmental Funds. However, in the Statement of Activities, the cost of Capital Assets is allocated over their estimated useful lives as depreciation expense. In the current period, these amounts are: \r\n \r\nCapital Outlay Depreciation Expense \r\nExcess of Capital Outlay over Depreciation Expense \r\n \r\n$ 960,751 -685,026 \r\n \r\nBecause some property taxes will not be collected for several months after the School District's fiscal year ends, they are not considered \"available\" revenues. \r\n \r\nIn the Statement of Activities, only the gain on the sale of the equipment is reported, whereas in the Governmental Funds, the entire proceeds from the sale increase financial resources. Thus, the change in net assets differs from the change in fund balances by the carrying value of the equipment sold. \r\n \r\nRepayment of Long-Term Debt is reported as an expenditure in Governmental Funds, but the repayment reduces Long-Term Liabilities in the Statement of Net Assets. In the current year, these amounts consist of: \r\n \r\nBond Principal Retirements \r\n \r\n-492,037 \r\n275,725 158,191 -15,673 1,030,000 \r\n \r\nChange in Net Assets of Governmental Activities (Exhibit \"B\") \r\n \r\n$ ===95=6=!i,2=0=6 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -9- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET ASSETS \r\nFIDUCIARY FUNDS JUNE 30. 2004 \r\n \r\nEXHIBIT\"G\" \r\n \r\nASSETS Cash and Cash Equivalents Investments \r\nCertificate of Deposit Accounts Receivable, Net \r\nInterest \r\nTotal Assets \r\nLIABILITIES Funds Held for Others \r\nNET ASSETS Held in Trust for Private Purposes \r\nTotal Liabilities and Net Assets \r\n \r\nPRIVATE PURPOSE TRUSTS \r\n \r\nAGENCY FUNDS \r\n \r\n$ \r\n \r\n1,560 $ \r\n \r\n31,226 \r\n \r\n3,684 \r\n \r\n746 \r\n \r\n$ \r\n \r\n5,990 $ ===3=1,=22=6= \r\n \r\n$ \r\n \r\n31,226 \r\n \r\n$ ___5.c.,J.c..99'--'0'-- \r\n \r\n$ \r\n \r\n5,990 $ =====3=1-=,2=26= \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 10 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS \r\nFIDUCIARY FUNDS YEAR ENDED JUNE 30, 2004 \r\n \r\nEXHIBIT\"H\" \r\n \r\nADDITIONS Investment Earnings Interest \r\nDEDUCTIONS Scholarships Change in Net Assets \r\nNet Assets - Beginning \r\nNet Assets - Ending \r\n \r\nPRIVATE PURPOSE TRUSTS \r\n \r\n$ \r\n \r\n265 \r\n \r\n$ \r\n \r\n100 \r\n \r\n$ \r\n \r\n165 \r\n \r\n5,825 \r\n \r\n$ ===5='=99=0= \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 11 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nREPORTING ENTITY \r\nThe Worth County Board ofEducation (School District) was established under the laws ofthe State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF PRESENTATION \r\nThe School District's basic financial statements are collectively comprised of the District-wide financial statements, fund financial statements and notes to the basic financial statements of the Worth County Board of Education. \r\nDistrict-wide Statements: The Statement ofNet Assets and the Statement ofActivities display information about the financial activities ofthe overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \r\nThe Statement of Activities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \r\n Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support ofthe School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \r\n Program revenues include (a) charges paid by the recipients ofgoods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \r\nFund Financial Statements: The fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting ofinternal activities. Separate statements for each category (governmental and fiduciary) are presented. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \r\nThe School District reports the following major governmental funds: \r\n- 12 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n General Fund is the School District's primary operating fund. It accounts for all financial resources ofthe School District, except those resources required to be accounted for in another fund. \r\n District-wide Capital Projects Fund accounts for financial resources including Bond Proceeds and Special Purpose Local Option Sales Tax proceeds to be used for the acquisition, construction or renovation of major capital facilities. \r\n Debt Service Fund accounts for taxes (property and sales) legally restricted for the payment of general long-term principal, interest and paying agent's fees. \r\nThe School District reports the following fiduciary fund types: \r\n Private Purpose Trust funds report trust arrangements under which income may be expended to provide an award to the spelling champion and a scholarship to a senior class student. \r\n Agency funds account for assets held by the School District as an agent for various funds, governments or individuals. \r\nBASIS OF ACCOUNTING \r\nThe basis ofaccounting determines when transactions are reported on the financial statements. The District-wide governmental and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, sales taxes, 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. \r\nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \r\nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis ofaccounting. Under this method, revenues are recognized when measurable and available. The School District considers all revenues reported in the governmental funds to be available if they are collected within sixty days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund \r\n- 13 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nliability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities are reported as other financing sources. \r\nThe School District funds certain programs by a combination ofspecific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \r\nCASH AND CASH EQUIVALENTS \r\nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist ofcash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Georgia Laws OCGA 45-8-14 authorize the School District to deposit its funds in one or more solvent banks or insured Federal savings and loan associations. \r\nINVESTMENTS \r\nCOMPOSITION OF INVESTMENTS Investments made by the School District in nonparticipating interest-earning contracts (such as certificates of deposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the School District to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \r\n(1) Obligations issued by the State of Georgia or by other states, \r\n(2) Obligations issued by the United States government, \r\n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \r\n(4) Obligations of any corporation of the United States government, \r\n(5) Prime banker's acceptances, \r\n \r\n- 14 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\n(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \r\n \r\n(7) Repurchase agreements, and \r\n \r\n(8) Obligations of other political subdivisions of the State of Georgia. \r\n \r\nRECEIVABLES \r\n \r\nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\n \r\nPROPERTY TAXES \r\n \r\nThe Worth County Board of Commissioners fixed the property tax levy for the 2003 tax digest year (calendar year) on June 30, 2003 (levy date). Taxes were due on December 20, 2003 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end on the 2003 tax digest are reported as revenue in the governmental funds for fiscal year 2004. The Worth County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2004, for maintenance and operations amounted to $5,199,347 and for school bonds amounted to $23. \r\n \r\nThe tax millage rate levied for the 2003 tax year (calendar year) for the Worth County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n13.26 mills \r\n \r\nSALES TAXES \r\n \r\nSpecial Purpose Local Option Sales Tax, at the fund reporting level, during the year amounted to $1,515,808 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \r\n \r\n- 15 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nINVENTORIES \r\n \r\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. \r\n \r\nPREPAID ITEMS \r\n \r\nPayments made to vendors for services that will benefit periods subsequent to June 30, 2004, are recorded as prepaid items. \r\n \r\nCAPITAL ASSETS \r\n \r\nCapital assets purchased, including capital outlay costs, are recorded as expenditures in the fund financial statements at the time of purchase (including ancillary charges). On the District-wide financial statements, all purchased capital assets are valued at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at estimated fair market value on the date donated. Disposals are deleted at depreciated recorded cost. The cost of normal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. Depreciation is computed using the straight-line method. The School District does not capitalize book collections or works of art. \r\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the District-wide statements are as follows: \r\n \r\nCapitalization Policy \r\n \r\nEstimated Useful Life \r\n \r\nLand Land Improvements Buildings and Improvements Equipment \r\n \r\nAny Amount \r\n \r\n$ \r\n \r\n10,000 \r\n \r\n$ \r\n \r\n50,000 \r\n \r\n$ \r\n \r\n5,000 \r\n \r\nNIA 20 to 80 years 20 to 80 years \r\n4 to 12 years \r\n \r\nDepreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives. \r\n \r\n- 16 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nGENERAL OBLIGATION BONDS \r\nThe School District issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. Bond issuance costs are recognized in the financial statements during the fiscal year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the Statement of Net Assets. \r\nNote 3: DEPOSITS \r\nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum ofmoney which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate ofthe face value of such surety bond and the market value of securities pledged shall be equal to not less than 110 percent ofthe public funds being secured after the deduction ofthe amount ofdeposit insurance. Ifa depository elects the pooled method (OCGA 45-8-13.1) the aggregate ofthe market value ofthe securities pledged to secure a pool ofpublic funds shall be not less than 110 percent ofthe daily pool balance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive the requirement for security in the case ofoperating funds placed in demand deposit checking accounts. \r\nAcceptable security for deposits consists of any one of or any combination of the following: \r\n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n \r\n- 17 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 3: DEPOSITS \r\n \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\n \r\nCATEGORIZATION OF DEPOSITS At June 30, 2004, the bank balances were $10,722,512. The amounts of the total bank balances are classified into three categories of credit risk: \r\n \r\nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the School District or by the School District's agent in the School District's name. \r\nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name. \r\nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the School District's name.) \r\n \r\nThe School District's deposits are classified by risk category at June 30, 2004, as follows: \r\n \r\nRisk Category \r\n \r\nBank Balance \r\n \r\n1 \r\n \r\n$ 1,612,705 \r\n \r\n2 \r\n \r\n4,237,283 \r\n \r\n3 \r\n \r\n4,872,524 \r\n \r\nTotal \r\n \r\n$ 10,722,512 \r\n \r\nNote 4: NON-MONETARY TRANSACTIONS \r\n \r\nThe School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 2 - Inventories \r\n \r\nNote 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the Capital Assets during the fiscal year: \r\n \r\n- 18 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 5: CAPITAL ASSETS \r\n \r\nBalances July 1, 2003 \r\n \r\nIncreases \r\n \r\nBalances Decreases June 30, 2004 \r\n \r\nGovernmental Activities Capital Assets, Not Being Depreciated: \r\nLand Construction in Progress \r\n \r\n$ 1,015,919 $ 62,850 \r\n \r\nTotal Capital Assets Not Being Depreciated $ 1,078,769 $ \r\n \r\nCapital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements \r\n \r\n$ 25,620,316 4,757,478 $ 1,996,395 \r\n \r\nLess Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements \r\n \r\n3,489,426 2,702,739 \r\n138,655 \r\n \r\nTotal Capital Assets, Being Depreciated, Net $ 26,043,369 $ \r\n \r\nGovernmental Activity Capital Assets - Net $ 27,122,138 $ \r\n \r\n20,000 $ 477 944 497 944 $ \r\n462,807 $ \r\n324,550 335,521 \r\n24,955 -222,219 $ 275.725 $ \r\n \r\n0 $ 1,035,919 540 794 \r\n0 $ 1,576,713 \r\n \r\n$ 25,620,316 \r\n \r\n240,182 \r\n \r\n4,980,103 \r\n \r\n1,996,395 \r\n \r\n224,509 \r\n \r\n3,813,976 2,813,751 \r\n163,610 \r\n \r\n15,673 $ 25,805,477 \r\n \r\n15 673 $ 27,382,190 \r\n \r\nCurrent year depreciation expense by function is as follows: \r\n \r\nInstruction Support Services \r\nImprovements of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Food Services \r\n \r\n$ 304,988 \r\n \r\n$ \r\n \r\n667 \r\n \r\n19,296 \r\n \r\n2,572 \r\n \r\n18,925 \r\n \r\n816 \r\n \r\n5,814 \r\n \r\n275,675 \r\n \r\n323,765 56,273 \r\n \r\n$.====6~85-,0=2=6 \r\nNote 6: RESTRICTED ASSETS \r\nSpecial Purpose Local Option Sales Tax (SPLOST) and general obligation bond proceeds are reported as restricted assets in the Statement ofNet Assets because their use is limited by applicable bond covenants or statutory provisions. Restricted assets at June 30, 2004, were as follows: \r\n \r\n- 19 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 6: RESTRICTED ASSETS \r\n \r\nDistrict-wide Capital Projects \r\n \r\nBond \r\n \r\nSPLOST \r\n \r\nProceeds \r\n \r\nDebt Service Funds \r\n \r\nRestricted Cash and Cash Equivalents: Debt Services Capital Acquisitions \r\nRestricted Investments: Capital Acquisitions \r\n \r\n$ 173,578 $ 925,142 $ 1,547,541 \r\n$ 3,011,219 \r\n \r\nNote 7: RISK MANAGEMENT \r\n \r\nThe School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; acts of God and unemployment compensation. \r\n \r\nThe School District has obtained commercial insurance for risk ofloss associated with torts, assets and errors or omissions. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the School District's insurance coverage in any of the past three years. \r\n \r\nThe School District has elected to self-insure for all losses related to acts of God. The School District has not experienced any losses related to this risk in the past three years. \r\n \r\nThe School District is self-insured with regard to unemployment compensation claims. In connection with this program, a self-insurance reserve has been established within the General Fund by the School District. 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. \r\n \r\nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \r\n \r\nBeginning of Year Liability \r\n \r\nClaims and Changes in Estimates \r\n \r\nClaims Paid \r\n \r\nEnd ofYear Liability \r\n \r\n2003 2004 \r\n \r\n$ \r\n \r\n0 $ \r\n \r\n852 $ \r\n \r\n852 $ \r\n \r\n0 \r\n \r\n$ \r\n \r\n0 $ \r\n \r\n8 914 $ \r\n \r\n8 914 $ \r\n \r\n0 \r\n \r\n- 20 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 7: RISK MANAGEMENT \r\n \r\nThe School District participates in the Georgia Education Workers' Compensation Trust, a public entity risk pool organized on December 1, 1991, to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The School District pays an annual premium to the Trust for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Trust with the Midwest Employers Casualty Company to provide coverage for potential losses sustained by the Trust in excess of $400,000 loss per occurrence, up to $2,000,000. \r\n \r\nThe School District has purchased surety bonds to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent Each Principal \r\n \r\n$ \r\n \r\n20,000 \r\n \r\n$ \r\n \r\n5,000 - $ \r\n \r\n10,000 \r\n \r\nNote 8: LONG-TERM DEBT \r\n \r\nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: \r\n \r\nPurpose \r\n \r\nInterest Rate \r\n \r\nAmount \r\n \r\nGeneral Government - Series 2002 \r\n \r\n2.56% \r\n \r\n$ 4,470.000 \r\n \r\nThe changes in Long-Term Debt during the fiscal year ended June 30, 2004, were as follows: \r\n \r\nGovernmental Funds General \r\nObligation Bonds \r\n \r\nBalance July 1, 2003 \r\n \r\n$ 5,500,000 \r\n \r\nDeductions Debt Retired \r\n \r\n1,030,000 \r\n \r\nBalance June 30, 2004 \r\n \r\n$ 4,470.000 \r\n \r\nPortion of Long-Term Debt Due within One Year \r\n \r\n$ 1,065,000 \r\n \r\n- 21 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 8: LONG-TERM DEBT \r\n \r\nAt June 30, 2004, payments due by fiscal year which includes principal and interest for these items are as follows: \r\n \r\nFiscal Year Ended June 30 \r\n \r\nGeneral Obligation \r\n \r\nDebt \r\n \r\nPrincipal \r\n \r\nInterest \r\n \r\n2005 2006 2007 2008 \r\n \r\n$ 1,065,000 $ 1,095,000 1,135,000 1,175,000 \r\n \r\n100,800 73,152 44,608 15 040 \r\n \r\nTotal Principal and Interest \r\n \r\n$ 4,470,000 $ 233.600 \r\n \r\nNote 9: SIGNIFICANT COMMITMENTS \r\n \r\nThe following is an analysis ofsignificant outstanding construction or renovation contracts executed by the School District as of June 30, 2004, together with funding available: \r\n \r\nProject \r\n \r\nUnearned Executed Contracts \r\n \r\nFunding Available From State \r\n \r\nSA-0lS-759-126 SA-0lS-759-325 \r\n \r\n$ 730,654 $ 247,475 \r\n \r\n128,834 \r\n \r\n444 747 \r\n \r\n$ 859.488 $ 692.222 \r\n \r\nThe amounts described in this note are not reflected in the basic financial statements. \r\n \r\nNote 10: SIGNIFICANT CONTINGENT LIABILITIES \r\n \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. The School District believes that such disallowances, if any, will be immaterial to its overall financial position. \r\n \r\nThe School District is a defendant in various legal proceedings pertaining to matters incidental to the performance ofroutine School District operations. The ultimate disposition ofthese proceedings is not presently determinable, but is not believed to be material to the basic financial statements. \r\n \r\n- 22 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2004 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 11: RETIREMENT PLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\n \r\nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\n \r\nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.24% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n2004 2003 2002 \r\n \r\n100% 100% 100% \r\n \r\n$ 1,660,065 $ 1,688,199 $ 1,596,759 \r\n \r\n- 23 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION GENERAL FUND \r\nSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30. 2004 \r\n \r\nSCHEDULE \"1\" \r\n \r\nREVENUES \r\nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Community Services Food Services Operation \r\nCapital Outlay \r\nTotal Expenditures \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nAdjustments \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL (1) \r\n \r\nFINAL (1) \r\n \r\nACTUAL AMOUNTS \r\n \r\n$ \r\n \r\n5,182,300 $ \r\n \r\n5,182,300 $ \r\n \r\n5,199,347 \r\n \r\n14,500 \r\n \r\n14,500 \r\n \r\n28,640 \r\n \r\n19,032,045 \r\n \r\n19,683,359 \r\n \r\n19,050,895 \r\n \r\n3,626,252 \r\n \r\n5,632,345 \r\n \r\n4,616,564 \r\n \r\n398,580 \r\n \r\n398,580 \r\n \r\n747,894 \r\n \r\n52,929 \r\n \r\n52,929 \r\n \r\n36,897 \r\n \r\n132,897 \r\n \r\n142,897 \r\n \r\n338,565 \r\n \r\n$ \r\n \r\n28,439 503 $ \r\n \r\n31,106,910 $ \r\n \r\n30,018,802 \r\n \r\n$ \r\n \r\n18,580,396 $ \r\n \r\n20,135,909 $ \r\n \r\n19,280,809 \r\n \r\n1,072,179 509,152 634,656 666,391 \r\n1,795,241 253,770 \r\n1,774,616 1,551,154 \r\n16,750 51,195 \r\n1,909,156 \r\n \r\n1,033,759 821,548 646,608 794,610 \r\n1,777,906 248,631 \r\n1,739,344 1,568,559 \r\n109,308 \r\n1,909,156 \r\n \r\n1,107,565 557,660 613,675 806,853 \r\n1,753,106 232,568 \r\n1,714,508 1,538,584 \r\n44,700 342,237 161,798 1,885,869 \r\n9,892 \r\n \r\n$ \r\n \r\n28,814,656 $ \r\n \r\n30,785,338 $ \r\n \r\n30,049,824 \r\n \r\n$ \r\n \r\n-375,153 $ \r\n \r\n321,572 $ \r\n \r\n-31,022 \r\n \r\n2,495,196 \r\n \r\n2,495,196 \r\n \r\n1,754,885 \r\n \r\n-64 532 \r\n \r\n-64,532 \r\n \r\nFund Balances - Ending \r\n \r\n$ \r\n \r\n2,055,511 $ \r\n \r\n2,752,236 $===1=-7=2=38=6==3 \r\n \r\nNotes to the Schedule of Revenues. Expenditures and Changes in Fund Balances Budget and Actual \r\n(1) Original and Final Budget amounts do not include budgeted revenues or expenditures of the various principal accounts. \r\nThe accompanying schedule of revenues, expenditures and changes in fund balances budget and actual is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 25 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2004 \r\n \r\nSCHEDULE \"2\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food Services School Breakfast Program National School Lunch Program \r\nTotal Child Nutrition Cluster \r\nOther Programs Direct Alternative to Commodity Donations Pass-Through From Georgia Department of Education Food Donation (1) \r\nTotal U. S. Department of Agriculture \r\nEducation, U. S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Special Education Grants to States Preschool Grants \r\nTotal Special Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Enhancing Education Through Technology Program Improving Teacher Quality State Grants Reading First State Grants Rural Education State Grants for Innovative Programs Title I Grants to Local Educational Agencies Vocational Education - Basic Grants to States \r\nTotal U.S. Department of Education \r\nLabor, U. S. Department of Pass-Through From Georgia Department of Labor Workforce Investment Act Youth Activities \r\nDefense, U. S. Department of Direct Department of the Army R.O.T.C. Program \r\nTotal Federal Financial Assistance \r\nNIA= Not Available \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n* 10.553 * 10.555 \r\n \r\nN/A \r\n \r\nN/A \r\n \r\n$ \r\n \r\n$ \r\n \r\n(2) 1,764,311 \r\n1,764,311 \r\n \r\n10.550 10.550 \r\n \r\nN/A $ \r\n \r\n(2) 6,618 \r\n1,770,929 \r\n \r\n* 84.027 * 84.173 \r\n \r\nNIA \r\n \r\n$ \r\n \r\nN/A \r\n \r\n$ \r\n \r\n676,911 28,673 \r\n705,584 \r\n \r\n84.318 84.367 * 84.357 84.358 84.298 84.010 84.048 \r\n \r\nN/A N/A N/A N/A N/A N/A N/A \r\n$ \r\n \r\n50,972 344,849 311,455 112,504 \r\n31,491 1,580,190 \r\n61,625 \r\n3,198,670 \r\n \r\n17.259 \r\n \r\nN/A \r\n \r\n$ \r\n \r\n95,678 \r\n \r\n$ \r\n \r\n46,850 \r\n \r\n$ ===5.;,1,;,;12;,,.1=2=7 \r\n \r\n- 26 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2004 \r\n \r\nSCHEDULE \"2\" \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\n(1) The amount shown for the Food Donation Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the School District during the current fiscal year. \r\n(2) Expenditures for the funds earned on Alternative to Commodity Donations Program ($94,957) and the School Breakfast Program ($291,065) were not maintained separately and are included in the 2004 National School Lunch Program. \r\nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \r\nThe School District did not provide Federal Assistance to any Subrecipient. \r\nThe accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Worth County Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the fund financial statements. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 27 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30 2004 \r\n \r\nAGENCY/FUNDING \r\nGRANTS Bright From the Start: Georgia Department of Early Care and Learning Pre-Kindergarten Program \r\nEducation, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Category I Category II Category Ill Category IV CategoryV Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Categorical Grants Pupil Transportation Regular Bus Replacement Sparsity Nursing Services Principal Supplements Vocational Supervisors Mid-term Adjustment Hold-Harmless Education Equalization Funding Grant Food Services Vocational Education Austerity Reduction Other State Programs 4-8 Statewide After School Program K-3 Statewide Reading Programs Mentor Teachers National Teacher Certification Preschool Handicapped Program Special Education Low Incidence Grant Studenflnformation System Lottery Program Student Information System \r\n \r\nSee notes to the basic financial statements. \r\n \r\n-28- \r\n \r\nSCHEDULE \"3\" \r\n \r\nGOVERNMENTAL FUND TYPE GENERAL FUND \r\n \r\n$ \r\n \r\n599,899 \r\n \r\n764,810 613,272 2,368,628 352,350 1,257,430 149,039 2,726,321 1,918,524 662,931 \r\n28,668 215,767 635,183 225,885 326,709 145,093 \r\n90,788 196,564 \r\n6,820 365,780 120,194 \r\n72,548 \r\n463,743 731,704 1,092,348 \r\n814,937 200,173 \r\n19,500 92,252 14,861 18,015 388,703 1,838,711 115,344 137,056 -871,204 \r\n18,399 8,165 841 7,073 \r\n44,930 11,979 24,996 \r\n35166 \r\n$ ===19===05=0=8=9=5= \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2004 \r\n \r\nSCHEDULE \"4\" \r\n \r\nPROJECT \r\nConstruction and equipping of capital outlay projects for the Worth County School District consisting of Worth County High School auditorium, six additional \r\nclassrooms at Worth County High School, \r\nmulti-purpose P.E. building at Worth County High School, new choral room at Worth County Middle School, three additional classrooms at Worth Primary School \r\nRenovations, additions, expansions, improvements, modifications, purchasing new equipment and equipping all other existing school facilities of the Worth County School District, to include the acquisition of all property, both real and personal necessary therefore \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED COSTS (2) \r\n \r\nAMOUNT EXPENDED IN CURRENT YEAR (3) (4) \r\n \r\nAMOUNT EXPENDED \r\nIN PRIOR YEARS (3) (4) \r\n \r\nPROJECT STATUS \r\n \r\n$ 6,300,000 $ 6,300,000 $ \r\n \r\n477,944 $ \r\n \r\n45,833 Ongoing \r\n \r\n2,800,000 \r\n \r\n2,800,000 \r\n \r\n383,228 \r\n \r\n112,716 Ongoing \r\n \r\n$ 9,100,000 $ 9,100,000 $ \r\n \r\n861 172 $ ===15=8=5=4=9 \r\n \r\n(1) The School District\"s original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \r\n \r\n(2) The School District\"s current estimate of total cost for the projects. Includes all cost from project inception to completion. \r\n \r\n(3) The voters of Worth County approved the imposition of a 1% sales tax to fund the above projects and retire associated \r\ndebt. Amounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \r\n \r\n(4) In addition to the expenditures shown above, the School District has incurred interest to provide advance funding for the above projects as follows: \r\n \r\nPrior Years \r\n \r\n$ \r\n \r\n105,209 \r\n \r\nCurrent Year \r\n \r\n127,616 \r\n \r\nTotal \r\n \r\n$ =====23=2=,8=2=5 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 29 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION GENERAL FUND- QUALITY BASIC EDUCATION PROGRAM (QBE) \r\nALLOTMENTS AND EXPENDITURES - BY PROGRAM YEAR ENDED JUNE 30. 2004 \r\n \r\nSCHEDULE \"5\" \r\n \r\nDESCRIPTION \r\nDirect Instructional Programs Kindergarten Program Kindergarten Program-Early Intervention Program Primary Grades (1-3) Program Primary Grades-Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades-Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Category II Category Ill Category IV CategoryV Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) \r\nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \r\nMedia Center Program Staff and Professional Development \r\n \r\nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) (2) \r\n \r\nELIGIBLE QBE PROGRAM COSTS \r\n \r\nSALARIES OPERATIONS \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n851,733 $ 1,101,495 $ \r\n \r\n16,690 $ \r\n \r\n1,118,185 \r\n \r\n686,693 \r\n \r\n164,588 \r\n \r\n3,423 \r\n \r\n168,011 \r\n \r\n2,645,019 \r\n \r\n2,489,316 \r\n \r\n89,681 \r\n \r\n2,578,997 \r\n \r\n463,731 \r\n \r\n904,223 \r\n \r\n5,655 \r\n \r\n909,878 \r\n \r\n1,381,980 \r\n \r\n1,562,423 \r\n \r\n57,381 \r\n \r\n1,619,804 \r\n \r\n264,943 3,078,460 2,166,531 \r\n733,023 1,572,847 \r\n177,657 108,826 220,952 \r\n7,670 \r\n \r\n612,622 2,666,038 2,704,038 \r\n669,076 \r\n418,276 781,367 \r\n69,719 21,987 183,508 120,536 280,519 \r\n6 901 \r\n \r\n120,725 62,733 35,351 \r\n4,204 6,415 6,233 3,678 7,091 \r\n4,686 \r\n \r\n612,622 2,786,763 2,766,771 \r\n704,427 \r\n422,480 787,782 \r\n75,952 25,665 190,599 120,536 285,205 \r\n6,901 \r\n \r\n$ \r\n \r\n14,360,065 $ 14,756,632 $ \r\n \r\n423,946 $ \r\n \r\n15,180,578 \r\n \r\n411,762 81 245 \r\n \r\n533,772 24,120 \r\n \r\n42,948 26,833 \r\n \r\n576,720 50 953 \r\n \r\nTOTAL QBE FORMULA FUNDS \r\n \r\n$ \r\n \r\n14 853 072 $ 15,314,524 $ \r\n \r\n493 727 $ ==1='5,=80=8='=,2=5=1 \r\n \r\n(1) Comprised of State Funds plus Local Five Mill Share. (2) Allotments do not include the impact of the State budget austerity reduction. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 31 - \r\n \r\n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nJuly 11, 2005 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Worth County Board of Education \r\nREPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Worth County Board of Education as of and for the year ended June 30, 2004, which collectively comprise Worth County Board of Education's basic financial statements and have issued our report thereon dated July 11, 2005. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit, we considered Worth County Board of Education's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide an opinion on the internal control over financial reporting. However, we noted certain matters involving the internal control over financial reporting and its operation that we consider to be reportable conditions. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe internal control over financial reporting that, in our judgment, could adversely affect Worth County Board of Education's ability to record, process, summarize and report financial data consistent with assertions of management in the financial statements. Reportable conditions are described in the accompanying Schedule of Findings and Questioned Costs as items FS-7591-04-01 and FS-7591-04-02. \r\n2004YB-30 \r\n \r\n A material weakness is a reportable condition in which the design or operation of one or more ofthe internal control components does not reduce to a relatively low level the risk that misstatements caused by error or fraud in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, we believe none of the reportable conditions described above is a material weakness. \r\nCompliance and Other Matters \r\nAs part of obtaining reasonable assurance about whether Worth County Board of Education's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. \r\nThis report is intended solely for the information and use of the management and members of the Worth County Board ofEducation and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n \r\nRWH:as 2004YB-30 \r\n \r\nState Auditor \r\n \r\n Russell W. Hinton \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 \r\nJuly 11, 2005 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Worth County Board of Education \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \r\nLadies and Gentlemen: \r\nCompliance \r\nWe have audited the compliance ofWorth 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, 2004. Worth 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 Worth County Board of Education's management. Our responsibility is to express an opinion on Worth County Board of Education's compliance based on our audit. \r\nWe conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General 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 Worth 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 Worth County Board of Education's compliance with those requirements. \r\n2004SA-10 \r\n \r\n In our opinion, the Worth County Board of Education complied, in all material respects, with the requirements referred to above that are applicable to each of its major Federal programs for the year ended June 30, 2004. \r\nInternal Control Over Compliance \r\nThe management of Worth 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 Worth County Board ofEducation's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with 0MB Circular A-133. \r\nOur consideration ofthe internal control over compliance would not necessarily disclose all matters in the internal control that might be material weaknesses. A material weakness is a reportable condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level ofrisk that noncompliance with applicable requirements oflaws, regulations, contracts and grants caused by error or fraud that would be material in relation to a major Federal program being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over compliance and its operation that we consider to be material weaknesses. \r\nThis report is intended solely for the information and use ofthe management, members ofthe Worth County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n~~-~ Russell W. Hinton State Auditor \r\nRWH:as 2004SA-10 \r\n \r\n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n WORTH COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2004 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\nFS-7591-03-01 \r\n \r\nUnresolved - See Corrective Action/Reponses \r\n \r\nCORRECTIVE ACTION/RESPONSES \r\n \r\nCASH AND CASH EQUIVALENT REVENUES/RECEIVABLES/RECEIPTS EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Accounting Procedures Finding Control Number: FS-7591-03-01 \r\n \r\nTraining sessions were held to instruct the bookkeepers ofschool activity accounts on how to better handle the coding and documentation ofreceipts and disbursements. The School District hopes to have resolved all the issues related to this finding by fiscal year 2006. \r\n \r\nPRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\nFA-7591-03-01 \r\n \r\nUnresolved - See Corrective Action/Reponses \r\n \r\nCORRECTIVE ACTION/RESPONSES \r\n \r\nSPECIAL TESTS AND PROVISIONS Fiscal Requirements of School-wide Program Not Fully Implemented Finding Control Number: FA-7591-03-01 \r\n \r\nDuring fiscal year 2005, the School District implemented recommendations made by Georgia Department ofEducation in an effort to resolve this finding. All personal services expenditures ofTitle II-A were combined with the appropriate Title I funds to support the School District's school-wide plan. \r\n \r\n SECTION IV FINDINGS AND QUESTIONED COSTS \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2004 \r\n \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n \r\n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Worth County Board of Education's financial statements was unqualified. \r\n \r\n2. Reportable Conditions in Internal Control Disclosed by the Audit of the Financial Statements The audit report for the Worth County Board of Education disclosed financial statement reportable conditions related to the following control categories. \r\n \r\nCash and Cash Equivalents Employee Compensation \r\n \r\nExpenditures/Liabilities/Disbursements Revenues/Receivables/Receipts \r\n \r\nNone ofthe reportable conditions described above are considered to be material weaknesses. \r\n \r\n3. Noncompliance Material to the Financial Statements The audit ofthe Worth County Board ofEducation disclosed no instances ofnoncompliance that were deemed to be material to the financial statements. \r\n \r\n4. Reportable Conditions in Internal Control Over Major Programs The audit report for the Worth County Board of Education did not disclose any reportable conditions in internal control over major programs. \r\n \r\n5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Worth County Board ofEducation's report on compliance with requirements applicable to major programs was unqualified. \r\n \r\n6. Audit Findings Required to be Reported by Section .51 0(a) of 0MB Circular A-133 The Worth County Board of Education's audit did not disclose audit findings required to be reported by section .510(a) of 0MB Circular A-133. \r\n \r\n7. Major Programs Federal awards audited as major programs are as follows: 10.553 Food Services - School Breakfast Program 10.555 Food Services - National School Lunch Program 84.027 Special Education - Grants to States 84.173 Special Education - Preschool Grants 84.357 Reading First State Grants \r\n \r\n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000. \r\n \r\n- 1- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2004 \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n9. Low Risk Auditee The Worth County Board ofEducation qualified as a low risk auditee as defined by Section .530 ofOMB Circular A-133. \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\nCASH AND CASH EQUIVALENTS REVENUES/RECEIVABLES/RECEIPTS EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Accounting Procedures Reportable Condition Finding Control Number: FS-7591-04-01 \r\nOur examination of the principal's accounts disclosed weaknesses in internal control as discussed below: \r\nCash and Cash Equivalents  The bank reconciliation function was not separated from the record keeping function. \r\nRevenues/Receivables/Receipts  Deposit preparation was not separated from the record keeping and cash custody function. \r\n A test of twenty receipts disclosed that the receipts did not contain adequate supporting documentation. \r\nExpenditures/Liabilities/Disbursements  A test of twenty disbursements disclosed that two items did not have supporting documentation. \r\nThese deficiencies were a result ofmanagement's decision to limit the number ofadministrative staff made responsible for accounting functions and the failure to establish controls to ensure that receipts and disbursements are properly documented. Management should implement procedures to ensure that the key accounting functions of custody, record keeping and authorization be segregated. Additionally, management should establish controls to ensure that adequate documentation is maintained for school activity account transactions. \r\n-2 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2004 \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\nEMPLOYEE COMPENSATION EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Internal Control Procedures Reportable Condition Finding Control Number: FS-7591-04-02 \r\nDuring the fiscal year ended June 30, 2004, the School District utilized a process to reduce employer cost associated with health insurance plans administered by the Georgia Department ofCommunity Health (DCH). The School District, moved/classified employees from the Health Insurance Plan for Public School Teachers (See OCGA Title 20, Chapter 2, Article 17, Part 6, Sub Part 1) to the Health Insurance Plan for Public School Employees (See OCGA Title 20, Chapter 2, Article 17, Part 6, Sub Part 2). \r\nAccording to DCH, School District employees who are to be included as members of the Health Insurance Plan for Public School Teachers (PST) are either: \r\n1. Employed in a professionally certificated position; employee holds a valid certification; employee is assigned to a position that requires a certification as a qualification; employee's compensation is determined, at least in part, based upon the certificate; and employee is a member of the Teachers Retirement System or other public school retirement system. \r\nOr: \r\n2. Employed in a professionally certificated capacity; employee holds a valid certification; employee is not assigned to a position that requires a certification as a qualification; employee's compensation is determined, at least in part, based upon the certificate; and employee is a member of the Teachers Retirement System or other public school retirement system. \r\nWith respect to membership in the Health Insurance Plan for Public School Employees (PSE) Georgia Laws OCGA 20-2-910 and 47-4-2 (20) provide that the definition of public school employee, for the purpose ofmembership in the Health Insurance Plan for Public School Employees, means classroom aides, paraprofessionals, noncertified administrative and clerical employees, school bus drivers, school lunchroom personnel, school maintenance personnel and school custodial personnel. Generally, in order to determine which School District employees are eligible for the PSE or for the PST insurance plans, a comparison should be made ofthe employee's position and DCH's criteria listed above. If the employee meets either test, then the employee is eligible for the Health Insurance Plan for Public School Teachers. If the employee fails both of the above tests, the employee is eligible for the Health Insurance Plan for Public School Employees. \r\n-3- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2004 \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS EMPLOYEE COMPENSATION EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Internal Control Procedures Reportable Condition Finding Control Number: FS-7591-04-02 From information provided by the School District, it is not clear that all of these employees who were moved/classified from the PST plan to the PSE plan are eligible for membership in the PSE plan under DCH's criteria. The School District should establish policies and procedures to ensure that employer contributions for employee health insurance plans are paid in accordance with State Laws. In addition, the School District should contact the Georgia Department of Community Health to determine whether the employees who were moved from the PST plan were moved in error. If employees were moved in error the affected employees should be returned to the PST plan and the School District should make payment to DCH for those employees. III FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported. \r\n-4 - \r\n \r\n SECTIONV MANAGEMENT'S RESPONSES \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF MANAGEMENT'S RESPONSES \r\nYEAR ENDED JUNE 30, 2004 \r\nFinding Control Number: FS-7591-04-01 \r\nWe concur with this finding. Due to the State's austerity reductions, we are not in a position to hire sufficient staff to eliminate the weakness in internal controls noted above. The School District, however, will continue to train existing staff and implement compensating controls in an effort to resolve this finding. \r\nFinding Control Number: FS-7591-04-02 \r\nWe concur with this finding. The School District has been in contact with the Department of Community Health (DCH) and has provided them all the information and documentation they have requested. We have re-evaluated the placement of personnel under both the Health Insurance Plan for Public School Teachers and the Health Insurance Plan for Public School Employees based on the recent clarifications by DCH. We do, however, believe that the School District had correctly classified its employees under both Health Insurance Plans based on the DCH definitions and guidelines in effect at that time. Consequently, we do not believe the School District should be liable for any additional payment to DCH. The School District will work with all parties in an effort to resolve this matter in the near future. \r\nContact Person: Dr. Gary Russell, Superintendent Phone: (229) 776-8600 Fax Number: (229) 776-8603 E-mail Address: grussell@worth.k12.ga.us \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw9-b2002-h2003","title":"Worth County Board of Education, Sylvester, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2003","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Worth County, 31.55151, -83.85088"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2003-06-30"],"dcterms_description":["Began with fiscal year ended June 30, 2000, issued in 2001; ceased with fiscal year ended June 30, 2008, issued in 2009.","Report year covers fiscal year.","Has supplements: Worth County Board of Education, Sylvester, 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 ... (Worth County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007; Salaries and travel reimbursement (Worth County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2000, issued in 2001 (online surrogate); title from PDF cover (Georgia Government Publications database, viewed May 13, 2016).","Fiscal year ended June 30, 2008, issued in 2009 (online surrogate); (Georgia Government Publications database, viewed May 13, 2016)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Worth County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Worth County--Auditing--Periodicals.","Education--Georgia--Worth County--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Worth County.--fast--(OCoLC)fst01217122","Georgia Government Documents--Serial"],"dcterms_title":["Worth County Board of Education, Sylvester, 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-bw9-b2002-h2003"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw9-b2002-h2003"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"WORTH COUNTY BOARD OF EDUCATION \r\nSYLVESTER, GEORGIA REPORT ON AUDIT \r\nOF THE FINANCIAL STATEMENTS \r\nFOR THE FISCAL YEAR ENDED JUNE 30, 2003 \r\nSTATE OF GEORGIA \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\nRussell W. Hinton State Auditor \r\n \r\n WORTH COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\nEXHIBITS \r\n \r\nBASIC FINANCIAL STATEMENTS \r\n \r\nDISTRICT-WIDE FINANCIAL STATEMENTS \r\n \r\nA \r\n \r\nSTATEMENT OF NET ASSETS \r\n \r\n3 \r\n \r\nB \r\n \r\nSTATEMENT OF ACTIVITIES \r\n \r\n5 \r\n \r\nFUND FINANCIAL STATEMENTS \r\n \r\nC \r\n \r\nBALANCE SHEET \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\n6 \r\n \r\nD \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\n \r\nTO THE STATEMENT OF NET ASSETS \r\n \r\n7 \r\n \r\nE \r\n \r\nSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES \r\n \r\nIN FUND BALANCES \r\n \r\nGOVERNMENTAL FUNDS \r\n \r\n8 \r\n \r\nF \r\n \r\nRECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT \r\n \r\nOF REVENUES, EXPENDITURES AND CHANGES IN FUND \r\n \r\nBALANCES TO THE STATEMENT OF ACTIVITIES \r\n \r\n9 \r\n \r\nG \r\n \r\nSTATEMENT OF FIDUCIARY NET ASSETS \r\n \r\nFIDUCIARY FUNDS \r\n \r\n10 \r\n \r\nH \r\n \r\nSTATEMENT OF CHANGES IN FIDUCIARY NET ASSETS \r\n \r\nFIDUCIARY FUNDS \r\n \r\n11 \r\n \r\nI \r\n \r\nNOTES TO THE BASIC FINANCIAL STATEMENTS \r\n \r\n12 \r\n \r\nSCHEDULES \r\n \r\nREQUIRED SUPPLEMENTARY INFORMATION \r\n \r\n1 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES \r\n \r\nIN FUND BALANCES - BUDGET AND ACTUAL \r\n \r\nGENERAL FUND \r\n \r\n27 \r\n \r\n WORTH COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nSCHEDULES \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\n2 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\n28 \r\n \r\n3 SCHEDULE OF STATE REVENUE \r\n \r\n30 \r\n \r\n4 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\n \r\n32 \r\n \r\n5 ALLOTMENTS AND EXPENDITURES \r\n \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \r\n \r\nBY PROGRAM \r\n \r\n35 \r\n \r\nSECTION II \r\nCOMPLIANCE AND INTERNAL CONTROL REPORTS \r\nREPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \r\n \r\nSECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n SECTION I FINANCIAL \r\n \r\n RUSSELL W. HINTON \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.W. Suite 214 Atlanta, Georgia 30334-8400 \r\nApril 27, 2004 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Worth County Board of Education \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nLadies and Gentlemen: \r\nWe have audited the accompanying financial statements ofthe governmental activities, each major fund, and the aggregate remaining fund information (Exhibits A through I) of the Worth 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 Worth County Board of Education's management. Our responsibility is to express opinions on these financial statements based on our audit. \r\nWe conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opm1ons. \r\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 Worth 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. \r\n2003-34ARL-11 \r\n \r\n The Worth County Board of Education has not presented Management's Discussion and Analysis that accounting principles generally accepted in the United States has determined is necessary to supplement, although not to be part of, the basic financial statements. \r\nAs discussed in Note 2 to the basic financial statements, during fiscal year 2003, the Board completed a comprehensive inventory of its capital assets for inclusion in the basic financial statements and consolidated its individual school activity accounts for inclusion in the basic financial statements. These changes are in accordance with generally accepted accounting principles. \r\nAs described in Note 2, the Worth County Board of Education has implemented a new financial reporting model as required by provisions ofGovernmental Accounting Standards Board Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments, as of June 30, 2003. \r\nIn accordance with Government Auditing Standards, we have also issued our report dated April 27, 2004, on our consideration ofthe Worth 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. \r\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. \r\nOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Worth County Board of Education's basic financial statements. The accompanying supplementary information which consist of Schedules 2 through 5, which includes the Schedule of Expenditures of Federal Awards as required by U.S. Office of Management and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. \r\n2003-34ARL-11 \r\n \r\n A copy ofthis report has been filed as a permanent record in the office ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code ofGeorgia Annotated section 506-24. \r\nRespectfully submitted, \r\n \r\nRWH:as 2003-34ARL-11 \r\n \r\nState Auditor \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\n WORTH COUNTY BOARD OF EDUCATION STATEMENT OF NET ASSETS JUNE 30. 2003 \r\nASSETS \r\nCash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Other Inventories Capital Assets Land Construction in Progress Land Improvements Buildings and Building Improvements Equipment Less: Accumulated Depreciation \r\nTotal Assets \r\nLIABILITIES \r\nAccounts Payable Salaries Payable Long-Term Liabilities \r\nDue Within One Year Due in More Than One Year \r\nTotal Liabilities \r\nNET ASSETS \r\nInvested in Capital Assets, Net of Related Debt Restricted for \r\nContinuation of Federal Programs Debt Service Capital Projects Unrestricted \r\nTotal Net Assets \r\nTotal Liabilities and Net Assets \r\nThe notes to the basic financial statements are an integral part of this statement. -3 - \r\n \r\nEXHIBIT\"A\" \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\n$ \r\n \r\n2,669,403 \r\n \r\n5,536,875 \r\n \r\n353,533 2,411,164 \r\n522,305 122,262 \r\n17,873 \r\n \r\n1,015,919 62,850 \r\n1,996,395 25,620,316 \r\n4,757,478 -6,330,820 \r\n \r\n$ ======3=8=7,=5=5'=55=3= \r\n \r\n$ \r\n \r\n746,274 \r\n \r\n2,934,057 \r\n \r\n1,030,000 4,470,000 \r\n \r\n$ \r\n \r\n9,180,331 \r\n \r\n$ \r\n \r\n26,969,433 \r\n \r\n717,949 42,635 \r\n998,815 846,390 \r\n \r\n$ \r\n \r\n29,575,222 \r\n \r\n$ ===3=8=7,=5=5,=55=3= \r\n \r\n WORTH COUNTY BOARD OF EDUCATION STATEMENT OF ACTIVITIES \r\nFOR THE YEAR ENDED JUNE 30. 2003 \r\n \r\nEXHIBIT\"B\" \r\n \r\nEXPENSES \r\n \r\nPROGRAM REVENUES \r\n \r\nOPERATING \r\n \r\nCHARGES FOR \r\n \r\nGRANTS AND \r\n \r\nSERVICES \r\n \r\nCONTRIBUTIONS \r\n \r\nNET (EXPENSES) REVENUES \r\nAND CHANGES IN NET ASSETS \r\n \r\nGOVERNMENTAL ACTIVITIES \r\n \r\nInstruction Support Services \r\nPupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Operations of Non-Instructional Services Enterprise Operations Food Services Interest on Short-Term and Long-Term Debt \r\n \r\n$ 19,972,150 $ \r\n1,104,089 775,597 666,794 775,707 \r\n1,967,909 330,605 \r\n1,851,957 1,510,175 \r\n109,278 322,883 \r\n152,048 1,900,802 \r\n176 116 \r\n \r\n12,617 $ \r\n134,215 373,215 \r\n \r\n16,149,700 $ \r\n224,011 572,288 396,648 617,540 760,770 \r\n1,212,572 1,197,730 \r\n168,354 \r\n1,567,075 \r\n \r\n-3,809,833 \r\n-880,078 -203,309 -270, 146 -158,167 -1,207, 139 -330,605 -639,385 -312,445 -109,278 -154,529 \r\n-17,833 39,488 -176116 \r\n \r\nTotal Governmental Activities \r\n \r\n$ 31,616,110 $ \r\n \r\n520 047 $====2=2,8=66=,6=88= $ \r\n \r\n-8,229,375 \r\n \r\nGeneral Revenues Taxes Property Taxes For Maintenance and Operations Railroad Cars Sales Taxes Special Purpose Local Option Sales Tax For Debt Services For Capital Projects Real Estate Grants and Contributions not Restricted to Specific Programs Investment Earnings Miscellaneous \r\n \r\n$ \r\n \r\n5,308,187 \r\n \r\n6,854 \r\n \r\n799,959 652,909 \r\n14,524 1,446,138 \r\n126,587 597 931 \r\n \r\nTotal General Revenues \r\n \r\n$ _ _ _ _8=95~3::..0~8a.:9'-- \r\n \r\nChange in Net Assets \r\n \r\n$ \r\n \r\n723,714 \r\n \r\nNet Assets - Beginning of Year \r\n \r\n28 851 508 \r\n \r\nNet Assets - End of Year \r\n \r\ns = = = = 2. .9..,,.5.7.5.,..,2.2.2== \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -5- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION BALANCE SHEET \r\nGOVERNMENTAL FUNDS JUNE 30. 2003 \r\n \r\nEXHIBIT\"C\" \r\n \r\nASSETS \r\nCash and Cash Equivalents Investments Accounts Receivable, Net \r\nTaxes State Government Federal Government Other Inventories \r\nTotal Assets \r\nLIABILITIES AND FUND BALANCES \r\nLIABILITIES \r\nAccounts Payable Salaries Payable \r\nTotal Liabilities \r\nFUND BALANCES \r\nReserved for: Continuation of Federal Programs Debt Service Inventories Capital Projects \r\nUnreserved Designated for Self-Insurance Undesignated Reported in: General Fund \r\nTotal Fund Balances \r\nTotal Liabilities and Fund Balances \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 1,624,886 $ 536,875 \r\n \r\n1,001,882 $ 5,000,000 \r\n \r\n215,447 2,411,164 \r\n522,305 106,666 \r\n17,873 \r\n \r\n244,212 15,596 \r\n \r\n42,635 $ \r\n \r\n2,669,403 5,536,875 \r\n459,659 2,411,164 \r\n522,305 122,262 \r\n17,873 \r\n \r\n$ 5,435,216 $ 6,261,690 $ \r\n \r\n42,635 $ 11,739,541 \r\n \r\n$ 746,274 2,934,057 \r\n$ 3,680,331 \r\n \r\n$ \r\n \r\n746,274 \r\n \r\n2,934,057 \r\n \r\n$ \r\n \r\n3,680,331 \r\n \r\n$ 700,076 $ \r\n17,873 $ 6,261,690 \r\n14,054 \r\n1,022,882 \r\n$ 1,754,885 $ 6,261,690 $ \r\n \r\n$ 42,635 \r\n42,635 $ \r\n \r\n700,076 42,635 17,873 \r\n6,261,690 \r\n14,054 \r\n1,022,882 \r\n8,059,210 \r\n \r\n$ 5,435,216 $ 6,261,690 $ \r\n \r\n42,635 $ 11,739,541 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -6- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET \r\nTO THE STATEMENT OF NET ASSETS JUNE 30. 2003 \r\n \r\nEXHIBIT\"D\" \r\n \r\nTotal Fund Balances - Governmental Funds (Exhibit \"C\") \r\nAmounts reported for Governmental Activities in the Statement of Net Assets are different because: \r\nCapital Assets used in Governmental Activities are not financial resources and therefore are not reported in the funds. These assets consist of: \r\nLand Construction in Progress Land Improvements Buildings Equipment Accumulated Depreciation \r\nTotal Capital Assets \r\nSome of the School District's property tax revenues will be collected after year-end but are not available soon enough to pay for the current period's expenditures. \r\nLong-Term Liabilities, including Bonds Payable, are not due and payable in the current period and therefore are not reported as liabilities in the funds. Long-Term Liabilities at year-end consist of: \r\nBonds and Notes Payable \r\n \r\n$ \r\n \r\n8,059,210 \r\n \r\n$ 1,015,919 62,850 \r\n1,996,395 25,620,316 \r\n4,757,478 -6,330,820 \r\n \r\n27,122,138 \r\n \r\n-106, 126 \r\n \r\n-5,500,000 \r\n \r\nNet Assets of Governmental Activities (Exhibit \"A\") \r\n \r\n$ 29,575,222 \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -7- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES \r\nGOVERNMENTAL FUNDS YEAR ENDED JUNE 30. 2003 \r\n \r\nEXHIBIT\"E\" \r\n \r\nREVENUES \r\nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Food Services Operation \r\nCapital Outlay Debt Services \r\nPrincipal Interest \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) \r\nProceeds of Long-Term Debt- Par Value Sale of Equipment Transfers In Transfers Out \r\nTotal Other Financing Sources (Uses) \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\n \r\nGENERAL FUND \r\n \r\nDISTRICTWIDE \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ 5,302,712 14,524 $ \r\n20,266,297 4,046,529 520,047 41,493 599,397 \r\n$ 30,790,999 $ \r\n \r\n652,909 $ 81,618 734,527 $ \r\n \r\n$ 799,959 \r\n3,476 803,435 $ \r\n \r\n5,302,712 1,467,392 20,266,297 4,046,529 \r\n520,047 126,587 599,397 \r\n32,328,961 \r\n \r\n$ 19,686,739 \r\n1,104,089 774,264 647,498 773,775 $ \r\n1,955,367 244,874 \r\n1,878,231 1,525,249 \r\n109,278 322,883 152,048 1,844,076 \r\n \r\n$ 31,018,371 $ \r\n \r\n$ \r\n \r\n-227,372 $ \r\n \r\n$ \r\n \r\n20 \r\n \r\n84,420 $ \r\n \r\n495 \r\n \r\n49,596 \r\n \r\n143,920 \r\n1,995,000 176,116 \r\n277,956 $ 2,171,611 $ 456,571 $ -1,368, 176 $ \r\n \r\n19,686,739 \r\n1,104,089 774,264 647,498 773,795 \r\n1,955,367 329,789 \r\n1,878,231 1,574,845 \r\n109,278 322,883 152,048 1,844,076 143,920 \r\n1,995,000 176,116 \r\n33,467,938 \r\n-1,138,977 \r\n \r\n$ 5,465,191 $ \r\n \r\n34,809 $ \r\n \r\n$ \r\n \r\n14,075 \r\n \r\n138,571 \r\n \r\n-138,571 \r\n \r\n$ \r\n \r\n152,646 $ 5,326,620 $ \r\n \r\n34,809 $ \r\n \r\n$ \r\n \r\n-74,726 $ 5,783,191 $ -1,333,367 $ \r\n \r\n1,829,611 \r\n \r\n478,499 \r\n \r\n1,376,002 \r\n \r\n5,500,000 14,075 \r\n138,571 -138,571 \r\n5,514,075 \r\n4,375,098 \r\n3,684,112 \r\n \r\nFund Balances - Ending \r\n \r\n$ 1,754,885 $ 6,261,690 $ \r\n \r\n42,635 $ =====8.,;,0;,,;;5,;;.9,:;;,21,;,,;0;,. \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -8- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF \r\nREVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES JUNE 30. 2003 \r\n \r\nEXHIBIT\"F\" \r\n \r\nTotal Net Change in Fund Balances - Governmental Funds (Exhibit \"E\") \r\n \r\n$ \r\n \r\nAmounts reported for Governmental Activities in the Statement of Activities are different because: \r\n \r\nCapital Outlays are reported as expenditures in Governmental Funds. However, in the Statement of Activities, the cost of Capital Assets is allocated over their estimated useful lives as depreciation expense. In the current period, these amounts are: \r\n \r\nCapital Outlay Depreciation Expense \r\nExcess of Capital Outlay over Depreciation Expense \r\n \r\n$ 519,596 -662,768 \r\n \r\nBecause some property taxes will not be collected for several months after the School District's fiscal year ends, they are not considered \"available\" revenues. \r\n \r\nIn the Statement of Activities, only the gain on the sale of the equipment is reported, whereas in the Governmental Funds, the entire proceeds from the sale increase financial resources. Thus, the change in net assets differs from the change in fund balances by the carrying value of the equipment sold. \r\n \r\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: \r\n \r\nGeneral Obligation Bonds Issued \r\n \r\nRepayment of Long-Term Debt is reported as an expenditure in Governmental Funds, but the repayment reduces Long-Term Liabilities in the Statement of Net Assets. In the current year, these amounts consist of: \r\n \r\nBond Principal Retirements \r\n \r\n4.375,098 \r\n-143,172 12,329 -15,541 \r\n-5,500,000 1,995,000 \r\n \r\nChange in Net Assets of Governmental Activities (Exhibit \"B\") \r\n \r\n$ ==7=2=3=7,=14= \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. -9- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION STATEMENT OF FIDUCIARY NET ASSETS \r\nFIDUCIARY FUNDS JUNE 30, 2003 \r\n \r\nEXHIBIT\"G\" \r\n \r\nASSETS Cash and Cash Equivalents Investments \r\nCertificate of Deposit Accounts Receivable, Net \r\nInterest \r\nTotal Assets \r\nLIABILITIES Funds Held for Others \r\nNET ASSETS Held in Trust for Private Purposes \r\nTotal Liabilities and Net Assets \r\n \r\nPRIVATE PURPOSE TRUSTS \r\n \r\nAGENCY FUNDS \r\n \r\n$ \r\n \r\n1,644 $ \r\n \r\n30,705 \r\n \r\n3,684 \r\n \r\n497 \r\n \r\n$ \r\n \r\n5,825 $ ===3,_0,:,;.70=5;;,,: \r\n \r\n$ \r\n \r\n30,705 \r\n \r\n$ _ _ _5.:;;.,,..:;.;82=5;_ \r\n \r\n$ \r\n \r\n5,825 $ ===3::!0,=70=5= \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 10 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS \r\nFIDUCIARY FUNDS YEAR ENDED JUNE 30, 2003 \r\n \r\nEXHIBIT\"H\" \r\n \r\nREVENUES Investment Earnings Interest \r\nEXPENSES None Noted Change in Net Assets \r\nNet Assets - Beginning \r\nNet Assets - Ending \r\n \r\nPRIVATE PURPOSE TRUSTS \r\n \r\n$ \r\n \r\n260 \r\n \r\n$ \r\n \r\n0 \r\n \r\n$ \r\n \r\n260 \r\n \r\n5,565 \r\n \r\n$ ===5='=82=5= \r\n \r\nThe notes to the basic financial statements are an integral part of this statement. - 11 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2003 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 1: DESCRIPTION OF SCHOOL DISTRICT AND REPORTING ENTITY \r\nREPORTING ENTITY \r\nThe Worth County Board ofEducation (School District) was established under the laws ofthe State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF PRESENTATION \r\nThe School District's basic financial statements are collectively comprised of the District-wide financial statements, fund financial statements and notes to the basic financial statements of the Worth County Board of Education. \r\nDistrict-wide Statements: The Statement ofNet Assets and the Statement ofActivities display information about the financial activities ofthe overall School District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. \r\nThe Statement ofActivities presents a comparison between direct expenses and program revenues for each function of the School District's governmental activities. \r\n Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Indirect expenses (expenses of the School District related to the administration and support ofthe School District's programs, such as office and maintenance personnel and accounting) are not allocated to programs. \r\n Program revenues include (a) charges paid by the recipients ofgoods or services offered by the programs and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. \r\nFund Financial Statements: The fund financial statements provide information about the School District's funds, including fiduciary funds. Eliminations have been made to minimize the double counting ofinternal activities. Separate statements for each category (governmental and fiduciary) are presented. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. \r\nThe School District reports the following major governmental funds: \r\n- 12 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2003 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n General Fund is the School District's primary operating fund. It accounts for all financial resources ofthe School District, except those resources required to be accounted for in another fund. \r\n District-wide Capital Projects Fund accounts for financial resources including Bond Proceeds and Special Purpose Local Option Sales Tax proceeds to be used for the acquisition, construction or renovation of major capital facilities. \r\n Debt Service Fund accounts for taxes (property and sales) legally restricted for the payment of general long-term principal, interest and paying agent's fees. \r\nThe School District reports the following fiduciary fund types: \r\n Private - Purpose Trust funds report trust arrangements under which income may be expended to provide an award to the spelling champion and a scholarship to a senior class student. \r\n Agency funds account for assets held by the School District as an agent for various funds, governments or individuals. \r\nBASIS OF ACCOUNTING \r\nThe basis of accounting 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. \r\nThe School District uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. \r\nGovernmental funds are reported using the current financial resources measurement focus and the modified accrual basis ofaccounting. Under this method, revenues are recognized when measurable and available. The School District considers all revenues reported in the governmental funds to be available if they are collected within sixty days after year-end. Property taxes, sales taxes and interest are considered to be susceptible to accrual. Expenditures are recorded when the related fund \r\n- 13 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2003 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nliability is incurred, except for principal and interest on general long-term debt, which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities are reported as other financing sources. \r\n \r\nThe School District funds certain programs by a combination ofspecific cost-reimbursement grants, categorical grants, and general revenues. Thus, when program costs are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the School District's policy to first apply grant resources to such programs, followed by cost-reimbursement grants, then general revenues. \r\n \r\nA substantial number of personnel of the School District were employed for a one hundred and ninety day period beginning in August 2002 and ending in early June 2003. Employment contracts for these employment periods typically specify that compensation be paid in twelve equal monthly payments beginning in September 2002 and ending in August 2003. State grants to fund the State's share of these contracts are disbursed to the School District in the same twelve month period. In accordance with generally accepted accounting principles, salary and fringe benefit costs and the related revenue from the State to fund these contracts are recorded in the fiscal period covered by these financial statements. \r\n \r\nRESTATEMENT OF PRIOR YEAR FUND BALANCE - GENERAL FUND \r\n \r\nIn prior years, the financial activities of the School District's School Food Services Fund, Lottery Programs and Federal Programs were reported as Special Revenue Funds. These funds had a combined fund balance of $726,452 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$148,031 at July 1, 2002. This change is in accordance with generally accepted accounting principles. \r\n \r\nGeneral Fund Balance July 1, 2002 \r\n \r\n$ 970,760 \r\n \r\nAdd Funds Consolidated with General Fund: School Food Services Fund School Activity Account - Governmental Activity \r\n \r\n726,452 148,031 \r\n \r\nDeduct: Food Inventories Costing Differences \r\n \r\n15,632 \r\n \r\nGeneral Fund Balance July 1, 2002 (Restated) \r\n \r\n$ 1,829,611 \r\n \r\n- 14 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2003 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nCHANGES IN ACCOUNTING PRINCIPLES \r\n \r\nThe Worth County Board ofEducation 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. \r\n \r\nThe provisions of GASB Statement No. 34 require the inclusion ofa Statement ofNet Assets. The elements comprising Net Assets - Beginning include the following: \r\n \r\nGeneral Fund (Restated) July 1, 2002 Capital Projects Fund Debt Service Fund \r\n \r\n$ 1,829,611 478,499 \r\n1,376,002 \r\n \r\nGovernmental Funds (Restated) July 1, 2002 Capital Assets Accumulated Depreciation Property Tax Revenue Timing Differences Bonds and Notes Payable \r\n \r\n$ 3,684,112 33,077,302 -5,796,451 -118,455 -1,995,000 \r\n \r\nNet Assets Beginning (See Exhibit \"B\") \r\n \r\n$ 282851,508 \r\n \r\nCASH AND CASH EQUIVALENTS \r\n \r\nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist ofcash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Georgia Laws OCGA 45-8-14 authorize the Board to deposit its funds in one or more solvent banks or insured Federal savings and loan associations. \r\n \r\nINVESTMENTS \r\n \r\nCOMPOSITION OF INVESTMENTS Investments made by the School District in nonparticipating interest-earning contracts (such as certificates ofdeposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code ofGeorgia Annotated Section 36-83-4 authorizes the School District to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \r\n \r\n- 15 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2003 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\n(1) Obligations issued by the State of Georgia or by other states, \r\n \r\n(2) Obligations issued by the United States government, \r\n \r\n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \r\n \r\n(4) Obligations of any corporation of the United States government, \r\n \r\n(5) Prime banker's acceptances, \r\n \r\n(6) The Local Government Investment Pool administered by the State of Georgia, Office of Treasury and Fiscal Services, \r\n \r\n(7) Repurchase agreements, and \r\n \r\n(8) Obligations of other political subdivisions of the State of Georgia. \r\n \r\nRECEIVABLES \r\n \r\nReceivables consist of amounts due from property and sales taxes, grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the basic financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\n \r\nPROPERTY TAXES \r\n \r\nThe Worth County Board of Commissioners fixed the property tax levy for the 2002 tax digest year (calendar year) on September 22, 2002 (levy date). Taxes were due on December 20, 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 Worth County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues, at the fund reporting level, during the fiscal year ended June 30, 2003, for maintenance and operations amounted to $5,295,858. \r\n \r\nThe tax millage rate levied for the 2002 tax year (calendar year) for the Worth County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n13.26 mills \r\n \r\n- 16 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2003 \r\n \r\nEXHIBIT\"!\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nSALES TAXES \r\n \r\nSpecial Purpose Local Option Sales Tax, at the fund reporting level, during the year amounted to $1,452,868 and is to be used for capital outlay for educational purposes or debt service. This sales tax was authorized by local referendum and the sales tax must be re-authorized at least every five years. \r\n \r\nINVENTORIES \r\n \r\nFOOD INVENTORIES On the basic financial statements, inventories ofdonated food commodities used in the preparation ofmeals are reported at their Federally assigned value and purchased foods inventories are reported at cost (first-in, first-out). The School District uses the consumption method to account for inventories whereby donated food commodities are recorded as an asset and as revenue when received, and expenses/expenditures are recorded as the inventory items are used. Purchased foods are recorded as an asset when purchased and expenses/expenditures are recorded as the inventory items are used. \r\n \r\nCAPITAL ASSETS \r\n \r\nCapital assets purchased, including capital outlay costs, are recorded as expenditures in the fund financial statements at the time ofpurchase. On the District-wide financial statements, all purchased capital assets are valued at cost where historical records are available and at estimated historical cost based on appraisals or deflated current replacement cost where no historical records exist. Donated capital assets are recorded at fair market value on the date donated. Disposals are deleted at depreciated recorded cost. The cost ofnormal maintenance and repairs that do not add to the value of assets or materially extend the useful lives of the assets is not capitalized. Depreciation is computed using the straight-line method. The School District does not capitalize book collections or works of art. \r\n \r\nCapitalization thresholds and estimated useful lives of capital assets reported in the District-wide statements are as follows: \r\n \r\nCapitalization Policy \r\n \r\nEstimated Useful Life \r\n \r\nLand Land Improvements Buildings and Improvements Equipment \r\n \r\n$ \r\n \r\n0 \r\n \r\nNIA \r\n \r\n$ \r\n \r\n10,000 20 to 80 years \r\n \r\n$ \r\n \r\n50,000 20 to 80 years \r\n \r\n$ \r\n \r\n5,000 4 to 12 years \r\n \r\nDepreciation is used to allocate the actual or estimated historical cost of all capital assets over estimated useful lives. \r\n \r\n- 17 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2003 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nGENERAL OBLIGATION BONDS \r\nThe School District issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. Bond issuance costs are recognized in the financial statements during the fiscal year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit of the government. The outstanding amount of these bonds is recorded in the Statement ofNet Assets. \r\nNote 3: DEPOSITS \r\nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum 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. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive the requirement for security in the case ofoperating funds placed in demand deposit checking accounts. \r\nAcceptable security for deposits consists of any one of or any combination of the following: \r\n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n(6) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia, and \r\n \r\n- 18 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2003 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 3: DEPOSITS \r\n \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\n \r\nCATEGORIZATION OF DEPOSITS AtJune 30, 2003, the bank balances were $10,871,201. The amounts ofthe total bank balances are classified into three categories of credit risk: \r\n \r\nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the School District or by the School District's agent in the School District's name. \r\nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name. \r\nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the School District's name.) \r\n \r\nThe School District's deposits are classified by risk category at June 30, 2003, as follows: \r\n \r\nRisk Category \r\n \r\nBank Balance \r\n \r\n1 \r\n \r\n$ 1,369,179 \r\n \r\n2 \r\n \r\n4,259,562 \r\n \r\n3 \r\n \r\n5,242,460 \r\n \r\nTotal \r\n \r\n$ 10,871.201 \r\n \r\nNote 4: NON-MONETARY TRANSACTIONS \r\n \r\nThe School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 2 - Inventories \r\n \r\n- 19 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2003 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 5: CAPITAL ASSETS \r\n \r\nThe following is a summary of changes in the Capital Assets during the fiscal year: \r\n \r\nBalances July 1, 2002 \r\n \r\nIncreases \r\n \r\nDecreases \r\n \r\nBalances June 30, 2003 \r\n \r\nGovernmental Activities Capital Assets, Not Being Depreciated: \r\nLand Construction in Progress \r\n \r\n$ 1,015,919 749 784 $ \r\n \r\n165,182 $ \r\n \r\n$ 1,015,919 \r\n \r\n852,116 \r\n \r\n62,850 \r\n \r\nTotal Capital Assets Not Being Depreciated $ 1,765,703 $ 165,182 $ 852,116 $ 1,078,769 \r\n \r\nCapital Assets Being Depreciated Buildings and Improvements Equipment Land Improvements \r\n \r\n$ 24,920,867 $ 4,544,974 1,845,758 \r\n \r\n699,449 356,444 $ 150,637 \r\n \r\n$ 25,620,316 \r\n \r\n143,940 \r\n \r\n4,757,478 \r\n \r\n1,996,395 \r\n \r\nLess Accumulated Depreciation for: Buildings and Improvements Equipment Land Improvements \r\n \r\n3,186,646 2,495,164 \r\n114,641 \r\n \r\n302,780 335,974 \r\n24,014 \r\n \r\n128,399 \r\n \r\n3,489,426 2,702,739 \r\n138,655 \r\n \r\nTotal Capital Assets, Being Depreciated, Net $ 25,515,148 $ 543,762 $ \r\n \r\n15 541 $ 26,043,369 \r\n \r\nGovernmental Activity Capital Assets - Net $ 27,280.851 $ 708.944 $ 867,657 $ 27,122.138 \r\n \r\nCurrent year depreciation expense by function is as follows: \r\n \r\nInstruction Support Services \r\nImprovements of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Food Services \r\n \r\n$ 285,411 \r\n \r\n$ \r\n \r\n1,333 \r\n \r\n19,296 \r\n \r\n1,912 \r\n \r\n12,542 \r\n \r\n816 \r\n \r\n4,858 \r\n \r\n279,874 \r\n \r\n320,631 56,726 \r\n \r\n$ 662,768 \r\n \r\nNote 6: RESTRICTED ASSETS \r\n \r\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, 2003, were as follows: \r\n \r\n-20- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2003 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 6: RESTRICTED ASSETS \r\n \r\nDistrict-wide Capital Projects \r\n \r\nBond \r\n \r\nSPLOST \r\n \r\nProceeds \r\n \r\nDebt Service Funds \r\n \r\nRestricted Cash and Cash Equivalents: Debt Services Capital Acquisitions \r\nRestricted Investments: Capital Acquisitions \r\n \r\n$ \r\n$ 673,801 $ 328,081 \r\n$ 5,000,000 \r\n \r\n42,635 \r\n \r\nNote 7: INTERFUND TRANSFERS \r\n \r\nInterfund transfers for the year ended June 30, 2003, consisted of the following: \r\n \r\nTransfer to \r\n \r\nTransfers From District-wide \r\nCapital Projects \r\n \r\nGeneral Fund \r\n \r\n$======13-8,==57==1 \r\n \r\nThe transfer is used to refund the General Fund for Capital Asset expenditures paid by the General Fund in the prior fiscal year. \r\n \r\nNote 8: RISK MANAGEMENT \r\n \r\nThe School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; acts of God and unemployment compensation. \r\n \r\nThe School District has obtained commercial insurance for risk ofloss associated with torts, assets and errors or omissions. The School District has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Board's insurance coverage in any ofthe past three years. \r\n \r\nFor the current fiscal year, due to the costs of available coverage, the School District significantly reduced coverage for acts of God. The School District has elected to self-insure for all losses related to acts of God. The School District has not experienced any losses related to this risk in the past three years. \r\n \r\n- 21 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30. 2003 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 8: RISK MANAGEMENT \r\n \r\nThe School District is self-insured with regard to unemployment compensation claims. In connection with this program, a self-insurance reserve has been established within the General Fund by the School District. The School District accounts for claims within the General Fund with expenses/expenditures and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \r\n \r\nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \r\n \r\nBeginning of Year Liability \r\n \r\nClaims and Changes in Estimates \r\n \r\nClaims Paid \r\n \r\nEnd ofYear Liability \r\n \r\n2002 2003 \r\n \r\n$ \r\n \r\n0 $ \r\n \r\n7.802 $ \r\n \r\n7.802 $ \r\n \r\n0 \r\n \r\n$ \r\n \r\n0 $ \r\n \r\n852 $ \r\n \r\n852 $ \r\n \r\n0 \r\n \r\nThe School District participates in the Georgia Education Workers' Compensation Trust, a public entity risk pool organized on December 1, 1991, to develop, implement and administer a program of workers' compensation self-insurance for its member organizations. The School District pays an annual premium to the Trust for its general insurance coverage. Additional insurance coverage is provided through an agreement by the Trust with the Midwest Employers Casualty Company to provide coverage for potential losses sustained by the Trust in excess of $400,000 loss per occurrence, up to $2,000,000. \r\n \r\nThe School District has purchased surety bonds to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent Each Principal \r\n \r\n$ \r\n$ 5,000 - $ \r\n \r\n20,000 10,000 \r\n \r\nNote 9: SHORT-TERM DEBT \r\n \r\nThe School District obtains temporary loans in advance of property tax collections, depositing the proceeds in its General Fund. This short-term debt is to provide cash for operations until property tax collections are received by the School District. Article IX, Section V, Paragraph V of the Constitution ofthe State of Georgia limits the aggregate amount of short-term debt to 75 percent of the total gross income from taxes collected in the preceding year and requires all short-term debt to be repaid no later than December 31 of the calendar year in which the debt was incurred. \r\n \r\nShort-term debt activity for the fiscal year is as follows: \r\n \r\n- 22 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2003 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 9: SHORT-TERM DEBT \r\n \r\nBeginning Balance \r\n \r\nIssued \r\n \r\nRedeemed \r\n \r\nEnding Balance \r\n \r\nTemporary Loans $===0 $ 800.000 $ 800,000 $=====0 \r\n \r\nNote 10: LONG-TERM DEBT \r\n \r\nGENERAL OBLIGATION DEBT OUTSTANDING General Obligation Bonds currently outstanding are as follows: \r\n \r\nPurpose \r\n \r\nInterest Rate \r\n \r\nAmount \r\n \r\nGeneral Government - Series 2002 \r\n \r\n2.56% \r\n \r\n$ 5,500.000 \r\n \r\nThe changes in Long-Term Debt during the fiscal year ended June 30, 2003, were as follows: \r\n \r\nGovernmental Funds General \r\nObligation Bonds \r\n \r\nBalance July 1, 2002 \r\n \r\n$ 1,995,000 \r\n \r\nAdditions G.O. Bonds \r\n \r\n5,500,000 \r\n \r\nDeductions Debt Retired \r\n \r\n1,995,000 \r\n \r\nBalance June 30, 2003 \r\n \r\n$ 5.500.000 \r\n \r\nPortion of Long-Term Debt Due within One Year \r\n \r\n$ 1,030,000 \r\n \r\nAt June 30, 2003, payments due by fiscal year which includes principal and interest for these items are as follows: \r\n \r\n- 23 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30. 2003 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 10: LONG-TERM DEBT \r\n \r\nFiscal Year Ended June 30 \r\n \r\nGeneral Obligation \r\n \r\nDebt \r\n \r\nPrincipal \r\n \r\nInterest \r\n \r\n2004 2005 2006 2007 2008 \r\n \r\n$ 1,030,000 $ 1,065,000 1,095,000 1,135,000 1,175.000 \r\n \r\n140,800 114,432 87,168 59,136 30,080 \r\n \r\nTotal Principal and Interest \r\n \r\n$ 5,500.000 $ 431,616 \r\n \r\nNote 11: SIGNIFICANT CONTINGENT LIABILITIES \r\n \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any costs which are disallowed under grant terms. The School District believes that such disallowances, if any, will be immaterial to its overall financial position. \r\n \r\nThe School District is a defendant in various legal proceedings pertaining to matters incidental to the performance ofroutine School District operations. The ultimate disposition ofthese proceedings is not presently determinable, but is not believed to be material to the basic financial statements. \r\n \r\nNote 12: RETIREMENT PLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\n \r\nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\n \r\nTRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 9.24% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\n-24- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION NOTES TO THE BASIC FINANCIAL STATEMENTS \r\nJUNE 30, 2003 \r\n \r\nEXHIBIT \"I\" \r\n \r\nNote 12: RETIREMENT PLANS \r\nFiscal Year 2003 2002 2001 \r\n \r\nPercentage Contributed \r\n100% 100% 100% \r\n \r\nRequired Contribution \r\n$ 1,688,199 $ 1,596,759 $ 1,885,793 \r\n \r\n- 25 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION GENERAL FUND \r\nSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL \r\nYEAR ENDED JUNE 30, 2003 \r\n \r\nSCHEDULE \"1\" \r\n \r\nREVENUES \r\nProperty Taxes Sales Taxes State Funds Federal Funds Charges for Services Investment Earnings Miscellaneous \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Enterprise Operations Food Services Operation \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES \r\nOther Sources \r\nNet Change in Fund Balances \r\nFund Balances - Beginning \r\nAdjustments \r\nFund Balances - Ending \r\n \r\nNONAPPROPRIATED BUDGETS \r\n \r\nORIGINAL \r\n \r\nFINAL \r\n \r\nACTUAL AMOUNTS (1) \r\n \r\n$ \r\n \r\n5,321,280 $ \r\n \r\n5,321,280 $ \r\n \r\n5,302,712 \r\n \r\n14,524 \r\n \r\n20,785,203 \r\n \r\n20,885,187 \r\n \r\n20,266,297 \r\n \r\n3,654,991 \r\n \r\n3,660,991 \r\n \r\n4,046,529 \r\n \r\n386,452 \r\n \r\n386,452 \r\n \r\n380,101 \r\n \r\n72,929 \r\n \r\n72,929 \r\n \r\n39,815 \r\n \r\n132 148 \r\n \r\n132 148 \r\n \r\n287 998 \r\n \r\n$ \r\n \r\n30,353,003 $ \r\n \r\n30,458,987 $ \r\n \r\n30,337,976 \r\n \r\n$ \r\n \r\n19,703,939 $ \r\n \r\n20,377,346 $ \r\n \r\n19,527,159 \r\n \r\n1,152,179 729,839 631,424 879,945 \r\n1,955,575 295,944 \r\n1,894,583 1,597,288 \r\n121,099 158,509 \r\n \r\n1,224,179 845,887 641,424 883,698 \r\n1,926,601 295,944 \r\n1,894,687 1,620,505 \r\n121,099 194,024 \r\n \r\n1,104,089 774,264 647,498 773,775 \r\n1,955,367 244,874 \r\n1,878,231 1,525,249 \r\n109,278 171,745 \r\n \r\n1,900,402 \r\n \r\n1,900,902 \r\n \r\n1844076 \r\n \r\n$ \r\n \r\n31,020,726 $ \r\n \r\n31,926,296 $ \r\n \r\n30,555,605 \r\n \r\n$ \r\n \r\n-667,723 $ \r\n \r\n-1,467,309 $ \r\n \r\n-217,629 \r\n \r\n152 646 \r\n \r\n$ \r\n \r\n-667,723 $ \r\n \r\n-1,467,309 $ \r\n \r\n-64,983 \r\n \r\n2,435,279 \r\n \r\n2,435,279 \r\n \r\n1,681,580 \r\n \r\n-64 353 \r\n \r\n-64 353 \r\n \r\n$ \r\n \r\n1,703,203 $ \r\n \r\n903 617 $===1=1:,6~1=6'=,5=97= \r\n \r\nNotes to the Schedule of Revenues. Expenditures and Changes in Fund Balances Budget and Actual (1) Actual amounts have been adjusted to exclude the governmental activity from the various principal accounts. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 27 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2003 \r\n \r\nSCHEDULE \"2\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nAgriculture, U.S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food and Nutrition Program Food Services School Breakfast Program National School Lunch Program Pass-Through From Office of School Readiness Food and Nutrition Program Summer Food Service Program for Children \r\nTotal Child Nutrition Cluster \r\nOther Programs Direct Food and Nutrition Program Alternative to Commodity Donations Pass-Through From Georgia Department of Education Food and Nutrition Program Food Distribution Program (1) \r\nTotal U.S. Department of Agriculture \r\nEducation, U.S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Individuals with Disabilities Education Act Part B - Special Education Flow Through Preschool Capacity Building Improvement \r\nTotal Special Education Cluster \r\nOther Programs Pass-Through From Georgia Department of Education Elementary and Secondary Education Act Title I Grants to Local Educational Agencies School Improvement Title II Eisenhower Professional Development Enhancing Education Through Technology Improving Teacher Quality TitleV Innovative Education Program Strategies Title VI Rural and Low Income Schools Vocational Education - Basic Grants to States High School Program Basic Grant \r\nTotal U. S. Department of Education \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n10.553 10.555 \r\n10.559 \r\n \r\nN/A \r\n \r\nN/A \r\n \r\n$ \r\n \r\nN/A $ \r\n \r\n(2) 1,683,290 \r\n37,116 1,720,406 \r\n \r\n10.550 10.550 \r\n \r\nN/A $ \r\n \r\n(2) \r\n2,863 1,723,269 \r\n \r\n84.027 84.173 84.027 \r\n \r\nN/A \r\n \r\n$ \r\n \r\nN/A \r\n \r\nN/A \r\n \r\n$ \r\n \r\n395,411 18,253 5,461 \r\n419,125 \r\n \r\n84.010 84.010 \r\n84.281 84.318 84.367 \r\n84.298 \r\n84.358 \r\n84.048 \r\n \r\nN/A N/A N/A N/A NIA N/A N/A \r\nN/A $ \r\n \r\n1,474,056 13,105 5,476 35,857 \r\n372,155 33,777 \r\n143,272 \r\n72,651 2,569,474 \r\n \r\n- 28 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2003 \r\n \r\nSCHEDULE \"2\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nLabor, U. S. Department of Pass-Through From Georgia Department of Labor Workforce Investment Act \r\nDefense, U. S. Department of Direct Department of the Army R.O.T.C. Program \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n17.259 \r\n \r\nN/A \r\n \r\n$ _ _ _ _6\"-'-7-'-7',--'1-'-4 \r\n \r\n$ _ _ _ _6_9~,6_2_1 \r\n \r\nTotal Federal Financial Assistance \r\nN/A = Not Available \r\n \r\n$ ===4:!4=3=0\"=0=7=8 \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\n \r\n(1) The amount shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the School District during the current fiscal year. \r\n(2) Expenditures for the funds earned on Alternative to Commodity Donations Program ($80,928) and the School Breakfast Program ($280,981) were not maintained separately and are included in the 2003 National School Lunch Program. \r\n \r\nMajor Programs are identified by an asterisk (*) in front of the CFDA number. \r\n \r\nThe School District did not provide Federal Assistance to any Subrecipient. \r\n \r\nThe accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Worth 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. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 29 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2003 \r\nAGENCY/FUNDING \r\nGRANTS Education, Georgia Department of Quality Basic Education Direct Instructional Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Primary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Category I Category II Category Ill Category IV CategoryV Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) Media Center Program 20 Days Additional Instruction Staff and Professional Development Indirect Cost Central Administration School Administration Facility Maintenance and Operations Categorical Grants Pupil Transportation Regular Bus Replacement Sparsity Nursing Services Principal Supplements Vocational Supervisors Mid-term Adjustment Hold-Harmless Education Equalization Funding Grant Food Services Vocational Education Austerity Reduction Other State Programs 4-8 Statewide After School Program K-3 Statewide Reading Programs Mentor Teachers Outdoor Classroom National Teacher Certification Post Secondary Options Preschool Handicapped Program Special Education Low Incidence Grant Student Achievement Lottery Programs Assistive Technology Computers in the Classroom \r\n- 30 - \r\n \r\nSCHEDULE \"3\" \r\n \r\nGOVERNMENTAL FUND TYPE GENERAL FUND \r\n \r\n$ \r\n \r\n701,983 \r\n \r\n607,090 \r\n \r\n2,307,255 \r\n \r\n750,540 \r\n \r\n1,094,177 \r\n \r\n714,364 \r\n \r\n2,878,589 \r\n \r\n1,994,966 \r\n \r\n586,296 \r\n \r\n30,252 351,020 574,508 112,237 110,328 244,112 144,691 199,479 \r\n8,023 382,136 133,000 \r\n75,583 \r\n \r\n454,920 737,284 1,125,873 \r\n \r\n854,778 198,902 \r\n19,000 97,121 16,107 23,585 282,668 1,485,591 120,540 148,587 -465,318 \r\n42,102 61,867 \r\n996 2,000 2,566 3,342 44,930 3,626 56,100 \r\n7,470 88,207 \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30. 2003 \r\nAGENCY/FUNDING \r\nGRANTS Georgia Institute of Technology Student Information System \r\nNorthwest Georgia Regional Educational Service Agency Student Achievement \r\nOffice of School Readiness Pre-Kindergarten Program \r\nCONTRACTS Education, Georgia Department of After School Programs School Information Systems \r\n \r\nSCHEDULE \"3\" \r\n \r\nGOVERNMENTAL FUND TYPE GENERAL FUND \r\n \r\n$ \r\n \r\n31,246 \r\n \r\n175,307 \r\n \r\n575,739 \r\n \r\n36,960 33 572 \r\n \r\n$ ======2.,.0,...2.,.6..,6,..,29=7= \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 31 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30. 2003 \r\n \r\nSCHEDULE \"4\" \r\n \r\nPROJECT \r\n \r\nORIGINAL ESTIMATED \r\nCOST {1} \r\n \r\nCURRENT ESTIMATED COSTS {2} \r\n \r\nAMOUNT EXPENDED IN CURRENT YEAR {3} {4} \r\n \r\nAMOUNT EXPENDED \r\nIN PRIOR YEARS {3} (4) \r\n \r\nPROJECT STATUS \r\n \r\nRepayment of principal and interest on the outstanding Worth County, (Georgia) School District General Obligation Series 1990 maturing on January 6, 1998 and thereafter \r\n \r\n$ \r\n \r\n3,510,734$ 3,585,087 $ \r\n \r\n2,065,907 $ \r\n \r\n1,519,181 Completed \r\n \r\nConstruction and equipping of capital outlay projects for the Worth County School District consisting of twelve (12) additional classrooms and expansion of the music area at Worth County Middle School, six (6) additional classrooms and needed renovations at Sylvester Elementary School, and an auditorium \r\n \r\n5,050,000 \r\n \r\n5,050,000 \r\n \r\n4,920 \r\n \r\n3,990,241 Completed \r\n \r\nRenovations, additions, expansions, improvements, modifications and equipping all other existing school facilities of Worth County School District and including Sumner School property to, include the acquisition of all property, both real and personal necessary therefore \r\n \r\n1,226,266 \r\n \r\n1,226,266 \r\n \r\n30,057 \r\n \r\n244,838 Completed \r\n \r\nConstruction and equipping of capital outlay projects for the Worth County School District consisting of Worth County High School auditorium, six additional classrooms at Worth County High School, multi-purpose P.E. building at Worth County High School, new choral room at Worth County Middle School, three additional classrooms at Worth Primary School \r\n \r\n6,300,000 \r\n \r\n6,300,000 \r\n \r\n45,833 \r\n \r\nOngoing \r\n \r\nRenovations, additions, expansions, improvements, modifications, purchasing new equipment and equipping all other existing school facilities of the Worth County School District, to include the acquisition of all property, both real and personal necessary therefore \r\n \r\n2,800,000 \r\n \r\n2,800,000 \r\n \r\n112 716 \r\n \r\nOngoing \r\n \r\n$ 18,887,000 $ 18,961,353 $ \r\n \r\n2,259,433 $ ==5='7=5=4=,2=60= \r\n \r\n- 32- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2003 \r\n \r\nSCHEDULE \"4\" \r\n \r\n(1) The School District\"s original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \r\n \r\n(2) The School District's current estimate of total cost for each projects. Includes all cost from project inception to completion. \r\n \r\n(3) The voters of Worth County approved the imposition of a 1% sales tax to fund the above projects. Amounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the projects. \r\n \r\n(4) In addition to the expenditures shown above, the School District has incurred interest to provide advance funding for the above projects as follows: \r\n \r\nPrior Years \r\n \r\n$ \r\n \r\n0 \r\n \r\nCurrent Year \r\n \r\n105,209 \r\n \r\nTotal \r\n \r\n$===10=5;.,;,2=0=9 \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 33 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION GENERAL FUND - QUALITY BASIC EDUCATION PROGRAM (QBE} \r\nALLOTMENTS AND EXPENDITURES - BY PROGRAM YEAR ENDED JUNE 30 2003 \r\n \r\nSCHEDULE \"5\" \r\n \r\nDESCRIPTION \r\nDirect Instructional Programs Kindergarten Program Kindergarten Program-Early Intervention Program Primary Grades (1-3) Program Primary Grades-Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Upper Elementary Grades-Early Intervention (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabilities Category I Category II Category Ill Category IV CategoryV Gifted Student - Category VI Remedial Education Program Alternative Education Program English Speakers of Other Languages (ESOL) \r\nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \r\nMedia Center Program Staff and Professional Development \r\n \r\nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) (2) \r\n \r\nELIGIBLE QBE PROGRAM COSTS \r\n \r\nSALARIES \r\n \r\nOPERATIONS \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n799,918 $ \r\n \r\n888,036 $ \r\n \r\n25,596 $ \r\n \r\n913,632 \r\n \r\n667,039 \r\n \r\n555,545 \r\n \r\n7,409 \r\n \r\n562,954 \r\n \r\n2,527,420 \r\n \r\n2,614,921 \r\n \r\n104,417 \r\n \r\n2,719,338 \r\n \r\n861,903 \r\n \r\n925,276 \r\n \r\n8,488 \r\n \r\n933,764 \r\n \r\n1,187,671 \r\n \r\n1,590,062 \r\n \r\n87,305 \r\n \r\n1,677,367 \r\n \r\n838,626 3,145,285 2,218,382 \r\n652,273 1,332,109 \r\n263,287 148,205 220,177 \r\n7644 \r\n \r\n420,471 2,662,009 2,592,235 \r\n687,032 \r\n1,720 499,435 744,808 \r\n99,296 128,352 207,947 133,825 344,382 \r\n5 650 \r\n \r\n124,833 169,986 \r\n83,474 \r\n4,490 4,850 5,552 2,193 7,900 \r\n455 10,623 \r\n \r\n420,471 2,786,842 2,762,221 \r\n770,506 \r\n1,720 503,925 749,658 104,848 130,545 215,847 134,280 355,005 \r\n5 650 \r\n \r\n$ \r\n \r\n14,869,939 $ 15,101,002 $ \r\n \r\n647,571 $ \r\n \r\n15,748,573 \r\n \r\n422,448 84,163 \r\n \r\n542,415 39 554 \r\n \r\n38,262 38,386 \r\n \r\n580,677 77 940 \r\n \r\nTOTAL QBE FORMULA FUNDS \r\n \r\n$ \r\n \r\n15 376 550 $ 15,682,971 $ \r\n \r\n724 219 $ \r\n \r\n16 407 190 \r\n \r\n(1) Comprised of State Funds plus Local Five Mill Share. (2) Allotments do not include the impact of the State budget austerity reduction. \r\n \r\nSee notes to the basic financial statements. \r\n \r\n- 35 - \r\n \r\n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n RUSSELL W. HINTON \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.W. Suite 214 Atlanta, Georgia 30334-8400 \r\nApril 27, 2004 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Worth County Board of Education \r\nREPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Worth County Board of Education as of and for the _year ended June 30, 2003, which collectively comprise Worth County Board of Education's basic financial statements and have issued our report thereon dated April 27, 2004. We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \r\nCompliance \r\nAs part of obtaining reasonable assurance about whether Worth 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. \r\nInternal Control Over Financial Reporting \r\nIn planning and performing our audit, we considered Worth County Board of Education's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal \r\n2003-34YB-30 \r\n \r\n control over financial reporting. However, we noted a certain matter involving the internal control over financial reporting and its operation that we consider to be a reportable condition. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe internal control over financial reporting that, in ourjudgment, could adversely affect Worth County Board of Education's ability to record, process, summarize and report financial data consistent with assertions of management in the financial statements. The reportable condition is described in the accompanying Schedule ofFindings and Questioned Costs as item FS-7591-03-01. \r\nA material weakness is a condition in which the design or operation of one or more ofthe internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, we believe the reportable condition described above is not a material weakness. \r\nThis report is intended solely for the information and use ofthe management, members ofthe Worth County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n \r\nRWH:as 2003-34YB-30 \r\n \r\nState Auditor \r\n \r\n RUSSELL W. HINTON \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.W. Suite 214 Atlanta, Georgia 30334-8400 \r\nApril 27, 2004 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members ofthe Worth County Board of Education \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133 \r\nLadies and Gentlemen: \r\nCompliance \r\nWe have audited the compliance ofWorth 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. Worth 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 Worth County Board of Education's management. Our responsibility is to express an opinion on Worth County Board of Education's compliance based on our audit. \r\nWe conducted our audit ofcompliance in accordance with auditing standards generally accepted in the United States ofAmerica; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States; and 0MB Circular A133, Audits 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 Worth 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 Worth County Board of Education's compliance with those requirements. \r\n2003SA-30 \r\n \r\n In our opinion, the Worth 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. \r\nInternal Control Over Compliance \r\nThe management of Worth 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 Worth County Board ofEducation's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with 0MB Circular A-133. \r\nWe noted a certain matter involving the internal control over compliance 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 compliance that, in our judgment, could adversely affect the Worth County Board of Education's ability to administer a major Federal program in accordance with applicable requirements oflaws, regulations, contracts and grants. The reportable condition is described in the accompanying Schedule of Findings and Questioned Costs as item FA-7591-03-01. \r\nA material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level of risk that noncompliance with the applicable requirements oflaws, regulations, contracts and grants that would be material in relation to a major Federal program being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control over compliance would not necessarily disclose all matters in the internal control that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, we believe the reportable condition described above is not a material weakness. \r\nThis report is intended solely for the information and use ofthe management, members ofthe Worth County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\nr:\u003e,'o,,, 00. LJ:)~ \r\n~~sell W. Hinton State Auditor \r\nRWH:as 2003SA-30 \r\n \r\n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n WORTH COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2003 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\nFS-7591-01-02 FS-7591-02-01 FS-7591-02-02 \r\n \r\nFurther Action Not Warranted Previously Reported Corrective Action Implemented Previously Reported Corrective Action Implemented \r\n \r\n SECTION IV FINDINGS AND QUESTIONED COSTS \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2003 \r\n \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n \r\n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Worth County Board of Education's financial statements was unqualified. \r\n \r\n2. Reportable Conditions in Internal Control Disclosed by the Audit of the Financial Statements The audit report for the Worth County Board of Education disclosed a financial statement reportable condition related to the following control categories. \r\n \r\nCash and Cash Equivalents Revenues/Receivables/Receipts \r\n \r\nExpenditures/Liabilities/Disbursements \r\n \r\nThe reportable condition described above is not considered to be a material weakness. \r\n \r\n3. Noncompliance Material to the Financial Statements The audit ofthe Worth County Board ofEducation disclosed no instances ofnoncompliance that were deemed to be material to the financial statements. \r\n \r\n4. Reportable Conditions in Internal Control Over Major Programs The audit report for the Worth County Board of Education disclosed a reportable condition in internal control over major programs for the following compliance requirement. \r\n \r\nSpecial Tests and Provisions \r\n \r\nThe reportable condition described above is not considered to be a material weakness. \r\n \r\n5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Worth County Board ofEducation's report on compliance with requirements applicable to major programs was unqualified. \r\n \r\n6. Audit Findings Required to be Reported by Section .510(a) of 0MB Circular A-133 The Worth County Board of Education's audit disclosed an audit finding required to be reported by section .510(a) of 0MB Circular A-133. This audit finding is included in section IV of this report. \r\n \r\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 84.367 Elementary and Secondary Education Act - Title II - Improving Teacher Quality \r\n \r\n- 1- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2003 \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000. \r\n9. Low Risk Auditee The Worth County Board ofEducation qualified as a low risk auditee as defined by Section .530 of 0MB Circular A-133. \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\nCASH AND CASH EQUIVALENTS REVENUES/RECEIVABLES/RECEIPTS EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Accounting Procedures Reportable Condition Finding Control Number: FS-7591-03-01 \r\nOur examination of the school activity accounts (Principals Accounts) disclosed weaknesses in internal control as discussed below: \r\nCash and Cash Equivalents  The bank reconciliation function was not separated from the record keeping function. \r\nRevenues/Receivables/Receipts  Deposit preparation was not separated from the record keeping and cash custody function. \r\n A test of twenty receipts disclosed that the receipts did not contain adequate supporting documentation. \r\nExpenditures/Liabilities/Disbursements  A test of twenty disbursements disclosed that one item did not have a purchase order, and one item did not have supporting documentation. \r\nThese deficiencies were a result ofmanagement's decision to limit the number ofadministrative staff made responsible for accounting functions and the failure to establish controls to ensure that receipts and disbursements are properly documented. Management should implement procedures to ensure that the key accounting functions of custody, record keeping and authorization be segregated. Additionally, management should establish controls to ensure that adequate documentation is maintained for school activity account transactions. \r\n-2 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2003 \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\nCASH AND CASH EQUIVALENTS REVENUES/RECEIVABLES/RECEIPTS EXPENDITURES/LIABILITIES/DISBURSEMENTS Inadequate Accounting Procedures Reportable Condition Finding Control Number: FS-7591-03-01 \r\nManagement's Response: \r\nThe School District is in the process ofimplementing procedures to reduce the weakness in internal controls relating to school activity accounts within the constraints of severe budget cuts due to the state's austerity reductions. \r\nIII FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\nSPECIAL TESTS AND PROVISIONS Fiscal Requirements of School-wide Program Not Fully Implemented Reportable Condition U.S. Department of Education Through Georgia Department of Education Finding Control Number: FA-7591-03-01 \r\nDuring the year in review, there were four schools that the School District identified as participating in a school-wide program. While Federal provisions prescribe that multiple funding sources (Federal State or Local) are required to support a school-wide program, we noted that the Title I program was identified as the only funding source supporting the school-wide program concept at the participating schools and, in contrast with Federal requirements, the School District arbitrarily charged the Title I fund with school-wide expenditures. \r\nIn accordance with provisions ofU. S. Department of Education Instructions and 0MB Circular A133, 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 achievements for all students. By combining funds from Title I and other eligible U. S. Department ofEducation funded programs in support ofa school-wide program, U. S. Department of Education Instructions provide that specific school-wide program costs lose their identity but only in those circumstances when funds are combined in a schoolwide program. In line with 0MB Circular A-87 requirements, school-wide expenditures should be charged to those Federal funding sources supporting the school-wide program in a reasonable manner. If there is only one Federal funding source, then costs should be charged to the Federal program based on the specific benefits derived from that cost. When more than one Federal program supports a school-wide program, then school-wide program expenditures may be allocated to specific Federal funds in proportion to the different Federal funds provided in support of the school-wide \r\n-3- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2003 \r\nIII FEDERAL AWARD FINDINGS AND QUESTIONED COSTS SPECIAL TESTS AND PROVISIONS Fiscal Requirements of School-wide Program Not Fully Implemented Reportable Condition U. S. Department of Education Through Georgia Department of Education Finding Control Number: FA-7591-03-01 program. It was the School District's understanding that costs related to a school-wide program lose their identity and therefore any school-wide program cost can be charged to the Title I program. They were unaware that this was only applicable when there is more than one funding source supporting the school-wide program. The School District should implement procedures to assure that ifthe Title I program continues to be the only funding source in support ofa school-wide program, only those costs that specifically relate to the Title I program may be charged to the Title I fund. If more than one funding source is to support the school-wide program in the future, then procedures should be developed to (1) combine such funds as prescribed by U.S. Department ofEducation and (2), in line with 0MB Circular A-87 provisions, allocate such school-wide program costs to the respective Federal fund in a reasonable manner. The School District should seek Georgia Department of Education guidance in implementing fiscal procedures for combining and allocating school-wide program expenditures to Federal programs. Management's Response: Through new guidelines introduced by Georgia Department ofEducation, the School District will be implementing procedures to (1) combine at least one other Federal fund with Title I funds to support school-wide programs and (2) allocate these school-wide expenditures in a manner that complies with 0MB Circular A-87 provisions. \r\n-4- \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw9-b2001-h2002","title":"Worth County Board of Education, Sylvester, 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, Worth County, 31.55151, -83.85088"],"dcterms_creator":["Georgia. 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(Worth County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007; Salaries and travel reimbursement (Worth County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2000, issued in 2001 (online surrogate); title from PDF cover (Georgia Government Publications database, viewed May 13, 2016).","Fiscal year ended June 30, 2008, issued in 2009 (online surrogate); (Georgia Government Publications database, viewed May 13, 2016)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Worth County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Worth County--Auditing--Periodicals.","Education--Georgia--Worth County--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Worth County.--fast--(OCoLC)fst01217122","Georgia Government Documents--Serial"],"dcterms_title":["Worth County Board of Education, Sylvester, 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-bw9-b2001-h2002"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw9-b2001-h2002"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"GtI \r\n \r\n'. \r\n \r\n,, \r\n \r\n., \r\n \r\n\" \r\n \r\nASDo .,' \r\n \r\n,' \r\n \r\n, \r\n \r\n\" \r\n \r\n,'R I \r\n \r\n.'~ .:.' ',~ , \r\n \r\nr;:;;l(, \r\n \r\nwf \r\n \r\n,, \r\n \r\nilOC! 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',' ' \r\n \r\n, \r\n \r\n,, \r\n \r\n\" \r\n \r\n\" \r\n\" \r\n \r\n\" \r\n \r\n'. \r\n \r\n. \" , \r\n \r\n\" \r\n \r\n'\" \r\n \r\n\" \r\n \r\n., \r\n \r\n\" \r\n\" \r\n \r\n\" \r\n. .\"-' \r\n \r\n\" \r\n\" \r\n'.. \" I \r\n \r\n,\" \r\n\" \r\n \r\n.. \r\n \r\n.' \r\n \r\n.~ \",- \r\n \r\n, , ,.. \r\n \r\n'. \r\n \r\n\" \r\n \r\n WORTH COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED RFPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SLPPLEMENTARY INFORMATlONSCHeDULE OF EXPENDIl URES or rEDERAL AWARDS \r\n \r\nEXHIBITS \r\n \r\nGENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nCOMBINED STATEMENT\u003c; - OVLRVILW \r\n \r\nA \r\n \r\nCOMBINED DALANCF SHEET \r\n \r\nALL FUND TYPES AND ACCOUN I' GROUP \r\n \r\n2 \r\n \r\nB \r\n \r\nCOMBINED STATEMENT or REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES \r\n \r\nALL GOVERNMENTAL FUND TYPES \r\n \r\n4 \r\n \r\nC \r\n \r\nCOMBINED STATEMENT OF REVENUES. EXPENDITURES AND \r\n \r\nCHANGLS IN FUND BALANCES - BUDGEl AND ACTUAL \r\n \r\n(NON-GAAP BASIS) \r\n \r\nGENERAL AND SPECIAL REVENUE FUNDS \r\n \r\n7 \r\n \r\nD \r\n \r\nCOMBINED STATEMENT OF REVENUI-.S, EXPENSES AND \r\n \r\nCHANGES IN FUND BALANCES \r\n \r\nFIDUCIARY FUND TYPE - NON EXPENDABLE TRUST FUNDS \r\n \r\n8 \r\n \r\nE \r\n \r\nCOMBINED STATEMENT OF CASH FLOWS \r\n \r\nFIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUNDS \r\n \r\nlJ \r\n \r\nI' NO I ES TO THE GENI,RAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\n10 \r\n \r\nADDITIONAL FINANCIAL INFORMATION \r\n \r\nCOMBINING STATEMEN rs \r\n \r\nSPECIAL REVENUE FUND \r\n \r\nG \r\n \r\nCOMBINING BALANCE SIIEET \r\n \r\n22 \r\n \r\nH \r\n \r\nCOMBINING STATEMENT or REVENUES, EXPENDITURES \r\n \r\nAND CIIANGES IN FUND BALANCES \r\n \r\n24 \r\n \r\nCAPITAL PROJECTS FUND \r\n \r\nI \r\n \r\nCOMBINING BALANCE SHEEl \r\n \r\n26 \r\n \r\nJ \r\n \r\nCOMBINING STArl:.MENTOF REVENUES, EXPENDITURES \r\n \r\nAND CHANGES IN FUND BALANCES \r\n \r\nDEBT SERVICE rUND \r\n \r\nK \r\n \r\nCOMBINING BALANCF SHFf.T \r\n \r\n28 \r\n \r\nL \r\n \r\nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \r\n \r\nAND CHANGES IN FUND BALANCES \r\n \r\n2lJ \r\n \r\nM \r\n \r\nFIDUCIARY FUND TYPI- \r\n \r\nCOMBINING BALANCE SIIEET \r\n \r\n30 \r\n \r\n WORTH COUNTY BOARD OF EDUCAliON - TABLE OF CONTENTS- \r\n \r\nSECTION I \r\n \r\nr1NANCIAL \r\n \r\nADDITIONAL FINANCIAL INFORMATION \r\n \r\nSCHEDULES \r\n \r\nSCHFDULL OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\n31 \r\n \r\n2 SCHEDULE OF STATE REVENUE \r\n \r\n33 \r\n \r\n3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECl S \r\n \r\n35 \r\n \r\nALLOTMENTS AND EXPENDITURI:.S \r\n \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \r\n \r\n4 \r\n \r\nBY PROGRAM \r\n \r\n36 \r\n \r\n5 \r\n \r\nBY SITE \r\n \r\n37 \r\n \r\nSECTION II \r\nCOMPLIANCE AND INTERNAL CONTROL REPORTS \r\nREPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF fINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABI.E TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 \r\n \r\nSECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SuMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\nSECTION IV FINDINGS AND QUESTIONFD COSTS SCHEDULf OF FINDINGS AND QUESTIONED COSTS \r\n \r\n SECTION I FINANCIAL \r\n \r\n HI\"\". I. W. HI'\" 10' 5 rArr \"u~)JJOP \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n::!54 W.I...tllng:ton ~Iru.~l ~ W SUlIl ::! 14 AII\"\"I\" GeorgI\" ~()114-X4(K) \r\n \r\nJune 13.2003 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly Member~ of the State Board of l.du~allon \r\nand Supenntendent and Members of the Worth County Board of Education \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GLNERAL-PURPOSE FI\"lANCIAI STATEMlN'! SAND SUI'I'IJ,MLI'\u003cTARY INFORMA IION- \r\nSCHf,DULI- or EXI'ENDII URES OF FI::DI- RAL A WARDS \r\nLadle~ and Gentlemen \r\nWe have audited the aeeompanymg general-purpo~e financial ~tatements ofthe Worth County Board of Education. as of and for the year ended June 30, 2002. as listed 10 the table of eontent~ These general-purpose financial statements are the responslbihty of the Worth County Board ofEdueallon's management Our responslblhty IS to express an 0plmon on these general-purpose financial ,tatement~ based on our audit \r\nWe conducted our audit 10 accordance With audltmg standard~ generally accepted 10 the Umted States of Amenea and the standards appheable to linanel3l audits contamed m Government Auditing Standards. I,sued by the Comptroller General 01 the Umted States Those standard~ require that we plan and pcrfonn the audit to obtam reasonable a~suranee about whether the financl3l statements arc free of matenal misstatement An audit mclude.. exammmg, on a te~t ba~ls. eVidence supportmg the amounts and disclosures 10 the linanel3l statements An audit abo mcludes assessmg the aecountmg pnnelples used and slgmfieant estImate~ made by management, as well as evaluatmg the overall linanel3l statement presentatIon We bcheve thal our audit provlde~ a reasonable ba'is for our opmlon \r\nA .. de..enbcd 10 the notes to the general-purpose financial ..tatements. the Board of EducatIOn's tinanelal slatements bave been prepared usmg certam accountmg practices and poh~le, which. 10 our opmlon. vary m \u003eorne respect\u003c, from generally accepted accounting pnnclples TheM: vanances are de..cnbed a~ tollows \r\n \r\n2002ARL-13 \r\n \r\n * Inc general-purpose Iinanclal ,tatement, of the Hoard of Educallon did not contain a \r\nGeneral fixed A,;cts Account Group to account for property and cqUipment o\\\\ned by the Board of Educallon \\\\hlLh ~hould be Included to conform to generally accepted accounting pnnciples \r\n* Inc Board of EducatIOn dId not report compcn\u003eated absenccs \\\\lthln the general-purposc \r\nfinancIal ,tatement~ a~ reqUired by generally acccpted accounting pnnclples \r\n* School actIVIty accounts maintained at the Indmdual schools arc not Included In the \r\ngeneral-purpose financial statement~ To conform to generally accepted accounting pnnciples. the,e accounts should be Included In the geneml-purposc financIal \r\nstatement~ \r\nThe aggregatc effect\u003e on the general-purpose financial ,tatements of these vanances or omI\u003e\u003eIon, have not been determined. but are believed to be matenal \r\nIn our OpinIOn, except for the effects on the general-purpose financial statements of the matters referred to In the preceding paragraph. the general-purpose Iinanclal statements referred to above present Ilmly, In all matenal respects, the finanCial po\u003eltlOn ofthe Worth County Board ofEducatIOn as of June 30, 2002, and the result\u003e of Its operations and the cash flows of lis nonexpendable trust funds for the year then ended, In conformity With accounting principle, generally accepted In the Umted State, of Amenea \r\nIn accordance With Government Audnlng Standard\" we have abo Is,ued our report dated June 13, 2003, on our con~lderatlOn of the Worth County Board of EducatIOn's Internal control over financial reportIng and our tests of lis compliance With certain provI~lon~ of law\" regulations, contracts and gmnts 1nat report I~ an Integml part 01 an audIt performed In accordance wllh Government Auditing Standards and should be read In conJunctIOn \\\\lth thl~ report In con,ldenng thc results of our audit \r\nOur audll was performed for the purpose of forming an opinIOn on the general-purpose financIal statements of the Worth County Board of J:.duealJon taken a~ a whole The accompanYIng wmblnlng statements (E'\\hlblh G through M) and the finanCIal sehedule~ (Schedules 1through 5), which Includes the Schedule of E'\\pendltures of Federal Awards a~ reqUired by U S Office of Management and Budget Circular A-l33, Audl/' o{StLl/e\" Local (iul'I?rnments, and l'v'on-Profit OrKllnl=atlUnI are presented for purpo~e~ of addlllOnal analY~I; and arc not a reqUired part of the general-purpose financIal ~tatement\u003e Such InlormalJon ha.~ been subjected to the auditing proeedure~ applied In the audll of the general-purpo~e finanCIal statement, and In our opinIOn. except for the effects of the matters referred to In the third paragraph, ~ueh InformatIOn I' fairly 'tated. In all matenal re~peets, In relalJon to the general-purpo,e financial statements taken as a whole \r\n2002ARL-13 \r\n \r\n A copy ofthl~ report has been filed as a permanent record in the office of the State Auditor and made aVailable to the press ofthe State, as provided for by OffiCial Code ofGeorgm Annotated Secllon 50- \r\n6-24 \r\nRWHas 2002ARL-13 \r\n \r\n WORTH COUNTY BOARD OF EDUCAnON \r\n \r\n  EXHIBIT -g \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nFIDUCIARY FUND TYPE \r\nTRUST \r\nFUNDS \r\n \r\nACCOUNT GROUP \r\nGENERAL \r\nLONG-TERM \r\nDEBT \r\n \r\nTOTALS \r\n \r\n(Memorandum Only) \r\n \r\nJUNE 30, 2002 \r\n \r\nJUNE 30, 2001 \r\n \r\nS 1375,93256 S \r\n \r\n163223 \r\n \r\nS 364704386 S 463773855 \r\n \r\n368425 \r\n \r\n520391 95 \r\n \r\n904 467 23 \r\n \r\n6971 \r\n \r\n24889 \r\n \r\n337853930 \r\n \r\n332123301 \r\n \r\n5739 \r\n \r\nS \r\n \r\n137600227 \r\n \r\n618,99773 \r\n \r\n406697 1156481 1,37800227 \r\n61899773 \r\n \r\n66934 1360033 1 26558850 \r\n884,41150 \r\n \r\nS 1,37600227 S \r\n \r\n556517 S \r\n \r\n1,99500000 S 9 ~56 664 08 S 1102770846 \r\n \r\nS \r\n \r\n9594576B S \r\n \r\n76921540 \r\n \r\n2 ~3 765 51 \r\n \r\n2764,664 12 \r\n \r\n14 336 58 \r\n \r\n9 59B 82 \r\n \r\n17,017 00 \r\n \r\n221 03772 \r\n \r\n69 BOO 00 \r\n \r\n11143540 \r\n \r\n7842 \r\n \r\nS \r\n \r\n1,99500000 \r\n \r\n1995,000 00 \r\n \r\n2,150,00000 \r\n \r\nS \r\n \r\n1995000 00 S 5 999,3B5 97 S 6026 029 68 \r\n \r\nS 1,37600227 S \r\n000 S 1,376,00227 S S 1,376,00227 S \r\n \r\n450000 \r\n1 oe~ 17 556517 \r\n \r\nS \r\n \r\n2273206 S \r\n \r\n7168500 \r\n \r\n1 37600227 \r\n \r\n1265 588 50 \r\n \r\n450000 \r\n \r\n450000 \r\n \r\n406697 1156461 \r\n478 ..9883 \r\n \r\n66934 1360033 492 \"29 00 888 \"'5 25 \r\n \r\n14905 85 1,64500752 \r\n \r\n22 707 85 2,241,88331 \r\n \r\nS 3,557,27811 S 5,00167858 \r\n \r\n5,56517 S \r\n \r\n1,995.000 00 S 9,5566\u0026408 S 11,027,70646 \r\n \r\n-3- \r\n \r\n WORTH COUNTy BOARD OF EDUCATION CQMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nALL GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30 2002 \r\n \r\nREVENUES \r\nState Funds Federal Funds Taxes Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent InstruCbOn \r\nSupport SoMce, \r\nPupil Servk:es Improvement of InstrucbonBl 8eMCeS EducabOnaJ Media ServIces \r\nGeneral Admlnlstratlon \r\nSchool N:Jmllllstrabon Busmess Admmlslrahon Maintenance and Operabon of Plant Student Transportation Services Central Support efVlC8S Other Support ServICeS \r\nFood 5eMces Operatloo \r\nEnlerpnse Operations Communrty SeMCeS OperatIons Capllal Outlay Debt service PnnClpal Interest PaYIng Agent Fees \r\nTotal Expenchtures \r\nExcess of Revenues over' (under) Expendrtla\"es \r\nQTHER FINANCING SOURCES (USES) \r\nOperating Transfers In OperaliJlQ Transfers Oul \r\nTOlal Other Ftnancmg Sources (Uses) \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other FlI\\8ncmg Uses \r\nFUND BAlANCE JULY 1 \r\nFood Inventory - Net Change In Penod Donated Commochbe5 Purt:l1aSed Food \r\n \r\nGENERAL FUND \r\n \r\nSPECIAL REVENUE \r\nFUND \r\n \r\nS 198047317 15 S \r\n804713804 4931 86251 \r\n34068186 \r\nS 25,1804,57536 S \r\n \r\n800 695 90 349751335 \r\n368 64217 \r\n4866 85142 \r\n \r\nS 17 173 05714 S \r\n1211,990 16 531,27578 666 018 66 264,\"349 \r\n1,850,06346 278,\"550 \r\n1 866,8043 58 '4'1,77470 \r\n246054 70 240.390 277 25 \r\n945267 \r\n \r\n1878817 79 \r\n8570589 162,21669 \r\n9,98319 160,78283 \r\n48572 \r\n13,47075 10.,79795 \r\n134 669 43 208651917 \r\n,.6296 \r\n \r\nS 25 531 8040 99 S \r\n \r\nS \r\n \r\n-34726563 S \r\n \r\n4658 912 37 793905 \r\n \r\nS \r\n \r\nS \r\n \r\n-200 10. 76 \r\n \r\n49752297 \r\n \r\nS \r\n \r\n-200,10. 76 S \r\n \r\n49752297 \r\n \r\nS \r\n \r\n-54737039 S \r\n \r\n1 518 130 22 \r\n \r\n50546202 21962808 \r\n \r\n339763 -2,035 72 \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\nS \r\n \r\n97075983 S \r\n \r\n726 452 01 \r\n \r\nThe notes to lhe general.purpose f1nanaal statements are an Integral part of thiS statement - 4- \r\n \r\n EXHIBIT ~B~ \r\n \r\nCAPITAl PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAlS \r\n \r\n(Memorandum Only) \r\n \r\nYEAR ENDED \r\n \r\nJUNE 30 2002 \r\n \r\nJUNE 30 2001 \r\n \r\n$ 1021 15088 S 529770 \r\n$ 1 026 B 58 S \r\n \r\n$ \r\n406 685 23 655339 \r\n \r\n20,648 013 05 S 3562,22719 6,359698 62 721 17512 \r\n \r\n1992878522 374002475 5884 066 64 \r\n71007315 \r\n \r\n41323862 S 3129111398 $ 30 262 949 76 \r\n \r\nS 2243 ... 55 $ \r\nS 2.243 ... 55 $ S -1,21699597 $ \r\n \r\n$ 19,05187493 $ 18,17011419 \r\n \r\n1297696 05 71349247 67600' 85 42522632 \r\n1 85054918 276\"550 \r\n188041433 1 516572 65 \r\n246,054 70 15871333 2088 796 42 \r\n146296 \r\n225289722 \r\n \r\n1 19714920 67009847 599 324 59 496 436 28 \r\n1 92895295 275209 65 \r\n1 834,02022 1 525296 37 \r\n169866 81 11539926 220221607 \r\n1 90063 943800 1 504 641 90 \r\n \r\n155000 00 14712125 \r\n70360 \r\n \r\n15500000 147121 25 \r\n70350 \r\n \r\n14500000 15736000 \r\n70540 \r\n \r\n30282485 $ 32 737 022 76 $ 31 003 130 01 \r\n \r\n11041377 $ -1\"590878 $ \r\n \r\n-74018025 \r\n \r\n$ \r\n \r\n200104 76 \r\n \r\n-49752297 \r\n \r\n$ \r\n \r\n-29741821 \r\n \r\n$ \r\n \r\n69762773 $ \r\n \r\n-69762773 \r\n \r\nS \r\n \r\n000 S \r\n \r\n28.26300 -2826300 \r\n000 \r\n \r\nS -1 51441418 S 1 992,91301 \r\n \r\n11041377 $ 1265,56850 \r\n \r\n1,\"5,908 78 S 4996 259 81 \r\n \r\n.740,180 25 5735 098 71 \r\n \r\n339763 -203572 \r\n \r\n-25917 1 600 52 \r\n \r\n$ \r\n \r\n478498 83 $ 1 37600227 $ 355171294 $ 4996 259 81 \r\n \r\n-5- \r\n \r\n  WORTH COUNTY BOARD OF EpUCATION COMBINED STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES \r\nBUDGET AND ACTUAL - (NON-GMp BASIS) GENERAl.. AND SPECIAL REyENUE FUNDS \r\nYEAR ENDED JUNE 30 2002 \r\n \r\nEXHIBIT C \r\n \r\nGENERAl FUND \r\n \r\nBUDGET \r\n \r\nACTUAl \r\n \r\nREVENUES \r\n \r\nSlate Funds Federal Funds Taxes Other Funds \r\nTolal Revenues \r\nEXPENDITURES \r\n \r\n$ 19.028 226 80 $ 1984731715 \r\n \r\n27500000 \r\n \r\n64 713 84 \r\n \r\n4866 035 00 \r\n \r\n493186251 \r\n \r\n160 040 00 \r\n \r\n340,68186 \r\n \r\n$ 24329 301 80 S 25[184 575 36 \r\n \r\nCurrent Instruction Support Serw:es Pupil servICes Improvement of InstructIOnal servces Educallonal Media Services General AdministratIOn School AdrrunlstrallOn BuSIness AdminIstratIOn Maintenance and OperatIOn of P1anl Student Transportatlon ServICeS Central Support SeMCes Other Support SeMCeS Food ServICes Ope~hon Enterpnse Operations \r\nCapt.lal Outlay \r\nTotal Expendrtures \r\n \r\n$ 16756 76156 S 17,17305714 \r\n \r\n1 13207471 691,834 35 61612197 297,959 54 \r\n1876,106 53 279,54942 \r\n174681500 1468 16954 \r\n233 464 02 361900 \r\n \r\n121199016 53127578 666 018 66 264 443 49 \r\n1850 063 46 27644550 \r\n1886 943 58 141177470 \r\n246 054 70 2404390 277 25 \r\n \r\n151000 00 \r\n \r\n9 452 67 \r\n \r\n$ 2511747564 $ 25531 840 99 \r\n \r\nExcess of Rev(lnues over (under) ExpenditUres \r\n \r\n$ 788 173 84 $ 347,26563 \r\n \r\nOTHER FINANCING SOURCES (USES) \r\n \r\nOther Sources Other Uses \r\n \r\n$ -200 104 76 \r\n \r\nTotal Other FinanCing Sources (useS) \r\n \r\n$ -200 104 76 \r\n \r\nExcess of Revenues and Other Flnenong Sources over (under) Expenditures and Olher Flnaoong Uses $ \r\n \r\n788 17384 $ \r\n \r\n-54737039 \r\n \r\nFUND BALANCE JULY 1 2001 \r\nAdjustments Food Inventory Nel Change I1l Penod \r\nDonated Commodilles Purchased Food \r\n \r\n1684 459 35 \r\n \r\n1 518 130 22 \r\n \r\nFUND BALANCE JUNE 30 2002 \r\n \r\n$ \r\n \r\n896[28551 $ _...::9~70::.7::.59;:;:.:B3~ \r\n \r\nSPECIAL REVENUE FUND \r\n \r\nBUDGET \r\n \r\nACTUAl \r\n \r\n$ 750 689 00 $ 800 695 90 \r\n \r\n377030200 \r\n \r\n349751335 \r\n \r\n41966500 \r\n \r\n36864217 \r\n \r\n$ 4,940,656 00 $ 4666 85142 \r\n \r\n$ 197641100 $ 187881779 \r\n \r\n107 2Ql; 00 220 966 00 \r\n1000000 182,97100 \r\n60000 \r\n \r\n85705 89 182 216 69 \r\n9983 19 160 782 B3 \r\n485 72 \r\n \r\n14,086 00 109 869 00 \r\n \r\n1347075 104 797 95 \r\n \r\n149 3B9 00 2168 568 00 \r\n \r\n134 669 43 2 0B6 519 17 \r\n146296 \r\n \r\n$ 4940156 00 $ 4658 912 37 \r\n \r\n$ \r\n \r\n500 00 S \r\n \r\n7939 05 \r\n \r\nS 497522 97 \r\n \r\nS 49752297 \r\n \r\n$ \r\n \r\n50000 $ \r\n \r\n21543220 \r\n \r\n368546 \r\n \r\n50546202 21962808 \r\n339763 -2.03572 \r\n \r\n$ 219 617 66 $ _ _7:.:26~4\",5~2.0.~1_ \r\n \r\nThe notes to the general-purpose f1nanoaJ statements are an Integral part of this statement 7 \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nCOMBINED STATEMENT OF REVENUES EXPENSES AND CHANGES IN FUND BALANCES \r\n \r\nFIDUCIARY FUND TYPE - NON EXPENDABLE TRUST FUNDS \r\n \r\nYEAR ENDED JUNE 30 2002 \r\n \r\nOPERATING REVENUES None Recorded \r\nOPERATING EXPENSES Current Instruction Qperabng Income (Loss) \r\nNONOPERATING REVENUES Interest Earned Net Income (Loss) \r\nFUND BALANCE JULY 1 \r\n \r\nCHASE S OSBORN \r\nFUND \r\n \r\nHELEN DAVIS STORY \r\nFUND \r\n \r\nTOTALS (Memorandum Only) \r\nYEAR ENDED \r\nJUNE 30 2002 JUNE 30 2001 \r\n \r\n$ \r\n \r\n000 $ \r\n \r\n000 $ \r\n \r\n000 $ \r\n \r\n000 \r\n \r\n$ \r\n \r\n000 $ \r\n \r\n$ \r\n \r\n000 $ \r\n \r\n000 $ 000 $ \r\n \r\n000 $ 000 $ \r\n \r\n5000 -5000 \r\n \r\n2921 \r\n \r\n$ \r\n \r\n29 21 $ \r\n \r\n1 41927 \r\n \r\n117 19 117 19 $ 3,999 50 \r\n \r\n14640 146 40 $ 5,41877 \r\n \r\n25979 209 79 5,208 98 \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n$ \r\n \r\n1,44848 $ \r\n \r\n411669 $ \r\n \r\n5,565 17 $ _ _..;5~,4.;.1;,;8~7~7_ \r\n \r\nThe notes to the general-purpose financial statements are an Integral part of thiS statement - 8- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF CASH FLOWS FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUNDS \r\nYEAR ENDED JUNE 30 2002 \r\n \r\nEXHIBIT \"E\" \r\n \r\nCash Flows from Operating AclJVIlIBs Cash Paid for Scholarships \r\nCash Flows from Invesbog ActlVlllBs Interest ReceIved on Investments Purchase of Investments \r\nNet Cash Provided by Investment ACbvllJes \r\nNet Increase (Decrease) In Cash \r\nCash and Cash EqUivalents - July 1 \r\n \r\nCHASE S OSBORN \r\nFUND \r\n \r\nHELEN DAVIS STORY \r\nFUND \r\n \r\nTOTALS (Memorandum Only) \r\nYEAR ENDED JUNE 30, 2002 JUNE 30 2001 \r\n \r\n$ \r\n \r\n000 S \r\n \r\n000 $ \r\n \r\n000 S \r\n \r\n-5000 \r\n \r\n$ \r\n \r\n2921 $ \r\n \r\n000 $ \r\n \r\n2921 $ \r\n \r\n22595 -184 25 \r\n \r\n$ \r\n \r\n2921 $ \r\n \r\n$ \r\n \r\n2921 $ \r\n \r\n141927 \r\n \r\n000 $ 000 $ 183 75 \r\n \r\n2921 $ 2921 $ 1 60302 \r\n \r\n41 70 -830 1 611 32 \r\n \r\nCash and Cash EqUivalents - June 30 \r\n \r\n$ \r\n \r\n1,44848 $ \r\n \r\n18375 $ \r\n \r\n1,632 23 $ ~_~1\",,6;;;03;;.;;02;., \r\n \r\nThe noles to the general-purpose finanCial statements are an Integral part of this statement - 9- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOl ES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 2002 \r\n \r\nNote I SUMMARY OF SIGNIFICANT ACCOUN rING POLICIES \r\nREPORTING ENTITY \r\nfhe Worth County Board of EducatIOn (School DIstrIct) was estabh~hed under the laws of the State of Georgia and operates under the gUidance of a school board elected by the voters and a Supenntendent appointed by the Board The School Dlstnct is organlLed as a separate lcgal enllty and has thc power to levy taxes and Issue bonds Its budget IS not subject to approval by any other enllt)' Accordingly, the School DIstrict IS a pnmary government and consIsts of all the orgamzatlOns that compose ItS legal enllty \r\nFUND ACCOUNTING \r\nThe School DistrIct use~ funds and an account group to report on Its finanCial posItion and the results of ItS operatIOns Fund accounting IS deSIgned to demonstrate legal eomphance and to aId finanCial management by segregating transactIOns related to certain go\\ernmental funcllons or aCllvllles A fund I~ a separate accounting entity With a self-balancing set of accounts An account group I~ a finanCial reporting device deSIgned to provide aceountabihty for certain assets and habihlles that are not recorded m the funds because they do not directly affect expendable available finanCIal \r\nre~ources \r\nGeneral FIxed Assets are recorded as expenditures In the varIous funds at the lime ofpurcha~ A General Fixed Assets Account Group IS not presently mamtamed by the School DiStrIct To conform to generally accepted accounting prinCiples, a General FIxed Assets Account Group should be mamtalned for reporting the cost of assets acqUired by governmental fund types \r\nAlthough \"school acllvlty accounts\" are mamtamed at the indIVidual schools, neIther the assets, hablhtles and fund eqUity, nor the revenues, expenditures and changes In fund balances of these accounts are reflected m these finanCial statements To conform to generally accepted accountIng prInCiples, these accounts should be recorded In the general-purpose finanCIal statements \r\nThe general-purpose finanCial statements account for all State, Federal, Taxes and Other funds under control of the School DIstnct, In comphance With generally accepted accounting prInCIples apphcable to governmental urnts, unles~ othem1se dIsclosed m these notes Funds and the account group presented in thiS report are as follows \r\nGOVERNMENTAL FUND TYPES - are used to account for all or most of the School DI~tnct's educallonal acllvilles Governmental Fund f)pes mclude \r\nGENERAL FUND - the fund used to account for all finanCial resources of the School Dlstnct except those required to be accounted for In another fund These transactIOns relate to resources obtamed and used for servIces proVIded by a board of educatIOn \r\n \r\n- 10 - \r\n \r\n WORTH COUNTY BOARD OF EDUCAnON \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTES TO THE GENERAL-PURPOSf:. FINANCIAL S r ATEMrNTS \r\n \r\nJUNE 30, 2002 \r\n \r\n:-Jote 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLlCllS \r\nSPECIAL REVENUl FUND - the fund used to account for the proeeed~ of speCific revenue sources (other than for maJor capital proJects) that are legally restneted to expenditures for speCified purposes These funds arc received pnmarily from the Georgia Department of EducatIOn and from the Federal government to accomplI,h speCific educatIOnal obJectlves \r\nCAPITAl PROJEC rs FUND - the fund uscd to account for finanCial resources to be u~ed for the acqUlsltlon or constructlon of major capital faCilities \r\nDEBT SERVICE FUND - the fund used to account for the accumulatlon ofresources for. and the paymcnt of, general long-term pnnclpal. Interest and paYing agent fces \r\nFIDUCIARY FUND TYPE - the fund used to account for assets hcld by a government unit In a trustec capacity or as an agent for indiViduals, pnvatc organIzation.\" other govcrnment units and/or other funds ThiS fund Includes' \r\nNONEXPENDABLE TRUST FUNDS Chase S. Osborn Fund - the fund used to account for an endov.mcnt of\\vruch the corpu~ IS to be Invested and preserved Intact v.lth the resultant income to be used to proVide an award to the Worth County School DiStriCt spelling champIOn \r\nHelen Davis Story Fund- the fund used to account for an cndov.ment of which thc corpus IS to be 1m ested and preserved Intact With thc resultant Income to be lL.,ed to prov Idc a seholarshlp to a senIor class studcnt \r\nACCOUNT GROUP \r\nG[NERAl lONG-TERM DEBT ACCOUNT GROUP - A financial rcporting dcvlce used to account for general obligatlon debt outstanding \r\nBASIS OF ACCOUNTING \r\nrhc accounting and finanCial reporting treatment applied to a fund IS determined by ItS mcasurement focu, All governmental fund, are accounted for using a current finanCial resources mea~uremcnt focus With thiS measurcment focus, only currcnt assets and current IIabilltles generally are Included on the halance sheet Operating statements ofthesc funds prcscnt Incrcascs (I e , revenues and other finanCing sources) and decreases (I e, expenditures and other finanCing uses) In net current assets Then reportcd fund balancc is consldcred a measure of available spendablc re,ourcc, \r\nllabilitles which arc expected to be financed from available spendable resources are reported as IIabllitles In the governmental funds Othcr liabilities, \\\\ hlch are not cxpcctcd to be financed from availablc spendable resources, are reported In the General long-Term Debt Account Group \r\n \r\n- 11 - \r\n \r\n WORTH COUN fV BOARD OF EDUCATION NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\nJUNE 30, 2002 \r\n \r\nEXHIBIT'T\" \r\n \r\nNote I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nAll nonexpendable trust funds are aecounted for on a flow of economic resources measurement focus With tlus measuremcnt focus, all assets and liabilities associated mth thc operatIOn of these funds are Included on the balance sheet OperatIng statements present mcreases (e g ,re~enue~) and decreases (e g , expenses) In net total assets \r\nGovernmental funds arc accounted for usmg the modIfied accrual ba~is of accountIng under which \r\nRevenues are rccogmzed when su~ccptlble 10 accrual (I e  whcn they bccome both measurable and available) \"Measurable\" means the amount of the lransaclion can be determmed and \"available\" means collectible WIthIn the current period or soon enough thereafter to be used to pay liabilities of the current period fhe School Dlstnct considers receIvables collected wlthm SIXty days after yearend to be available Property taxes, sales taxes and Interest are conSidered to be susceptible to accrual Nonexchange transactIOns, In which the School Dlstnct gives (or receIves) ~alue Without dIrectly recelVlng (or gl\\lng) equal value m exchange, mclude property ta'\\es. local optIOn sales taxe~, mtergovernmental grants and donatiOns Revenue for property taxes IS I'\\:cogmzed In the fiscal year for wluch the taxes are leVied Revenue from sales taxes IS recogmzed m the fiscal year the resources are received or susceptIble to accrual Revenue from grants and donatIOns IS rccogmzed In the fiscal year m wluch all ellglbl1lty requirements have been salisfied \r\nExpenditures are generally recognw:d when the related fund liabIlity IS Incurred \r\nA substantIal number of personnel of the School District were employed for a one hundred and mnety day period begmmng In August 2001 and ending In early June 2002 Employment contracts for these employment periods typically speci/) that compensatIon be paid m twelve equal monthly payments beginnIng m September 200 1 and endIng In August 2002 State grants to fund the State\\ share of thcse contracts are disbursed to the School Dlstnct In the same twelve month period In accordance With generally accepted accountIng prinCiples, salary and fnnge benefit expendItures and the related re~enue from the State to fund these contracts are recorded m the fiscal period covered by the~e finanCial statements \r\nlbe accrual basiS of accountmg, as reqUired by gcnerally accepted accounting principles, IS utIlized by noncxpendable trust funds Under the accrual basiS of accounting, revenues are recorded when carned and expenses are recorded at the time liabilities are mcurred \r\nBUDGET \r\nThe Worth County Board ofEducalion's budget IS a complete finanCial plan for the School DI~ct's fiscal year and IS based upon estimates of expenditures together With probable fundmg source~ Thcre IS no statutory prohibitIOn regardmg ovcrcxpendlture of the budget at any level The budget for all governmental funds IS prepared by fund. functIOn and object The legal level of budget control was established by the Board at the aggregate level The budget for governmental funds was prepared on a baSIS other than generally accepted accounting prinCiples. \r\n \r\n- 12 - \r\n \r\n WORTH COUNTY BOARD m l:DLJCA nON \r\n \r\nEXIIIBIT \").\" \r\n \r\nNOTES TO THE GENERAL-PURPOSI: FINANCIAL STATEMENl S \r\n \r\nJUNE 30, 2002 \r\n \r\nNote I SUMMARY OF SIGNIFICAN r ACCOUN rING POLICIES \r\nThe budget proce~., begins when the School Dlstnct's admlnl~trationprepares a tentallve budget for thc Board'~ approval After approval oftlu~ tentallve budget by the Board, such budget IS adverlJsed at least once In a newspaper of general clfculatlOn In the locahty. At the next called or regular mectlng of the Board after ad\\crtlsement, the Board receives comments on the tentallve hudget. makes reVI\u003elons as necessary and adopts a final school budget This final budget IS then submitted, In accordance with provlSlon~ of the QUality BasIc Educallon Act, OCGA SectIOn 20-2-167(c), to the Georgia Department of EducatIOn The Board may Increase or decrease the budget at any time dunng the year All unexpended budget authonty lapses at fiscal year-end \r\nCASH AND CASH EQUIVALENTS \r\nCOMPOSI nON OF DEPOSITS Cash and cash eqUivalents consist ofcash on hand, demand deposits and short-term Investments \\\\lth onglnal matunlles of three months or less from the date of acqUisitIOn In authorized financial 1n~!ItutlOns Georgia Law~ OCGA 45-8-14 authonze the School Dlstnct to deposllits funds in one or more ~olvent banks or Insured Federal savings and loan associatIOns \r\nINVESTMENTS \r\nCOMPOSITION OF rNVESTMENTS 1m estments made by the School Dlstnct In nonparticipating Interest-earrung contracts (such as certificates of dcposlt) and repurchase agreements are reported at cost Participating Interest-earrung contracts and money market Investments With a maturity at purchase of one year or less are reported at amortlLed cost Both participating Interest-earntng contracts and money market Investments \\Hth a maturity at purchase greater than one year arc reported at fair value The OffiCial Code of Georgia Annotated SectIOn 36-83-4 authonzes the School Dlstnct to Invest ItS funds and In selecting among optIOns lor Investment or among Inslltullonal bids for deposits, the lughest rate of return shall he the ohJectlve, given equivalent eondillons of safety and hqUldlly Funds may he Invested In the follo\\\\lng \r\n(I) Obhgations Issued hy the Statc of Georgia or by other states, \r\n(2) Obhgallo~ Issued by the Urnted State~ goverrunent, \r\n(3) Obhgatlons fully Insured or guaranteed by the Untted States goverrunent or a Untted Stales goverrunent agency, \r\n(4) ObhgatlOns of any corporatIOn of the Untted States goverrunent, \r\n(5) Pnme banker's acceptances, \r\n(6) The Local Goverrunent Investment Pool administered by the State of Georgia, Office of Trea~ury and Fiscal Services, \r\n- 13 - \r\n \r\n WOR fH COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTES TO THf GENERAl -PURPOSF FINANCIAL STATFMENl S \r\n \r\nJUNE 30, 2002 \r\n \r\nNote 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICILS \r\n \r\n(7) Repurchase agreements, and \r\n \r\n(8) OblIgatlOn~ of other polItical subdiVisions of the State of GeorgIa \r\n \r\nRECEIVABLES \r\n \r\nReceivables consist of grant reImbursements due on Federal. State or other grants for expendllures made but not reimbursed and other rece...,able~ disclosed from mfonnatlon available, ReceIvables are reeordcd when either the as~et or revenue recogmtlon crIteria has been met ReceIvables recorded on the general-purpose financIal statements do not mclude any amounts whIch would \r\nnecessItate the need for an allowance for uncollectIble receivables \r\n \r\nPROPERTY TAXES \r\n \r\n1be Worth County Board of CommisSioners fixed the property tID. levy for the 2001 ta, digest year (calendar year) on July 21. 2001 (levy date) Ta,es were due on December 20,2001 (hen date) faxe~ collected wllhm the current fiscal year or wllhm 60 day~ after year-end on the 2001 tax dIgest arc reported as revenue m fiscal year 2002 The Worth County fax CommissIoner bills and collects the property ta,e~ for the School DIStrict, Withholds 2 5% of taxes collected a~ a fee for tax collectIon and remits the balance of taxes collected to the School DIstrIct Property tax revenue~ dunng the fiscal year ended June 30, 2002 for mamtenanee and operations amounted to S4,912,853,22 and for school bonds amounted to $456 66 \r\n \r\n1 he ta, mIllage rate leVIed for the 2001 tax year (calendar year) for the Worth County Board of I:ducatlon was a~ follows (a nllll equals $1 per thousand doll~ ofasse%ed value) \r\n \r\nSchool Operations \r\n \r\nU.26 mills \r\n \r\nSALES TAXES \r\n \r\nSpeCIal Purpo~c Local Option Sale~ Tax revenue dUrIng the year amounted to $1 ,427,37945 and IS to be used for capital outlay for educatIOnal purpo~es or debt ~ervlce ThIs ~ales ta, wa~ authorIJ'ed by local referendum and the saIes tax must be re-authorIzed at least c\"ery Ihe years \r\n \r\nINVENTORIES \r\n \r\nrOOD INVENTORIf-5 InventOrIes of donated food commoditIes used m the preparatIOn of meals arc reported on the Combmed 13alance Sheet at thclr Federally asslgncd value Purcha.;ed foods mventOrIes are reported on the Combmed Balance Sheet at co~t (first-m, first-out) Donated food commodltIe~ are recorded as revenues and expenditures at the time commodIly Items are receIved. Purchased foods mventones arc recorded as expendllures al thc time of purchase The inventorIe~ reported on thc balance sheet \r\n \r\n- 14 - \r\n \r\n WORTH COLIN I Y BOARD or FDlJCA liON \r\nNOTES ro THr GENERAL-PIIRPosr FIN\u003e\\:-.iClAL STATE\\11 N IS \r\nJUNL 30, 2002 \r\n \r\nI:.XIIIIlIT \"~\" \r\n \r\nNote I SI JMMARY OF SIGNIFlCANl ACCOUN11M, POLICIES \r\nfor donated Il'od commoditIes and for purchascd foods are equally olT,ct by reselYallon, of fund balance which mdlcates that these amount\u003e do not constitute \"aVaIlable ,pendable resourcc,\" cven though thcy arc a component of net current assets \r\nPREPAID ITEMS \r\nPayments made to vcndor, lor ser\\lces that\", III benelit penod~ ~ub~cquent to June 30, 2002. are recordcd as prepaid Items \r\nCOMPENSATED ABSENCES \r\nCompensated absence, represent obligations of the School Dlstflet relatmg to employees' rIght, to receive compensation for future ab\u003eenees ba~ed upon servIce already rendcred ThiS obligation relates only to ve,tIng accumulatmg leave m which paymcnt I\u003e probable and can be rea~onably cstlmated No liability has been recorded m the mdlVldual fund, for thc current portion of thl, obligation as thIS amount IS deemed ImmaterIal to the general-purpose finanCial statemcnts \r\nHowever, the dollar value of accumulated compensated absences at June 30. which will be payable trom future re,ourees is matenal to the gencral-purpo,e financial statements and has not been recorded m the General Long-Term Debt Account Group as reqUired by generally accepted aceountmg pnnelples \r\nGEl\\ERAL OBLIGATION BONDS \r\nThe School DistrIct Issue, general obligatIOn bonds to proVide funds lor Ihe acqUisitIOn and wnslructlon 01 major capItal facilltle, Bond premlUm~ and dl,Lount\" as well as Issuance co~t~. are recogOl/ed m the Iinanelal statements durmg the year bonds are I\u003e,ued General obligation bonds are direct obligations and pledge the full faIth and credit ofthe government The out~tandmg amount of these bonds IS recorded m the General Long-Term Debt Account Group \r\nIl\\'TERFl1\"lD TRANSACTIONS \r\nThe School Dl\u003etnet ha~ the followmg types of mterfund transactIOns \r\nReimbun.ements of expendltures/expen~e~1001Ially made from a fund that are properly applicable to anothcr fund are recorded as expendltures/cxpenses m thc rClmbursmg fund and a, reductions of expenuuurcs/expen,e, m the fund that IS reImbursed \r\nOperating tramfers are recorded for all mterfund transacllOns other than reimbursements \r\n \r\n- 15 - \r\n \r\n WORTH COUNTY BOARD m EDUCATION NOTES ro THE GENERAL-PURPOSE FINANCIAL STATEME!'ITS \r\nJUNE 30. 2002 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNote I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nMEMORANDUM ONLY - TOTAL COLUMNS \r\nTotal columns on thc gcneral-purpose financial statements are captioned \"Memorandum Only\" to mdlcate that they are prescntcd only to facilitate financial analySIS Data m these columns do not pre'\u003eCnt finanCial POSItIOn, rcsults ofoperatIons or cash flows m conformity \\nth gcnerally acccpted accountmg pnnciplcs Neither are such data comparable to a consolIdatIOn Interfund elImmatlOns have not been madc m the aggregatIon of tim data \r\nNote 2 DEPOSITS \r\nCOLLATERALIZATION OF DePOSITS Official Codc of Georgia Annotated (OCGA) SectIon 45-8-12 proVides that thcre shall not be on depOSit at any time m any depoSitory for a tImc longer than ten days a sum of money wluch has not hecn secured by surety bond, by guarantee ofmsurance, or by collateral The aggregate of the face value of such surcty bond and thc market value of secuntIes pledged shall be equal to not le% than 110 percent of the pubhc funds bemg secured after the deductIon of the amount of depOSit msurance If a depOSitory elects the pooled mcthod (OCGA 45-8-13 I) the aggregate ofthc markct \\alue ofthe securilIes pledged to secure a pool ofpublIc funds shall he not less than 110 percent ofthe dally pool balancc OCGA ScctIon 45-8-11 (b) prOVides an officer holdmg pubhc funds may, m Ius discretion, waive the reqwrement for secunty m the case of operatmg funds placed m demand depoSit checkmg accounts \r\nAcceptable secunty for depOSits COnsiStS of anyone of or any combmallon of the followmg \r\n(1) Surety bond Signed by a surety company duly qualIfied and authonzed to transact busmess wlthm the State of Georgia. \r\n(2) Insurance on accounts prOVided by the Federal DepOSit Insurance CorporatIOn. \r\n(3) Bond~, bills. notes. certificates of mdcbtedness or other direct oblIgatIOns of the Untted States or of the State of Georgia, \r\n(4) Bonds. bills, notes, certIficates of mdebtcdness or other oblIgations of the counties or muniCipalIties of the State of Georgia, \r\n(5) Bonds of any publIc authonty created by the laws of the State of Georgia provldmg that the statute that created the authonty authonzed the use of the bonds for thiS purpose, \r\n(6) Industnal revenuc bonds and bonds of development authontIes created by the la\\\\s of the State of GeorgIa, and \r\n \r\n- 16 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"1''' \r\n \r\nNOTES TO [HE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2002 \r\n \r\nNote 2 DEPOSITS \r\n \r\n(7) Bonds, bills. notes, certificates of mdebtedness, or other obhgatlOns of a subSidiary corporatlon of the Uruted States government, which are fully guaranteed by the Untted States government both as to pnnclpal and mtere~t or dcbt obhgatlons Issued by the Fedcral Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatlves, the Farm Credit Banks, the Federal Home Loan Mortgage Assoclatlon, and the Federal NatIOnal Mortgage Assoclatlon \r\n \r\nCA rCGORIZATlON OF DEPOSITS AtJune 30, 2002. the bank balances were $7,113,455 86 The amounts ofthe total bank balances are claSSified mto three categones of credit nsk \r\n \r\nCategory I - Ca~h that IS Insured (e g , Federal depOSitory msurance) or collateralized with securltles held by the School Dlstnct or by the School Dlstnct's agent m the School Dlstnct's name \r\nCatcgory 2 - Cash collaterahzed With secuntles held by the pledgmg financial mstltutlon's trust dcpartment or agent m the School Dlstnct's name \r\nCategory 3 - Uncollaterahzed depOSits (This mcludes any bank balance that IS collaterahzed With seeuntles held by thc pledgmg financial InstltUtlOn. or by ItS trust department or agcnt but not m the School Dlstnct's name) \r\n \r\nThe School Dlstnct's depOSits are claSSified by nsk catcgory at June 30, 2002, as follows \r\n \r\nRisk Catcgorv \r\n \r\nBank Balance \r\n \r\n1 \r\n \r\n$ 1,675,831 27 \r\n \r\n2 \r\n \r\n4,753,413 68 \r\n \r\n3 \r\n \r\n684,210 91 \r\n \r\nTotal \r\n \r\n$ 7.113.4i5..lln \r\n \r\nNote 3 NON-MONETARY TRANSACTIONS \r\n \r\nThe School Dlstnct rccelves food commodities from the Uruted States Department of Agnculture (USDA) for school breakfast and lunch programs These commoditlcs are recorded at their federally aSSigned value See Note 1 - Inventories \r\n \r\nNote 4 RISK MANAGEMENT \r\n \r\nThe School DI~tnct IS exposed to varIOus nsks of loss related to torts, theft of, damagc to, and destructlon of assets, crrors or omiSSIOns, Job related Illness or mJurlcs to cmployees, acts of God and uncmployment compensation \r\n \r\n- 17 - \r\n \r\n WORTII COUNTY HOARD or EDUCATION \r\n \r\nEXHIBII 'T\" \r\n \r\nNOTES TO 1 HE GFNERAL-PURPOSE FINANCIAL STATrMENTS \r\n \r\nJUNI:. 30, 2002 \r\n \r\nNote 4 RISK MANAGEMENT \r\n \r\nThe School District has obtamed commercIal m~urance for risk of loss assocIated with torts, assets, errors or oml~slons,Jobrelated 11Ines~ or injuries to employces and acts of God Ibe School DIStnCt has not Incurred losses (settlemcnts) which exceeded the School DI~trlct's In~unll1ce coverage In any of the past three years Forthe current fiscal year, due to the costs of available coverage, the School \r\nDistrict slgmficantly reduced coverage for acts of God. \r\n \r\nlbe School District IS self-In~ured with regard to unemployment compensatIOn claims In connection with thiS program, a ~lf-msurancc reserve has been establI~hcd Within the General Fund by thc School District The School District accounts for claims within the General Fund with expendIture and liability being reported .... hen It IS probable that a loss has occurred, and the amount of that loss can be rea~onably estimated \r\n \r\nChange~ m the unemployment compen~tlOn claims liability dunng the last two fiscal yea~ arc a~ follows \r\n \r\nBeginning of Year Liability \r\n \r\nClaims and Changes In \r\nEstlmale~ \r\n \r\nClaim, Paid \r\n \r\nEnd of Year LJabllltv \r\n \r\n2001 \r\n \r\n$ \r\n \r\n000 $ 11.60600 $ 11.60600 $ \r\n \r\n000 \r\n \r\n2002 \r\n \r\n$ \r\n \r\n000 $ 7,80200 $ 7,80200 $ \r\n \r\n000 \r\n \r\nThe School District ha~ purchased ~urety bonds to proVide additional Insumllce coverage as !,)llo....s \r\n \r\nPosItion Covered \r\n \r\nAmount \r\n \r\nSuperintendent Each Principal \r\n \r\n$ 20.00000 $ 5,00000- $ 10,00000 \r\n \r\nNote 5 GENERAL LONG-TERM DEBT \r\n \r\nGENFRAL OBLIGATION DEBT OUTSTANDING Gcneral Obligation Bond~ currcntly oUhtandIng are as follo .... ~ \r\n \r\nPurpose \r\n \r\nlntere~t Rates \r\n \r\nAmount \r\n \r\nGeneral Government - Series 1990 \r\n \r\n640% - 725% $ \\'99~tOOO,00 \r\n \r\nVotcrs have authOrized $5500,000 00 In general obligatIOn debt for vaflou~ SPLOS r approved \r\ncapital outlay projects which was not Issued as of June 30, 2002 \r\n \r\n- 18 - \r\n \r\n WORTH COUNl Y HOARD OF EDUCAnON \r\n \r\nEXHIHIl \"F\" \r\n \r\nNOTES TO THt: GENERAL-PURPOSE fiNANCIAL STATEMENTS \r\n \r\nJUNE 30, 2002 \r\n \r\nNote 5 Gr:NCRAL LONG-TERM DEBT \r\n \r\nThe changes m General Long-Tcrm Dcbt dunng thc fiscal year ended Junc 30, 2002, were a~ follows. \r\n \r\nGeneral Obhgauon \r\nBonds \r\n \r\nBalance July 1,200 I \r\n \r\n$ 2,150,000 00 \r\n \r\nDcducuons Dcbt RctJrcd \r\n \r\n155,00000 \r\n \r\nBalance June 30. 2002 \r\n \r\n$) ,995.000.00 \r\n \r\nAt June 30, 2002, payment~ due by fiscal year which mclude~ pnnclpal and Interest for these Items are as follows \r\n \r\nfiscal Year Ended June 30 \r\n \r\nGeneral Obligation \r\nBond~ \r\n \r\n2003 2004 2005 2006 2007 2008 - 2011 \r\n \r\n$ 235,905,25 310,42750 307,91750 309,61750 310,16500 \r\n1,227,692 50 \r\n \r\nlotal Pnnclpal and Intere~t \r\n \r\n$ 2,701.725.25 \r\n \r\nNote 6 ON-BEHALF PAYMENTS \r\n \r\n1 hc School Dlstnct ha~ recognIzed re\\'enue~ and expenditures m thc amount of $402,020 92 for health m~urance and retirement contnbutlOns paid on the School Dlstnct'~ behalfby the followmg Statc Agencies \r\n \r\nGeorgia Department of Education Paid to the Georgia Department of CommunIty Health For Health Insurance of Non-Certified Pe~onnel In the amount of $357,89992 \r\n \r\n- 19 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTES TO THe GENERAL-PURPOSE FINANCIAl STATEMENl S \r\n \r\nJUNE 30, 2002 \r\n \r\nNote 6 ON-BEHAL~ PAYMENTS \r\nOffice of Treasury and FIscal SeTVlce~ Paid to the Pubhc School Employces RetIrement Systcm For Pubhc School Employee~ RelIrement (PSERS) Employer's Cost In the amount of $44,1:! I 00 \r\nNote 7 COI\\TINGENT LIABILITIES \r\nAmounl~ recelvcd or receivable pnnclpally from the Federal government are subject to audit and rcvlew by grantor agencIes ThIs could rcsult In requests for reimbursement to the grantor agency for any cxpendltures whIch are disallowed undcr grant terms Thc School Dlstnct believes that such dIsallowances, If any, WIll be Immatcnalto Its overall financial pOSItIon. \r\nThe School District IS a defendant In various legal proceedIngs pertaInIng to matters InCIdental to the performance of routIne School Distnct opcratlOns The ultimate dIspOSItIon of these proceedIngs I~ not presently determinable, but IS not behcved to be matenal to the general-purpo~c finanCIal statements \r\nNote 8 ACCUMULATED EMPLOYEES' LEAV[ \r\nThe School Dlstnct's Sick leave pohcy allows emplo)ee~ to accumulate up to 60 day~ of unused Sick leave WhIle It IS not In the School Dlstnct's polIcy, It IS the practIce ot thc School Dlstnct upon retIrement or termination to pay employees Sick leave at the ratc of $22 50 pcr day See Note 1 Compensated Absences \r\nNote 9 RETIREMENT PLANS \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\nTRS PLAN DESCRIPTION SubstantIally all teachers, admInIstratIve and clencal per~nncl employed by local school dlstncts are covered by the Teachers Rctirement Sy~tem of Georgm (TRS), whIch IS a cost-shanng multIple employer defined benefit penSIOn plan TRS prOVides seTVlce retIrement. dlsablhty retirement and ~urvlvors bcnefits for ItS members In accordance With State statute Thc Teachers RetIrement Systcm of Georgia Issues a separate stand alone finanCIal audit report and a copy can he obtaIned from thc Georgia Department of Audlb and A(,counts \r\n1 RS CONTRIBUTIONS REQUIRED AND MADE Employees ofthc School Dlstnct who arc covered by TRS are reqUIred by State statute to contribute 5% of their gros, carnIngs to TRS The School Dl'\u003etnct makes monthly employer contnbutIOns to TRS at rates adopted by the TRS Board ofl rustces In accordance With State statute and as adVIsed by their Indcpendent actuary The reqUIred cmployer contnhutlOn ratc IS 9.24% and cmployer contnbutlons for the current fiscal ycar and thc precedIng two fiscal years are as follows \r\n \r\n- 20- \r\n \r\n WORTH COUNTY BOARD OF EDUCAnON \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTES ro THE GENERAL-PURPOSE FINANCIAL S fA fI:.MENTS \r\n \r\nJUNE 30. 2002 \r\n \r\nNote 9 RETIREMENT PLANS \r\nFiscal Year \r\n2002 2001 2000 \r\n \r\nPercentage Contnbuted \r\n100% 100% 100% \r\n \r\nReqUired ContnbUtlun \r\n$ 1,596,75883 $ 1,885,792 76 $ 1,808,81621 \r\n \r\n- 21 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 2002 \r\n \r\nASSETS Cash and Cash EqUivalents Invesbnents Accounts Receivable Inventories \r\nFood Donated Commod,bes Purchased Food \r\nTotal Assets \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nLOTIERY PROGRAMS \r\n \r\n$ \r\n \r\n564,00704 $ \r\n \r\n8822056 \r\n \r\n266,70770 \r\n \r\n57,61209 \r\n \r\n4,066 97 1156461 \r\n \r\n$ \r\n \r\n903,95841 $ _ _..:88~,2~20:::.:;:56~ \r\n \r\nLIABILITIES AND FUND EQUITY \r\nLIABILITIES \r\nCash Overdraft Accounts Payable salanes Payable Expired Grant Balances Payable Deferred Revenue \r\nTotal UablhlJes \r\nFUND EqUITY \r\nFund Balances Reserved For Inventones Food Donated Commodmes Purchased Food Unreserved Undesognated \r\nTotal Fund EqUity \r\n \r\nTotal Llabllmes and Fund EqUity \r\n \r\nSee notes to the general-purpose finanCIal statements \r\n \r\n- 22- \r\n \r\n$ \r\n \r\n31,885 71 $ \r\n \r\n13128411 \r\n \r\n14,336 56 \r\n \r\n$ \r\n \r\n177,506 40 $ \r\n \r\n2724304 60,977 52 \r\n88,22056 \r\n \r\n$ \r\n \r\n4,066 97 \r\n \r\n1156461 \r\n \r\n71082043 $ \r\n \r\n000 \r\n \r\n$ \r\n \r\n726,45201 $ \r\n \r\n000 \r\n \r\n$ \r\n \r\n903 958 41 S ~_..:8::;:8.:;2~20:::.:;:56;:. \r\n \r\n EXHIBIT\"G\" \r\n \r\nFEDERAL PROGRAMS \r\n \r\nTOTALS \r\n \r\nJUNE 30, 2002 \r\n \r\nJUNE 30, 2001 \r\n \r\n$ \r\n \r\n652,22760 $ \r\n \r\n201 05263 \r\n \r\n266,70770 \r\n \r\n250,78298 \r\n \r\n$ \r\n \r\n381,12028 \r\n \r\n438,73237 \r\n \r\n466,49559 \r\n \r\n4,066 97 11,564 61 \r\n \r\n66934 1360033 \r\n \r\n$ \r\n \r\n381,12028 $ 1,373,299 25 $ _ _;;:93;;:2;o,60=0~8;,;,7_ \r\n \r\n$ \r\n \r\n12292386 $ \r\n \r\n122,92388 $ \r\n \r\n45,07423 \r\n \r\n60 25512 \r\n \r\n119,383 87 \r\n \r\n238,33084 \r\n \r\n197941 30 \r\n \r\n390,20293 \r\n \r\n419,890 48 \r\n \r\n14,336 58 \r\n \r\n9,598 82 \r\n \r\n7842 \r\n \r\n$ \r\n \r\n381 12028 $ \r\n \r\n646,84724 $ \r\n \r\n712972 79 \r\n \r\n$ \r\n \r\n4,066 97 $ \r\n \r\n66934 \r\n \r\n11,564 61 \r\n \r\n1360033 \r\n \r\n$ \r\n \r\n--\"-0-\"'00\"- \r\n \r\n710,82043 \r\n \r\n205,358 41 \r\n \r\n$ \r\n \r\n000 $ \r\n \r\n726,45201 $ _---'20-'1-\"9\"',6,,28\"-08\"\"-. \r\n \r\n$ \r\n \r\n381,12028 $ \r\n \r\n1,373,299 25 $ _ _~93:;;2:.60=0;.;8;,;7_ \r\n \r\n- 23- \r\n \r\n WORTH COUNTY BOARD OF EPUCATION COMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES \r\nSPECIAL REVENUE FUND YEAR ENDED JUNE 30 2002 \r\n \r\nREVENUES \r\nSlate Funds Federal Funds Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instruction Support SeMces Pupil Services Improvement of Instructional Services Educabonal Media Services General Administration School Admlnlslrabon Maintenance and OperatIOn of Plant Student Transportation ServiceS Other Support Services Food Services Operabon Enterpnse Operabons Community SeMces Operabons \r\nTotal Expendrtures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES \r\nOperabng Transfers In \r\nExcess of Revenues and Other Flnanong Sources over (under) Expenditures \r\nFUND BALANCE JULY 1 \r\nFood Inventory - Net Change In Penod Donated Commodrt\",s Purchased Food \r\nFUND BALANCE JUNE 30 \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nLOTTERY PROGRAMS \r\n \r\nS \r\n \r\n122,798 00 $ \r\n \r\n1 604 481 01 \r\n \r\n368,64217 \r\n \r\n$ 2,095,921 18 $ \r\n \r\n677,89790 677 897 90 \r\n \r\n$ \r\n$ 2088,51917 1,46296 \r\n \r\n552,90599 \r\n64,88989 4396 00 \r\n29,09005 3394 \r\n12,52343 \r\n14,058 60 \r\n \r\n$ 2,087,98213 $ \r\n \r\n$ \r\n \r\n7,93905 $ \r\n \r\n677 897 90 000 \r\n \r\n497,52297 \r\n \r\n$ \r\n \r\n505,46202 $ \r\n \r\n21962808 \r\n \r\n3 397 63 -203572 \r\n \r\n000 000 \r\n \r\n$ \r\n \r\n726,452 01 $ \r\n \r\norroor:0::.:()()~ \r\n \r\nSee notes to the genera~purpose financal statements \r\n \r\n- 24- \r\n \r\n EXHIBIT\"H\" \r\n \r\nFEDERAL \r\nPROGRAMS \r\n \r\nTOTALS \r\n \r\nYEAR ENDED \r\n \r\nJUNE 30, 2002 \r\n \r\nJUNE 30 2001 \r\n \r\n$ \r\n \r\n80069590 $ \r\n \r\n745,66219 \r\n \r\n$ 1,89303234 \r\n \r\n3,49751335 \r\n \r\n3,67896222 \r\n \r\n36864217 \r\n \r\n321,13963 \r\n \r\n$ 1,89303234 $ 4666 85142 $ 4,745,764 04 \r\n \r\n$ 132591180 $ 1,87881779 $ 1,933,361 14 \r\n \r\n20,81600 177,82069 \r\n9,963 19 131,69278 \r\n451 78 94732 90,73935 134,66943 \r\n \r\n85,70589 182,21669 \r\n9,98319 180,78283 \r\n485 72 13,47075 104 797 95 134,66943 2,086 519 17 \r\n146296 \r\n \r\n14974025 16736950 \r\n651880 157,30248 \r\n60000 29804 39 93,07483 99,47340 2,199 725 30 \r\n1,900 63 9,43800 \r\n \r\n$ 1,89303234 $ 4,65891237 $ 4648,32872 \r\n \r\n$ \r\n \r\n000 $ \r\n \r\n7,93905 $ \r\n \r\n-102,564 66 \r\n \r\n497522 97 \r\n \r\n40960 \r\n \r\n$ \r\n \r\n000 $ \r\n \r\n505,46202 $ \r\n \r\n-102,15508 \r\n \r\n000 \r\n \r\n219,62808 \r\n \r\n32044181 \r\n \r\n339763 -203572 \r\n \r\n-259 17 160052 \r\n \r\n$ \r\n \r\n000 $ \r\n \r\n726 452 01 $ _ _,;;;2,;,;19;\",6;;;2;;;8;,,;08;;;;. \r\n \r\n- 25- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30 2002 \r\n \r\nEXHIBIT\"I\" \r\n \r\nASSETS Cash and Cash EqUivalents Accounts ReceIVable \r\nTotal Assets \r\n \r\nREGULAR \r\n \r\nSPECIAL PURPOSE LOCAL OPTION SALES TAX \r\n \r\nTOTALS JUNE 30, 2002 JUNE 30, 2001 \r\n \r\n$ 18264067 $ 238,688 41 $ 421 52906 $ 2069434 64 \r\n \r\n256 657 70 \r\n \r\n256 657 70 \r\n \r\n249338 19 \r\n \r\n$ 18264067 $ 49554611 $ 678188 78 $ 2338 n2 83 \r\n \r\nLiABILITIES AND FUNP EQUITY \r\n \r\nLIABILITIES \r\n \r\nAccounts Payable Contracts Payable Retalnages Payable \r\n \r\n$ 112,831 67 $ 6980900 \r\n \r\nTotal LIBb,lrtJes \r\n \r\n$ 18264087 $ \r\n \r\nFUND EQUITY \r\n \r\nFund Balances \r\n \r\nReserved \r\n \r\nFor School Food Services EqUipment \r\n \r\nExpenditures \r\n \r\nFor SPLOST PrOjects \r\n \r\nUnreserved \r\n \r\nUndesgnaled \r\n \r\n$ \r\n \r\n$ 000 \r\n \r\nTotal Fund EqUity \r\n \r\n$ \r\n \r\n000 $ \r\n \r\n3028 $ 17,017 00 \r\n17,04728 $ \r\n \r\n11288195 $ 17,017 00 69,809 00 \r\n199,68795 $ \r\n \r\n13,388 70 221,03772 11143540 \r\n34585982 \r\n \r\n478498 83 $ 000 \r\n47849883 $ \r\n \r\n$ 478498 83 \r\n \r\n492,42900 888,41525 \r\n \r\n000 \r\n \r\n61206876 \r\n \r\n47849883 $ 1992,91301 \r\n \r\nTotalLJablilbes and Fund Eqully $ 18264067 $ 495,546 11 $ 678188 78 $ 2338 772 83 \r\n \r\nSee notes to the general-purpose financaal statements \r\n \r\n- 28- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REyENUES EXPENDITURES AND CHANGES IN FUND BALANCES \r\nCAPITAL PROJECTS FUND YEAR ENDED JUNE 30, 2002 \r\n \r\nEXHIBIT \"J\" \r\n \r\nREGULAR \r\n \r\nSPECIAL PURPOSE LOCAL OPTION SALES TAX \r\n \r\nTOTALS \r\n \r\nYEAR ENDED \r\n \r\nJUNE 30 2002 \r\n \r\nJUNE 30 2001 \r\n \r\nREVENUES \r\n \r\nTaxes Other Funds \r\n \r\n$ 1,021,150 88 $ 1,02115088 $ \r\n \r\n36233328 \r\n \r\n$ \r\n \r\n000 \r\n \r\n5,29770 \r\n \r\n529770 \r\n \r\n2040557 \r\n \r\nTotal Revenues \r\n \r\nS \r\n \r\n000 $ 1 026,448 58 $ 1,02644858 $ \r\n \r\n382,738 85 \r\n \r\nEXPENDITURES \r\n \r\nCapital Outlay land and Land Improvements Building and BUllchng Improvements EqUipmenl \r\n \r\n$ 107,97000 $ 702,17352 2,03000 \r\n \r\n11500 $ 1,39228272 \r\n38 673 31 \r\n \r\n108,08500 $ 2094,456 24 \r\n40,90331 \r\n \r\n6,900 00 1383,71990 \r\n11402200 \r\n \r\nTotal Expenditures \r\n \r\n$ 812,17352 $ 1 431,271 03 $ 224344455 $ 1 504,641 90 \r\n \r\nExcess of Revenues over (under) Expenditures \r\n \r\n$ -81217352 $ -404,822 45 $ -1,21699597 $ -112190305 \r\n \r\nOTHER FINANCING SOURCES (USES) \r\n \r\nOperating Transfers In Operating Transfers Oul \r\n \r\n$ 200,104 76 $ \r\n \r\n$ -49752297 \r\n \r\n200 104 76 $ -497,52297 \r\n \r\n2785340 \r\n \r\nTotal Other FinanCIng Sources (Uses) $ 200,104 76 $ -49752297 S -297,41821 S \r\n \r\n27,85340 \r\n \r\nExcess of Revenues and Other Flnancmg Sources over (under) Expenditures and Other FInanCIng Uses \r\n \r\n$ -61206876 $ \r\n \r\n-902,34542 $ -1,51441418 S -1 094,04965 \r\n \r\nFUND BALANCE JULY 1 \r\n \r\n61206876 \r\n \r\n1 380,644 25 \r\n \r\n1,99291301 \r\n \r\n3,086,962 66 \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\ns \r\n \r\n000 $ \r\n \r\n478,498 83 $ \r\n \r\n478,498 83 $ 1,99291301 \r\n \r\nsee notes to the general-purpose finanCIal :statements \r\n \r\n- 27- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET DEBT SERVICE FUND JUNE 30, 2002 \r\n \r\nEXHIBIT \"K\" \r\n \r\nASSETS \r\n \r\nPROPERTY TAXES FOR BOND DEBT \r\n \r\nSPECIAL PURPOSE LOCAL OPTION SALES TAX \r\n \r\nTOTALS \r\n \r\nJUNE 30, 2002 \r\n \r\nJUNE 30, 2001 \r\n \r\nCash and Cash EqUIValents $ \r\n \r\n43934 $ 1,375,493 22 $ 1,375,932 56 $ 1,265,491 09 \r\n \r\nAccounts Receivable \r\n \r\n6971 \r\n \r\n000 \r\n \r\n6971 \r\n \r\n9741 \r\n \r\nTotal Assets \r\n \r\n$ \r\n \r\n50905 $ 1,375,493 22 $ 1,376,002 27 $ 1,265,568 50 \r\n \r\nFUND EQUITY \r\n \r\nFund Balances \r\n \r\nReserved \r\n \r\nFor Debt Service \r\n \r\n$ \r\n \r\nUnreserved \r\n \r\nUndeslgnated \r\n \r\n509 05 $ 1,375,493 22 $ 1,376,002 27 $ 1,265,588 50 \r\n \r\n000 _ _ _ _0::..:::;00\"- \r\n \r\n0 00 \r\n \r\n0 00 \r\n \r\nTotal Fund EqUity $ \r\n \r\n50905 $ 1,375 493 22 $ 1,376,002 27 $ 1,265,568 50 \r\n \r\nSee notes to the general-purpose finanCIal sta1ements - 28- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES \r\nDEBT SERVICE FUND YEAR ENDED JUNE 30. 2002 \r\n \r\nEXHIBIT\"L\" \r\n \r\nREVENUES \r\nTaxes Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nDebtSeMCe Pnndpal Interest PayIflQ Agent F.... \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expendrtures \r\nOTHER FINANCING SCURCES (USES) \r\nOperabng Transfers In Operatmg Transfers Out \r\nTotal Other FmanCIng Sources (Uses) \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Fmancmg Uses \r\nFUND BALANCE JULY 1 \r\n \r\nPROPERTY TAXES FOR BOND DEBT \r\n \r\nSPECIAL PURPOSE LOCAL OPTION SALES TAX \r\n \r\nTOTALS YEAR ENDED JUNE 30. 2002 JUNE 30 2001 \r\n \r\n$ \r\n \r\n456 66 $ \r\n \r\n406,22857 $ 406 685 23 $ 104330278 \r\n \r\n655339 \r\n \r\n655339 \r\n \r\n1226725 \r\n \r\n$ \r\n \r\n45666 $ \r\n \r\n412781 96 $ 41323862 $ 1 05557001 \r\n \r\n$ \r\n \r\n15500000 $ 15500000 $ 14500000 \r\n \r\n1047 121 2~ \r\n \r\n147,12125 \r\n \r\n157360 00 \r\n \r\n$ \r\n \r\n000 \r\n \r\n703 60 \r\n \r\n70360 \r\n \r\n70540 \r\n \r\n$ \r\n \r\n000 $ \r\n \r\n30282485 $ 302,82485 $ 30306540 \r\n \r\n$ \r\n \r\n456 66 $ \r\n \r\n10995711 $ 110,41377 $ 752,504 61 \r\n \r\n$ \r\n \r\n$ \r\n \r\n.16339 \r\n \r\n$ \r\n \r\n-16339 $ \r\n \r\n16339 $ 16339 $ \r\n \r\n16339 $ -16339 \r\n000 $ \r\n \r\n111569 -1,11569 \r\n000 \r\n \r\n$ \r\n \r\n29327 S \r\n \r\n11012050 $ \r\n \r\n1'0\"'377 $ 75250461 \r\n \r\n21578 \r\n \r\n1,265 372 72 \r\n \r\n1265 588 50 \r\n \r\n51308389 \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n$ _ _-,5~0.::.9~05:. S 1 37549322 $ 1 37600227 $ 1 26558650 \r\n \r\nSee notes to the general-purpose finanaal statements \r\n \r\n- 29 \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET FIDUCIARY FUND TypE JUNE 30 2002 \r\n \r\nEXHIBIT ''M\" \r\n \r\nASSETS Cash and Cash EquIvalents Investments Accounts Receivable \r\nTotal Assets \r\nFUND EQUITY Fund Balances \r\nReserved For Endowment Corpus \r\nUnreserved Undesognated \r\nTotal Fund Equrly \r\n \r\nNONEXPENDABLE TRUST FUNDS \r\n \r\nENDOWMENT FUNDS \r\n \r\nCHASE S \r\n \r\nHELEN \r\n \r\nOSBORN \r\n \r\nDAVIS STORY \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTALS JUNE 30 2002 JUNE 30 2001 \r\n \r\n$ \r\n \r\n1,44848 $ \r\n \r\n183 75 S \r\n \r\n1,63223 $ \r\n \r\n1,60302 \r\n \r\n3684 25 \r\n \r\n3,684 25 \r\n \r\n3684 25 \r\n \r\n24869 \r\n \r\n24869 \r\n \r\n131 50 \r\n \r\n$ \r\n \r\n411669 $ \r\n \r\n5 565 17 $ _ _.::5:.;:,4:.:1~8,:,77:., \r\n \r\nS \r\n \r\n1,00000 $ \r\n \r\n44848 \r\n \r\n350000 $ 61669 \r\n \r\n450000 $ 1,06517 \r\n \r\n4,50000 91877 \r\n \r\nS \r\n \r\n1,44848 $ \r\n \r\n4,11669 $ \r\n \r\n5,56517 $ _ _.;;5:,;;,4,;,;18;;.,77;,,;.. \r\n \r\nSee notes to the general-purpose finanCIal statements \r\n \r\n30- \r\n \r\n WORTH COUNTY BQARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 3Q, 2OQ2 \r\n \r\nSCHEDULE \"1\" \r\n \r\nFUNDING AGENCY PROGRAMIGRANT \r\n \r\nCEDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nFEDERAL REVENUE IN PERIOD \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\nAgncuhure U 5 Department of Child Nutnbon Cluster Pass-Through From Georgia Department of EducatkJn Food and Nutnbon Program FoodSeMCeS School Breakfast Program Natlonal School Lund\"l Program Pass-Through From Office of School Reachness Food.nd Nutrition Program Summer Food service Program for CMclren \r\n \r\nlQ 553 10555 \r\nlQ 559 \r\n \r\nNJA \r\n \r\nS 283,85165 \r\n \r\n(2) \r\n \r\nNJA \r\n \r\n846,799 lQ $ \r\n \r\n1 708 15391 (3) \r\n \r\nNJA \r\n \r\n373804 12 \r\n \r\n373804 12 \r\n \r\nTotal Child NutnbOn Cluster \r\n \r\nS 1,5Q44~ 87 S \r\n \r\n2081,958 03 \r\n \r\nOther Programs \r\no.rect \r\nFood and Nulnbon Program \r\nAlternative to Commodity Donabons Pass-Through From Georgia Department of EduCaUon \r\nFood and Nutnbon Program Food DlstnbubOn Program (1) \r\n \r\nlQ 550 \r\n \r\nlQ 550 \r\n \r\nNJA \r\n \r\n95465 QQ 4561 14 \r\n \r\n12) 4,561 14 \r\n \r\nTotal U S Department 01 Agncultur. \r\n \r\nS 1,604 48101 S \r\n \r\n2086,51917 \r\n \r\nEducaoon U S Department of Speaal Educallon Cluster Pass-Through From Georgia Department of Edueabon IndiVIduals wrth Dlsabl~bes EducatIOn Act Part B . Speaal Educanon Flow Through Preschool Capaclty Building Improvement \r\n \r\n54 Q27 54 173 84 173 \r\n \r\nNJA \r\n \r\nS 24338855 S \r\n \r\nNJA \r\n \r\n3B 392 92 \r\n \r\nNJA \r\n \r\n545890 \r\n \r\n24338855 3B 392 92 5,45890 \r\n \r\nTotal Specal EducabOn Cluster \r\n \r\nS 287240 37 S \r\n \r\n287240 37 \r\n \r\nOther Programs Pass Through From GeorgJa Department of EdoCatlon Elemenlafy .nd Secondary EducabOn Act TIUe I Grants to Local Educallonal AgenCIes Title II Etsenhower ProfeSSIOnal Development TlueVI InnovalJve Education Program StrategIeS Class SIZe Reductlon Goals 2000 State and Local EducalJOn SystemIC Improvement Grants VocatIOnal EducatIOn - BasIC Grants to States High School Program BaSIC Giant \r\n \r\n54 Q1Q 54 281 54298 54 34Q 54 276 \r\n54 048 \r\n \r\nNIA \r\n \r\n1 15946295 \r\n \r\n115946295 \r\n \r\nNJA \r\n \r\n3753251 \r\n \r\n37532 51 \r\n \r\nNJA \r\n \r\n37863 QQ \r\n \r\n37863 OQ \r\n \r\nNJA \r\n \r\n168,200 14 \r\n \r\n168 200 14 \r\n \r\nNJA \r\n \r\n42,254 82 \r\n \r\n42254 82 \r\n \r\nNIA \r\n \r\n7677400 \r\n \r\n7677400 \r\n \r\nTotal U S Department of EducabOn \r\nLabor U S Department of Pass-Through From Georgia Department of Labor Workfon::e Investment Act 2000-YEPT-96 \r\n \r\nS 1 80935779 S \r\n \r\n1 BOB 357 79 \r\n \r\n17255 \r\n \r\nNJA \r\n \r\nS B3 674 55 S \r\n \r\n8367455 \r\n \r\n- 31 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30 2002 \r\n \r\nSCHEDULE \",. \r\n \r\nFUNDING AGENCY PROGRAMIGRAN! \r\nDefense U S Department of Direct Department of the AAny ROT C Program \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nFEDERAl REVENUE IN PERIOD \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\ns 6471384 \r\n \r\n(4) \r\n \r\nTotal Federal FUlanaal AsSistance \r\nNJA =Not Available \r\n \r\nS 3 562 227 19 S _..;:.3.::,97;,,9;,;5~5~1.::,5;,,' \r\n \r\nNotes to the Schedule of Expenditures of Federal Awards \r\n \r\n(1) The amounts shown for the Food Drstnbubon Program represents the Federalty aSSIgned value of nonrTlOlletary assistance for donated commoditieS received andlor consumed by the system dunng the current fiscal year \r\n(2) Expenditures for the AttemalJve to Commodity DonatIons Program and the School Breakfast Program were oot maintained separately and are tnduded In the 2002 Natlonal SChool Lunch Program \r\n(3) Expenchlures for tht5 program Include State and/or Other Funds \r\nExpendJtures are not malntamed by fund source \r\n(4) Funds eamed QI1 thiS program do not requIre reporttog of expcndlture'l \r\n \r\nMajOr Programs are IdentIfied by an astensk (.) In front of the eFDA number \r\n \r\nThe School DlStnct did not prOVIde Federal AssIStance to any SubreClPlent \r\n \r\nThe accompanymg schedule of expendllures of Federal awards Includes the Federal granl aetMty of the Worth County Board of Educstk:ln Bnd Is presented on the mcxhfied accrual basis of accounting wtnc:h IS the basis of accounbng used m the presentatlon of the genoraJ-purpose finanCIal 6tatSrneflts \r\n \r\nSee not~ to the general purpose f1nBllClal statements \r\n \r\n- 32- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEPULE OF STATE REVENUE \r\nYEAR ENDED JUNE 30 2002 \r\n \r\nSCHEDULE \"2\" \r\n \r\nAGENCYIFUNDING \r\nGRANTS Community Affairs Georgia Department of Governor's Emergency Funds \r\nEducallOl1 Georgaa Department 01 Quality BaSIC EducatKln Direct InslruCtJOnal Cost KIndergarten Program KIndergarten Program Earty InterventIOn Program \r\nPm\"\",,! Grades (1-3) Program \r\nPrtma1y Grades Earty Interventlon (13) Program Upper Elementary Grades (04-51 Program Upper elementary Grades - Early Intervention (4-5) Program Middle School (6-8) Program High School General Edueatton (912) Program VocabOnai Laboratory (9-12) Program Students with Dlsablhbes \r\nCategory I Category II Calegory III Category IV Category V Speaal Educabon Ibnerant Specaal Educabon Supplemental Speech Gifted Student - Category VI Remedial Education Program AJtema11ve Education Prograrn Medaa Center Program Staff and Professkmal Development Indirect Cost Twenty AddlbOnal Days InstruetlOl1 Categoncal Grants PUpil Transportation Regular Bus Replacement Sparsrty Nursmg ServICes Pnoopal Suppiements VocatIOnal SupetVlsors Deferred Summer Salanes (Pnor Year) \r\nDeferred Summer 8alanes (CulTent Year) Educ:atton EqualizatIOn Funding Grant Food 5eMces VocatIOnal Edueatton Other State Programs \r\n46 StatewKle After School Program Health Insurance K3 Statewtde Reading Program Mentor Tead1ers Outdoor Classroom Preschool HandICapped Program SpecIal Educabon low InCIdence Granl Student Achl8VelT1ent lotlEK)' Programs AssIS1IV8 Technology Computers In the Classroom \r\nOffice of School Readiness Pre-KIndergarten Program \r\n- 33 \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nGENERAL \r\n \r\nREVENUE \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n1000000 \r\n \r\n$ \r\n \r\n10000 00 \r\n \r\n616,402 CO 550,938 CO 2044 793 00 914,562 00 901 201 00 964 324 00 250347200 1977 064 00 665790 00 \r\n564100 450 052 00 63'794 00 122,39300 \r\n9264600 67600 \r\n2156 00 190 532 00 63904 00 18732400 400 060 00 7511600 2464 957 00 125240 00 \r\n \r\n61640200 550,938 00 2044 793 00 91456200 90' 201 00 964,32400 2,503 472 00 1977 064 00 56579000 \r\n564100 45005200 631,794 00 12239300 \r\n9264600 67600 \r\n215600 19053200 6390400 16732400 400 060 00 7511600 2484 957 00 12524000 \r\n \r\n66955200 25766000 20000 CO 9712100 \r\n17 656 00 2356500 -2339390 00 234\"6000 1 571 966 00 \r\n$ 12279600 '5054779 \r\n50 438 60 357699 92 56 160 00 \r\n45900 750 00 42961 00 2652700 115029 64 \r\n7,47000 10712500 \r\n \r\n66955200 25766000 20000 00 97 121 00 \r\n17 656 00 2366500 -233939000 234116000 1 571 95600 122798 00 15054779 \r\n5043660 35769992 \r\n56 16000 45900 750 00 \r\n4298100 2652700 11502964 \r\n747000 10712500 \r\n \r\n56330290 \r\n \r\n56330290 \r\n \r\n WORTH COUNT': BOARD OF EDUCA'l'.1~ SCHEDULE OF STATE REVENUE \r\nYEAR ENDED JUNE 30 2002 \r\n \r\nSCHEDULE \"2\" \r\n \r\nAGENCYIFUNPING \r\nGRANTS Office of Trea$Ury and Frscal SeIVlC8s Public School Employees Retirement \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nGENERAL \r\n \r\nREVENUE \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\nS _ _44::::...'\",2,,'-,,00,,- \r\n \r\nS _ _::::...44',.,2,,'-,,0\"-.-0 \r\n \r\nS 19847317 '5 S 800 695 90 S 20648,0'305 \r\n \r\nSee notes to the general-puI'l'l'S9 finanCIal statements \r\n \r\n- 34- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2002 \r\n \r\nSCHEDULE \"3\" \r\n \r\nPROJECTS \r\nRepayment of pnnClpal and Interest on the outstanding Worth County (Georgaa) School Dlslnet General Ob~galJOn 5enes 1990 maturtng on January 6 1996 and thereafter \r\nConstruction and eqUipping of capital outlay projects for the Worth County SChOOl Dlstnct COIlSlS!Jng of twelve (12) addillonal dassrooms and expansion of the muSIc area at Worth County Middle School SIX (6) ackhflOnal classrooms and needed renovatIOns at Sylvester Elementary School and an audltonum \r\nRenovations additions expanSions Improvements mocSificahons and eqUiPPing all other eXIsting school facthhes of Worth County SChool Dlslnct and Indudlng Sumner School property to lndude the acqulsltlOn of all property both real and personal necessary therefor \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED \r\nCOST (2) \r\n \r\nAMOUNT EXPENDED IN CURRENT \r\nYEAR (3) \r\n \r\nAMOUNT EXPENDED \r\nIN PRIOR YEARS (3) \r\n \r\nPROJECT STATUS \r\n \r\n$ 351073375 $ 3510,733 75 $ 30282485 $ 121635629 OngOIng \r\n \r\n505000000 505000000 \r\n \r\n, 211,108 32 \r\n \r\n277913240 Ong04ng \r\n \r\n1 228266 25 1 226266 25 \r\n \r\n22016271 \r\n \r\n2467559 Ongom9 \r\n \r\n$ 978700000 $ 9787000 00 $ 1 734 095 88 S 4,020164 28 \r\n \r\n(1) The SChool Dlstncrs anginal cost estimate as SpeCified In the resolutIOn calbng for the Imposition of the Local Option Sales Tax \r\n(2) The Sdlool Dlstnet's current esllmate of lolal cost for earo protect Indudes all cost from prated InceplJon to oomplelJon \r\n(3) The voters 01 Worth County approved the ImpoSItion of a 1% sales tax 10 fund the above prOjeCiS Amounts expended for Ihese projects may lndude sales talC proceeds state local property taxes andl()( other funds over the life of the project \r\n \r\nSee notes 10 the general purpose finanCIal slalemenls \r\n \r\n35 \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\nGENERAL FUND aUALID BASIC EDUCATION PROGRAM (aBEl \r\nALLOTMENTS AND EXPENDITURES - ey PROGRAM \r\nYEAR ENDED JUNE 3Q 2QQ2 \r\n \r\nSCHEDULE \"4\" \r\n \r\nDESCRIPTION \r\n \r\nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) \r\n \r\nELIGIBLE aBE PROGRAM COSTS \r\n \r\nSALARIES \r\n \r\nOPERATIONS \r\n \r\nTOTAL \r\n \r\nDirect Instrucbonal Programs \r\n \r\nKlOdergarten Program \r\n \r\n$ \r\n \r\nKtnOerganen Program-Earty IntervenUon Program \r\n \r\nPnmary Grades (1-3) Program \r\n \r\nPnmary Grades-Earty Intervention (1-3) Program \r\n \r\nUpper Elementary Grades (4-5) Program \r\n \r\nUpper Elementary Grades-Earty InterventIOn (45) \r\n \r\nProgram \r\n \r\nMMidle School (6-6) Program \r\n \r\nHIgh School General EducatIOn (9-12) Program \r\n \r\nVocahonal Laboratory (9-12) Program \r\n \r\nStudents WIth OIsabllltJe$ \r\n \r\nCategory I \r\n \r\ncategory II \r\n \r\nCalegorylll \r\n \r\nCategory IV \r\n \r\nCategory V \r\n \r\nGifted Student - Category VI \r\n \r\nRemed181 Educallon Program \r\n \r\nAnematrve Education Program \r\n \r\n9QB 281 QQ S 82871235 $ \r\n \r\n6'2,94' QO \r\n \r\n452,72562 \r\n \r\n2274916 QQ \r\n \r\n2406 87Q 84 \r\n \r\n1,Q17 51Q 00 \r\n \r\n91595271 \r\n \r\n1 QQ2 623 00 \r\n \r\n1 291 88537 \r\n \r\n19,37660 $ 4,Q Q, \r\nlQ9,309 11 3 21Q 25 \r\n78627 QQ \r\n \r\n84808895 453'35 63 Z 516 17995 919'6296 1 37Q,512 37 \r\n \r\n1 095 lQl QQ 2165 215 QO 2199,565 QQ \r\n651 71500 1 45226500 \r\n211,975 QQ 71 096 QQ \r\n2Q8,406 QQ \r\n \r\n622,198 55 2,136 56751 2843,67589 \r\n56283813 \r\n871215 \r\nn 51Q757 \r\n614931 98 23906916 \r\n76,338 52 211,54517 1A3084 36 315,57889 \r\n \r\n134,98Q 09 180,9Q929 \r\n82,409 ,Q \r\n1211261 803235 939856 5321 48 \r\nlQ 606 12 \r\n2294430 \r\n \r\n622198 55 2,81156166 282458518 \r\n64524723 \r\n871215 522 87Q 38 622,964 33 248,48174 \r\n81 680 00 222,15' 29 143,084 36 33852319 \r\n \r\nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \r\n \r\nS \r\n \r\n14491 809 00 $ 14,581,48523 $ 677,846 89 $ 1525911212 \r\n \r\nMedia center Program 5laff and ProfeSSIonal Development \r\n \r\n445 lQ5 00 83572 00 \r\n \r\n504 04Q 10 63 73Q 96 \r\n \r\n88,188 00 3527379 \r\n \r\n592228'0 99 004 75 \r\n \r\nTOTAL aBE FORMULA FUNDS \r\n \r\n$ \r\n \r\n15020,288 QQ S 15149236 29 $ 801 108 68 $ 15950 344 91 \r\n \r\n(1) Compnsed of State Funds plus Local Five Mill Share \r\n \r\nSee notes to tile general-purpose finanCIal statements \r\n \r\n38- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION GENERAL FUND - OUALITY BASIC EDUCATION PROGRAM (OBEl \r\nALLOTMENTS AND EXPENDITURES - BY SITE YEAR ENDED JUNE 30, 2002 \r\n \r\nSCHEDULE \"5\" \r\n \r\nWorth County High School Holley Elementary School Worth County Middle School Worth County Pnmary School Sylvester Elemenlary School Worth County CIS Academy Central Office (Allernabve Education Program) \r\nTOTAL \r\n(1) Compnsed of State Funds plus Local Five Mill Share \r\n \r\nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) \r\n \r\nELIGIBLE OBE PROGRAM COSTS \r\n \r\n$ \r\n \r\n3,460,786 00 $ 4,082.61408 \r\n \r\n1.934 685 00 \r\n \r\n1,912.707 93 \r\n \r\n3,277.34500 \r\n \r\n3,426,71896 \r\n \r\n3,898.070 00 \r\n \r\n3,976,14290 \r\n \r\n1,712.317 00 \r\n \r\n1.578.697 02 \r\n \r\n282,231 23 \r\n \r\n208,406 00 \r\n \r\n$ 14,491,609 00 $ 15 259,112 12 \r\n \r\nSee notes to the genera~purpose finanCIal statements - 37- \r\n \r\n SECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n W'-'III W.IlIr\u003eIClN \r\nSTAr!:: AU1)I1QH \r\n14()4) r,5t) ~ 17.11 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n,2')..1. W.I.. hmglon Street S W \"iUIlC 21...1Atl.,\"IJ. (ll'orgl.1 101,3...l- X-1-()() \r\nJune 13. ~003 \r\n \r\nIlonorablc Sonny Pcrdue. Governor Meml\u003eer; of the General As~embly Mcmbers of the State Board 01 Edueallon \r\nand Supenntendent and Members of the Worth County Board of Education \r\nREPOR I ON COMPLIANCE AND 01\\ IN rERNAL CON rROL OVER FINANCIAl. \r\nREPOR liNG BASI- () ON AN ALIDIT or I-INANCIAL STA I EMeN rs PI:.RFORMED IN \r\nACCORDANCe WITH GOVeRNMENT AUDITING S I ANDARDS \r\nI adles and Gentlemen \r\nWe havc audited the financial statements of Worth County Board of EducatIOn a~ of and lorthe ycar ended June 30. ~002. and have I\"ued our rcport thercon dated June 13. ~003 Thl~ rcport \\\\as qualified for vanous departure~ from gencrally accepted accounting pnnclples. as Idenllfied m the auditor's report on the general-purpose finanCial statcment\u003e We conducted our audll In accordance With audlling standards gcnerall)' acceptcd In the untted State~ of Amenca and the standard, applicable to finanCial audits con tamed m Government Audl\\lng Standards. I,sued by the Comptroller Gcneral of the Untted States \r\nCompliance \r\nA, part of ohtalntng reasonahle a,surance about whcther Worth County Board of i::,ducatlOn's finanCial ,tatement, arc free 01 malenal misstatement. we perlonned tests of II, complIance Wllh certam prOVI~lOn~ of laws. regulation,. contract, and grants. noncomplIance v;lIh which could have a direct and matenal cffcct on the determmatlon of finanCial statcmcnt amounts Howevcr. proViding an opinion on wmplIanee With tho~e proviSions was not an objective of our audll. and accordingly. \\\\e UO nol e\"-pre\" ,ueh an Opinion I hc re,ult, of our tcsts dl~c1oscd no In,tancc, of noncompliance that Jre reqUired to be reported under Government Audllmg Standard, \r\nInternal Control Ovcr FinanCial Reportmg \r\nIn pl.mnmg and performmg our audit. we con,ldcrcd Worth County Board of Educallon', mternal control over finanCial reportmg In order to determme our audIting procedures for the purpo~e of e:..prcsslng our opmlOn on the finanCial ,tatement, and not to proVide assurance on the Internal \r\n200~YB-40 \r\n \r\n control over financial reporting However. we noted certain matters involVing the Internal control over financial reporting and Its operatIOn that we consider to bc reportable condilions Reportable condilions Involve matters coming to our attention relating to slgmficant defiCienCies In the dcslgn or operallon of the Internal control ovcr financial rcportlng that. In ourJudgment. could adversely affect Worth County Board of Educatlon\\ ability to record, proce%. summanzc and report financial data con'ilstent With assertions of managemcnt In the financial statements Reportable condltlon~ arc descnbed In thc accompanYing Schedule of Findings and Que~tlOned Costs a'i Items FS-7591-02-0l and FS-7591-02-02 \r\n \r\nto. matcnal weakness IS a condition In which the deSign or operation of one or more of the Internal control component'i does not reduce to a relatively low level the nsk that misstatements In amount~ that would be matenal In relallon to the finanCIal statements being audited may occur and not be detected Within a timely penod hy employees In the normal co~ of performing their asSIgned lunctlonI ~ Our conslderallon ofthc Internal control over finanCial reporting would not necessanly dlsc1o'ie all matters In the Internal control that might be reportable condillon~ and, accordingly. would not nece'isanly disclose all reportable condltlon~ that are also conSidered to be matenal weakne'i'iCs However, ofthe reportable condilions descnbed above, we conSider Item FS-7591-02- \r\n02 to be a matenal weakness \r\n \r\nThl~ report IS Intended solely for the Informallon and use of the management, members of the Worth County Board of Educallon. rederal awarding agencies and pass-through enlilies and I~ not Intended to be and should not be used by anyone other than these speCified parties \r\n \r\nRespectfully submItted, \r\n \r\n- \r\n \r\n~~ \r\n \r\nRu ell W Hinton St e Auditor \r\n \r\nRWII as 2002Y!3-40 \r\n \r\n {lJ\"~.I1 W. 1111'0 roN \r\nSTAll:: AUlllIOIi \r\n(':Q.l.l6S6 ~ 74 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n'2';4 Wo.1..hmglon ')trcc\\, ~ W ~ulll= 2 '4 1\\11.ml.1 (rl'llr!!l.J 3()Y~ l-l\\.lllO \r\nJune 13. 2003 \r\n \r\nHonorahlc Sonny Pcrduc. Governor Member; of the Gencral Assembly Member; of the State Board ot Education \r\nand Supenmendcnt and Membcrs of the Worth County Board of Education \r\nREPOR I ON COMPLIANCE WITH REQUIRf MENTS APPI.ICABLE TO EACH MAJOR \r\nPROGRAM AND ON IN1H{NAL CON I ROL OVER COMI'L1ANCL IN ACCORDANCE WI n I \r\nOMB CIRCULAR A-I D \r\nLadlcs and Gcntlemen \r\nCompliancc \r\nWc have audIted the comphance of Worth County Board of Education With the type~ ol comphance rcqUlremcnts desenbcd m the [! S OffiLl! of MlJnlJgemem lind lJudgct tOMBj ClrcullJr 4-/33 ComplwllL e Supplement that arc applicable to cach of Its malor Federal program~ tor the year ended June 30. 2002 Worth County Board of Eduealton\\ major fedcral programs are Identified m the Summary of Auditor's Results SectIOn of the accompanymg Schedule of Findings and Questioned Co~ts Compliance With the rcqulremenh of laws. rcgulatlOns. contracts and grants applicable to each of It~ major Fcderal programs I~ the respon\u003elbllity of Worth County Board of EducatIOn's managcment Our respon~lhllity I~ to expres~ an opinion on Worth County Board of Education's wmphance ha~cd on our audIt \r\nWe conducted our audit of compliance m accordance wllh auditing standards gcncrally accepted In the Unltcd ~tates of Amenca. the standards applicable to financIal audlt~ contalncd m Government Audltmg Standard~. Issued hy the Comptroller Gcneral of the United States, and OMH Circular A- \r\n133. Audw 01 States, Lowl GOI'ernmentl lJnd Non-Profit ()rglJlll=atlOllI Those ~tandard~ and \r\nOMS CIrcular A-\\33 require Ihat we plan and perfonn thc audit to obtam reasonable ~~urance about whethcr noneomphanec wllh the types of compliance reqUIrements referred to above that could hay e a dIrect and matenal eOcct on a maJ\u003cH rederal program occurred An audll mcludes examining. on a te~t basIS, eVIdence ahout the Worth Count) Board of t.ducatlOn's comphance wllh tho~ reqUIrements and pcrfonnmg ~ueh other procedurcs a~ wc con~ldered necessary In the clrcum~tanccs We believe that our audit prOVides a reasonable hasls for our opmlon Our audit doe~ not provldc a legal deternllnatlon on Worth County Board of [ducat IOn's compliance WIth those requirements \r\n2002S ....-\\0 \r\n \r\n In our 0plmon. the Worth County Board of Education complied. In all matenal rcspect~. with the rcqulremcnts referrcd to above that arc applIcable to each of It~ major Federal programs for the year ended June 30. 2002 \r\n \r\nInternal Control Over Compliance \r\n \r\nThe management of Worth County Board of Education IS responsible for establIshing and maintaining effectIve Internal control over complIance With reqUirements of laws. regulatIOns. contract~ and grants applicable to Federal programs In planmng and pcrforrmng our audit. we eon,ldered Worth County Board offducallon', Internal control over complIance With requirements that could have a direct and matenal effect on a major Fedcral program In order to determine our auditing proccdures for the purpose of e...prc~slng our opinIOn on compllancc and to test and report on mternal control over compllanec m accordance With OMB Circular A-I33 \r\n \r\nOur con,lderatlon ofthe mternal control over compliance would not necessanly dIsclose all mailer; m the mternal control that might be matenal weaknesses A matenal weakne,s IS a conditIOn m whIch the deSign or operallon ofone or more of the mternal control components does not reducc to a relatIvely low level of nsl.. that noncompliance with applicable reqUirement~ oflaws, n:gulatlOns. contracts and grants that would be matenal In relatIon to a major Federal program bemg audited may occur and not be detccted wlthm a tImely penod by employees m the normal course of performmg their aSSigned functIons We noted no matters mvolvlng the mternal control over compliance and It, operation that we conSIder to be matenaJ weakne,ses \r\n \r\nI, Thl, report IS mtended solely for the mformatIon and use of the management. members ofthe Worth \r\nCounty Board of EducatIOn. federal awardmg agencies and pass-through entitIes and not mtendt:d to be and should not be used by anyone other than these speCified parties \r\n \r\nRespectfully submitted. \r\n \r\n.- \r\n \r\nth.~ \r\n \r\nRu sell W Hmton State Auditor \r\n \r\nRWII as 2002SA-10 \r\n \r\n SECTION III AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n WORTH COUNTY BOARD OF EDUC ATION AUDI fEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COS fS YEAR eNDI::D JUNE 30, 2002 \r\n \r\nPRIOR yeAR FINANCIAL STATEMEN I ~ INDrNGS AND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\nFS-7591-00-01 F5-7591-00-02 1'5-7591-01-01 1'5-7591-01-02 \r\n \r\nPreviously Reported Correctlvc ActIOn Implemented Furthcr ActIOn Not Warranted Previously Reported CorrcctlVt: Acllon Implcmented Unrt:~olvcd - See Corrccllve ActlOn!Re~ponscs \r\n \r\nCORRECTIVE ACTlONIRESPONSES \r\n \r\nGENERAL FIXED ASSETS \r\nfallurc to Maintain General FIxed A~sets Account Group \r\nFinding Control Number' r S-7591-01-02 \r\n \r\nThc Worth County School Dlstnct has contracted With the Valuallon AdVISOry Group Inc who has prepared a property report which WIll be u~ed to record thc General FIlI.ed Assets lbe Valuallon Advlwry Group, Inc Will a!\u003c;Q updatc thiS property report on an annual baSIS thIS finding should be resolved In fiscal year 2003 \r\n \r\nPRIOR YI:AR FEDERAL AWARD FrNDrNGS AND QUeSTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\nFA-7591-01-01 \r\n \r\nPrevlOu~ly Reported COrreCli\\C ActIOn Implemcntcd \r\n \r\n SECTION IV FINDINGS AND QUESTIONED COSTS \r\n \r\n WOR n I COUNTY BOARD OF EDVCA nON SCHEDUL[ OF FINDINGS AND OUESTIONED COSTS \r\nYf:AR CNDED JUNf: 30, 2002 \r\n \r\nSlfM\\1ARY or Al'D1TOR'S RESUI TS \r\n \r\neyre of Reoort bsued on the FInancial Statement~ Thc auditor's 0plmon on the Worth County Board of Education's financial statements wa; quahficd for VariOUS departures from generally acccpted accountIng principles \r\n \r\n2 Rcportable ConditIOns m Intcmal Control Disclosed bv the Audit ofthc Financial Statement~ The audit report for the Worth County Board of Education disclosed finanCial statement rcportable conditions related 10 the follOWIng control categories \r\n \r\nCash and Cash EqUivalents \r\n \r\nGencral Fixed A;scts \r\n \r\nOf thc reportable conditIOns descnbed above, General Fixed Assets I; conSidered to be a matenal weakness \r\n \r\n3 Noncomphance Matcnal to the I Inanclal Statements The audit ofthe Worth County Board ofCducatlOn disclosed no mstances ofnoncomphance that wcre deemed to be material to the finanCial slatements \r\n \r\n4 Reportahle Condlllons m Internal Control Over MaJor Programs The audIt report for the Worth Count) Board of Education did not disclose any reportable conditIOns m Internal control over major programs \r\n \r\n5 Tvpe 01 Report Issued on Comphance for MaJor Programs [he auditor's 0plmon on the Worth County Board of Education's report on comphance With reqUirement~ apphcable to major programs Wal\u003e unqual! tied \r\n \r\n6 Audit Fmdmgs ReqUired to be Reported bv Section 510ra) ofOMB Circular A-I33 rhe Worth County Board of Education's audit did not disclose audit findmg~ reqUired 10 be reported by ~eellon 510(a) ofOMB Circular A-133 \r\n \r\n7 Malor Progmm; Federal awards audited as major programs are as follows 10553 Food and Nutrition Program - Food Services - School Breakfast Program 10555 Food and NutntlOn Program - Food Services - NatIOnal School Lunch Program 10559 Food and Nutntion Program - Summer Food Service Program for Children \r\n \r\n8 Type \"A\" I'rognun Dollar Thre\\hold Thc dollar threshold for type \"A\" programs was $300,000 00 \r\n \r\n9 Low Rls\" Audltee The Worth County Board of Education quaJlfied as a low risk audltee as defined by SectIOn 530 ofOMB Circular A-I33 \r\n \r\n-I- \r\n \r\n WOR1 H COUN\"I Y BOARD OF [DUCATION \r\nSCHEDULE OF FINDINGS AND OUESTIONED COS rs \r\nYEAR ENDED JUNL 30, 2002 \r\nII FINANCIAL STATEMENT ~INDINGS A1\\JD OCESTIONED COSTS \r\nCASH AND CASH EQuiVALENTS Uncollatcrahzed Deposits Reportable ConditIOn Nonmatenal Noncomphance FmdmgControl Number I'S-7591-02-01 \r\nAs of June 30, 2002, the School Dlstnct failed to have ItS bank balanccs fully collatemhzed a~ proVided for by the OfficIal Code of GeorgIa Annotated Section 45-8-12, which state~, m part. as follows \r\n\"1 he collectmg officer or onicer holdmg pubhc funds may not have on deposit at any onc time m any depoSitory for a time longer than ten days a sum of money belongmg to the pubhc body when such depoSitory has not gIven bond to the publIc body as set forth m thiS code section 1 hc aggregatc 01 the face \\ alue of such surety bond and the market value of secuntles pledged shall be equal to not les~ than 110 percent of the pubhc fund~ bemg secured atter the deductIOn of the amount of depo~lt m~urance \" \r\nThl~ noncomphance occurred because of management'~ failure to adequately mOnitor the eoliatemlIzatlon of balance, at mdlvldual ban!\"s I'he School Dlstnct should Implement adequate procedures to mOnitor the coliaterahzatlOn of ban!\" balances to ensure comphance at all times with State Laws governmg deposits and mvestments \r\nGENERAL FIXED ASSETS I'all ure to Maintain General FIxed Assets Account Group Reportable ConditIon - Matenal Wea\"ness Repeated from Pnor Year Fmdmg Control Number FS-7591-02-02 \r\nrhe Worth County Board of Education did not mamtam a system-\\\\Ide Geneml Frxcd Assets Account Group wlthm the formal accounting records as reqUIred by generally accepted accountmg pnnciple, ThiS condition results In the general-purpose finanCial statements of the School DI~tnet bemg mcomplete and not m accordance With generally accepted accounting pnnclples Appropnate actIon should be taken by the School Dlstnct to estabhsh accounting control~ and procedures to proVide for maintenance ofa Geneml Frxed Assets Account Group These subSidiary record~ ~hould mclude an Inventory of land, bUlldIng~ and eqUIpment owned by the School Dlstnct and ,hould Include, but may not be lImited to, date acqUIred. acquISItion co~t, estimated replacement cost. location and de,cnptlOn DetaIled rewrds should be mamtamed 01 all additions and deletion, to the General fixed A~~ets Account Group \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF ~ IN DINGS AND QUESTIONED COS rs \r\nYEAR ENm,D JUNI: 30, 2002 1II FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No maller, were reported \r\n-3- \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw9-b2000-h2001","title":"Worth County Board of Education, Sylvester, 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, Worth County, 31.55151, -83.85088"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2001-06-30"],"dcterms_description":["Began with fiscal year ended June 30, 2000, issued in 2001; ceased with fiscal year ended June 30, 2008, issued in 2009.","Report year covers fiscal year.","Has supplements: Worth County Board of Education, Sylvester, 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 ... (Worth County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007; Salaries and travel reimbursement (Worth County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2000, issued in 2001 (online surrogate); title from PDF cover (Georgia Government Publications database, viewed May 13, 2016).","Fiscal year ended June 30, 2008, issued in 2009 (online surrogate); (Georgia Government Publications database, viewed May 13, 2016)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Worth County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Worth County--Auditing--Periodicals.","Education--Georgia--Worth County--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Worth County.--fast--(OCoLC)fst01217122","Georgia Government Documents--Serial"],"dcterms_title":["Worth County Board of Education, Sylvester, 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-bw9-b2000-h2001"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw9-b2000-h2001"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"'.' .. \r\n. :. ~.~ \r\n \r\n\u003c\" \r\n \r\n, .. \r\n\" \r\n \r\n  ~. \" \r\n \r\n1 \r\n \r\nI ~\" \r\n \r\n, '\" \r\n\" \r\n \r\n'.' 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I  \r\n \r\n , -' \r\nWORTII couNTY BOARi:\u003e OF EDUCAnON \r\n- TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDmJRES OF FEDERAL AWARDS \r\n \r\nE)CillBITS \r\n \r\nGENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nCOMBINED STATEMENTS - OVERVIEW \r\n \r\nA \r\n \r\nCOMBINED BALANCE SHEET \r\n \r\nALL FUND TYPES AND ACCOUNT GROUP \r\n \r\n2 \r\n \r\nB \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENDmJRES AND \r\n \r\nCHANGES IN FUND BALANCES \r\n \r\nALL GOVERNMENTAL FUND TYPES \r\n \r\n4 \r\n \r\nC \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENDmJRES AND \r\n \r\nCHANGES IN FUND BALANCES - BUDGET AND AcruAL \r\n \r\n(NON-GAAP BASIS) \r\n \r\nGENERAL AND SPECIAL REVENUE FUNDS \r\n \r\n7 \r\n \r\nD \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENSES AND \r\n \r\nCHANGES IN FUND BALANCES \r\n \r\nFIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUNDS \r\n \r\n8 \r\n \r\nE \r\n \r\nCOMBINED STATEMENT OF CASH FLOWS \r\n \r\nFIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUNDS \r\n \r\n9 \r\n \r\nF NOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\n10 \r\n \r\nADDmONAL FINANCIAL INFORMATION \r\n \r\nCOMBINING STATEMENTS \r\n \r\nSPECIAL REVENUE FUND \r\n \r\nG \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\n22 \r\n \r\nH \r\n \r\nCOMBINING STATEMENT OF REVENUES, EXPENDmJRES \r\n \r\nAND CHANGES IN FUND BALANCES \r\n \r\n24 \r\n \r\nCAPITAL PROJECTS FUND \r\n \r\nI \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\n26 \r\n \r\nJ \r\n \r\nCOMBINING STATEMENT OF REVENUES, E){PENDITURES \r\n \r\nAND CHANGES IN FUND BALANCES \r\n \r\n27 \r\n \r\nDEBT SERVICE FUND \r\n \r\nK \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\n28 \r\n \r\nL \r\n \r\nCOMBINING STATEMENT OF REVENUES, EXPENDmJRES \r\n \r\nAND CHANGES IN FUND BALANCES \r\n \r\n29 \r\n \r\nM \r\n \r\nFIDUCIARY FUND TYPE \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\n30 \r\n \r\n WORTH COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nADDmONAL FINANCIAL INFORMATION \r\n \r\nSCHEDULES \r\n \r\n1 SCHEDULE OF EXPENDrruRES OF FEDERAL AWARDS \r\n \r\n31 \r\n \r\n2 SCHEDULE OF STATE REVENUE \r\n \r\n33 \r\n \r\n3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\n \r\n35 \r\n \r\nALL01MENTS AND EXPENDrruRES \r\n \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS (QBE) \r\n \r\n4 \r\n \r\nBynOGRAM \r\n \r\n36 \r\n \r\n5 \r\n \r\nBY SITE \r\n \r\n37 \r\n \r\nSECTIONll \r\nCOMPLIANCE AND INTERNAL CONTROL REPORTS \r\nREPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-B3 \r\n \r\nSECTION ill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\nSECTION IV FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n SECTION I FINANCIAL \r\n \r\n RUSSELL W. HINTON \r\nSTATE AUDITOR \r\n(404) 6562174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S w., Suite 214 \r\nAtlanta, Georgia 30334-!!400 \r\nJune 5, 2002 \r\n \r\nHonorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Worth County Board of Education \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nLadies and Gentlemen: \r\nWe have audited the accompanying general-purpose financial statements ofthe Worth County Board of Education, as of and for the year ended June 30, 2001, as listed in the table of contents. These general-purpose financial statements are the responsibility ofthe Worth County Board ofEducation's management. Our responsibility is to express an opinion on these general-purpose financial statements based on our audit. \r\nWe conducted our audit in accordance with auditing standards generally accepted in the United States 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 fmancial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. \r\nAs described in the notes to the general-purpose financial statements, the Board of Education's financial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described as follows: \r\n \r\n2001ARL-13 \r\n \r\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. \r\n The Board ofEducation did not report compensated absences within the general-purpose financial statements as required by generally accepted accounting principles. \r\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. \r\nThe aggregate effects on the general-purpose financial statements of these variances or omissions have not been determined, but are believed to be material. \r\nIn our opinion, except for the effects on the general-purpose financial statements of the matters referred to in the preceding paragraph, the general-purpose financial statements referred to above present fairly, in all material respects, the financial position ofthe Worth County Board ofEducation as of June 30, 2001, and the results of its operations and the cash flows of its nonexpendable trust funds for the year then ended, in conformity with accounting principles generally accepted in the United States of America. \r\nIn accordance with Government Auditing Standards, we have also issued our report dated June 5, 2002, on our consideration ofthe Worth County Board ofEducation's internal control over financial reporting and our tests of its compliance with certain provisions oflaws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. \r\nOur audit was performed for the purpose of forming an opinion on the general-purpose financial statements of the Worth County Board of Education taken as a whole. The accompanying combining statements (Exhibits G through M) 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. \r\n200lARL-13 \r\n \r\n A copy ofthis report has been filed as a pennanent record in the office ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code ofGeorgia Annotated Section 506-24. \r\nRespectfully submitted, \r\n \r\n \r\nRWH:as 2001ARL-13 \r\n \r\nR sell W. Hinton State Auditor \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\n ----- - ---- ------ \r\nWORTH COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET \r\nALL FUND TYPES AND ACCOUNT GROUp \r\nJUNE 30, 2001 \r\n \r\n~ cash and cash Equivalents \r\nInvestments \r\nAccounts Receivable \r\nInventones Food Donated Commodities Purchased Food \r\nAmount Available In Debt servtce Fund \r\nAmount to be Provided In Future Years For Payment of Bond Debt \r\n \r\nGENERAL FUND \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nREVENUE \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\n$ 1.125.231.40 $ \r\n \r\n155.978.40 $ 2.089.434 64 \r\n \r\n650.000.00 \r\n \r\n250.782.98 \r\n \r\n2.605.170.32 \r\n \r\n466,49559 \r\n \r\n249.33819 \r\n \r\n669.34 13.600.33 \r\n \r\nTotal Assets \r\n \r\n$ 4.380,401 72 $ 887.52664 $ 2,338.n283 \r\n \r\nLIABILITIES AND FUND EQUITY \r\nLIABILITIES \r\nAccounts Payable salaries Payable Expired Grant Balances Payable Contracts Payable Retalnages Payable Deferred Revenue General Obligation Bonds Payable \r\nTotal Uabllltles \r\nFUND EQUITY \r\nFund Balances Reserved For Bus Replacement Funds For Debt SeMC8 For Endowment Corpus For Inventories Food Donated CommodltJes Purchased Food For School Food SeMC8S Equipment Expendrtures For SPLOST Proj8cls Urveserved Designated for Selflnsurance Undeslgnated \r\nTotal Fund EqUity \r\n \r\n$ \r\n \r\n517.497,86 $ \r\n \r\n2.344.n3,64 \r\n \r\n238.33084 $ 419.890.48 \r\n9.59882 \r\n \r\n7842 \r\n \r\n13.386 70 \r\n221.03772 111,43540 \r\n \r\n$ 2.862.271 50 $ 667.89856 $ \r\n \r\n345.85982 \r\n \r\n$ \r\n \r\n71.88500 \r\n \r\n$ \r\n22.707.85 1,423.537 37 $ 1,518,130.22 $ \r\n \r\n669.34 13,600.33 \r\n$ \r\n \r\n492,42900 888.41525 \r\n \r\n205.35841 219,62808 $ \r\n \r\n612.\u003c16876 1.992.913 01 \r\n \r\nTotal UabllltJes and Fund Equity \r\n \r\n$ 41380,401 72 $ \r\n \r\n887152664 $ 2.338,n283 \r\n \r\nThe notes to the general-purpose linandal statements are an Integral part of this statement -2- \r\n \r\n EXHIBIT \"A\" \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nFIDUCIARY FUND TYPE \r\nTRUST FUNDS \r\n \r\nACCOUNT GROUP GENERAL \r\nLONG-TERM DEBT \r\n \r\nTOTALS \r\n \r\n(Memorandum Only) \r\n \r\nJUNE 30, 2001 \r\n \r\nJUNE 30, 2000 \r\n \r\n$ 1.265,491 09 $ \r\n \r\n1.603.02 \r\n \r\n$ 4,637.738.55 $ 4,907,001.23 \r\n \r\n3,684.25 \r\n \r\n904,467.23 \r\n \r\n904,115.59 \r\n \r\n97.41 \r\n \r\n131.50 \r\n \r\n3,321.233.01 \r\n \r\n3,139,286 61 \r\n \r\n$ \r\n \r\n1,265,588.50 \r\n \r\n884,411.50 \r\n \r\n669.34 13.600.33 1,265,588.50 \r\n884,411.50 \r\n \r\n928.51 11,999.81 513,083.89 \r\n1,781,91611 \r\n \r\n$ 1,265,588.50 $ \r\n \r\n5,418.77 $ \r\n \r\n2,150,000.00 $ 11:027,70846 $ 11,258,331.75 \r\n \r\n$ \r\n \r\n769,21540 $ \r\n \r\n565,356.37 \r\n \r\n2,764,664.12 \r\n \r\n2,648.309 94 \r\n \r\n9,598.82 \r\n \r\n4,272.75 \r\n \r\n221,037.72 \r\n \r\n5,08500 \r\n \r\n111,43540 \r\n \r\n7842 \r\n \r\n$ \r\n \r\n?,15O,ooo.00 \r\n \r\n2,150,000 00 \r\n \r\n2,295,000 00 \r\n \r\n$ \r\n \r\n2,150,00000 $ 6,026,029 88 $ 5,518,02406 \r\n \r\n$ 1.265,588.50 $ \r\n \r\n4,500.00 \r\n \r\n0.00 $ 1,265,588.50 $ \r\n \r\n91877 5,41877 \r\n \r\n$ \r\n \r\n71,885.00 $ \r\n \r\n1,265,588.50 \r\n \r\n4.500.00 \r\n \r\n132,508.00 513,083.89 \r\n4,500.00 \r\n \r\n669.34 13,600.33 492,42900 888,415.25 \r\n \r\n92851 11,999.81 500,00000 1,803,984.81 \r\n \r\n22,707.85 2,241,883.31 \r\n \r\n34,31385 2,738,988.82 \r\n \r\n$ 5,00',678 58 $ 5,740,307.69 \r\n \r\n$ ',265,588 50 $ \r\n \r\n5:41877 $ \r\n \r\n2,150pOO 00 $ 11,027?08 46 $ 11,258,331 75 \r\n \r\n-3- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES ANp CHANGES IN FUND BAlANCES \r\nALL GOVERNMENTAL FUND TYPES YEAR ENPED JUNE 30. 2001 \r\n \r\nREVENUES \r\nState Funds Federal Funds Taxes Other Funds \r\nTotal Revenues \r\nEXPENPITURES \r\nCurrent Instruction Support services Pupil 5ervlces Improvement of InstruclJonal 5eMceS Educalional Media services General Admlnlstralion SChool Admlnlstralion Business Admlnlstralion Maintenance and Operation of Plant Student Transp0rt8bon 5eMces central Support 5ervlces Other SUpport seMceS Food services Operalion Enterprise OperalJons Community 5ervlces OperalJons \r\nCapital Outlay Debt5eMce \r\nPrincipal Interest PaYIng Agent Fees \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USES) \r\nOperabng Transfers In OperalJng Transfers Out \r\nTotal Other FinanCIng Sources (Uses) \r\nExcess of Revenues and Other FinanCIng Sources over (under) Expenditures and Other FinanCIng Uses \r\nFUND BALANCE JULY 1 \r\nFood Inventory - Net Change In Penod Donated CommodllJes Purchased Food \r\nFUND BALANCE JUNE 30 \r\n \r\nGENERAL FUND \r\n \r\nSPECIAL REVENUE \r\nFUND \r\n \r\n$ 19.183,123.03 $ 61,062.53 \r\n4,478,430.60 356.26070 \r\n$ 24,076,876 86 $ \r\n \r\n745.66219 3.678.962.22 \r\n321,139.63 \r\n4,745,764 04 \r\n \r\n$ 16,236.733.05 $ \r\n1,047,408 95 502,72897 592,80579 339,13380 \r\n1.928.352 95 275,209.65 \r\n1,804,21583 1.432.221 54 \r\n169.866 81 15.925.88 2,490n \r\n \r\n1,933,381 14 \r\n149,74025 167.369.50 \r\n6,518.80 157,302.48 \r\n60000 \r\n29.804 39 93.07483 \r\n99,47340 2.199,72530 \r\n1.900.63 9,438.00 \r\n \r\n$ 24,347,09399 $ $ -268,217.13 $ \r\n \r\n4,848,328 72 -102,564 68 \r\n \r\n$ \r\n \r\n$ \r\n \r\n-28,263.00 \r\n \r\n$ \r\n \r\n-28,26300 $ \r\n \r\n409.60 40960 \r\n \r\n$ -296,48013 $ 1.814.610.35 \r\n \r\n-102.155.08 320,441.81 \r\n \r\n-25917 1,60052 \r\n \r\n$ 1,518,13022 $ \r\n \r\n219,62808 \r\n \r\nThe notes to the general-purpose finanCIal statements are an Integral part of thiS statement -4- \r\n \r\n EXHIBIT\"B\" \r\n \r\nCAPITAl PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTAlS \r\n \r\n(Memorandum Only) \r\n \r\nYEAR ENDED \r\n \r\nJUNE 30, 2001 \r\n \r\nJUNE 30, 2000 \r\n \r\n$ 19,928,785.22 $ 19,428,840.08 \r\n \r\n3,740,024.75 \r\n \r\n3,372.21562 \r\n \r\n$ \r\n \r\n362,333.28 $ 1,043,302.76 \r\n \r\n5,884,066 64 \r\n \r\n5.725,599 41 \r\n \r\n20,405 57 \r\n \r\n12,26725 \r\n \r\n710,07315 \r\n \r\n675,60647 \r\n \r\n$ \r\n \r\n382,738 85 $ 1,055,570 01 $ 30,262,949.76 $ 29,202,261.58 \r\n \r\n$ 1,504,641.90 $ \r\n$ 1,504,641.90 $ $ -1,121,903.05 $ \r\n \r\n$ 18,170,114.19 $ 16,706,998.75 \r\n \r\n1,197,149.20 670,09847 599,324.59 496,436.28 \r\n1,928,952 95 275,20965 \r\n1,834.020.22 1,525,296.37 \r\n169,866 81 115,39928 2,202,216.07 \r\n1,900.63 9,43800 1,504,641.90 \r\n \r\n1,401,922 17 891,38538 574,24452 448,718.45 \r\n1,757,47331 233,763.11 \r\n1,664,878.44 1,497,903 15 \r\n186,481.53 126,516.00 1,885,896 49 \r\n11,180.00 202,01913 \r\n \r\n145,000.00 157,36000 \r\n70540 \r\n \r\n145,00000 157,360 00 \r\n70540 \r\n \r\n135,000.00 166,81250 \r\n681.06 \r\n \r\n303,06540 $ 31,003,130.01 $ 27,891,87399 \r\n \r\n752,504.61 $ -740,180.25 $ 1,310,38759 \r\n \r\n$ \r\n \r\n27,853.40 \r\n \r\n$ \r\n \r\n27,85340 \r\n \r\n$ \r\n \r\n28,26300 $ \r\n \r\n500,000.00 \r\n \r\n-28,263.00 \r\n \r\n500,000.00 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n000 \r\n \r\n$ -1,094,049.65 $ 3,086,962.66 \r\n \r\n752,504.61 $ 513,083 89 \r\n \r\n-740,180 25 $ 5,735,098.71 \r\n \r\n1,310,38759 4,428,34378 \r\n \r\n25917 1,600 52 \r\n \r\n-499.06 3,13360 \r\n \r\n$ 1,992,913 01 $ 1,265,588.50 $ 4,996,25981 $ 5,735,098.71 \r\n \r\n5- \r\n \r\n  WORTH COUNTY BOARP Of EDUCATION COMBINED STATEMENT Of REVENUES, EXPENDITURES AND CHANGES IN fUND BAlANCES \r\nBUDGET AND ACTUAl INON-GMP BASIS) GENERAL AND SPECIAL REVENUE fUNDS \r\nYEAR ENDED JUNE 30 2901 \r\n \r\nEXHIBIT\"C\" \r\n \r\nThe notes to the general-purpose financaal statements are an Integral part oflhls statement 7- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nCOMBINED STATEMENT OF-REVENUES, EXPENSES AND CHANGES IN FUND BALANCES \r\n \r\nFIDUCIARY FUND'TYPE '. NONEXPENPABLE TRUST FUNPS \r\n \r\nYEAR ENDED JUNE 30, 2001 \r\n \r\nFUNP BALANCE JUNE 30 \r\n \r\n$ 1,41927 $ \r\n \r\n3,99950 $ \r\n \r\n5,418 77 $ -=_=5;l:,2~0_8=9.8.. \r\n \r\nThe notes to the general-purpose finanCIal statements are an integral part of thiS statement. \r\n-8- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF CASH FLOWS FIDUCIARY FUND TYPE NONEXPENDABLE TRUST FUNDS \r\nYEAR ENDED JUNE 30, 2001 \r\n \r\nEXHIBIT\"E\" \r\n \r\nCash Flows from Operabng Activities: Cash Paid for ScholarshIps \r\nCash Flows from Invesbng ActJvibes, Interest Received on Investments Purchase of Investments \r\nNet Cash Provided by Investment Activities \r\nNet Increase (Decrease) In Cash \r\nCash and Cash Equivalents July 1 \r\n \r\nCHASES OSBORN \r\nFUND \r\n \r\nHELEN DAVIS STORY \r\nFUND \r\n \r\nTOTALS (Memorandum Only) \r\nYEAR ENDED JUNE 30, 2001 JUNE 30, 2000 \r\n \r\n$ \r\n \r\n-50,00 $ \r\n \r\n=0:0::0... $ \r\n \r\n-5000 $ \r\n \r\n-50.00 \r\n \r\n$ \r\n \r\n41.70 $ \r\n \r\n$ \r\n \r\n4170 $ \r\n \r\n$ \r\n \r\n-8.30 $ \r\n \r\n1,427.57 \r\n \r\n184,25 $ -184.25 \r\n=0,:0::0... $ \r\n0,00 $ 183.75 \r\n \r\n225.95 $ -184,25 \r\n41.70 $ -8,30 $ 1,61132 \r\n \r\n226,08 \r\n226,08 176,08 1,435.24 \r\n \r\nCash and Cash Equivalents June 30 \r\n \r\n$ 1,419.27 $ \r\n \r\n183.75 $ \r\n \r\n1,603.02 $ -===-=,;,!,1,.6..1.1.;,;,,32;;., \r\n \r\nThe notes to the general-purpose finanCIal statements are an Integral part of thiS statement -9- \r\n \r\n --- -------------- \r\n \r\nWORTH COUNfY BOARD OF EDUCATION \r\n \r\nEXHmIT \"F\" \r\n \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 2001 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nREPORTING ENTITY \r\nThe Worth 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 School District is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the School District is a primary government and consists of all the organizations that compose its legal entity. \r\nFUND ACCOUNTING \r\nThe School District uses funds and an account group to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. \r\nGeneral Fixed Assets are recorded as expenditures in the various funds at the time of purchase. A General Fixed Assets Account Group is not presently maintained by the School District. To conform to generally accepted accounting principles, a General Fixed Assets Account Group should be maintained for reporting the cost of assets acquired by governmental fund types. \r\nAlthough \"school activity accounts\" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general-purpose financial statements. \r\nThe general-purpose financial statements account for all State, Federal, Taxes and Other funds under control of the School District, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group presented in this report are as follows: \r\nGOVERNMENTAL FUND TYPES - are used to account for all or most of a School District's educational activities. Governmental Fund Types include: \r\nGENERAL FUND - the fund used to account for all financial resources of the School District except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. \r\n \r\n- 10- \r\n \r\n WORm COUNfY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 2001 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nSPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are received primarily from the Georgia Department of Education and from the Federal government to accomplish specific educational objectives. \r\nCAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. \r\nDEBT SERVICE FUND - the fund used to account for the accumulation ofresources for, and the payment of, general long-term principal, interest and paying agent fees. \r\nFIDUCIARY FUND TYPE - the fund used to account for assets held by a government unit in a trustee capacity or as an agent for individuals, private organizations, other government units and/or other funds. This fund includes: \r\nNONEXPENDABLE TRUST FUNDS Chase S. Osborn Fund - the fund used to account for an endowment ofwhich the COlpUS is to be invested and preserved intact with the resultant income to be used to provide an award to the Worth County School System spelling champion. \r\nHelen Davis Story Fund- the fund used to account for an endowment of which the corpus is to be invested and preserved intact with the resultant income to be used to provide a scholarship to a senior class student. \r\nACCOUNT GROUP \r\nGENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reporting device used to account for general obligation debt outstanding. \r\nBASIS OF ACCOUNTING \r\nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements ofthese funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. \r\nLiabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from available spendable resources, are reported in the General Long-Term Debt Account Group. \r\n \r\n- 11 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\nEXHmIT \"F\" \r\n \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 2001 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nAll nonexpendable trust funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and liabilities associated with the operation ofthese funds are included on the balance sheet. Operating statements present increases (e.g., revenues) and decreases (e.g., expenses) in net total assets. \r\nGovernmental funds are accounted for using the modified accrual basis ofaccounting under which: \r\nRevenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). \"Measurable\" means the amount of the transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. The School District considers receivables collected within sixty days after yearend to be available and therefore susceptible to accrual. Nonexchange transactions, in which the School District gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, local option sales taxes, intergovernmental grants and donations. Revenue for property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from sales taxes is recognized in the fiscal year the resources are received or susceptible to accrual. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. \r\nExpenditures are generally recognized when the related fund liability is incurred. \r\nA substantial number of personnel of the School District were employed for a one hundred and ninety day period beginning in August 2000 and ending in early June 2001. Employment contracts for these employment periods typically specify that compensation be paid in twelve equal monthly payments beginning in September 20GO and ending in August 2001. State grants to fund the State's share of these contracts are disbursed to the School District in the same twelve month period. In accordance with generally accepted accounting principles, salary and fringe benefit expenditures and the related revenue from the State to fund these contracts are recorded in the fiscal period covered by these financial statements. \r\nThe accrual basis ofaccounting, as required by generally accepted accounting principles, is utilized by nonexpendable trust funds. Under the accrual basis ofaccounting, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. \r\nBUDGET \r\nThe Worth County Board ofEducation's budget is a complete financial plan for the School District's fiscal year and is based upon estimates of expenditures together with probable funding sources. There is no statutory prohibition regarding overexpenditure of the budget at any level. The budget for all governmental funds is prepared by fund, function and object. The legal level of budget control was established by the Board at the aggregate level. The budget for governmental funds was prepared on a basis other than generally accepted accounting principles. \r\n- 12- \r\n \r\n ~.. ~ \r\n \r\nWORTH COUNTY BOARD OF EDUCATION \r\n \r\nEXHffiIT \"F\" \r\n \r\nNOTES TO mE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 2001 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nThe budget process begins when the School District's administration prepares a tentative budget for the Board's approval. After approval ofthis tentative budget by the Board, such budget is advertised at least once in a newspaper of general circulation in the locality. At the next called or 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 20-2-1 67(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\nCASH AND CASH EQUIVALENTS \r\nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist ofcash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition in authorized financial institutions. Georgia Laws OCGA 45-8-14 authorize the School District to deposit its funds in one or more solvent banks or insured Federal savings and loan associations. \r\nINVESTMENTS \r\nCOMPOSITION OF INVESTMENTS Investments made by the School District in nonparticipating interest-earning contracts (such as certificates ofdeposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code ofGeorgia Annotated Section 36-83-4 authorizes the School District to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate ofreturn shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \r\n(I) Obligations issued by the State of Georgia or by other states, \r\n(2) Obligations issued by the United States government, \r\n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \r\n(4) Obligations of any corporation of the United States government, \r\n(5) Prime banker's acceptances, \r\n(6) The Local Government Investment Pool administered by the State ofGeorgia, Office of Treasury and Fiscal Services, \r\n- 13 - \r\n \r\n --------------- \r\n \r\nWORTH COUNTY BOARD OF EDUCATION \r\n \r\nEXHffiIT \"F\" \r\n \r\nNOTES TO TIlE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 2001 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\n(7) Repurchase agreements, and \r\n \r\n(8) Obligations of other political subdivisions of the State of Georgia. \r\n \r\nRECEIVABLES \r\n \r\nReceivables consist of grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from infonnation available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general-purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\n \r\nPROPERTY TAXES \r\n \r\nThe Worth County Board of Commissioners fixed the property tax levy for the 2000 tax year (calendar year) on July 20,2000 (levy date). Taxes were due on December 20,2000 (lien date). Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 2001. The Worth County Tax Commissioner bills and collects the property taxes for the School District, withholds 2.5% oftaxes collected as a fee for tax collection and remits the balance of taxes collected to the School District. Property tax revenues during the fiscal year ended June 30, 2001 for maintenance and operations amounted to $4,459,288.18 and for school bonds amounted to $1,331.47. \r\n \r\nTax millage rates levied for the 2000 tax year (calendar year) for the Worth County Board of Education were as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\nl.L.1.6 mills \r\n \r\nSALES TAXES \r\n \r\nSpecial Purpose Local Option Sales Tax is to be used for capital outlay for educational purposes and debt service. Special Purpose Local Option Sales Tax revenue during the fiscal year amounted to $1,404,304.57 and was recorded in the Capital Projects and Debt Service Funds. The State will tenninate collection ofthis tax once an additional $4,603,479.36 has been collected or on September 30, 2002, whichever occurs first. \r\n \r\nINVENTORIES \r\n \r\nFOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost (first-in, first-out). Donated food commodities are recorded \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\nEXHffiIT \"F\" \r\n \r\nNOTES TO THE GENERAl-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 2001 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nas revenues and expenditures at the time commodity items are received. Purchased foods inventories are recorded as expenditures at the time ofpurchase. The inventories reported on the balance sheet for donated food commodities and for purchased foods are equally offset by reservations of fund balance which indicates that these amounts do not constitute \"available spendable resources\" even though they are a component of net current assets. \r\nCOMPENSATED ABSENCES \r\nCompensated absences represent obligations of the School District relating to employees' rights to receive compensation for future absences based upon service already rendered. This obligation relates only to vesting accumulating leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the individual funds for the current portion of this obligation as this amount is deemed immaterial to the general-purpose financial statements. \r\nHowever, the dollar value of accumulated compensated absences at June 30, which will be payable from future resources is material to the general-purpose financial statements and has not been recorded in the General Long-Term Debt Account Group as required by generally accepted accounting principles. \r\nGENERAL OBLIGATION BONDS \r\nThe School District issues general obligation bonds to provide funds for the acquisition and construction ofmajor capital facilities. Bond premiums and discounts, as well as issuance costs, are recognized in the financial statements during the year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit ofthe government. The outstanding amount of these bonds is recorded in the General Long-Term Debt Account Group. \r\nINTERFUND TRANSACTIONS \r\nThe School District has the following types of interfund transactions: \r\nReimbursements of expenditures/expenses initially made from a fund that are properly applicable to another fund are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed. \r\nOperating transfers are recorded for all interfund transactions other than reimbursements. \r\nMEMORANDUM ONLY - TOTAL COLUMNS \r\nTotal columns on the general-purpose financial statements are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not \r\n \r\n- 15 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\nEXHffiIT \"F\" \r\n \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 2001 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\npresent financial position, results ofoperations or cash flows in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. \r\nNote 2: DEPOSITS \r\nCOLLATERALIZATION OF DEPOSITS Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum 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. \r\nAcceptable security for deposits consists of anyone of or any combination of the following: \r\n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n(6) Industrial revenue bonds and bonds ofdevelopment authorities created by the laws of the State of Georgia, and \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\n- 16- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\nEXHffiIT \"F\" \r\n \r\nNOTES TO TIIE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 2001 \r\n \r\nNote 2: DEPOSITS \r\n \r\nCATEGORIZATION OF DEPOSITS At June 30, 2001, the bank balances were $7,993,509.55. The amounts ofthe total bank balances are classified into three categories of credit risk: \r\n \r\nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the School District or by the School District's agent in the School District's name. \r\nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the School District's name. \r\nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the School District's name.) \r\n \r\nThe School District's deposits are classified by risk category at June 30, 2001, as follows: \r\n \r\nRisk Category \r\n \r\nBank Balance \r\n \r\n1 \r\n \r\n$ 300,000.00 \r\n \r\n2 \r\n \r\n7,693,509.55 \r\n \r\n3 \r\n \r\n0.00 \r\n \r\nTotal \r\n \r\n$ 7.993509.55 \r\n \r\nNote 3: NON-MONETARY TRANSACTIONS \r\n \r\nThe School District receives food commodities from the United States Department of Agriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories \r\n \r\nNote 4: RISK MANAGEMENT \r\n \r\nThe School District is exposed to various risks of loss related to torts; theft of, damage to, and destruction ofassets; errors or omissions; job related illness or injuries to employees; natural disaster and unemployment compensation. \r\n \r\nThe School District has obtained commercial insurance for risk ofloss associated with torts, assets, 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. \r\n \r\n- 17 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\nEXHffiIT \"F\" \r\n \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2001 \r\n \r\nNote 4: RISK MANAGEMENT \r\n \r\nThe School District is self-insured with regard to unemployment compensation claims. In connection with this program, a self-insurance reserve has been established within the General Fund by the School District. The School District accounts for claims within the General Fund with expenditure and liability being reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. \r\n \r\nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \r\n \r\nBeginning of Year LIability \r\n \r\nClaIms and Changes in Estimates \r\n \r\nClaims Paid \r\n \r\nEnd of Year LIability \r\n \r\n2000 2001 \r\n \r\n$ \r\n \r\n1.019.00 $ \r\n \r\n2,890.00 $ \r\n \r\n3,909.00 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n0.00 $ 11,606.00 $ 11.606.00 $ \r\n \r\n0.00 \r\n \r\nThe School District has purchased surety bonds to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent Each Principal \r\n \r\n$ 20,000.00 \r\n \r\n$ \r\n \r\n5,000.00 - $ 10,0000.00 \r\n \r\nNote 5: GENERAL LONG-TERM DEBT \r\n \r\nGENERAL OBLIGATION BONDS OUTSTANDING General Obligation Bonds currently outstanding are as follows: \r\n \r\nPurpose \r\n \r\nInterest Rates \r\n \r\nAmount \r\n \r\nGeneral Government - Series 1990 \r\n \r\n6.4% -7.25% $ 2,150,000.00 \r\n \r\nThe changes in General Long-Term Debt during the fiscal year ended June 30, 2001, were as follows: \r\n \r\nGeneral Obligation \r\nBonds \r\n \r\nBalance July 1, 2000 \r\n \r\n$ 2,295,000.00 \r\n \r\nDeductions Debt Retired \r\n \r\n145.000.00 \r\n \r\nBalance June 30, 2001 \r\n \r\n$ 2,150,000.00 \r\n \r\n- 18 - \r\n \r\n WORTII COUNfY BOARD OF EDUCAnON \r\n \r\nEXHffiIT \"F\" \r\n \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2001 \r\n \r\nNote 5: GENERAL LONG-TERM DEBT \r\n \r\nAt June 30, 2001, payments due by fiscal year which includes principal and interest for these items are as follows: \r\n \r\nFiscal Year Ended June 30 \r\n \r\nGeneral Obligation \r\nBonds \r\n \r\n2002 2003 2004 2005 2006 2007 - 2011 \r\n \r\n$ 231,215.00 306,812.50 310,427.50 307,917.50 309,617.50 \r\n1,537,857.50 \r\n \r\nTotal Principal and Interest \r\n \r\n$ 3.003,847.50 \r\n \r\nNote 6: ON-BEHALF PAYMENTS \r\n \r\nThe School District has recognized revenues and expenditures in the amount of $470,513.74 for health insurance and retirement contributions paid on the School District's behalf by the following State Agencies. \r\n \r\nGeorgia Department of Education Paid to the Georgia Department of Community Health For Health Insurance of Non-Certified Personnel In the amount of$381,840.56 \r\n \r\nPaid to the Teachers Retirement System of Georgia For Teachers Retirement System (TRS) Employer's Cost In the amount of$11,987,18 \r\n \r\nOffice of Treasury and Fiscal Services Paid to the Public School Employees Retirement System For Public School Employees Retirement (PSERS) Employer's Cost In the amount of $76,686.00 \r\n \r\nNote 7: SIGNIFICANT COMMITMENTS \r\n \r\nThe following is an analysis ofsignificant outstanding construction or renovation contracts executed by the School District as of June 30, 2001: \r\n \r\n- 19- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\nEXHffiIT \"F\" \r\n \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 2001 \r\n \r\nNote 7: SIGNIFICANT COMMITMENTS \r\n \r\nProject \r\n \r\nUnearned Executed Contracts \r\n \r\nBus Shop Facility Sylvester Elementary School \r\n \r\n$ 18,361.36 846.411.64 \r\n \r\n$ 864,773.00 \r\n \r\nThe amounts described in this note are not reflected in the general-purpose financial statements. \r\n \r\nNote 8: CONTINGENT LIABILITIES \r\n \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant terms. The School District believes that such disallowances, if any, will be immaterial to its overall financial position. \r\n \r\nNote 9: SUBSEQUENT EVENTS \r\n \r\nOn March 19,2002, the voters ofWorth County School District voted in favor ofa Special Purpose Local Option Sales Tax referendum for education purposes. The imposition ofthe tax approved by the voters, as stated on the Official Ballot of Worth County, is as follows: \r\n \r\n\"Shall a special one percent sales and use tax be imposed in Worth County for a period oftime not to exceed 20 calendar quarters, commencing upon the expiration ofthe special one percent sales and use tax currently being levied in Worth County, and for the raising ofnot more than $9,100,000 for the purpose of funding (i) the acquisition and installation of new technology and equipment at all educational facilities; (ii) the acquisition and installation of security cameras and equipment at all educational facilities; (iii) the acquisition, construction and equipping of an auditorium; (iv) the acquisition, construction and equipping of six (6) classroom additions at Worth County High School, multipurpose physical education facility, three (3) classroom additions at Worth Primary School and renovations and modifications to existing educational facilities; (v) the acquisition ofnew buses, transportation equipment and security cameras, including the acquisition of any property necessary or desirable therefore, the maximum cost of such capital outlay projects not to exceed the balance of the balance of one percent sales and use tax proceeds? If imposition of the tax is approved by the voters, such vote shall also constitute approval of the issuance of general obligation debt of Worth County School District in the principal amount of $5,000,000 to pay a portion of the abovedescribed capital outlay projects and to pay capitalized interest on such debt through January 1, 2003 inclusive.\" \r\n \r\n- 20- \r\n \r\n I,  \r\n \r\nWORTH COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTES TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30. 2001 \r\n \r\nNote 10: ACCUMULATED EMPLOYEES' LEAVB \r\n \r\nThe School District's sick leave policy allows employees to accumulate up to 60 days of unused sick leave. Upon retirement, an employee may request payment for unused sick leave at the rate of $22.50 per day. See Note 1 - Compensated Absences \r\n \r\nNote 11: RETIREMENT PLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\n \r\nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school districts are covered by the Teachers Retirement System ofGeorgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\n \r\nTRS CONTRIBUTIONS REQUIRED AND MADE Employees of the School District who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The School District makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 11.29% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n2001 2000 1999 \r\n \r\n100% 100% 100% \r\n \r\n$ 1,885,792.76 $ 1,808,816.21 $ 1,826,049.67 \r\n \r\n- 21 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVE-NUE FUND JUNE 30, 2001 \r\n \r\nASSETS \r\nCash and Cash Equivalents \r\nInvestments \r\nAccounts Receivable \r\nInventories Food Donated Commodities Purchased Food \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nLOTIERY PROGRAMS \r\n \r\n$ \r\n \r\n124,590.56 $ \r\n \r\n76,462.07 \r\n \r\n250,782.98 \r\n \r\n148,309.57 \r\n \r\n669.34 13,600.33 \r\n \r\nTotal Assets \r\n \r\n$ \r\n \r\n537,952.78 $=-==7=6=,4=62=..0...7.... \r\n \r\nLIABILITIES AND FUND EQUITY \r\nLIABILITIES \r\nCash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable Deferred Revenue \r\nTotal Uabilities \r\nFUND EQUITY \r\nFund Balances Reserved For Inventories Food Donated Commodities Purchased Food Unreserved Undeslgnated \r\nTotal Fund Equity \r\nTotal Liabilities and Fund Equity \r\nSee notes to the general-purpose financial statements. \r\n- 22- \r\n \r\n$ \r\n \r\n155,143.91 $ \r\n \r\n162,342.36 \r\n \r\n83843 \r\n \r\n$ \r\n \r\n318,324.70 $ \r\n \r\n20.309.12 56,152.95 \r\n76.462.07 \r\n \r\n$ \r\n \r\n669.34 \r\n \r\n13,600.33 \r\n \r\n205,358.41 $ \r\n \r\n000 \r\n \r\n$ \r\n \r\n219,628.08 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n537,952.78 $===7.::6=.4=62::;.0:=7= \r\n \r\n EXHIBITWG\" \r\n \r\nFEDERAL PROGRAMS \r\n \r\nTOTALS \r\n \r\nJUNE 30, 2001 \r\n \r\nJUNE 30, 2000 \r\n \r\n$ \r\n \r\n201,052.63 $ \r\n \r\n241,716.81 \r\n \r\n250,782.98 \r\n \r\n250,615.59 \r\n \r\n$ \r\n \r\n318,186.02 \r\n \r\n466,495.59 \r\n \r\n431,340.20 \r\n \r\n669.34 13,600.33 \r\n \r\n928.51 11,999.81 \r\n \r\n$ \r\n \r\n318,186.02 $ \r\n \r\n932,600.87 $ = .....9=3=:6=,6=00=.=92= \r\n \r\n$ \r\n \r\n45,074.23 $ \r\n \r\n45,074.23 $ \r\n \r\n75,648.13 \r\n \r\n62,877.81 \r\n \r\n238,330.84 \r\n \r\n177,702.69 \r\n \r\n201,395.17 \r\n \r\n419,890.48 \r\n \r\n358,734.63 \r\n \r\n8,760.39 \r\n \r\n9,598.82 \r\n \r\n4,073.66 \r\n \r\n78.42 \r\n \r\n78.42 \r\n \r\n$ \r\n \r\n318,186.02 $ \r\n \r\n712,972.79 $ \r\n \r\n616,159.11 \r\n \r\n$ \r\n \r\n669.34 $ \r\n \r\n928.51 \r\n \r\n13,600.33 \r\n \r\n11,999.81 \r\n \r\n$ \r\n \r\n----'0;.;..0;;..;;0'- \r\n \r\n205,358.41 \r\n \r\n307,51349 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n219,628.08 $ _----:3:::2:.::0.L..:,44...:.1~.=-81~ \r\n \r\n$ \r\n \r\n318,186.02 $ \r\n \r\n932,600.87 $==-9;;,;;3:=6,6=00;;,;.9=2;\". \r\n \r\n- 23- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES \r\nSPECIAL REVENUE FUND YEAR ENDED JUNE 30. 2001 \r\n \r\nREVENUES \r\nState Funds Federal Funds Other Funds \r\nTotal Revenues \r\nEXPENDITURES \r\nCurrent Instrudlon Support ServiceS Pupil Services Improvement of Instructional Services Educational Media ServiceS General Administration School Administration Maintenance and Operation of Plant Student Transportation Services Other Support Services Food Services Operation Enterpnse Operations Community Services Operations \r\nTotal Expenditures \r\nExcess of Revenues over (under) ExpenditulCs \r\nOTHER FINANCING SOURCES (USES) \r\nOperating Transfers In Operating Transfers Out \r\nTotal Other FinanCing Sources (Uses) \r\nExcess of Revenues and Other FinanCing Sources over (under) expenditures and Other FinanCing Uses \r\nFUNP BALANCE JULY 1 \r\nFood Inventory - Net Change In Penod Donated Commodities Purchased Food \r\nFUND BALANCE JUNE 30 \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nLOTIERY PROGRAMS \r\n \r\n$ \r\n \r\n124,384.00 $ \r\n \r\n1,653,947.22 \r\n \r\n321,13963 \r\n \r\n$ 2,099,470 85 $ \r\n \r\n621,27819 621,27819 \r\n \r\n$ \r\n$ 2,199,725.30 1,90063 \r\n \r\n488,528.37 \r\n61,612.98 3,34079 \r\n28,97626 \r\n28,454 45 10,40606 \r\n368.88 \r\n \r\n$ 2,201 ,625 93 $ \r\n \r\n$ \r\n \r\n-102,155.08 $ \r\n \r\n621,68779 40960 \r\n \r\n$ \r\n \r\n$ \r\n \r\n$ \r\n \r\n-102,155.08 $ \r\n \r\n320,441 81 \r\n \r\n-25917 1,600.52 \r\n \r\n409.60 409.60 \r\n0.00 000 \r\n \r\n$ \r\n \r\n219,62808 $-==-_ _.....;;.0.0.0;.,. \r\n \r\nSee notes to the general-purpose finanCIal statements \r\n \r\n- 24- \r\n \r\n EXHIBIT\"H\" \r\n \r\nFEDERAL PROGRAMS \r\n \r\nTOTALS \r\n \r\nYEAR ENDED \r\n \r\nJUNE 30, 2001 \r\n \r\nJUNE 30, 2000 \r\n \r\n$ \r\n \r\n745,66219 $ \r\n \r\n739,358.57 \r\n \r\n$ 2,025,015.00 \r\n \r\n3,678,962.22 \r\n \r\n3,313,834 42 \r\n \r\n321,139.63 \r\n \r\n328,092.39 \r\n \r\n$ 2,025,01500 $ 4,745,764 04 $ 4,381,285.38 \r\n \r\n$ 1,444,852.77 $ 1,933,381.14 $ 1,869,365.20 \r\n \r\n88,127.27 164,02871 \r\n6,518.80 128,326.22 \r\n60000 1,349.94 82,668.77 99,104.52 \r\n9,438.00 \r\n \r\n149,740.25 167,369.50 \r\n6,518.80 157,30248 \r\n60000 29,804.39 93,07483 99,47340 2,199,72530 \r\n1,900.63 9,43800 \r\n \r\n113,954.18 199,913.63 \r\n11,816.99 155,962.00 \r\n6243 8,06910 46,42860 65,572.92 1,885,896 49 \r\n11,180.00 \r\n \r\n$ 2,025,015.00 $ 4,848,328.72 $ 4,368,221 54 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n-102,564 68 $ \r\n \r\n13,06384 \r\n \r\n$ \r\n \r\n40960 \r\n \r\n$ \r\n \r\n-500,00000 \r\n \r\n$ \r\n \r\n40960 $ \r\n \r\n-500,00000 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n-102,155.08 $ \r\n \r\n-486,93616 \r\n \r\n000 \r\n \r\n320,441.81 \r\n \r\n811,010.63 \r\n \r\n-25917 1,600.52 \r\n \r\n-49906 -3,13360 \r\n \r\n$ \r\n \r\n000 $ \r\n \r\n219,62808 $-===__3=2=0.,.4.4\"\";,,,;,,1.8.1..... \r\n \r\n- 25- \r\n \r\n WORTH COUNTY BOARP OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30, 2001 \r\n \r\nEXHIBIT\"'\" \r\n \r\nCash and Cash Equivalents Accounts Receivable \r\n \r\nREGULAR \r\n \r\nSPECIAL PURPOSE LOCAL OPTION SALES TAX \r\n \r\nTOTALS JUNE 30, 2001 JUNE 30, 2000 \r\n \r\n$ 614,404,59 $ 1,475.030,05 $ 2,089,434 64 $ 2.849,638 89 \r\n \r\n249,33819 \r\n \r\n249,33819 \r\n \r\n245,554 68 \r\n \r\nTotal Assets \r\n \r\n$ 614:404 59 $ 1?24.368,24 $ 2,338,n283 $ 3,095,193,57 \r\n \r\nLIABILITIES AND FUND EQUITY \r\n \r\nLIABILITIES \r\n \r\nAccounts Payable Salanes Payable Contrads Payable Retalnages Payable \r\n \r\n$ 2,335,83 $ \r\n \r\n11,050,87 $ \r\n221,037.72 111,43540 \r\n \r\n13,386,70 $ \r\n221,037,72 111 :435 40 \r\n \r\n206.39 2,939.52 5,085.00 \r\n \r\nTotal Uabihbes \r\n \r\n$ 2,335.83 $ \r\n \r\n343,52399 $ 345,85982 $ \r\n \r\n8,23091 \r\n \r\nFUND EQUITY \r\n \r\nFund Balances Reserved For School Food Services Equipment expenditures For SPLOST Projeds Unreserved Undeslgnated \r\n \r\n$ $ 612,068.76 \r\n \r\n492,429,00 $ 888,415.25 \r\n0.00 \r\n \r\n492,42900 $ 500.000.00 \r\n \r\n888,41525 \r\n \r\n1.803,984 81 \r\n \r\n612,06876 \r\n \r\n782,9n,85 \r\n \r\nTotal Fund Equity \r\n \r\n$ 612,068 76 $ 1,380,844 25 $ 1,992,913,01 $ 3,086,962 66 \r\n \r\nTotal liabilities and Fund Equity \r\n \r\n$ 614,404.59 $ 1?24,368.24 $ 2,338,n283 $ 3,095,19357 \r\n \r\nSee notes to the general-purpose finanCIal statements \r\n \r\n26 \r\n \r\n WORTH COUNIY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nCAPITAL PROJECTS FUND YEAR ENDED JUNE 30, 2001 \r\n \r\nEXHIBIT\"J\" \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n$ 612,068,76 $ 1,380,844,25 $ 1,992,91301 $ 3,086,962.66 \r\n \r\nsee notes to the general-purpose finanCIal statements \r\n \r\n- 27- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET DEBT SERVICE FUND JUNE 30, 2001 \r\n \r\nEXHIBIT\"K\" \r\n \r\nASSETS Cash and Cash Equivalents Accounts Receivable \r\n \r\nPROPERTY TAXES FOR BOND DEBT \r\n \r\nSPECIAL PURPOSE LOCAL OPTION SALES TAX \r\n \r\nTOTALS \r\n \r\nJUNE 30, 2001 \r\n \r\nJUNE 30, 2000 \r\n \r\n$ \r\n \r\n118,37 $ 1,265,372.72 $ 1,265,491.09 $ \r\n \r\n513,083.89 \r\n \r\n9741 \r\n \r\n9741 \r\n \r\nTotal Assets \r\n \r\n$ \r\n \r\n215.78 $ 1,265,372.72 $ 1,265,588.50 $ =====5=1.3..,.0.8.:=3=.8:;;9= \r\n \r\nFUND EQUITY \r\n \r\nFund Balances Reserved For Debt Service Unreserved Undeslgnated \r\n \r\n$ \r\n \r\n215.78 $ 1,265,372.72 $ 1,265,588.50 $ \r\n \r\n513,083.89 \r\n \r\n0.00 _ _ _ _:::.:o..=.;oo=_ \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\nTotal Fund Equity $ \r\n \r\n215.78 $ 1,265,372.72 $ 1,265,588.50 $===5=1=3,=08...3.=8:=9= \r\n \r\nSee notes to the general-purpose financial statements. - 28- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXpENDITURES AND CHANGES IN FUND BALANCES \r\nDEBT SERVICE FUNP YEAR ENDED JUNE 30, 2001 \r\n \r\nEXHIBIT\"L\" \r\n \r\nREVENUES \r\nTaxes Other Funds \r\nTotal Revenues \r\nEXPENP1TURES \r\nDebt5eMce Pnndpal Interest PaYIng Agent Fees \r\nTotal expenditures \r\nExcess of Revenues over (under) expenditures \r\nOTHER fiNANCING SOURCES (USES) \r\nOperallng Transfers In Operallng Transfers Out \r\nTotal Other Flnandng Sources (Uses) \r\nExcess of Revenues and Other Financng Sources over (under) Expendrtures and Other Flnandng Uses \r\nFUND BALANCE JULY 1 \r\n \r\nPROPERTY TAXES FOR BOND DEBT \r\n \r\nSPECIAL PURPOSE LOCAL OPTION SALES TAX \r\n \r\nTOTALS YEAR ENDED JUNE 30, 2001 JUNE 30, 2000 \r\n \r\n$ 1,331 47 $ 1,041,971,29 $ 1,043,302.76 $ 516,731 47 \r\n \r\n12,267.25 \r\n \r\n12,26725 \r\n \r\n4,67711 \r\n \r\nS 1,331.47 S 1,054,238 54 $ 1,055,570 01 $ 521,408,58 \r\n \r\n$ \r\n \r\n0,00 $ \r\n \r\n$ \r\n \r\n0,00 $ \r\n \r\n$ 1,331,47 $ \r\n \r\n145,000,00 $ 157,360.00 \r\n70540 \r\n303,06540 $ \r\n751,17314 $ \r\n \r\n145,000.00 $ 157,360,00 \r\n70540 \r\n303,06540 $ \r\n752,504.61 $ \r\n \r\n135,00000 166,812.50 \r\n681,06 \r\n302,49356 \r\n218,91502 \r\n \r\n$ $ -1,115.69 \r\n$ -1,11569 S \r\n \r\n1,11569 $ 1,115.69 $ \r\n \r\n1,11569 $ -1,11569 \r\n0,00 $ \r\n \r\n2,22343 -2,22343 \r\n0,00 \r\n \r\nS \r\n \r\n215.78 $ 752,288.83 $ 752,504,61 $ 218,915.02 \r\n \r\n0.00 \r\n \r\n513,083,89 \r\n \r\n513,08389 \r\n \r\n294,168.87 \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n$ \r\n \r\n21578 $ 1,265,372.72 $ 11265,588.50 $ 513,08389 \r\n \r\nSee notes to the general-purpose financal statements \r\n \r\n29 - \r\n \r\n Cash and Cash EqUivalents Investments Accounts ReceIVable \r\nTotal Assets \r\nFUND EQUITY Fund Balances \r\nReserved For Endowment Corpus \r\nUnreserved Undeslgnated \r\nTotal Fund Equity \r\n \r\nWORTH COUNTY BOARD OF EpUCATION COMBINING BALANCE SHEET FIDUCIARY' FI1ND TYPE JUNE 30, 2001 \r\n \r\nEXHIBIT\"M\" \r\n \r\nNONEXPENDABLE TRUST FUNDS \r\n \r\nENDOWMENT FUNDS \r\n \r\nCHASE S, \r\n \r\nHELEN \r\n \r\nOSBORN \r\n \r\nDAVIS STORY \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTALS JUNE 30, 2001 JUNE 30, 2000 \r\n \r\n$ \r\n \r\n1,41927 $ \r\n \r\n183.75 $ \r\n \r\n1,60302 $ \r\n \r\n1,61132 \r\n \r\n3,684,25 \r\n \r\n3.684,25 \r\n \r\n3,500,00 \r\n \r\n131 50 \r\n \r\n13150 \r\n \r\n9766 \r\n \r\n$ \r\n \r\n1A1927 $ \r\n \r\n5A18.n $ _ _..5.0;,2;0;,0.8.9;;,;.8.. \r\n \r\n$ \r\n \r\n1,000,00 $ \r\n \r\n3,50000 $ \r\n \r\n4,500.00 $ \r\n \r\n4,500.00 \r\n \r\n419.27 \r\n \r\n49950 \r\n \r\n918n \r\n \r\n70898 \r\n \r\n$ \r\n \r\n1A1927 $ \r\n \r\n3,999.50 $ \r\n \r\n5,418 n $~_ _5!O;,2_08a9;,;8;;,. \r\n \r\nSee notes to the general-purpose finanCIal statements \r\n \r\n- 30- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\nSCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30 2001 \r\n \r\nSCHEDULE \"1\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY 10 \r\nNUMBER \r\n \r\nFEDERAL REVENUE IN PERIOD \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\nAgnculture, U S. Department of Child Nutnbon Cluster Pass-Through From Georgia Department of education Food and Nutrlbon Program Food 5elVlces School Breakfast Program Nabonal School Lunch Program Pass-Through From Office of School Readiness Food and Nutnbon Program Summer Food 5ervlce Program for Children \r\n \r\n10.553 10.555 \r\n10.559 \r\n \r\nNJA $ 306,904 08 \r\n \r\nN1A \r\n \r\n821,23000 $ \r\n \r\n(1) 1,763,691 73 (2) \r\n \r\nN1A \r\n \r\n431,23314 \r\n \r\n436,03357 \r\n \r\nTotal Child Nutrition Cluster \r\n \r\n$ 1,559,367.22 $ \r\n \r\n2,199,725.30 \r\n \r\nOther Programs Direct Food and NutntJon Program A1ternabve to Commodity Donabons \r\n \r\n10550 \r\n \r\n94,58000 \r\n \r\n(1) \r\n \r\nTotal U S. Department of Agrleulture \r\n \r\n$ 1,653,947.22 $ \r\n \r\n2,199,72530 \r\n \r\nEducation, U S. Department of Speaal Education Cluster Pass-Through From Georgia Department of Educabon IndJVlduals with Dlsablhbes Educabon Ad Part B - Special Educabon Flow Through Preschool Capacity Building Improvement \r\n \r\n84.027 84.173 84.173 \r\n \r\nN1A $ 325,08325 $ \r\n \r\nN1A \r\n \r\n27,69916 \r\n \r\nN1A \r\n \r\n7,97399 \r\n \r\n325,083.25 27,69916 \r\n7,97399 \r\n \r\nTotal Spadal Education Cluster \r\n \r\n$ 360,75640 $ \r\n \r\n360,75640 \r\n \r\nOther Programs \r\n \r\nPass-Through From Georgia Department of Edl.ocabon \r\n \r\nElementary and 5ealndary Education Ad \r\n \r\nTitle I \r\n \r\nGrants to Local Educational Agenaes \r\n \r\n84.010 \r\n \r\nN1A \r\n \r\nTrtlell \r\n \r\nEisenhower Professional Development \r\n \r\n84.281 \r\n \r\nN1A \r\n \r\nTitie VI \r\n \r\nInnovabve Education Program Strategies \r\n \r\n84298 \r\n \r\nNJA \r\n \r\nClass Size Reducbon \r\n \r\n84.340 \r\n \r\nN1A \r\n \r\nGoals 2000 \r\n \r\nState and Local Educabon Systemic Improvement Grants 84.276 \r\n \r\nN1A \r\n \r\nVocabonal Educabon - BasiC Grants to States \r\n \r\nHigh School Program \r\n \r\nBasiC Grant \r\n \r\n84.048 . \r\n \r\nN1A \r\n \r\n1,190,245.54 26,95567 37,48800 166,344.00 120,035.21 \r\n57m9.78 \r\n \r\n1,190,245.54 26,955.67 37,488.00 \r\n166,344.00 120,035.21 \r\n57,03978 \r\n \r\nTotal U S Department of Educabon \r\n \r\n$ 1,958,864 60 $ \r\n \r\n1,958,864 60 \r\n \r\nHealth and Human 5elVlceS, U S. Department of Pass-Through from Georgia Department of Human Resources Child Care School Age Program Pass-Through From Southwest Georgia Regional Mental Health, Mental Retardabon and Substance Abuse Board Safe and Drug-Free Schools Grant \r\n \r\n93037 84.186 \r\n \r\nN1A $ \r\n \r\n9,438 00 $ \r\n \r\nN1A \r\n \r\n7,87865 \r\n \r\n9,438.00 7,878.65 \r\n \r\nTotal U S Department of Health and Human SerVIces \r\n \r\n$ 17,31665 $ \r\n \r\n17,31665 \r\n \r\n- 31 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30, 2001 \r\n \r\nSCHEDULE 1 \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nLabor, U S Department of Pass-Through From Georgia Department of Labor Woncforce Investment Ad Pass-Through From Southwest Georgia Regional Development center Job Training Partnershlp Ad \r\nTotal U. S Department of Labor \r\nDefense, U. S Department of Dtred Department of the Anny R.O.T.C Program \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nFEDERAL REVENUE IN PERIOD \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n17,259 17.250 \r\n \r\nNJA $ 35,091.93 $ \r\nNJA $ 48,83375 $ \r\n \r\n35,09193 \r\n13,741,82 \r\n4~8~,8~3::::3~7~5 \r\n \r\n$ 61,062.53 \r\n \r\n(3) \r\n \r\nTotal Federal Flnandal Assistance \r\n \r\n$ 3,740,02475 $ \r\n \r\n4,224:74030 \r\n \r\nNJA = Not Available \r\n \r\nNotes to the Schedule of Expenditures of Federal AwardS \r\n \r\n(1) Expenditures for the A1temabve to Commodity DonalJons Program and the School Breakfast Program were not maintained separately and are Induded In the 2001 NalJonal School Lunch Program \r\n(2) Expenditures for this program Indude State, and/or Other Funds Expenditures are not maintained by fund source \r\n(3) Funds earned on this program do not require repOrIJng of expendrtures \r\n \r\nMajor Programs are ldenlJfied by an asterisk (.) In front of the CFDA number. \r\n \r\nThe School Dlstnd did not proVIde Federal AssIStance to any SubreClplent \r\n \r\nThe accompanYIng schedule of expenditures of Fedt'.-al awards Indudes the Federal grant actMty of the Worth County Board of EducalJon and is presented on the modified aeaual baSIS of accounlJng which Is the baSIS of accounIJng used In the presentalJon of the general-purpose finanCIal statements, \r\n \r\nsee notes to the general-purpose finanCIal statements \r\n \r\n- 32 \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE YEAR ENDED JUNE 30, 2001 \r\n \r\nSCHEDULE \"2\" \r\n \r\nAGENCYIFUNplNG \r\nGRANTS Community Affairs, Georgia Department of Govemor's Emergency Funds \r\nEducabon, Georgia Department of Quality Basic Educabon Direct Instrucbonal Cost Kindergarten Program Kindergarten Program - Early Intervention Program Primary Grades (1-3) Program Pnmary Grades - Early Intervention (1-3) Program Upper Elementary Grades (4-5) Program Middle School (6-8) Program High School General Education (9-12) Program Vocational Laboratory (9-12) Program Students with Disabillbes Category I Category II Category III Category IV Category V Special Education Ibnerant Speaal EducatIon Supplemental Speech Gifted Student - Category VI Remedial Education Program Alternative Educabon Program Media center Program Staff and Professional Development Indirect Cost Categoncal Grants Pupil Transportabon Regular Bus Replacement Nursing ServiceS Pnnapal Supplements Vocabonal SUpeMsors Mid-term Adjustment Hold-Harmless Deferred Summer Sslanes (Pnor Year) Deferred Summer Salanes (Current Year) Educabon Equalization Funding Grant Food Services Vocational Education Other State Programs At-Risk Summer School Program Health Insurance Innovative Programs Mentor Teachers Pay for Performance Preschool Handicapped Program Remedial Summer School Speaal Education Low Inadence Grant Teachers' Retirement Lottery Program Computers m the Classroom \r\nOffice of School Readmess Pre-Kmdergarten Program \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nGENERAL \r\n \r\nREVENUE \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n15,000.00 \r\n \r\n$ \r\n \r\n15,000.00 \r\n \r\n910,470.00 109,979.00 2,281,493.00 625,106.00 1,324,805 00 2,619,096.00 1.968,957.00 597,26500 \r\n17,468.00 464.828.00 612,512.00 \r\n75,250.00 47,319.00 \r\n751.00 1,751 00 182.22400 210,755.00 188,825.00 396,830.00 103,73900 2.504,934.00 \r\n \r\n910,47000 109,979.00 2,281,493.00 625,10600 1,324,805 00 2,619,096.00 1,968.957 00 597.26500 \r\n17,46800 464.828.00 612,51200 \r\n75,25000 47,31900 \r\n75100 1.751.00 182,22400 210.755.00 188,825.00 396,83000 103.739.00 2,504,934.00 \r\n \r\n856,347.00 246,867.00 \r\n99,292.00 17.37000 23.442.00 242,567.00 -2,096,791.00 2,339,390 00 1,268.426.00 \r\n$ 141,277 42 \r\n \r\n124,384.00 \r\n \r\n8,52457 381.84056 \r\n5.00000 48900 \r\n154,000.00 59.23500 6.711 30 29,63800 11,98718 \r\n \r\n91.69200 \r\n \r\n856.347 00 246,86700 \r\n99.29200 17.370.00 23,44200 242,56700 -2.096.791.00 2,339,390 00 1,268,426.00 124,384 00 141,277 42 \r\n8.524.57 381,84056 \r\n5,000.00 48900 \r\n154,00000 59,23500 6,711 30 29,63800 11,98718 \r\n91.69200 \r\n \r\n529,58619 \r\n \r\n529,586 19 \r\n \r\n- 33- \r\n \r\n WORTH COUNlY. BOARD OF EDUCATION SCHEDULEI QF- ST-ATE REVENUE \r\nYEAR ENDED' juNE 30, 2001 \r\n \r\nSCHEDULE \"2\" \r\n \r\nAGENCYIFUNDING \r\nGRANTS Office of Treasury and Fiscal Services Pubhc School Employees Retirement \r\nCONTRACT Education, Georgia Department of Georgia's Reading Challenge \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nGENERAL \r\n \r\nREVENUE \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n76,686.00 \r\n \r\n$ \r\n \r\n76,686,00 \r\n \r\n51,467.00 \r\n \r\n51.46700 \r\n \r\n$ 19,183,123,03 $ 745,66219 $ 19,928,78522 \r\n \r\nSee notes to the general-purpose finanCIal statements \r\n \r\n- 34- \r\n \r\n WORTH COUNTY BOARD OF EPUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX pROJECTS \r\nYEAR ENPED JUNE 30, 2001 \r\n \r\nSCHEDULE \"3\" \r\n \r\npROJECTS \r\nRepayment of pnncipal and interest on the outstanding Worth County, (Georgia) School DlStnct General Obhgatlon Series 1990 matunng on January 6, 1998 and thereafter \r\nConstruction and eqUIpping of capital ou1lay plllJeets for the Worth County School District consISting of twelve (12) additional dassrooms and expansion of the music area at Worth County Middle School, six (6) addrtJonal dassrooms and needed renovations at Sylvester Elementary School, and an audltonum \r\nRenovations, additions, expanSions, Improvements, modifications and eqUiPPing all other eXIsting school facdrtJes of Worth County School Dlstnct and Indudlng Sumner School property to indude the acquisrtJon of all property, both real and personal necessary therefor \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1) \r\n \r\nCURRENT ESTIMATED \r\nCOST (2) \r\n \r\nAMOUNT EXPENDED IN CURRENT \r\nYEAR (3) \r\n \r\nAMOUNT EXPENDED \r\nIN PRIOR YEARS (3) \r\n \r\nPROJECT STATUS \r\n \r\n$ 3,510,733.75 $ 3,510,733,75 $ 303,06540 $ 913,29089 Ongoing \r\n \r\n5,050,000.00 5,050,000 00 1,305,456.84 1,473,675,56 Ongoing \r\n \r\n1,226,266.25 1,226,266 25 \r\n \r\n000 \r\n \r\n24,675,59 Ongoing \r\n \r\n$ 9,787,00000 $ 9,787,00000 $ 1,608,52224 $ 2,411,64204 \r\n \r\n(1) The School Dlstnct's onginal cost estimate as speCIfied In the resolution calling for the Imposition of the Local Option Sales Tax, \r\n(2) The School District's current estimate of total cost for each project. Includes all cost from project Inception to completion. \r\n(3) The voters of Worth County approved the imposition of a 1% sales tax to fund the above projects Amounts expended for these projects may Include sales tax proceeds, state, local property taxes and/or other funds over the Ide of the project \r\n \r\nSee notes to the general-purpose finanCIal statements \r\n \r\n- 35- \r\n \r\n WORTH COUNTY BOARp OF EPUCATION GENERAL FUND - aUALITY BASIC EDUCATION PROGRAM (aBE) \r\nALLOTMENTS AND EXPENDITURES - BY PROGRAM YEAR ENDED JUNE 30, 2001 \r\n \r\nSCHEDULE \"4\" \r\n \r\nPESCRIPTION \r\n \r\nAllOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) \r\n \r\nELIGIBLE aBE PROGRAM COSTS \r\n \r\nSALARIES \r\n \r\nOPERATIONS \r\n \r\nTOTAL \r\n \r\nDirect Instructional Programs \r\n \r\nKindergarten Program \r\n \r\n$ \r\n \r\nKindergarten Program-Early Intervention Program \r\n \r\nPnmary Grades (1-3) Program \r\n \r\nPrimary Grades-Early Intervenbon (1-3) Program \r\n \r\nUpper Elementary Grades (4-5) Program \r\n \r\nMiddle School (H) Program \r\n \r\nHigh SChool General Education (9-12) Program \r\n \r\nVocational Laboratory (9-12) Program \r\n \r\nStudents with DIsabilitIes \r\n \r\ncategory II \r\n \r\ncategory III \r\n \r\ncategory IV \r\n \r\ncategory V \r\n \r\nGifted Student - category VI \r\n \r\nRemedial Educabon Program \r\n \r\nAlternative Education Program \r\n \r\n1,014,560,00 $ 122,552.00 \r\n2,542,326.00 696,571.00 \r\n1,476,265 00 2,918.526,00 2,194,059.00 \r\n665,548,00 1,359.342,00 \r\n203.057.00 234,84900 210,41300 \r\n \r\n971,82546 $ 263,438 50 2,621.205.89 615,487.94 1,442,978,47 2,845,609.27 2,389,637,97 564.583.50 \r\n468.107,94 734,435,59 183,891.61 \r\n61,267.89 198,652.73 392,06723 288,02875 \r\n \r\n21,101,68 $ \r\n101,056.49 \r\n71,33917 77,406,85 101,130.11 122,943.21 \r\n8.654 45 12,00207 \r\n8,512.09 1,507.83 9.130.91 3,999,63 6,093,52 \r\n \r\n992,927.14 263,438,50 2,722,26238 615,487.94 1,514,317 64 2,923,018.12 2,490,768,08 687,52671 \r\n476.762,39 746,437.66 192,403.70 \r\n62,77572 207,78364 396,066 86 294,122.27 \r\n \r\nTOTAL DIRECT INSTRUCTIONAL PROGRAMS \r\n \r\n$ \r\n \r\n13,638,068.00 $ 14,041.218.74 $ 544,88001 $ 14,586,09875 \r\n \r\nMedia center Program Staff and Professional Development \r\n \r\n442,198.00 115,599,00 \r\n \r\n458.948,54 77,63506 \r\n \r\n87,741 71 36,456.36 \r\n \r\n546.690.25 116,09144 \r\n \r\nTOTAL aBE FORMULA FUNDS \r\n \r\n$ \r\n \r\n14,195,865.00 $ 14,577,602.36 $ 671,078,08 $ 15,248,86044 \r\n \r\n(1) Comprised of State Funds plus Local Five Mill Share, \r\n \r\nsee notes to the general-purpose finanCIal statements \r\n \r\n- 36- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION GENERAL FUND - QUALITY BASIC EDUCATION PROGRAM CaBE) \r\nALLOTMENTS AND EXPENDITURES - BY SITE YEAR ENDED JUNE 30, 2001 \r\n \r\nSCHEDULE \"5\" \r\n \r\nWorth County High School Holley Elementary School Worth County Middle School Worth County Primary School Sylvester Elementary School Worth County CIS Academy Central Office (A1temative Education Program) \r\nTOTAL \r\n(1) Comprised of State Funds plus Local Five Mill Share. \r\n \r\nALLOTMENTS FROM GEORGIA DEPARTMENT OF EDUCATION (1) \r\n \r\nELIGIBLE aBE PROGRAM COSTS \r\n \r\n$ \r\n \r\n3,361.741.00 $ \r\n \r\n3,739,716.77 \r\n \r\n1.762.848.00 \r\n \r\n1.753.421.56 \r\n \r\n3.397,440.00 \r\n \r\n3,411,917.98 \r\n \r\n3.455,741.00 \r\n \r\n3.862,777.51 \r\n \r\n1.449.885.00 \r\n \r\n1,575.285.44 \r\n \r\n242.979.49 \r\n \r\n210,413.00 \r\n \r\n$ 13.638.068.00 $ 14,586.098 75 \r\n \r\nSee notes to the general-purpose financial statements. - 37- \r\n \r\n SECTIONn COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n RUSSELL W. HINTON \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street. S w., SUIte 214 \r\nAtlanta, GeorgIa 30334-8400 \r\nJune 5, 2002 \r\n \r\nHonorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Worth County Board of Education \r\nREPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nLadies and Gentlemen: \r\nWe have audited the financial statements ofWorth County Board ofEducation as of and for the year ended June 30, 2001, and have issued our report thereon dated June 5, 2002. This report was qualified for various departures from generally accepted accounting principles, as identified in the auditor's report on the general-purpose financial statements. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. \r\nCompliance \r\nAs part of obtaining reasonable assurance about whether Worth 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. \r\nInternal Control Over Financial Rsmorting \r\nIn planning and performing our audit, we considered Worth County Board of Education's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal \r\n2001YB-40 \r\n \r\n control over financial reporting. However, we noted certain matters involving the internal control over financial reporting and its operation that we consider to be reportable conditions. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe internal control over financial reporting that, in ourjudgment, could adversely affect Worth County Board of Education's ability to record, process, summarize and report financial data consistent with assertions of management in the financial statements. Reportable conditions are described in the accompanying Schedule ofFindings and Questioned Costs as items FS-7591-01-01 and FS-7591-01-02. \r\nA material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, ofthe reportable conditions described above, we consider item FS-7591-0102 to be a material weakness. \r\nThis report is intended solely for the information and use ofthe management, members ofthe Worth County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n~~-=:k:.. \r\nRWH:as 2001YB-40 \r\n \r\n RUSSELL W. HINTON \r\nSTATE AUDITOR \r\n(404) 6562174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS 254 Washmgton Street, S w., Sulle 214 \r\nAtlanta. GeorgIa 30334-H400 \r\nJune 5, 2002 \r\n \r\nHonorable Roy E. Barnes, Governor Members ofthe General Assembly Members of the State Board of Education \r\nand Superintendent and Members of the Worth County Board of Education \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULARA-133 \r\nLadies and Gentlemen: \r\nCompliance \r\nWe have audited the compliance ofWorth County Board ofEducation with the types ofcompliance \r\nu.s. requirements described in the Office of Management and Budget (OMB) Circular A-i33 \r\nCompliance Supplement that are applicable to each ofits major Federal programs for the year ended June 30, 2001. Worth 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 Worth County Board of Education's management. Our responsibility is to express an opinion on Worth County Board of Education's compliance based on our audit. \r\nWe conducted our audit ofcompliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A133, Audits of States, Local Governments. and Non-Profit Organizations. Those standards and QMB 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 Worth 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 Worth County Board of Education's compliance with those requirements. \r\n2001SA-30 \r\n \r\n In our opinion, the Worth 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. \r\nInternal Control Over Compliance \r\nThe management of Worth 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 Worth County Board ofEducation's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with OMB Circular A-133. \r\nWe noted a certain matter involving the internal control over compliance 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 compliance that, in our judgment, could adversely affect the Worth County Board of Education's ability to administer a major Federal program in accordance with applicable requirements oflaws, regulations, contracts and grants. The reportable condition is described in the accompanying Schedule of Findings and Questioned Costs as item FA-7591-01-01. \r\nA material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level of risk that noncompliance with the applicable requirements oflaws, regulations, contracts and grants that would be material in relation to a major Federal program being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control over compliance would not necessarily disclose all matters in the internal control that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, we believe the reportable condition described above is not a material weakness. \r\nThis report is intended solely for the information and use ofthe management, members ofthe Worth County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n~l~~to~~ State Auditor \r\nRWH:as 2001SA-30 \r\n \r\n SECTION ill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n WORTH COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2001 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\nFS-7591-99-02 FS-7591-00-01 FS-7591-00-02 \r\n \r\nFurther Action Not Warranted Unresolved - See Corrective Action/Responses Unresolved - See Corrective Action/Responses \r\n \r\nCORRECTIVE ACTIONIRESPONSES \r\n \r\nEXPENDITURESILIABll.,ITIESIDISBURSEMENTS Improper Transfer of Funds Amount: $500,000.00 Finding Control Number: FS-7591-00-01 \r\n \r\nThe transfer from school food service operations will be limited to reimbursements for expenditures allowed by the program. The Worth County Board of Education will return funds not expended and accrued interest to food service operations by June 30, 2002. \r\n \r\nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Finding Control Number: FS-7591-00-02 \r\n \r\nThe management of the Worth County Board of Education has begun an implementation plan to maintain a system-wide General Fixed Assets Account Group within the formal accounting records as of June 30, 2002. \r\n \r\n SECfIONIV FINDINGS AND QUESTIONED COSTS \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND OUESTIONED COSTS \r\nYEAR ENDED JUNE 30. 2001 \r\n \r\nI SlJ1\\.1MARY OF AUDITOR'S RESULTS \r\n \r\n1. Type of Report Issued on the Financial Statements The auditor's opinion on the Worth County Board of Education's financial statements was qualified for various departures from generally accepted accounting principles. \r\n \r\n2. Reportable Conditions in Internal Control Disclosed by the Audit of the Financial Statements The audit report for the Worth County Board of Education disclosed financial statement reportable conditions related to the following control categories. \r\n \r\nProcurement \r\n \r\nGeneral Fixed Assets \r\n \r\nOf the reportable conditions described above, General Fixed Assets is considered to be a material weakness. \r\n \r\n3. Noncompliance Material to the Financial Statements The audit ofthe Worth County Board ofEducation disclosed no instances ofnoncompliance that were deemed to be material to the financial statements. \r\n \r\n4. Reportable Conditions in Internal Control Over Major Programs The audit report for the Worth County Board of Education disclosed a reportable condition in internal control over major programs for the following compliance requirements. \r\n \r\nActivities Allowed or Unallowed \r\n \r\nThe reportable condition described above is not considered to be a material weakness. \r\n \r\n5. Type of Report Issued on Compliance for Major Programs The auditor's opinion on the Worth County Board ofEducation's report on compliance with requirements applicable to major programs was unqualified. \r\n \r\n6. Audit Findings Required to be Reported by Section .510(a) ofOMB Circular A-I33 The Worth County Board of Education's audit disclosed an audit finding required to be reported by section .510(a) ofOMB Circular A-133. This audit finding is included in section IV of this report. \r\n \r\n- 1- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2001 \r\nI SUMMARY QF AUDITOR'S RESULTS \r\n7. Major Programs Federal awards audited as major programs are as follows: 10.553 Food and Nutrition Program - Food Services - School Breakfast Program 10.555 Food and Nutrition Program - Food Services - National School Lunch Program 10.559 Food and Nutrition Program - Summer Food Service Program for Children 84.027 Individuals with Disabilities Education Act - Part B - Special EducationFlow Through 84.173 Individuals with Disabilities Education Act - Part B - Special Education Preschool 84.173 Individuals with Disabilities Education Act - Part B - Special EducationCapacity Building Improvement \r\n8. Type \"A\" Program Dollar Threshold The dollar threshold for type \"A\" programs was $300,000.00. \r\n9. Low Risk Auditee The Worth County Board of Education qualified as a low risk auditee based on a waiver granted by the U. S. Department of Education. .' \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\nPROCUREMENT Failure to Follow School District's Procurement Policy Reportable Condition Nonmaterial Noncompliance Finding Control Number: FS-7591-01-01 \r\nA review ofthe Worth County Board ofEducation's Capital Projects expenditures indicated that the School District failed to adhere to the local School District Policy when it paid seven vendors $153,868.30 for various purchases and services. This condition occurred because management failed to follow School District Policy DlED dated October 25, 1990, which states that purchases of supplies, materials, equipment and contra(,tual services in the amount of$2,500.00 or more shall be based on at least three sealed competitive bids. Procedures should be implemented to ensure future compliance by management with the School District's policy. \r\n-2- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30. 2001 \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Reportable Condition - Material Weakness Repeated from Prior Year Finding Control Number: FS-7591-01-02 \r\nThe Worth 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 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 of all additions and deletions to the General Fixed Assets Account Group. \r\nill FEDERAL AWARD FINDINGS AND QUESTIONED COSTS \r\nACTIVITIES ALLOWED OR UNALLOWED REPORTING Inaccurate Claim for Reimbursement Reportable Condition U. S. Department of Agriculture Through Office of School Readiness (OSR) Amount: $12,027.19 Finding Control Number: FA-7591-01-01 \r\nAn examination ofthe Summer Food Service Program for Children (CFDA 10.559) revealed that the June, 2001 claim for reimbursement was not supported by meal count documentation or by the School District's accounting records as required by 7 CFR 225.15c. The meal count included 7,707 lunches served at nine sites which were not on OSR's approved site list. Also, ten sites were selected for testing and only two sites had delivery sheets to document the number of meals delivered to the site. Of the two delivery sheets available to test, only one agreed with the number ofmeals reported on the Daily Meal Count Form. The inaccurate meal counts reported resulted in a questioned cost of $12,027.19 and was due to management's failure to ensure that the number of meals claimed included only meals from approved feeding sites. Additionally there was no documentation to support if the meals in question were delivered and served to participating children. We also noted \r\n-3- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS ANt\u003e QtJESTIONED COSTS \r\nYEAR ENDED JUNE 30. 2001 \r\nill FEDERAL AWARD FINDINGS A~rn QUESTIONED COSTS ACTNITIES ALLOWED OR UNALLOWED REPORTING Inaccurate Claim for Reimbursement Reportable Condition U. S. Department of Agriculture Through Office of School Readiness (OSR) Amount: $12,027.19 Finding CONtrol Number: FA-7591-01-01 that the School Dis~ct reported program costs on the claim for reimbursement that was not supported by the general ledger. This occurred because 'the School District did not verify that the amount of reported program costs were in agreement with and supported by the expenditures r.eflected,on the School District's general ledger. The School District should implement procedures to ensure that its claim for reimbursement includes (1) only those meals served at approved sites, (2) an accurate and fully documented count of meals delivered and served and (3) program costs that are supported by the School District's general ledger. The Office of School Readiness should review this matter to determine the resolution of the $12,027.19 in questioned costs and to determine if a portion ofthe reported program costs should be refunded. \r\n- 4- \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be26-bw9-b1999-h2000","title":"Worth County Board of Education, Sylvester, 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, Worth County, 31.55151, -83.85088"],"dcterms_creator":["Georgia. Department of Audits"],"dc_date":["2000-06-30"],"dcterms_description":["Began with fiscal year ended June 30, 2000, issued in 2001; ceased with fiscal year ended June 30, 2008, issued in 2009.","Report year covers fiscal year.","Has supplements: Worth County Board of Education, Sylvester, 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 ... (Worth County Board of Education, Ga.), fiscal year ended June 30, 2003-fiscal year ended June 30, 2007; Salaries and travel reimbursement (Worth County Board of Education, Ga.), fiscal year ended June 30, 2008.","Fiscal year ended June 30, 2000, issued in 2001 (online surrogate); title from PDF cover (Georgia Government Publications database, viewed May 13, 2016).","Fiscal year ended June 30, 2008, issued in 2009 (online surrogate); (Georgia Government Publications database, viewed May 13, 2016)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Dept. of Audits and Accounts"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Worth County Board of Education (Ga.)--Appropriations and expenditures--Periodicals.","Education--Georgia--Worth County--Auditing--Periodicals.","Education--Georgia--Worth County--Finance--Statistics--Periodicals.","Education--Auditing","Education--Finance","Expenditures, Public","Georgia--Worth County.--fast--(OCoLC)fst01217122","Georgia Government Documents--Serial"],"dcterms_title":["Worth County Board of Education, Sylvester, 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-bw9-b1999-h2000"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be26-bw9-b1999-h2000"],"dcterms_temporal":null,"dcterms_rights_holder":["\u0026copy; Georgia Department of Audits"],"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"STATE OF GEORGIA \r\n \r\n, DEPARTMENT OF AUDITS AND ACCOUNTS \r\n \r\nG1,~ \r\n \r\nA 800 \r\n \r\n \r\n \r\n RI \r\n \r\nE J. fa \r\n \r\nW9 \r\n \r\n\\q~CJ-2oo0 \r\n \r\n00 00000 0 0 \r\n1776 \r\n \r\n \r\nI \r\nWORTH COUNTY BOARD OF EDUCATION \r\n \r\nSYLVESTER, GEORGIA \r\n- \r\n \r\n \r\n \r\nREPORT ON AUDIT \r\n \r\nOF THE FINANCIAL STATEMENTS \r\n \r\nFOR THE FISCAL YEAR ENDED JUNE 30, 2000 \r\n \r\nRussell W. Hinton State Auditor \r\n \r\n \r\n WORlH COUNTY BOARD OF EDUCATION -TABLEOFCONTENTS- \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\nEXHIBITS \r\n \r\n \r\n \r\nGENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nCOMBINED STATEMENTS - OVERVIEW \r\n \r\nA \r\n \r\nCOMBINED BALANCE SHEET \r\n \r\nALL FUND TYPES AND ACCOUNT GROUP \r\n \r\nB \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES - \r\n \r\nALL GOVERNMENTAL FUND TYPES \r\n \r\nC \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENDITURES AND \r\n \r\nCHANGES IN FUND BALANCES - BUDGET AND ACTUAL \r\n \r\n(NON-GAAP BASIS) \r\n \r\nGENERAL AND SPECIAL REVENUE FUNDS \r\n \r\nD \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENSES AND \r\n \r\nCHANGES IN FUND BALANCES \r\n \r\nFIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUNDS \r\n \r\nE \r\n \r\nCOMBINED STATEMENT OF CASH FLOWS \r\n \r\nFIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUNDS \r\n \r\nF NOTES TO lHE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nADDmONAL FINANCIAL INFORMATION \r\n \r\n. \r\nCOMBINING STATEMENTS \r\n \r\nSPECIAL REVENUE FUND \r\n \r\nG \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\nH \r\n \r\nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \r\n \r\nAND CHANGES IN FUND BALANCES \r\n \r\nCAPITAL PROJECTS FUND \r\n \r\nI \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\nJ \r\n \r\nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \r\n \r\nAND CHANGES IN FUND BALANCES \r\n \r\nPage \r\n2 \r\n4 \r\n7 8 \r\n- \r\n9 \r\n11 \r\n22 \r\n24 \r\n26 28 \r\n \r\n WORTH COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nADDITIONAL FINANCIAL INFORMATION \r\n \r\nEXHillITS \r\n \r\nCOMBINING STATEMENTS \r\n \r\nDEBT SERVICE FUND \r\n \r\nK \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\nL \r\n \r\nCOMBINING STATEMENT OF REVENUES, EXPENDITURES \r\n \r\nAND CHANGES IN FUND BALANCES \r\n \r\nM \r\n \r\nFIDUCIARY FUND TYPES \r\n \r\nCOMBINING BALANCE SHEET \r\n \r\nSCHEDULES \r\n \r\n1 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\n2 SCHEDULE OF STATE REVENUE \r\n \r\n3 SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\n \r\nANALYSIS OF \r\n \r\nEXPENDITURE REQUIREMENTS \r\n \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS \r\n \r\n4 \r\n \r\nOVERALL \r\n \r\n5 \r\n \r\nBY PROGRAM \r\n \r\nPage \r\n30 31 32 \r\n33 35 \r\n36 \r\n37 \r\n38 \r\n \r\nSECTION II \r\nCOMPLIANCE AND INTERNAL CONTROL REPORTS \r\nREPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 \r\n \r\n WORTH COUNTY BOARD OF EDUCATION - TABLE OF CONTENTS - \r\n \r\nSECTION III \r\n \r\nAUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\nS \r\n \r\nY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n. SECTIONN FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n \r\n \r\n SECTION I FINANCIAL \r\n \r\n RUSSELL W. HINTON \r\nSTATE AUDITOR \r\n(404) 6562174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-X400 \r\nMay 14,2001 \r\n \r\nHonorable Roy E. Barnes, Governor Members ofthe General Assembly Members ofthe State Board of Education \r\nand Superintendent and Members of the Worth County Board of Education \r\n \r\nINDEPENDENT AUDITOR'S COMBINED REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\n \r\nLadies and Gentlemen: \r\n \r\nWe have audited the accompanying general purpose financial statements ofthe Worth County Board of Education, as of and for the year ended June 30, 2000, as listed in the table of contents. These general purpose financial statements are the responsibility ofthe Worth County Board ofEducation's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. \r\n \r\nWe conducted our audit in accordance with auditing standards generally accepted in the United \r\n \r\n \r\n \r\nStates ofAmerica and the standards applicable to financial audits contained in Government Auditing \r\n \r\nStandards, issued by the Comptroller General ofthe United States. Those standards require-that we \r\n \r\nplan and perform the audit to obtain reasonable assurance about whether the financial statements are \r\n \r\nfree ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the \r\n \r\namounts and disclosures in the financial statements. An audit also includes assessing the accounting \r\n \r\nprinciples used and significant estimates made by management, as well as evaluating the overall \r\n \r\nfinancial statement presentation. We believe that our audit provides a reasonable basis for our \r\n \r\n \r\nOpInIOn. \r\n \r\nAs described in the notes to the general purpose financial statements, the Board's financial statements have been prepared using certain accounting practices and policies which, in our opinion, vary in some respects from generally accepted accounting principles. These variances are described' as follows: \r\n \r\n2000ARL-13A \r\n \r\n * The general purpose financial statements ofthe Board did not contain a General Fixed Assets Account Group to account for property and equipment owned by the Board which should be included to conform to generally accepted accounting principles. \r\n* The Board did not report compensated absences within the general purpose financial \r\nstatements as required by generally accepted accounting principles. \r\n* School activity accounts maintained at the individual schools are not included in the \r\ngeneral purpose financial statements. To conform to generally accepted accounting principles, these accounts should be included in the general purpose financial statements. \r\n \r\nThe aggregate effects on the general purpose financial statements of these variances or omissions have not been determined, but are believed to be material. \r\nIn our opinion, except for the effects on the general purpose financial statements of the matters referred to in the preceding paragraph, the general purpose financial statements referred to above present fairly, in all material respects, the financial position ofthe Worth CountyBoard ofEducation as of June 30, 2000, and the results of its operations and the cash flows of its nonexpendable trust funds for the year then ended, in conformity with accounting principles generally accepted in the United States of America. \r\nIn accordance with Government Auditing Standards, we have also issued our report dated May 14, 2001, on our consideration ofthe Worth 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. \r\nOur audit was performed for the purpose of forming an opinion on the general purpose financial statements of the -Worth County Board of Education taken as a whole. The accompanying combining statements (Exhibits G through M) 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. \r\n  \r\n2000ARL-13A \r\n \r\n A copy ofthis report has been filed as a permanent record in the office ofthe State Auditor and made available to the press ofthe State, as provided for by Official Code ofGeorgia Annotated Section 50- \r\n6-24. \r\n.--1: espectfully submitted, \r\n \r\nRWH:jb 2000ARL-13A \r\n \r\nRu ell W. Hinton State Auditor \r\n \r\n \r\n \r\n  \r\nWORTH COUNTY BOARD OF EDUCATION \r\n \r\n \r\n \r\n- \r\n \r\n \r\n \r\n \r\n \r\n  \r\n \r\n \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINED BALANCE SHEET \r\nALL FUND TYPES AND ACCOUNT GROUP JUNE 30, 2000 \r\n \r\nASSETS \r\nCash and Cash Equivalents \r\nInvestments \r\nAccounts Receivable \r\nInventories Food Donated Commodities Purchased Food \r\nAmount Available in Debt Service Fund \r\nAmount to be Provided in Future Years For Payment of Bond Debt \r\n \r\nGENERAL FUND \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nCAPITAL \r\n \r\nREVENUE \r\n \r\nPROJECTS \r\n \r\nFUND \r\n \r\nFUND \r\n \r\n$ 1,376,598.45 $ \r\n \r\n166,068.68 $ 2,849,638.89 \r\n \r\n650,000.00 \r\n \r\n250,615.59 \r\n \r\n2,462,294.07 \r\n \r\n431,340.20 \r\n \r\n245,554.68 \r\n \r\n928.51 11,999.81 \r\n \r\nTotal Assets \r\n \r\n$ 4,488,892.52 $ 860,952.79 $ 3,095,193.57 \r\n \r\nLIABILITIES AND FUND EQUITY \r\nLIABILITIES \r\nAccounts Payable Salaries Payable Expired Grant Balances Payable Contracts Payable Retainages Payable General Obligation Bonds Payable \r\nTotal Liabilities \r\nFUND EQUITY \r\nFund Balances Reserved For Bus Replacement Funds For Continuation of Federal Programs For Debt Service For Endowment Corpus For Inventories Food Donated Commodities Purchased Food For School Food Services EqUipment Expenditures For SPLOST Projects For State Capital Outlay Projects Unreserved Designated for Self-Insurance Undesignated \r\nTotal Fund Equity \r\n \r\n$ \r\n \r\n387.447.29 $ \r\n \r\n2.286.635.79 \r\n \r\n199.09 \r\n \r\n177.702.69 $ \r\n358.734.63 4,073.66 \r\n \r\n206.39 2.939.52 \r\n5.085.00 \r\n \r\n$ 2.674.282.17 $ \r\n \r\n540.510.98 $ _ _-=8=,:2:.3:.0:.:9..1.;'- \r\n \r\n$ \r\n \r\n132,508.00 \r\n \r\n$ \r\n \r\n928.51 \r\n \r\n11.999.81 \r\n \r\n$ \r\n \r\n500.000.00 \r\n \r\n1.803.984.81 \r\n \r\n34,313.85 1.647,788.50 \r\n$ 1.814.610.35 $ \r\n \r\n307.513.49 \r\n320.441.81 $ \r\n \r\n782,977.85 3.086.962.66 \r\n \r\nTotal Liabilities and Fund Equity \r\n \r\n$ 4,488,892.52 $ 860.952.79 $ ........3...095.193.57 \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. \r\n-2- \r\n \r\n \r\n EXHIBIT \"A\" \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nFIDUCIARY FUND TYPE \r\nTRUST FUNDS \r\n \r\nACCOUNT GROUP GENERAL \r\nLONG-TERM DEBT \r\n \r\nTOTALS \r\n \r\n(Memorandum Only.L,-)::--:'\"\":\"\":\"\":\"_ \r\n \r\nJUNE 30, 2000 \r\n \r\nJUNE 30, 1999 \r\n \r\n$ \r\n \r\n513,083.89 $ \r\n \r\n1,611.32 \r\n \r\n$ 4,907,001.23 $ 3,881,486.06 \r\n \r\n3,500.00 \r\n \r\n904,115.59 \r\n \r\n891,727.75 \r\n \r\n97.66 \r\n \r\n3,139,286.61 \r\n \r\n2,764,067.61 \r\n \r\n$ \r\n \r\n513,083.89 \r\n \r\n1,781,916.11 \r\n \r\n928.51 11,999.81 513,083.89 \r\n1,781,916.11 \r\n \r\n1,427.57 15,133.41 294,168.87 \r\n2,135,831.13 \r\n \r\n$ \r\n \r\n513,083.89 $ \r\n \r\n5,208.98 $ \r\n \r\n2,295,000.00 $ 11,258,331.75 $ 9,983,842.40 \r\n \r\n$ \r\n$--====- \r\n$ \r\n \r\n565,356.37 $ \r\n2,648,309.94 4,272.75 5,085.00 \r\n2,295,000.00 \r\n5,518,024.06 $ \r\n \r\n528,485.76 2,530,392.94 \r\n6,060.38 40,227.00 15,299.64 2,430,000.00 \r\n5,550,465.72 \r\n \r\n$ \r\n \r\n513,083.89 \r\n \r\n$ \r\n \r\n4,500.00 \r\n \r\n0.00 \r\n \r\n708.98 \r\n \r\n$ \r\n \r\n513,083.89 $ _ _--5,2=0=8.=98~ \r\n \r\n$ \r\n \r\n132,508.00 $ \r\n \r\n224,128.00 \r\n \r\n885.09 \r\n \r\n513,083.89 \r\n \r\n294,168.87 \r\n \r\n4,500.00 \r\n \r\n4,500.00 \r\n \r\n928.51 11,999.81 500,000.00 1,803,984.81 \r\n \r\n1,427.57 15,133.41 \r\n974,283.94 41,149.00 \r\n \r\n34,313.85 2,738,988.82 \r\n \r\n37,203.85 2,840,496.95 \r\n \r\n$ 5,740,307.69 $ 4,433,376.68 \r\n \r\n$ \r\n \r\n5,208.98 $ = ........2.;1;;,2.9=5,000.00 $ 11,258,331.75 $ _ _9,983,842.40 \r\n \r\n-3- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nALL GOVERNMENTAL FUND TYPES \r\nYEAR ENDED JUNE 30, 2000 \r\n \r\nREVENUES \r\n \r\nState Funds Federal Funds Taxes Other Funds \r\n \r\nTotal Revenues \r\n \r\nEXPENDITURES \r\n \r\nCurrent \r\n \r\nInstruction \r\n \r\nSupport Services \r\n \r\nPupil Services \r\n \r\nImprovement of Instructional Services \r\n \r\nEducational Media Services \r\n \r\nGeneral Administration \r\n \r\nSchool Administration \r\n \r\nBusiness Administration \r\n \r\nMaintenance and Operation of Plant \r\n \r\nStudent Transportation Services \r\n \r\nCentral Support Services \r\n \r\nOther Support Services \r\n \r\n, \r\n \r\nFood Services Operation \r\n \r\nCommunity Services Operations \r\n \r\nCapital Outlay  \r\nDebt Service \r\n \r\nPrincipal \r\n \r\nInterest \r\n \r\nPaying Agent Fees \r\n \r\nTotal Expenditures \r\n \r\nExcess of Revenues over (under) Expenditures \r\n \r\nOTHER FINANCING SOURCES (USES) \r\n \r\nOperating Transfers In Operating Transfers Out \r\n \r\nTotal Other Financing Sources (Uses) \r\n \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \r\n \r\nFUND BALANCE JULY 1 \r\n \r\nFood Inventory - Net Change in Period Donated Commodities Purchased Food \r\n \r\nGENERAL FUND \r\n \r\nSPECIAL REVENUE \r\nFUND \r\n \r\n$ 18,689,481.51 $ 58,381.20 \r\n4,243,878.67 325,138.74 \r\n$ 23,316,880.12 $ \r\n \r\n739,358.57 3,313,834.42 \r\n328,092.39 \r\n4,381,285.38 \r\n \r\n$ 14,837,633.55 $ 1,869,365.20 \r\n \r\n1,287,967.99 \r\n \r\n113,954.18 \r\n \r\n691,471.75 \r\n \r\n199,913.63 \r\n \r\n562,427.53 \r\n \r\n11,816.99 \r\n \r\n292,756.45 \r\n \r\n155,962.00 \r\n \r\n1,757,410.88 233,763.11 \r\n \r\n62.43 ; \r\n \r\n1,656,809.34 \r\n \r\n8,069.10 \r\n \r\n1,451,474.55 \r\n \r\n46,428.60 \r\n \r\n186,481.53 \r\n \r\n60,943.08 \r\n \r\n65,572.92 \r\n \r\n1,885,896.49 \r\n \r\n11,180.00 \r\n \r\n10,243.75 \r\n \r\n$ 23,029,383.51 $ 4,368,221.54 \r\n \r\n$ \r\n \r\n287,496.61 $ _ _.1.~.0.6:3.8=4=~ \r\n \r\n$ - - =-50=0,0=00,.0,0- \r\n$ ------5=00=,00=0.=00- \r\n \r\n$ \r\n \r\n287,496.61 $ \r\n \r\n1,527,113.74 \r\n \r\n-486,936.16 811,010.63 \r\n \r\n-499.06 -3,133.60 \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n$ 1,814,610.35 $ ...........3;;;2;;,0;;,,.4..4..1...8.1.... \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. \r\n-4- \r\n \r\n EXHIBIT \"B\" \r\n \r\nCAPITAL PROJECTS \r\nFUND \r\n \r\nDEBT SERVICE \r\nFUND \r\n \r\nTOTALS \r\n \r\n_ _ _(Memorandum OnIV_....,-_ \r\n \r\nYEAR ENDED \r\n \r\nJUNE 30, 2000 \r\n \r\nJUNE 30, 1999 \r\n \r\n$ 19,428,840.08 $ 18,541,048.67 \r\n \r\n3,372,215.62 \r\n \r\n3,001,218.12 \r\n \r\n$ \r\n \r\n964,989.27 $ \r\n \r\n516,731.47 \r\n \r\n5,725,599.41 \r\n \r\n5,068,782.96 \r\n \r\n17,698.23 \r\n \r\n4,677.11 \r\n \r\n675,606.47 \r\n \r\n702,756.71 \r\n \r\n$ \r\n \r\n982,687.50 $ \r\n \r\n521,408.58 $ .29,202,261.58 $ 27,313,806.46 \r\n \r\n \r\n \r\n$ 16,706,998.75 $ 15,899,292.08 \r\n \r\n$ \r\n \r\n191,775.38 \r\n \r\n1,401,922.17 891,385.38 574,244.52 448,718.45 \r\n1,757,473.31 233,763.11 \r\n1,664,878.44 1,497,903.15 \r\n186,481.53 126,516.00 1,885,896.49 \r\n11,180.00 202,019.13 \r\n \r\n1,458,604.47 691,878.35 544,552.80 420,411.40 \r\n1,748,394.31 194,966.79 \r\n1,562,337.19 1,248,796.08 \r\n137,146.13 196,816.18 1,831,768.59 \r\n4,191.56 620,430.51 \r\n \r\n$ \r\n \r\n135,000.00 \r\n \r\n135,000.00 \r\n \r\n130,000.00 \r\n \r\n166,812.50 \r\n \r\n166,812.50 \r\n \r\n175,625.00 \r\n \r\n681.06 \r\n \r\n681.06 \r\n \r\n680.50 \r\n \r\n \r\n \r\n$ \r\n \r\n191,775.38 $ \r\n \r\n302,493.56 $ 27,891,873.99 $ 26,865,891.94 \r\n \r\n$ \r\n \r\n790,912.12 $ \r\n \r\n218,915.02 $ 1,310,387.59 $ \r\n \r\n447,914.52 \r\n \r\n$ \r\n \r\n500,000.00 \r\n \r\n$ ----=50=0,=00=0.=00- \r\n$ 1,290,912.12 $ \r\n1,796,050.54 \r\n \r\n$ \r\n \r\n500,000.00 $ \r\n \r\n238,082.04 \r\n \r\n-500,000.00 \r\n \r\n-238,082.04 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0=.:0:0... \r\n \r\n218,915.02 $ \r\n294,168.87 \r\n \r\n1,310,387.59 $ \r\n4,428,343.78 \r\n \r\n447,914.52 3,979,664.66 \r\n \r\n-499.06 -3,133.60 \r\n \r\n170.83 593.77 \r\n \r\n$ 3,086,962.66 $ _.....,;5.1..3..,083.89 $ _ .5..,735,098.71 $ 4,428,343.78 \r\n \r\n-5- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES \r\nBUDGET AND ACTUAL(NON-GAAP BASIS} GENERAL AND SPECIAL REVENUE FUNDS \r\nYEAR ENQED JUNE 30. 2000 \r\n \r\nEXHIBIT C \r\n \r\nGENERAL FUND \r\n \r\nACTUAL \r\n \r\n(BUDGET \r\n \r\nBUDGET \r\n \r\nBASIS):....-_ \r\n \r\nREVENUES \r\nState Funds Federal Funds Taxes Other Funds \r\nTotal Revenues \r\n \r\n \r\n \r\n$ 17,977.922.00 $ 18.689,481.51 \r\n \r\n50,000.00 \r\n \r\n58.381.20 \r\n \r\n4.211,107.00 \r\n \r\n4.243.878.67 \r\n \r\n200,040.00 \r\n \r\n325.138.74 \r\n \r\n \r\n$ 22,439.069.00 $ 23,316.880.12 \r\n \r\nEXPENDITURES \r\n \r\nCurrent Instruction Support Services Pupil Services Improvement of Instructional Services Educational Media Services General Administration School Administration Business Administration Maintenance and Operation of Plant Student Transportation Services Central Support Services Other Support Services Food Services Operation Community Services Operations \r\nCapital Outlay \r\n \r\n$ 14.904,319.27 $ 14.837.633.55 \r\n \r\n1.361,447.21 618.658.57 552.353.79 299.376.53 \r\n1,832.960.63 261,956.67 \r\n1.619,509.52 1,347,091.72 \r\n169,867.40 300.00 \r\n \r\n1,287.967.99 691,471.75 562.427.53 292.756.45 \r\n1.757,410.88 233.763.11 \r\n1,656,809.34 1,451,474.55 \r\n186,481.53 60,943.08 \r\n \r\n10.243.75 \r\n \r\nTotal Expenditures \r\n \r\n$ 22,967.841.31 $ 23,029.383.51 \r\n \r\nExcess of Revenues over (under) Expenditures $ -528.772.31 $ _~28~ 7,4= 96.6~ 1 \r\n \r\nOTHER FINANCING USES \r\n- \r\nOther Uses \r\n \r\nTotal Other Financing Uses \r\n \r\nExcess of Revenues over (under) Expenditures \r\n \r\nand Other Financing Uses \r\n \r\n$ \r\n \r\n-528.772.31 $ \r\n \r\n287,496.61 \r\n \r\nFUND BALANCE JULY 1. 1999 \r\n \r\n1,926,976.75 \r\n \r\n1.527,113.74 \r\n \r\nAdjustments Food Inventory - Net Change in Period \r\nDonated Commodities Purchased Food \r\n \r\nFUND BALANCE JU~E 30. 2QOO \r\n \r\n$ 1,398.204.44 $ 1,814,610.35 \r\n \r\nSPECIAL REVENUE FUND \r\n \r\nACTUAL \r\n \r\n(BUDGET \r\n \r\nBUDGET \r\n \r\nBASIS1_ \r\n \r\n$ \r\n \r\n125.526.00 $ \r\n \r\n739.358.57 \r\n \r\n3.720,266.00 \r\n \r\n3.313.834.42 \r\n \r\n365,415.00 \r\n \r\n328,092.39 \r\n \r\n$ 4.211.207.00 $ 4,381.285.38 \r\n \r\n$ 1.758.017.00 $. 1.869.365.20 \r\n \r\n79.297.00 108,223.00 \r\n11.500.00 168,198.00 \r\n \r\n113.954.18 199.913.63 \r\n11.816.99 155.962.00 \r\n62.43 \r\n \r\n14.000.00 24,002.00 \r\n \r\n8,069.10 46,428.60 \r\n \r\n143.349.00 1.904.621.00 \r\n \r\n65,572.92 1,885,896.49 \r\n11,180.00 \r\n \r\n$ 4.211.207.00 $ 4,368.221.54 \r\n \r\n$ \r\n \r\n0.00 $ _ _1~ 3.0~ 63.8~ 4 \r\n \r\n$ -500.000.00 $ -500,000.00 $ -500.000.00 $ -500.000.00 \r\n \r\n$ -500,000.00 $ -486,936.16 \r\n \r\n811.735.01 \r\n \r\n811,010.63 \r\n \r\n-16,560.98 \r\n \r\n-499.06 -3,133.60 \r\n \r\n$ \r\n \r\n320.441.81 \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. \r\n-7- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"D\" \r\n \r\nCOMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCES \r\n \r\nFIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUNDS \r\n \r\nYEAR ENDED JUNE 30. 2000 \r\n \r\nTOTALS \r\n \r\n \r\n \r\nCHASE S. \r\n \r\nHELEN \r\n \r\n(Memorandum OnlyJ\u003c- \r\n \r\n_ \r\n \r\nOSBORN \r\n \r\nDAVIS STORY \r\n \r\nYEAR ENDED \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nJUNE 3D, 2000 \r\n \r\nJUNE 30,1999 \r\n \r\nOPERATING REVENUES \r\n \r\nNone Recorded \r\n \r\n$ \r\n \r\n 0.00 $ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n--=0.-0=0_ \r\n \r\nOPERATING EXPENSES \r\n \r\nCurrent Instruction \r\n \r\n$ \r\n \r\n50.00 $ \r\n \r\n0.00 $ \r\n \r\n50.00 $ \r\n \r\n--..5::0.=.0::0... \r\n \r\nOperating Income (Loss) . $ \r\n \r\n-50.00 $ \r\n \r\n0.00 $ \r\n \r\n-50.00 $ \r\n \r\n-50.00 \r\n \r\nNONOPERATINGREVENUES \r\n \r\nInterest Earned \r\n \r\n42.33 \r\n \r\n183.75 \r\n \r\n226.08 \r\n \r\n139.99 \r\n \r\nNet Income (Loss) \r\n \r\n$ \r\n \r\n-7.67 $ \r\n \r\n183.75 $ \r\n \r\n176.08 $ \r\n \r\n89.99 \r\n \r\nFUND BALANCE JULY 1 \r\n \r\n1,435.24 \r\n \r\n3;597.66 \r\n \r\n5,032.90 \r\n \r\n1,442.91 \r\n \r\nAdjustments Initial Contribution by Benefactor \r\n \r\n3,500.00 \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n$ \r\n \r\n1,427.57 $=- 3,781.41 $ _ _...:;:5,208.98 $ ..... 5,032.90 \r\n \r\n \r\n \r\n \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. \r\n-8- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINED STATEMENT OF CASH FLOWS FIDUCIARY FUND TYPE - NONEXPENDABLE TRUST FUNDS \r\nYEAR ENDED JUNE 3D, 2000 \r\n \r\nEXHIBIT\"E\" \r\n \r\nCHASE S. OSBORN \r\nFUND \r\n \r\nHELEN DAVIS STORY \r\nFUND \r\n \r\nTOTALS (Memorandum Onl:il~ _ _ \r\nYEAR ENDED JUNE 30, 2000 JUNE 30,1999 \r\n \r\nCash Flows from Operating Activities: \r\n \r\nCash Paid for Scholarships \r\n \r\n$ \r\n \r\n-50.00 $ \r\n \r\n0.00 $ \r\n \r\n-50.00 $ \r\n \r\n-=50=.00- \r\n \r\n \r\n \r\nCash Flows from Noncapital Financing Activities: \r\nInitial Contribution by Benefactor $ \r\n \r\n0.00 $ \r\n \r\n0.00 $ \r\n \r\n0.00 $ _ _-3=,50=0.=00- \r\n \r\n \r\n \r\nCash Flows from Investing Activities: \r\n \r\nInterest Received on Investments \r\n \r\n$ \r\n \r\n42.33 $ \r\n \r\n183.75 $ \r\n \r\n226.08 $ \r\n \r\n42.33 \r\n \r\nPurchase of Investments \r\n \r\n-3,500.00 \r\n \r\nNet Cash Provided by Investment \r\n \r\nActivities \r\n \r\n$ \r\n \r\n42.33 $ \r\n \r\n183.75 $ \r\n \r\n226.08 $ _ _~ -3,4~ 57.6~ 7 \r\n \r\nNet Increase (Decrease) in Cash \r\n \r\n$ \r\n \r\n-7.67 $ \r\n \r\n183.75 $ \r\n \r\n176.08 $ \r\n \r\n-7.67 \r\n \r\nCash and Cash Equivalents - July 1 \r\n \r\n1,435.24 \r\n \r\n0.00 \r\n \r\n1,435.24 \r\n \r\n1,442.91 \r\n \r\nCash and Cash Equivalents - June 30 $ \r\n \r\n1,427.57 $ \r\n \r\n183.75 $ \r\n \r\n1,611.32 $ _ _~1~,4-35..2.4. \r\n \r\nThe notes to the general purpose financial statements are an integral part of this statement. \r\n-9- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\nEXHIDIT \"F\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2000 \r\n \r\nY OF SIGNIFICANT ACCOUNTING POLICIES \r\nREPORTING ENTITY \r\nThe Worth County Board of Education (Board) was established under the laws of the State of Georgia and operates under the guidance of a school board elected by the voters and a Superintendent appointed by the Board. The Board is organized as a separate legal entity and has the power to levy taxes and issue bonds. Its budget is not subject to approval by any other entity. Accordingly, the Board is a primary government and consists of all the organizations that compose its legal entity. \r\nFUND ACCOUNTING \r\nThe Board uses funds and an account group to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect expendable available financial resources. \r\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. \r\nAlthough \"school activity accounts\" are maintained at the individual schools, neither the assets, liabilities and fund equity, nor the revenues, expenditures and changes in fund balances of these accounts are reflected in these financial statements. To conform to generally accepted accounting principles, these accounts should be recorded in the general purpose financial statements. \r\nThe general purpose financial statements account for all State, Federal, Taxes and Other funds under control of the Board, in compliance with generally accepted accounting principles applicable to governmental units, unless otherwise disclosed in these notes. Funds and the account group' presented in this report are as follows: \r\nGOVERNMENTAL FUND TYPES - are used to account for all or most of a Board's educational \r\nactivities. Governmental Fund Types include: \r\nGENERAL FUND - the fund used to account for all financial resources ofthe Board except those required to be accounted for in another fund. These transactions relate to resources obtained and used for services provided by a board of education. . \r\n \r\n- 11 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2000 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nSPECIAL REVENUE FUND - the fund used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. These funds are received primarily from the Georgia Department of Education and from the Federal government to accomplish specific educational objectives. \r\n, \r\nCAPITAL PROJECTS FUND - the fund used to account for financial resources to be used for the acquisition or construction of major capital facilities. \r\nDEBT SERVICE FUND - the fund used to account for the accumulation ofresources for, and the payment of, general long-term principal, interest and paying agent fees. \r\nFIDUCIARY FUND TYPES - the funds used to account for assets held by a government unit in a trustee capacity or as an agent for individuals, private organizations, other government units and/or other funds. These funds include: \r\nNONEXPENDABLE TRUST FUNDS Chase S. Osborn Fund - the fund used to account for an endowment ofwhich the corpus is to be invested and preserved intact with the resultant income to be used to provide an award to the . Worth County School System spelling champion. \r\nHelen Davis Story Fund - the fund used to account for an endowment ofwhich the corpus is to be invested and preserved intact with the resultant income to be used to provide a scholarship to a senior class student. \r\nACCOUNT GROUP \r\nGENERAL LONG-TERM DEBT ACCOUNT GROUP - A financial reporting device used to account for general obligation debt outstanding. \r\n- \r\nBASIS OF ACCOUNTING \r\nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements ofthese funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Their reported fund balance is considered a measure of available spendable resources. \r\nLiabilities which are expected to be financed from available spendable resources are reported as liabilities in the governmental funds. Other liabilities, which are not expected to be financed from . available spendable resources, are reported in the General Long-Term Debt Account Group. \r\n \r\n- 12 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2000 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nAll nonexpendab1e trust funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and liabilities associated with the operation ofthese funds are included on the balance sheet. Operating statements present increases (e.g., revenues) and decreases (e.g., expenses) in net total assets. \r\n \r\nGovernmental funds are accounted for using the modified accrual basis of accounting under which: \r\n \r\nRevenues are recognized when susceptible to accrual (i.e., when they become both measurable and \r\navailable). \"Measurable\" means the amount of the transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Those revenues considered susceptible to accrual are property taxes, local option sales taxes, intergovernmental grants and investment income. \r\n \r\nExpenditures are generally recognized when the related fund liability is incurred. \r\n \r\nA substantial number of personnel of the Board were employed for a one hundred and ninety day period beginning in August of 1999 and ending in early June 2000. Employment contracts for these employment periods typically 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 are disbursed to the Board in the same twelve month period. In accordance with generally accepted accounting principles, salary and fringe benefit expenditures and the related revenue from the State to fund these contracts are recorded in the fiscal period covered by these financial statements. \r\n \r\n. \r\nThe accrual basis of accounting, as required by generally accepted accounting principles, is utilized \r\n \r\nby nonexpendable trust funds. Under the accrual basis of accounting, revenues are recorded when \r\n \r\n \r\n \r\nearned and expenses are recorded at the time liabilities are incurred. \r\n \r\n \r\n \r\n \r\n \r\nBUDGET \r\n \r\nThe Worth 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. \r\n \r\nThe budget process begins when the Board's administration prepares a tentative budget for the Board's approval. After approval ofthis tentative budgetby the Board, such budget is advertised at least once in a newspaper ofgeneral circulation in the locality. At the next called or 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 \r\n \r\n- 13- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2000 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n, \r\naccordance with provisions ofthe Quality Basic Education Act, OCGA Section 20-2-167(c), to the Georgia Department of Education. The Board may increase or decrease the budget at any time during the year. All unexpended budget authority lapses at fiscal year-end. \r\nCASH AND CASH EQUIVALENTS \r\nCOMPOSITION OF DEPOSITS Cash and cash equivalents consist of deposits in authorized financial institutions. Georgia Laws OCGA 45-8-14 authorize the Board to deposit its funds in one or more solvent banks, insured Federal savings and loan associations, or insured State chartered building and loan associations. \r\nINVESTMENTS \r\nCOMPOSITION OF INVESTMENTS \r\nInvestments made by the Board in nonparticipating interest-earning contracts (such as certificates of \r\ndeposit) and repurchase agreements are reported at cost. Participating interest-earning contracts and money market investments with a maturity at purchase ofone year or less are reported at amortized cost. Both participating interest-earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. The Official Code of Georgia Annotated Section 36-83-4 authorizes the Board to invest its funds. In selecting among options for investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. Funds may be invested in the following: \r\n(1) Obligations issued by the State of Georgia or by other states, \r\n(2) Obligations issued by the United States government, \r\n(3) Obligations fully insured or guaranteed by the United States government or a United States government agency, \r\n(4) Obligations of any corporation ofthe United States government, \r\n(5) Prime banker's acceptances, \r\n(6) The Local Government Investment Pool administered by the State ofGeorgia, Office of Treasury and Fiscal Services, \r\n(7) Repurchase agreements, and \r\n(8) Obligations of other political subdivisions ofthe State of Georgia. \r\n \r\n- 14- \r\n \r\n WORTIl COUNTY BOARD OF EDUCATION \r\n \r\nEXHffiIT \"F\" \r\n \r\nNOTES TO TIlE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2000 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nRECEIVABLES \r\n \r\nReceivables consist of grant reimbursements due on Federal, State or other grants for expenditures made but not reimbursed and other receivables disclosed from information available. Receivables are recorded when either the asset or revenue recognition criteria has been met. Receivables recorded on the general purpose financial statements do not include any amounts which would necessitate the need for an allowance for uncollectible receivables. \r\n \r\nPROPERTY TAXES \r\n \r\n \r\n \r\nThe Worth County Board of Commissioners fixed the property tax levy for the 1999 tax year (calendar year) on September 16, 1999 (levy date). Taxes were due on December 20, 1999. The lien date for property taxes was January 1, 1999. Taxes collected within the current fiscal year or within 60 days after year-end are reported as revenue in fiscal year 2000. The Worth County Tax Commissioner bills and collects the property taxes for the Board of Education, withholds 2.5% of taxes collected as a fee for tax collection and remits the balance oftaxes collected to the Board. \r\n \r\nThe tax millage rate levied for the 1999 tax year (calendar year) for the Worth County Board of Education was as follows (a mill equals $1 per thousand dollars of assessed value): \r\n \r\nSchool Operations \r\n \r\n11.76 mills \r\n \r\nSALES TAXES \r\n \r\nSpecial Purpose Local Option Sales Tax is to be used for capital outlay for educational purposes and debt service. Special Purpose Local Option Sales Tax revenue during the fiscal year amounted to $1,479,497.31 and was recorded in the Capital Projects and Debt Service Funds. The State will terminate collection ofthis tax once an additional $6,007,783.93 has been collected or on September 30, 2002, whichever occurs first. \r\n \r\nINVENTORIES \r\n \r\nFOOD INVENTORIES Inventories of donated food commodities used in the preparation of meals are reported on the Combined Balance Sheet at their Federally assigned value. Purchased foods inventories are reported on the Combined Balance Sheet at cost (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 ofnet current assets. \r\n \r\n- 15 - \r\n \r\n WORm COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTES TO mE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2000 \r\n \r\nNote 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nCOMPENSATED ABSENCES \r\n \r\nCompensated absences represent obligations of the Board relating to employees' rights to receive compensation for future absences based upon service already rendered. This obligation relates only to vesting accumulating leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the individual funds for the current portion of this obligation as this amount is deemed immaterial to the general purpose financial statements. \r\n \r\nHowever, the dollar value of accumulated compensated absences at June 30, which will be payable from future resources is material to the general purpose financial statements and has not been recorded in the General Long-Term Debt Account Group as required by generally accepted accounting principles. \r\n \r\nGENERAL OBLIGATION BONDS \r\n \r\nThe Board issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. Bond premiums and discounts, as well as issuance costs, are recognized in the financial statements during the year bonds are issued. General obligation bonds are direct obligations and pledge the full faith and credit ofthe government. The outstanding amount ofthese bonds is recorded in the General Long-Term Debt Account Group. \r\n \r\nINTERFUND TRANSACTIONS \r\n \r\n \r\n \r\nThe Board has the following types of interfund transactions: \r\n \r\nReimbursements of expenditures/expenses initially made from a fund that are properly applicable to another fund are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed. \r\n \r\nOperating transfers are recorded for all interfund transactions other than reimbursements. \r\n \r\nMEMORANDUM ONLY - TOTAL COLUMNS \r\n \r\nTotal columns on the general purpose financial statements are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not \r\npresent financial position, results ofoperations or cash flows in conformity with generally accepted \r\naccounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. \r\n \r\n- 16- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2000 \r\n \r\nNote 2: DEPOSITS \r\n \r\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 \r\nvalue of such surety bond and the market value of securities pledged shall be equal to not less than \r\n11 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 dailypool balance. OCGA Section 45-8-11 (b) provides an officer holding public funds may, in his discretion, waive therequirement for security in the case ofoperating funds placed in demand deposit checking accounts. \r\n \r\nAcceptable security for deposits consists of anyone of or any combination of the following: \r\n \r\n(1) Surety bond signed by a surety company duly qualified and authorized to transact business within the State of Georgia, \r\n \r\n(2) Insurance on accounts provided by the Federal Deposit Insurance Corporation, \r\n \r\n(3) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or of the State of Georgia, \r\n \r\n(4) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia, \r\n \r\n(5) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose, \r\n \r\n(6) Industrial revenue bonds and bonds ofdevelopment authorities created by the laws ofthe State of Georgia, and \r\n \r\n(7) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\n \r\nCATEGORIZATION OF DEPOSITS \r\n \r\nAt June 30, 2000, the bank balances were $8,225,191.61. The amounts ofthe total bank balances are \r\n \r\nclassified into three categories of credit risk: \r\n \r\n' \r\n \r\n- 17 - \r\n \r\n WORTIl COUNTY BOARD OF EDUCATION \r\n \r\nEXHffiIT \"F\" \r\n \r\nNOTES TO TIlE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2000 \r\n \r\nNote 2: DEPOSITS \r\n \r\nCategory 1 - Cash that is insured (e.g., Federal depository insurance) or collateralized with securities held by the Board or by the Board's agent in the Board's name. \r\nCategory 2 - Cash collateralized with securities held by the pledging financial institution's trust department or agent in the Board's name. \r\nCategory 3 - Uncollateralized deposits. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent 'but not in the Board's name.) \r\n \r\nThe Board's deposits are classified by risk category at June 30, 2000, as follows: \r\n \r\nRisk Category \r\n \r\nBank Balance \r\n \r\n1 \r\n \r\n$ 300,000.00 \r\n \r\n2 \r\n \r\n6,586,853.63 \r\n \r\n3 \r\n \r\n1,338,337.98 \r\n \r\nTotal \r\n \r\n$ 8.22~.191.61 \r\n \r\nNote 3: NON-MONETARY TRANSACTIONS \r\n \r\nThe Board receives food commodities from the United States Department ofAgriculture (USDA) for school breakfast and lunch programs. These commodities are recorded at their Federally assigned value. See Note 1 - Inventories \r\n \r\nNote 4: RISK MANAGEMENT \r\n- \r\nThe Board is exposed to various risks ofloss related to torts; theft of, damage to, and destruction of assets; errors or omissions; job related illness or injuries to employees; natural disaster and unemployment compensation. \r\n \r\nThe Board has obtained commercial insurance for risk ofloss associated with torts, assets, 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. \r\n \r\nThe Board is self-insured with regard to unemployment compensation claims. In connection with this program, a self-insurance reserve has been established within the General Fund by the Board. The Board accounts for claims within the General Fund with expenditure and liabilitybeing reported when it is probable that a loss has occurred, and the amount ofthat loss can be reasonably estimated. \r\n \r\n \r\n- 18- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2000 \r\n \r\nNote 4: RISK MANAGEMENT \r\n \r\nChanges in the unemployment compensation claims liability during the last two fiscal years are as follows: \r\n \r\nBeginning of Year Liability_ \r\n \r\nClaims and Changes in Estimates \r\n \r\nClaims Paid \r\n \r\nEnd of Year Liability_ \r\n \r\n1999 2000 \r\n \r\n$ \r\n \r\n7,530.00 $ \r\n \r\n1,019.00 $ \r\n \r\n7,530.00 $_ _-1,,-0,1-9,,.0-~0= \r\n \r\n$ \r\n \r\n1,019 .00 $ \r\n \r\n2,890.00 $ \r\n \r\n3,909.00 $ \r\n \r\n-.:0:\u003c...:0..\u003e0= \r\n \r\nThe Board has purchased surety bonds to provide additional insurance coverage as follows: \r\n \r\nPosition Covered \r\n \r\nAmount \r\n \r\nSuperintendent Each Principal \r\n \r\n$ 20,000.00 $ 5,000.00 - $ 10,000.00 \r\n \r\nNote 5: GENERAL LONG-TERM DEBT \r\n \r\nGENERAL OBLIGATION BONDS OUTSTANDING General Obligation Bonds currently outstanding are as follows: \r\n \r\n_ _ _ _~P-=urp=o=se::..._ \r\n \r\n_ \r\n \r\nInterest Rates \r\n \r\nAmount \r\n \r\nGeneral Government - Series 1990 \r\n \r\n6.4% -7.25% $ 2.295.000.00 \r\n \r\nThe changes in General Long-Term Debt during the fiscal year ended June 30, 2000, were as follows: \r\n \r\nGeneral Obligation \r\nBonds \r\n \r\nBalance July 1, 1999 \r\n \r\n$ 2,430,000.00 \r\n \r\nDeductions Debt Retired \r\n \r\n135,000.00 \r\n \r\nBalance June 30, 2000 \r\n \r\n$ 6.295.000.00 \r\n \r\n- 19- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\nEXHIDIT \"F\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2000 \r\n \r\nNote 5: GENERAL LONG-TERM DEBT \r\n \r\nAt June 30, 2000, payments due by fiscal year which includes principal and interest for these items are as follows: \r\n \r\nFiscal Year Ended June 30 \r\n \r\nGeneral Obligation \r\nBonds \r\n \r\n2001 2002 2003 2004 2005 2006 - 2010 2011 \r\n \r\n$ 226,145.00 307,430.00 306,812.50 310,427.50 307,917.50 \r\n1,541,812.50 305,662.50 \r\n \r\nTotal Principal and Interest \r\n \r\n$ 3.306,207.50. \r\n \r\nNote 6: ON-BEHALF PAYMENTS \r\n \r\nThe Board has recognized revenues and expenditures in the amount of $474,142.82 for health insurance and retirement contributions paid on the Board's behalfby the following State Agencies. \r\n \r\nGeorgia Department of Education \r\n \r\nPaid to the Georgia Department of Community Health \r\n \r\n \r\n \r\nFor Health Insurance ofNon-Certified Personnel \r\n \r\n \r\n \r\nIn the amount of$385,767.82 \r\n \r\n \r\nPaid to the Teachers Retirement System of Georgia For Teachers Retirement System (TRS) Employer's Cost In the amount of$II,637.00 \r\n \r\nOffice of Treasury and Fiscal Services \r\nPaid to the Public School Employees Retirement System \r\nFor Public School Employees Retirement (PSERS) Employer's Cost  In the amount of$76,738.00 . \r\n \r\nNote 7: SIGNIFICANT COMMITMENTS \r\n \r\nThe following is an analysis ofsignificant outstanding construction or renovation contracts executed by the Board as of June 30, 2000: \r\n \r\n- 20- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION \r\n \r\nEXHIDIT \"F\" \r\n \r\nNOTES TO THE GENERAL PURPOSE FINANCIAL STATEMENTS \r\n \r\nJUNE 30, 2000 \r\n \r\nNote 7: SIGNIFICANT COMMITMENTS \r\n \r\nProject \r\n \r\nUnearned Executed Contracts \r\n \r\nSylvester Elementary School \r\n \r\n$ 1,922,412.00 \r\n \r\nThe amounts described in this note are not reflected in the general purpose financial statements. \r\n \r\nNote 8: CONTINGENT LIABILITIES \r\n \r\nAmounts received or receivable principally from the Federal government are subject to audit and review by grantor agencies. This could result in requests for reimbursement to the grantor agency for any expenditures which are disallowed under grant terms. The Board believes that such disallowances, if any, will be immaterial to its overall financial position. \r\n \r\nNote 9: RETIREMENT PLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA (TRS) \r\n \r\nTRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by local school systems are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multiple employer defined benefit pension plan. TRS provides service retirement, disability retirement and survivors benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\n \r\nTRS CONTRIBUTIONS REQUIRED AND MADE Employees of the Board who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The Board makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. The required employer contribution rate is 11.29% and employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contributed \r\n \r\nRequired Contribution \r\n \r\n2000 1999 1998 \r\n \r\n100% 100% 100% \r\n \r\n$ 1,808,816.21 \r\n$ 1,826,049.67 \r\n$ 1,659,200.23 \r\n \r\n- 21 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET SPECIAL REVENUE FUND JUNE 30, 2000 \r\n \r\nASSETS \r\nCash and Cash Equivalents \r\nInvestments \r\nAccounts Receivable \r\nInventories Food Donated Commodlnes Purchased Food \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nLOTTERY PROGRAMS \r\n \r\n$ \r\n \r\n173,984.07 $ \r\n \r\n67,732.74 \r\n \r\n250,615.59 \r\n \r\n115,499.57 \r\n \r\n8,673.84 \r\n \r\n928.51 11 ,999.81 \r\n \r\nTotal Assets \r\n \r\n$ \r\n \r\n553,027.55 $ ======76=,4~0=6=.5=8= \r\n \r\nLIABILITIES AND FUND EQUITY \r\nLIABILITIES \r\nCash Overdraft Accounts Payable Salaries Payable Expired Grant Balances Payable \r\n- \r\nTotal Liabilities \r\nFUND EQUITY \r\nFund Balances Reserved For Continuation of Federal Programs For Inventories Food Donated Commodities Purchased Food Unreserved Undesignated \r\nTotal Fund Equity \r\n \r\n$ \r\n \r\n106,020.16 $ \r\n \r\n124,933.74 \r\n \r\n1,631.84 \r\n \r\n$ \r\n \r\n232,585.74 $ \r\n \r\n24,291.82 52,114.76 \r\n \r\n76,406.58 \r\n \r\n \r\n$ \r\n \r\n$ \r\n \r\n928.51 11,999.81 \r\n307,513.49 $ \r\n320,441.81 $ \r\n \r\n~0:.:0..0.. ~0:.:0..0.. \r\n \r\nTotal Liabilities and Fund Equity \r\nSee notes to the general purpose financial statements. - 22- \r\n \r\n$ \r\n \r\n553,027.55 $ ==~ 76,4~ 06.~ 58 \r\n \r\n EXHIBIT \"G\" \r\n \r\nFEDERAL PROGRAMS \r\n \r\nTOTALS \r\n \r\nJUNE 30, 2000 \r\n \r\nJUNE 30, 1999 \r\n \r\n$ \r\n \r\n241,716.81 $ \r\n \r\n777,650.20 \r\n \r\n250,615.59 \r\n \r\n238,227.75 \r\n \r\n$ \r\n \r\n307,166.79 \r\n \r\n431,340.20 \r\n \r\n302,691.61 \r\n \r\n928.51 11 ,999.81 \r\n \r\n1,427.57 15,133.41 \r\n \r\n$ \r\n \r\n307,166.79 $ \r\n \r\n936,600.92 $ 1,335,130.54 \r\n \r\n$ \r\n \r\n. 75,648.13 $ \r\n \r\n47,390.71 \r\n \r\n181,686.13 \r\n \r\n2,441.82 \r\n \r\n$ \r\n \r\n307,166.79 $ \r\n \r\n75,648.13 $ 177,702.69 358,734.63 \r\n4,073.66 \r\n \r\n58,010.62 144,669.61 315,415.48 \r\n6,024.20 \r\n \r\n- \r\n616,159.11 $ _-:5::.:2:..:.4,119.91 \r\n \r\n$ \r\n \r\n$----=0.0~0 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n$ \r\n \r\n885.09 \r\n \r\n928.51 11,999.81 \r\n \r\n1,427.57 15,133.41 \r\n \r\n307,513.49 \r\n \r\n793,564.56 \r\n \r\n320,441.81 $ _ _.8::1..:1...:,.0.c1:..0.:..=6::3:.... \r\n \r\n$ \r\n \r\n307,166.79 $ \r\n \r\n936,600.92 $ 1,335,130.54 \r\n \r\n- 23- \r\n \r\n \r\n \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nSPECIAL REVENUE FUND \r\nYEAR ENDED JUNE 30, 2000 \r\n \r\nREVENUES \r\nState Funds Federal Funds Other Funds \r\nTotal Revenues \r\n \r\nEXPENDITURES \r\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 Other Support Services Food Services Operation Community Services Operations \r\nTotal Expenditures \r\nExcess of Revenues over (under) Expenditures \r\nOTHER FINANCING SOURCES (USESl \r\nOperating Transfers In Operating Transfers Out \r\nTotal Other Financing Sources (Uses) \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \r\nFUND BALANCE JULY 1 \r\nFood Inventory - Net Change in Period Donated Commodities Purchased Food \r\n \r\nSCHOOL FOOD \r\nSERVICES FUND \r\n \r\nLOTTERY PROGRAMS \r\n \r\n$ \r\n \r\n123,474.32 $ \r\n \r\n1,448,278.71 \r\n \r\n328,092.39 \r\n \r\n615,884.25 \r\n \r\n$ 1,899,845.42 $ _ _:6::1:..5..:,..8.::8:=4=.:2::.5..... \r\n \r\n$ $ 1,885,896.49 \r\n \r\n501,350.03 \r\n58,920.45 7,033.02 \r\n29,625.38 33.43 \r\n7,139.01 11,754.99 \r\n27.94 \r\n \r\n$ 1,885,896.49 $ _ _:6:::1....5:..,.:8::=8..:4.::.:.2:::5...... \r\n \r\n$ \r\n \r\n13,948.93 $ \r\n \r\n=0:.:0:..0.... \r\n \r\n$ --==-5.00;,0;0.0.=00~ \r\n$ --=\"-5\"0\"0\",0\"00-.0=0~ \r\n \r\n$ \r\n \r\n-486,051.07 $ \r\n \r\n0.00 \r\n \r\n810,125.54 \r\n \r\n0.00 \r\n \r\n-499.06 -3,133.60 \r\n \r\nFUND BALANCE JUNE 30 \r\nSee notes to the general purpose financial statements. \r\n- 24- \r\n \r\n$ \r\n \r\n320,441.81 $ ====~;;.0..00, \r\n \r\n EXHIBIT \"H\" \r\n \r\nFEDERAL PROGRAMS \r\n \r\nTOTALS \r\n \r\nYEAR ENDED \r\n \r\nJUNE 30, 2000 \r\n \r\nJUNE 30,1999 \r\n \r\n$ \r\n \r\n739,358.57 $ \r\n \r\n746,595.67 \r\n \r\n$ 1,865,555.71 \r\n \r\n3,313,834.42 \r\n \r\n2,945,418.69 \r\n \r\n328,092.39 . '._ _~4.0.1t=,.2.1:.0=.:6.7..- \r\n \r\n$ 1,865,555.71 $ 4,381,285.38 $ 4,093,225.03 \r\n \r\n$ 1,368,015.17 $ 1,869,365.20 $ 1,582,751.20 \r\n \r\n55,033.73 192,880.61 \r\n11,816.99 126,336.62 \r\n29.00 930.09 34,673.61 65,544.98 \r\n11,180.00 \r\n \r\n113,954.18 199,913.63 \r\n11,816.99 155,962.00 \r\n62.43 8,069.10 46,428.60 65,572.92 1,885,896.49 11,180.00 \r\n \r\n127,182.71 103,053.82 \r\n10,603.45 149,738.49 \r\n2,039.66 22,616.08 43,126.38 190,917.67 1,831,768.59 \r\n4,191.56  \r\n \r\n$ 1,866,440.80 $ 4,368,221.54 $ 4,067,989.61 \r\n \r\n$ \r\n \r\n-885.09 $ \r\n \r\n13,063.84 $ _ _...2..5=.,:2::3:.5z..:4:::2:~=- \r\n \r\n-- \r\n \r\n \r\n \r\n$ \r\n \r\n$ \r\n \r\n-500,000.00 \r\n \r\n2,400.17 \r\n \r\n$ \r\n \r\n-500,000.00 $ _ _---:2:~,:4::0.:0...:1.;7:..- \r\n \r\n$ \r\n \r\n-885.09 $ \r\n \r\n-486,936.16 $ \r\n \r\n27,635.59 \r\n \r\n885.09 \r\n \r\n811,010.63 \r\n \r\n782,610.44 \r\n \r\n-499.06 -3,133.60 \r\n \r\n170.83 593.77 \r\n \r\n \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n320,441.81 $ ====8=11~,0=1=0.=63= \r\n \r\n- 25- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET CAPITAL PROJECTS FUND JUNE 30, 2000 \r\n \r\nASSETS Cash and Cash Equivalents Accounts Receivable \r\n \r\nTotal Assets \r\n \r\nREGULAR \r\n \r\nSPECIAL PURPOSE LOCAL OPTION SALES TAX \r\n \r\n$ \r\n \r\n788,062.85 $ 2,061,576.04 \r\n \r\n245,554.68 \r\n \r\n$ \r\n \r\n2,307,130.72 \r\n \r\nLIABILITIES AND FUND EQUITY \r\nLIABILITIES \r\nAccounts Payable Salaries Payable Contracts Payable Retainages Payable \r\nTotal Liabilities \r\nFUND EQUITY \r\nFund Balances Reserved For School Food Services Equipment Expenditures For SPLOST Projects For State Gapital Outlay Projects Unreserved Undesignated \r\nTotal Fund Equity \r\n \r\n$ \r\n \r\n206.39 \r\n \r\n2,939.52 \r\n \r\n$ \r\n \r\n5,085.00 \r\n \r\n$ \r\n \r\n5,085.00 $ _ _--=.3.l.,.1..:4...5:..=9..1:..... \r\n \r\n$ \r\n \r\n500,000.00 \r\n \r\n1,803,984.81 \r\n \r\n782,977.85 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n782,977.85 $ _.....=2..,!3.=0=3..,:9..8:.4=..8.:1..... \r\n \r\nTotal Liabilities and Fund Equity \r\n \r\n$ \r\n \r\n788,062.85 $ ====:!2:=,=3=0:::7!:,::1:::3:=0=.=7=2== \r\n \r\nSee notes to the general purpose financial statements. - 26- \r\n \r\n EXHIBIT \"I\" \r\n \r\nLOTTERY PROJECT \r\n \r\nTOTALS \r\n \r\nJUNE 30, 2000 \r\n \r\nJUNE 30, 1999 \r\n \r\n$ \r\n \r\n0.00 $ 2,849,638.89 $ 1,638,439.39 \r\n \r\n245,554.68 \r\n \r\n213,137.79 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n3,095,193.57 $ \r\n \r\n1,851,577.18 \r\n \r\n$ \r\n \r\n206.39 \r\n \r\n2,939.52 \r\n \r\n5,085.00 $ \r\n \r\n40,227.00 \r\n \r\n15,299.64 \r\n \r\n$ \r\n \r\n8,230.91 $ _ _-=5=5=,5.:.2=6....6.:4.... \r\n \r\n$ \r\n \r\n500,000.00 \r\n \r\n \r\n \r\n1,803,984.81 $ \r\n \r\n974,283.94 \r\n \r\n41,149.00 \r\n \r\n$----=0.0~0 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n782,977.85 \r\n3,086,962.66 $ \r\n \r\n780,617.60 1,796,050.54 \r\n \r\n$ \r\n \r\n0.00 $ 3,095,193.57 $ 1,851,577.18 \r\n \r\n- 27- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nCAPITAL PROJECTS FUND \r\nYEAR ENDED JUNE 30, 2000 \r\n \r\nREVENUES \r\n \r\nREGULAR \r\n \r\nSPECIAL PURPOSE LOCAL OPTION SALES TAX \r\n \r\nTaxes Other Funds \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n964,989.27 \r\n \r\n17,698.23 \r\n \r\nTotal Revenues EXPENDITURES \r\n \r\n$ \r\n \r\n0.00 $ _ _=9=8.2.:,6..8.7..:5.0=.~ \r\n \r\nCapital Outlay Land and Land Improvements Building and Building Improvements Equipment \r\n. \r\nTotal Expenditures \r\n \r\n \r\n \r\nExcess of Revenues over (under) Expenditures \r\n \r\nOTHER FINANCING SOURCES (USES). \r\n \r\n$ \r\n \r\n42,139.75 $ \r\n \r\n143,273.63 \r\n \r\n3,602.00 \r\n \r\n$ \r\n \r\n42,139.75 $ _ _~14=6.,8:7.5..6=3~ \r\n \r\n$ \r\n \r\n-42,139.75 $ _---.,;~:z8.:3::5..,.8.:1.1~:.8..7... \r\n \r\nOperating Transfers In Operating Transfers Out \r\nTotal Other Financing Sources (Uses) \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses \r\nFUND BALANCE JULY 1 \r\n \r\n$ \r\n \r\n44,500.00 $ \r\n \r\n500,000.00 \r\n \r\n-6,111.00 \r\n \r\n$ \r\n \r\n44,500.00 $ _ _~ 493~ ,88~ 9.0~ 0 \r\n \r\n$ \r\n \r\n2,360.25 $ 1,329,700.87 \r\n \r\n780,617.60 \r\n \r\n974,283.94 \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n$ \r\n \r\n782,977.85 $ =~~2~,3~0.3,:9.84:.8:1: \r\n \r\nSee notes to the general purpose financial statements. \r\n- 28- \r\n \r\n EXHIBIT \"J\" \r\n \r\nLOTTERY PROJECT \r\n \r\nTOTALS \r\n \r\nYEAR ENDED \r\n \r\nJUNE 30, 2000 \r\n \r\nJUNE 30, 1999 \r\n \r\n$ $ \r\n$ \r\n \r\n$ $ \r\n \r\n \r\n0.00 $ \r\n0.00 $ \r\n \r\n \r\n964,989.27 $ \r\n17,698.23 \r\n982,687.50 $ \r\n \r\n1,014,028.31 7,002.28 \r\n1,021,030.59 \r\n \r\n2,760.00 $ \r\n2,760.00 $ -2,760.00 $ \r\n \r\n$ \r\n188,173.38 3,602.00 \r\n \r\n2,611.96 448,614.60 169,203.95 \r\n \r\n \r\n191 ,775.38 $ _ _6=.z2..0.;.,.4;;;3..0.;;.;5.;.1;;;..~ \r\n \r\n790,912.12 $ _ _4..0.0:,.6.0=0..=0=8=~ \r\n \r\n$ \r\n \r\n544,500.00 $ \r\n \r\n679,066.21 \r\n \r\n$ - - - =-3=8,3=89=.00- \r\n \r\n-44,500.00 \r\n \r\n-443,384.34 \r\n \r\n-. \r\n$ \r\n \r\n-38,389.00 $ _ _5~0=0.000.00 $ _---==2=35.:,.6;.8:1;.:8:-7.. \r\n \r\n \r\n \r\n \r\n$ \r\n \r\n-41,149.00 $ 1,290,912.12 $ \r\n \r\n636,281.95 \r\n \r\n41,149.00 \r\n \r\n1,796,050.54 \r\n \r\n1,159,768.59 \r\n \r\n$ \r\n \r\n0.00 $ 3.086,962.66 $ 1,796,050.54 \r\n \r\n \r\n \r\n- 29- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET DEBT SERVICE FUND \r\nJUNE 3D, 2000 \r\n \r\nEXHIBIT \"K\" \r\n \r\nASSETS \r\nCash and Cash Equivalents \r\n \r\nPROPERTY TAXES FOR BOND DEBT \r\n \r\nSPECIAL PURPOSE LOCAL OPTION SALES TAX \r\n \r\nTOTALS \r\nJUNE 30, 2000 JUNE 3D, 1999 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n513,083.89 $ \r\n \r\n513,083.89 $ ===~;2.9;4,,;1;6,8;.=8=7= \r\n \r\n \r\n \r\nFUND EQUITY \r\nFund Balances Reserved For Debt Service Unreserved Undesig nated \r\n \r\n$ \r\n$----0=.00~ \r\n \r\n513,083.89 $ \r\n0.00 \r\n \r\n513,083.89 $ 0.00 \r\n \r\n294,168.87 0.00 \r\n \r\nTotal Fund Equity $ \r\n \r\n0.00 $ \r\n \r\n513,083.89 $ \r\n \r\n513,083.89 $ ===~;.;2,9;;4,,;1,;6;8,,.8;,7.. \r\n \r\nSee notes to the general purpose financial statements. \r\n- 30- \r\n \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES \r\nDEBT SERVICE FUND YEAR ENDED JUNE 30. 2000 \r\n \r\nEXHIBIT \"L\" \r\n \r\nPROPERTY TAXES FOR BOND DEBT \r\n \r\nSPECIAL PURPOSE LOCAL OPTION SALES TAX \r\n \r\nTOTALS YEAR ENDED JUNE 30, 2000 JUNE 30, 1999 \r\n \r\nREVENUES \r\n \r\nTaxes Other Funds \r\n \r\n$ \r\n \r\n2,223.43 $ \r\n \r\n514,508.04 $ \r\n \r\n516,731.47 $ \r\n \r\n400,206.17 \r\n \r\n4,677.11 \r\n \r\n4,677.11 \r\n \r\n1,009.12 \r\n \r\nTotal Revenues EXPENDITURES \r\n \r\n$ \r\n \r\n2,223.43 $ \r\n \r\n519,185.15 $ \r\n \r\n521,408.58 $ _~~=.4.0:1.,2:1:5:.;2=9- \r\n \r\nDebt Service Principal Interest Paying Agent Fees \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n135,000.00 $ \r\n \r\n135,000.00 $ \r\n \r\n130,000.00 \r\n \r\n166,812.50 \r\n \r\n166,812.50 \r\n \r\n175,625.00 \r\n \r\n681.06 \r\n \r\n681.06 \r\n \r\n680.50 \r\n \r\nTotal Expenditures Excess of Revenues over (under) Expenditures OTHER FINANCING SOURCES (USES) \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n302,493.56 $ \r\n \r\n302,493.56 $ _---=3.0=6=,3:0:5..:5:0... \r\n \r\n$ \r\n \r\n2,223.43 $ \r\n \r\n216,691.59 $ \r\n \r\n218,915.02 $ _--- 94',90=9=.79~ \r\n \r\nOperating Transfers In Operating Transfers Out \r\nTotal Other Financing Sources (Uses) \r\n \r\n==0:.... $ \r\n$ _ _-2,223.43 \r\n \r\n$ \r\n \r\n-2,223.43 $ \r\n \r\n2,223.43 $ 2,223.43 $ \r\n \r\n2,223.43 $ -2,223.43 \r\n0.00 $ \r\n \r\n204,949.86 -204,949.86 \r\n---=0.:.=0=0.... \r\n \r\nExcess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses $ \r\n \r\n0.00 $ \r\n \r\n218,915.02 $ \r\n \r\n218,915.02 $ \r\n \r\n94,909.79 \r\n \r\nFUND BALANCE JULY 1 \r\n \r\n0.00 \r\n \r\n294,168.87 \r\n \r\n294,168.87 \r\n \r\n199,259.08 \r\n \r\nFUND BALANCE JUNE 30 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n513,083.89 $ \r\n \r\n51;,;;;,3,083.89 $ _...:;;294~,168.87 \r\n \r\nsee notes to the general purpose financial statements. \r\n \r\n31 \r\n \r\n \r\n WORTH COUNTY BOARD OF EDUCATION COMBINING BALANCE SHEET FIDUCIARY FUND TYPES JUNE 30, 2000 \r\n \r\nEXHIBIT \"M\" \r\n \r\nASSETS Cash and Cash Equivalents Investments Accounts Receivable \r\n \r\nNON EXPENDABLE TRUST FUNDS \r\n \r\nENDOWMENT FUNDS \r\n \r\nCHASE S. OSBORN \r\n \r\nHELEN DAVIS STORY \r\n \r\nFUND \r\n \r\nFUND \r\n \r\n \r\nTOTALS JUNE 30, 2000 JUNE 30,1999 \r\n \r\n$ \r\n \r\n1,427.57 $ \r\n \r\n183.75 $ \r\n \r\n1,611.32 $ \r\n \r\n1,435.24 \r\n \r\n3,500.00 \r\n \r\n3,500.00 \r\n \r\n3,500.00 \r\n \r\n \r\n \r\n97.66 \r\n \r\n97.66 \r\n \r\n97.66 \r\n \r\nTotal Assets \r\n \r\n$ \r\n \r\n1,427.57 $ \r\n \r\n3,781.41 $ \r\n \r\n5,208.98 $ ==~=5=,0=3=2.=90= \r\n \r\nFUND EQUITY \r\n \r\nFund Balances \r\n \r\nReserved \r\n \r\nFor Endowment Corpus \r\n \r\n$ \r\n \r\nunreserved \r\n \r\nUndesignated \r\n \r\nTotal Fund Equity \r\n \r\n$ \r\n \r\n \r\n \r\n1,000.00 $ \r\n427.57 \r\n \r\n3,500.00 $ \r\n281.41 \r\n \r\n1,427.57 $ \r\n \r\n \r\n3,781.41 $ \r\n \r\n- \r\n \r\n4,500.00 $ \r\n708.98 \r\n \r\n4,500.00 532.90 \r\n \r\n5,208.98 $ ==~=5=,03=2=.90= \r\n \r\n \r\n \r\n \r\nSee notes to the general purpose financial statements. - 32- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30. 2000 \r\n \r\nSCHEDULE \"1\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY \r\n10 \r\nNUMBER \r\n \r\nFEDERAL REVENUE IN PERIOD \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\nAgriculture, U. S. Department of Child Nutrition Cluster Pass-Through From Georgia Department of Education Food and Nutrition Program Food Services School Breakfast Program National School Lunch Program Pass-Through From Office of School Readiness Food and Nutrition Program Summer Food Service Program for Children \r\n \r\nTotal Child Nutrition Cluster \r\n \r\n* 10.553 \r\n* 10.555 \r\n* 10.559 \r\n \r\nN/A \r\n \r\ns 271,772.18 \r\n \r\n(2) \r\n \r\nN/A \r\n \r\n792,682.16 $ \r\n \r\n1,594,338.34 (3) \r\n \r\nN/A \r\n \r\n297,431.86 \r\n \r\n290,882.64 \r\n \r\n$ 1,361,886.20 $ \r\n \r\n1,885,220.98 \r\n \r\nOther Programs Direct Food and Nutrition Program Altemative to Commodity Donations Pass-Through From Georgia Department of Education Food and Nutrition Program Food Distribution Program (1) \r\nTotal U. S. Department of Agriculture \r\n \r\n10.550 10.550 \r\n \r\n85,717.00 \r\n \r\n(2) \r\n \r\nN/A \r\n \r\n675.51 \r\n \r\n675.51 \r\n \r\n_--:.===:.:::.. $ 1,448,278.71 $ \r\n \r\n1,885,896.49 \r\n \r\nEducation, U. S. Department of Special Education Cluster Pass-Through From Georgia Department of Education Individuals with Disabilities Education Act Part B - Special Education Capacity Grant Flow Through Preschool \r\n \r\n84.173 84.027 84.173 \r\n \r\nN/A $ \r\n \r\n7,194.27 $ \r\n \r\nN/A \r\n \r\n228,967.82 \r\n \r\nN/A \r\n \r\n31,806.87 \r\n \r\n7,194.27 228,967.82 \r\n31,806.87 \r\n \r\nTotal Special Education Cluster \r\n \r\n$ 267,968.96 $ \r\n \r\n267,968.96 \r\n \r\nOther Programs \r\n \r\nPass-Through From Georgia Department of Education \r\n \r\nElementary and Secondary Education Act \r\n \r\nTitle I Grants to Local Educational Agencies \r\nTitle II  \r\n \r\n* 84.010 \r\n \r\nN/A \r\n \r\n1,147,737.22 \r\n \r\n1,147,737.22 \r\n \r\nEisenhower Professional Development \r\n \r\n84.281 \r\n \r\nN/A \r\n \r\n28,760.31 \r\n \r\n28,760.31 \r\n \r\nTitle III Technology Literacy Challenge Fund Grants \r\n \r\n84.318 \r\n \r\nN/A \r\n \r\n885.09 \r\n \r\nTitle VI Innovative Education Program Strategies Class Size Reduction \r\n \r\n84.298 \r\n \r\nN/A \r\n \r\n84.340 \r\n \r\nN/A \r\n \r\n37,471.00 154,495.00 \r\n \r\n37,471.00 154,495.00 \r\n \r\nGoals 2000 \r\n \r\nState and Local Education Systemic Improvement Grants \r\n \r\n84.276 \r\n \r\nN/A \r\n \r\n \r\n129,384.97 \r\n \r\n129,384.97 \r\n \r\nVocational Education - Basic Grants to States \r\n \r\nHigh School Program Basic Grant \r\n \r\n84.048 \r\n \r\nN/A \r\n \r\n59,047.77 \r\n \r\n59,047.77 \r\n \r\nTotal U. S. Department of Education \r\n \r\n$ 1,824,865.23 $ \r\n \r\n1,825,750.32 \r\n \r\nHealth and Human Services, U. S. Department of Pass-Through from Georgia Department of Human Resources Child Care School Age Program Contract 427-93-81554 \r\n \r\n93.037 \r\n \r\nN/A \r\n \r\n$ \r\n \r\n11,180.00 $ \r\n \r\n11,180.00 \r\n \r\n- 33- \r\n \r\n WORTH CQUNTY BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS \r\nYEAR ENDED JUNE 30. 2000 \r\n \r\nSCHEDULE \"1\" \r\n \r\nFUNDING AGENCY PROGRAM/GRANT \r\nLabor, U. S. Department of Pass-Through From Southwest Georgia Regional Development Center Job Training Partnership Act 96-B-98 \r\nDefense, U. S. Department of Direct Department of the Army R.O.T.C. Program \r\n \r\nCFDA NUMBER \r\n \r\nPASSTHROUGH \r\nENTITY ID \r\nNUMBER \r\n \r\nFEDERAL REVENUE IN PERIOD \r\n \r\nEXPENDITURES IN PERIOD \r\n \r\n17.250 \r\n \r\nN/A \r\n \r\n$ \r\n \r\n29,510.48 $ _ _--2\"\"9'-,5'=1=0..\u003e4\u003c8. \r\n \r\n58,381.20 \r\n \r\n(4) \r\n \r\nTotal Federal Financial Assistance \r\nN/A = Not Available \r\n \r\n$ 3,372,215.62 $ _...:;:3,~,:7;;5.2:;,:3.3:~7;;.;2:9\", \r\n \r\nNotes to the Schedule of Expenditures of Feder:al Awards \r\n \r\n(1) The amounts shown for the Food Distribution Program represents the Federally assigned value of nonmonetary assistance for donated commodities received and/or consumed by the system during the current fiscal year. \r\n(2) Expenditures for the Altemative to Commodity Donations Program and the School Breakfast Program were not maintained separately and are included in the 2000 National School Lunch Program. \r\n(3) Expenditures for this program include State, and/or Other Funds. Expenditures are not maintained by fund source. \r\n(4) Funds eamed on this program do not require reporting of expenditures. \r\n \r\nMajor Programs are Identified by an asterisk (0) in front of the CFDA number. \r\n \r\nThe Board did not provide Federal Assistance to any SUbrecipient. \r\n \r\n \r\n \r\nThe accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Worth County Board of Education and is presented on the modified accrual basis of accounting which is the basis of accounting used in the presentation of the general purpose financial statements. \r\n- \r\n \r\n \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n \r\n \r\n- 34- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF STATE REVENUE \r\nYEAR ENDED JUNE 30, 2000 \r\n \r\nSCHEDULE \"2\" \r\n \r\nAGENCY/FUNDING \r\n \r\nGOVERNMENTAL FUND TYPES \r\n \r\nSPECIAL \r\n \r\nGENERAL \r\n \r\nREVENUE \r\n \r\nFUND \r\n \r\nFUND \r\n \r\nTOTAL \r\n \r\nGRANTS \r\n \r\nEducation, Georgia Department of \r\n \r\nQuality Basic Education \r\n \r\nGeneral and Career Education Programs $ 10,390,674.00 \r\n \r\nSpecial Education Programs \r\n \r\n1,550,480.00 \r\n \r\nRemedial Education Program  \r\nMedia Center Programs \r\n \r\n286,267.00 436,368.00 \r\n \r\nStaff Development Programs \r\n \r\n116,454.00 \r\n \r\nIndirect Cost \r\n \r\n2,713,208.00 \r\n \r\nPupil Transportation \r\n \r\nRegular \r\n \r\n780,043.00 \r\n \r\nBus Replacement \r\n \r\n238,882.00 \r\n \r\nMiddle School Incentive Program \r\n \r\n401,424.00 \r\n \r\nSpecial Instructional Assistance \r\n \r\n431,316.00 \r\n \r\nIn-School Suspension \r\n \r\n68,305.00 \r\n \r\nCounselors Grades 4 and 5 Technology Specialist \r\n \r\n44,811.00 57,685.00 \r\n \r\nLocal Five Mill Share \r\n \r\n-1,431,346.00 \r\n \r\nDeferred Summer Salaries (Prior Year) \r\n \r\n-2,055,061.00 \r\n \r\nDeferred Summer Salaries (Current Year) \r\n \r\n2,096,791.00 \r\n \r\n \r\n \r\nEducational Equalization Formula \r\n \r\n1,649,021.00 \r\n \r\nFood Services \r\n \r\n$ \r\n \r\nVocational Education \r\n \r\n113,190.91 \r\n \r\nOther State Programs \r\n \r\nAlternative Program \r\n \r\n. 105,655.00 \r\n \r\nAt-Risk Summer School Program \r\n \r\n22,092.99 \r\n \r\nFamily Connection \r\n \r\n46,228.05 \r\n \r\nHealth Insurance \r\n \r\n385,767.82 \r\n \r\nMentor Teachers \r\n \r\n- \r\n \r\nPreschool Handicapped Program \r\n \r\n486.00 54,596.00 \r\n \r\nRemedial Summer School \r\n \r\n7,767.74 \r\n \r\nTeachers'Retirement \r\n \r\n11,637.00 \r\n \r\nLottery Programs \r\n \r\nAssistive Technology \r\n \r\nComputers in the Classroom \r\n \r\n$ 10,390,674.00 1,550,480.00 286,267.00 436,368.00 116,454.00 2,713,208.00 \r\n \r\n123,474.32 \r\n \r\n780,043.00 238,882.00 401,424.00 431,316.00 \r\n68,305.00 44,811.00 57,685.00 -1,431,346.00 -2,055,061.00 2,096,791.00 1,649,021.00 123,474.32 113,190.91 \r\n \r\n105,655.00 22,092.99 46,228.05 385,767.82 \r\n486.00 54,596.00 \r\n7,767.74 11,637.00 \r\n \r\n16,464.04 103,580.00 \r\n \r\n16,464.04 103,580.00 \r\n \r\nOffice of School Readiness Pre-Kindergarten Program \r\n \r\n495,840.21 \r\n \r\n495,840.21 \r\n \r\nOffice of Treasury and Fiscal Services Public School Employees Retirement \r\n \r\n76,738.00 \r\n \r\n76,738.00 \r\n \r\nCONTRACT Education, Georgia Department of Georgia Reading Challenge Program \r\n \r\n90,000.00 \r\n \r\n90,000.00 \r\n \r\n \r\n \r\n$ 18,689,481.51 $ 739,358.57 $ 19,428,840.08 \r\n \r\nSee notes to the general purpose financial statements. \r\n- 35- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF APPROVED LOCAL OPTION SALES TAX PROJECTS \r\nYEAR ENDED JUNE 30, 2000 \r\n \r\nSCHEDULE \"3\" \r\n \r\nPROJECTS \r\nRepayment of principal and interest on the outstanding Worth County, (Georgia) School District General Obligation Series 1990 maturing on January 6, 1998 and thereafter \r\nConstruction and equipping of capital outlay projects for the Worth County School District consisting of twelve (12) additional classrooms and expansion of the music area at Worth County Middle School, six (6) additional classrooms and needed renovations at Sylvester Elementary School, and an auditorium \r\nRenovations, additions, expansions, improvements, modifications and equipping all other existing school facilities of Worth County School District and including Sumner School property to, include the acquisition of all property, both real and personal necessary therefor \r\n \r\nORIGINAL ESTIMATED \r\nCOST (1)c-- \r\n \r\nCURRENT ESTIMATED \r\nCOST (2) \r\n \r\nAMOUNT EXPENDED IN CURRENT \r\nYEAR (3) \r\n \r\nAMOUNT EXPENDED \r\nIN PRIOR YEARS \r\n \r\n$ 3,510,733.75 $ 3,510,733.75 $ \r\n \r\n302,493.56 $ \r\n \r\n610,797.33 \r\n \r\n5,050,000.00 \r\n \r\n5,050,000.00 \r\n \r\n \r\n146,875.63 \r\n \r\n1,326,799.93 \r\n \r\n1,226,266.25 \r\n \r\n1,226,266.25 \r\n \r\n6,111.00 \r\n \r\n18,564.59 \r\n \r\n \r\n \r\n \r\n$ _ _9,787,000.00 $ 9,787,000.00 $ \r\n \r\n455,480.19 $ _,.;,1,956,161.85 \r\n \r\n(1) The Board's original cost estimate as specified in the resolution calling for the imposition of the Local Option Sales Tax. \r\n(2) The Board's current estimate of total cost for each project. Includes all cost from projeCt inception to completion. \r\n(3) The voters of Worth County approved the imposition of a 1% sales tax to fund the above projects. Amounts expended for these projects may include sales tax proceeds, state, local property taxes and/or other funds over the life of the project. \r\n \r\nSee notes to the general purpose financial statements. \r\n \r\n- 36- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - OVERALL \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30, 2000 \r\n \r\nSCHEDULE \"4\" \r\n \r\nMinimum Expenditure Requirements (Total Allotment) \r\nExpenditures on Combined Program Basis Salaries (1) (2) Operations \r\nLess: Expenditures for Media Center Programs in Excess of Total Media Allotment \r\nExpenditures per Audit \r\n \r\nFOURTEEN WEIGHTED AND MEDIA CENTER \r\nPROGRAMS \r\n \r\n100% TEST FOR OPERATIONS PORTION OF FOURTEEN WEIGHTED PROGRAMS \r\n \r\n$ \r\n \r\n12,663,789.00 $ _ _....3..8::.3:=,8;.:2:.1,:.;0:=0.. \r\n \r\n$ \r\n \r\n13,182,198.42 \r\n \r\n735,636.05 $ _ _--=6-..4:..:4..!,.:6=9.=9.:....:4..:8:... \r\n \r\n$ \r\n \r\n13,917,834.47 \r\n \r\n-90,985.79 13,826,848.68 \r\n \r\nAmount of Underexpenditure for Total Allotment \r\n \r\n$ \r\n \r\n0.00 $ =======0.0=0 \r\n \r\nNote: (1) Salary accruals (July and August 2000 Deferred Salaries) reported as expenditures in the General Purpose Financial Statements are not included on this analysis in order to comply with program guidelines. \r\n(2) Salary accruals (July and August 1999 Deferred Salaries) reported as expenditures in the prior year General Purpose Financial Statements are included on this analysis as required by program guidelines. \r\n \r\nSee notes to the general purpose financial statements. - 37 - \r\n \r\n WORTH COUNTY BOARD OF EDUCATION ANALYSIS OF MINIMUM EXPENDITURE REQUIREMENTS - BY PROGRAM \r\nGENERAL FUND - QUALITY BASIC EDUCATION PROGRAMS YEAR ENDED JUNE 30, 2000 \r\n \r\nGENERAL AND CAREER EDUCATION PRQGRAMS \r\n \r\nKindergarten (*) \r\n \r\nGrades 1 - 3 (*) \r\n \r\nSub-Total - K-3 \r\n \r\nGrades 4 - 5 (*) \r\n \r\nGrades 6 - 8 (*) \r\n \r\nGrades 9 -12 (') \r\n \r\nHigh School Laboratories (') \r\n \r\nVocational Education Laboratories (*) \r\n \r\nTotal General and Career Education Programs \r\n \r\nSPECIAL EDUCATION PROGRAMS \r\n \r\n, \r\n \r\nRegular Programs \r\n \r\nCategory II (.) \r\n \r\nCategory III (.) \r\n \r\nCategory IV (.) \r\n \r\n. Category V (.) \r\n \r\nSub-Total - Regular \r\n \r\nCategory VI (Gifted) (.) \r\n \r\nTotal Special Education Programs \r\n \r\nREMEDIAL EDUCATION PROGRAM ~ \r\n \r\nTotal Fourteen Weighted Programs \r\n \r\nMI;QIA CENTI;R f;\u003eROGRAMS \r\n \r\nSalaries Operations \r\n \r\nTotal Media Center Programs \r\n \r\nALLOTMENTS FROM GEORGIA DEPARTMENT OF \r\n \r\nREQUIRED \r\n \r\nORIGINAL \r\n \r\n% \r\n \r\nORIGINAL \r\n \r\nMID-TERM \r\n \r\n$ \r\n \r\n997,946.00 \r\n \r\n$ \r\n \r\n2,813,258.00 \r\n \r\n$ 3,811,204.00 90 $ \r\n \r\n1,337.172.00 90 \r\n \r\n2.392.153.00 90 \r\n \r\n1'.620,914.00 90 \r\n \r\n568,443.00 90 \r\n \r\n660,788.00 90 \r\n \r\n$ 10,390,674.00 \r\n \r\n$ \r\n \r\n898,151.40 $ \r\n2,531,932.20 3,430,083.60 $ 1,203,454.80 2.152.937.70 1,458.822.60 \r\n511,598.70 594,709.20 \r\n9,351.606.60 $ \r\n \r\n0.00 0.00 \r\n--=0..:0=0. \r\n \r\n$ 1,391.283.00 \r\n \r\n$ 1.252.154.70 $ \r\n \r\n0.00 \r\n \r\n$ 1,391.283.00 90 $ 1.252.154.70 $ \r\n \r\n159,197.00 90 \r\n \r\n143.277.30 \r\n \r\n$ 1,550,480.00 \r\n \r\n$ 1.395.432.00 $ \r\n \r\n$ \r\n \r\n286.267.00 90 $ \r\n \r\n257.640.30 $ \r\n \r\n$ 12.227.421.00 \r\n \r\n$ 11,004,678.90 $ \r\n \r\n$ \r\n \r\n348.751.00 90 $ \r\n \r\n313.875.90 $ \r\n \r\n87,617.00 100 \r\n \r\n87,617.00 \r\n \r\n$ \r\n \r\n436,368.00 \r\n \r\n$ \r\n \r\n401,492.90 $ \r\n \r\n0.00 \r\n--=0..:0=0. \r\n---0\".0:=0. =0.,0;0.. \r\n- \r\n0.00 .....:0:.=0.0:.. \r\n \r\nTotal Fourteen Weighted and Media Center Programs \r\n \r\n$ 12.663.789.00 \r\n \r\n$ 11,406,171.80 $ \r\n \r\n....0...0.0.. \r\n \r\nSTAFFDEVI;LOPM\u0026NTPROGRA~S \r\nCost of Instruction Professional Development \r\nTotal Staff Development Programs \r\n(.) Identifies Fourteen Weighted Programs. \r\n(1) Salary accruals (July and August 2000 Deferred Salaries) reported as expenditures in the General Purpose Financial Statements are not included on this analysis in order to comply with program gUidelines. \r\nSee notes to the general purpose financial statements. \r\n \r\n$ \r\n \r\n37,832.00 \r\n \r\n \r\n \r\n78,622.00 \r\n \r\n$ \r\n \r\n37,832.00 $ \r\n \r\n78.622.00 \r\n \r\n$ \r\n \r\n116,454.00 100 $ \r\n \r\n116,454.00 $ \r\n \r\n(2) Salary accruals (July and August 1999 Deferred Salaries) reported as expenditures in the prior year General Purpose Financial Statements are included on this analysis as required by program guidelines. \r\n \r\n0.00 0.00 \r\n. . 0.-.00. \r\n \r\n- 38 - \r\n \r\n SCHEDULE \"5\" \r\n \r\nEDUCATION TOTAL \r\nREQUIRED \r\n \r\nACTUAL EXPENDITURES \r\n \r\nSALARIES (1)(2) OPERATIONS \r\n \r\nTOTAL' \r\n \r\nAMOUNT OF UNDEREXPENDITURE \r\nFOR REQUIRED ALLOTMENT \r\n \r\n$ \r\n \r\n898.151.40 $ 1,050,444.27 $ \r\n \r\n22.099.00 $ 1.072.543.27 \r\n \r\n2;531.932.20 \r\n \r\n2.780.550.34 \r\n \r\n111.491.04 \r\n \r\n2.892.041.38 \r\n \r\n$ 3.430.083.60 $ \r\n \r\n3.830.994.61 $ \r\n \r\n133.590.04 $ 3.964.584.65 $ \r\n \r\n0.00 \r\n \r\n1.203,454.80 \r\n \r\n1.339.697.51 \r\n \r\n75.953.68 \r\n \r\n1,415.651.19 \r\n \r\n0.00 \r\n \r\n \r\n \r\n2.152.937.70 \r\n \r\n2.170,470.36 \r\n \r\n122.111.12 \r\n \r\n2.292.581.48 \r\n \r\n0.00 \r\n \r\n1,458.822.60 \r\n \r\n1.757.758.59 \r\n \r\n172.820.65 \r\n \r\n1.930.579.24 \r\n \r\n0.00 \r\n \r\n511.598.70 \r\n \r\n630.868.00 \r\n \r\n9.590.00 \r\n \r\n640.458.00 \r\n \r\n0.00 \r\n \r\n594.709.20 \r\n \r\n570.564.38 \r\n \r\n76.732.00 \r\n \r\n647.296.38 \r\n \r\n0.00 \r\n \r\n$ 9.351.606.60 $ 10.300.353.45 $ \r\n \r\n590.797.49 $ 10.891.150.94 \r\n \r\n$ 1.252.154.70 $ \r\n \r\n580.200.92 $ \r\n928.610.46 204.196.92 \r\n30.130.00 \r\n \r\n10.180.00 $ \r\n11.182.00 14.580.00 \r\n2,500.00 \r\n \r\n590.380.92 939.792.46 218.776.92 \r\n32.630.00 \r\n \r\n$ 1.252.154.70 $ 1,743.138.30 $ \r\n \r\n38.442.00 $ 1.781.580.30 \r\n \r\n143.277.30 \r\n \r\n214.980.41 \r\n \r\n10,459.99 \r\n \r\n225.440.40 \r\n \r\n$ 1,395,432.00 $ \r\n \r\n$ \r\n \r\n257.640.30 $ \r\n \r\n1,958.118.71 $ \r\n487.309.04 $ \r\n \r\n48.901.99 $ 2.007.020.70 \r\n5.000.00 $ _---'=49=2.;3.0;9;..0; .4. \r\n \r\n \r\n \r\n$ 11.004.678.90 $ 12.745.781.20 $ \r\n \r\n644.699.48 $ 13.390.480.68 \r\n \r\n \r\n \r\n$ \r\n \r\n313.875.90 $ \r\n \r\n87.617.00 \r\n \r\n$ \r\n \r\n401,492.90 $ \r\n \r\n436.417.22 \r\n \r\n \r\n \r\n$ _ _==~ \r\n \r\n436.417.22 $ _ _==~ \r\n \r\n$ 11.406.171.80 $ 13.182.198.42 $ \r\n \r\n735.636.05 $ 13.917.834.47 $ \r\n \r\n0.00 0.00 0.00 \r\n0.0~0 \r\n \r\n$ \r\n \r\n37.832.00 \r\n \r\n78.622.00 \r\n \r\n116,454.00 \r\n \r\n$ \r\n \r\n37.832.00 $ \r\n \r\n37,832.00 \r\n \r\n78.622.00 \r\n \r\n78.622.00 \r\n \r\n$ \r\n \r\n116.454.00 $ \r\n \r\n116.454.00 $ \r\n \r\n0.0_0 \r\n \r\n \r\n \r\n 39  \r\n \r\n  \r\nSECTION II COMPLIANCE AND INTERNAL CONTROL REPORTS \r\n \r\n \r\n RUSSELL W. HINTON \r\nSTATE AUDITOR (404) 6562174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-X400 \r\nMay 14, 2001 \r\n \r\nHonorable Roy E. Barnes, Governor \r\n \r\nMembers of the General Assembly \r\n \r\nMembers of the State Board ofEducation \r\n \r\nand \r\n \r\n. \r\n \r\nSuperintendent and Members of the \r\nWorth County Board ofEducation \r\n \r\n \r\nREPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS \r\n \r\nLadies and Gentlemen: \r\n \r\nWe have audited the financial statements ofWorth County Board ofEducation as ofand for the year \r\n \r\nended June 30, 2000, and have issued our report thereon dated May 14, 2001. This report was \r\n \r\nqualified for various departures from generally accepted accounting principles, as identified in the \r\n \r\nauditor's report on the general purpose financial statements. We conducted our audit in accordance \r\n \r\nwith auditing standards generally accepted in the United States of America and the standards \r\n \r\napplicable to financial audits contained in Government Auditing Standards, issued by the \r\n \r\n \r\n \r\nComptroller General of the United States. \r\n \r\n \r\n \r\nCompliance \r\n \r\nAs part of obtaining reasonable assurance about whether Worth 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. \r\n \r\nInternal Control Over Financial Reporting \r\n \r\nIn planning and performing our audit, we considered Worth County Board of Education's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal \r\n \r\n2000YB-40A \r\n \r\n control over financial reporting. However, we noted certain matters involving the internal control over financial reporting and its operation that we consider to be reportable conditions. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation ofthe internal control over financial reporting that, in ourjudgment, could adversely affect Worth County Board of Education's ability to record, process, summarize and report financial data consistent with assertions of management in the financial statements. Reportable conditions are described in the accompanying Schedule ofFindings and Questioned Costs as items FS-7591-00-01 and FS-7591-00-02. \r\nA material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions, and accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, ofthe reportable conditions described above, we consider item FS-7591-0002 to be a material weakness. \r\nThis report is intended solely for the information and use of management, members of the Worth County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n \r\n \r\nRWH:jb 2000YB-40A \r\n \r\nRu sell W. Hinton State Auditor \r\n \r\n DEPARTMENT OF AUDITS AND ACCOUNTS \r\n \r\n254 Washington Street, S.W.. Suite 214 \r\n \r\nAtlanta, Georgia 30334-X400 \r\n \r\nRUSSELL W. HINTON \r\n \r\nSTATE AUDITOR \r\n \r\nMay 14, 2001 \r\n \r\n(404) 656-2174 \r\n \r\n \r\n \r\nHonorable Roy E. Barnes, Governor Members of the General Assembly Members of the State Board of Education \r\n \r\nand Superintendent and Members of the Worth County Board ofEducation \r\n \r\nREPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 \r\n \r\nLadies and Gentlemen: \r\n \r\nCompliance \r\n \r\nWe have audited the compliance ofWorth County Board ofEducation with the types ofcompliance \r\n \r\nu.s. requirements described in the \r\n \r\nOffice of Management and Budget (OMB) Circular A-i33 \r\n \r\nCompliance Supplement that are applicable to each ofits major Federal programs for the year ended \r\n \r\nJune 30, 2000. Worth County Board of Education's major Federal programs are identified in the \r\n \r\naccompanying Schedule of Findings and Questioned Costs. Compliance with the requirements of \r\n \r\nlaws, regulations, contracts and grants applicable to each of its major Federal programs is the \r\n \r\nresponsibility of Worth County Board ofEducation's management. Our responsibility is to express \r\n \r\nan opinion on Worth County Board of Education's compliance based on our audit. \r\n \r\nWe conducted our audit ofcompliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A- \r\n133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and \r\nOMB 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 Worth 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 Worth County Board of Education's compliance with those requirements. \r\n \r\n2000SA-IOA \r\n \r\n In our opinion, the Worth County Board of Education complied, in all material respects, with the requirements referred to above that are appli: -ble to each ofits major Federal programs for the year ended June 30, 2000. \r\nInternal Control Over Compliance \r\nThe management of Worth 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 Worth County Board ofEducation's internal control over compliance with requirements that could have a direct and material effect on a major Federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with OMB Circular A-133. \r\nOur consideration ofthe internal control over compliance would not necessarily disclose all matters in the internal control that might be material weaknesses. A material weakness is a condition in which the design or operation ofone or more ofthe internal control components does not reduce to a relatively low level of risk that noncompliance with applicable requirements of laws, regulations, contracts and grants that would be material in relation to a major Federal program being audited may occur and not be detected within a timely period by employees in the normal course ofperforming their assigned functions. We noted no matters involving the internal control over compliance and its operation that we consider to be material weaknesses. \r\nThis report is intended solely for the information and use of management, members of the Worth County Board ofEducation, Federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. \r\nRespectfully submitted, \r\n. \r\n \r\nRWH:jb 2000SA-IOA \r\n \r\nR ssell W. Hinton State Auditor \r\n \r\n SECTION ill AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n \r\n \r\n WORTH COUNTY BOARD OF EDUCATION AUDITEE'S RESPONSE \r\nSUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2000 \r\n \r\nPRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\n \r\nFINDING CONTROL NUMBER AND STATUS \r\n \r\nFS-7591-98-01 FS-7591-98-02 FS-7591-99-01 FS-7591-99-02 \r\n \r\nPreviously Reported Corrective Action Implemented Further Action Not Warranted .Previously Reported Corrective Action Implemented Unresolved - No Corrective Action Implemented \r\n \r\nCORRECTIVE ACTIONIRESPONSES \r\n \r\nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Finding Control Number: FS-7591-99-02 \r\n \r\nThe management ofthe Worth County Board ofEducation has not implemented a plan to maintain a system-wide General Fixed Asset Account Group within the formal accounting records. We feel that it is not cost beneficial to record these assets. \r\n \r\n \r\n-- \r\n \r\n \r\n \r\n \r\n SECTIONN FINDINGS AND QUESTIONED COSTS \r\n \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2000 \r\n \r\nY OF AUDITOR'S RESULTS \r\n \r\n1. T)1)e of Report Issued on the Financial Statements The auditor's opinion on the Worth County Board of Education's financial statements was qualified for various departures from generally accepted accounting principles. \r\n \r\n2. Reportable Conditions in Internal Control Disclosed by the Audit of the Financial Statements The audit report for the Worth County Board of Education disclosed financial statement reportable conditions related to the following control categories. \r\n \r\nExpenditures/Liabilities/Disbursements General Fixed Assets \r\n \r\nOf the reportable conditions described above, General Fixed Assets is considered to be a material weakness. \r\n \r\n3. Noncompliance Material to the Financial Statements The audit ofthe Worth County Board ofEducation disclosed no instances ofnoncompliance \r\nthat were deemed to be material to the financial statements. \r\n \r\n4. Reportable Conditions in Internal Control Over Major Programs The audit report for the Worth County Board of Education did not disclose any reportable conditions in internal control over major programs. \r\n \r\n5. T)1)e of Report Issued on Compliance for Major Programs The auditor's opinion on the Worth County Board ofEducation's report on compliance with \r\n. . requirements applicable to major programs was unqualified.   \r\n6. Audit Findings Required to be Reported by Section .5lOW ofOMB Circular A-B3 \r\nThe Worth County Board ofEducation's audit did not disclose audit findings required to be reported by section .510(a) ofOMB Circular A-B3. \r\n \r\n7. Major Programs Federal awards audited as major programs are as follows: 10.553 Food and Nutrition Program - Food Services - School Breakfast Program 10.555 Food and Nutrition Program - Food Services - National School Lunch Program \r\n \r\n10.559 Food and Nutrition Program - Summer School Food Service Program for Children \r\n84.010 Elementary and Secondary Education Act - Title I - Grants to Local Educational Agencies \r\n \r\nme 8. \r\n \r\n\"A\" Program Dollar Threshold \r\n \r\nThe dollar threshold for type \"A\" programs was $300,000.00. \r\n \r\n- 1- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2000 \r\nI SUMMARY OF AUDITOR'S RESULTS \r\n9. Low Risk Auditee The Worth County Board of Education did not qualify as a low risk auditee as defined by Section .530 ofOMB Circular A-133. \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\nEXPENDITURESILIABILITIESIDISBURSEMENTS Improper Transfer of Funds Reportable Condition Finding Control Number: FS-7591-00-01 \r\nThe Worth County Board of Education transferred $500,000.00 from the National School Lunch Program (CFDA 10.555) to the Capital Projects SPLOST Fund for Sylvester Elementary School Renovations and Additions. Code of Federal Regulations Title 7, Volume 4, Section 210.14 (a) provides in part: \r\n\"Revenues received by the nonprofit school food service are to be used only for the operation or improvement of such food service, except that, such revenues shall not be used to purchase land or buildings, unless otherwise approved by FNS, or to construct buildings\". \r\nTransfers from school food service operations should be limited to reimbursements for expenditures allowed by the program. This improper transfer occurred because management neglected the specific limitations imposed upon the Board by Federal Regulations. An audit adjustment has been made to reserve these funds for use in accordance with Federal Regulations. The Board should ensure that expenditure of the $500,000.00 and accrued interest is in accordance with Federal Regulations. \r\nGENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Reportable Condition - Material Weakness Repeated From Prior Year Finding Control Number: FS-7591-00-02 \r\nThe Worth 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 \r\n-2- \r\n \r\n WORTH COUNTY BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2000 \r\n \r\nII FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS GENERAL FIXED ASSETS Failure to Maintain General Fixed Assets Account Group Reportable Condition - Material Weakness Repeated From Prior Year Finding Control Number: FS-7591-00-02 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. \r\n \r\n \r\n \r\n-3- \r\n \r\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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