highlights of the 2010 audit report
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Highlights of the 2010 Audit Report. Type of Audit. Comprehensive Annual Financial Report (CAFR) -Introductory Section -Financial Section -Statistical Section -Single Audit Section. Transmittal Letter. INTRODUCTORY SECTION. P. 1 – Management Responsibility - PowerPoint PPT PresentationTRANSCRIPT
Highlights Highlights of theof the2010 2010 Audit Audit ReportReport
Type of AuditType of Audit
Comprehensive Annual Comprehensive Annual
Financial Report (CAFR)Financial Report (CAFR)
-Introductory Section-Introductory Section
-Financial Section-Financial Section
-Statistical Section-Statistical Section
-Single Audit Section-Single Audit Section
Transmittal LetterTransmittal Letter P. 1 – Management ResponsibilityP. 1 – Management Responsibility P. 2 – Debt AdministrationP. 2 – Debt Administration P. 3 – Cash ManagementP. 3 – Cash Management P. 4-5 – Major Initiatives and P. 4-5 – Major Initiatives and
AchievementsAchievements
Pages 1 - 6
INTRODUCTORY SECTION
Certificates of AchievementCertificates of Achievement
1983 Association of School Business 1983 Association of School Business Officials International – Officials International – only 14 Iowa only 14 Iowa School Districts received this in 2009School Districts received this in 2009
Page 7
Management’s Discussion & Management’s Discussion & AnalysisAnalysis
2010 Financial Highlights2010 Financial Highlights All funds total net asset decreased by $1,140,293 All funds total net asset decreased by $1,140,293
(p. 17)(p. 17) General Fund Balance decreased. Undesignated General Fund Balance decreased. Undesignated
Fund Balance decreased by $914,835 while Fund Balance decreased by $914,835 while Restricted Fund Balance increased by $130,012. (p. Restricted Fund Balance increased by $130,012. (p. 26)26)
Cash Balance Reduction of $689,260 due to State Cash Balance Reduction of $689,260 due to State Aide Reductions.Aide Reductions.
Decrease in Nutrition Fund Balance of $20,474 as Decrease in Nutrition Fund Balance of $20,474 as the result of $9,325 in operating loss and $11,149 the result of $9,325 in operating loss and $11,149 of net long-term liabilities for OPEB.of net long-term liabilities for OPEB.
Decrease in Child Care Fund Balance of $4,534 as Decrease in Child Care Fund Balance of $4,534 as the result of $2,810 in operating loss and $1,724 of the result of $2,810 in operating loss and $1,724 of net long-term liabilities for OPEB.net long-term liabilities for OPEB.
Page 13
FINANCIAL SECTION
Economic Factors – Economic Factors – District FutureDistrict Future
Local, State and National EconomyLocal, State and National Economy Possible Decline in EnrollmentPossible Decline in Enrollment Election of a Republican GovernorElection of a Republican Governor Election of a Republican HouseElection of a Republican House
Page 22
Governmental ActivitiesGovernmental Activities
General FundGeneral Fund Student Activity FundStudent Activity Fund Debt ServiceDebt Service Capital Projects – PPEL, Sales TaxCapital Projects – PPEL, Sales Tax Management FundManagement Fund
Page 24-29
Governmental FundsGovernmental FundsGeneral FundGeneral Fund
Undesignated Fund BalanceUndesignated Fund Balance
20082008 20092009 20102010
3,359,636 3,629,572 3,359,636 3,629,572 2,714,7372,714,737
Page 26
Governmental Funds (cont)Governmental Funds (cont)Undesignated Fund BalanceUndesignated Fund Balance
Management FundManagement Fund 926,035 1,001,797926,035 1,001,7971,082,6291,082,629
Activity FundActivity Fund 321,252321,252 294,542 294,542
313,465 313,465
Physical Plant &Physical Plant & 631,590631,590 790,061 790,061 1,122,783 1,122,783
Equipment FundEquipment Fund (PPEL)(PPEL)
2008 2009 2010
Page 26
Governmental Funds (cont)Governmental Funds (cont)
Capital Projects FundCapital Projects FundUndesignated Fund BalanceUndesignated Fund Balance
Page 26
Sales Tax 2,467,166 2,888,503Sales Tax 2,467,166 2,888,503 2,205,412 2,205,412
2008 2010 2009
Business Type ActivitiesBusiness Type Activities
School NutritionSchool Nutrition Day CareDay Care Internal Services – Self-Funded Internal Services – Self-Funded
HealthHealth
Page 30-34
Business-Type FundsBusiness-Type FundsUndesignated Fund BalanceUndesignated Fund Balance
DaycareDaycare 211,457 211,457 218,480 218,480 214,630214,630
SchoolSchool 531,121 465,650531,121 465,650 318,448 318,448
NutritionNutrition
2008 2009 2010
Page 32
Internal Service FundInternal Service FundUndesignated Fund BalanceUndesignated Fund Balance
Self-Funded 1,852,846 1,092,325 Self-Funded 1,852,846 1,092,325 915,748915,748
HealthHealth
2008 2009 2010
Page 30
Agency FundAgency FundDue to Other GroupsDue to Other Groups
20082008 20092009 20102010
12,12912,129 11,716 11,716 11,459 11,459
Page 34
Pages 61-98
P. 60-66 Financial Trends
P. 67-70 Revenue Capacity
P. 71-76 Debt Capacity
P. 77-79 Demographic and Economic
P. 80-83 Operating Information
P. 84-98 Miscellaneous
STATISTICAL SECTION
P. 67 Taxable Value Last Ten Years
P. 81 Free and Reduced Last Ten Years
P. 82-83 School Building Last Ten Years
P. 90 Official Enrollment by Grade Last Ten Years
P. 94 Average Salaries by Education
P. 95 Settlement Trends Last Ten Years
P. 96 Solvency Ratio Last Ten Years
STATISTICAL SECTION (cont)
Federal AwardsFederal Awards
Total Federal AwardsTotal Federal Awards $2,766,201$2,766,201
Pages 97-98Pages 97-98
Title ITitle I Pages 99Pages 99
Schedule of FindingsSchedule of Findingsand Questioned Costsand Questioned Costs
Part II Part II Findings Related to Basic Findings Related to Basic
Financial Statements -Financial Statements -Internal Control DeficienciesInternal Control Deficiencies
A) Invoice dated after purchase A) Invoice dated after purchase order/policies not followed – order/policies not followed – Policies and procedures are in Policies and procedures are in place – Personnel matter.place – Personnel matter.
Page 104-105
Part IIIPart IIIFindings and Questioned Cost Findings and Questioned Cost
for Federal Awardsfor Federal Awards
No Matters of Non-No Matters of Non-ComplianceCompliance
Page 105
Part IVPart IVStatutory Findings Related to Statutory Findings Related to Required Statutory ReportingRequired Statutory Reporting
Page 106
D. Business Transaction
1) Transparency of transactions for purchases
2) Conflict of interest for Bill Hagge
3) Certified Enrollment - overstated