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STATE OF ILLINOIS REGIONAL OFFICE OF EDUCATION #40 FINANCIAL AUDIT_part4

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Nội dung Text: STATE OF ILLINOIS REGIONAL OFFICE OF EDUCATION #40 FINANCIAL AUDIT_part4

  1. CALHOUN, GREENE, JERSEY AND MACOUPIN COUNTIES REGIONAL OFFICE OF EDUCATION #40 BALANCE SHEET GOVERNMENTAL FUNDS June 30, 2009 O ther Total Governmental General Education Nonmajor Fund Fund Funds Funds ASSETS $ 14,450 $ 24,701 6 4,828 $ $ Cash 25,677 748 10,513 Accounts receivable 9,765 Investments 15,022 56,830 71,927 75 Due from other funds 117,885 37,553 27,200 182,638 15,399 142,638 Due from other governments 23,660 103,579 $ 180,782 $ 223,639 $ 68,123 $ Total assets 472,544 LIABILITIES A ND F UND B ALANCES LIABILITIES $ $ $ $ Accounts payable 6 17 1,560 4 ,840 7,017 Payroll liabilities payable 35,571 3,680 39,251 1,264 Claims payable 632 632 37,553 132,713 10,330 180,596 Due to other funds 25,447 26,040 Deferred revenue 8,717 60,204 Total liabilities 63,617 196,516 28,199 288,332 FUND BALANCES Unreserved, reported in: General fund 117,165 117,165 Special revenue funds 27,123 39,924 67,047 Total fund balances 117,165 27,123 39,924 184,212 $ 180,782 $ 223,639 $ Total liabilities and fund balances $ 68,123 4 72,544 T he n otes t o t he f inancial statements are an integral part o f this statement. This is trial version 23 www.adultpdf.com
  2. C ALHOUN, G REENE, J ERSEY AND M ACOUPIN C OUNTIES R EGIONAL O FFICE O F E DUCATION #40 R ECONCILIATION O F T HE G OVERNMENTAL F UNDS B ALANCE S HEET T O T HE S TATEMENT O F N ET A SSETS J une 30, 2009 184,212 Total fund balances - governmental funds $ Amounts reported for governmental activities in the Statement o f Net Assets are different because: Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds. 72,009 Other long-term assets are not available to pay for current-period expenditures and, therefore, are deferred in the funds. 7,740 Long-term liabilities are not due and payable in the current period and, therefore, are not reported in the funds. (7,975) N et assets o f governmental activities 255,986 $ The notes to the financial statements are an integral part o f this statement. This is trial version 24 www.adultpdf.com
  3. C ALHOUN, G REENE, J ERSEY A ND M ACOUPIN C OUNTIES R EGIONAL O FFICE O F E DUCATION #40 S TATEMENT O F R EVENUES, E XPENDITURES AND C HANGES IN FUND B ALANCES G OVERNMENTAL F UNDS F or t he y ear e nded J une 3 0, 2009 Total Other Governmental General Education Nonmajor Fund Fund Funds Funds Revenues: $ 223,097 3,616 $ 68,679 $ 295,392 Local sources $ 86,588 746,388 113,639 946,615 State sources 141,548 142,548 Federal sources 1,000 On-behalf payments 277,821 277,821 I Interest 49 58 108 587,507 891,601 183,376 1,662,484 Total revenues Expenditures: Instructional services: 192,632 882,421 Salaries and benefits 583,666 106,123 434,906 91,788 269,008 74,110 Purchased services 74,154 11,686 39,542 22,926 Supplies and materials 2,694 6,903 10,665 Other objects 1,068 On-behalf payments 277,821 277,821 2,046 2,046 Capital outlay Debt service: Principal 1,749 1,749 597 Interest 597 1,684,359 Total expenditures 579,387 894,910 210,062 Excess (deficiency) o f revenues 8,120 (3,309) (26,686) (21,875) over (under) expenditures Other financing sources (uses): Transfers in 2,732 2,928 196 (7,725) Transfers out (7,725) Total other financing sources (uses) (7,725) 196 2,732 (4,797) Net change in fund balances 395 (3,113) (23,954) (26,672) Fund balances, beginning o f year 116,770 30,236 63,878 210,884 $ 117,165 $ 27,123 $ 184,212 Fund balances, end o f year $ 39,924 The notes to the financial statements are an integral part o f this statement. This is trial version 25 www.adultpdf.com
  4. C ALHOUN, G REENE, J ERSEY AND M ACOUPIN C OUNTIES R EGIONAL O FFICE O F E DUCATION #40 R ECONCILIATION O F T HE S TATEMENT O F R EVENUES, E XPENDITURES AND C HANGES I N FUND BALANCES T O T HE S TATEMENT O F A CTIVITIES G OVERNMENTAL FUNDS F or t he y ear e nded J une 30, 2009 $ (26,672) N et change in fund balances Amounts reported for governmental activities in the Statement o f Activities are different because: Governmental funds report capital outlays as expenditures. However, in the Statement o f Activities the cost o f those assets is allocated over their estimated useful lives and reported as depreciation expense. 2,046 Capital outlay (26,970) (24,924) Depreciation expense The issuance o f long-tenn debt (e.g. bonds, leases) provides current financial resources to governmental funds, while the repayment o f the principal o f long-tenn debt consumes the current financial resources o f governmental funds. Neither transaction, however, has any effect on net assets. This amount is the net effect o f these 1,749 differences in the treatment o f long-tenn debt. Revenues in the Statement o f Activities that do not provide current financial resources are not reported as revenue in the funds. 7,740 This is the effect o f this difference in revenue recognition. Change in net assets o f governmental activities $ (42,107) The notes to the financial statements are an integral part o f this statement. This is trial version 26 www.adultpdf.com
  5. C ALHOUN, GREENE, JERSEY AND MACOUPIN COUNTIES REGIONAL OFFICE O F E DUCATION #40 STATEMENT O F N ET ASSETS PROPRIETARY FUNDS June 30, 2009 Business-Type Activities Enterprise Funds Other Enterprise Fund-Administrators' Totals Workshops Academy ASSETS $ $ 480 $ Accounts receivable 480 3,051 3,051 Due from other governments Total assets 480 3,051 3,531 LIABJLITIES 2,042 Due to other funds 2,042 N ET A SSETS $ $ 1,489 $ Unrestricted 4 80 1,009 T he n otes t o t he f inancial s tatements a re a n i ntegral p art o f this statement. This is trial version 27 www.adultpdf.com
  6. C ALHOUN, GREENE, JERSEY AND MACOUPIN COUNTIES REGIONAL OFFICE OF EDUCATION #40 STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS PROPRIETARY FUNDS For the year ended June 30, 2009 Business-Type Activities Enterprise Funds Other Enterprise Fund-Administrators' Totals Workshops Academy Operating revenues: 77,459 $ $ $ Charges for services 72,979 4,480 Operating expenses: Salaries and benefits 2,029 2,029 Purchased services 53,356 1,527 54,883 Supplies and materials 15,833 15,833 Total operating expenses 69,189 72,745 3,556 Operating income 3,790 924 4,714 4,797 Transfers in 4,797 Change in net assets 8,587 9,511 924 Net assets - beginning (8,107) (8,022) 85 $ Net assets - ending $ $ 4 80 1,009 1,489 T he n otes t o t he f inancial statements are an integral part o f t his statement. This is trial version 28 www.adultpdf.com
  7. CALHOUN, GREENE, JERSEY AND MACOUPIN COUNTIES REGIONAL OFFICE OF EDUCATION #40 STATEMENT OF CASH FLOWS PROPRIETARY FUNDS For the year ended June 3 0,2009 Business-Type Activities Enterprise Funds Other Enterprise Fund-Administrators' Totals Workshops Academy C ash flows from operating activities: $ $ $ 72,499 1,429 73,928 Collection o f fees Payment t o suppliers and providers o f (1,527) (70,694) goods and services (69,167) (2,029) (2,029) Payment to employees N et c ash provided by (used for) operating activities 3,332 (2,127) 1,205 Cash flows from noncapital financing activities: (6,087) (8,129) 2,042 (Repayment of) loans from other funds 4,797 4,797 Transfers in N et c ash provided by (used for) noncapital (1,290) (3,332) 2,042 financing activities (85) (85) N et decrease in cash 85 Cash - beginning 85 $ $ $ Cash - ending Reconciliation o f operating income to net cash provided by (used for) operating activities: $ $ 9 24 4,714 $ Operating income 3,790 Adjustments to reconcile operating income t o net cash provided by (used for) operating activities: Increase in accounts receivable (480) (480) Increase in due from other governments (3,051 ) (3,051 ) Decrease in prepaid items 3,000 3,000 Decrease in accounts payable (2,978) (2,978) $ $ $ N et c ash provided by (used for) operating activities (2,127) 3,332 1,205 The notes to the financial statements are an integral part o f this statement. This is trial version 29 www.adultpdf.com
  8. C ALHOUN, GREENE, JERSEY AND MACOUPIN COUNTIES REGIONAL OFFICE OF EDUCATION #40 STATEMENT OF FIDUCIARY NET ASSETS FIDUCIARY FUNDS June 30, 2009 A gency Funds ASSETS 55 $ Cash LIABILITIES 55 $ Due to other governments T he notes to the financial statements are an integral part o f this statement. This is trial version 30 www.adultpdf.com
  9. N OTES T O F INANCIAL STATEMENTS This is trial version www.adultpdf.com
  10. C ALHOUN, GREENE, J ERSEY AND MACOUPIN C OUNTIES R EGIONAL O FFICE O F E DUCATION #40 NOTES T O F INANCIAL STATEMENTS 1. S UMMARY O F S IGNIFICANT ACCOUNTING P OLICIES The Regional Office o f Education #40's accounting policies conform to generally accepted accounting principles which are appropriate to local governmental units o f this type. A. Reporting Entity The Regional Office o f Education #40 was created by Illinois Public Act 76-735, as amended, effective August 8, 1995. The region encompasses Calhoun, Greene, Jersey and Macoupin counties. The Regional Superintendent o f Schools is the chief administrative officer o f the region and is elected to the position for a four-year term. The Regional Superintendent is responsible for the supervision and control o f the school districts. The Regional Superintendent's responsibilities for administering the school educational service region programs include, but are not limited to, providing directions to teachers and school officials on science, art and teaching methods; implementing the State Board o f Education's Policy Programs; encouraging camaraderie among teachers through the teachers' institute; making public notice o f unfilled teaching positions within the region; and ensuring o f the safety, health and welfare o f the students in the region by periodically inspecting the school buildings and ensuring that the bus drivers have valid drivers licenses and are properly trained to operate the school buses. Further, the Regional Superintendent receives an allocation o f school funds from the State Board o f Education and apportions these funds to the school districts in accordance with the State Board o f Education's formula. The Regional Office o f Education #40 derives its oversight power and authority over the school districts from the School Code and is responsible for its own fiscal and budgetary matters. The Regional Office o f Education #40 exercises no oversight responsibility on financial interdependency, selection o f governing authority, designation o f management or the ability to significantly influence the operations o f any other outside agencies. Control or dependency is determined on the basis o f budget adoption, taxing authority, funding and appointment o f the respective governing order. Therefore, no other agency has been included as a component unit in the Regional Office o f Education #40's financial statements. In addition, the Regional Office o f Education #40 is not aware o f any entity that would exercise oversight as to result in the Regional Office o f Education #40 being considered a component unit o f the entity. B. Government-wide a nd F und F inancial Statements The government-wide financial statements (i.e., the Statement o f N et Assets and the Statement o f Activities) report information on all o f the nonfiduciary activities o f the primary government. For the most part, the effect o f interfund activity has been removed from these statements. Governmental activities, which normally are supported by intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. This is trial version 31 www.adultpdf.com
  11. C ALHOUN, G REENE, J ERSEY AND M ACOUPIN C OUNTIES R EGIONAL O FFICE O F E DUCATION #40 N OTES T O F INANCIAL S TATEMENTS 1. S UMMARY O F S IGNIFICANT A CCOUNTING P OLICIES (Continued) B. Government-wide a nd F und F inancial Statements (Continued) The Statement o f N et Assets includes all o f the Regional Office o f Education #40's assets and liabilities, including capital assets. The Statement o f Activities demonstrates the degree to which the direct expenses o f a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include I ) charges to applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements o f a particular function or segment. Other items not properly included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. Nonmajor funds are aggregated and presented in a single column. C. Measurement Focus, Basis o f Accounting, a nd F inancial Statement Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis o f accounting, as are the proprietary fund and fiduciary fund financial statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless o f the timing o f related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis o f accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities o f the current period. For this purpose, the Regional Office o f Education #40 considers revenues to be available i f they are collected within 60 days o f the end o f the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only when payment is due. I t is the Regional Office o f Education #40's policy to first apply restricted resources when an expenditure or expense is incurred for which both restricted and unrestricted resources are available. This is trial version 32 www.adultpdf.com
  12. C ALHOUN, GREENE, J ERSEY AND MACOUPIN COUNTIES REGIONAL O FFICE O F E DUCATION #40 NOTES T O F INANCIAL STATEMENTS 1. SUMMARY O F S IGNIFICANT ACCOUNTING P OLICIES (Continued) C. Measurement Focus, Basis o f Accounting, a nd F inancial Statement Presentation (Continued) The Regional Office o f Education #40 reports the following major governmental funds: G eneral F und - The General Fund is the general operating fund o f the Regional Office o f Education #40 and is used to account for all financial resources that are not legally restricted for expenditure for specified purposes. This fund is available to pay general and administrative expenditures of the Regional Office o f Education #40. Included among these funds are: Administrative F und - This fund is the general operating fund o f the Regional Office o f Education #40. I t is used to account for all financial resources except those required to be accounted for in another fund. Testing C enter - The Regional Testing Program purchases, maintains and circulates an inventory o f testing materials to administer the Iowa Test o f Basic Skills and the Cognitive Ability Test to the school districts o f the region for all grade levels. Jerseyville Office Account - Accounts for operations at the Jerseyville Regional Office o f Education #40 office. ROE/ISC Operations - Accounts for grant monies received and expended for general and administrative expenditures. Direct Services - This fund is used for student testing and cooperative services conducted through the Regional Office o f Education #40 for the benefit o f member districts. Regional Initiative F und - This fund is utilized for special regional initiatives with the consent and approval o f the Macoupin County district superintendents. Macoupin C ounty Monies - Monies received from Macoupin County to pay ROE expenses, such as payroll, phone, rent and office supplies. V irden-Girard C ommittee o f 10 - This fund was set up to distribute the money received from this committee to have a feasibility study to combine Virden and Girard School Districts as one. The state gave a reorganization incentive to do this study. Education - These Special Revenue Funds account for the State and federal grant monies received for administration and payment o f numerous grant awards for education which include: T ruants A lternative/Optional Education - Accounts for grant monies received for providing truancy prevention programming and monitoring oftruants. This is trial version 33 www.adultpdf.com
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