Borough of Wildwood Crest Board of Education Wildwood ...Special Revenue Fund - Budgetary Basis 58-59 E-2 Preschool Education Aid Schedule of Expenditures - Budgetary Basis 60 F. Capital

Borough of Wildwood Crest Board of Education

Wildwood Crest, New Jersey

Comprehensive Annual Financial Report

For the Year Ended June 30, 2014

Page

INTRODUCTORY SECTION

Letter of Transmittal 1-4

Organizational Chart 5

Roster of Officials 6

Consultants and Advisors 7

FINANCIAL SECTION

Independent Auditor's Report 8-10

Required Supplementary Information - Part I

Management's Discussion and Analysis 11-19

Basic Financial Statements

A. District-Wide Statements

A-1 Statement of Net Position 20

A-2 Statement of Changes in Net Position 21

B. Fund Financial Statements:

Governmental Funds:B-1 Balance Sheet 22B-2 Comparative Statement of Revenues, Expenditures and

Changes in Fund Balance 23B-3 Reconciliation of the Statement of Revenues, Expenditures, and Changes

in Fund Balances of Governmental Funds to the Statement of Activities 24

Proprietary Funds:B-4 Statement of Net Position 25B-5 Statement of Revenues, Expenses, and Changes in Net Position 26B-6 Statement of Cash Flows 27

Fiduciary Funds:B-7 Statement of Fiduciary Net Position 28B-8 Statement of Changes in Fiduciary Net Position 29

Notes to the Financial Statements 30-46

TABLE OF CONTENTS

Page

Required Supplementary Information - Part II

C. Budgetary Comparison Schedules

C-1 Budgetary Comparison Schedule - General Fund 47-55C-2 Budgetary Comparison Schedule - Special Revenue Fund 56

Notes to Required Supplementary Information

C-3 Budget-to-GAAP Reconciliation 57

Other Supplementary Information

D. School Level Schedules N/A

E. Special Revenue Fund

E-1 Combining Schedule of Revenues and ExpendituresSpecial Revenue Fund - Budgetary Basis 58-59

E-2 Preschool Education Aid Schedule of Expenditures - Budgetary Basis 60

F. Capital Projects Fund:

F-1 Summary Schedule of Project Revenues, Expenditures, and Changes N/Ain Fund Balance - Budgetary Basis

F-1a Schedule of Project Revenues, Expenditures, Project Balance and& F-1b Project Status N/A

F-2 Summary Statement of Project Expenditures N/A

G. Proprietary Funds:

Enterprise Funds:G-1 Combining Statement of Net Position N/AG-2 Combining Statement of Revenues, Expenses, and

Changes in Fund Net Position N/AG-3 Combining Statement of Cash Flows N/A

Internal Service Fund:G-4 Combining Statement of Net Position N/AG-5 Combining Statement of Revenues, Expenses, and

Changes in Fund Net Position N/AG-6 Combining Statement of Cash Flows N/A

TABLE OF CONTENTS (Continued)

PageH. Fiduciary Funds:

H-1 Combining Statement of Fiduciary Net Position 61H-2 Combining Statement of Changes in Fiduciary Net Position 62H-3 Student Activity Agency Fund Schedule of Receipts and Disbursements 63H-4 Payroll Agency Fund Schedule of Receipts and Disbursements 64

I. Long-Term Debt:

I-1 Schedule of Serial Bonds N/AI-2 Schedule of Obligations under Capital Leases N/AI-3 Debt Service Fund Budgetary Comparison Schedule N/A

STATISTICAL SECTION (Unaudited)

Financial TrendsJ-1 Net Position by Component 65J-2 Changes in Net Position 66-67J-3 Fund Balances - Governmental Funds 68J-4 Changes in Fund Balances - Governmental Funds 69J-5 General Fund Other Local Revenue by Source 70

Revenue CapacityJ-6 Assessed Value and Estimated Actual Value of Taxable Property 71J-7 Direct and Overlapping Property Tax Rates 72J-8 Principal Property Taxpayers 73

J-9 Property Tax Levies and Collections 74Debt Capacity

J-10 Ratios of Outstanding Debt by Type 75J-11 Ratios of General Bonded Debt Outstanding 76J-12 Direct and Overlapping Governmental Activities Debt 77J-13 Legal Debt Margin 78

Demographic and Economic InformationJ-14 Demographic and Economic Statistics 79J-15 Principal Employers 80

Operating InformationJ-16 Full-time Equivalent District Employees by Function/Program 81J-17 Operating Statistics 82J-18 School Building Information 83J-19 Schedule of Required Maintenance Expenditures by School Facility 84J-20 Insurance Schedule 85


PageSINGLE AUDIT SECTION

K-1 Independent Auditor's Report - Government Auditing Standards 86-87K-2 Independent Auditor's Report - in Accordance with A-133 and Circular 04-04 88-90K-3 Schedule of Expenditures of Federal Awards, Schedule A 91K-4 Schedule of Expenditures of State Financial Assistance, Schedule B 92K-5 Notes to Schedules of Awards and Financial Assistance 93-94K-6 Schedule of Findings and Questioned Costs 95-96K-7 Summary Schedule of Prior Audit Findings 97


Introductory Section

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BOROUGH OF WILDWOOD CREST BOARD OF EDUCATION COUNTY OF CAPE MAY NEW JERSEY

ROSTER OF OFFICIALS JUNE 30, 2014

Members of the Board of Education Term Expires Joseph Schiff, President 2014 James Bradley, Vice-President 2015 William Morey 2015 James Johnson 2016 Michael Hawthorne 2016 Other Officials David Rauenzahn, Interim Superintendent Anne-Marie Fala, Business Administrator/Board Secretary Neil Young, Treasurer Will Donio, Esq., Solicitor

6

BOROUGH OF WILDWOOD CREST BOARD OF EDUCATION CONSULTANTS AND ADVISORS

AUDIT FIRM

Ford, Scott & Associates, L.L.C. Certified Public Accountants

1535 Haven Avenue P.O. Box 538

Ocean City, New Jersey 08226-0538

ATTORNEY

Will Donio, Esq. Cooper, Levenson, Attorneys At Law

1125 Atlantic Avenue Atlantic City, N.J. 08401

OFFICIAL DEPOSITORY

Crest Savings Bank 9800 Pacific Avenue

Wildwood Crest, New Jersey 08260

7


Financial Section


Independent Auditor’s Report The Honorable President and

Members of the Board of Education Borough of Wildwood Crest School District County of Cape May Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Board of Education of the Borough of Wildwood Crest School District, in the County of Cape May, State of New Jersey, as of and for the year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise the Board’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. 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. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

8

Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Borough of Wildwood Crest School District, in the County of Cape May, State of New Jersey, as of June 30, 2014, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information identified in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Borough of Wildwood Crest School District’s basic financial statements. The combining and individual non-major fund financial statements and schedule of expenditures of federal awards, as required by Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations and the schedule of state financial assistance as required by NJ OMB 04-04 and the introductory and statistical sections are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual non-major fund financial statements, schedule of expenditures of federal awards, as required by Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, the schedule of and the schedule of state financial assistance as required by NJ OMB 04-04 is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual non-major fund financial statements, schedule of expenditures of federal awards, as required by Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, and the schedule of state financial assistance as required by NJ OMB 04-04 is fairly stated, in all material respects, in relation to the basic financial statements as a whole. The introductory and statistical sections have not been subject to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it.

9

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated October 27, 2014 on our consideration of the Borough of Wildwood Crest School District'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 of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Borough of Wildwood Crest School District’s internal control over financial reporting and compliance.

Ford, Scott & Associates, L.L.C FORD, SCOTT & ASSOCIATES, L.L.C. CERTIFIED PUBLIC ACCOUNTANTS

Michael S. Garcia

Michael S. Garcia Certified Public Accountant Licensed Public School Accountant No. 2080 October 27, 2014

10


Required Supplementary Information – Part I


WILDWOOD CREST SCHOOL DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2014

UNAUDITED

The discussion and analysis of Wildwood Crest School District's financial performance provides an overall review of the School District's financial activities for the fiscal year ended June 30, 2013. The intent of this discussion and analysis is to look at the School District's financial performance as a whole; readers should also review the basic financial statements and notes to enhance their understanding of the School District's financial performance. Financial Highlights Key financial highlights for 2014 are as follows:

In total, net position increased $371,155.87, which represents a 6 percent increase from 2013. General revenues accounted for $7,566,482.67 in revenue or 95 percent of all revenues.

Program specific revenues in the form of charges for services, operating grants and contributions, and capital grant and contributions accounted for $383,546.85, or 5 percent of total revenues of $7,950,029.52.

Total assets of governmental activities increased by $384,904.89 as cash and cash equivalents

increased by $545,434.54, receivables decreased by $30,524.38, and unearned revenue increased by $105,930.27.

The School District had $7,578,873.65 in expenses; only $383,546.85 of these expenses was

offset by program specific charges for services, grants or contributions, or Capital Grants & Contributions. General revenues (primarily taxes) of $7,566,482.67 did sufficiently offset the cost of these programs.

Among governmental funds, the General Fund had $7,532,742.98 in revenues and

$7,146,849.08 in expenditures. The General Fund's fund balance increased $385,893.90 from 2013.

Using this Comprehensive Annual Financial Report (CAFR) This annual report consists of a series of financial statements and notes to those statements. These statements are organized so the reader can understand the Wildwood Crest School District as a financial whole, an entire operating entity. The statements then proceed to provide an increasingly detailed look at specific financial activities. The Statement of Net Position and Statement of Activities provide information about the activities of the whole School district, presenting both an aggregate view of the School district's finances and a longer-term view of those finances. Fund financial statements provide the next level of detail. For governmental funds, these statements tell how services were financed in the short-term as well as what remains for future spending. The fund financial statements also look at the School district's most significant funds with all other non-major funds presented in total in one column. In the case of Wildwood Crest School District, the General Fund is by far the most significant fund.

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UNAUDITED (CONTINUED)

Reporting the School District as a Whole Statement of Net Position and the Statement of Changes in Net Position While this document contains the large number of funds used by the School District to provide programs and activities, the view of the School District as a whole looks at all financial transactions and asks the question, "How did we do financially during 2013?" The Statement of Net Position and the Statement of Changes in Net Position answer this question. These statements include all assets and liabilities using the accrual basis of accounting similar to the accounting used by most private-sector businesses. This basis of accounting takes into consideration all of the current year's revenues and expenses regardless of when cash is received or paid. These two statements report the School District's net position and changes in their assets. This change in net position is important because it tells the reader that, for the school district as a whole, the financial position of the School district has improved or diminished. The causes of this change may be the result of many factors, some financial and some not. Non-financial factors include the School District's property tax base, current laws in New Jersey restricting revenue growth, facility condition, required educational programs and other factors. In the Statement of Net Position and the Statement of Changes in Net Position, the School District is divided into two distinct kinds of activities:

Governmental Activities - All of the School District's programs and services are reported here including instruction, support services, operation and maintenance of plant facilities, pupil transportation and extracurricular activities.

Business-Type Activity - This service is provided on a charge for goods or services basis to

recover all the expenses of the goods or services provided. The Food Service enterprise fund is reported as a business activity.

Reporting the School District's Most Significant Funds Fund Financial Statements Fund financial reports provide detailed information about the School District's funds. The School District uses many funds to account for a multitude of financial transaction. The School District's governmental funds are the General Fund, Special Revenue Fund, Capital Projects Fund, and Debt Service Fund. Governmental Funds The School District's activities are reported in governmental funds, which focus on how money flows into and out of those funds and the balances left at year-end available for spending in the future years. These funds are reported using an accounting method called modified accrual accounting, which measures cash and all other financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short-term view of the School district's general government operations and the basic services it provides. Governmental fund information helps the reader determine whether there are more or fewer financial resources that can be spent in the near future to finance educational programs. The relationship (or differences) between governmental activities (reported in the Statement of Net Position and the Statement of Activities) and governmental funds is reconciled in the financial statements.

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Reporting the School District's Most Significant Funds (Continued) Enterprise Fund The enterprise fund uses the same basis of accounting as business-type activities; therefore, these statements are essentially the same. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the district-wide and fund financial statements. The notes to the financial statements can be found on pages 30-45 of this report. The School District as a Whole Recall that the Statement of Net Position provides the perspective of the School District as a whole. Net Position may serve over time as a useful indicator of a government's financial position. The District's financial position is the product of several financial transactions including the net results of activities, the acquisition and payment of debt, the acquisition and disposal of capital assets, and the depreciation of capital assets. Table 1 provides a summary of the School District's net position for 2012 and 2013.

Table 1

Net Position

The District's combined net position was $6,700,732.20 on June 30, 2014. This was an increase of 6 percent from the prior year.

2013 2014

AssetsCurrent and Other Assets $ 1,452,667.26 1,961,241.79 Capital Assets 5,162,520.91 5,155,131.90 Total Assets 6,615,188.17 7,116,373.69

LiabilitiesLong-Term Liabilities 208,756.47 208,265.86 Other Liabilities 76,855.37 207,375.63 Total Liabilities 285,611.84 415,641.49

Net PositionNet Investment in Capital Assets 5,162,520.91 5,155,131.90 Restricted 434,357.54 928,935.04 Unresticted 732,697.88 616,665.26 Total Net Position $ 6,329,576.33 6,700,732.20

13



The School District as a Whole (Continued) Table 2 shows changes in net position for fiscal years 2013 and 2014.

Table 2 Changes in Net Position

2013 2014

RevenuesProgram Revenues:

Charges for Services $ 40,755.21 61,498.63 Operating Grants and Contributions 246,419.00 322,048.22 Capital Grants and Contributions (1,875.56) -

General Revenues:Property Taxes 6,292,894.00 6,480,013.00 Grants and Entitlements 1,165,747.44 994,320.67 Gain(loss) on Disposal of Assets (13,984.00) - Other 221,188.12 92,149.00

Total Revenues 7,951,144.21 7,950,029.52

Program ExpensesInstruction 3,606,501.66 3,665,010.77 Support Services:

Pupils and Instructional Staff 2,358,963.50 2,496,342.48 General Administration, School Administration, Business Operations and Maintenance of Facilities 1,083,751.19 1,162,452.47 Pupil Transportation 144,198.97 160,110.45 Unallocated DepreciationTransfer to Charter School 45,354.00 28,667.00

Food Service 67,997.80 66,290.48

Total Expenses 7,306,767.12 7,578,873.65

Increase in Net Position $ 644,377.09 371,155.87

Governmental Activities Property taxes made up 79 percent of revenues for governmental activities for the Wildwood Crest School District for fiscal year 2014. The District's total revenues were $7,908,988.06 for the year ended June 30, 2014. Federal, state, and local grants accounted for 17 percent of revenue.

14



Governmental Activities (Continued)

Federal/State Grants15.2%

Property Taxes82.1%

Other2.7%

Revenue for Fiscal Year 2014

The total cost of all program and services was $7,524,083.17. Instruction comprises 48.8 percent of District expenses.

Administration2%

Instruction49%

Student Support Services16%

Transportation2%

Maintenance & Operations

11%

Other1%

Tuition19%

Expenses for the Fiscal Year 2014

Business-Type Activities Revenues for the District's business-type activities (food service program) were comprised of charges for services and federal and state reimbursements.

Food service expenses exceeded revenues by $13,749.02.

Charges for services represent $9,169.73 of revenue. This represents amounts paid by patrons for daily food service.

15



Federal and state reimbursement for meals, including payments for free and reduced lunches and

breakfast was $31,848.09. Governmental Activities The Statement of Activities shows the cost of program services and the charges for services and grants offsetting those services. Table 3 shows the total cost of services and the net cost of services. The net cost shows the financial burden that was placed on the District's taxpayers by each of these functions.

Table 3 Total Cost of Net Cost of Total Cost of Net Cost ofServices 2013 Services 2013 Services 2014 Services 2014

Instruction $ 3,606,501.66 3,366,332.20 3,665,010.77 3,339,406.92 Support Services:

Pupils and Instructional Staff 2,358,963.50 2,349,427.12 2,496,342.48 2,479,417.30 General Administration, Business Operation and Maintenance of Facilities 1,073,974.19 1,075,849.75 1,162,452.47 1,162,452.47 Pupil Transportation 144,198.97 144,198.97 160,110.45 160,110.45 Other 55,131.00 55,131.00 28,667.00 28,667.00

Total Expenses $ 7,238,769.32 6,990,939.04 7,512,583.17 7,170,054.14

Instruction expenses include activities directly dealing with the teaching of pupils and the interaction between teacher and student, including extracurricular activities. Pupils and instructional staff include the activities involved with assisting staff with the content and process of teaching to students, including curriculum and staff development. General administration, school administration, and business include expenses associated with administrative and financial supervision of the District. Operation and maintenance of facilities involve keeping the school grounds, buildings, and equipment in an effective working condition. Pupil transportation includes activities involved with the conveyance of students to and from school, as well as to and from school activities, as provided by State law. The School District's Funds All governmental funds (i.e., general fund, special revenue fund, capital projects, and debt service fund presented in the fund-based statements) are accounted for using the modified accrual basis of accounting. Total revenues amounted to $7,950,029.52 and expenditures were $7,512,583.17. The net positive change in fund balance for the year was most significant in the general fund an increase of $397,393.90.

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The School District's Funds (Continued) As demonstrated by the various statements and schedules included in the financial section of this report, the District continues to meet its responsibility for sound financial management. The following schedules present a summary of the revenues of the governmental funds for the fiscal year ended June 30, 2014, and the amount and percentage of increases and decreases in relation to prior year revenues.

Increase Percent ofPercent of (Decrease) Increase

Revenue Amount Total from 2013 (Decrease)

Local Sources $ 6,624,467.26 84.65% $ 76,654.23 1.17%State Sources 1,044,298.67 13.34% (176,444.21) -14.45%Federal Sources 156,699.18 2.00% (2,378.42) -1.50%

Total $ 7,825,465.11 $ (102,168.40)

The following schedule represents a summary of general fund, special revenue fund, capital projects and debt service fund expenditures for the fiscal year ended June 30, 2014, and the percentage of increases and decreases in relation to prior year amounts.

Increase Percent ofPercent of (Decrease) Increase

Expenditures Amount Total from 2013 (Decrease)

Current expense:Instruction $ 2,674,137.50 36.01% 135,652.96 5.34%Undistributed expenditures 4,664,768.78 62.82% 50,447.14 1.09%

Capital Outlay 86,642.93 1.17% (25,216.57) -22.54%Total $ 7,425,549.21 160,883.53

General Fund Budgeting Highlights The School District's budget is prepared according to New Jersey law, and is based on accounting for certain transactions on a basis of cash receipts, disbursements, and encumbrances. The most significant budgeted fund is the General Fund. Over the course of the year, the District revised the annual operating budget several times. Revisions in the budget were made to recognize revenues that were not anticipated and to prevent over-expenditures in specific line item accounts. Several of these revisions bear notation:

TPAF, which is the state's contribution to the pension fund, is neither a revenue item nor an expenditure item to the district but is required to be reflected in the financial statements.

Salaries of regular instruction overall were near anticipated levels. Transfers were made during

the year from regular instructional salary accounts to redistribute budgeted amounts closer to actual expenditures.

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Capital Assets At the end of the fiscal year 2014, the School District had $5,155,132.62 invested in land, land improvements, buildings, infrastructure and machinery and equipment. Table 4 shows fiscal year 2014 balances compared to 2013.

Table 4 Capital Assets (Net of Depreciation) at June 30,

2013 2013

Land $ 825,150.00 825,150.00 Construction in Process - - Land Improvements 16,819.38 24,587.79 Buildings 4,281,630.98 4,124,818.65 Machinery and Equipment 38,920.55 180,576.18

Total $ 5,162,520.91 5,155,132.62

Overall capital assets decreased $7,388.29 from fiscal year 2013 to fiscal year 2043 due primarily to depreciation. For more detailed information, please refer to the Notes to the Financial Statements. Debt Administration At June 30, 2014, the School District had $208,265.86 of outstanding debt. The full amount is for compensated absences.

Table 5 Outstanding Debt at June 30,

2013 2014

Compensated Absences $ 208,756.47 208,265.86 Total $ 208,756.47 208,265.86

For the Future The Wildwood Crest School District is in good financial condition presently. The School District is proud of its community support of the public schools. A major concern is the continued reliance on local property taxes coupled with flat funding by the State for the past several years. The real prospect of declining state funding is a significant financial concern to the District. In conclusion, the Wildwood Crest School District has committed itself to financial excellence for many years. In addition, the School District's system for financial planning, budgeting, and internal financial controls are well regarded. The School District plans to continue its sound fiscal management to meet the challenges of the future.

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Contacting the School District's Management This financial report is designed to provide our citizens, taxpayers, investors, and creditors with a general overview of the School District's finances and to show the School District's accountability for the money it receives. If you have questions about this report or need additional information, contact Anne-Marie Fala, Business Administrator/Board Secretary at Borough of Wildwood Crest Board of Education, 9100 Pacific Avenue, Wildwood Crest, N.J. 08260, (609) 729-9312.

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Basic Financial Statements


DISTRICT – WIDE FINANCIAL STATEMENTS

The statement of net position and the statement of changes in net position display information about the District. These statements include the financial activities of the overall District, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. These statements distinguish between the governmental and business – type activities of the District.


A-1

Governmental Business-TypeActivities Activities Total

ASSETSCash and Cash Equivalents 1,918,144.83$ 6,423.31$ 1,924,568.14$ Receivables, Net 29,161.63 2,512.86 31,674.49 Internal Funds 22,762.12 (22,762.12) - Due from Fiduciary Funds 4,999.16 4,999.16 Capital Assets, not Depreciable 825,150.00 825,150.00 Capital Assets, Depreciable, Net 4,306,338.00 23,643.90 4,329,981.90

Total Assets 7,106,555.74 9,817.95 7,116,373.69

LIABILITIESUnearned Revenue 135,220.04 135,220.04 Accounts Payable 72,155.59 72,155.59 Noncurrent Liabilities

Due Beyond One Year 208,265.86 208,265.86 Total Liabilities 415,641.49 - 415,641.49

NET POSITIONNet Investment in Capital Assets 5,131,488.00 23,643.90 5,155,131.90 Restricted for:

Other Purposes 919,573.04 919,573.04 Unrestricted 639,853.21 (13,825.95) 626,027.26

Total Net Position 6,690,914.25$ 9,817.95$ 6,700,732.20$

Statement of Net PositionBOROUGH OF WILDWOOD CREST SCHOOL DISTRICT

June 30, 2014

The accompanying Notes to Financial Statements are an integral part of this statement

20

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21

FUND FINANCIAL STATEMENTS

The individual Fund statements and schedules present more detailed information for the individual fund in a format that segregates information by fund type.


B-1

Special TotalGeneral Revenue Governmental

Fund Fund FundsASSETS

Cash and Cash Equivalents 1,774,572.61$ 143,572.22 1,918,144.83 Interfund Receivables 27,761.28 27,761.28 Receivables, Net - Receivables from Other Governments 29,161.63 - 29,161.63

Total Assets 1,831,495.52 143,572.22 1,975,067.74

LIABILITIES AND FUND BALANCESLiabilities:

Interfund Payable - - Accounts Payable 60,735.41 11,420.18 72,155.59 Unearned Revenue 135,220.04 135,220.04

Total Liabilities 60,735.41 146,640.22 207,375.63

Fund Balances:Restricted for:

Subsequent Year's Expenditures 434,357.54 434,357.54 Excess Surplus 485,215.50 485,215.50

Committed Fund BalanceCapital Reserve 175,000.00 175,000.00 Maintenance Reserve 350,000.00 350,000.00

Assigned to:Other Purposes 77,146.07 - 77,146.07 Subsequent Year's Expenditures - -

Unassigned, Reported in:Special Revenue Fund (3,068.00) (3,068.00) General Fund 249,041.00 249,041.00

Total Fund Balances 1,770,760.11 (3,068.00) 1,767,692.11

Total Liabilities and Fund Balances 1,831,495.52$ 143,572.22

Amounts reported for governmental activities in the statement ofnet assets (A-1) are different because:

Capital assets used in governmental activities are not financial resourcesand therefore are not reported in the funds. The cost of the assetsis $8,299,079.89 and the accumulated depreciation is $3,167,591.89. 5,131,488.00

Long-term liabilities, including bonds, capital lease payable, and compensated absences are not due and payable in the current period and therefore are not reported as liabilities in the funds. (208,265.86)

Net assets of governmental activities 6,690,914.25$

Governmental FundsBalance Sheet

BOROUGH OF WILDWOOD CREST SCHOOL DISTRICT

June 30, 2014


22

B-2

Special TotalGeneral Revenue Governmental

Fund Fund FundsREVENUES

Local Sources:Local Tax Levy 6,480,013.00$ - 6,480,013.00 Tuition 52,328.90 52,328.90 Interest 5,909.13 5,909.13 Miscellaneous 171.28 86,044.95 86,216.23

Total Local Sources 6,538,422.31 86,044.95 6,624,467.26 State Sources 994,320.67 49,978.00 1,044,298.67 Federal Sources - 156,699.18 156,699.18

Total Revenues 7,532,742.98 292,722.13 7,825,465.11

EXPENDITURESCurrent:

Regular Instruction 1,695,666.60 273,274.95 1,968,941.55 Special Education Instruction 498,512.80 498,512.80 Other Instruction 206,683.15 206,683.15 Support Services:

Tuition 1,416,294.36 1,416,294.36 Student & Instruction Related Serv. 771,120.82 16,925.18 788,046.00 Other Administrative Services 142,840.07 142,840.07 School Administration - - Plant Operation and Maintenance 617,426.27 617,426.27 Pupil Transportation 160,110.45 160,110.45 Business and Other Support Serv. 87,905.15 87,905.15 Employee Benefits 1,423,479.48 1,423,479.48

Capital Outlay 86,642.93 86,642.93 Transfer to Charter Schools 28,667.00 28,667.00

Total Expenditures 7,135,349.08 290,200.13 7,425,549.21

Excess (Deficiency) of RevenuesOver Expenditures 397,393.90 2,522.00 399,915.90

OTHER FINANCING SOURCES (USES)Transfer in - - Transfer out (11,500.00) (11,500.00)

Total Other Financing Sources and Uses (11,500.00) - (11,500.00)

Net Changes in Fund Balance 385,893.90 2,522.00 388,415.90

Fund Balance - July 1 1,384,866.21 (5,590.00) 1,379,276.21

Fund Balance - June 30 1,770,760.11$ (3,068.00) 1,767,692.11

Governmental FundsStatement of Revenues, Expenditures, and Changes in Fund Balance




23

B-3

Total Net Change in Fund Balance - Governmental Funds (from B-2) 388,415.90$

Amounts reported for governmental activities in the statement ofactivities (A-2) are different because:

Capital outlays are reported in governmental funds as expenditures.However, on the statement of activities, the cost of those assets isallocated over their estimated useful lives as depreciation expense.

This amount is the sum of depreciation expenses, plus the net effectof disposal of assets:

Depreciation expense (175,006.55) Capital Outlays 171,004.93

(4,001.62)

In the statement of activities, certain operating expenses,e.g., compensated absences (vacations) are measured by the amounts earned during the year. In the governmental funds,however, expenditures for these items are reported in the amountof financial resources used (paid). When the earned amountexceeds the paid amount, the difference is a reduction in thereconciliation (-); when the paid amount exceeds the earnedamount, the difference is an addition to the reconciliation (+). 490.61

Change in Net Assets of Governmental Activities 384,904.89$

of Governmental Funds to the Statement of ActivitiesReconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balance




24

B-4

FoodServiceFund

ASSETSCurrent Assets:

Cash and Cash Equivalents 6,423.31$ Intergovernmental Accounts Receivable:

Federal 2,430.99 State 81.87 Total Current Assets 8,936.17

Noncurrent Assets:Furniture, Machinery & Equipment 57,302.40

Less: Accumulated Depreciation (33,658.50) Total Noncurrent Assets 23,643.90

Total Assets 32,580.07

LIABILITIESCurrent Liabilities:

Interfund Payable 22,762.12 Total Current Liabilities 22,762.12

NET POSITIONNet Investment in Capital Assets 23,643.90 Unrestricted (13,825.95)

Total Net Position 9,817.95$

BOROUGH OF WILDWOOD CREST SCHOOL DISTRICTProprietary Funds

Statement of Net PositionJune 30, 2014


25

B-5

FoodServiceFund

Operating Revenues:Charges for Services:

Daily Sales 9,169.73$ Total Operating Revenue 9,169.73

Operating Expenses:Cost of Sales 40,141.69 Salaries 22,762.12 Depreciation 3,386.67

Total Operating Expenses 66,290.48 Operating Income (Loss) (57,120.75)

Nonoperating Revenues (Expenses):State Sources:

School Lunch Program 723.72 Federal Sources:

National School Lunch Program 29,448.83 School Breakfast Program 1,675.54

Interest and Investment Income 23.64 Total Nonoperating Revenues (Expenses) 31,871.73

Income (Loss) before Contributions & Transfers (25,249.02)

Transfers In (Out) 11,500.00

Changes in Net Position (13,749.02)

Total Net Position - Beginning 23,566.97

Total Net Position - Ending 9,817.95$


For the Year Ended June 30, 2014Statement of Revenues, Expenses, and Changes in Fund Net Position

Proprietary Funds


26

B-6

FoodServiceFund

CASH FLOWS FROM OPERATING ACTIVITIESReceipts from Customers 9,169.73$ Payments to Employees (5,294.64) Payments for Cost of Sales (52,253.01)

Net Cash Provided by (Used for) OperatingActivities (48,377.92)

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIESState Sources 674.83 Federal Sources 30,046.36 Operating Subsidies and Transfers to Other Funds 11,500.00

Net Cash Provided by (Used for) NoncapitalFinancing Activities 42,221.19

CASH FLOW FROM INVESTING ACTIVITIESInterest and Dividends 23.64

Net Cash Provided by (Used for) InvestingActivities 23.64

Net Increase (Decrease) in Cash and CashEquivalents (6,133.09)

Balance - Beginning of Year 12,556.40 Balance - End of Year 6,423.31

Reconciliation of Operating Income (Loss) to NetCash Provided (Used) by Operating Activities:

Operating Income (Loss) (57,120.75) Adjustments to Reconcile Operating Income(Loss) toNet Cash Provided by (Used for) Operating Activities:

Depreciation and Net Amortization 3,386.67 Increase (Decrease) in Accounts Payable (12,111.32) Increase (Decrease) in Interfund Payable 17,467.48

Total Adjustments 8,742.83 Net Cash Provided by (Used for) Operating

Activities (48,377.92)$


For the Year Ended June 30, 2014Statement of Cash Flows

Proprietary Funds


27

B-7

Unemployment Private Purpose AgencyCompensation Scholarship Fund Fund

ASSETSCash and Cash Equivalents 5,167.48$ 367.90$ 26,803.55$ Intrafund Receivable -

Total Assets 5,167.48 367.90 26,803.55

LIABILITIESInterfund Payable 4,999.16 Accounts Payable 910.72 Payroll Deductions

and Withholdings 5,133.46 Payable to Student Groups 16,670.93

Total Liabilities 910.72 - 26,803.55$

NET ASSETSHeld in Trust for Unemployment

Claims and Other Purposes 4,256.76$

Reserved for Scholarships 367.90$

Statement of Net AssetsFiduciary Funds


June 30, 2014


28

B-8

Unemployment Private PurposeCompensation Scholarship Fund

ADDITIONSContributions:

Plan Members 9,803.43$ - Total Contributions - Board of Education 9,803.43 -

Investment Earnings:Interest 18.00 1.66

Less: Investment ExpenseNet Investment Earnings 18.00 1.66

Total Additions 9,821.43 1.66

DEDUCTIONSTrust Expenditures 50.00 Unemployment Claims 4,557.71 Quarterly Contributions 4,172.70

Total Deductions 8,730.41 50.00

Changes in Net Position 1,091.02 (48.34)

Net Position - Beginning of the Year 3,165.74 416.24

Net Position - End of the Year 4,256.76$ 367.90

BOROUGH OF WILDWOOD CREST SCHOOL DISTRICTFiduciary Funds

Statement of Changes in Fiduciary Net PositionFor the Year Ended June 30, 2014


29

BOROUGH OF WILDWOOD CREST SCHOOL DISTRICT NOTES TO BASIC FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2014

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Wildwood Crest School District is an instrumentality of the State of New Jersey, established to function as an educational institution. The Board consists of elected officials and is responsible for the fiscal control of the District. A superintendent is appointed by the Board and is responsible for the administrative control of the District. The financial statements of the Board of Education (Board) of Borough of Wildwood Crest School District (District) have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the Board’s accounting policies are described below. A. REPORTING ENTITY: The Wildwood Crest School District is a Type II district located in the County of Cape May, State of New Jersey. As a Type II District, the School District functions independently through a Board of Education. The board if comprised of five members elected to three-year terms. The purpose of the district is to educate students in grades K-8. The District operates a combined elementary and middle school located in Borough of Wildwood Crest. The Wildwood Crest School District had an enrollment at June 30, 2014 of 320 students. The primary criterion for including activities within the District’s reporting entity, as set forth in Section 2100 of the GASB Codification of Governmental Accounting and Financial Reporting Standards, is whether:

the organization is legally separate (can sue or be sued in their own name); the District holds the corporate powers of the organization; the District appoints a voting majority of the organization’s board; the District is able to impose its will on the organization; the organization has the potential to impose a financial benefit/burden on the District; there is a fiscal dependency by the organization on the District;

Based on the aforementioned criteria, the District has no component units. B. BASIC FINANCIAL STATEMENTS – GOVERNMENT-WIDE STATEMENTS: The District’s basic financial statements include both government-wide statements (reporting the District as a whole) and fund financial statements (reporting the District’s major funds). Both the government-wide and fund financial statements categorize primary activities as either governmental or business type. The District’s general and special revenue activities are classified as governmental activities. The District’s food service program is classified as business-type activities. In the government-wide Statement of Net Position, both the governmental and business-type activities columns (a) are presented on a consolidated basis by column, (b) and are reported on a full accrual, economic resource basis, which recognizes all long-term assets and receivables as well as long-term debt and obligations. The District’s net position are reported in three parts-invested in capital assets, net of related debt; restricted net position; and unrestricted net position. The District first utilizes restricted resources to finance qualifying activities.

30


FOR THE YEAR ENDED JUNE 30, 2014 (CONTINUED)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) B. BASIC FINANCIAL STATEMENTS – GOVERNMENT-WIDE STATEMENTS (Continued): The government-wide Statement of Activities reports both the gross and net cost of each of the District’s functions and business-type activities (food service). The functions are also supported by general government revenues (property taxes, tuition, certain intergovernmental revenues, etc.). The Statement of Changes in Net Position reduces gross expenses (including depreciation) by related program revenues, operating and capital grants. Program revenues must be directly associated with the function (regular instruction, vocational programs, student & instruction related services, etc.) or a business-type activity. Operating grants include operating-specific and discretionary (either operating or capital) grants while the capital grants column reflects capital-specific grants. The net costs (by function or business-type activity) are normally covered by general revenue (property taxes, interest income, etc.).

a. The District does allocate indirect costs such as depreciation expense, compensated absences, On-behalf TPAF Pension Contributions, and Reimbursed TPAF Social Security Contributions.

The government-wide focus is more on the sustainability of the District as an entity and the change in the District’s net position resulting from the current year’s activities. Fiduciary funds are not included in the government-wide statements. C. BASIC FINANCIAL STATEMENTS – FUND FINANCIAL STATEMENTS: The financial transactions of the District are reported in individual funds in the fund financial statements. Each fund is accounted for by providing a separate set of self-balancing accounts that comprise its assets, liabilities, reserves, fund equity, revenues and expenditures/expenses. The various funds are reported by generic classification within the financial statements. The emphasis in fund financial statements is on the major funds in either the governmental or business-type activities categories. Nonmajor funds by category are summarized into a single column. GASBS No. 34 sets forth minimum criteria (percentage of the assets, liabilities, revenues or expenditures/expenses of either fund category or the governmental and enterprise combined) for the determination of major funds. The nonmajor funds are combined in a column in the fund financial statements. The State of New Jersey Department of Education has mandated that all New Jersey School Districts must report all governmental funds as major, regardless of the fund meeting the GASB definition of a major fund. However, the criteria are applied to proprietary funds. The following fund types are used by the District: 1. Governmental Funds: The focus of the governmental funds’ measurement (in the fund statements) is upon determination of financial position and changes in financial position (sources, uses, and balances of financial resources) rather than upon net income. The following is a description of the governmental funds of the District.

a. General Fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund.

b. Special Revenue funds are used to account for the proceeds of specific revenue sources that

are legally restricted to expenditures for specified purposes. The special revenue fund is specifically used to account for state and federal grant monies that have been allocated to the District.

31



NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) C. BASIC FINANCIAL STATEMENTS – FUND FINANCIAL STATEMENTS (Continued): Fund Balances – Governmental Funds In the fund financial statements, governmental funds report the following classifications of fund balance:

Nonspendable – includes amounts that cannot be spent because they are either not spendable in form or are legally or contractually required to be maintained intact. Restricted – includes amounts restricted by external sources (creditors, laws of other governments, etc.) or by constitutional provision or enabling legislation. Committed – includes amounts that can only be used for specific purposes. Committed fund balance is reported pursuant to resolutions passed by the Board of Education, the District’s highest level of decision making authority. Commitments may be modified or rescinded only through resolutions approved by the Board of Education. Assigned – includes amounts that the District intends to use for a specific purpose, but do not meet the definition of restricted or committed fund balance. Under the District’s policy, amounts may be assigned by the Business Administrator. Unassigned – includes amounts that have not been assigned to other funds or restricted, committed or assigned to a specific purpose within the General Fund. The District reports all amounts that meet the unrestricted General Fund Balance Policy described below as unassigned.

The details of the fund balances are included in the Governmental Funds Balance Sheet. When an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available, the District considers restricted funds to have been spent first. When an expenditure is incurred for which committed, assigned, or unassigned fund balance are available, the District considers amounts to have been spent first out of committed funds, then assigned funds, and finally unassigned funds, as needed. 2. Proprietary Funds: The focus of proprietary fund measurement is upon determination of operating income, changes in net position, financial position, and cash flows. The generally accepted accounting principles applicable are those similar to businesses in the private sector. The following is a description of the proprietary funds of the District:

a. Enterprise Funds are required to be used to account for operations for which a fee is

charged to external users for goods or services and the activity (a) is financed with debt that is solely secured by a pledge of the net revenues, (b) has third party requirements that the cost of providing services, including capital costs, be recovered with fees and charges or (c) establishes fees and charges based on a pricing policy designated to recover similar costs. The District operates a food service fund to provide a child nutrition program for the students of the district.

32



NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) C. BASIC FINANCIAL STATEMENTS – FUND FINANCIAL STATEMENTS (Continued) 3. Fiduciary Funds: Fiduciary funds are used to report assets held in a trustee or agency capacity for others and therefore are not available to support District programs. The reporting focus is on net position and changes in net position, and are reported using accounting principles similar to proprietary funds. The District’s fiduciary funds are presented in the fiduciary fund financial statements by type (pension, private purpose and agency). Since by definition these assets are being held for the benefit of a third party (other local governments, private parties, pension participants, etc.) and cannot be used to address activities or obligations of the government, these funds are not incorporated into the government-wide statements. All funds internal activity is eliminated when carried to the Government-wide statements. D. BASIS OF ACCOUNTING Basis of accounting refers to the point at which revenues or expenditures/expenses are recognized in the accounts and reported in the financial statements. It relates to the timing of the measurements made regardless of the measurement focus applied. 1. Accrual: Both governmental and business-type activities in the government-wide financial statements and the proprietary and fiduciary fund financial statements are presented on the accrual basis of accounting. Revenues are recognized when earned and expenses are recognized when incurred. 2. Modified Accrual: The governmental fund financial statements are presented on the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recorded when susceptible to accrual; i.e., both measurable and available. “Available” means collectible within the current period or within 60 days after year end. Expenditures are generally recognized under the modified accrual basis of accounting when the related liability is incurred. The exception to this general rule is that principal and interest on general obligation long-term debt, if any, is recognized when due. E. FINANCIAL STATEMENT AMOUNTS 1. Cash and Cash Equivalents: Cash and cash equivalents include petty cash, change funds, cash in banks and all highly liquid investments with a maturity of three months or less at the time of purchase and are stated at cost plus accrued interest. U.S. Treasury and agency obligations and certificates of deposit with maturities of one year or less when purchased are stated at cost. All other investments are stated at fair value. New Jersey school districts are limited as to the types of investments and types of financial institutions they may invest in. New Jersey statute 18A:20-37 provides a list of permissible investments that may be purchased by New Jersey school districts. Additionally, the District has adopted a cash management plan that requires it to deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act ("GUDPA"). GUDPA was enacted in 1970 to protect governmental units from a loss of funds on deposit with a failed banking institution in New Jersey.

33



NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

E. FINANCIAL STATEMENT AMOUNTS (Continued) 1. Cash and Cash Equivalents (Continued): N.J.S.A. 17:9-41 et. seq. establishes the requirements for the security of deposits of governmental units. The statute requires that no governmental unit shall deposit public funds in a public depository unless such funds are secured in accordance with the Act. Public depositories include savings and loan institutions, banks (both state and national banks) and savings banks the deposits of which are federally insured. All public depositories must pledge collateral, having a market value at least equal to five percent of the average daily balance of collected public funds, to secure the deposits of Governmental Units. If a public depository fails, the collateral it has pledged, plus the collateral of all other public depositories, is available to pay the full amount of their deposits to the governmental units. 2. Investments: Investments, including deferred compensation and pension funds, are stated at fair value, (quoted market price or the best available estimate). Interest earned on investments in the Capital Projects Fund is recognized as a reserve to pay future debt service or transferred to the general fund. 3. Inventories: As of June 30, 2014 the District did not have inventory in the enterprise fund.

The value of Federal donated commodities is the difference between market value and cost of the commodities at the date of purchase and has been included as an item of nonoperating revenue in the financial statements. The value of commodities included in the food inventory on June 30, 2014 is $0. 4. Capital Assets: Capital assets purchased or acquired with an original cost of $2,000 or more are reported at historical cost or estimated historical cost. Contributed assets are reported at fair market value as of the date received. Additions, improvements and other capital outlays that significantly extend the useful life of an asset are capitalized. Other costs incurred for repairs and maintenance are expensed as incurred. Depreciation on all assets is provided on the straight-line basis over the following estimated useful lives: Building 20-50 years Machinery and equipment 5-10 years Improvements 10-20 years Infrastructure Assets 50-65 years Infrastructure assets include roads, parking lots, underground pipe, etc. The District includes all infrastructure assets as depreciable assets in the financial statements.

34



NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) E. FINANCIAL STATEMENT AMOUNTS (Continued):

5. Revenues: Substantially all governmental fund revenues are accrued. Property taxes are susceptible to accrual under New Jersey State Statutes a municipality is required to remit to its school district the entire balance of taxes in the amount certified, prior to the end of the school year. The District records the entire approved tax levy as revenue (accrued) at the start of the fiscal year, since the revenue is both measureable and available. Subsidies and grants to proprietary funds, which finance either capital or current operations, are reported as non operating revenue. In respect to grant revenues, the provider recognizes liabilities and expenses and the recipient recognizes receivables and revenue when the applicable eligibility requirements, including time requirements are met. Resources transmitted before the eligibility requirements are met are reported as advances by the provider and unearned revenue by the recipient. Program revenues, including tuition revenue are reported as reductions to expenses in the statement of activities. 6. Expenditures: Expenses are recognized when the related fund liability is incurred. Inventory costs are reported in the period when inventory items are used, rather than in the period purchased.

7. Compensated Absences: Compensated absences are those absences for which employees will be paid, such as vacation, sick leave, and sabbatical leave. A liability for compensated absences that are attributable to services already rendered, and that are not contingent on a specific event this is outside the control of the District and its employees, is accrued as the employees earn the rights to the benefits. Compensated absences that relate to future services, or that are contingent on a specific event that is outside the control of the District and its employees, are accounted for in the period in which such services are rendered or in which such events take place. In governmental and similar trust funds, compensated absences that are expected to be liquidated with expendable available financial resources are reported as both an expenditure and a fund liability in the fund that will pay for the compensated absences. The remainder of the compensated absences liability is reported in the District-wide Financial Statements as a Governmental Activity. In proprietary and similar trust funds, compensated absences are recorded as an expense and liability of the fund that will pay for them. 8. Interfund Activity: Interfund activity is reported as loans, services provided, reimbursements or transfers. Loans are reported as interfund receivables and payables as appropriate and are subject to elimination upon consolidation. Services provide, deemed to be at market or near market rates, are treated as revenues and expenditures/expenses. Reimbursements are when one fund incurs a cost, charges the appropriate benefiting fund and reduces its related costs as reimbursement. All other interfund transactions are treated as transfer. Transfers between governmental or proprietary funds are netted as part of the reconciliation to the government-wide financial statements.

35



NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) E. FINANCIAL STATEMENT AMOUNTS (Continued): 9. Budgets/Budgetary Control: Annual appropriated budgets are prepared in the spring of each year for the general, special revenue, and debt service funds. The budgets are submitted to the county office for approval and, as long as the District budget is within State mandated CAPS, there is no public vote on the budget. If the budget exceeds State mandated CAPS, the voters have an opportunity to approve or reject the budget at the regular election held in November. Budgets are prepared using the modified accrual basis of accounting, except for special revenue fund as described later. The legal level of budgetary control is established at line item accounts within each fund. Line item accounts are defined as the lowest (most specific) level of detail as established pursuant to the minimum chart of accounts referenced in N.J.A.C. 6:23-2(g). Transfers of appropriations may be made by School Board resolution at any time during the fiscal year and are subject to two-thirds majority vote by the School Board and under certain circumstances require approval by the County Superintendent of Schools. Significant transfers approved by the Board of Education during the fiscal year were as follows:

Grades 1-5 Salaries of Teachers 46,129.54$ Grades 6-8 Salaries of Teachers 36,611.35 School Sponsored Co-Corricular Activities Salaries 31,921.55 Undistributed Expenditures - Speech, OT, PT & Related Svcs Purchased Professional Edcuational Services (45,285.00) Undistributed Expenditures - Child Study Teams Purchased Professional Edcuational Services 36,500.00 Unsitributed Expenditures - Custodial Services Insurance (55,003.72)

Formal budgetary integration into the accounting system is employed as a management control device during the year. For governmental funds there are no substantial differences between the budgetary basis of accounting and generally accepted accounting principles with the exception of the legally mandated revenue recognition of the last state aid payment for budgetary purposes only and the special revenue fund as noted below. Encumbrance accounting is also employed as an extension of formal budgetary integration in the governmental fund types. Unencumbered appropriations lapse at fiscal year end. The accounting records of the special revenue fund are maintained on the grant accounting budgetary basis. The grant accounting budgetary basis differs from GAAP in that the grant accounting budgetary basis recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. Sufficient supplemental records are maintained to allow for the presentation of GAAP basis financial reports. 10. Tuition Receivable: Tuition charges were established by the Board of Education based on estimated costs. The charges are subject to adjustments when the final costs have been determined. The final cost is based on an agreement with the Individual Students with a negotiated amount up to the final cost as determined by State of New Jersey.

36



11. Tuition Payable: Tuition charges for the fiscal year 2013/14 were based on rates established by the receiving district. These rates are subject to change when the actual costs have been determined. 12. Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those results. F. RECENT ACCOUNTING PRONOUNCEMENTS NOT YET EFFECTIVE In June 2012, GASB issued Statement No. 67 “Financial Reporting for Pension Plans – an amendment of GASB Statement No. 25”. This statement, which is effective for fiscal periods beginning after June 15, 2013, will not have any effect on the District’s financial reporting. In June 2012, GASB issued Statement No. 68 “Accounting and Financial Reporting for Pensions – an amendment of GASB Statement No. 27”. This statement, which is effective for fiscal periods beginning after June 15, 2014, will have a significant effect on the District’s financial reporting. In January 2013, GASB issued Statement No. 69 “Government Combinations and Disposals of Government Operations”. This statement, which is effective for fiscal periods beginning after December 15, 2013, will not have any effect on the District’s financial reporting. In April 2013, GASB issued Statement No. 70 “Accounting and Financial Reporting for Nonexchange Financial Guarantees”. This statement, which is effective for fiscal years beginning after June 15, 2013, will not have any impact on the District’s financial statements In November 2013, Governmental Accounting Standards Board (GASB) issued Statement No. 71 “Pension Transition for Contributions Made Subsequent to the Measurement Date-an amendment of GASB Statement No. 68”. The provisions of this statement are required to be applied simultaneously with the provisions of Statement 68 which is effective for periods beginning after June 15, 2014. The provisions of this statement will have a significant effect on the District’s financial reporting. NOTE 2. CASH Custodial Credit Risk- Deposits. Custodial credit risk is the risk that in the event of a bank failure, the government’s deposits may not be returned to it. The district’s policy is based on New Jersey Statutes requiring cash be deposited only in New Jersey based banking institutions that participate in the New Jersey Governmental Depository Protection Act (GUDPA) or in qualified investments established in New Jersey Statutes 18A:20-37 that are treated as cash equivalents. As of June 30, 2014, $0 of the government’s bank balance of $2,073,278.02 was exposed to custodial credit risk.

37



NOTE 3. INVESTMENTS As of June 30, 2014, the District did not have any investments, however if the District had investments they would be subject to the following credit risks. Interest Rate Risk. The district does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates. However, New Jersey Statutes 18A20-37 limits the length of time for most investment to 397 days. Credit Risk. New Jersey Statutes 18A20-37 limits district investments to those specified in the Statutes. The type of allowable investments are Bonds of the United States of America or of the district or the local units in which the district is located; obligations of federal agencies not exceeding 397 days; government money market mutual funds; the State of New Jersey Cash Management Plan; local government investment pools; or repurchase of fully collateralized securities. Concentration of Credit Risk. The district places no limit on the amount the district may invest in any one issuer. NOTE 4. FIXED ASSETS Capital Asset activity for the year ended June 30, 2014 was as follows:

Beginning EndingBalance Additions Deletions Balance

Governmental Activities:Capital Assets, not being depreciated:

Land 825,150.00$ - 825,150.00 Total Capital Assets, not being depreciated 825,150.00 - - 825,150.00

Capital Assets, being depreciated:Land Improvements 265,960.16 9,575.00 275,535.16 Buildings 6,911,420.56 6,911,420.56 Machinery & Equipment 125,544.24 161,429.93 286,974.17

Total Capital Assets, being depreciated athistorical cost 7,302,924.96 171,004.93 - 7,473,929.89

Less Accumulated Depreciation for:Land Improvements (249,140.78) (1,806.59) (250,947.37) Buildings (2,629,789.58) (156,812.33) (2,786,601.91) Machinery & Equipment (113,654.98) (16,387.63) (130,042.61)

Total Capital Assets being depreciated,net of accumulated depreciation (2,992,585.34) (175,006.55) - (3,167,591.89)

Governmental Activity Capital Assets, net 5,135,489.62 (4,001.62) - 5,131,488.00

Business-Type Activities:Capital Assets Being Depreciated:

Equipment 57,303.12 - - 57,303.12 Less Accumulated Depreciation (30,271.83) (3,386.67) - (33,658.50)

Enterprise Fund Capital Assets, net 27,031.29$ (3,386.67) - 23,644.62

38



NOTE 4. FIXED ASSETS (Continued) Depreciation expense was charged to governmental functions as follows:

Student & Instruction Related 140,569.58$ School Administrative Expenses 9,368.59 Plant Operations and Maintenance 25,068.38

175,006.55$

NOTE 5. PENSION PLANS Description of Plans All required employees of the District are covered by either the Public Employees’ Retirement System or the Teacher’s Pension and Annuity Fund cost-sharing multiple-employer defined benefit pension plans which have been established by state statute and are administered by the New Jersey Division of Pension and Benefits (Division). According to the State of New Jersey Administrative Code, all obligations of both Systems will be assumed by the State of new Jersey should the Systems terminate. The Division issues a publicly available financial report that includes the financial statements and required supplementary information for the Public Employees Retirement System and the Teachers’ Pension and Annuity Fund. These reports may be obtained by writing to the Division of Pensions and Benefits, PO Box 295, Trenton, New Jersey, 08625 or the reports can be accessed on the internet at http://www.state.nj.us/treasury/pensions/annrpts_archive.htm. Teachers’ Pension and Annuity Fund The Teachers’ Pension and Annuity Fund was established in January, 1955 under the provisions of N.J.S.A. 18A:66 to provide retirement benefits, death, disability and medical benefits to certain qualified members. The Teachers’ Pension and Annuity Fund is considered a cost-sharing multiple-employer plan with a special funding situation, as under current statute, all employer contributions are made by the State of New Jersey on behalf of the District and the system’s other related non-contributing employers. Membership is mandatory for substantially all teachers or members of the professional staff certified by the State Board of Examiners, and employees of the Department of Education who have titles that are unclassified, professional and certified. Public Employees’ Retirement System The Public Employees’ Retirement System was established in January, 1955 under the provisions of N.J.S.A. 43:15A to provide retirement, death, disability and medical benefits to certain qualified members. The Public Employees’ Retirement System is a cost-sharing multiple-employer plan. Membership is mandatory for substantially all full time employees of the State or any county, municipality, school district or public agency provided the employee is not required to be a member of another State-administered retirement system or other state or local jurisdiction.

39



NOTE 5. PENSION PLANS (Continued) Funding Policy The contribution policy is set by N.J.S.A. 43:15A, Chapter 62, P.L. of 1994, Chapter 115, P.L. of 1997 and N.J.S.A. 18:66, and requires contributions by active members and contributing employers. Plan member and employer contributions may be amended by State of New Jersey legislation. TPAF and PERS provide for employee contributions of 5.5% of employees’ annual compensation, as defined. Employers are required to contribute at an actuarially determined rate in both TPAF and PERS. The current TPAF rate is 6.5% and the PERS rate is 6.5% of covered payroll. The School District’s contributions to TPAF for the years ending June 30, 2014, 2013 and 2012 were $0, $0, and $0 respectively, and paid by the State of New Jersey on behalf of the board, equal to the required contributions for each year. The State of New Jersey did not make the required contributions for the last three years. The School District’s contributions to PERS for the years ending June 30, 2014, 2013, 2012 were $ 59,685.00, $61,941.00, and $9,456.12, respectively, equal to the required contributions for each year. During the fiscal years ended June 30, 2014, 2013 and 2012, the State of New Jersey contributed $276,206.00, $381,553.00, and $280,724.00, , respectively, to the TPAF for post-retirement medical benefits on behalf of the Board. Also, in accordance with NJSA 18A:66-66 the State of New Jersey reimbursed the Board $194,891.67, $251,427.44, and $190,504.73, during the same fiscal years for the employer’s share of social security contributions for TPAF members as calculated on their base salaries. These amounts, which are not required to be budgeted, have been included in the financial statements, and the combining and individual fund and account group statements and schedules as revenues and expenditures in accordance in GASB 27. Significant Legislation Chapter 78, P.L. 2011, effective June 28, 2011 made various changes to the manner in which the Public Employees’ Retirement System (PERS) operate and to the benefit provisions of those systems. Chapter 78’s provisions impacting employee pension and health benefits include:

New members of the PERS hired on or after June 28, 2011 (Tier 5 members) will need 30 years of creditable service and age 65 for receipt of the early retirement benefit without a reduction of ¼ of 1% for each month that the member is under age 65.

The eligibility age to qualify or a service retirement in the PERS is increased from age 63 to 65 for Tier 5 members.

Increases in active member contribution rates. PERS active member rates increase from 5.5% of annual compensation to 6.5% plus an additional 1% phased-in over 7 years; PFRS active member rate increase from 8.5% to 10%. For fiscal year 2012, the member contribution rates increased in October 2011. The phase-in of the additional incremental member contribution rates for PES members will take place July of each subsequent fiscal year.

The payment of automatic cost-of-living adjustment (COLA) additional increases to current ad future retirees and beneficiaries is suspended until reactivated as permitted by this law.

40



NOTE 5. PENSION PLANS (Continued) Significant Legislation (Continued)

New employee contribution requirements towards the cost of employer-provided health benefit coverage. Employees are required to contribute a certain percentage of the cost of coverage. The rate of contribution is determined based on the employee’s annual salary and the selected level of coverage. The increased employee contributions will be phased in over 4-year period for those employed prior to Chapter 78’s effective date with a minimum contribution required to be at least 1.5% of salary.

In addition, this new legislation changes the method for amortizing the pension systems’ unfunded accrued liability (from a level percent of pay method to a level dollar of pay).

Chapter 1, P.L. 2010, effective May 21, 2010, made a number of changes to the State-administered retirement systems concerning eligibility, the retirement allowance formula, the definition of compensation, the positions eligible for service credit, the non-forfeitable right to a pension, the prosecutor’s part of the PERS, and employer contributions to the retirement systems. Also, Chapter 1, P.L. 2010 changed the membership eligibility criteria for new members of PERS from the amount of annual compensation to the number of hours worked weekly. Also, it returned the benefit multiplier for new members of PERS to 1/60th from 1/55th, and it provided that new members of PERS have the retirement allowance calculated using the average annual compensation for the last five years of service instead of the last three years of service. New members of PERS will no longer receive pension service credit from more than one employer. Pension service credit will be earned for the highest paid position only. For new members of the PFRS, the law capped the maximum compensation that can be used to calculate a pension from these plans at the annual wage contribution base for social security, and requires the pension to be calculated using a three year average annual compensation instead of the last year’s salary. This law also closed the Prosecutors Part of the PERS to new members and repealed the law for new members that provided a non-forfeitable right to receive a pension based on the laws of the retirement system in place at the time 5 years of pension service credit is attained. The law also required the State to make its full pension contribution, defined at 1/7th of the required amount, beginning in fiscal year 2012. Chapter 3, P.L. 2010, effective May 21, 2010, replaced the accidental and ordinary disability retirement for new members of the PERS with disability insurance coverage similar to that provided by the State to individuals enrolled in the State’s Defined Contribution Retirement Program. Chapter 93, P.L. 2008 implemented certain recommendations contained in the December 1, 2006 report of the Joint Legislative Committee on Public Employee Benefits Reform; established a DCRP for elected and certain appointed officials, effective July 1, 2007; the new pension loan interest rate became 4.69% per year, and an $8.00 processing fee per loan was charges, effective January 1, 2008. The legislation also removed language from existing law that permits the State Treasurer to reduce employer pension contributions needed to fund the Funds and Systems when excess assets are available.

41



NOTE 6. POST-RETIREMENT BENEFITS P.L. 1987, Chapter 384 and P.L. Chapter 6 required Teachers’ Pensions and Annuity Fund (TPAF) and the Public Employees’ Retirement System (PERS), respectively, to fund post-retirement medical benefits for those State employees who retire after accumulating 25 years of credited service or on a disability retirement. P.L. 2007 c. 103 amended the law to eliminate the funding of post-retirement medical benefits through the TPAF and PERS. It created separate funds outside of the pension plans for funding and payment of post-retirement medical benefits for retired State employees and educational employees. As of June 30, 2013, there were 100,134 receiving post-retirement medical benefits, and the State contributed $1.07 billion on their behalf. The cost of these benefits is funded through contributions by the State in accordance with Chapter 62, P.L. 1994. Funding of post-retirement medical benefits changed from a pre-funding basis to a pay-as-you-go basis beginning in Fiscal Year 1994. The State is also responsible for the cost attributable to Chapter 126, P.L. 1992, which provides free health benefits to members of PERS and the Alternate Benefit Program who retired from a board of education or county college with 25 years of service. The State paid $173.8 million toward Chapter 126 benefits for 17,356 eligible retired members in Fiscal Year 2013. NOTE 7. DEFERRED COMPENSATION The Board offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 403(b). The plans, which are administered by the entities listed below, permits participants to defer a portion of their salary until future years. Amounts deferred under the plans are not available to employees until termination, retirement, death or unforeseeable emergency. The plan administrators are as follows:

Thomas Seely Agency, Inc. Nationwide Lincoln National Metropolitan Life VanGuard MFS Putnam Fund

NOTE 8. COMPENSATED ABSENCES The District accounts for compensated absences (e.g. sick leave) as directed by Governmental Accounting Standards Board Statement No. 16 (GASB 16), “Accounting for Compensated Absences”. A liability for compensated absences attributable to services already rendered and not contingent on a specific event that is outside the control of the employer and employee is accrued as employees earn the rights to the benefits. District employees are granted varying amounts of vacation and sick leave in accordance with the district’s personnel policy. Upon termination, employees are paid for accrued vacation. Sick leave benefits provide for ordinary sick pay and is capped based on the various employee contracts. In the district-wide Statement of Net position, the liabilities whose average maturities are greater than one year are reported in two components – the amount due within one year and the amount due in more than one year. The liability for vested compensated absences of the proprietary fund types is recorded within those funds as the benefits accrue to employees. As of June 30, 2013, no liability existed for compensated absences in the Food Service Enterprise Funds.

42



NOTE 9. GENERAL LONG-TERM DEBT Long-term liability activity for the year ended June 30, 2014 was as follows:

Amounts DueBalance Issues or Payments or Balance Within

July 1, 2013 Additions Expenditures June 30, 2014 One Year

Compensated Absences $ 208,756.47 46,106.16 46,596.77 208,265.86 -

$ 208,756.47 46,106.16 46,596.77 208,265.86 -

NOTE 10. INTERFUND RECEIVABLES AND PAYABLES The following interfund balances remained on the balance sheet at June 30, 2013:

Interfund InterfundFund Receivable Payable

General Fund $ 27,761.28 - Food Service - 22,762.12 Agency Funds - 4,999.16

Total $ 27,761.28 27,761.28

Interfunds were created throughout the year due to short term borrowings to cover cash flow needs in the various funds and to cover cash overdrafts for pooled funds. The governmental fund interfunds were eliminated in the governmental-wide statements. NOTE 11. DEFICIT FUND BALANCES The District has a deficit fund balance of $3,068.00 in the Special Revenue Fund as of June 30, 2014 as reported in the fund statements (modified accrual basis). P.L. 2003, c. 97 provides that in the event a state school aid payment is not made until the following school budget year, districts must record the last payment as revenue, for budget purposes only, in the current school budget year. The bill provides legal authority for school districts to recognize this revenue in the current budget year. For intergovernmental transactions, GASB Statement No. 33 requires that recognition (revenue, expenditure, asset, liability) should be in symmetry i.e., if one government recognizes an asset, the other government recognizes a liability. Since the State is recording the last state aid payment in the subsequent fiscal year, the school district cannot recognize the last state aid payment on the GAAP financial statements until the year the state records the payable. This amount was $10,321.00 in the General Fund and $3,068.00 in the Special Revenue Fund. Due to the timing difference of recording the last state aid payment, the Special Revenue Fund balance deficit does not alone indicate that the district is facing financial difficulties.

43



NOTE 12. FUND BALANCE Restrictions of funds balances of governmental funds are established to either (1) satisfy legal covenants that require a portion of the fund balance to be segregated or (2) identify the portion of the fund balance that is not appropriate for future expenditures. The District uses restricted/committed amounts to be spent first when both restricted an unrestricted fund balance is available unless there are legal documents/contracts that prohibit doing this, such as a grant agreement requiring dollar for dollar spending. Additionally, the District does not have a formal fund balance spending policy therefore the default spending order requires committed, assigned and then unassigned to be used be spent first when expenditures are made. Specific classifications of fund balance are summarized below: Restricted Fund Balance

Reserve for Excess Surplus – There was excess fund balance in the amount of $485,215.50 at June 30, 2014. This amount will be appropriated as revenue in support of the 2015-16 School Budget. Reserve for Excess Surplus Designated – There was excess fund balance from the previous year in the amount of $434,357.54 at June 30, 2014. This amount has been appropriated as revenue in support of the 2014-15 School Budget.

Committed Fund Balance –

Maintenance Reserve Account – There is a $350,000 balance in the maintenance reserve account at June 30, 2014. These funds are restricted for the required maintenance of school facilities in accordance with the Educational Facilities Construction and Financing Act (EFCFA) (N.J.S.A. 18A:7G-9) as amended by P.L. 2004, c. 73 (S1701). Capital Reserve Account – There is a $175,000 balance in the capital reserve account at June 30, 2014. These funds are restricted for capital projects in the District’s approved Long Range Facilities Plan.

Assigned Fund Balance

Other Purposes – $77,146.07 is for encumbrances. Subsequent Year’s Expenditures – The District has assigned $0.00 of the general fund balance to expenditures in the 2014-15 budget.

Unassigned Fund Balance

General Fund – The District has $249,041.00 of unassigned fund balance in the general fund.

Special Revenue Fund Deficit – The $3,068.00 Special Revenue Fund Deficit in Fund Balance represents the deferral, by the State of New Jersey, of the final two State Aid Payments for the 2013/14 school year. This deficit will be reversed in the subsequent year.

44



NOTE 13. CALCULATION OF EXCESS SURPLUS In accordance with NJDA 18A:7F-7, as amended by P.L. 2004, c.73, the designation for Reserved Fund Balance – Excess Surplus is a required calculation. New Jersey school districts are required to reserve General Fund fund balance at the fiscal year end of June 30 if they did not appropriate a required minimum amount as budgeted fund balance in their subsequent years’ budget. The excess fund balance at June 30, 2014 is $919,573.04, of which $434,357.54 has been included in the 2014/2015 fiscal year. NOTE 14. CAPITAL RESERVE ACCOUNT A capital reserve account was established by the Borough of Wildwood Crest Board of Education by inclusion of $175,000 on June 17, 2014 for the accumulation of funds for use as capital outlay expenditures in subsequent fiscal years. The capital reserve account is maintained in the general fund and its activity is included in the general fund annual budget. Funds placed in the capital reserve account are restricted to capital projects in the district’s approved Long Range Facilities Plan (LRFP). Upon submission of the LRFP to the department, a district may increase the balance in the capital reserve by appropriating funds in the annual general fund budget certified for taxes or by transfer by board resolution at year end (June 1 to June 30) of any unanticipated revenue or unexpended line-item appropriation amounts or both. A district may also appropriate additional amounts when the express approval of the voters has been obtained either by a separate proposal at budget time or by a special question at one of the four special elections authorized pursuant to N.J.S.A. 19:60-2. Pursuant to N.J.A. C. 6A:23A-14.1(g), the balance in the account cannot at any time exceed the local support costs of uncompleted capital projects in its approved LRFP. The activity of the capital reserve for the July 1, 2013 to June 30, 2014 fiscal year is as follows:

Beginning balance, July 1, 2013 -$

Interest Earnings -

Deposits: Approved at June 17, 2014 meeting 175,000.00

Withdrawals: -

Ending balance, June 30, 2014 175,000.00$

The June 30, 2014 LRFP balance of local supports costs of uncompleted capital projects at June 30, 2014 is $412,257. There were no withdrawals from the capital reserve account during the current fiscal year. NOTE 15. RISK MANAGEMENT The District is exposed to various risks of loss related to torts; thefts of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. Property and Liability Insurance - The District maintains commercial insurance coverage for property, liability and surety bonds. During the fiscal year ended June 30, 2014 the District did not incur claims in excess of their coverage and the amount of coverage did not significantly decrease.

45



New Jersey Unemployment Compensation Insurance - The District has elected to fund its New Jersey Unemployment Compensation Insurance under the "Benefit Reimbursement Method". Under this plan, the District is required to reimburse the New Jersey Unemployment Trust Fund for benefits paid to its former employees and charged to its account with the State. The District is billed quarterly for amounts due to the State. The following is a summary of District contributions, employee contributions, reimbursements to the State for benefits paid and the ending balance of the District's expendable trust fund for the current and prior year:

Fiscal District Employee Amount EndingYear Contributions Contributions Reimbursed Balance

2013-2014 - 9,821.43 8,730.41 4,256.76 2012-2013 10,241.94 20,404.33 42,500.55 3,165.74 2011-2012 10,042.78 16,188.87 22,494.80 15,020.02

NOTE 16. LITIGATION From time to time, the District is a defendant in legal proceedings relating to its operations as a school district. NOTE 17. SUBSEQUENT EVENTS The District has evaluated subsequent events through October 27, 2014, the date which the financial statements were available to be issues and no additional items were noted for disclosure or adjustment.

46


Required Supplementary Information – Part II


Budgetary Comparison Schedules


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56

Notes to the Required Supplementary Information


C-3

Note A - Explanation of Differences Between Budgetary Inflows andOutflows GAAP Revenue and Expenditures

SpecialGeneral Revenue

Fund FundSources / inflows of resources

Actual amounts (budgetary basis) "revenue"from the budgetary comparison schedule [C-1] 7,523,339.98$ [C-2] 293,970.13$

Difference - budget to GAAP:Grant accounting budgetary basis differs from GAAP in that

encumbrances are recognized as expenditures, and the relatedrevenue is recognized.

Current Year (4,550.00) Prior Year 780.00

Prior year final State Aid payment was delayed until July 2013and is recorded as revenue in current year under GAAP. 19,724.00 5,590.00

Final State Aid payment delayed until July 2014 is recordedas budgetary revenue but is not recognized under GAAP. (10,321.00) (3,068.00)

[B-2] 7,532,742.98$ [B-2] 292,722.13$

Uses / outflows of resourcesActual amounts (budgetary basis) "total outflows" from the

budgetary comparison schedule [C-1] 7,135,349.08$ [C-2] 293,970.13$

Difference - budget to GAAP:Encumbrances for supplies and equipment ordered but

not received are reported in the year the order is placed forbudgetary purposes, but in the year the supplies are receivedfor GAAP financial reporting purposes. Current Year (4,550.00) Prior Year 780.00

Total expenditures as reported on the statement of revenues, expenditures and changes in fund balance - governmental funds [B-2] 7,135,349.08$ [B-2] 290,200.13$

Note to RSI

Required Supplementary InformationBOROUGH OF WILDWOOD CREST SCHOOL DISTRICT


Budget-to-GAAP Reconciliation

57


Other Supplementary Information


SPECIAL REVENUE FUND DETAIL STATEMENTS

Special revenue funds are used to account for the proceeds of specific revenue sources (other than expendable trusts or major capital projects) that are legally restricted to expenditures for specific purposes.


E-1

Tot

alB

roug

htP

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86

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te S

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al R

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91,9

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81,7

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0

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EX

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45,8

96.0

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81,7

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Gen

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s86

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86,8

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Tot

al In

stru

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n86

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0

42

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81

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869.

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port

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s5,

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Tot

al S

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-

9,70

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2,

132.

18

-

-

16,9

25.1

8

Tot

al O

utflo

ws

91,9

13.9

5

45

,896

.00

51,8

94.0

0

21

,666

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81,7

31.0

0

86

9.00

293,

970.

13

Exc

ess

(Def

icie

ncy)

of R

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Ove

r (U

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-$

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BO

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of

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58

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a

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86,0

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5

86

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Sta

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5,08

9.00

5,

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00

Tot

al R

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5,08

9.00

78

0.00

86

,044

.95

91,9

13.9

5

EX

PE

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ITU

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Inst

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Sal

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s of

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Pur

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G

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780.

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86,0

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780.

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86,0

44.9

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Sup

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78

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86

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59

E-2

Budgeted Actual VarianceEXPENDITURES:

Instruction:Salaries of Teachers 45,896.00$ 45,896.00 -

Total Instruction 45,896.00 45,896.00 -

Total Expenditures 45,896.00$ 45,896.00 -

Total revised 2013-14 Preschool Education Aid Allocation 45,896.00 Add: Actual ECPA Carryover June 30, 2014 -

Add: Budgeted Transfer from the General Fund 2013-14 -

Total Preschool Education Aid Funds Available for 2013-14 Budget 45,896.00

Less: 2013-14 Budgeted Preschool Education Aid(Including prior year budgeted carryover) (45,896.00)

Available & Unbudgeted Preschool Education Aid Funds as of June 30, 2014 -

Add: June 30, 2014 Unexpended Preschool Education Aid - 2013-14 Carryover-Preschool Education Aid -

2013-2014 Preschool Education Aid Carryover

CALCULATION OF BUDGET & CARRYOVER

Budgetary Basis

Special Revenue FundBOROUGH OF WILDWOOD CREST SCHOOL DISTRICT


Schedule of Preschool Education Aid

Total

60


FIDUCIARY FUNDS DETAIL STATEMENTS

Fiduciary Funds are used to account for funds received by the school district for a specific purpose. Unemployment Compensation Fund - This Trust Fund is an expendable trust fund and limits expenses set aside for this purpose in current and prior budgets and contributions from employee withholding in prior years.

Agency funds are used to account for assets held by the school district as an agent for individuals, private organizations, other governments and/or other funds. Student Activity Fund - This agency fund is used to account for student funds held at the schools. Payroll Fund - This agency fund is used to account for the payroll transactions of the school district.


H-1

Unemployment PrivateCompensation Purpose Agency

Trust Trust Funds Totals

ASSETSCash and Cash Equivalents $ 5,167.48 367.90 26,803.55 32,338.93

Total Assets 5,167.48 367.90 26,803.55 32,338.93

LIABILITIESInterfund Payable 4,999.16 4,999.16 Accounts Payable 910.72 910.72 Payroll Deductions

and Withholdings 5,133.46 5,133.46 Payable to Student Groups 16,670.93 16,670.93

Total Liabilities 910.72 - 26,803.55 27,714.27

NET POSITIONHeld in Trust for Unemployment

Claims and Other Purposes $ 4,256.76 4,256.76 Reserve for Scholarships 367.90 367.90

Total Net Position 4,624.66

Total Liabilities and Net Position 32,338.93

Combining Statement of Fiduciary Net PositionFiduciary Funds


June 30, 2014

61

H-2

Unemployment PrivateCompensation Purpose

Trust Trust TotalsADDITIONS

Contributions:Plan Member $ 9,803.43 9,803.43 Board Contribution -

Total Contributions 9,803.43 - 9,803.43

Investments Earnings:Interest 18.00 1.66 19.66

Net Investment Earnings 18.00 1.66 19.66 Total Additions 9,821.43 1.66 9,823.09

DeductionsTrust Expenditures 50.00 50.00 Unemployment Claims 4,557.71 4,557.71 Quarterly Contributions 4,172.70 4,172.70

Total Deductions 8,730.41 50.00 8,780.41

Change in Net Position 1,091.02 (48.34) 1,042.68

Net Position - Beginning of the Year 3,165.74 416.24 3,581.98

Net Position - End of the Year $ 4,256.76 367.90 4,624.66

Combining Statement of Changes in Fiduciary Net PositionFiduciary Funds



62

H-3

Balance BalanceJuly 1, 2013 Additions Deletions June 30, 2014

Crest Memorial School $ 12,614.71 7,294.35 3,238.13 16,670.93

Total All Schools $ 12,614.71 7,294.35 3,238.13 16,670.93

Schedule of Receipts and DisbursementsStudent Activity Agency Fund


As of June 30, 2014

63

H-4

Balance BalanceJuly 1, 2013 Additions Deletions June 30, 2014

ASSETS:Cash and Cash Equivalents $ 7,253.06 3,793,621.53 3,790,741.97 10,132.62

Total Assets 7,253.06 3,793,621.53 3,790,741.97 10,132.62

LIABILITIES:Payroll Deductions & Withholdings 2,253.90 1,726,466.24 1,723,586.68 5,133.46 Net Payroll 2,067,155.29 2,067,155.29 - Due to Governmental Funds 4,999.16 4,999.16

Total Liabilities $ 7,253.06 3,793,621.53 3,790,741.97 10,132.62

Schedule of Receipts and DisbursementsPayroll Agency Fund


As of June 30, 2014

64

Statistical Section


Bo

rou

gh

of

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Net

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of a

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ntin

g)

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Gov

ernm

enta

l act

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vest

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cap

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sset

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)

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$

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56,3

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2,84

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5,16

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11

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otal

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t net

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ition

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11

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4,

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92

4,

458,

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4,

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06

4,

523,

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66

4,

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97

5,

685,

199.

24

6,

329,

576.

33

6,

700,

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20

Sou

rce:

CA

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65

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l Y

ears

(acc

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bas

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f acc

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2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Exp

ense

sG

over

nmen

tal a

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ities

:In

stru

ctio

n:R

egul

ar2,

690,

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14$

2,

980,

261.

69

2,78

7,44

6.69

3,

148,

389.

92

2,56

2,98

4.56

2,

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35

2,68

5,88

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2,

747,

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31

2,69

9,62

9.98

2,

698,

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92

S

peci

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80

32

4,64

4.63

381,

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29

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450,

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61

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49

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68

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303,

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17

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8.47

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4,51

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228,

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8.02

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1.52

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97

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13

83

1,45

4.59

925,

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97

1,21

4.28

827,

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99

5,67

1.30

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235,

372.

78

26

4,38

7.81

236,

648.

70

18

3,10

7.84

186,

708.

05

19

9,77

0.97

187,

018.

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20

5,96

6.87

213,

203.

67

19

5,76

7.95

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pera

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mai

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563,

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19

62

7,59

4.62

916,

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14

63

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2.28

581,

630.

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65

0,01

6.07

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69

2,72

2.88

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6,20

7.04

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130,

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6,05

6.75

113,

831.

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98

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2,15

2.25

143,

928.

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6,83

6.81

173,

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14

4,19

8.97

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and

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ppor

t se

rvic

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1.37

181,

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16

16

2,03

8.34

135,

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15

3,24

2.42

174,

453.

69

13

2,14

3.25

230,

848.

68

13

4,63

2.39

120,

477.

48

O

ther

19

4,01

7.55

172,

841.

69

28

0,98

4.56

239,

493.

89

73

,076

.76

28

,667

.00

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over

nmen

tal a

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ities

exp

ense

s6,

241,

711.

20

6,46

7,14

7.44

6,

917,

976.

91

7,24

5,24

3.41

6,

724,

491.

82

7,75

0,09

2.60

7,

251,

724.

06

7,01

7,36

3.06

7,

238,

769.

32

7,51

2,58

3.67

Bus

ines

s-ty

pe a

ctiv

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:F

ood

serv

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63,6

77.7

4

65,6

87.2

0

54,0

71.2

2

63,6

07.8

5

59,7

12.3

7

87,8

29.0

3

52,0

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5

65,2

64.3

9

67,9

97.8

0

66,2

90.4

8

T

otal

bus

ines

s-ty

pe a

ctiv

ities

exp

ense

s63

,677

.74

65

,687

.20

54

,071

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63

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6,30

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Exc

ess

(Def

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of r

even

ues

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(und

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31

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(U

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170,

210.

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195,

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00

66

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T

rans

fer

out

(207

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)

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)

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)

(1

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)

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)

(11,

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00)

(9,0

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0)

(17,

000.

00)

(11,

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Net

cha

nge

in fu

nd b

alan

ces

(288

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$

(4

8,28

2.35

)

(121

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5,18

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)

92,6

88.0

2

15

1,42

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180,

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67

309,

273.

88

645,

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83

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90

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t ser

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as

a pe

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%0.

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Sou

rce:

CA

FR

Sch

edul

e B

-2

69

Borough of Wildwood Crest School District Exhibit J-5General Fund Other Local Revenue by Source,Last Ten Fiscal YearsUnaudited

Fiscal Year Interest on Tuition Sale ofEnded June 30, Investments Revenue Real Property Miscellaneous Totals

2005 8,935.49 20,350.00 25,408.25 54,693.74 2006 16,567.42 1,375.00 16,374.38 34,316.80 2007 16,527.55 - 6,651.65 23,179.20 2008 9,523.51 50,800.00 11,312.65 71,636.16 2009 3,410.61 46,000.00 19,360.17 68,770.78 2010 3,326.38 60,225.00 194,835.00 8,248.11 266,634.49 2011 3,939.84 62,100.00 194,835.00 39,908.86 300,783.70 2012 3,341.79 66,091.00 195,000.00 46,239.35 310,672.14 2013 4,298.92 30,407.92 216,862.87 251,569.71 2014 5,909.13 52,328.90 171.28 58,409.31

Source: District Records

70

Bo

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of

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wo

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cho

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53,4

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1,31

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11,1

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00

1,46

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524,

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5

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0.

372

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2009

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23,7

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2,30

8,96

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0.

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2,33

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00

1,95

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0

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2,31

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20

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1,

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5,73

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0

15

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2,

311,

153,

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44

4,93

8

2,

311,

598,

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0.

273

2,25

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8

2013

25,1

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00

1,95

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6,30

0

310,

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300

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57,4

00

2,30

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0

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2,

204,

283,

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20

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1,

941,

630,

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31

3,92

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0

19

,052

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2,

298,

093,

600

42

5,55

6

2,

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519,

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0.

288

2,29

8,36

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8

Sou

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Abs

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& M

unic

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Tax

Ass

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r

71

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of

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Tax

Rat

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t T

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of a

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0

0.37

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0.01

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7

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0

2006

0.37

1

0.37

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2

0.01

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0.04

2

0.60

0

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0

2007

0.37

4

0.37

4

0.24

7

0.01

8

0.04

9

0.63

2

1.32

0

2008

0.37

2

0.37

2

0.25

5

0.01

7

0.04

9

0.68

0

1.37

3

2009

0.25

5

0.25

5

0.16

9

0.01

1

0.03

1

0.49

5

0.96

1

2010

0.26

5

0.26

5

0.17

6

0.01

1

0.03

0

0.56

1

1.04

3

2011

0.26

7

0.26

7

0.18

3

0.01

1

0.03

0

0.57

6

1.06

7

2012

0.27

3

0.27

3

0.18

8

0.01

0

0.02

9

0.59

3

1.09

3

2013

0.28

2

0.28

2

0.19

6

0.01

0

0.02

8

0.61

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1.12

8

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0.28

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0.01

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0

Sou

rce:

Dis

tric

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ax C

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Bor

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of W

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72

Bo

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of

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Sou

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Tax

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2014

2005

73

Borough of Wildwood Crest School District Exhibit J-9Property Tax Levies and Collections,Last Ten Fiscal Years

FiscalYear Collections in

Ended Taxes Levied for Percentage SubsequentJune 30, the Fiscal Year Amount of Levy Years

2005 4,457,187.00 4,457,187.00 100% - 2006 4,831,458.00 4,831,458.00 100% - 2007 5,042,115.00 5,042,115.00 100% - 2008 5,443,800.00 5,443,800.00 100% - 2009 5,661,552.00 5,661,552.00 100% - 2010 5,888,014.00 5,888,013.96 100% 0.04 2011 6,048,533.00 6,048,533.00 100%2012 6,169,504.00 6,169,503.96 100% 0.04 2013 6,292,894.00 6,292,894.00 100%2014 6,480,013.00 6,480,013.00 100%

Source: District records including the Certificate and Report of School Taxes (A4F form)

Collected within the Fiscal Yearof the Levy

74

Borough of Wildwood Crest School District Exhibit J-10Ratios of Outstanding Debt by Type,Last Ten Fiscal Years

Business-TypeActivities

Fiscal BondYear General Certificates Anticipation

Ended Obligation of Capital Notes CapitalJune 30, Bonds Participation Leases (BANs) Leases Total District

2005200620072008200920102011201220132014

Note: The District did not carry any debt for the years listed.*Data is not available.

Source: District CAFR Schedules I-1, I-2

Governmental Activities

75

Borough of Wildwood Crest School District Exhibit J-11Ratios of Net General Bonded Debt Outstanding,Last Ten Fiscal Years

FiscalYear General Net General

Ended Obligation Bonded DebtJune 30, Bonds Deductions Outstanding

2005 - - - 2006 - - - 2007 - - - 2008 - - - 2009 - - - 2010 - - - 2011 - - - 2012 - - - 2013 - - - 2014 - - -

Note: The District did not carry any debt for the years listed.*Data is not available.

Governmental Activities

76

Borough of Wildwood Crest School District Exhibit J-12Direct and Overlapping Governmental Activities Debt,As of December 31, 2014

EstimatedEstimated Share of

Debt Percentage OverlappingGovernmental Unit Outstanding Applicable Debt

Debt Repaid with Property Taxes

Borough of Wildwood Crest 38,586,904.91$ 100.00% 38,586,904.91$

Other Debt

County of Cape May 176,957,999.00 4.67% 8,263,938.55

Subtotal, Overlapping Debt 46,850,843.46

Wildwood Crest School District Direct Debt -

Total Direct and Overlapping Debt 46,850,843.46$

Sources: Borough of Wildwood Crest; County of Cape May.

77

Bo

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of

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78

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50

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16

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52

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3,22

6

16

8,64

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52

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8,64

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Sou

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New

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sey

Dep

artm

ent o

f Lab

or a

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Dev

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t.

79

Bo

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gh

of

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Borough of Wildwood Crest School District Exhibit J-20Insurance ScheduleFor the Fiscal Year Ended June 30, 2014(Unaudited)

Amount ofCompany Coverage Deductible

New Jersey School Boards Association Insurance Group School Package Policy Property

Blanket Loss Limit of Liability $ 13,777,000 $ 5,000 Blanket Extra Expense 50,000,000 Blanket Valuable Papers and Records 10,000,000 Demolition and Increased Cost of ConstructionFire Department Service ChargeArson AwardPollutant Cleanup and RemovalFlood Zone Prefix A & VFlood Zone B ) NJSBAIG aggregateEarthquakeTerrorismTerrorism (TRIA)

Electronic Data Processing 500,000 1,000 Blanket Hardware/SoftwareTransitLoss of IncomeFlood

Boiler and MachineryCombined Single Limit per Accident, Property Damage

CrimePublic Employee Dishonesty 10,000 Theft, Disappearance and DestructionBoard Secretary Bond 90,000 1,000 Treasurer Bond 200,000 1,000

Comprehensive General Liability 6,000,000 Bodily Injury and Property DamageSexual AbusePersonal InjuryEmployee Benefits LiabilityPremises Medical PaymentsTerrorism

Automobile 6,000,000

Source: District Records

Type of Coverage

85


Single Audit Section


INDEPENDENT AUDITOR’S REPORT Honorable President and

Members of the Board of Education Borough of Wildwood Crest School District County of Cape May, New Jersey

We have audited the basic financial statements of the Borough of Wildwood Crest Board of Education, County of Cape May, State of New Jersey, as of and for the fiscal year ended June 30, 2014, and have issued our report thereon dated October 27, 2014. We conducted our audit 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 audit requirements presented by the Division of Finance, Department of Education, State of New Jersey. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Borough of Wildwood Crest School District’s control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements but not for the purpose of expressing an opinion on the effectiveness of Borough of Wildwood Crest School District’s internal control. Accordingly, we do not express an opinion on the effectiveness of District’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

86

Compliance and Other Matters As part of obtaining reasonable assurance about whether the Borough of Wildwood Crest School District’s basic 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 basic 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. Responses to Findings

The District’s response to the findings identified in our audit are described in the accompanying schedule of findings and questioned costs. The District’s response was not subjected to the auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on it.

This report is intended for the information of the management of the Borough of Wildwood Crest School District, the New Jersey State Department of Education (the cognizant audit agency), other state and federal awarding agencies and pass-through entities, and is not intended and should not be used by anyone other than these parties.

Ford, Scott & Associates, L.L.C. FORD, SCOTT & ASSOCIATES, L.L.C. CERTIFIED PUBLIC ACCOUNTANTS

Michael S. Garcia Michael S. Garcia Certified Public Accountant Licensed Public School Accountant No. 2080 October 27, 2014

87

Independent Auditor’s Report The Honorable President and Members of the Board of Education Borough of Wildwood Crest School District County of Cape May Report on Compliance for Each Major Federal and State Program We have audited the Board of Education of the Wildwood Crest School District’s compliance with the types of compliance requirements described in the OMB Circular A-133 Compliance Supplement and the New Jersey OMB State Grant Compliance Supplement that could have a direct and material effect on each of the Board of Education’s major federal and state programs for the year ended June 30, 2014. The Wildwood Crest Board of Education’s major federal and state programs are identified in the summary of auditor’s results section of the accompanying schedule of findings and questioned costs. Management’s Responsibility Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal and state programs. Auditor’s Responsibility Our responsibility is to express an opinion on compliance for each of the Wildwood Crest Board of Education’s major federal and state programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations and New Jersey OMB 04-04. Those standards, OMB Circular A-133 and NJ OMB 04-04 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 or state program occurred. An audit includes examining, on a test basis, evidence about the Wildwood Crest 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 on compliance for each major federal and state program. However, our audit does not provide a legal determination of the Wildwood Crest Board of Education’s compliance.

88

Opinion on Each Major Federal and State Program In our opinion, the Wildwood Crest Board of Education complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal and state programs for the year ended June 30, 2014. Report on Internal Control over Compliance Management of the Wildwood Crest Board of Education is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the Wildwood Crest Board of Education’s internal control over compliance with the types of requirements that could have a direct and material effect on each major federal and state program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with OMB Circular A-133 and NJ OMB 04-04, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Wildwood Crest Board of Education’s internal control over compliance. A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal or state program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal or state program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of OMB Circular A-133. Accordingly, this report is not suitable for any other purpose.

89

Report on Schedules of Expenditures of Federal Awards Required by OMB Circular A-133 and Expenditures of State Financial Assistance Required by NJ OMB 04-04 We have audited the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Wildwood Crest School District as of and for the year ended June 30, 2014, and have issued our report thereon dated October 27, 2014, which contained an unmodified opinion on those financial statements. Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The accompanying schedules of expenditures of federal awards and state financial assistance are presented for purposes of additional analysis as required by OMB Circular A-133 and NJ Circular 04-04 and are not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the schedule of expenditure of federal awards is fairly stated in all material respects in relation to the financial statements as a whole.

Ford, Scott & Associates, L.L.C. FORD, SCOTT & ASSOCIATES, L.L.C CERTIFIED PUBLIC ACCOUNTANTS

Michael S. Garcia Michael S. Garcia Certified Public Accountants Licensed Public School Accountant No. 2080 October 27, 2014

90

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92

BOROUGH OF WILDWOOD CREST SCHOOL DISTRICT K-5 Notes to the Schedules of Expenditures of Awards and Financial Assistance

June 30, 2014 Note 1: General The accompanying schedules of expenditures of federal awards and state financial assistance present the activity of all federal and state award activity of the Board of Education, Borough of Wildwood Crest School District. The Board of Education is defined in Note 1(A) to the Board's basic financial statements. All federal and state awards received directly from federal and state agencies, as well as federal awards and state financial assistance passed through other government agencies is included on the schedule of expenditures of federal awards and state financial assistance. Note 2: Basis of Accounting The accompanying schedules of expenditures of awards and financial assistance are presented on the budgetary basis of accounting with the exception of programs recorded in the food service fund, which are presented using the accrual basis of accounting. These bases of accounting are described in Notes 1(C) and 1(D) to the Board's basic financial statements. The information in this schedule is presented in accordance with the requirements of OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Note 3: Relationship to Basic Financial Statements The basic financial statements present the general fund and special revenue fund on a GAAP basis. Budgetary comparison statements or schedules (RSI) are presented for the general fund and special revenue fund to demonstrate finance-related legal compliance in which certain revenue is permitted by law or grant agreement to be recognized in the audit year, whereas for GAAP reporting, revenue is not recognized until the subsequent year or when expenditures have been made. The general fund is presented in the accompanying schedules on the modified accrual basis with the exception of the revenue recognition of the last state aid payment in the current budget year, which is mandated pursuant to N.J.S.A. 18A:22-44.2. For GAAP purposes that payment is not recognized until the subsequent budget year due to the state deferral and recording of the last state aid payment in the subsequent year. The special revenue fund is presented in the accompanying schedules on the grant accounting budgetary basis, which recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. The special revenue fund also recognizes the last state aid payment in the current budget year, consistent with N.J.S.A. 18A:22-4.2. The net adjustment to reconcile from the budgetary basis to the GAAP basis is $9,403.00 for the general fund and ($1,248) for the special revenue fund. See the Notes to the Required Supplementary Information for a reconciliation of the budgetary basis to the modified accrual basis of accounting for the general and special revenue funds. Awards and financial assistance revenues are reported in the Board's basic financial statements on a GAAP basis as presented below:

On-BehalfFederal State TPAF Pension Total

General Fund $ - $ 994,320.67 $ (276,206.00) $ 718,114.67 Special Revenue Fund 156,699.18 49,978.00 - 206,677.18 Food Service Fund 31,124.37 723.72 - 31,848.09

Total Financial Assistance $ 187,823.55 $ 1,045,022.39 $ (276,206.00) $ 956,639.94

The On-Behalf Pension Contributions made for the District by the State of New Jersey are recognized as revenue in the basic financial statements, but are not considered in the major program determination.

93

BOROUGH OF WILDWOOD CREST SCHOOL DISTRICT K-5 Notes to the Schedules of Expenditures of Awards and Financial Assistance

June 30, 2014 (Continued)

` Note 4: Relationship to Federal and State Financial Reports Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports. Note 5: Other The amount reported as TPAF Pension Contributions represents the amount paid by the State on behalf of the District for the year ended June 30, 2014. TPAF Social Security Contributions represents the amount reimbursed by the State for the employer’s share of social security contributions for TPAF members for the year ended June 30, 2014.

94

K-6 BOROUGH OF WILDWOOD CREST SCHOOL DISTRICT SCHEDULE OF FINDINGS AND QUESTIONED COSTS

FOR THE YEAR ENDING JUNE 30, 2014

Section I – Summary of Auditor’s Results Financial Statements Type of auditor’s report issued: Unmodified Opinion Internal control over financial reporting: 1) Material weakness(es) identified? Yes X No 2) Significant deficiencies identified?

Yes X

None reported

Noncompliance material to basic financial

statements noted?

Yes X

No

Federal Awards Not applicable. State Awards Dollar threshold used to distinguish between type A and type B programs: $300,000 Auditee qualified as low-risk auditee? Yes X No

Type of auditor's report issued on compliance for major programs: Unmodified Opinion Internal Control over major programs: 1) Material weakness(es) identified? Yes X No 2) Significant deficiencies identified?

Yes X None reported

Any audit findings disclosed that are required to be reported in accordance with NJOMB Circular Letter 04-04

Yes X

No

Identification of major programs:

GMIS Number(s) Name of State Program

495-034-5120-085

State Aid – Public Cluster

Adjustment Aid

495-034-5120-089

Special Education Aid

495-034-5120-084 Security Aid

95

K-6 BOROUGH OF WILDWOOD CREST SCHOOL DISTRICT SCHEDULE OF FINDINGS AND QUESTIONED COSTS

FOR THE YEAR ENDING JUNE 30, 2014 (CONTINUED)

Section II - Financial Statement Findings

In accordance with Government Auditing Standards, our audit disclosed no material findings relating to the financial statements that is required to be reported under this section.

Section III – Federal Awards and State Financial Assistance Findings and Questioned Costs FEDERAL AWARDS N/A. STATE AWARDS Our audit disclosed no material Findings or Questioned Costs.

96

BOROUGH OF WILDWOOD CREST SCHOOL DISTRICT K-7 SUMMARY SCHEDULE OF PRIOR-YEAR AUDIT FINDINGS AND QUESTIONED COSTS AS PREPARED BY MANAGEMENT

FOR THE YEAR ENDED JUNE 30, 2014

STATUS OF PRIOR YEAR FINDINGS FINANCIAL STATEMENT FINDINGS Finding 13-1: The Food Service fund general ledger does not encompass all of the District’s transactions associated with this fund. Status of Prior Year Finding This finding has been corrected.

97

Documents

Borough of Wildwood Crest Board of Education Wildwood ...Special Revenue Fund - Budgetary Basis 58-59 E-2 Preschool Education Aid Schedule of Expenditures - Budgetary Basis 60 F. Capital