SCHOOL DISTRICT OF HARMONY TOWNSHIP - DISTRICT OF HARMONY TOWNSHIP Harmony Township School District

  • View
    213

  • Download
    0

Embed Size (px)

Text of SCHOOL DISTRICT OF HARMONY TOWNSHIP - DISTRICT OF HARMONY TOWNSHIP Harmony Township School District

  • SCHOOL DISTRICT

    OF

    HARMONY TOWNSHIP

    Harmony Township School DistrictBoard of Education

    Phillipsburg, Warren CountyNew Jersey

    Comprehensive Annual Financial ReportFor The Fiscal Year Ended June 30, 2014

  • Comprehensive Annual

    Financial Report

    of the

    Harmony Township School DistrictBoard of Education

    Phillipsburg, New JerseyFor the Fiscal Year Ending June 30, 2014

    Prepared byHarmony Township School District

    Board of EducationFinance Department

  • Page

    Letter of Transmittal 1Organizational Chart 2Roster of Officials 3Consultants and Advisors 4

    Independent Auditor's Report 5-7

    Required Supplementary Information Part IManagements Discussion and Analysis 8

    Basic Financial Statements

    A. District-Wide Financial Statements:A-1 Statement of Net Position 9A-2 Statement of Activities 10

    B. Fund Financial Statements:

    Governmental Funds:B-1 Balance Sheet 11B-2 Statement of Revenues, Expenditures and Changes in Fund Balance 12B-3 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 13Proprietary Funds:B-4 Statement of Net Position 14B-5 Statement of Revenues, Expenses and Changes in Fund Net Position 15B-6 Statement of Cash Flows 16Fiduciary Funds:B-7 Statement of Fiduciary Net Position 17B-8 Statement of Changes in Fiduciary Net Position 18

    Notes to the Financial Statements 19-37

    Required Supplementary Information Part II

    C. Budgetary Comparison Schedules:C-1 Budgetary Comparison Schedule - General Fund 38-46C1a Combining Schedule of Revenues, Expenditures and Changes

    in Fund Balance Budget and Actual N/AC-1b Community Block Development Grant (CDBG) Budget and Actual N/AC-2 Budgetary Comparison Schedule - Special Revenue Fund 47Notes to Required Supplementary InformationC-3 Budget-to-GAAP Reconciliation 48

    OUTLINE OF CAFR

    INTRODUCTORY SECTION

    FINANCIAL SECTION

  • PageOther Supplementary Information

    D. School Level Schedules:D-1 Combining Balance Sheet N/AD-2 Blended Resource Fund Schedule of Expenditures Allocated by

    Resource Type Actual N/AD-3 Blended Resource Fund Schedule of Blended Expenditures

    Budget and Actual N/A

    E. Special Revenue Fund:E-1 Combining Schedule of Program Revenues and Expenditures,

    Special Revenue Fund Budgetary Basis 49E-2 Schedule(s) of Preschool Education Aid Expenditures Preschool-All

    Programs- Budgetary Basis N/A

    F. Capital Projects Fund:F-1 Summary Schedule of Project Expenditures 50F-2 Summary Schedule of Revenues and Expenditures 51F-2a- Schedule of Project Revenues and Expenditures - Detail Schedules 52-57

    F-2d

    G. Proprietary Funds

    Enterprise Fund:G-1 Combining Statement of Net Position See B-4G-2 Combining Statement of Revenues, Expenses and Changes in

    Fund Net Position See B-5G-3 Combining Statement of Cash Flows See B-6

    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

    H. Fiduciary Funds:H-1 Combining Statement of Fiduciary Net Position 58H-2 Combining Statement of Changes in Fiduciary Net Position 59H-3 Student Activity Agency Fund Schedule of Receipts and Disbursements 60H-4 Payroll Agency Fund Schedule of Receipts and Disbursements 61

    I. Long-Term Debt:I-1 Schedule of Serial Bonds N/AI-2 Schedule of Obligations Under Capital Leases N/AI-3 Budgetary Comparison Schedule Debt Service Fund N/A

    OUTLINE OF CAFR

  • Page

    Financial TrendsJ-1 Net Position by Component 63J-2 Changes in Net Position 64-65J-3 Fund Balances - Governmental Funds 66J-4 Changes in Fund Balances - Governmental Funds 67J-5 General Fund Other Local Revenue by Source 68Revenue CapacityJ-6 Assessed Value and Estimated Actual Value of Taxable Property 69J-7 Direct and Overlapping Property Tax Rates 70J-8 Principal Property Taxpayers 71J-9 Property Tax Levies and Collections 72Debt CapacityJ-10 Ratios of Outstanding Debt by Type 73J-11 Ratios of General Bonded Debt Outstanding 74J-12 Direct and Overlapping Governmental Activities Debt 75J-13 Legal Debt Margin Information 76Demographic and Economic InformationJ-14 Demographic and Economic Statistics 77J-15 Principal Employers 78Operating InformationJ-16 Full-time Equivalent District Employees by Function/Program 79J-17 Operating Statistics 80J-18 School Building Information 81J-19 Schedule of Required Maintenance Expenditures by School Facility 82J-20 Insurance Schedule 83

    K-1 84-85

    K-2 86-87

    K-3 Schedule of Expenditures of Federal Awards, Schedule A N/AK-4 Schedule of Expenditures of State Financial Assistance, Schedule B 88K-5 Notes to the Schedules of Awards and Financial Assistance 89-90K-6 Schedule of Findings and Questioned Costs 91-93K-7 Summary Schedule of Prior Audit Findings 94

    Report on Compliance For Each Major Program and Report on Internal Control Over Compliance Required by New Jersey OMBs Circular 04-04

    STATISTICAL SECTION (Unaudited)

    OUTLINE OF CAFR

    SINGLE AUDIT SECTION

    Introduction to the Statistical Section

    Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards

  • Introductory Section

  • Members of the Board of Education Term Expires

    Laura Murphy, President 2015

    Angyne Schock-Smith, Vice-President 2015

    Paul Williams 2016

    Keith Metz 2016

    Tadgh LaBar 2015

    Heather Weidlick 2014

    Denise Carney 2014

    Denise Ryczek 2014

    Ken Koch 2014

    Other Officials

    Chris Carrubba, Chief School Administrator

    Alicia M Schauer, School Business Administrator/Board Secretary

    Randy Wilson, Treasurer

    HARMONY TOWNSHIP SCHOOL DISTRICT

    ROSTER OF OFFICIALS

    JUNE 30, 2014

    BOARD OF EDUCATION

    3

  • HARMONY TOWNSHIP SCHOOL DISTRICT

    CONSULTANTS AND ADVISORS

    Chester, New Jersey 07930

    Architect

    BOARD OF EDUCATION

    Audit Firm

    Frenchtown, New Jersey 08825

    Ardito & Co., LLP1110 Harrison Street, Suite C

    PNC Bank101 Mansfield Street

    Belvidere, New Jersey 07823

    Gianforcaro Engineers & Architects555 Main Street, Suite One

    Official Depository

    Courter, Kolbert, & Cohen1001 Route 517

    Hackettstown, New Jersey 07840

    Attorney

    4

  • Financial Section

  • Independent Auditor's Report

  • Ardito & Co., LLP 1110 Harrison Street, Suite CFrenchtown, New Jersey 08825-1192908-996-4711 Fax: 908-996-4688e-mail: anthony@arditoandcompany.com

    Honorable President andMembers of the Board of EducationHarmony Township School DistrictCounty of WarrenPhillipsburg, New Jersey 08865

    Report on the Financial Statements

    Managements Responsibility for the Financial Statements

    Auditors Responsibility

    An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe financial statements. The procedures selected depend on the auditors judgment, including theassessment of the risks of material misstatement of the financial statements, whether due to fraud orerror.

    Anthony Ardito, CPA, RMA, CMFO, PSADouglas R. Williams, CPA, RMA, PSA

    Management is responsible for the preparation and fair presentation of these financial statements inaccordance with accounting principles generally accepted in the United States of America; this includesthe design, implementation, and maintenance of internal control relevant to the preparation and fairpresentation of financial statements that are free from material misstatement, whether due to fraud orerror.

    Independent Auditor's Report

    We have audited the accompanying financial statements of the government activities, the business-typeactivities, each major fund and the aggregate remaining fund information of the Harmony TownshipSchool District Board of Education, as of and for the year ended June 30, 2014, and the related notes tothe financial statements, which collectively comprise the Districts basic financial statements as listed inthe table of contents.

    Our responsibility is to express opinions on these financial statements based on our audit. Weconducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and audit requirements as prescribed by theOffice of School Finance, Department of Education, State of New Jersey. Those standards require thatwe plan and perform the audit to obtain reasonable assurance about whether the financial statements arefree of material misstatement.

    -Continued-

    5

  • Opinions

    Other Matters

    Required Supplementary Information

    Other Information

    -Continued-

    In our opinion, the financial statements referred to above present fairly, in all material respects, therespective financial position of the governmental activities, business-type activities, each major fund,and the aggregate remaining fund information of the Harmony Township School District Board ofEducation, as of June 30, 2014, and the respective changes in financial position and, where applicable,cash flows thereof for the year then ended in conformity with accounting principles generally acceptedin the United States of America.

    We do not express an opinion or provide any assurance on the information because th